Antalis H1 2003 results presentation to Analysts September 10, 2003

1
Antalis H1 2003 resultspresentation to
Analysts September 10, 2003
2
Antalis

• Environment and markets evolution
• Following a volume decrease of 3.6 in 2002, the
  European paper distribution
• market has again shrunk in H1 2003 with a 3.8
  fall in average tonnage
• Decreases in activity were particularly strong
  in France (- 7.7), Switzerland (-6.2),
• UK (-5.6) and Benelux (-5.2)
• Price per ton having also strongly decreased, the
  decline in the value of the
• European market can be estimated at almost 10
  compared to H1 2002
• The market continued its consolidation
• Buhrmann announced the sale of its paper
  merchant division (Antalis main competitor
• in Europe) to PaperlinX, an Australian group
• Classen (10 market share in Germany) has been
  put under court administration since
• the beginning of the summer

3
Antalis

• In the context of the particularly difficult
  market, Antalis succeeded in improving its gross
  margin rate by 1 point while maintaining its
  market shares.
• This margin improvement, combined with the
  continued cost reduction plan, allowed a 65
  improvement in operating income.
• The net cash position also improved, especially
  thanks to a 10 M reduction in working capital
  needs.
• Therefore, the companys profit on ordinary
  activities, before amortization of goodwill and
  exceptionals, almost reached breakeven. Net
  profit increased by 10 M in H1 2003.