Presentation of SE LABELS ASA

Presentation of SE LABELS ASA Oslo, 26th April 2001 SE LABELS ASA per July 2001 Demerger from Rieber & Søn ASA: – – – – Riflex Film AS Etikett Service AS MNOK 226 Existing SE LABELS ASA 2 Time schedule 20th July 2001: Conversion of shares 29th August 2001: Presentation of 1 half 2001 Prospect dated 5th March 2001 3 The Board of Directors The Board of Directors consists of the following: – – – – – Arild Mathisen - Chairman : self-employed consultant John G. Speirs - Managing Director Norsk Hydro UK Ulf J. Rieber - Investor Didrik Munch - Man. Dir. Bergens Tidende Kjell Beier - Employees’ Representative 4 The Management The management of SE LABELS ASA: – – – – – Olav Daviknes - Acting Group Managing Director Ken Forster - Managing Director - Labels Thor Larsen - Managing Director - Film Frode Haaland - Managing Director Scandinavia/Germany Erling Rasmussen - Group Controller 5 Presentation Labels & Riflex Film Ken Forster, Managing Director of Labels, will present Labels Thor Larsen, Managing Director of Riflex Film, will present the Riflex Film 6 Turnover by country and market segment MNOK Norway Denmark Sweden Germany UK France Netherlands Spain Poland Film Labels Annualised 2.5 34.2 0.0 30.1 13.0 26.5 19.2 24.4 29.6 134.8 12.5 0.0 9.0 0.0 6.6 0.0 2.6 0.0 Total Q1 36.7 30.1 39.5 43.6 164.4 12.5 9.0 6.6 2.6 146.8 120.4 158.0 174.4 657.6 50.0 36.0 26.4 10.4 Total 95.0 250.0 345.0 1,380.0 8 Presentation of result 1Quarter 2001 Results for the whole unit Results Labels Results Riflex Film : Erling Rasmussen : Ken Forster : Thor Larsen 9 Results 1st Quarter 2001 26th April 2001 Performance of the new entity All figures in NOK million 2001 344.5 173.1 50.2 92.1 26.7 10.1 2.9 % Operating revenue Contribution Gross profit Operating profit 2000 % Proforma 382.2 181.0 47.4 91.7 24.0 0.8 0.2    Reduced sales compared to Q1 2000. Increased contribution margin. Significant cost reduction achieved.  Improvement in profit for the SE Group. 11 Operating revenue vrs. Operating profit All figures in MNOK Operating revenue Operating profit 2001 2000 2000 2000 2000 Q1 Q4 Q3 Q2 Q1 344.5 350.8 345.9 391.5 382.3 10.1 (6.3) (4.1) (7.1) 0.8 Proforma figures, freights reclassified from cost of goods sold to reduction of sales. Exclusive non-recurring costs.    Business sold off or terminated within Labels. Less volume in Riflex. Cost savings of GBP 1 600k Q1 2001 vrs. Q1 2000. 12 Balance sheet issues      Former SE LABELS ASA, Etikett Service AS, Riflex Film Cash Injection of MNOK 226 Gives the entity an equity ratio of 45% Reasonable liquidity Rieber & Søn ASA to be released from its parent company obligations during July 13 Results 1st Quarter 2001 26th April 2001 Highlights Q1 2001     Improvement in profit for the SE Group. Increased contribution margin. Significant cost reduction achieved. Implementation of new technology in Germany. 15 Profit & Loss Account Q1 2001 All figures in MNOK 2001 % 2000 276.8 128.9 147.9 72.8 75.1 55.7 17.6 2.1 (0.3) 7.1 (7.4) 1.4 (8.8) % Operating revenue Cost of goods sold Contribution Production expenses Gross profit Other operating expenses Depreciation Amortization of goodwill Operating profit Net financial expenses Profit before tax Tax Net profit 248.5 112.7 135.8 54.7 62.4 73.4 29.5 46.5 17.0 2.1 7.9 3.2 7.6 0.3 1.6 (1.3) -0.1 53.4 27.1 -0.1 -3.2 16 Great Britain Q1 All figures in GBP Thousands 2001 10 423 5 790 3 203 587 % 55.5 30.7 5.6 2000 12 443 6 463 3 138 (322) % 51.9 25.2 -2.6 Operating revenue Contribution Gross profit Operating profit    The restructuring process of our UK activities has resulted in a 10% reduction in turnover. Improved contribution margin and earnings in UK. Significant cost reduction achieved by closing our London factory. 17 Norway Q1 2001 All figures in MNOK 2001 34 215 18 862 11 198 1 785 % 55.1 32.7 5.2 2000 31 886 18 416 10 694 1 404 % 57.8 33.5 4.4 Operating revenue Contribution Gross profit Operating profit   Organic sales growth of 7,5%. Reduction in contribution margin, reflects increased sales sourced from group companies. 18 Sweden Q1 2001 All figures in MSEK Operating revenue Contribution Gross profit Operating profit 2001 28 473 14 211 5 830 1 077 % 49.9 20.5 3.8 2000 30 534 15 926 5 757 3 518 % 52.2 18.9 11.5    Reduced operating revenue by 6,5 %. Reduction in contribution margin. Implementation of new UV- Flexo press, to replace older technology and improve efficiency. 19 Denmark Q1 2001 All figures in MDKK 2001 27 444 16 398 8 276 2 412 % 59.8 30.2 8.8 2000 29 605 17 236 8 658 3 353 % 58.2 29.2 11.3 Operating revenue Contribution Gross profit Operating profit    Reduced operating revenue by 7 %. Delayed volume growth from pan-European customers. Recruiting new sales representative for the domestic market. 20 Germany Q1 2001 All figures in MDKK 2001 5 832 2 308 749 (469) % 39.6 12.8 -8.0 2000 5 364 2 493 952 (154) % 46.5 17.7 -2.9 Operating revenue Contribution Gross profit Operating profit  Increased operating revenue by 7 %. Reduced contribution margin due to de-stocking of finished goods and increased repro/design expenses. Recruiting new sales representative for the domestic market. Implementation of new technology, which will be fully operational in first half of 2001. 21 Working Tasks 2001  Increase the pace of organic growth.  Domestic markets.  Pan-European customers.    Utilise more effectively the SE Group’s manufacturing capacity and capability. Focus on realising further benefits from economies of scale. Focus profitability at the level of each order and customer. 22 Results 1st Quarter 2001 26th April 2001 RIFLEX FILM AS Main Features of Q1 2001    Volume rigid PVC reduced by 25 % mainly due to BSE and change of distribution channels. Flexible PVC has developed as planed. Increased contribution margin.  Implementation of new PET technology. RIFLEX FILM AS 24 Working Tasks 2001 Penetration of the PET segment. – Implementation of new technology – Reduce raw material cost – Increase sales Increase share of the MAP market with our own developed laminate. – Increased sales to end-users with improved margin Continue the work on the good manufacturing practice (GMP) – Food and pharmaceutical segment RIFLEX FILM AS 25 Profit & Loss Account Q1 2001 All figures in MNOK 2001 % 2000 % Operating revenue Cost of goods sold Contribution Production expenses 96.0 58.6 37.4 38.9 11.2 105.4 72.2 33.2 31.5 9.7 Other operating expenses Depreciation Total operating expenses Operating profit Net financial expenses Profit before tax 20.3 3.7 35.2 2.2 2.0 0.1 2.3 19.4 3.0 32.1 1.1 0.1 1.0 1.1 RIFLEX FILM AS 26 Profit & Loss Account Q1 2001 PVC/PET All figures in MNOK PVC % PET % Operating revenue Cost of goods sold Contribution Production expenses 88.0 51.6 36.4 41.4 10.5 8.0 7.0 1.0 12.5 0.7 Other operating expenses Depreciation Total operating expenses Operating profit Net financial expenses Profit before tax 19.2 3.1 32.8 3.6 1.5 2.1 4.1 1.1 0.6 2.4 -1.4 -17.5 0.5 -2.0 RIFLEX FILM AS 27