Earnings per ordinary share for net income attributable to shareholders increased to Euro 0.24 per share (2007: Euro 0.13).

Results Oce Group

Oce revenues grew organically by 1.3%

Total revenues in the first quarter amounted to Euro 702.2 million. On an organic basis the growth was 1.3% (-3.7% including exchange rate effects). The share of color increased to 22% of total revenues (2007: 16%).

Non-recurring revenues grew organically by 5.9% (including exchange rate effects by 1.6%).

Recurring revenues, excluding fax, remained organically virtually the same (0.3%; including fax -0.5%). If the decrease in the fax activities and exchange rate effects are included, recurring revenues were down by 5.6%.

The gross margin amounted to 38.5% (2007: 39.4%)(1). In the first quarter of 2008 the relative gross margin was depressed by the sale of ODT, the product mix and exchange rate effects.

Operating expenses decreased by 2.5 percentage points to 34.0% of revenues, partly because of a one-off net income item (balance of reorganization costs, mainly in the United States, and the proceeds from the sale of ODT). Excluding this net income item, operating expenses decreased to 36.1% of revenues (2007: 36.5%).

On balance, operating income increased to Euro 32.1 million (2007: Euro 21.3 million). Normalized operating income was Euro 17.5 million.

Balance sheet total decreases

By comparison with the first quarter of 2007, the balance sheet total at the end of the first quarter of 2008 decreased to Euro 2,368 million (2007: Euro 2,567 million) as a result of exchange rate effects, an organic reduction in trade accounts receivable and the sale of fixed assets.

The net debt/EBITDA ratio amounted to 1.7 (2007: 2.3) and is therefore much better than the sought-after bandwidth of 2-2.5. Net Capital Employed at the end of the first quarter was Euro 1,258 million (2007: Euro 1,405 million).

RoCE increases to 8.0%

Thanks to the increase in operating income and the decrease in Net Capital Employed, the RoCE increased to 8.0% (2007: 5.5%). In relation to normalized operating income, the RoCE amounted to 7.2%.

Cash flow influenced by seasonally related payments

Free cash flow in the first quarter amounted to -Euro 109 million (2007: -Euro 53 million).

Cash flow from operating activities in the first quarter amounted to -Euro 65 million (2007: -Euro 19 million). The difference compared to 2007 is the consequence of an increase in lease receivables, a one-off taxation inflow in 2007 and the decrease in trade receivables and other liabilities. The cash flow is also influenced by substantial, seasonally related payments that take place in the first quarter. Cash flow from investing activities was Euro 44 million negative (2007: -Euro 34 million). Free cash flow for 2008 as a whole is expected to be positive again.

(1) In the 2008 and 2007 figures the logistics costs from distribution center to customer are fully included in the gross margin (see press release dated January 14, 2008, page 11).

Results of SBUs

DDS revenues decline

Revenues in Digital Document Systems (DDS) amounted to Euro 393.2 million. This is exclusive of the revenues of OBS, which was converted into a separate SBU with effect from December 1, 2007. On an organic basis revenues decreased by 1.0%. Excluding the sale of ODT and fax, revenues increased by 0.8%. The share of color increased to 18% of revenues (2007: 14%).

Non-recurring revenues rose organically by 3.8%. DDS achieved this increase mainly through growth in the office environment in both Europe and the United States and higher sales of the Oce VarioPrint 6000 series and the color printers. As a result of recent developments in the financial sector sales of very high volume printers in particular showed a sharp decline in this market segment.

In the first quarter the recurring revenues, excluding fax, decreased organically by 1.7% compared to the first quarter of 2007 (including fax -3.1%). The decrease was mainly attributable to the sale of ODT and declining revenues from very high volume printing in the financial sector.

The share in recurring revenues of black-and-white cutsheet printers, specifically the Oce VarioPrint 6000 series, and of the color printers increased further. This will have a growing influence on total recurring revenues in the forthcoming quarters.

Operating income amounted to Euro 16.0 million (2007: -Euro 1.0 million) due in part to a one-off income item (balance of reorganization costs and the sale of ODT). Excluding this one-off income item the operating income amounted to -Euro 0.6 million.

OBS revenues grow organically by 6.1%

Revenues in Oce Business Services (OBS) amounted to Euro 105.1 million. On an organic basis the growth was 6.1%. This growth was achieved because OBS acquired, mainly in Europe, a number of major new customers. For example OBS has taken over the central printing department from an important company in the financial sector. In addition OBS started providing document related services such as scanning, printing and print management in a number of leading hospitals.

Operating income amounted to Euro 2.7 million (2007: Euro 4.2 million). The decrease was attributable in part to reorganization costs.

WFPS revenues grow organically by 3.4%

Revenues in the Strategic Business Unit Wide Format Printing Systems (WFPS) amounted to Euro 203.9 million. The growth on an organic basis was 3.4%. The share of color increased to 31% of revenues (2007: 25%).

Non-recurring revenues increased organically by 9.9% thanks to excellent sales in the display graphics market, both in Europe and in the United States.

Sales in the technical documentation market were good, also in the United States. This good sales performance is due in part to the fact that our customers are switching over from black-and-white machines to our successful color printers.

Recurring revenues were stable. That was mainly the result of lower printing volumes in the American technical documentation market and fewer deliveries by Imaging Supplies. Against this, there was an increase in recurring revenues generated by the population of Oce Arizona 250 GT machines.

Operating income amounted to Euro 13.4 million (2007: Euro 18.1 million). The decrease was due to reorganization costs, higher expenditure on R&D and the costs of the production ramp up of printing systems with the new color technology.

Strategy

The Oce strategy is focused on three key thrusts: expanding the distribution power, offering competitive products and improving the business processes.

Digital Document Systems

In DDS, distribution strength is being enhanced through the partnership with Konica Minolta. The additional sales of the Oce VarioPrint 6000 series are progressing according to plan in this start-up phase. During the course of 2008 deliveries via this partner are expected to expand further.

The competitive strength of the DDS product portfolio is based on a balanced mix of the company's own printers and third-party products, such as the complete range of Konica Minolta which is offered by Oce world-wide.

In December 2007 Oce introduced various new very high volume printing systems. They include the Oce VarioStream 8000 series, aimed at transaction and book printing, and the Oce JetStream 1100/2200, for applications in direct marketing activities. The first of these machines were sold in the first quarter. The new printers will also be on show in May 2008 at the Drupa, the world's biggest trade fair for the printing industry sector, which takes place every four years.

Oce Business Services

By operating as a separate Strategic Business Unit, OBS will be in a position to serve the market for document management services with greater focus and energy. The distribution power will be further boosted via a further internationalization of the services and by increasing the number of OBS sales staff. The OBS portfolio will be expanded by adding new services.

Wide Format Printing Systems

WFPS has enhanced its distributive strength through the partnership with Fuji Xerox in Asia. At the moment 20% of Oce's revenues from wide format printers for technical documentation offices is generated in Asia and other countries outside Europe and the US. Because of the strong growth of the Asian economies and the successful sales of the Oce TCS color systems via Fuji Xerox, this share is expected to grow further.