FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
REPORT OF FOREIGN PRIVATE ISSUER
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
October 7, 2002
BUHRMANN NV
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(Translation of Registrant's Name Into English)
Hoogoorddreef 62
1101 BE Amsterdam ZO
The Netherlands
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(Address of Principal Executive Offices)
(Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.)
Form 20-F X Form 40-F
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(Indicate by check mark whether the registrant by furnishing the
information contained in this Form is also thereby furnishing the information
to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange
Act of 1934.)
Yes No X
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(If "Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): 82-__________)
Enclosure: News Release dated October 7, 2002
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
BUHRMANN NV
By: /s/ F.H.J. Koffrie
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Member Executive Board
By: /s/ J.P.E. Barbas
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Company Secretary
Date: October 7, 2002
[BUHRMANN LOGO]
BUHRMANN NV
Hoogoorddreef 62
1101 BE Amsterdam ZO
P.O. Box 23456
1100 DZ Amsterdam ZO
The Netherlands
PRESS RELEASE Telephone
+31 (0)20 651 11 11
...................................... Telefax
Date 7 October 2002 +31 (0)20 651 10 00
...................................... E-mail
Number 009 corpcomm@buhrmann.com
...................................... Website
www.buhrmann.com
BUHRMANN EXPECTS LOWER LEVEL OF BUSINESS ACTIVITY IN THE FOURTH QUARTER OF
THIS YEAR
Following lower than expected sales in the third quarter and anticipating a
further softening of economic circumstances in our major markets in the fourth
quarter, Buhrmann withdraws its earlier earnings forecast. This forecast was
given under the precondition that there would be no further deterioration of
economic circumstances. Given the great uncertainty about the severity and
duration of the continued economic decline, Buhrmann refrains from issuing a new
earnings forecast for this year.
A lower level of business activity is anticipated in the fourth quarter on the
basis of the combined effect of the following factors:
o As indicated with the publication of the second quarter results, third
quarter results were expected to be below last year's level. Following
stable sales volumes over much of the third quarter, a slight decline in
sales volumes was seen over the last weeks of the third quarter. In office
products activities this is attributable to both the continued reduction of
white-collar workers and to reduced spending on office products per
employee particularly among large corporations. The Paper Merchanting
Division and the Graphic Systems Division also experienced slightly lower
than anticipated sales over the latter half of the quarter.
o Further pressure on margins in the US large account segment, representing
approximately 80% of Buhrmann's customer base in office supplies in this
region, was felt during the third quarter. This margin pressure is expected
to continue in the fourth quarter and will have a negative effect on the
company's operating result. Margins in Europe remained stable.
Based on actual results for July and August and estimated results for September,
total third quarter EBITDA is estimated to be at least EUR 92 million (Q3 2001:
EUR 113 million).
Despite the worsening economic circumstances, Buhrmann remains well positioned
to weather the economic recession:
o Implemented restructurings and cost reduction efforts as well as continued
stringent working capital management will contribute to a positive
available cash flow in the second half of this year.
o Our businesses continue to maintain prominent market positions and we are
confident that we will be able to retain or increase our market shares in
those markets in which we are active.
o Buhrmann will continue to realign its organisation to the lower levels of
profitability. Additional new restructuring projects will be identified in
the coming months.
The company is confident that, based on the expected third quarter performance
and the anticipated lower levels of business activity in the fourth quarter of
this year, it will remain within the requirements of its existing bank
covenants.
Results for the third quarter will be published on 7 November 2002, as
scheduled. At that time Buhrmann will be in a better position to provide details
concerning the operational environment and its likely impact on our business in
the fourth quarter.
NOTE TO EDITORS
For more information, please contact:
BUHRMANN CORPORATE COMMUNICATIONS
Ewold de Bruijne, +31 (0)20 651 10 34, ewold.de.bruijne@buhrmann.com
Analysts can contact:
BUHRMANN INVESTOR RELATIONS
Annegien Blokpoel, +31 (0)20 651 10 87
Carl Hoyer, +31 (0)20 651 10 42, carl.hoyer@buhrmann.com
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PROFILE OF BUHRMANN
As an international business services and distribution group, Buhrmann is the
world's major supplier of office products, paper and graphic systems for the
business market. By combining modern Internet technology with intelligent
logistic processes Buhrmann is able to distribute these products in a highly
efficient way. Internet sales account for a rapidly growing proportion of total
sales.
With its Office Products Divisions operating under the name of Corporate
Express, Buhrmann is market leader in the business market for office products in
North America and Australia. In Europe Corporate Express ranks second. Buhrmann
is European market leader in paper merchanting and in the distribution of
graphic systems. The group has its head office in Amsterdam and generates annual
sales of about EUR 10 billion with over 25,000 employees in 30 countries.
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DISCLAIMER
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, INCLUDING THE OFFICE
PRODUCTS ACTIVITIES OF US OFFICE PRODUCTS COMPANY AND SAMAS, 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 AND THE COMPANY'S REGISTRATION STATEMENT ON FORM F-4
FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON MAY 17, 2002 AND APRIL 3,
2000, RESPECTIVELY. 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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