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Buhrmann NV

Buhrmann Reports Improvement of Results in Third Quarter

Amsterdam, The Netherlands, November 10 (ots/PRNewswire)

Buhrmann (NYSE: BUH Amsterdam:BUHR.AS), one of the world's largest
global suppliers of office products and graphic systems for the
business market, announced its third quarter 2004 results today.
Buhrmann's three Office Products Divisions operate primarily under
the name of Corporate Express. Corporate Express is the only contract
stationer with a global proprietary distribution network spanning 16
nations across North America, Europe and Australia/New Zealand, and
distribution partnerships in other countries. Buhrmann's graphic
systems distribution companies are the largest re-sellers of
industry-leading Heidelberg equipment in six European countries.
A full version of the company's first quarter 2004 earnings
release can be found on its corporate website: www.buhrmann.com . The
following paragraphs are a summary extracted from the original press
release:
  • Operating profit (EBITAE) from ongoing operations increased 33% at constant exchange rates; up 23.5% at actual rates including negative currency effects
  • Positive trend in added value growth fuelled by continued successful execution of key strategic initiatives regarding private brands, facility products and preferred suppliers
  • Total organic sales up 1%; Global office products organic sales up 2%
  • Net profit(Ref 1) per share (fully diluted) increased to EUR 0.14; net profit(Ref 1) up to EUR 29.4 million
(Ref 1) Net profit before amortisation of goodwill and exceptional
items  in 2003 (see also remarks under Accounting Policies)
CEO's STATEMENT
Commenting on third quarter performance, Buhrmann President and
CEO Frans Koffrie said: "We are pleased with the results we have
delivered in the third quarter of 2004. Our sustained and strong
competitive position as a single-source supplier with a clear focus
on business-to-business distribution has allowed us to expand our
business, especially in the large accounts market segment. It is
encouraging to see a gradual improvement in office products sales in
North America. Furthermore, the overall positive trend in added value
growth has been boosted by the continuing implementation of our
strategic initiatives. We are confident that the implementation of
these initiatives will allow us to continue growing sales and
earnings."
LOOKING AHEAD
Profitable sales growth remains our key priority. We believe that
our strategic initiatives are making an important difference in this
respect and we are encouraged by the successes we have already
achieved this year.
We see continued, steady improvement in market conditions in North
America, while in Europe we expect to see the positive results of
measures to enhance the performance of our organisation over time.
We expect continued available positive cash flow in the fourth
quarter of 2004 and we accordingly reiterate our forecast that full
year 2004 available cash flow will be positive.
At the current exchange rates, we expect amortisation of goodwill
of about EUR 45 million, and depreciation of about EUR 85 million for
the full year. The effective tax rate for 2004 on earnings before
tax, amortisation of goodwill and exceptional items (EBTAE) is
expected to be below 10%. Capital expenditure will be around EUR 70
million for 2004.
Full version of the press release on: www.buhrmann.com

Contact:

Buhrmann Corporate Communications, Ewold de Bruijne, Tel
+31-(0)20-651-10-34, e-mail: ewold.de.bruijne@buhrmann.com.
Analysts/investors can contact: Buhrmann Investor Relations, Carl
Hoyer, Tel +31-(0)20-651-10-42, e-mail: carl.hoyer@buhrmann.com