Buhrmann Annual General Meeting of Shareholders
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Buhrmann Annual General Meeting of Shareholders. Leaders in business services and distribution. Amsterdam, Thursday 12 April 2007. “Safe Harbour” Statement under the Private Securities Litigation Reform Act of 1995.

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Buhrmann Annual General Meeting of Shareholders

Leaders in business services and distribution

Amsterdam, Thursday 12 April 2007


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“Safe Harbour” Statementunder the Private Securities Litigation Reform Act of 1995

Statements included in this press release, which are not historical facts are forward-looking statements made pursuant to the safe harbour provisions of the Private Securities Litigation Reform Act of 1995 and the Securities Exchange Act of 1934. Such forward-looking statements are made based upon management’s expectations and beliefs concerning future events impacting Buhrmann and therefore involve a number of uncertainties and risks, including, but not limited to industry conditions, changes in product supply, pricing and customer demand, competition, risks in integrating new businesses, currency fluctuations, and the other risks described from time to time in the Company’s filings with the US Securities and Exchange Commission, including the Company’s Annual Report on Form 20-F filed with the Securities and Exchange Commission on March 9, 2007.

As a result, the actual results of operations or financial conditions of the Company could differ materially from those expressed or implied in such forward-looking statements. Shareholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. The Company undertakes no obligation to update publicly or revise any forward-looking statements.


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Agenda

  • Key figures and developments 2006

  • Strategic initiatives

  • Overview business segments

  • Corporate responsibility

  • Proposed name change to Corporate Express NV

  • Closing remarks


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Key figures 2006

  • Sales € 6,306 mln (+7.1%)

    • Constant rates +7.6%

    • Organic growth 6%

  • Gross contribution € 1,884 mln (+6.1%)

    • Constant rates +6.5%

  • EBIT* € 291 mln (+15.2%)

    • Constant rates +15.6%

      * before special items

  • EPS € 0.68 (2005 €0.01)

  • EPS - before special items / fair value changes –

    € 0.82 (2005 €0.70)

  • Dividend per share € 0.21 (2005 €0.17)


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Global Office Products - Global Coverage

North America

2006 sales € 3,182 mln

10,015 FTEs

Europe

2006 sales €1,096 mln

4,380 FTEs

European

alliances

Southeast Asia

alliances

Latin America

alliances

Australia & New Zealand

2006 sales €744 mln

2,524 FTEs

ASAP Software

2006 sales €813 mln

603 FTEs


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Developments 2006

  • Sales, gross contribution and earnings all improved

  • 18% EPS growth to € 0.82 (2005 € 0.70)

    • Before special items and fair value changes

  • Significant steps taken to streamline Company

    • North America: New organisation structure, centralised back office functions

    • Europe: centralised merchandising, started modernising IT

    • Australia: More centralised, functional structure


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Developments 2006 - (cont’d)

  • Several important acquisitions, such as

    • ATG (Nordics)

    • Coastwide Lab. (USA)

    • Educational Experience (Australia)

  • New target Global Office Products per 2007:

    EBITDA* range 7% - 8%

    • Full year 2006: 6.6%

    • We expect to operate within target range per end of 2008 on a run-rate basis


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Drivers of value creationDelivering profitable sales growth

  • Leadership in large account segment

  • Product range extension

  • Strengthen mid-market presence

  • Private brands programme

  • Preferred suppliers and global merchandising

  • Operational excellence

  • Cost control


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Office Products North America

  • Level 1

    • Level 2

      • Level 3

  • 4% organic growth in 2006

    • Product range extension, strong growth facility products

    • Market share gains

    • General market conditions remained healthy

  • Year of considerable change

    • Streamlining operations, creating customer-focused, sales-driven organisation; centralising customer care

  • Q4 performance impacted by internal focus

    • Lower new business generation

  • Q1 organic sales growth to stabilise around Q4 2006, recovery later in 2007


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Office Products Europe

  • 2006 showed 5% organic growth

    • Market share gains

    • Product range extension

    • Clear signs of improving markets

  • Acquisition of Andvord Tybring Gjedde (ATG), the leading Nordic player

  • Centralising of merchandising, realising margin benefits

  • 2007 significantly higher sales and operating results, due to ATG; sales growth; merchandising


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Office Products Australia

  • Sales growth 8%, at constant rates, organic growth 3%

  • 2006 year of change, focus on maximising internal efficiency

  • Several add-on acquisitions, like Educational Experience

  • Single source supplier concept

    • 48% of sales is non-office products

    • 2 new lines of business added: educational supplies and safety supplies

  • Solid performance expected for 2007


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ASAP Software

  • Organic sales growth +10%

  • 2006 year of investment:

    • SME expertise / sales force

    • IT asset management (eSmart)

    • International expansion

  • Introduction Microsoft Vista and Office

    • Gradual adoption expected, greatest impact longer-term

  • For 2007, continued strong organic sales growth expected, operating profit around 2006 level


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Printing Systems(pvs Graphic Systems)

  • 2006 successful year

    • Sales +12% to € 471 mln

    • Machinery +13%

    • Triple S representing 34% of total sales

  • Order intake continues to show upward trend

  • Healthy market conditions

  • For 2007, optimistic about continued sales and earnings growth


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Corporate responsibility

  • High priority to stand by our responsibilities as a company

  • Management Charter (incl. clear Code of Ethics)

  • GRI reporting: progressively expanding

  • ISO 9001 (Quality mgt systems) app. 90%

  • ISO 14001 (Environmental mgt systems) < 10%

  • Supplier Social Compliance Policy


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To become Corporate Express NV

  • Vast majority of our business conducted under Corporate Express name

  • Increases company recognition worldwide

  • Reinforces our identity with all stakeholders

  • Corporate Express branded products: sales > € 1 bln

  • If approved today, Buhrmann NV to become Corporate Express NV per Friday 20 April

    Website: www.cexpgroup.com


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Closing remarks

  • In 2006 significant steps taken to further streamline our businesses

  • OP North America posted 1% organic decline in Q4

    • Q1 organic sales growth to stabilise around Q4 levels, recovery later in the year

  • Quality of operations (e.g. logistics, eCommerce) is high

  • We continue to invest in people, our main asset

  • Focus is and will be on profitable sales growth


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Buhrmann is one of the world’s leading suppliers of office products to businesses and institutions

Leaders in business services and distribution


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