ce analyse


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.					2007	2007			2006
.	Office Products North America	2008	2007	2006	Q4 FC	Q3	Q2	Q1	Q4	Q3	Q2	Q1
.
.	Net sales	2,800.0	2,949.1	3,182.4	700.0	738.5	733.1	777.6	763.6	784.8	793.3	840.7
.	Gross contribution	900.0	956.6	1,073.7	220.0	238.4	237.7	260.5	257.2	262.0	265.9	288.5
.	Gross contribution as % net sales	32.1%	32.4%	33.7%	31.4%	32.3%	32.4%	33.5%	33.7%	33.4%	33.5%	34.3%
.	Operating result (EBIT)	75.0	72.8	130.9	12.0	14.1	18.7	28.1	28.9	39.3	33.3	29.4
.	Operating result excluding special items	85.0	95.9	165.9	17.0	24.3	21.3	33.3	33.2	42.7	39.3	50.6
.	Operating result as % net sales	2.7%	2.5%	4.1%	1.7%	1.9%	2.6%	3.6%	3.8%	5.0%	4.2%	3.5%
.	Operating result excluding special items as % net sales	3.0%	3.3%	5.2%	2.4%	3.3%	2.9%	4.3%	4.3%	5.4%	5.0%	6.0%
.	Average capital employed	525.0	547.6	569.1	535.0	541.0	546.9	567.6	580.0	572.5	556.9	566.8
.	Operating result excluding special items as % average capital employed	16.2%	17.5%	29.2%	12.7%	18.0%	15.6%	23.5%	22.9%	29.9%	28.2%	35.7%
.
.	Special items	-10.0	-23.1	-35.0	-5.0	-10.2	-2.6	-5.3	-4.3	-3.5	-6.0	-21.2
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.					2007	2007			2006
.	Office Products Europe	2008	2007	2006	Q4 FC	Q3	Q2	Q1	Q4	Q3	Q2	Q1
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.	Net sales	1,350.0	1,266.4	1,001.8	320.0	311.1	301.8	333.5	330.5	220.2	219.7	231.4


.	Gross contribution	460.0	424.3	314.8	110.0	104.9	100.0	109.5	110.9	68.2	66.8	68.8
.	Gross contribution as % net sales	34.1%	33.5%	31.4%	34.4%	33.7%	33.1%	32.8%	33.6%	31.0%	30.4%	29.7%
.	Operating result (EBIT)	40.0	30.6	14.5	11.0	8.9	4.9	5.9	13.8	1.8	0.6	-1.6
.	Operating result excluding special items	45.0	37.9	17.6	13.0	12.3	4.9	7.7	13.6	2.0	0.6	1.5
.	Operating result as % net sales	3.0%	2.4%	1.5%	3.4%	2.9%	1.6%	1.8%	4.2%	0.8%	0.3%	-0.7%
.	Operating result excluding special items as % net sales	3.3%	3.0%	1.8%	4.1%	3.9%	1.6%	2.3%	4.1%	0.9%	0.3%	0.7%
.	Average capital employed	190.0	192.9	147.7	192.0	193.4	195.1	191.2	204.6	134.5	134.4	117.4
.	Operating result excluding special items as % average capital employed	23.7%	19.6%	11.9%	27.1%	25.4%	10.0%	16.1%	26.6%	5.8%	1.6%	5.3%
.
.	Special items	-5.0	-7.3	-3.1	-2.0	-3.4	0.0	-1.8	0.1	-0.1	0.0	-3.1
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.					2007	2007			2006
.	Office Products Australia	2008	2007	2006	Q4 FC	Q3	Q2	Q1	Q4	Q3	Q2	Q1
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.	Net sales	850.0	807.3	743.5	210.0	207.9	207.0	182.3	192.6	193.0	183.5	174.4
.	Gross contribution	275.0	258.6	231.8	67.0	65.9	66.9	58.8	60.5	58.5	57.8	55.1
.	Gross contribution as % net sales	32.4%	32.0%	31.2%	31.9%	31.7%	32.3%	32.3%	31.4%	30.3%	31.5%	31.6%
.	Operating result (EBIT)	70.0	65.5	59.7	17.0	16.4	18.0	14.1	15.5	15.3	16.2	12.6
.	Operating result excluding special items	70.0	65.5	59.7	17.0	16.4	18.0	14.1	15.5	15.3	16.2	12.6
.	Operating result as % net sales	8.2%	8.1%	8.0%	8.1%	7.9%	8.7%	7.7%	8.1%	7.9%	8.8%	7.2%


.	Operating result excluding special items as % net sales	8.2%	8.1%	8.0%	8.1%	7.9%	8.7%	7.7%	8.1%	7.9%	8.8%	7.2%
.	Average capital employed	75.0	79.7	71.1	78.0	79.1	82.3	79.4	76.1	72.1	70.2	66.0
.	Operating result excluding special items as % average capital employed	93.3%	82.2%	83.9%	87.2%	83.1%	87.3%	70.9%	81.6%	84.7%	92.4%	76.6%
.
.	Special items	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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.					2007	2007			2006
.	Office Products Total	2008	2007	2006	Q4 FC	Q3	Q2	Q1	Q4	Q3	Q2	Q1
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.	Net sales	5,000.0	5,022.8	4,927.7	1,230.0	1,257.5	1,241.9	1,293.4	1,286.7	1,197.9	1,196.5	1,246.5
.	Gross contribution	1,635.0	1,639.5	1,620.4	397.0	409.2	404.5	428.8	428.7	388.8	390.5	412.5
.	Gross contribution as % net sales	32.7%	32.6%	32.9%	32.3%	32.5%	32.6%	33.2%	33.3%	32.5%	32.6%	33.1%
.	Operating result (EBIT)	185.0	168.9	205.1	40.0	39.3	41.6	48.0	58.2	56.4	50.1	40.4
.	Operating result excluding special items	200.0	199.2	243.2	47.0	53.0	44.2	55.1	62.3	60.0	56.1	64.8
.	Operating result as % net sales	3.7%	3.4%	4.2%	3.3%	3.1%	3.3%	3.7%	4.5%	4.7%	4.2%	3.2%
.	Operating result excluding special items as % net sales	4.0%	4.0%	4.9%	3.8%	4.2%	3.6%	4.3%	4.8%	5.0%	4.7%	5.2%
.	Average capital employed	790.0	820.3	787.9	805.0	813.4	824.4	838.2	860.8	779.0	761.6	750.2
.	Operating result excluding special items as % average capital employed	101.3%	97.2%	123.5%	23.4%	26.0%	21.4%	26.3%	29.0%	30.8%	29.5%	34.5%
.
.	Special items	-15.0	-30.3	-38.1	-7.0	-13.6	-2.6	-7.1	-4.1	-3.6	-6.0	-24.4


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.					2007	2007			2006
.	Printing Systems	2008	2007	2006	Q4 FC	Q3	Q2	Q1	Q4	Q3	Q2	Q1
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.	Net sales	560.0	556.4	529.1	145.0	136.6	137.1	137.7	156.3	133.9	127.8	111.1
.	Gross contribution	165.0	163.7	161.8	42.0	38.5	41.3	41.8	45.9	39.9	40.0	36.1
.	Gross contribution as % net sales	29.5%	29.4%	30.6%	29.0%	28.2%	30.2%	30.4%	29.3%	29.8%	31.3%	32.5%
.	Operating result (EBIT)	31.0	30.4	26.5	9.0	8.5	6.7	6.1	9.8	7.6	6.5	2.6
.	Operating result excluding special items	31.0	30.4	26.5	9.0	8.5	6.7	6.1	9.8	7.6	6.5	2.6
.	Operating result as % net sales	5.5%	5.5%	5.0%	6.2%	6.2%	4.9%	4.5%	6.2%	5.7%	5.1%	2.3%
.	Operating result excluding special items as % net sales	5.5%	5.5%	5.0%	6.2%	6.2%	4.9%	4.5%	6.2%	5.7%	5.1%	2.3%
.	Average capital employed	75.0	92.8	90.2	90.0	91.5	100.4	89.3	87.3	93.0	95.8	84.8
.	Operating result excluding special items as % average capital employed	41.3%	32.7%	29.4%	40.0%	37.2%	26.8%	27.5%	44.7%	32.9%	27.3%	12.1%
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.	Special items	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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.					2007	2007			2006
.	ASAP Software	2008	2007	2006	Q4 FC	Q3	Q2	Q1	Q4	Q3	Q2	Q1
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.	Net sales		546.8	813.1		180.6	217.0	149.2	213.1	180.2	253.5	166.3


.	Gross contribution		54.3	81.9		13.5	24.2	16.5	22.0	15.2	25.8	18.9
.	Gross contribution as % net sales		9.9%	10.1%		7.5%	11.1%	11.1%	10.3%	8.4%	10.2%	11.3%
.	Operating result (EBIT)		85.4	29.0	70.0	1.5	9.8	4.1	9.1	2.7	11.2	6.1
.	Operating result excluding special items		85.4	29.0	70.0	1.5	9.8	4.1	9.1	2.7	11.2	6.1
.	Operating result as % net sales		15.6%	3.6%		0.8%	4.5%	2.7%	4.3%	1.5%	4.4%	3.6%
.	Operating result excluding special items as % net sales		15.6%	3.6%		0.8%	4.5%	2.7%	4.3%	1.5%	4.4%	3.6%
.	Average capital employed		34.5	27.3		36.6	41.9	25.0	16.7	30.0	27.7	34.8
.	Operating result excluding special items as % average capital employed		247.4%	106.1%		16.4%	93.3%	65.4%	217.6%	35.5%	160.9%	69.7%
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.	Special items	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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.					2007	2007			2006
.	Corporate	2008	2007	2006	Q4 FC	Q3	Q2	Q1	Q4	Q3	Q2	Q1
.
.	Net sales
.	Gross contribution
.	Gross contribution as % net sales
.	Operating result (EBIT)	-33.0	-20.0	-4.4	-5.6	-6.0	-3.7	-4.7	-0.9	-0.9	-2.5	0.0
.	Operating result excluding special items	-33.0	-18.4	-4.4	-5.6	-6.0	-3.7	-3.1	-0.9	-0.9	-2.5	0.0
.	Operating result as % net sales


.	Operating result excluding special items as % net sales
.	Average capital employed		4.4	10.6		4.6	5.7	2.8	17.3	17.3	6.1	1.8
.	Operating result excluding special items as % average capital employed
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.	Special items	0.0	-1.6	0.0	0.0	0.0	0.0	-1.6	0.0	0.0	0.0	0.0
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.					2007	2007			2006
.	Total CE	2008	2007	2006	Q4 FC	Q3	Q2	Q1	Q4	Q3	Q2	Q1
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.	Net sales	5,560	6,126	6,270	1,375	1,575	1,596	1,580	1,656	1,512	1,578	1,524
.	Gross contribution	1,800	1,857	1,864	439	461	470	487	497	444	456	467
.	Gross contribution as % net sales	32.4%	30.3%	29.7%	31.9%	29.3%	29.5%	30.8%	30.0%	29.4%	28.9%	30.7%
.	Operating result (EBIT)	183	265	256	113	43	54	53	76	66	65	49
.	Operating result excluding special items	198	297	294	120	57	57	62	80	69	71	73
.	Operating result as % net sales	3.3%	4.3%	4.1%	8.2%	2.8%	3.4%	3.4%	4.6%	4.4%	4.1%	3.2%
.	Operating result excluding special items as % net sales	3.6%	4.8%	4.7%	8.8%	3.6%	3.6%	3.9%	4.8%	4.6%	4.5%	4.8%
.	Average capital employed	865	952	916	895	946	972	955	982	919	891	872
.	Operating result excluding special items as % average capital employed	22.9%	31.2%	32.1%	53.8%	24.1%	23.4%	26.1%	32.7%	30.2%	32.0%	33.7%
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.	Special items	-15.0	-31.9	-38.1	-7.0	-13.6	-2.6	-8.7	-4.1	-3.6	-6.0	-24.4


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.	Financieringskosten	-81.0	-105.6	-96.7	-18.0	-32.6	-27.7	-27.2	-27.5	-21.5	-25.0	-22.8
.	Belastingen	-20.0	-17.0	-20.8	-5.0	-1.2	-5.1	-5.8	-1.7	-4.9	-10.4	-3.8
.	Minderheids belang	-15.0	0.0	0.0
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.	Netto resultaat	67.0	142.0	138.7	90.4	9.5	21.6	20.5	46.9	39.4	29.9	22.5
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.	-Cash interest	-60.0	-80.1	-70.4	-16.0	-22.1	-21.0	-21.0	-17.6	-17.8	-17.5	-17.5
.	-Dividend preference shares	-11.0	-11.2	-11.2	-2.8	-2.8	-2.8	-2.8	-2.8	-2.8	-2.8	-2.8
.	-Non-cash interest (incl. Amortisation fees)	-10.0	-10.4	-9.9	-2.5	-2.5	-2.7	-2.8	-2.7	-2.8	-2.2	-2.1
.	-Fair value changes		-7.1	-5.2		-5.2	-1.3	-0.6	-4.3	1.9	-2.4	-0.4
.	Financieringslasten	-81.0	-108.9	-96.7	-21.3	-32.6	-27.7	-27.2	-27.5	-21.5	-25.0	-22.8
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.	UItstaande aandelen in miljoenen	182
.	Netto winst per gewoopn aandeel	0.37
.	Koers winst verhouding	10
.	Theoretische aandelenkoers	3.68
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