OCE - unterschätzte holländische Perle! - 500 Beiträge pro Seite

[fishandchips]

Der Hersteller von Büro- und Drucksystemen hat am 14.01.08 seine vorläufigen Zahlen zum FJ 2007 rausgebracht. In der ganzen Hektik und dem Trubel ist das wohl vielen durch die Lappen gegangen.

Hier die Meldung:

Océ meldet Gewinnsprung und kündigt Dividendenerhöhung an, Aktie +21 Prozent
Venlo (aktiencheck.de AG) - Der niederländische Drucker- und Fotokopiererhersteller Océ N.V. (ISIN NL0000354934 / WKN
Leser des Artikels: 201


Venlo (aktiencheck.de AG) - Der niederländische Drucker- und Fotokopiererhersteller Océ N.V. (ISIN NL0000354934 / WKN 850630) gab am Montag die Zahlen für das Geschäftsjahr 2007 bekannt.


Der Jahresumsatz blieb den Angaben zufolge bei 3,10 Mrd. Euro leicht unter dem Vorjahreswert von 3,11 Mrd. Euro zurück. Dagegen kletterte der Vorsteuergewinn (EBITDA) im Vergleich zum Vorjahr um 8,1 Prozent auf 330,8 Mio. Euro. Der operative Gewinn (EBIT) wuchs um 18,5 Prozent auf 121,2 Mio. Euro. Der Nettogewinn verbesserte sich um 38,1 Prozent auf 78,9 Mio. Euro.


Dank der positiven Entwicklung plant Océ eine Anhebung der Dividende je Aktie auf 0,64 Euro für 2007. Im vergangenen Jahr hatte der Konzern noch 0,58 Euro ausgeschüttet.


Die Océ-Aktie schloss heute im Amsterdamer Handel bei 12,73 Euro (+21,23 Prozent). (14.01.2008/ac/n/a)


Wertpapiere des Artikels:
Océ N.V. (Oce N.V.) ChartNewsNews


Autor: Aktiencheck


© wallstreet:online AG / Aktiencheck

[fishandchips]

Der Wert ist auf seine langjährige Unterstützung bei 11 - 11,5€ zurückgekehrt. Von hier aus ging es jedes Jahr nach oben - 2007 sogar bis 18€.

Das Ergebnis hat um 38% über dem Vorjahr gelegen.

Für 2007 wird eine Dividendenerhöhung von 0,58 auf 0,64€ vorgeschlagen - bedeutet beim aktuellen Kurs eine Div-Rendite von >5%.

Oce ist sehr gut aufgestellt und hat mit Konica Minolta und Fuji Xerox weltweit führende Partner gewonnen.

Denke bei diesem Wert ist die downside sehr gut abgesichert - während ordentliches Potential nach oben besteht.

Sehr informativ ist das Interview mit dem CEO van Iperen.
http://www.oce.com/en/Investor/Presentations/20080110-interv…

OCE scheint ein sicherer Hafen in diesen volatilen Zeiten zu sein!

[Köln3]

Antwort auf Beitrag Nr.: 33.074.050 von fishandchips am 16.01.08 20:49:58

OCE hat Delisting in Deutschland und Schweiz beantragt. Das spricht nicht gerade für ein Investment, wenn man nicht ständig die teuren Auslandsgebühren zahlen will.

Oder ist das die erste Aktion, um eine Übernahme durch Konica Minolta leichter zu machen?

Océ announces its intention to voluntarily terminate its listings in Germany and Switzerland
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Venlo, January 23, 2008, Océ N.V. ("Océ"), a leading international company in printing and document management organized under the laws of the Netherlands, today announced its intention to voluntarily terminate the listings of its ordinary shares for quotation on the Stock Exchanges in Germany (Frankfurt and Düsseldorf) and Switzerland (SWX Swiss Exchange) and filed a request for delisting with the relevant Stock Exchanges.

The Océ shares are thinly traded in Germany and Switzerland and represent less than 0.29% and 0.05% respectively of all trading in Océ over the past twelve months. Maintaining multiple listings and multijurisdictional filings result in burdens and costs which outweigh the benefits. Océ’s ordinary shares will continue to be listed for trading in Amsterdam (NYSE Euronext). Océ will continue to make available all of its annual and quarterly information (as well as any other information that is required under Dutch law or under the NYSE Euronext rules) to its investors through its website. Océ will also continue to host all of its regular investor relations activities, analyst meetings and road shows.

Océ N.V.
January 23, 2008


For further information:
Océ N.V.

Investor Relations:
Carlo Schaeken
Vice President Investor Relations
Tel. [phone]
e-mail [e-mail]

Press:
Jan Hol
Senior Vice President Communications
Tel. + 31 77 359 2000
e-mail [e-mail]

[fishandchips]

Antwort auf Beitrag Nr.: 33.183.725 von Köln3 am 27.01.08 13:42:28

Ja, das Delisting ist wirklich ärgerlich. Mitte 2007 wurde auch das Delisting von der Nasdaq bekannt gegeben - insofern scheint es eine einheitliche Strategie zu sein.

Kann mir deshalb nicht vorstellen, dass KonicaMinolta deshalb ein Übernahmeangebot macht. Schon eher wegen der Marktführerschaft im Segment Großformatdruck...

Die offiziellen Zahlen für 2007 weichen übrigens nicht von den vorab veröffentlichten ab.

Ich sehe für 2008 recht gute Chancen für OCE:
- neue Produktlinie mit wohl "revolutionärem" Farbdruck
- die internationale Druckmesse Anfang Sommer
- Kosten im Griff und weitere Einsparungen geplant

mal sehen.

[fishandchips]

Heute kamen Q1-Zahlen - die Anleger haben sie übel aufgenommen. Und man kann ihnen nur Recht geben. Wäre nicht ein Sondereffekt, würde der EBIT-Rückgang etwa 30% zum Q1-2006 ausmachen...


Results first quarter 2008*

First quarter
In million € 2008 2007
Total revenues 702.2 729.2 -3.7%
EBITDA 77.8 71.6 8.7%
Operating income (EBIT) 32.1 21.3 50.6%
Net income 21.3 12.2 74.7%
In € per share
EBITDA 0.92 0.85 7.7%
Net income attributable to holders of
ordinary shares 0.24 0.13 80.4%

* The figures in this report are unaudited.

Highlights:

* First quarter revenues grow organically by 1.3%; excluding fax by 1.8%
* Revenues from sales of printers up organically by 5.9%, partly thanks to partnerships
* Recurring revenues lag behind because of economic situation in US
* Gross margin decreases to 38.5% [2007: 39.4%]
* Operating income is € 32.1 million, excluding one-off items € 17.5 million
* Extra cost reduction of € 50 million to € 80 million in 2008

Comments by Rokus van Iperen, chairman of the Board of Executive Directors:
‘In the first quarter two significant developments occurred:

Firstly, revenues from the sale of printers increased organically by 6%, partly due to our successful partnerships. On the back of this good sales performance Océ has gained market share in the wide format, color and high volume cutsheet printing. Especially in Asia we achieved excellent growth, whilst sales also increased in Europe.

Secondly, we felt the effects of recent economic developments. Especially in the financial sector the purchase of new very high volume printers was postponed. Océ traditionally holds a strong position in this sector. There was also a decrease in printing volume at banks and in the construction sector, particularly in the United States, which meant that revenues from maintenance, toner and media lagged behind those of the previous year.

In 2007 Océ successfully started the implementation of the Strategic Plan 2007-2010. We are continuing to invest in expanding our distribution power and developing competitive products. In addition we are intensifying the co-operation with our partners both in distribution and in product development. Due to the economic uncertainty additional measures are taken to reduce costs further. The aim for total 2008 is to realize an extra cost reduction of € 30 million to a total of € 80 million.’

[fishandchips]

Zur Ergänzung:


ots.CorporateNews: Océ steigert Reingewinn im ersten Quartal 2008 um 75 Prozent

ots.CorporateNews: Océ steigert Reingewinn im ersten Quartal 2008 um 75 Prozent -------------------------------------------------------------------- ots.CorporateNews übermittelt durch euro adhoc mit dem Ziel einer europaweiten Verbreitung. Für den Inhalt der Mitteilung ist das Unternehmen verantwortlich. -------------------------------------------------------------------- 3. April 2008 - Océ N.V., einer der führenden Anbieter von Systemen und Services im professionellen Digitaldruck und Dokumentenmanagement, hat im ersten Quartal 2008 seine Profitabilität erneut deutlich gesteigert: Der Vorsteuergewinn (EBITDA) kletterte im Vergleich zum Vorjahresquartal um 8,7 Prozent auf 77,8 Millionen Euro; das operative Ergebnis (EBIT) wuchs um 50,6 Prozent auf 32,1 Millionen Euro. Eine besonders erfreuliche Entwicklung zeichnet sich beim Reingewinn ab: Mit 21,3 Millionen Euro liegt er 74,7 Prozent über dem Vorjahresquartal - nicht zuletzt als Ergebnis des wirkungsvollen Effizienzplans, den das Unternehmen bis 2010 sukzessive implementiert. Beim Gesamtumsatz verbucht Océ im ersten Quartal einen leichten Umsatzrückgang um 3,7 Prozent auf 702,2 Millionen Euro. Dies ist in erster Linie der schwierigen Wirtschaftslage in den USA geschuldet und der daraus resultierenden Kaufzurückhaltung gerade im Finanzsektor, in dem Océ traditionell eine starke Marktposition innehat. Sehr positiv entwickelte sich grundsätzlich der Absatz von Drucksystemen: Der Umsatz wuchs hier organisch um 5,9 Prozent, nicht zuletzt dank der neuen effektiven Partnerschaften - etwa mit Konica Minolta oder Fuji Xerox. Océ gewann damit vornehmlich im Großformatdruck sowie in den Bereichen Farbdruck und hochvolumiger Einzelblattdruck deutlich Marktanteile dazu und konnte vor allem im boomenden asiatischen Markt ein exzellentes Wachstum vorlegen. 'Für Océ hat sich die Strategie der starken Partnerschaften bereits im ersten Quartal 2008 hervorragend bezahlt gemacht', so Rokus van Iperen, Chairman of the Board of Executive Directors. 'Wir konnten im Bereich Drucksysteme ein gutes organisches Wachstum vorlegen und in allen Bereichen Marktanteile gewinnen. Nicht zuletzt hat uns der asiatische Markt eine erfreuliche Absatzsteigerung beschert. Allerdings sieht sich auch Océ mit der derzeit schwierigen konjunkturellen Situation in den USA konfrontiert. Vor allem im Finanz- und Bausektor wurde der Kauf von neuen Hochvolumendrucksystemen zunächst einmal aufgeschoben; auch das Druckvolumen ist in diesen Branchen aktuell etwas zurückgegangen, weswegen die Umsätze aus Wartung und Service, Toner und Papier hinter den Zahlen des Vorjahres zurückblieben.' Im Jahr 2007 hat Océ erfolgreich die Implementierung seines strategischen Wachstumsplans 2007-2010 auf den Weg gebracht - und wird diesen Plan auch im aktuellen Geschäftsjahr zielstrebig verfolgen: 'Wir investieren weiterhin in einen Ausbau unserer Distributionskanäle und die Entwicklung wettbewerbsfähiger Produkte', so Rokus van Iperen. 'Zusätzlich setzen wir unseren Fokus darauf, die Zusammenarbeit mit unseren starken Partnern sowohl in der Distribution wie auch in der Produktentwicklung weiter zu intensivieren. Um konjunkturellen Unwägbarkeiten vor allem in den USA gelassen zu begegnen, werden wir allerdings weitere Maßnahmen zur Kostensenkung einleiten. Das Ziel ist eine zusätzliche Kostenersparnis von 30 Millionen Euro - und damit eine Gesamteinsparung von 80 Millionen Euro im Geschäftsjahr 2008.' Der vollständige Quartalsreport von Océ steht auf http://www.investor.oce.com zum Download bereit. Über Océ Die Océ-Gruppe bietet ein umfangreiches Spektrum an Produkten und Dienstleistungen für das professionelle Dokumentenmanagement. Unternehmen und Organisationen in aller Welt nutzen das Sortiment von Océ für das effektive Management und den Austausch von Informationen. Zu den angebotenen Lösungen gehören Drucker, Scanner, Kopierer und Software sowie die entspre¬chenden Verbrauchsmaterialien. Außerdem liefert Océ Kundendienst- und Beratungsleistungen zur Entwicklung von Lösungen und deren Integration in die Infrastruktur des Kunden. Mit ihren weltweit rund 24.000 Mitarbeitern erzielte die Océ-Gruppe 2007 einen Umsatz von 3,1 Milliarden Euro. Océ-Produkte werden in etwa 80 Ländern vertrieben, die Gruppe ist in 30 Ländern mit eigenen Betriebsgesellschaften vertreten. Weitere Information über das Unternehmen unter www.oce.de. Rückfragehinweis: Pressekontakt: Ralf Kastner Presse- und Öffentlichkeitsarbeit Océ Printing Systems GmbH Telefon: [phone] Email: [e-mail] Emittent: Océ-Nederland B.V. Postbus 800 NL-5201 AV's-Hertogenbosch Telefon: [phone] FAX: [phone] Email: [e-mail] WWW: http://www.oce.com Branche: Software ISIN: NL0000354934 Indizes: Börsen: Sprache: Deutsch

Quelle: dpa-AFX

[fishandchips]

Hier mal wieder eine Meldung von OCE aus der letzten Woche: Übernahme der franz. Intersoft.

Der Kurs taucht seit einigen Wochen ab - immerhin ergeht es den Wettbewerbern nicht anders. Vom Verlauf der DRUSPA hat man bisher recht wenig gehört. Mal sehen, ob der Q2-Bericht am kommenden Mittwoch mehr dazu aussagt. Da der Kurs insbesondere die letzten Tage sehr gelitten hat, muss man fast "Böses" für Q2 erwarten...


Venlo, The Netherlands, June 23, 2008 — Océ N.V., an international leader in digital document management and printing for professionals, today announced it has acquired the French company Intersoft. Intersoft is a distributor of printers, scanners and print media in the wide format graphic arts segment. Amongst other customers, Intersoft assists retail chains in the production of their promotional material.

Intersoft generates annualized sales of approximately EUR 21 million. The company was founded in 1998 and employs more than 60 people. Financial details of the transaction are not disclosed. Océ will consolidate Intersoft effective third quarter 2008.

The company counts numerous large French retail chains among its customers. Billboards, ceiling banners and other promotional material are made on Intersoft printers and print media.

Intersoft develops and sells specialized workflow software for these customers, thereby guaranteeing the uniformity of all promotional material. Océ will be offering this software to customers outside France as well.

The transaction is fully in line with the Océ strategy to accelerate growth in the wide format graphic arts market. This market is expected to grow at about 6% per year. The part of the wide format graphic arts market that current digital technology can tap is estimated at EUR 4 billion.

Océ offers numerous new printing systems in this market: the Océ Arizona 200/250 GT, the Océ ColorWave 600 launched in May 2008, and the Océ CS2224/CS2236 inkjet printer line. The existing Océ TCS300/500 products also have printing applications to handle retail promotional material.
About Océ
Océ is one of the world's leading providers of document management and printing for professionals. The broad Océ offering includes office printing and copying systems, high speed digital production printers and wide format printing systems for both technical documentation and color display graphics. Océ is also a foremost supplier of document management outsourcing. Many of the Fortune Global 500 companies and leading commercial printers are Océ customers. The company was founded in 1877. With headquarters in Venlo, The Netherlands, Océ is active in over 90 countries and employs some 24,000 people worldwide. Total revenues in 2007 amounted to EUR 3.1 billion. Océ is listed on Euronext in Amsterdam. For more information on Océ, visit www.oce.com.

For more information, please contact Océ N.V.:

Investor Relations:
Carlo Schaeken
Vice President Investor Relations
Telephone [phone]
E-mail: [e-mail]

Press:
Jan Hol
Senior Vice President Communications
Telephone [phone]
E-mail: [e-mail]

Related information

* Forward looking statement »

[fishandchips]

Der Chart hat es mal wieder vorweggenommen - die Q2-Zahlen sind katastrophal! Die Marktteilnehmer in Amsterdam sehen das genauso - in der Spitze minus 20% auf teilweise unter 6€ abgeschmiert!

hier die Meldung:

Océ meldet Umsatz- und Ergebnisrückgang im zweiten Quartal
Venlo (aktiencheck.de AG) - Der niederländische Drucker- und Fotokopiererhersteller Océ N.V. (ISIN NL0000354934/ WKN 850630) gab am Donnerstag bekannt, dass er im zweiten Quartal einen Umsatz- und Ergebnisrückgang verbuchen musste.
Click here to find out more!

Demnach belief sich der Nettogewinn auf 5,5 Mio. Euro, gegenüber 18,3 Mio. Euro im Vorjahr. Das operative Ergebnis (EBIT) brach um 68,2 Prozent auf 9,2 Mio. Euro ein, das EBITDA um 31,3 Prozent auf 54,7 Mio. Euro. Das normalisierte operative Ergebnis lag bei 20,2 Mio. Euro (Vorjahr: 29,6 Mio. Euro). Der Umsatz verringerte sich im Berichtszeitraum um 9,3 Prozent auf 704,7 Mio. Euro.

Die Aktie von Océ schloss gestern in Amsterdam bei 7,69 Euro (+0,26 Prozent). (03.07.2008/ac/n/a)


und der Kommentar vom Chef:

Highlights:

* Revenues down due to economic developments and exchange rate effects
* Gross margin, excluding one-off items, increases to 40.2% [2007: 39.7%]
* Operating income, excluding one-off items, € 20.2 million [2007: € 29.6 million]
* Savings program further expanded

Comments by Rokus van Iperen, chairman of the Board of Executive Directors:
‘The adverse economic conditions again impacted our markets in the second quarter and therefore affected our results. Sales of continuous feed systems decreased, due in part to developments in the financial sector. The slowdown in the construction sector in the United States is continuing and is now also making itself felt more in Europe. In this segment we sold fewer wide format printers than in the same period of last year.

A positive factor is that we were able in the second quarter to continue to grow in the office and printroom market, the wide format graphics market and in Business Services. This growth results from our strategy of continuously investing in strengthening our distribution power and in an innovative and competitive product portfolio.

The improvement of our business processes and the resultant reduction in our costs is the third main thrust of our strategy. The savings program announced in April will reduce the costs in 2008 by € 80 million. In the first half of 2008 savings of € 20 million were achieved. Of the reduction of 350 jobs that was announced in April, 80% has meanwhile been completed.
In response to the economic situation and elaborating on the program of 2008, we have identified in the past period further possibilities for cost savings, which will lead to an additional decrease in costs of € 50 million in 2009. As part of these savings about 600 extra jobs will be discontinued. We have started on the implementation of this.’

[fishandchips]

Und noch eine Meldung von heute:
Verkauf der Teilsparte Arkwright Inc. an Diatec


Océ agrees to sell parts of Arkwright to the Italian Diatec Group

Venlo, The Netherlands / Fiskeville, USA, July 3, 2008 — Océ N.V., an international leader in digital document management, today announced it has signed a contract to sell the coating-related assets of its wholly-owned subsidiary Arkwright Inc. to the prominent Italian paper and coated media manufacturer Diatec Group.

Arkwright Inc., based in Fiskeville (Rhode Island), was founded in 1810. It is a technology-driven company that develops, coats, converts and markets high performance digital imaging materials to consumer and commercial segments. Arkwright runs a European sales outlet from The Netherlands in addition to its US operations.

By acquiring Arkwright’s coating assets, Diatec Group adds a US media coating footprint to its European media coating activities. Océ will continue to sell print media, a strategic cornerstone of Océ’s hardware business.

Transfer of US activities finalized in Q3
Arkwright Inc. and Arkwright Europe B.V. generate annualized sales of approximately USD 65 million (EUR 45 million) and employ over 200 associates, expected to transfer to the Diatec Group. Océ sells approximately € 27.4 million assets.The net cash flow expected from this transaction is EUR 17.3 million. Its anticipated impact on operating income is minus EUR 4.3 million, in addition to minus EUR 18.0 million in the form of currency translation differences that had to date been included under group equity in the balance sheet.

Under IFRS, the translation differences that relate to the activities being sold are charged to the income statement. The transfer of the coating activity in the United States will take place in the third quarter. The European activities will be transferred later this year.

‘Transaction fully in line with strategy,’ says Océ CEO
Commenting on the transaction, Océ Chief Executive Officer Rokus van Iperen said: ‘At Océ, our strategy focuses on strengthening distribution power, innovating our product and service portfolio and enhancing operational excellence. After serious reflection, we concluded that media coating is no longer a core activity of Océ. In recent years, we have concluded several transactions with the Diatec Group. The divestment announced today further supports the existing business relationship between our companies. We are delighted that the coating activities of Arkwright have been acquired by a strategic partner able to generate new growth opportunities.’

About Océ
Océ is one of the world's leading providers of document management and printing for professionals. The broad Océ offering includes office printing and copying systems, high speed digital production printers and wide format printing systems for both technical documentation and color display graphics.
Océ is also a foremost supplier of document management outsourcing. Many of the Fortune Global 500 companies and leading commercial printers are Océ customers. The company was founded in 1877. With headquarters in Venlo, The Netherlands, Océ is active in over 90 countries and employs some 24,000 people worldwide. Total revenues in 2007 amounted to EUR 3.1 billion. Océ is listed on Euronext in Amsterdam. For more information on Océ, visit www.oce.com.

[fishandchips]

zur Info: kleinere Akquise in Skandinavien

Venlo, The Netherlands, 21 August 2008 - Océ, an international leader in digital document management, today announced it has acquired Epcot a/s in a transaction fully in line with corporate strategy to further expand distribution power.

Epcot, with annualized sales of approximately € 8.5 million in Sweden and Denmark, focuses on the engineering sector and the graphic arts market. The company supplies professional printing, scanning and copying solutions, enabling customers to benefit from a broad range of products and systems. Epcot employs 35 staff, all of whom are expected to transfer to Océ in Sweden and Denmark.

Océ currently employs 425 people in its Nordic organization in Sweden, Denmark, Norway and Finland. The company is building its position in Northern Europe, particularly in digital document systems, business services and wide format printing systems. The acquisition announced today boosts Océ’s position in digital wide format printing, which focuses on graphic design, technical drawing, construction documentation, banners, signage and posters for different media carriers.
For further information:
Océ N.V.:

[fishandchips]

Gestern Q3 - Ergebnisse


Highlights of the third quarter:

* Total revenues Euro 700.1 million (-1.5% organically, excluding fax)
* Normalized operating income Euro 16.8 million (2007: Euro 21.2 million)
* One-off items of Euro 28.0 million lead to operating income of - Euro 11.2 million
* Cost reduction program on track
* Color increases to 26% of revenues (2007: 20%)

Comments by Rokus van Iperen, Chairman of the Board of Executive Directors:

"The current turmoil in the world economy continues to put pressure on our revenues and margins. We are meeting this challenge by providing new, value adding products and services for our customers, enhancing operational excellence and continuously cutting costs aggressively. Our cost reduction program will achieve Euro 80 million savings in 2008 and an additional Euro 50 million savings in 2009. Year to date we reduced costs by Euro 59 million.

In the third quarter we continued to grow our revenues in the office, print room, display graphics and business services segments. This is a result of our consistent strategy to strengthen our product portfolio and cooperate with partners.

The financial services and construction markets are experiencing well publicized challenges. These developments are significantly impacting revenues from our continuous feed printers and technical document systems, the main cause of our decline in profitability.

Over the quarter, we have achieved rapid growth in color. We sold several multi-million euro Océ JetStream printers and many other color systems, including the recently launched Océ ColorWave 600.

The normalized operating income in the third quarter is positive. Due to one-off items the reported operating income is negative (- Euro 11.2 million).

In the current economic turmoil we refrain from giving an outlook for our full year income. We did however start the fourth quarter of 2008 with an order backlog comparable with last year. Continued cost savings are expected to amount to Euro 21 million in the fourth quarter. Supported by a strong focus on improving all working capital elements and by the anticipated sale of finance lease receivables, we expect a positive free cash flow for the 2008 full year."

Océ: normalized operating income in third quarter of Euro 16.8


Summary of third quarter 2008

Total revenues decreased organically by 1.5% if the non-core fax business is excluded. Non-recurring revenues, sales of printing systems and software, decreased 2.7%, due to continuing adverse conditions in the financial services and the construction sector. Recurring revenues excluding fax decreased 0.9%. During 2008 Océ acquired Intersoft whilst Arkwright and Océ Document Technologies were divested. Excluding these transactions recurring revenues were stable. Recurring revenues include services as well as sales of toners, inks and media, and represent some 70% of total revenues. An increasing part, currently 26%, of our total revenues relates to color.

Normalized operating income, representing the continuing business, amounted to Euro 16.8 million (2007: Euro 21.2 million), including a negative currency exchange impact of Euro 6 million. One-off items amounted to Euro 28.0 million of which Euro 10.2 million were restructuring charges; the remainder related to the sale of the loss making coating business of Arkwright, being a Euro 4.6 million book loss and the realization of Euro 13.2 million currency translation differences. Under IFRS, translation results on equity in subsidiaries denominated in non-euro currencies are recognized directly in Equity under the heading “˜Currency Translation Differences'. Upon disposal of the subsidiary the accumulated translation results are realized via the Income Statement. This IFRS accounting rule has no impact on Equity or cash flow.

In Digital Document Systems (DDS) revenues generated by continuous feed systems declined as a consequence of the continued turmoil in the financial markets. DDS increased its revenues in cutsheet printing, driven by continued growth in the office and print room segment. As a result DDS improved its normalized operating income.

Océ Business Services (OBS) continued its revenue growth. Normalized operating income decreased, driven by continued investments at large new contracts as well as the slowdown of litigation services activities in the US.

The slowdown in the construction sector impacted revenues in Technical Document Systems and Imaging Supplies. Wide Format Printing Systems (WFPS) grew its revenues in the display graphics markets due to the success of its product portfolio. Normalized operating income declined as a result of lower revenues and start-up costs of the Océ ColorWave 600.

We started the fourth quarter of 2008 with an order backlog comparable with last year. Continued cost savings are expected to amount to Euro 21 million in the fourth quarter. Supported by a strong focus on improving all working capital elements and by the anticipated sale of finance lease receivables, we expect a positive free cash flow for the 2008 full year.