 |
|
|
RSDB HALF-YEAR RESULTS
2005
Net profit 10% down
Operating result (EBIT) 14% lower
No forecast for 2nd half-year 2005 as a result of uncertain market
conditions
2005 HALF-YEAR RESULTS
In the first half of 2005, RSDB NV realised a net profit of EUR 4.9
million, 10% lower than the net profit for the corresponding period
of 2004 (EUR 5.5 million). The decline was mainly caused by deteriorated
market conditions in and outside the Netherlands in the months of
May and June. Although higher volumes were sold in a shrinking market
while further cost reductions were realised, this could not sufficiently
compensate the increased pressure on prices.
With 0.5%, turnover increased fractionally to EUR 272.0 million (2004:
EUR 270.6 million). This increase was totally attributable to the
Print Productions business line. Value added fell by 2.8% to EUR
132.1 million (2004: EUR 135.9 million). The balance of personnel
costs, depreciation and other operating costs declined by 1.9% to
EUR 123.0 million (2004: EUR 125.4 million). The operating result
(EBIT) amounted to EUR 9.1 million, almost 14% lower than in the
corresponding period of 2004 (EUR 10.6 million) in accordance with
the operating result indicated, on the basis of temporary results,
in the press release of 21 July 2005. The operating result was positively
influenced by extraordinary items of EUR 2.0 million (2004: EUR 1.2
million). The negative balance of financial income and expenses improved
to EUR 1.9 million (2004: negative EUR 2.2 million). Cash flow from
operating activities amounted to EUR -0.7 million (2004: EUR 14.6
million). The solvency ratio as at 30 June 2005 amounted to 40.1%
(year-end 2004: 39.6%).
With an unchanged number of 3,290,275 issued ordinary shares, profit
per share came to EUR 1.50 (2004: EUR 1.67).
Prospects
All segments served by RSDB operating companies in the Netherlands
and abroad are facing major hesitancy in market demand. Indications
for a recovery of demand in the short term are not in sight. Against
these demand factors there is an undiminished excess capacity. These
market conditions increase the competition and lead to further increasing
pressure on prices. RSDB is countering this market situation with
strategic actions aimed at both increasing its commercial strength
and further reducing the cost price. A substantial current investment
programme forms the core of this strategy.
In view of the current market conditions, which contain too many
uncertainties, we refrain from making a forecast with regard to result
development in the second half of the current financial year.
Business Lines / PlantijnCasparie
The result development for the first six months of 2005 of the two
business lines, Print Productions and Marketing Communications, and
the result development of the activities of PlantijnCasparie, which
are to be divested, compared to the corresponding period of 2004,
was as follows:
| x EUR 1 mln |
2005 |
|
2004* |
| |
turnover |
operating result |
|
turnover |
operating result |
 |
| Print
Productions |
211.2 |
7.0 |
|
205.0 |
8.7 |
|
| Marketing
Communications |
19.8 |
1.3 |
|
19.4 |
1.3 |
|
| PlantijnCasparie |
46.2 |
0.8 |
|
51.4 |
0.6 |
The number
of employees on the basis of fulltime equivalents declined from 3,177
at year-end 2004 to 3,079 as at 30 June 2005.
* For reference purposes results 2004 have been adapted to the classification
in business lines.
Print Productions
The northwestern European market, relevant to the Print Productions business
line, showed a volume decline in the first half of 2005. This was not
in line with the growth trend continued in 2004. After an almost unchanged
first quarter, the 2nd quarter remained behind that of last year.
In the magazine segment we saw both a decline in print runs and in size
at existing titles. New product launches offered insufficient compensation.
In the catalogue segment, the trend towards ongoing segmentation with
smaller print runs and smaller sizes continued. Growth in the unaddressed
advertising segment weakened in the 2nd quarter.
Within these market developments, Print Productions managed to continue
the volume growth, with the amount of paper processed increased by more
than 2%. However, this volume increase was not enough to compensate for
the negative effect of price erosion in terms of result, despite successfully
implemented cost reductions. Competition increased further, also as a
result of an undiminished capacity supply.
RSDB counters these market conditions with a current substantial press
investment programme. This includes projects at the sites in Deventer,
Doetinchem, Weert and Hungary. The implementation of this programme is
progressing according to plan and will later this year and in full from
2006 onwards further strengthen the market position of Print Productions
in terms of commercial strength and costs.
Marketing Communications
A further cooling down of the market relevant for the Marketing Communications
business line puts pressure on budgets for marketing communication. Advertising
volumes and direct marketing campaigns are declining, putting pressure
on prices.
RSDB counters this development with research into new product / services
combinations, as well as a continued sharp cost control programme.
PlantijnCasparie
In line with the adapted corporate strategy of RSDB and in accordance
with the earlier stated schedule, on 20 June the intention was announced
with regard to the takeover of the PlantijnCasparie sheetfed printing
activities by Thieme GrafiMedia. This concerns the transfer of the printing
facilities of PlantijnCasparie Almere, Amsterdam, Capelle aan den IJssel,
The Hague, Groningen, Nieuwegein, IJsselstein and Zwolle, as well as
PlantijnCasparie Data in Deventer, PlantijnCasparie Digital Print in
Amsterdam and GPB in Leiderdorp. These eleven sites have 425 fulltime
employees and in 2004 realised a turnover of approximately EUR 65.0 million.
The definitive agreement is being drawn up.
The activities of PlantijnCasparie Eindhoven and PlantijnCasparie Utrecht,
closely linked to the activities of Roto Smeets Weert and Roto Smeets
Utrecht, respectively, will under their new name Roto Smeets GrafiServices
form part of the business line Print Productions.
IFRS Effects
The preparing of the results for the first half-year has been based on
principles of valuation and result determination as included in the 2004
annual accounts.
The annual accounts 2005 will be drawn up in accordance with IFRS guidelines,
which are in force as from 31 December 2005. The definitive IFRS guidelines
to be applied will only then be known. The main effect of application
of the IFRS principles will be the incorporation of the early retirement
scheme (‘VUT-regeling’).
The actuarial calculations 2004 cannot yet be brought up to date as these
depend on the outcome of the current CAO negotiations.
Hilversum, 18 August 2005
RSDB NV
Executive Board
 To view the PDF you need Acrobat Reader installed on your computer. You can download it here if you don't have Acrobat Reader on your system.
|
|
 |
