FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16 of
The Securities Exchange Act of 1934
For the months of March and April 2001
Oce N.V.
(Translation of registrants name into English)
St. Urbanusweg 43, Venlo, The Netherlands
(Address of principal executive offices)
Shareholders Meeting Oce
At today's Annual General Meeting of Shareholders of Oce N.V. the Financial
Statements for 2000 were adopted and the dividend for the 2000 financial year
was fixed at euro 0.58 per ordinary share.
Mr. J.L. Brentjens, former Chairman of the Executive Board of VNU N.V., was
appointed as a Supervisory Director.
Mr. F.J. de Wit was reappointed as a Supervisory Director.
Mr. J. van den Belt was appointed as a Member of the Executive Board.
In addition Messrs. D.M.N. van Wensveen, S. Bergsma and J.M. Boll were
reappointed as Directors A of Stichting Administratiekantoor Preferente Aandelen
Oce.
The dividend for the 2000 financial year was fixed at euro 0.58 in cash per
ordinary share of euro 0.50 nominal value. After deduction of the interim
dividend the final dividend for the 2000 financial year amounts to euro 0.43 per
ordinary share of 0.50 nominal value.
The cash dividend will be made available for payment with effect from March 19,
2001 via the institutions with which the dividend sheets have been deposited at
the close of office hours on March 9, 2001.
Oce N.V.
March 7, 2001
First quarter report 2001
Consolidated Statement of Operations for the first quarter 2001,
from December 1, 2000 till February 28, 2001
First Quarter
- -----------------------------------------------------------------------
Results in millions 2000 2001 2001
except per share* US$
Revenues from sales, rentals
and service 697.6 745.2 686.5
Interest from financial leases 26.2 30.4 28.0
----- ----- -----
Total revenues 723.8 775.6 714.5
Cost of sales, rentals and service 416.3 460.0 423.7
Gross margin 307.5 315.6 290.8
Operating expenses 246.0 257.0 236.8
Operating income 61.5 58.6 54.0
Financial expense (net) 15.1 17.2 15.8
Income before income taxes,
equity in income of unconsolidated
companies and minority interests 46.4 41.4 38.2
Income taxes 13.5 12.7 11.8
Income before equity in income
of unconsolidated companies and
minority interests 32.9 28.7 26.4
Equity in income of unconsolidated
companies - - -
Income before minority interests 32.9 28.7 26.4
Minority interests in net income of
subsidiaries 0.6 0.6 0.5
Net income 32.3 28.1 25.9
Net income attributable to
holders of ordinary shares 31.4 27.2 25.1
Cash flow 80.4 74.5 68.6
EBITDA 109.6 105.0 96.7
Average number of outstanding
ordinary shares (x 1,000) 83,300 85,573 85,573
- -------------------------------------------------------
Per ordinary share 2000 2001 2001
- ------------------ US$
Net income 0.38 0.32 0.29
Cash flow 0.95 0.86 0.79
*
The company reports in Euro (). As a convenience for US readers, the results for
2001 have been converted at US$ 0.9212: 1, the noon buying rate of
February 28, 2001.
This compares with US$ 0.9643: 1 used at this time last year.
Results first quarter fiscal 2001
Venlo, The Netherlands, April 6, 2001: Consolidated results for the first
quarter of fiscal 2001 were published today by Oce N.V. (NASDAQ-OCENY).
First quarter revenues of the Dutch based supplier of digital document systems
and services rose by 7% to US$ 714 million. Autonomous growth in the quarter
amounted to 3%.
Due to economic developments, sales of machines were lower than in the previous
year. This decrease was more than offset by higher revenues from software and
services (including Facility Services). This reduced the gross margin
percentage; despite this, the margin increased by 2.6% in absolute terms.
Operating expenses went up by 4.5%.
Operating income in the first quarter decreased by 4.7% compared to the
corresponding period of 2000.
Excluding the impact of start-up and launch costs of the new products, operating
income would have increased by 5%.
In Wide Format Printing Systems revenues went up by 8% to US$ 193 million (2000:
US$ 179 million). Exchange rates had a positive effect of 4%. Autonomous growth,
amounting to 4%, stems from the Oce 9600 mid-volume to high-volume printer and
from earnings from service and software. The introduction of the new machines
was successful, and the contribution of these products to revenues will
gradually start to show through.
Revenues in Document Printing Systems increased by 4% to US$ 344 million (2000:
US$ 330 million). Automonous growth amounted to 1%. Sales of machines, both in
Europe and in the United States, are lagging behind those of last year. Market
shipments of the new products will move ahead further during the second quarter
and the effects should make themselves felt from the third quarter onwards.
In Production Printing Systems revenues went up by 12% to US$ 177 million (2000:
US$ 158 million), of which 4% was provided by autonomous growth. Revenues
developed well in both Electronic Production Printing and Printing and
Publishing. Earnings from service and software made a higher contribution to
overall revenues.
As regards orders for machines there has been a slowdown in recent months.
Due to the increase in financial expense and a higher effective tax rate net
income was down by 12.9% to US$ 25.9 million, or US$ 0.29 per share based on
85,573,033 shares, being the weighted average number of ordinary shares
outstanding, compared to US$ 29.7 million or US$ 0.35 per share based on
83,300,453 shares, being the weighted average number of ordinary shares
outstanding at the first quarter of 2000. If the figures were adjusted to take
into account the additional start-up and launch costs, net income would have
been at the same level as in the first quarter of last year.
Net income amounted to 3.6% of revenues (2000: 4.5%).
Cash flow (net income plus depreciation) amounted to US$ 69 million (2000: US$
74 million).
Prospects
Given the economic circumstances, revenues and margins are likely to develop
along similar lines during the second quarter, whilst the planned costs for new
product launches will also be higher than last year. Because of these
developments income for the second quarter will likewise be lower than in the
previous year. As from the third quarter of 2001 operating income and net income
are expected to show an upward trend again thanks to the contribution by the
new machines. Certainly in view of the economic uncertainties it is difficult to
give an exact income forecast for the full 2001 fiscal year. As a result, the
income forecast announced earlier has been adjusted. If economic circumstances
do not worsen further, the level of income for fiscal 2001 is expected to be
equal to that of 2000.
Oce N.V.
April 6, 2001
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Oce N.V.
--------------------------------------
(Registrant)
By: /s/ R.L. van Iperen
--------------------------------------------
Chairman of the Board of Executive Directors
(Principal Executive Officer)
Dated: April 12, 2001