Inkjet & Digital Printing
Punch Graphix nv Trading update Q3 2010 – 18% sales growth compared with 2009
Tuesday 16. November 2010 - Punch Graphix nv (Punch Graphix) saw its sales increase by 18% during the third quarter compared with the same period last year. Sales during the period January to September grew by 18% from EUR 84.5 million to EUR 99.6 million.
Change in sales
The main trends in the sales increase during the third quarter are as follows:
Sales of Digital Printing Solutions (+0.4%) showed a slight increase during the third quarter, while sales of Prepress Solutions (+65.0%) rose strongly compared with the third quarter of 2009. During the period January to September, Digital Printing Solutions recorded a sales increase of 8.5%, whereas Prepress Solutions increased its sales by 41.9%.
An analysis per activity and/or product shows that equipment sales grew by 24.0% compared with 2009, while sales of consumables likewise grew by 25.9%. Sales of service and other activities remained virtually constant at their 2009 level. Equipment sales are mainly under pressure because of customers financing problems. This problem especially arises in connection with the more expensive items of equipment. The increasing demand for consumables points to the recovery of the printing market.
In geographical terms, the sales increase is mainly located in Europe (+18.4%) and America (+19.8%), whereas sales in Asia fell by 8.5% compared with the first three quarters of 2009.
Prospects
The group does not wish to announce any concrete objectives. However, it expects an increase in sales compared with 2009. Sales over the second half of 2010 are expected to be at least equal to the sales level in the first half of the year.
Extraordinary general meeting of 18 October 2010
The extraordinary general meeting of shareholders of 18 October 2010 has granted the management the authority, for a period of 18 months, to acquire fully paid-up shares in the company for valuable consideration on the stock market or through other channels. The same extraordinary general meeting decided to abolish the 40 priority shares and convert them into 1 share in the groups capital. As a result of a decision by the Stichting Prioriteit Punch Graphix (the body of priority shareholders), it is transferring its Punch Graphix share to the company.
Purchase of treasury shares
The management has decided to make use of the authority granted to it to purchase treasury shares. Under this authority, the management is empowered to purchase treasury shares up to the maximum quantity that may be vested in the company by virtue of the law and the articles of association at the time of acquisition, at a price between their par value and 110% of the stock-market price at the time of acquisition. In its quarterly trading updates, the company will report periodically on the number of treasury shares purchased and the average acquisition price. At the end of October 2010, the company had purchased a total of 2,452,706 Punch Graphix shares at an average price of 2.50 euros. This represents 8.68% of the total number of outstanding shares.
Accentis
On 27 September 2010, Punch Graphix was informed of the planned capital increase at Accentis by a maximum of EUR 20,492,209.44. Punch Graphix decided that it will participate by the exercise in full of its preferential rights, in the amount of EUR 5,019,487.04, in order to avoid the dilution of its current 24.49% participation in the capital of Accentis. Unexercised preferential rights of other shareholders will be offered for sale by Accentis as scrips. If not all scrips are exercised, Punch Graphix will undertake an additional backstop subscription for up to a maximum of EUR 4,980,512.96, on condition and to the extent that Punch Graphix and affiliated companies together hold less than half the shares in the capital of Accentis.