HALF-YEAR REPORT

- profits match expectations – net results for the year to equal 2006 figures
- earnings per share increased by EUR 0,18 to EUR 0.98 (2006 EUR 0,80)
- restructuring and reorganisation on schedule
- constructive talks on consolidation in Europe
- management buy out 2organize
 
Financial summary
In the first half of 2007 RSDB achieved a net result of EUR 3.2 million, compared with EUR 2.6 million in 2006 (+ 23%). This includes special profits and charges, such as the sale of 2organize (EUR 3.2 million net), increasing predicted restructuring and redundancy costs by EUR 2,0 million and consultancy costs of EUR 3 million related to the implementation of the consolidation strategy in Europe.

Turnover from continuing business operations is EUR 219.8 million (2006: EUR 237.2 million). Added value is EUR 105.6 million (2006: EUR 109.4 million). Aggregated personnel costs, depreciation and other business costs rose by 1.4% to EUR 104.7 million (2006: EUR 103.2 million). The business result (EBIT) is EUR 0.8 million (2006: EUR 6.2 million).

Cash flow from business operations was EUR 19.3 million (2006: EUR 20.2 million). Interest bearing debt declined by EUR 9.8 million to EUR 73.8 million (ultimo 2006: EUR 83.6 million). Solvency is 44.6% (40.0% at year end 2006).

With an unchanged number of 3,290,275 ordinary shares placed, profit per share comes to EUR 0.98 (2006: EUR 0.80).

The Market
Despite the continuing growth of the European economy, the markets for both Print Productions and Marketing Communications remain turbulent. There is a need to consolidate in Europe in order to bring demand and supply into better equilibrium. Management is sparing no efforts to find a structural solution to address this problem.

For the first time in years, paper volume growth in Print Productions remains approximately 0.5% below market developments. The market is showing marginal growth. In commercial terms, RSDB has not continued certain large-scale projects due to their poor yield and has sought to accept the challenge brought by other prospects. Turnover has been adversely affected by the changed volume of paper delivered from customers.

In Marketing Communications RSDB has sold the activities of 2organize via a management buy out to the Signum Group. The sale realised a net result of more than EUR 3.2 million. Other results from Marketing Communications match expectations.

Prospects
Demand in the Print Productions market, expressed as paper tonnage, is experiencing a very slight rise over 2006. At the same time growth remains behind the capacity on offer.

Strategically RSDB is responding by holding constructive talks on consolidation in Europe. In addition it is devoting its sales efforts to increase market share, whilst achieving realistic price levels. Further measures to improve productivity and cost price are being pursued. The restructuring programme, commenced in December 2006, is helping to generate more added value in the organisation. The first improvements are now visible. These (potential) cost savings will help to fight price pressures and increases in other costs, such as labour.

Constructive talks on consolidation in Europe are still continuing. These should lead to a strong position in the future, since RSDB remains convinced that it can play its part in the consolidation graphic industry in Europe.

In view of the market conditions summarised above, and including incidental profits and charges, RSDB is maintaining its earlier profits forecast for 2007: a net result equal to that of 2006.

It has been decided not to hold a press and analysts’ conference. This will be delayed to a later date.

Hilversum, 16 August 2007

RSDB N.V.
Executive Board

For further information: RSDB Executive Board – John Caris / Edwin Bouwman,
Tel. +31 - 35 - 625 86 03

Half year results RSDB - 2007 Size: 56 KB

Profile

RSDB NV Is listed on the Euronext Exchange as a NextPrime company with Amsterdam as market entry. RSDB is an organisation of service supply companies, transforming the clients’ communications – with added value – into printed and multimedia products. The companies are clustered into two business lines: Print Productions, providing efficient, full-service, web-based printing; and Marketing Communications, ensuring the optimum facilitation of the client’s own communications channels by means of effective, cross-media communications concepts.