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RSDB NV PowerPoint Presentation

RSDB NV

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RSDB NV

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  1. RSDB NV General Meeting of Shareholders 27 June 2008

  2. Programme • Explanation current developments • RSDB in 2007: • Quebecor World Europe deal • Print Productions • Marketing Communications • Financial Results 2007

  3. Explanation current developments

  4. Prospective bid • 13 March: announcement of approach by investor • 20 March: talks initiated with investor • 23 April: due diligence audit complete • 29 May: Hombergh Holdings named plus fact that they have taken over Quebecor World • Europe • 14 June: HHBV announces start of bid procedure • 26 June: HHBV announces talks with Maury Imprimeur S.A.

  5. Prospective bid Highlights: • Bid brought out at € 40 per share incl. 2007 dividend (28% premium on average share price in the month prior to 13 March 2008) • Permits RSDB to play a leading role in consolidation • Management and Supervisory Boards recommend bid with reservations • Shareholders involved (80.7%) give HHBV consent

  6. Timetable 27-06 Early July End July August September AGM Offer statement to Financial Authorities Offer statement to Share- Holders ESM closing Further information in offer memorandum

  7. RSDB in 2007: • Quebecor World Europe deal • Print Productions • Marketing Communications

  8. Quebecor World Europe • Acquisition costs • ‘3’ deals • Management Board undermanned • 7.5 mln Euro: • Due diligence • Contracts • Financial consultancy costs • Legal and fiscal consultancy costs • Underwriting costs

  9. PRINT PRODUCTIONS IN 2007 • Result • Market • Operation

  10. Print Productions • RESULT: x € mln2007 2006 Turnover 456.5494.6 Added Value 214.7 225.2 EBITDA 40.7 48.9 EBIT 6.5 12.9 Net result 2.0 6.1

  11. Print Productions MARKET: • Market shows a marginal growth of 1.1% • Print Productions lost market share • Scope magazines is stable • Continuation trend mail-order segment to increase number of contacts with consumers • Volume of unaddressed advertising further increased

  12. Print Productions OPERATIONS: • Appointment of General Manager Gravure and Offset • Sales and Sales & Production Support integrated in RS Deventer and RS Utrecht • New engraving machines at RS Etten operational • Heidelberg XL presses for RSGS Eindhoven and Utrecht • Expansion SenefelderMisset premises

  13. MARKETING COMMUNICATIONS IN 2007 • Result • Market • Operation

  14. Marketing Communications RESULT: x € mln2007 2006 Turnover 28.9 38.0 Added Value 16.2 21.2 EBITDA 0.2 2.9 EBIT -0.2 2.3 Net result 3.5 1.5

  15. Marketing Communications MARKET: • Business decreased dependence on mass media • Market seeks new means for customer retention • Greater attention to mixed media concepts • Financial sector disturbed by mergers • Spending on communications projects frozen or postponed

  16. Marketing Communications OPERATION: • Personnel changes Media Partners Group • New positioning MediaPartners Group under 3 labels- MediaPartners InterneCommunicatie - MediaPartners LoyaliteitsCommunicatie - Media Partners ActieCommunicatie • Sale of 2organize to Signum Group B.V. • Sale of Logic Use to Adnovate B.V.

  17. Financial results 2007

  18. Headlines 2007 • Volumes slightly declining • Further pressure on margins • Pressure compensated by cost management (excl. Specials) • Good operational cashflow combined with capital discipline in investments • Healthy balance and ratios • Stable dividend

  19. Consolidated profit and loss account • x € mln20072006Index Turnover485.0 531.3 91 Direct costs 254.1 284.9 89 Added Value 230.9 246.4 94 Personnel costs 133.1 141.5 94 Other operating costs 56.9 53.1 113 EBITIDA 40.9 51.8 79 Depreciation 34.6 36.6 95 EBIT 6.3 15.2 42

  20. Consolidated profit and loss account x € mln20072006 EBIT 6.315.2 Financial income + expenses-3.7- 4.5 Taxed -0.9-3.1 Participation results 3.7 - Net profit 5.47.6

  21. Specials impact on EBIT,EBITDA and Net Result • x € mln2007 Operating result (EBIT)6.3 Consultancy costs +7.5 Sale of premises -3.1 EBIT 10.7 Net Result 5.4 Consultancy costs +5.6 Sale of premises -2.3 Sale of associated companies -3.7 Net Result 5.0 EBITDA 45.3

  22. Ratios 2007 2006 2005 2004 EBITDA / Added Value (%)17.5 21.0 23.2 27.1 ROCE* (%)2.9 3.7 6.5 8.1 Net debt / EBITDA 1.4 1.6 1.6 1.2 EBITDA / interest costs 11.0 11.5 11.0 11.7 Solvency** (%)44.5 41.7 39.0 33.2 * Net result divided by assets minus short-term liabilities ** Group equity divided by balance sheet total

  23. Cash flow operational activities andinvestments X € mln

  24. Cash flow statement • x € mln20072006 Net result 5.4 7.6 Depreciation + extraord. depreciation 34.7 36.2 Change working capital 20.4 -10.1 Change provisions and other -10.1 -6.1 Cash flow operational activities50.4 27.6 Investments in fixed assets -30.2 -17.9 Sale associated companies 11.2 5.4 Change financial fixed assets -0.1 0.8 Cash flow from investment activities-19.1 -11.7

  25. Cash flow statement • x € mln • 20072006 Dividend paid -5.8-5.8 Finance companies -15.6+3.6 Interest bearing loans -9.3-14.4 Cash flow from financing activities30.7-16.6 Solvency rate 44.541.7

  26. Consolidated balance x € mln2007 2006 Fixed assets 188.6193.5 Current assets 115.2132.0 Total assets 303.8325.5

  27. Consolidated balance x € mln20072006 Group equity 135.2135.7 Long-term liabilities 55.670.5 Current liabilities 113.0119.3 Total liabilities 303.8325.5

  28. Group equity, Net liabilities, Solvency X € mln 39,0% 41,7% 33,2% 44,5%

  29. Focus 2008 • Focus companies and capacity load • Cost reductions • Working capital improvement • Performance culture through transparant management information • Discipline on investments • Cash flow • Consolidation

  30. RSDB NV General Shareholders’ Meeting 27 June 2008

  31. Agenda point 5 Supervisory Board remuneration

  32. Supervisory Board remuneration Present Proposed (amount x €1) Fixed Expenses Fixed Expenses payment comp. payment comp. D.J. Montgomery 25.957 4,000 32,000 4,000 A.P. Lugt 23,461 3,000 27,600 3,000 H.C.A. Groenen 20,965 2,000 25,200 2,000 H.C.P. Noten 20,965 2,000 25,200 2,000

  33. RSDB NV General Shareholders’ Meeting 27 June 2008

  34. Agenda point 6 Supplement to remuneration policy Management Board

  35. Supplement to 2004 policy Allocation of ‘Phantom Shares’ to Management Board: A long term incentive based on a number of imaginary shares, paid up at the end of a predetermined period at the share price current at that time. No. date period actual value 31-12-2007 allocated at allocation date J.P. Caris 9,000 1May 2007 3 yr 85,800 62,400 E.H.O.M. Bouwman 6,750 1July 2007 4 yr 34,763 26,325

  36. RSDB NV General Shareholders’ Meeting 27 June 2008