antalis 2003 results presentation to analysts march 24, 2004
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Antalis 2003 resultspresentation to Analysts
March 24, 2004
2Antalis
Largest European group in the distribution of communications support materials, #4 worldwide 6,500 employees with more than 2,000 sales representatives
37 countries: Western, Central & Eastern Europe, Asia, South America, South Africa
180,000 customers
Five areas of business
Print: distribution of paper to printers, graphic artists, designers, publishers and communications agencies
Office: supply of paper, envelopes & consumables to resellers and for the professional communications needs of companies and administrations
Visual Communication: specific media (paper, board, plastics) for specialists to create a variety of signage systems
Packaging: secondary packaging products for the conditioning and protection of industrial goods
Promotional Products: distribution and personalisation of promotional items and company gifts
Turnover 2003: 2.324 Billion Euros
Net operating income 2003: 37 Million Euros
3Antalis
Turnover per zone (2003)
UK&Ireland20%
Switzerland& Germany
13%
Iberia11%
France/Benelux26%
SouthAfrica
5%
Prom.Prods
3%
Scandinavia3%
Asia
1%
SouthAmerica
2%
Italy8%
Eastern Europe8%
TOTAL 20032.3 B€
Source: Antalis
44AntalisKey figures
Despite the weak markets in Western Europe…Volumes decreased by 2.4% compared to 2002Market value decreased by more than 8%
… Antalis continued its turnaround in 2003Consolidation of gross margin levelsContinued decrease of fixed costs
Net operating income doubled
M€ 2003 2002
Turnover 2,324 2,458 -5%Operating income 37.1 19.4 +17.7M€
Operating margin (%) 1.6% 0.8%
Profit on ordinary activities 6.6 (6.6) +13.2M€
Net profit (5.8) (21.5) +15.7M€
Net cash position (451) (520) +69M€
ROCE 6.5% 3.2%
5Antalis
Reasons for improvement in results between 2001 and 2003
* 2003 Exchange rate
-70
-60
-50
-40
-30
-20
-10
0
10
20
30
40
2001
EB
IT
Mar
ket
decr
ease
Mar
ket
shar
ega
in
Impr
ovem
ent
GM
/t
Cos
ts
Oth
ers
&R
ecen
ta 20
03 E
BIT
- 37 M€*
+ 37 M€*
Acq
uisi
tions
6Antalis
Today Antalis is among the most profitable distributors
EBIT rate comparison in Europe
Note: Sample: Paperlinx Europe, Inapa, Map, PapyrusH2 2003 estimation for competitors, excluding Map (published)
Source: companies’ quarterly/half year results
2.1%
0.8%
1.6%1.2%
1.7%
-3.2%
1.0%1.2% 1.2%0.3%
0.6%
2.1%
-4.0%
-3.0%
-2.0%
-1.0%
0.0%
1.0%
2.0%
3.0%
H1 01 H2 01 H1 02 H2 02 H1 03 H2 03 E
European average,excluding Antalis
Antalis
7Perspectives
Progressive recovery of markets and thus volumes
Full year effect of cost reduction programs engaged in the course of 2003
Progressive implementation of CRM tools to improve the effectiveness of the sales policy, increase productivity and improve profitability
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