ANNUAL REPORT FOR 2002 AND RE-FINANCING BROUWER GROEP
The recently published annual report of the Brouwer Groep B.V. for 2002 shows that, particularly because of the merger with the Biegelaar Groep B.V., turnover has increased from € 183.2 million in 2001 to € 283.7 million in 2002.
At the same time, the added value rose from € 108.4 million to € 148.9 million. Against the background of an economy under strong pressure, an (accelerated) integration of companies and a larger reorganisation than was intended as a result of the merger, were decided upon. Through the various integration projects, which for a large part run on until halfway through 2003, a personnel reduction of about 300 employees (FTEs) is intended. For this purpose, a provision of € 14 million was taken, chargeable to the profits over 2002. As a result of this, the financial year 2002 was closed with a net loss of € 9.9 million.
In close consultations between the shareholders, directors and the banks involved, a re-financing of the Brouwer Groep was decided upon. This re-financing consists of easing the conditions of repayment with regard to the bank loans, and an injection of capital by the N.V. Holdingmaatschappij De Telegraaf amounting to € 25 million in the form of a 7.5% cumulative preference share capital. In connection with the loans already provided by De Telegraaf at the time of the merger, additional securities will be set. De Telegraaf will finance this injection of capital out of its own means.
Through this injection of capital, the Brouwer Groep will be put in a position to further develop its market position, further improve its service where possible, and realise the desired cost price-leadership. In this way, the cross-media concept of the Brouwer Groep, aimed at integrated service with graphic workflow optimisation, can be further developed.