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RSDB NV. General Meeting of Shareholders 27 June 2008. Programme. Explanation current developments RSDB in 2007: Quebecor World Europe deal Print Productions Marketing Communications Financial Results 2007. Explanation current developments. Prospective bid.

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Rsdb nv

RSDB NV

General Meeting of Shareholders

27 June 2008


Rsdb nv

Programme

  • Explanation current developments

  • RSDB in 2007:

    • Quebecor World Europe deal

    • Print Productions

    • Marketing Communications

  • Financial Results 2007



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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.


Rsdb nv

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


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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


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RSDB in 2007:

  • Quebecor World Europe deal

  • Print Productions

  • Marketing Communications


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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


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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


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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


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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


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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


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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


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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.



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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


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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


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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


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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


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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



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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


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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


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Consolidated balance

x € mln2007 2006

Fixed assets 188.6193.5

Current assets 115.2132.0

Total assets 303.8325.5


Rsdb nv

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


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Group equity, Net liabilities, Solvency

X € mln

39,0%

41,7%

33,2%

44,5%


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Focus 2008

  • Focus companies and capacity load

  • Cost reductions

  • Working capital improvement

  • Performance culture through transparant management information

  • Discipline on investments

  • Cash flow

  • Consolidation


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RSDB NV

General Shareholders’ Meeting

27 June 2008


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Agenda point 5

Supervisory Board remuneration


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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


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RSDB NV

General Shareholders’ Meeting

27 June 2008


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Agenda point 6

Supplement to remuneration policy

Management Board


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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


Rsdb nv3

RSDB NV

General Shareholders’ Meeting

27 June 2008


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