Floris Waller
CFO and member Executive Board
Corporate Express US Analyst Meeting Denver – 12-13 September 2007
CXP Analyst and Investor Meeting Denver – 12-13 September 2007
1
“Safe Harbour” Statement
under the Private Securities Litigation Reform Act of 1995
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 Corporate Express 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, 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 filed with the Securities and Exchange Commission
on March 9, 2007. 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.
CXP Analyst and Investor meeting, Denver - 12-13 September 2007
2
What (not) to expect those days
• What to expect
– Focus will be on Corporate Express US (CEUS)

CEUS is our North American division, excluding Canada
– Strategic accounts, merchandising, CEC, logistics
• What not to expect:
– Strategic Review will not be discussed


Outcome can be expected at end of September
Specific date to be announcement later
– No update on current trading, neither for US nor for Group
CXP Analyst and Investor meeting, Denver - 12-13 September 2007
3
History of Corporate Express
1851
1938
Incorporated
Listed on Amsterdam stock exchange
1993
1998
Merger KNP, Bührmann-Tetterode, VRG  KNP BT
KNP BT distribution’s sector  Buhrmann NV
1999
Merger with Corporate Express, Inc.
2001
Acquisition Office Supplies Division Samas
Acquisition Office Supplies Division USOP
2003
Sale of Paper Merchanting Division
2007
Sale of ASAP Software
2007
Renamed Corporate Express NV
CXP Analyst and Investor meeting, Denver - 12-13 September 2007
4
BT
VRG
KNP
1993
KNP BT
Sector Paper
Sector Packaging
Sector Distribution
30% flotation
BT OPI on NYSE
1995
Multiple
add-on
acquisitions
Sappi
1997
Kappa
1998
De-listing
BT OPI
Buhrmann
1998
ISD
Paper
Merchanting
Graphic
Systems
OP
Europe
OP
North America
OP
Australia
SCH Ltd
CXP Analyst and Investor meeting, Denver - 12-13 September 2007
5
1998
Graphic
Systems
Paper
Merchanting
ASAP
Software
OP
Europe
OP
Australia
OP
North America
Corporate
Express
1999
Samas
2001
Multiple
US OP
add-on
acquisitions
2003
PaperlinX
Dell
2007
Corporate Express
CXP Analyst and Investor meeting, Denver - 12-13 September 2007
6
Going-concern overview -
excl. ASAP Software
• Based on LTM figures, excluding ASAP
LTM Sales
Software and Davenport Office
11%
• LTM sales EUR 5,621 mln
–
–
Office Products EUR 5,020 mln
Printing Systems EUR 601 mln
89%
• LTM gross contribution EUR 1,839 mln
–
Office Products EUR 1,651 mln

–
LTM EBIT bef special items
As % of sales: 32.9%
Printing Systems EUR 188 mln
12%
• LTM EBIT* EUR 242 mln
–
Office Products EUR 213 mln


–
88%
Includes Corporate (EUR 9 mln)
As % of sales: 4.2%
Printing Systems EUR 29 mln
• *Before special items
Office products
Printing Systems
CXP Analyst and Investor meeting, Denver - 12-13 September 2007
7
OP Europe
• Sales increased 38% at constant rates
–
Organic growth 5%
22%
• In general, market conditions are favourable with
• growing employment, solid economic conditions
• Strongest sales growth Nordics, UK, France
–
Facility strong sales growth
• Continued strong improvement gross contribution
• 2007: continued organic sales growth expected and
• significantly higher sales and EBIT
–
–
Sales improvement
Merchandising
8
OP Australia
• Q2 07 sales +9% at constant rates
–
–
–
15%
Generated across its diverse markets
Healthy growth in facility and
breakroom
Contribution Educational Experience
• Gross contribution up 12%
• In H2 2008 new state-of-the art distribution
• Centre to be opened in New South Wales
• Going forward,
–
–
–
Focus on further leverage single-source
model
to drive organic growth
Capitalise on acquisition strategy
Strong focus on business efficiency
improvements
9
Printing Systems
For FY 2007 optimistic about continued sales and earnings growth
600
Excl. Veenman Group
450
300
150
0
1983
1986
1989
1992
1995
1998
Sales
Trend
2001
2004
2007
• Q2 07: good quarter with sales +7%
•
Mainly driven by printing presses
• Sold Veenman Germany to Konica
Sales
17%
• Net sales 2006 EUR 565 mln
•
Graphic Systems EUR 471 mln
•
– Triple S: 34% of total sales
Veenman Group EUR 94 mln
83%
Graphics
Veenman
10
Global Office Products - Global Coverage
North America
LTM sales EUR 3,059 mln
9,862 FTEs
Europe
LTM sales EUR 1,186 mln
3,980 FTEs
Europe
alliances
Southeast Asia
alliances
Latin America
alliances
Australia & New Zealand
LTM sales EUR 775 mln
2,537 FTEs
LTM = Last twelve months
CXP Analyst and Investor meeting, Denver - 12-13 September 2007
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Global Office Products - Global Coverage
Global customers
Only player with such capabilities, strong growth
• Combined sourcing
Asian sourcing offices, supplier relations, private brands
• Exchange best practices
Pick-to-Voice, eCommerce, Salesforce.com
Product range extension
Private brands
CXP Analyst and Investor meeting, Denver - 12-13 September 2007
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Products and services
From ‘Office Supplies’ towards ‘Supplies for the Office’
North
America
Europe
Australia
- Computer supplies
- Print & forms management
- Facility
- Breakroom
- Office furniture


















- Customised corporate gifts
- Educational supplies


-


- IT hardware
- Desktop software
- Others
-
-



- Office supplies
CXP Analyst and Investor meeting, Denver - 12-13 September 2007
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Market Environment
CONTRACT
DIRECT MAIL
RETAIL
Wide range /
consumables
Next Day Delivery
Limited Offering
Physical Presence
Lease obligation
Office Depot
Staples
Staples
Office Max
Office Depot
Office Depot
Staples
Office Max
Office Max
Lyreco
Regional/
Local Players
Supermarkets
Independent
Retailers
Corporate Express
Regional/
Local Players
CXP Analyst and Investor meeting, Denver - 12-13 September 2007
14
Average working capital as % of sales
4 quarter rolling average
11%
10%
9%
9.7%
8%
7%
Q
03
0
12
Q
03
0
42
Q
04
0
32
Q
05
0
22
Q
06
0
12
Q
06
0
42
CXP Analyst and Investor meeting, Denver - 12-13 September 2007
15
Consolidated cash flow statement
in EUR mln
Q2 07
LTM
EBIT
54.7
247.1
Depreciation pp&e
20.4
89.2
± 90
3.1
10.8
± 12
Adjustments for non-cash
(0.2)
0.4
Change in inventories
(2.8)
(38.2)
Change in trade receivables
(70.8)
(63.1)
Change in trade payables
106.0
65.8
Change in other receivables/liabilities
(25.3)
2.5
7.2
(33.1)
Payments for defined benefits plans
(2.5)
(13.2)
± (10)
Profit tax paid
(8.5)
(30.2)
± (35)
Other operational payments
(0.5)
(29.2)
Cash Flow operational activities
73.6
241.6
(26.1)
(92.7)
Acquisitions, integration, divestments
(1.7)
(279.2)
CF available for financing activities
45.8
(130.2)
Amortisation intangibles
Change in working capital
Investments in pp&e and software
CXP Analyst and Investor meeting, Denver - 12-13 September 2007
Guidance FY 07
± (100)
16
Net interest-bearing debt
Excl ASAP Software *, in bold
1,500
1,456
1,250
*
1,451
1,399
1,308
1,000
1,274
1,208
1,294
1,288
1,118
1,096
Q4 04
Q1 05
1,120
1,160
1,161
1,143
Q1 06
Q2 06
1,080
750
Q1 04
Q2 04
Q3 04
Q2 05
Q3 05
Q4 05
Q3 06
Q4 06
Q1 07
Q2 07
- Leverage ratio: 3.7x → 3.3x *
Interest split
39%
Currency split
13%
- Interest coverage ratio 4.5x → 4.6x *
- Net interest-bearing debt as percentage of
48%
group equity: 98% → 75% *
39%
61%
Fixed
Floating
* Assumes ASAP Software divestment per end of June 2007
US dollar
Euro
Other
Proceeds USD 340 mln (± EUR 248 mln)
CXP Analyst and Investor meeting, Denver - 12-13 September 2007
17
Funding
(per end of June 2007)
in EUR mln
Actual
Revolver (EUR 255 mln facility)
42
Cash Interest %
LIBOR +2.50% drawn;
+0.75% undrawn
Term Loans A / D (senior credit facility)
642
EURIBOR +2.50%/2.00%
Convertible (subordinated)
115
2.00%
Equity Adjustment Convertible
(22)
Securitisation
172
LIBOR +0.40% drawn;
+0.28% un-drawn
High Yield bonds (USD 300 mln; subordinated)
222
7 7/8%-8¼% semi annual
Preferences Shares A (nominal value)
181
21 cts/share; EUR 11mln
Other Debt
202
Capitalized financed fees
(21)
Cash
(77)
Interest – Bearing Net Debt
1,456
CXP Analyst and Investor meeting, Denver - 12-13 September 2007
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Closing remarks
Productivity in your hands
• Increased corporate focus on office products via divestment ASAP and
Veenman Germany
• OP Europe, OP Australia, Printing systems showing good performance
• OP North America to be covered in detail today and tomorrow
---/--• Strategic review outcome expected at end of September
• No trading update to be expected
Enjoy your 1.5-day Corporate Express
Analyst & Investor meeting
19
Productivity in your hands.
CXP Analyst and Investor Meeting Denver – 12-13 September 2007
20