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March 3, 1997updated 05 Sep 2016 12:47pm

GETRONICS IS LOOKING FOR ACQUISITIONS

By CBR Staff Writer

Reporting net profits for 1996 of $69.5m, Getronics NV of Amsterdam said it was looking for alternatives if its bid for state-owned payroll processor Roccade Groep NV was unsuccessful. It also says it is looking at takeovers in Spain, Scandinavia and Belgium. We are looking for (Dutch) alternatives in case we do not manage to acquire Roccade, Getronics chairman Ton Risseeuw declared, adding that the Dutch government had put too high a price on Roccade. He declined to elaborate. According to Reuter, Getronics already generates some 30% of its turnover outside The Netherlands, in Spain, Norway and Belgium, but these activities contribute less than 30% of profits. The position in Spain in particular is too small, it said, with just 200 staff in a nation of 50m to 60m people (last time we looked, it was under 40m, but there you go). Asked whether Getronics could buy Roccade and complete a major foreign acquisition at the same time, Risseeuw said that the group could always issue new shares. As for business at home, the company says that the systems changes forced by the millennium date change and the advent of the single European currency could boost its revenue by around $260m. Risseeuw warned that many companies have been slow to address the likely problems caused by the double change. And overall, We think 20% growth in earnings per share should be possible in the coming years, chairman Riseeuw declared – revenue has already doubled over the last five years, and he believes annual earnings per share growth of around 20% in coming years is within the company’s reach.

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