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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 month of July
--------------------------------------------------------, 2000
Oce N.V.
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(Translation of registrant's name into English)
St. Urbanusweg 43, Venlo, The Netherlands
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(Address of principal executive offices)
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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.
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(Registrant)
Date: July 7, 2000 By /s/ R.L. van Iperen
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Chairman of the Board of Executive Directors
(Principal Executive Officer)
-2-
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Oce N.V.
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Consolidated Statement of Quarter Half Year
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Operations for the six months ended ended
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from December 1, 1999 till May 31 May 31
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May 31, 2000
<TABLE>
<CAPTION>
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Results in millions 1999 2000 2000 1999 2000 2000
---- ---- ---- ---- ---- ----
except per share* (Euro) (Euro) U$ (Euro) (Euro) U$
---- ---- ---- ---- ---- --
<S> <C> <C> <C> <C> <C> <C>
Revenues from sales,
rentals and service 679.3 775.4 723.3 1,285.0 1,472.6 1,373.6
Interest from
financial leases 24.3 28.3 26.4 48.2 54.9 51.2
Total revenues 703.6 803.7 749.7 1,333.2 1,527.5 1,424.8
Cost of sales,
rentals and service 402.2 461.9 430.9 756.0 878.2 819.1
Gross margin 301.4 341.8 318.8 577.2 649.3 605.7
Operating expenses 235.5 270.7 252.5 455.7 516.7 482.0
Operating income 65.9 71.1 66.3 121.5 132.6 123.7
Financial expense (net) 15.6 13.9 13.0 30.8 29.0 27.1
Income before income
taxes, equity in income
of unconsolidated
companies and minority
interests 50.3 57.2 53.3 90.7 103.6 96.6
Income taxes 14.5 16.3 15.1 26.1 29.8 27.7
Income before equity in
income of unconsolidated
companies and minority
interests 35.8 40.9 38.2 64.6 73.8 68.9
Equity in income
of unconsolidated
companies 0.1 0.1 - 0.2 - -
Income before
minority interests 35.9 41.0 38.2 64.8 73.8 68.9
Minority interests
in net income of
subsidiaries 0.7 0.9 0.8 1.3 1.4 1.3
Net income 35.2 40.1 37.4 63.5 72.4 67.6
Dividend preference
shares 0.9 0.9 0.8 1.8 1.8 1.7
Net income attributable
to holders of
ordinary shares 34.3 39.2 36.6 61.7 70.6 65.9
Cash flow 80.8 89.4 83.4 152.2 169.7 158.3
Average number of
outstanding ordinary
shares
(weighted x 1,000) 82,903 84,052 84,052 82,832 83,676 83,676
<CAPTION>
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Per ordinary share 1999 2000 2000 1999 2000 2000
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(Euro) (Euro) U$ (Euro) (Euro) U$
---- ---- ---- ---- ---- --
<S> <C> <C> <C> <C> <C> <C>
Net income 0.41 0.47 0.44 0.74 0.84 0.79
Cash flow 0.96 1.05 0.98 1.82 2.01 1.87
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</TABLE>
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<TABLE>
<CAPTION>
Balance Sheet Highlights 99.11.30 00.05.31 00.05.31
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(Euro) (Euro) U$
---- ---- --
<S> <C> <C> <C>
Fixed assets 1,357.3 1,394.3 1,300.6
Current assets 1,558.8 1,663.9 1,552.1
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Total Assets 2,916.1 3,058.2 2,852.7
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Group equity 860.1 964.4 899.6
Long term liabilities 1,164.6 1,284.6 1,198.3
Short term liabilities 891.4 809.2 754.8
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Liabilities and shareholders' equity 2,916.1 3,058.2 2,852.7
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</TABLE>
* The company reports in Euro. As a convenience for US readers, the results for
2000 and 1999 have been converted at (Euro) 0.9328: U$ 1, the noon buying rate
of May 31, 2000. This compares with (Euro) 1.0422: U$ 1 used at this time last
year.
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Venlo, the Netherlands, July 6, 2000: consolidated results for the second
quarter and the first six months of fiscal 2000, ended 31 May, 2000 were
published here today by Oce N.V. (NASDAQ:OCENY). The Dutch based supplier of
digital document systems and services, closed the first six months of fiscal
2000 with an increase of 15% in revenues and an increase of 14% in net income.
Net income for the first six months rose to U$ 68 million or U$ 0.79 per share
based on 83,676,283 shares, being the weighted average number of ordinary shares
outstanding, compared to U$ 59 million or U$ 0.69 per share, based on 82,832,275
shares, being the weighted average number of ordinary shares outstanding at the
first half of fiscal 1999.
Revenues rose to U$ 1,425 million (1999: U$ 1,244 million). Autonomous growth
amounted to 5%, exchange rate effects (especially the American dollar) amounted
to 8% and acquisitions contributed a growth of 2% in revenues.
"The development in revenues and net income demonstrates that the company's
strategy is bearing fruit. The development of our portfolio of digital products
and services is on track", said Rokus van Iperen, Chairman of the Board of
Executive Directors of Oce. "The results for the first six months of fiscal 2000
confirm the positive expectations that we announced earlier. Our focus on
ongoing product development, for both hardware and software, the investments in
promising growth markets and the strengthening of our software development and
service organisation are stimulating the growth."
Second quarter 2000
The second quarter net income rose by 14% to U$ 37.4 million or U$ 0.44 per
share based on 84,052,251 shares, being the weighted average number of ordinary
shares outstanding, compared to U$ 32.8 million or U$ 0.39 per share based on
82,903,454 shares, being the weighted average number of ordinary shares
outstanding at the second quarter of 1999.
Second quarter revenues increased by 14% to U$ 750 million (1999: U$ 656
million). Autonomous growth amounted to 5%, exchange rate effects amounted to 7%
and acquisitions yielded a growth of 2%. Software and services in all market
segments contributed strongly to this growth.
In Wide Format Printing Systems revenues rose by 16% to U$ 209 million (1999: U$
181 million). Autonomous growth amounted to 2%, exchange rate effects amounted
to 8% and acquisitions to 6%.
In Document Printing Systems revenues increased by 10% to U$ 362 million (1999:
U$ 329 million). Autonomous growth amounted to 4% and exchange rate effects to
6%.
In Production Printing Systems revenues went up by 22% to U$ 179 million (1999:
U$ 147 million). Autonomous growth amounted to 10%, exchange rate effects to 8%
and acquisitions to 4%.
Operating income increased by 8% to U$ 66.3 million (1999: U$ 61.5 million).
Financial expense (net) decreased to U$ 13.0 million (1999: U$ 14.5 million).
Net income rose by 14% to U$ 37.4 million and amounted to 5% of revenues (1999:
U$ 32.8 million and also 5% of revenues).
Net income attributable to holders of ordinary shares increased by 14.4% to
U$ 36.6 million (1999: U$ 32.0 million).
Cash flow (net income plus depreciation) increased to U$ 83.4 million (1999:
U$ 75.3 million).
Based on the weighted average number of ordinary shares outstanding of
(Euro) 0.50 nominal each, net income rose by 12.8% to U$ 0.44 (1999: U$ 0.39)
and cash flow by 9.2% to U$ 0.98 (1999: U$ 0.90).
First six months 2000
Revenues in Wide Format Printing Systems increased during the first six months
by 15% to U$ 391 million (1999: U$ 339 million). Of this increase, 2% was
autonomous, 8% was caused by exchange rate changes and 5% was due to
acquisitions. Revenues in the growth markets for Display Graphics, Software and
Professional Services grew very strongly, though volumes in these markets are
still low.
In Document Printing Systems revenues went up by 11% to U$ 696 million (1999: U$
626 million). Autonomous growth amounted to 5% and exchange rate changes had a
positive effect of 6%. Facility Services also showed strong growth. Revenues in
analogue black/white copying decreased further, but declined less than the
overall market.
In Production Printing Systems revenues increased by 21% to U$ 339 million
(1999: U$ 279 million). Autonomous growth amounted to 11%. Exchange rate changes
had a positive influence of 8% and acquisitions contributed 2%. Besides the
growth in revenues from high volume printing machines, service and software, the
Printing & Publishing activities got off to a good start in a number of
countries.
Operating income rose by 9.1% to U$ 123.7 million (1999: U$ 113.3 million).
Financial expense (net) decreased by 5.9% to U$ 27.1 million (1999: U$ 28.7
million).
Net income increased by 14% to U$ 67.6 million and amounted to 4.7% of revenues
(1999: U$ 59.2 million and 4.8% of revenues).
Net income attributable to holders of ordinary shares went up by 14.5% to
U$ 65.9 million (1999: U$ 57.5 million).
Cash flow (net income plus depreciation) increased to U$ 158.3 million (1999: U$
142.0 million).
Based on the weighted average number of ordinary shares outstanding of
(Euro) 0.50 nominal each, net income amounted to U$ 0.79 (1999: U$ 0.69) and
cash flow to U$ 1.87 (1999: U$ 1.69).
Balance sheet
The balance sheet total increased during the first half of 2000 by about U$ 130
million. Some U$ 93 million is the result of exchange rate effects.
At the end of May Group Equity amounted to U$ 900 million, which is equivalent
to 32% of the balance sheet total. This rise of U$ 97 million in Group Equity
since November 30, 1999 is chiefly the result of net income
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(U$ 68 million) and exchange rate effects (U$ 26 million).
Prospects
The growth in the results during the first half year confirms the previously
announced expectation that revenues and income of Oce will continue to develop
positively in 2000.
Oce N.V.
July 6, 2000
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J. van den Belt proposed as member of the Oce
Board of Executive Directors
Mr. J. van den Belt (54) is to take over the financial portfolio of Mr. H.
Meertens on the Executive Board of Oce N.V. A proposal to appoint him as a
member of the Executive Board will be submitted to shareholders at the next
annual meeting. Mr. Meertens will retire on October 1, 2000 as a member of the
Board of Executive Directors having reached the age limit. Mr. Van den Belt will
take up his responsibilities for Oce on September 1 next.
Currently Mr. Van den Belt is Chief Financial Officer of Shell in Brasil. After
graduating in Economics at the Erasmus University in Rotterdam Mr. Van den Belt
worked for Unilever in The Netherlands and in the United Kingdom from 1970 to
1977. After that he joined Shell where he held various management posts in
treasury, controlling and as financial director in several countries in Latin
America, in the United Kingdom and in Rotterdam.
Upon adoption of this proposal by the shareholders meeting, the Executive Board
will consist of:
Mr. R.L. van Iperen, Chairman
Mr. J. van den Belt
Mr. J.F. Dix
Mr. G.B. Pelizzari
Mr. Meertens, the departing CFO of Oce, has worked for the company since 1969
except for a 4-year period with another employer. He has been a member of the
Executive Board since 1988 where he was responsible, amongst other things, for
the financial portfolio.
Oce N.V.
July 6, 2000
