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OCE REPORTS SMALL NET LOSS FOR Q1 2011– Net Loss: € – 6 Million (2010: € – 87 Million)
– Normalized Operating Income: € 5 Million (2010: € 15 Million)
– Total Revenues – 1% To € 638 Million (2010: € 647 Million)
– Organically: Non-Recurring Revenues – 5%; Recurring Revenues – 3%
– Cooperation With Canon Delivered First Joint Innovation
– Change Of Financial Year, Effective 1 January 2011Comments By Rokus Van Iperen, Chairman Of The Executive Board:
‘Océ Had A Challenging First Quarter As Revenues Decreased Due To A Decline In Two Market Segments. Cutsheet Revenues Were Impacted By Weaker Printroom Sales And Portfolio Changes. Technical Documentation Revenues Were Affected By The Ongoing Crisis In Construction Markets. We Have Addressed These Revenue Developments By Strengthening Our Support For Sales Companies And By Stringent Cost Control.
Océ Achieved Favorable Revenue Development In Two Other Market Segments. In Continuous Feed Printing, Océ Boosted Its Market Leadership Due To Continued Revenue Growth, Benefiting From Printer Sales Of Particularly The Océ Jetstream Series. In Display Graphics Printing, Sales Grew Due To The Highly Successful Océ Arizona Series. In Business Services, Revenue Development Was Stable.’
Change Of Financial Year
As Announced Previously, Océ Has Aligned Its Financial Reporting With That Of Canon, Consequently Starting The New Financial Year On 1 January 2011. To Facilitate Transparency And Comparison, The Figures Presented In This Release Relate To The Period January – March 2011 And The Corresponding Prior Year Period.
Group Results First Quarter 2011
Revenues
Total Revenues Declined By – 1% To € 638 Million, Due To Lower Revenues In Dds And Tds. Organically, Revenues Declined – 3%.
The Share Of Color Grew To 38% Of Revenues (2010: 30%).
Non-Recurring Revenues Declined By – 3% To € 172 Million. The Organic Decrease Was – 5%, Mainly From Lower Cutsheet And Tds Sales. Non-Recurring Revenues Grew In Continuous Feed And Display Graphics.
Recurring Revenues Decreased By – 1% To € 466 Million. The Organic Decline Was – 3%, Due To Dds And Wfps. Revenues For Obs Were Stable.
Gross Margin And Operating Income
As Of The Year 2011 The Gross Margin Definition Has Been Changed To Align With The Financial Reporting Of Canon. The Main Change Relates To The Cost Of Service Personnel Which Previously Was Recorded Under Cost Of Sales And Now Is Included In Operating Expenses.
In The First Quarter Of 2011, Normalized Gross Margin Was 62.6% (2010: 63.1%). Gross Margin Mainly Declined Due To Wfps € – 4 Million (– 0.6% Point) As A Consequence Of A Change In The Sales Mix From Tds To Dgs. Gross Margin Improved Due To Better Obs Margins (+ 0.2% Point) And Decreased (– 0.2% Point) Due To Mix Change Within Dds And Lower Factory Utilization.
Normalized Operating Expenses Amounted To 61.9% Of Revenues (2010: 60.9%). However Total Costs Of € 394 Million Were In Line With The Same Quarter Of 2010, With Business Savings Of € 5 Million And Foreign Exchange Impact Of € – 6 Million.
Total R&D Cost Increased € 6.6 Million Versus The Same Period Last Year, Mainly Due To Lower Capitalization. On Balance, Normalized Operating Income Amounted To € 5 Million (2010: € 15 Million).
Operating Income Amounted To € – 4 Million (2010: € – 25 Million), Including € 9 Million One-Off Items (2010: € 40 Million).
Outlook 2011
Océ Aims To Improve The Business By Focusing On Growth Of Revenues, Profits And Cash. Océ Intends To Grow The Business By Strengthening Its Position In Mature Markets, Expanding In Growth Markets Like Graphic Arts And Document Services And Boosting Cross Selling With Canon. Jointly With Canon, Océ Will Expand Its Activities In Growth Markets Like China And India. Océ Will Enlarge Its Product Portfolio, Amongst Others By Introducing Innovative Printing Systems, Jointly Developed With Canon. Also, Océ Will Continue To Prepare For The Integration With Canon.
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