Full RSDB annual report for 2008 - Roto Smeets Group

RSDB in 2008
Annual Report

Contents Annual Report 2008
Annual Report
Chairman’s report 2
Report of the Supervisory Board 4
Report of the Management Board 8
Report regarding internal risk management and control systems 19
Corporate Governance 22
Company description 27
Company profile 30
Corporate officers 34
Corporate branches 36
Key Figures 37
Consolidated financial statements
Consolidated profit and loss account 39
Consolidated balance sheet 40
Consolidated statement of changes in equity 42
Consolidated cash flow statement 44
Accounting principles 46
Notes to the consolidated financial statements 55
Company financial statements
Company profit and loss account 89
Company balance sheet 90
Company statement of changes in equity 92
Notes to the company balance sheet 94
Other information
Legal and statutory provisions concerning profit appropriation 97
Auditor’s report 98
Statement by the Management Board 99
Declaration of independence ‘Stichting Preferente Aandelen RSDB NV’ 100

Chairman’s report
Dear shareholder and other interested parties,
The concept of “Business as usual” does not seem to exist
anymore. 2008 again became an exceptional year. I really
believed that it would be hard to exceed the adventures of
2007, but nothing proved further from the truth.
The deteriorated economic situation, as a result of which
marketing budgets were further reduced, directly influences
the turnover of our companies. The reduction of
marketing budgets also leads to increased excess capacity
in our industry. For the first time in the history of the printing
industry, the 4th quarter, on a European scale, showed
a negative trend with regard to capacity utilisation and
profit development. As a result, all efforts for the year 2009
within RSDB will initially be aimed at developing a business
plan, based on a stand-alone situation for RSDB. This
plan, however, should not stand in the way of any future
development. Through 2014, investments will be focused on
maintaining a technically fit and competitive company with
a reduced capacity, and as a result will be at a substantially
lower level than in previous years. The new organisation
which will be structured during this period should make
RSDB stronger in a weak market, enabling the company to
attract new initiatives.
In June 2008, RSDB was asked by top level civil servants of
the European Commission to organise, during the autumn,
a round table conference for the printing industry.
Together with Intergraf, the pan-European employers
organisation of the Printing industry, RSDB fulfilled this
request. On 14 November 2008, customers, suppliers,
printers and those responsible for our industry in the
European Commission, met for the first time to discuss the
Ernst & Young ‘Competitiveness of the European Printing
Industry’ survey published in November 2007, which
confirmed what the Executive Board of RSDB has been
saying for some time now. The theme is now firmly on the
European agenda.
2008
Printing companies are among the first companies to feel
the signals of a faltering economy. In the second half-year,
this translated into order portfolios not equal to what is
usual in our industry.
The European market of Print Productions, like the RSDB
printing companies, for the whole of 2008 showed a
decline, in kilotonnes of paper, of more than 1%. The
continued difficult market conditions lead to further price
erosion and pressure on margins.
The year 2008 was again characterised by our efforts to
buck the declining trend in the printing market by going for
the so very necessary consolidation process within Europe.
It looked like this could be realised with the Hombergh/De
Pundert Group (HHBV). In the end, much to our disappointment,
it became clear in September that HHBV would not
be able to raise the money for its intended offer.
After the demerger and partial sale of parts of the
business line Marketing Communications in 2007, the
MediaPartners Group and Leads to Loyals in 2008 both
went their own way with the development of their
plans. The investigation into the feasibility of a possible
divestment of MediaPartners Group has not yet given us
a satisfactory solution.
Result 2008
The balance between supply and demand in the printing
industry has been further disturbed as a result of the
deteriorated financial and economical climate. According
to the forecast issued in December, turnover from
continuing business activities fell by € 37.5 million to
€ 447.5 million (2007: € 485.0 million), Partly caused by the
divestment of 2organize and Logic Use (2007: revenue
€ 6.6 million) and by declining print runs and sizes of
magazines and the discontinuation of titles by customers.
The value-added (VA) at continued pressure on margins
was € 18.0 million lower, at € 212.9 million (2007: € 230.9
million). This was caused on the one hand by the divestment
of 2organize and Logic Use (2207: VA € 4.8 million)
on the other hand by lower prices.
As a result of the improvement programmes already
started in 2007, the sale of 2organize and Logic Use (2007:
operating costs € 4.8 million) and the costs in 2007 for
the intended acquisition of Quebecor World Europe (€ 7.5
million), the operating costs declined by € 20.6 million to
€ 207.1 million (2007: € 227.7 million). In addition to this,
costs are managed by further and continuous process
control / automation. The number of employees on the
basis of ftes declined from 2,257 at year-end 2007 to 2,189
at year-end 2008. This efficiency boost was partly undone
by the annual wage increase in accordance with the
Grafimedia central labour agreement (CAO).
EBITDA fell to € 37.2 million (2007 € 40.9 million). The
trend of pressure on margins that started some years ago
continued in 2008, with an EBITDA / VA marge of 17.5% and
a ROCE (return on capital employed) of 0.7%.
2 RSDB Annual Report 2008

The operating result (EBIT) fell to € 5.8 million (2007: € 6.3
million). RSDB NV reported a net profit after tax for 2008 of
€ 1.3 million, against € 5.4 million for 2007.
With an unchanged number of 3,290,275 issued ordinary
shares, this result development led to an earnings per share
of € 0.41 (2007: € 1.65).
The cash flow from operating activities declined to € 13.3
million (2007: € 50.4 million). The decline of the operating
cash flow was caused mainly by a decrease of trade and
other payables of € 19.6 million due to the decline of the
investment commitments and liabilities related to the
acquisition of QWE. Paper stocks were maintained at a high
level with regard to the expected significant price increases
for 2009. Net investments amounted to € 23.0 million (2007:
€ 30.2 million).
Finance position and covenants
After payment of dividend over 2007 (€ 5.7 million)
and interest, interest bearing debt has (inclusive cash)
increased by € 13.2 million to € 71.7 million (2007: € 58.5
million) as at year end 2008. The company has a strong
balance sheet with a solvency of 45,2% (ultimo 2007 44,5%),
a debt / EBITDA ratio of 1.9 and an EBITDA/interest costs
ratio of 8.6. Of the total gross debt of € 73.2 million (at
year-end 2008),
• 49% (€ 36 million) are financial leases for presses and
peripheral equipment
• 15% (€ 11.2 million) are due to a long-term mortgage loan
secured by property
• 34% are short-term cash loans (€ 25 million)
• 2% other bank loans (€ 1.0 million)
In addition to the existing financial leases and mortgage
loan, RSDB has entered into an agreement in principle
with ING and ABN AMRO for a € 50 million committed
facility which will go into effect ultimately May 10, 2009,
with a term of 1 year. This facility will be sufficient to carry
out our stand-alone business plan.
The covenants agreed fit within RSDB’s financial framework
(debt/normalized EBITDA < 3), normalised EBITDA/
Interest expense > 4.75, solvency > 30%).
Strategy
The strategy of RSDB remains unchanged, and will remain
aimed at playing a leading role in a drastic consolidation
of our industry, based on a strong balance sheet and
with professional management. The lack of success with
regard to the plans regarding co-operation of 2008 and
the current deteriorated situation of the market force us
to restructure the organisation, based on a stand-alone
scenario. Our aim remains to play a leading role in the
materialisation of a European consolidation, which means
that in addition to increasing our scale we also must take
the necessary actions to restore the balance of supply
and demand. Not only in view of the current problems of
the market, also with a view on the future developments
on the demand side. Consolidation also means creating
a healthy geographical distribution of services over
Europe. That requires different approaches with regard to
gravure and web offset printing. Based on its geographic
competitive strength, gravure is much more a European
activity than web offset, and will therefore require
different solutions, whereby the technical specifications
are identical. In order to be commercially able to follow
the development of the market, RSDB believes it must
have both printing methods within its organisation. The
strategy is also aimed at continuing to make carefully
weighted investments within the process of consolidation
in order to replace outdated technology with the aim of
remaining competitive with regard to pricing and service,
while remaining profitable.
Prospects
In line with our strategy, we have stated a number of
priorities for 2009 that apply to the company as a whole.
These priorities are;
• On the commercial front, making sure that we can
keep delivering the high quality / price ratio regarded
as ‘normal’ by the market, within the desired result
development.
• Maintaining a healthy balance sheet by strictly managing
the operating cashflow while not allowing debts to
increase. Focus areas are the best possible service and
value propositions for our customers, capital discipline
on investments and strict working capital management
and control.
• Cost control in the continuation of efficiency
programmes and further process management through
the use of information technology.
• Drawing up and execution of a stand alone business
plan, whereby drastic measures will be taken to structurally
reduce costs, structurally improve productivity
and improve the result and returns.
RSDB Annual Report 2008 3

Report of the Supervisory Board
The Supervisory Board early in 2008 received the
announcement that Dutch investment company
Hombergh/De Pundert Group (HHBV) had reached an
agreement with RSDB’s major shareholders, resolving
to issue a public offer of € 40.00 per share for all
ordinary shares of RSDB, inclusive of dividend for the
2007 accounting year. Since the Management Board
was to play a part in the new organisation proposed by
HHBV, the Supervisory Board decided to entrust further
negotiations to a committee consisting of the Supervisory
Board members H.C.A. Groenen and A.P. Lugt.
Partly due to the problems in the financial sector, HHBV’s
bid did not in the end materialize.
In the course of this process, RSDB issued regular press
releases to inform all stakeholders simultaneously. The
major shareholders also maintained regular contact
with HHBV and the Supervisory Board’s Committee.
This negotiating process was not equally satisfactory to
all parties. The Supervisory Board sees it as part of its
task to streamline contact between management and
shareholders in such matters.
Annual accounts
The Supervisory Board discussed the 2008 annual
accounts with Ernst & Young accountants. Contrary to
the prevailing dividend policy, the waiver for 2008 and
the agreement in principle with regard to the new credit
facility, which was reached with the banks under certain
conditions, do not allow a proposal regarding a dividend
payment for 2008.
Strategy
The strategy laid down in 2007/2008 remains unchanged.
RSDB’s focus remains on the Print Productions
businesses. An investigation was started in 2008 to
assess whether it would be sensible to divest the two
businesses that currently make up the Marketing
Communications business line: MediaPartners and Leads
to Loyals.
It remains the view of the Supervisory Board that a
general consolidation of the European graphics industry
is needed to preserve any future for the industry as a
whole. After the failure of the most recent attempt at
consolidation, the Management Board was requested to
come up with a plan for a stand-alone scenario over the
longer term, without thereby impeding any opportunity
for consolidation. A significant role here is set aside for
cost price reduction from economies of scale at each site.
It is desirable that RSDB maintains its strong financial
position, coupled with its marketing formula, in any
possible future consolidation round.
Activities
Seven scheduled meetings were held in 2008 in the
presence of all members of the Board. Topics discussed
included strategy, the principal risks to which the
business is exposed, and management’s assessment of
the internal risk management and control system, its
design and functioning.
4 RSDB Annual Report 2008

Report of the Supervisory Board
Discussions held in the absence of management covered
the supervisory board’s own functioning, the functioning
of the board’s joint committees and that of the individual
members.
Events involving HHBV in 2008 led the Supervisory Board to
have four extraordinary meetings. Seven telephone conferences
were also held. The Supervisory Board Committee
responsible for the negotiations with HHBV conducted 13
discussions and held 12 telephone conferences.
Moreover, several Supervisory Board members made
plant visits and two meetings were held with the Board
of the Foundation ‘Stichting Preferente Aandelen RSDB
N.V.’.
The members of the Supervisory Board took turns in
attending the consultations between the Management
Board and the Central Works Council (COR). Just prior to
HHBV’s presentation of its final takeover bid, a meeting
was held involving the Management Board, Supervisory
Board and Central Works Council to discuss elements of
the agreement and the proposed policy plan.
Committees
Since the Supervisory Board consists of four members,
all of them sit on the three key committees. These
committees’ regulations can be found on the group’s
website. The composition of the Supervisory Board is
such that the members may adopt a critical, independent
posture in these committees in respect of each other,
management and any other such factional interest as
may be represented.
The most important matters to be discussed in the
committee meetings are the following:
SELECTION AND APPOINTMENT COMMITTEE
The 2007 annual report announced that, in view of the
workload and the resignations scheduled for the present
Supervisory Board, it was seen as desirable to return
to the original strength of five members. At the Shareholders’
General Meeting it was announced that, in view
of developments at that time, the appointment of a fifth
member would be postponed until a later date. Since
RSDB is now preparing itself for a stand-alone strategy,
the original plan will be taken up once again.
The profile sketch was used to guide the search for a
candidate with a broad knowledge of the industry,
coupled with ample boardroom experience. On 15 April
2009, drs. R. Blom, ex-chairman of the board at Eneco
Energy, will be presented to the General Shareholders’
Meeting for appointment to the Supervisory Board.
The same Meeting will also be requested to reappoint
drs. H.C.P. Noten, who is scheduled for periodic retirement.
In view of events like those experienced during the 2008
General Meeting of Shareholders, Mr. Lugt indicated his
willingness at that time to remain for a further 2 years as
Supervisory Board member. In the current situation it is
his intention to complete his 4 year term and remain until
2012.
The selection and appointment committee has also
spoken to the Management Board about the organisation’s
development and the quality of key functionaries
in higher management.
AUDIT COMMITTEE
The Supervisory Board has had several discussions about
the strategy and risks associated with the business, such
as the relationship between fixed costs and declining
market demand. Discussions were also held on the way
the internal risk management and control system is set
up and how it operates, as well as possibly significant
changes to it. These talks also included the expected
effects of the credit crisis on the group.
Talks have been held with Ernst & Young Accountants, in
the presence of management and once in their absence.
Discussions included the provision by the group of
financial information, application and assessment of new
rules, forecasts and the group’s funding.
REMUNERATION COMMITTEE
The General Meeting of Shareholders of 27 June 2008
approved changes to the Supervisory Board members’
remuneration.
A marginal modification of remuneration policy for the
Management Board was also presented to the meeting
and approved. In outline this policy is as follows:
• The level of the remuneration is determined according
to market research in the Netherlands among
board members of businesses of comparable size,
importance and profits base (the peer group). The
remuneration policy is only based on financial targets
taken into account the development of results as well
6 RSDB Annual Report 2008

as other factors that influence corporate growth.
• The fixed component of the remuneration is indexed
according to the GrafiMedia Collective Labour Agreement
(CAO).
• A short-term (1 year) variable component links the
remuneration of the individual members of the
Management Board to the group’s performance. This
variable component is based on the development of
EBITDA in relation to the average capital invested. It is
stated that the variable component may never exceed
the one year fixed component. Payment of variable
remuneration in a given year is based on developments
in the previous year.
• Over the longer term RSDB has a bonus based on a
number of virtual shares (phantom shares), paid at the
end of a predetermined period at the rate obtaining
at that time.
• The members of the Management Board have a
pension scheme which is basically similar to that
which applies to the majority of RSDB employees. The
pension scheme is non-contributory.
The complete policy can be found on the group’s
website. The financial consequences of this policy in 2008
can be found in the appropriate chapters of the annual
accounts.
Conclusion
The group’s desire to play a part in the industry’s
consolidation as a counter to increasing pressure on
margins has been hampered by external factors for a
number of years. This imposes an onerous burden on all
RSDB stakeholders. The Supervisory Board is therefore
grateful for the patience, flexibility and understanding
displayed by all those involved.
Deventer, March 18, 2009
Supervisory Board
RSDB Annual Report 2008 7

Report of the Management Board
General
For the first time in the history of the printing industry,
the 4th quarter, on a European scale, showed a negative
trend with regard to capacity utilisation and profit development.
The consequences of the financial crisis and
the connected economic developments are felt deeply
in the market. Printing companies are among the first
companies to feel the signals of a faltering economy. In
the second half-year, this translated into order portfolios
not equal to what is usual in our industry. This once more
emphasises the need for an extensive consolidation,
both on a local and on a European level, to reduce the
excess capacity and consequently restoring returns
within the printing industry to healthy levels.
The pressure on the printing industry from the market
is increasing evermore, also for RSDB. While since 2000
we brought down the number of regular employees at
Print Productions by more than 500, as a result of cost
savings – 2000 and 2008 comparable 1 on 1, so excluding
divestments – in that same period our total tonnage of
printed paper increased by nearly 20%, from 349,000 to
414,000 tonnes excluding the sheetfed printing facilities.
All this resulted in a productivity improvement of more
than 50% per employee: from 146 to 223 tonnes of paper.
Paper volumes in the Western European market in 2008
were on average lower than in 2007: paper for newspapers
2% lower, coated paper 4% lower and SC paper 3%
higher. Recovered paper merchants have mentioned
a 20% decline in November and December. The trend
continued in January 2009. Paper factories want to and
will go even further with regard to reducing capacity,
because all they have done until this moment has proved
to be insufficient, in the light of the drastically changed
conditions. Machine suppliers are waiting in line to issue
a profit warning. In short, almost all suppliers within our
chain are in trouble, as a result of the developments in
our industry.
As stated earlier, the focus of the group on printing
activities in 2008 led to an investigation into the feasibility
of a possible divestment of MediaPartners Group. At
this moment, this investigation has not yet given us a
satisfactory solution.
As stated last year, RSDB aims to increase the presence
of the Roto Smeets brand name in the market, looking
to bring back the Roto Smeets name in the name of the
holding company. After adoption of the amendment
of the Articles of Association with regard to the name
change, as from May 1, 2009, RSDB NV will be renamed
Roto Smeets Group NV.
Consolidation
RSDB has for years made a huge effort to fight the
downward trend in the printing market, by trying to
start the so very necessary consolidation process within
Europe (see illustration). It has been a major disappointment
for us that this has not been done yet. Not by RSDB,
and not by other parties.
To make this review complete, we look back on the most
recent developments of the process. As the Management
Board was to play a role in the organisation to be formed,
and this could cause a conflict of interest, it did not
partake in the direct negotiations. These were conducted
by Hombergh/De Pundert Group (HHBV), the major shareholders
and a committee from the Supervisory Board.
August
2005
May
2006
February
2007
May
2007
August
2007
December
2007
March
2008
July
2008
September
2008
Start talks industrial
party about possible
offer on RSDB
Start talks Quebecor
World Europe about
merger
2e stage QWE. QWI
wants majority
shares RSDB. Mandatory
bid is problem.
1st announcement
intended bid HHBV
Withdrawal HHBV
related to not get
timely funding
Termination talks
because of lack of
finances
1e stage QWE.
Offer by RSDB
rejected by major
shareholder QWI
3rd stage QWE.
Bid RSDB on QWE
is voted against by
shareholders
Update intended bid
HHBV
8 RSDB Annual Report 2008

Report of the Management Board
• On March 13, RSDB was approached through a financial
institution by an investor who intended to make
a public offer for all issued ordinary RSDB shares of
€ 40.00 per share cum dividend for the 2007 financial
year, and that it had reached conditional agreement
with a number of RSDB shareholders who together
held the majority of the RSDB shares.
• On May 29, 2008 RSDB announced that HHBV was the
investor who intended to make a public offer for all
issued ordinary RSDB shares.
• On June 14, 2008 HHBV and RSDB together announced
that they, conditional to HHBV obtaining the
necessary financing, have reached agreement on
an intended public offer by HHBV on all issued and
outstanding RSDB Shares.
• On July 11, 2008 HHBV believed it would need a
maximum of 6 more weeks to complete the documentation
and secure financing with regard to the
intended offer.
• On August 21, 2008 HHBV announced that the
completion of the financing of the offer would require
more time than initially expected, and that it would
therefore need more time than the earlier announced
term of six weeks.
• Finally, on Saturday September 6, 2008 RSDB
announced that it was disappointed to receive the
news that HHBV had not been successful in its bid to
secure financing for its intended offer, and as a result
would have to abandon its resolve to make this offer.
RSDB has not changed its strategy aimed at consolidation
in the printing industry. Due to the current financial
climate all efforts will initially be aimed at the execution
of a Medium Term Plan, based on a stand-alone situation
for RSDB, which should, however, not stand in the way of
any future development. Through 2014, investments will
be focused on maintaining a technically fit and competitive
company with a reduced capacity, and as a result will
be at a substantially lower level than in previous years.
The new organisation which will be structured during
this period should make RSDB stronger in a weak market,
enabling the company to attract new initiatives.
European Commission
In June 2008, RSDB was asked by top level civil servants
of the European Commission to organise, during the
autumn, a round table conference for the printing
industry. Together with Intergraf, the pan-European
employers’ organisation of the printing industry, RSDB
fulfilled this request. On 14 November 2008, customers,
suppliers, printers and those responsible for our
industry in the European Commission, met for the first
time to discuss the Ernst & Young ‘Competitiveness of
the European Printing Industry’ survey published in
November 2007, which confirmed what the Management
Board of RSDB has been saying for some time now. An
important feature of this report is the problem of excess
capacity and all connected matters. It is clear to each
participant that this is a European problem that should
be resolved on a European level. After strong discussions
civil servants reached the conclusion that the problem
was clearly defined by all participants, but that this is
a politically extremely sensitive issue. Other industry
sectors have comparable problems. Within the European
Commission there is a feeling that it should be possible
to bring different disciplines of the Commission together
in order to establish what is possible with regard to
economic support and competition issues. The theme is
now firmly on the European agenda.
Business lines in 2008
Print Productions
The business line Print Productions is aimed at the efficient
and effective production of printed matter by way of
specialised full service companies that cover the total value
chain from prepress up to and including distribution.
MARKET
The market of Print Productions, as did the printing
companies of RSDB, showed a decline of more than 1%,
in kilotonnes of paper. The continued difficult market
conditions lead to further price erosion and pressure on
margins.
As a result of the improvement programmes started
up in 2007, operating costs have declined and working
capital management has improved.
The strongly declining advertising income, also at the
publishers, has pushed several magazine titles into red
figures. Print run sizes and volumes of magazines are
under pressure. The gloomy economic perspective has
been used to discontinue unprofitable titles. We saw,
in quick succession, the Gala, ELLEgirl, Milo and Triv’
magazines disappear from the market and from our
order portfolio.
As magazine and retail printers, the RSDB printing
companies have an important position on the Dutch
market. The strategy is therefore mainly aimed at
defending the current market position by acquiring
orders for new titles at existing and new customers.
10 RSDB Annual Report 2008

However, opportunities to do so at existing business
relations are few and far between. For many of our
customers, RSDB is already a large supplier. From a
strategic perspective, one would like to spread its acquisitions
over multiple suppliers, which is not conducive to
RSDB’s position from which to acquire new productions.
We are facing stiff competition from printing companies
in our neighbouring countries. On balance, we hardly
managed to pass on any price increases to the market.
Nevertheless, each year we manage to retain important
printing orders and to obtain new orders. Veronica
Magazine, VARAgids, Margriet and Donald Duck have
again been secured for multiple years, and Aktueel, HP/
De Tijd and AutoWeek are three new prominent titles
that were acquired. With regard to retail orders we
welcomed new customers such as Lidl and Hoogvliet.
In addition, we are extending our service portfolio for a
number of customers such as Makro, for which we also
start doing the sealing work as from January.
All this, however, is plagued by strong pressure on prices
and margins, as a result of which total revenues are declining,
further strengthening the need for ‘new business’.
With a consistent print quality, reliability of deliveries and
short throughput times, our business relations know that
they can trust and rely on the solidity of Roto Smeets.
ACTIVITIES IN 2008
In order to maintain its position in the market RSDB
keeps modernising its printing facilities. Not to achieve
growth but to remain technically fit and to remain able to
deliver the quality and price demanded by the market.
For example, Senefelder Misset in Doetinchem saw the
opening of a new building, while the second phase of
the extensive investment programme was completed.
Mid October saw the introduction of a perfect binding
machine with 13 gathering stations, 2 gluing stations and
a speed of 18,000 products per hour. In the third phase of
the investment programme, at the start of 2009, a start
will be made with the installation of a 72 page printing
press to replace two older presses. SMD will then have
all disciplines for the realisation of magazines and
magazine-type products under one roof.
To replace an outdated Jumbo-press and a 70x100 press,
a KBA 110x160 sheetfed press was ordered for Roto
Smeets GrafiServices in Eindhoven. In addition, the
prepress department will be upgraded by the installation
of a complementary new Kodak Computer To
Plate configuration. These investments form part of the
medium term business plan drawn up by RSDB for Roto
Smeets GrafiServices. According to that plan, a 70x100
cm Heidelberg XL 5 full-colour press with dispersion
lacquer was installed late in 2007 in Eindhoven, while at
Roto Smeets GrafiServices Utrecht Heidelberg XL presses
were installed in 2007 and 2008.
All RSDB rotative and sheetfed printing companies in
The Netherlands have now been ISO-12647-2 certified for
both prepress and for printing. ISO 12647 is a very important
standard for printing companies. ISO 12647 contains
almost all things regarding process control within the
printing process. This certification increases the quality
and efficiency and improves the switching possibilities
between our printing facilities, giving our customers who
have printing orders at multiple sites the confidence that
the printed products are produced within acceptable
quality bandwidths.
RAW MATERIALS
Paper prices have risen slightly during 2008, influenced
by capacity reduction within the paper industry. 2008
saw more than 3,600 kilotonnes paper production taken
off the market, approximately 8 times the volume used
at RSDB. Especially in the uncoated segment, supply
and demand are nearing a balanced situation, resulting
in upward pressure on prices. Strongly declining
demand in the fourth quarter because of the economic
crisis again put pressure on paper volumes, as a result
of which part of the announced paper price increases
were prevented. For the time being, we are only seeing
RSDB Annual Report 2008 11

Report of the Management Board
short-term contracts in view of the volatilities of supply
and demand.
Our raw materials suppliers also raised their prices,
forced by energy price increases and price increases of
base materials, such as pigments, pulp and oil.
Contract negotiations for 2009 were used to try to
extend terms of payment or credit, and to realise
increased flexibility for contract volumes with regard to
the current volatile market without consequences for
prices. This action was largely successful.
Information technology
The increasing integration in the organisation of end
to end automation on the basis of a limited number of
applications plays an important role in improving the
productivity and efficiency of our processes.
In 2008, after a long series of tests, a first Drukkerij Informatie
Management Systeem (DiMS!) Enterprise releasetransfer
was carried out on the basis of a standard
release. This completed the switch to a release policy of
the supplier of DiMS! for the rotative printing companies.
In addition, the two sheetfed printing companies, Roto
Smeets GrafiServices Eindhoven and Roto Smeets
GrafiServices Utrecht, switched to DiMS-Enterprise.
The switch by these sheetfed printing companies to
Oracle Financials, also planned for 2009, was delayed to 1
January 2010.
The standardisation of the actual operational registration
system QTMS (Quality Tracking and Management
System) for all sites was completed. Furthermore, all
finishing departments at the rotative printing companies
now have a QTMS system with the same standard
setting. The next step will be the switch from the local
QTMS servers to the central computer centre at the
Deventer site, with the Weert site as back-up.
The pilot project at Roto Smeets Etten and De Wit, the
implementation of the functionality ‘Tracking & Tracing’
which is offered within the QTMS product, is nearing
completion. The standardisation carried out in QTMS, in
combination with providing QTMS to the finishing departments
of all rotative printing companies, enables us to
start in 2009 with the implementation of the functionality
‘Tracking & Tracing’ at all rotative printing companies.
A pilot was started at Roto Smeets Deventer for the
digitisation and automatic reading and processing of
all purchasing invoices. The first results are in line with
expectations. As soon as the pilot at Roto Smeets
Deventer is completed, mid-2009, this functionality will
also be implemented at all other companies.
Marketing Communications
The business line Marketing Communications focuses on
the optimum facilitation of a client’s own communications
channel, focusing on the creation of cross-media (concept,
creation, development and supply) and the automation of
customer relations.
After the demerger and partial sale of parts of the
business line Marketing Communications in 2007, the
MediaPartners Group and Leads to Loyals in 2008 both
went their own way with the development of their plans.
MediaPartners Group
The increase of available media for companies to
communicate with their target group(s) has continued in
2008. Partly due to the continued competition for their
customers’ attention, companies are intensively working
on their communication skills, and the MediaPartners
Group supports these companies in this process.
MARKET
Due to the recent economic developments growth
markets, such as the market in which the MediaPartners
Group operates, have stopped growing. In this sector,
however, the level at which a company innovates makes
the difference. MediaPartners in the past year has put
a lot of energy in its new positioning. This has led to a
new description of its core activities, complete with
the added efforts made in order to inform existing
and prospective customers on the repositioning. The
organisational structure has been adapted to these new
core activities, while the management has been brought
12 RSDB Annual Report 2008

in line with these developments. As a result, MediaPartners
is able to operate much more efficiently and is ready
to conquer a larger share of the market.
In the meantime, the price sensitivity of existing customers
has shot up in a very short time. Euros, and than
mostly those from communication budgets, are spent
only very reluctantly, and orders are delayed. We expect
a shift to take place from television and newspapers to
loyalty communication. Business relations realise that
in these economically strenuous times it is even more
important for them to hang on to their existing customers
and properly performing employees.
Although the pressure on prices will have its effect on
margins, at the same time it presents opportunities to
make use of the shifting of communications budgets.
ACTIVITIES IN 2008
In 2008, the new labels MediaPartners LoyaliteitsCommunicatie
(in Amstelveen and Brussels), MediaPartners
ActieCommunicatie and MediaPartners Interne Communicatie,
presented in 2007, strengthened their position in
the market.
The new organisational structure is now fully operational.
The renovation of our existing sites has been
completed, and the rental contract has been renewed.
Although the credit crisis became increasingly fierce
during 2008, MediaPartners Group was able to maintain
its services on a high level, both with regard to quality
and quantity. We managed to extend our activities in
2008 at our existing customers. Within the Netherlands,
MediaPartners Group works for companies such as ABN
AMRO, Albert Heijn, Bastion, Deloitte, Draka, Etos, Eurail,
FBTO, Holland Casino, ING, KLM, La Place, Nuon, Philips,
Shell, Staatsbosbeheer, T-Mobile, TNT Post, VacanceSelect
and Vitae. In Belgium, customers include Ethias,
Unilever and Ernst & Young.
Leads to Loyals
Leads to Loyals made a disappointing start in 2008, but
improved its performance structurally in the second half
of the year. It is clear in the market that customers are
at the moment very reluctant regarding investments in
the solutions offered by Leads to Loyals: the optimising
of the customer dialogue by means of marketing and
process automation.
Social responsibility
RSDB has for years reported separately regarding its
company policies in the fields of people, environment
and added value (people, planet and profit). Fifteen years
ago we published our first Social Report, 10 years ago
our first Environmental Report. Since 2004, both reports
have been joined in the RSDB Social Report.
People
As a result of internal reorganisations, the total number
of employees fell from 2,257 ftes at year-end 2007 to
2,189 as at December 31, 2008. The disability absence
policy, introduced two years ago, whereby case managers
are used who support and advise managers in the
management of disability absence, proved again to be
very effective in 2008. The average absence ratio came in
at 4.26% (2007: 4.38%).
At the end of 2008, all employees received their first
annual Persoonlijk Inkomen en Voorzieningen Overzicht
(PIVO, a personal income and provisions review). This
shows each employee how much they earn, directly
and indirectly, for their work at one of the operating
companies of RSDB. It contains individual information
regarding income, pension, personnel provisions etc.
In 2008, a CD-ROM was added to the PIVO, making it
possible to calculate labour related income.
The clear labour conditions for the group are based on
the Grafimedia CAO (central labour agreement). Employees
of the MediaPartners Group are bound by the CAO
of the Magazine and Book Publishers and the Journalist
CAO, as a result of which problems ensued with market
RSDB Annual Report 2008 13

Report of the Management Board
conformity. These employees will receive a new labour
conditions package which will be introduced in 2009.
Pension Scheme
Within the framework of the internal process of drawing
up labour conditions, the RSDB pension scheme was
examined. In view of the complexity of the pension
scheme and current developments on the financial
markets, the Management Board has instigated a simplification
of the scheme, with clear pension commitments.
As the basic scheme is a compulsory scheme with the
Pensioenfonds Grafische Bedrijven (PGB, Pension Fund
Printing Companies), the most obvious solution was
to bring the excess scheme to the PGB. Contrary to its
policy of the past, the PGB has stated its willingness to
carry out excess pension schemes as from 2008. During
the past months it was investigated which problems
such a switch could bring, and what the (financial)
consequences would be. The starting point for all this
was that all entitlements, so both the entitlements built
up in the past as well as future entitlements, will transfer
to the PGB. The outcome of the investigation has been
submitted to the Central Works Council (COR) which has
stated its agreement with the proposal. The transfer will
take place as from January 1, 2009.
SOCIAL AGREEMENT
Employee organisations FNV Kiem and CNV Media, the
RSDB Central Works Council and the Management Board
of RSDB Holding agreed to a new social agreement,
dated October 1, 2008. The social agreement (Sociaal
Akkoord) is aimed at creating a sustainable and lasting
workforce for RSDB.
opportunities, developing competences and coaching of
employees, this process is certain to ask a lot of effort by
both the management an the employees.
The Handboek Arbeidsvoorwaarden (Labour Conditions
manual) of RSDB contains all regulations of the group for
its employees. This manual can be found on the group’s
intranet. However, not all employees, in view of their
position, have unqualified access to this intranet. As
part of the RSDB Helder (RSDB Transparent), the most
common regulations and schemes will now be published
in a handy format. The leaflets on calling in sick, collective
disability, travel expenses, bicycle scheme, contents
manual and the Social Arrangement were published in
2008. The leaflet on pension scheme, car allowance, life
course savings scheme vs. company savings scheme and
the RSDB rules of conduct of the series will be published
in 2009.
The earlier announced relocation of RSDB Holding from
Hilversum to Deventer has now also been completed.
As of October 10, 2008, the head office can be found on
Hunneperkade 17004, 7418 BT Deventer. The complete
address information can be found on the website: www.
rsdb.com under contact.
Environment
In the field of environmental policy, RSDB has been a
leading force within the printing industry for years. The
RSDB production companies have had an Environmental
Policy Statement and a NEN-ISO 14001 environmental
certificate for over 10 years, and have had an Eco Balance
for 15 years. That is a mass balance of all inflows and
outflows of materials, plus energy and water, used to
In addition, agreement was also reached on financial
schemes for employees made redundant as a result of
reorganisations. This concerns reorganisations from
October 1, 2008.
The stated preventive policy aimed at enabling
employees to keep or find good employment within or
possibly outside RSDB, is not non-committal. RSDB has
committed itself to make this policy concrete within the
whole group inside two years. That means that the policy
plan ‘Werken in the toekomst’ (Work in the future) must
be completely integrated in the group’s operations by
October 1, 2010. Although a number of companies within
the group has already made good progress with this,
among other things by holding effective performance
interviews, the offering and making use of training
14 RSDB Annual Report 2008

manage operations. For 15 years, the printing companies
have been working in accordance with the Milieubeleidovereenkomst
Grafische Industrie (Environmental
Agreement Printing Industry), guidelines agreed with the
Dutch government. Al these accomplishments have been
reported in an Environmental Report (incorporated in
the Social Report since 2004).
All RSDB production companies are IPPC-regulated
companies. This means that they must use the technology
determined to be the best available in Europe for
environmental risk management.
The RSDB production companies also have FSC (Forest
Stewardship Council) Chain of Custody and Nordic
Swan certificates. Since recently RSDB, in addition to
its FSC certificate, also has a PEFC (Program for the
Endorsement or Forest Certification) certificate, the
most important certification programme. PEFC is an
umbrella organisation for national certification systems.
The reason for having these certificates is that for our
customers, these represent a proof of sustainability of
the paper used for their product. They also give proof of
our social commitment and responsibility.
The long-term soil decontamination projects are
progressing steadily.
At RS Deventer the soil decontamination projects, whereby
contaminated soil was removed, have produced good
results. Current analyses show that the concentrations of
waste products are at substantially lower levels, as a result
of which the sampling frequency could be lowered.
The soil contamination at RS Etten and the decontamination
approach forms part of the co-operative policy of
the Vosdonk Industrial Estate. In the estate, participants
in addition to RS Etten include other companies as well as
the Etten-Leur city council and the province of Noord-
Brabant. For several reasons, the actual decontamination
project has not yet started. The city council stated
its desire in 2003 to redevelop the Vosdonk Industrial
Estate. Together with this redevelopment, a start should
also be made with the decontamination project. Several
investigations have been carried out into the size of the
contamination. It has been agreed by all participants
that each of the participating companies will account
for the company-related contamination within their own
grounds. Additional investigations are carried out for the
approach for the estate as a whole.
Within RSDB a taskforce was established which closely
monitors the development towards the measuring of
the Carbon Footprint of both companies and products.
As a result of its participation in the European interest
organisations for the printing industry, this taskforce is
closely involved in the striving for concrete objectives,
such as one standard, making the carbon footprints of
various products and services comparable. The various
initiatives currently presented to the market are carefully
evaluated. The European Commission, however, will need
to make a decision regarding the choice of standard.
A comprehensive description of the viewpoint of RSDB
with regard to its social responsibility and a report on
2008 is stated in the separately published RSDB Social
Report 2008.
RSDB Annual Report 2008 15

Report of the Management Board
Financial developments 2008
The balance between supply and demand in the printing
industry has been further disturbed as a result of the
deteriorated financial and economical climate. According
to the forecast issued in December, turnover from
continuing business activities fell by € 37.5 million to
€ 447.5 million (2007: € 485.0 million), Partly caused by the
divestment of 2organize and Logic Use (2007: revenue
€ 6.6 million) and by declining print runs and sizes of
magazines and the discontinuation of titles by customers.
The value-added (VA) at continued pressure on margins
was € 18.0 million lower, at € 212.9 million (2007: € 230.9
million). This was caused on the one hand by the divestment
of 2organize and Logic Use (2207: VA € 4.8 million)
on the other hand by lower prices.
As a result of the improvement programmes already
started in 2007, the sale of 2organize and Logic Use
(2007: operating costs € 4.8 million) and the costs in 2007
for the intended acquisition of Quebecor World Europe
(€ 7.5 million), the operating costs declined by € 20.6
million to € 207.1 million (2007: € 227.7 million). In addition
to this, costs are managed by further and continuous
process control / automation. The number of employees
on the basis of ftes declined from 2,257 at year-end 2007
to 2,189 at year-end 2008. This efficiency boost was partly
undone by the annual wage increase in accordance with
the Grafimedia central labour agreement (CAO).
EBITDA fell to € 37.2 million (2007 € 40.9 million). The
trend of pressure on margins that started some years
ago continued in 2008, with an EBITDA / VA marge of
17.5% and a ROCE (return on capital employed) of 0.7%.
The operating result (EBIT) fell to € 5.8 million (2007: € 6.3
million). RSDB NV reported a net profit after tax for 2008
of € 1.3 million, against € 5.4 million for 2007.
With an unchanged number of 3,290,275 issued ordinary
shares, this result development led to an earnings per
share of € 0.41 (2007: € 1.65).
The cash flow from operating activities declined to € 13.3
million (2007: € 50.4 million). The decline of the operating
cash flow was caused mainly by a decrease of trade and
other payables of € 19.6 million due to the decline of the
investment commitments and liabilities related to the
acquisition of QWE. Paper stocks were maintained at a
high level with regard to the expected significant price
increases for 2009. Net investments amounted to € 23.0
million (2007: € 30.2 million).
16 RSDB Annual Report 2008

Objectives and framework
The company objective is to achieve an EBITDA /Valueadded
value ratio of at least 20 %, with a return on capital
employed of 8 %. This with a minimum solvency ratio of
30%, a debt / EBITDA ratio of no more than 3 and EBITDA /
interest costs ratio of at least 4.75. The company hereby
focuses on free cashflow with a very strict discipline
on investments for the longer term and strict control
of costs and working capital. In the current economic
climate, a solid financial balance sheet position is crucial
for maintaining the confidence of our customers, our
suppliers, our shareholders and our employees.
Surplus free cashflow will be used to:
• reduce debts and pay dividend;
• maintain a strong balance sheet to be able to play a
role in the necessary consolidation.
Finance position and covenants
After payment of dividend over 2007 (€ 5.7 million)
and interest, interest bearing debt has (inclusive cash)
increased by € 13.2 million to € 71.7 million (2007: € 58.5
million) as at year end 2008. The company has a strong
balance sheet with a solvency of 45,2% (ultimo 2007
44,5%), a debt / EBITDA ratio of 1.9 and an EBITDA/interest
costs ratio of 8.6. Of the total gross debt of € 73.2 million
(at year-end 2008),
• 49% (€ 36 million) are financial leases for presses and
peripheral equipment
• 15% (€ 11.2 million) are due to a long-term mortgage
loan secured by property
• 34% are short-term cash loans (€ 25 million)
• 2% other bank loans (€ 1.0 million)
Dividend policy
RSDB´s dividend policy is based on a cash payout of
40% of the net result per ordinary share as long as the
solvency meets the required minimum of 30%. For the
years 2006 and 2007 RSDB chose, in view of the healthy
balance sheet, to pay the same dividend as for 2005,
being 75% of the 2006 net profit and 107% of the 2007 net
profit.
In the context of the conditions under which the banks
have given a waiver over 2008 and the new credit
facilities no proposal for dividend pay out over 2008 will
be made.
In addition, in the light of the prospects for 2009 and the
necessary far-reaching measures as part of our standalone
plan, it is an appropriate gesture towards all people
in our organisation.
Deventer, March 18, 2009
The Management Board
In addition to the existing financial leases and mortgage
loan, RSDB has entered into an agreement in principle
with ING and ABN AMRO for a € 50 million committed
facility which will go into effect ultimately May 10, 2009,
with a term of 1 year. This facility will be sufficient to
carry out our stand-alone business plan.
The covenants agreed fit within RSDB’s financial framework
(debt/normalized EBITDA < 3), normalised EBITDA/
Interest expense > 4.75, solvency > 30%).
RSDB Annual Report 2008 17

Report of the Management Board
regarding internal risk management and control systems
Risk profile
RSDB specifically belongs to the small group of top
independent printing companies in Europe that use
paper as the most important information carrier and
therefore produce and deliver print. RSDB shares are
listed on Euronext Amsterdam stock exchange. Contrary
to this, most of the many smaller, medium-sized and
larger competitors in the Netherlands and abroad are
not listed and therefore have less demanding disclosure
requirements.
This also applies to the increased requirements with
regard to Corporate Governance for listed companies.
The risk profile connected with this positioning is
described below, and will focus on the 5 major risks. It is
based on prior experience, while a reservation is made
with regard to risks that have no material influence and
unexpected risks in the short and longer term.
1. Continued pressure on prices and margin
erosion as a result of excess capacity
The western European market remains very competitive
as long as it has to deal with excess capacity. Both
the gravure printing market, with an estimated excess
capacity of 10-15%, and the weboffset market with an
estimated excess capacity of 15-20%, are experiencing
the consequences of this situation. Its main effect is the
continued pressure on prices.
For reasons of comparison, turnover provides a distorted
image, while added value is a better benchmark. The
EBITDA/Value Added ratio is currently declining each year
(see financial key figures). As a result of this, unprofitable
printing facilities are closed, facilities are merged into
larger and more efficient plants better equipped to cope
with the pressure or a restart is made. Improvements
in technology and operating processes mostly nullify
the advantages of the discontinued capacity, as a result
of which the excess capacity and the connected price
pressure become a constant factor. By closely guarding
the cost structure of all RSDB companies, by efficiently
using all capacity available within the group, by efficient
use of all the capacity within the group, by gradually
reducing unprofitable capacity within the operating
companies and by continued investing in modern equipment
in order to remain technically up to date, this risk is
reduced.
The only option for the sector as a whole to deal with
excess capacity is through merging of companies and
an extensive consolidation of the western European
printing industry.
This will enable the sector to achieve both cost and
investment reductions, and balance supply and demand.
2. The need to make replacement investments in
the market
Ever progressing new developments are the cause of
a continuous necessity to invest in order to be able to
serve customers competitively with regard to costs and
technology.
This can only be done through continuous monitoring of
investments and by further automation.
We will have to continue to make selective replacement
investments, but at a structurally lower level than
historic depreciation. The actual investments / depreciation
percentage over the period 2000-2008 was 70-80%
and will in the coming years amount to, on average,
between 50 – 60%.
3. Commercial utilisation of production capacity
crucial
For the acquisition and execution of orders, RSDB
companies have highly trained employees and equipment
to meet the requirements of the market. The
activities are characterised by a great diversity of orders
and clients both in the Netherlands and abroad. Profitability
is determined by capacity utilisation as well as
the level of efficiency and automation. Stagnation of the
order flow may result in temporary losses due to insufficient
capacity utilisation. The orders are partly annual
contracts – approximately 40% of group turnover – and
partly short-term orders – approximately 60% of the
group turnover – which are increasingly following from
long-term ‘preferred supplier’ agreements. The equipment
– machinery for prepress, printing and finishing – is
spread out over different plants. In case of malfunctions,
production can be switched quickly to capacity
elsewhere within the group of RSDB companies, so that
the company can practically always meet the agreed
specifications and delivery times.
4. Dependence on price developments of raw
materials
Raw materials have historically accounted for more than
50% of turnover. It is therefore evident that the operating
process strongly depends on the availability and price
development of these raw materials. With many of these
raw materials (paper, ink) the price of energy plays an
important part, this in addition to our own dependence
on the availability and the price of energy. Movements
on the energy market therefore have a direct effect on
margins within the industry. Higher costs for raw materi-
RSDB Annual Report 2008 19

Report of the Management Board
regarding internal risk management and control systems
als cause higher operating costs which in this market
with its high price pressure often cannot be passed on
to customers. RSDB enters into central purchasing deals
with all suppliers of raw materials and energy.
5. Inflexible fixed cost base
There are only very limited possibilities to adjust fixed
costs in line with the erosion of margins. The cost base
of RSDB is relatively inflexible. This is mainly the result
of the high number of full-time employees and agreements
in the national labour agreement for the sector
(the GrafiMedia CAO). Although end to end automation
and replacement investment enable RSDB to reduce
costs and increase productivity, (see key figures), this is
not sufficient to set off the erosion of margins caused
by excess capacity. For that, consolidation is the only
solution.
Management and control systems
In order to be able to monitor the operating and financial
performance of the companies, various guidelines and
procedures exist within RSDB. Some of these are:
• The tasks and powers of board members have been
laid down in a powers and authority scheme. In
addition, all tasks and powers of the employees are
described in individual function documents which are
evaluated annually by means of appraisal interviews;
• With regard to the management of financial risks,
there are procedures concerning reporting, budget
instructions, investment applications, credit rating,
debtor management, currency management and
cash management. These procedures are linked to a
system of periodical, written reporting in which the
companies must give a detailed description of the
operating developments and the financial performances.
These periodical reports are presented to the
Management Board, the Supervisory Board and the
management and are periodically discussed with the
managers concerned;
• Operating systems of the RSDB companies such as
calculation, planning and process control all have
been linked within one system, allowing for the best
possible monitoring. Adequate backup systems and
emergency power provisions have been provided to
exclude every risk of power cuts;
• The back offices of RSDB companies all work according
to one and the same financial system, so that
adequate control and consolidation can be carried
out;
• Developments in the market are closely monitored by
means of regular market research and customer satisfaction
surveys. Results of these surveys are closely
involved in the realisation of strategic initiatives;
• All production companies of RSDB have been certified
for ISO 14001 which adequately manages environmental
risks;
• A collective contract was entered into with one
‘arbodienst’ for all RSDB companies, as a result of
which one disability procedure is used. Risk inventory
and evaluation projects are carried out on a regular
basis at the companies;
• RSDB maintains a list of insiders, employees who
while exercising their duties may come into contact
with confidential information. These insiders must
observe the Insiders Regulations. These regulations
contain rules regarding the possession of and trading
in shares in the company, or in securities the value
of which is partly determined by the value of these
shares. All this in connection with the prevention of
insider trading;
• Compliance with legislation and regulations is
reported regularly and systematically to the Management
Board, and deviations are complied with
adequately in order of importance.
The consultative structure, established each year,
informs the Management Board on developments at the
companies. The structure includes periodical consultative
meetings with the management of the operating
companies. Regular items include medium term planning,
market analyses, results and budgets. As a result,
any reports on operational and financial risks can be
obtained in a timely manner. The management of these
operating companies independently produces comparative
evaluations and reports to the Management Board.
These reports are evaluated, together with the reports
regarding the outcome of internal and external audits.
Furthermore, consultative meetings with the Central
Works Council are held seven times per year. The
Central Works Council represents the works councils of
the various operating companies. These consultative
meetings are held in the presence of a delegation from
the Supervisory Board.
A whistleblower arrangement ensures that employees
have the possibility of reporting alleged irregularities of a
general, operational and financial nature in the company
without jeopardising their legal position.
20 RSDB Annual Report 2008

To guard the company culture and to support respect
for the generally accepted set of values legislation and
regulations, an RSDB Code Conduct applies to all RSDB
employees.
All reports and other activities with regard to the control
and management of operations within RSDB, as well as
possibilities for improvement, are regularly discussed
with the Supervisory Board.
Improvement plans in 2008
Late in 2007, four improvement plans have been introduced,
which received much attention during 2008:
• Improvement of the Management Information
System
• Strict working capital management
• Continuous improvement of process and cost
management
• Compliance
To improve management information, a number of
uniform ratios have been developed, with which it is easy
to determine how well the companies are performing,
both commercially and in the field of production and
purchasing. Examples of this are: capacity utilisation,
realised added value, order results, production efficiency,
margins, costs and working capital.
Strict working capital management is aimed at minimising
the difference between the value of supplies, debtors
and cash (current assets) and the creditors and other
short-term debts (the current liabilities). Examples of
these are monitoring of paper stocks, invoicing within 24
hours after delivery, the reduction of terms of payment
for customers and lengthening these terms regarding
suppliers.
Improved process and cost management by identifying
potential savings by purchasing and the assessment
whether efficiency can be improved by stricter process
management using the existing IT systems. Examples
are load factors of trucks, integrated paper waste
prevention, increase of ink efficiency and energy saving
programmes.
An inventory has been made of the status of the compliance
with legislation and regulations. Subsequently, a
prioritised action plan has been drawn up in order to deal
with exceptions.
In control statement
The Management Board of RSDB NV is responsible for
the effectiveness of the operating processes within
RSDB, for the financial reporting on these processes and
for the monitoring with regard to the enforcement of
rules and regulations. In order to carry out its tasks the
Management Board makes use of implemented systems
of risk management and control within the organisation.
These systems aim to give the board the best possible
control of the risk of not realising the operational and
financial objectives of the company. During the financial
year, the internal risk management and control systems
of the company are monitored, with which the significant
and company specific risks can be controlled as well as
possible.
During the year under review, the systems have
functioned properly, and there are no indications that
the risk management and control systems will not work
properly in the current year. The Management Board
therefore states that the internal risk management and
control systems give a reasonable amount of certainty
that the financial reporting contains no material
misrepresentations.
The described system of procedures and duties forms
a solid and reliable basis in the managing of the extent
to which the strategic and operational objectives of our
company are realised, including the reliability of internal
and external reports. Continued efforts of the specially
assigned project organisation are aimed at a more
complete and systematic approach of the internal risk
management and control system.
In 2008, standardisation of management reporting was
introduced, which will be further refined in 2009. As a
result of this, uniformity through the companies has
strongly improved, enabling the management to closely
monitor commercial capacity utilisation, costs, working
capital and investments.
RSDB Annual Report 2008 21

Corporate Governance
General
The Supervisory Board and the Management Board of
RSDB respect the principles and best practice provisions
of the Corporate Governance Code, and have been
observing these for some time, where these apply to
RSDB.
The amended Corporate Governance Code of December
10, 2008 also requires that attention is given to the social
aspects of entrepreneurship relevant to the company in
the communication with stakeholders of the company.
As RSDB publishes a separate Social Annual Report,
we will not go into too much detail with regard to the
subject in order to keep the financial accounts readable.
I. Observance and enforcement of the Code
In this chapter the company specifically states to what
extent the best practice provisions included in this code
are observed, and if not, why and to what extent it
deviates from these best practice provisions.
Each substantial change in the Corporate Governance
structure of the company and in the observance of
this code shall be submitted to the General Meeting of
Shareholders in a separate item of the agenda.
The group’s views and the relevant documents can be
found on the group website: www.rsdb.com/financial/
corporate governance.
II. The Executive Board
II.1. RESPONSIBILITIES AND PROCEDURES
The Management Board of RSDB fully endorses the
principle of the responsibilities and procedures of the
Management Board as stated in the Code and implemented
the majority of the described best practice provisions
within the company some time ago. With regard to
the policy concerning the proposed period of appointment
of members of the Management Board it is RSDB’s
view that the employment contract of the current CEO,
entered into in 2001 for an undetermined period of time
and with a notice period of six months, will be respected.
22 RSDB Annual Report 2008

On appointment of new board members best practice
II.1.1. of the Code will be applied, and board members
will be appointed in principle for a maximum period of
four years, also with a notice peridod of six months.
Reappointment can take place, each time for a maximum
period of four years.
The Management Board will submit for approval to the
Supervisory Board:
a) the operational and financial objectives of the
company;
b) the strategy which must lead to the realisation of
these objectives;
c) the preconditions with regard to this strategy, for
instance with regard to the financial ratios.
d) The social aspects of entrepreneurship relevant to the
company.
The main subjects will be outlined in the annual report.
The company has a specific internal risk management
and control system. The system is described in the annual
report.
RSDB also observes the other principles and best
practices mentioned in this chapter.
II.2. REMUNERATION
Amount and composition of the remuneration
The Supervisory Board analyses the possible outcome
of the variable remuneration components and their
consequences for the remuneration of the members
of the Management Board. A review is also carried out
with regard to market conformity (median level). This
review will use the survey carried out each year by Hay
Consultants. In general, the foundations of the present
remuneration system will remain unchanged. The
members of the Management Board of RSDB receive a
market median level remuneration which consists of a
fi xed and a variable part. The variable part is linked to
the development of EBITDA in relation to the average
invested capital. With regard to the long-term incentive,
RSDB has opted for a loyalty arrangement in the form
of Phantom Shares, which can be sold at the end of a
predetermined period against the share price of that
particular moment.
RSDB has no option or share schemes for its Executive
Board.
With regard to the exit arrangements, the best practice
provisions of the Code (11.2.7) will be observed.
With regard to the change of control provisions, the
employment agreements of the members of the
Management Board include a maximum payment of 24
months in case of termination of their employment in
connection with a public offer for the company.
Determination and disclosure of the remuneration
The principal points of the remuneration report regarding
the remuneration policy of the company have been
posted on the website. The notes to the annual accounts
include the statutory information regarding the amount
and structure of the remuneration of the individual
members of the Management Board. Amendments to
remuneration policy adopted by the General Meeting
of Shareholders will be submitted for adoption to the
General Meeting of Shareholders.
II.3. CONFLICTS OF INTEREST
Within RSDB there are no conflicts of interest between
the company and members of the Management Board.
Should these occur in the future, than the best practice
provisions with regard to this principle will be observed.
RSDB Annual Report 2008 23

Corporate Governance
III. Supervisory Board
III.1. RESPONSIBILITIES AND PROCEDURES
The Supervisory Board of RSDB fully endorses the
principle of the responsibilities and procedures of the
Supervisory Board as stated in the Corporate Governance
Code and implemented the best practice provisions
within the company some time ago. The regulations
containing principles and best practices for the Supervisory
Board can be found on the company website.
III.2. INDEPENDENCE
The composition of the Supervisory Board is such that
the members are able to act critically and independently
of one another and of the Management Board and any
particular interest.
III.3. EXPERTISE AND COMPOSITION
Based on a profile, the members of the Supervisory
Board have been selected for their specifi c expertise
required for the fulfilment of their duties within the
Board. Each member of the Supervisory Board is capable
to assess the broad outline of the overall policy. The
profile can be found on the website of the company.
III.4. ROLE OF THE CHAIRMAN OF THE SUPERVISORY
BOARD AND THE COMPANY SECRETARY
The Chairman of the Supervisory Board shall ensure
the proper functioning of the Supervisory Board and its
committees, and shall act on behalf of the Supervisory
Board as the main contact for the Management Board
and for shareholders regarding the functioning of
members of the Executive and Supervisory Board
members. The best practices described are observed.
In view of the size of the management structure of RSDB
it was decided to transfer support tasks for the Supervisory
Board to the Secretary of the Management Board.
The supervision on the correct following of procedures
and the acting in accordance with the statutory obligations
and obligations under the Articles of Association will
be carried out by the company’s Head of Legal Affairs.
III.5. COMPOSITION AND ROLE OF THREE KEY COMMIT‐
TEES OF THE SUPERVISORY BOARD
As long as the Supervisory Board of RSDB consists of
four members, the Code does not require the company
to appoint separate committees within its Board. All
members therefore have seats on the three key committees,
as a result of which the applicable best practice
provisions therefore relate to the whole Supervisory
Board. The regulations of the key committees form an
integrated part of the regulations regarding principles
and best practices of the Supervisory Board. These
regulations can be found on the website of the company.
In view of the amount of work and the retirement schedule,
the Supervisory Board believes it to be desirable to
return to the original number of five members. A profile
is placed on the website of the company. As soon as the
Board consists of five members, three separate committees
will be appointed.
III.6. CONFLICTS OF INTEREST
Within RSDB there are no conflicts of interest between
the company and members of the Supervisory Board.
Should these occur in the future, than the best practice
provisions with regard to this principle will be observed.
In 2008, ING Corporate Finance acted as adviser in the
negotiations with HHBV.
ING Corporate Finance through its subsidiary Parcom
Ventures holds 12.1 % of the share capital of RSDB NV.
In entering into this agreement with ING Corporate
Finance, best practice provision III.6.4 of the code was
observed.
III.7. REMUNERATION
The remuneration of the members of the Supervisory
Board of RSDB is not dependent on the results of the
company. The remuneration policy of the members of
the Supervisory Board was submitted to and adopted by
the General Meeting of Shareholders.
Amendments to this remuneration policy will be submitted
for adoption to the General Meeting of Shareholders.
III.8. ONE‐TIER MANAGEMENT STRUCTURE
The principle with regard to the One-tier management
structure does not apply to RSDB.
IV. (General Meeting of) Shareholders
IV.1. POWERS
The powers of the shareholders, as stated in the
Corporate Governance Code will be observed and the
decisions of the management board on a major change in
the identity or character of the company or the enterprise
shall, in accordance with the Articles of Association
of the Company, be submitted to the General Meeting of
Shareholders for approval. The agenda items mentioned
as best practice are discussed at the General Meeting of
24 RSDB Annual Report 2008

Shareholders. The company has also set a registration
date for the exercision of voting and meeting rights.
IV.2. DEPOSITARY RECEIPTS FOR SHARES
The principle with regard to depositary receipts for
shares and the thereby described best practice provisions
do not apply to RSDB.
IV.3. PROVISION OF INFORMATION TO AND LOGISTICS OF
THE GENERAL MEETING OF SHAREHOLDERS
The Management Board and the Supervisory Board of
RSDB endorse the principle of the provision of information
to and logistics of the General Meeting of Shareholders
as stated in the Corporate Governance Code and
observe all described best practice provisions.
The complete presentations, possible webcasts, etc. will
be available directly after themeetings via the website
www.rsdb.com / financial / investor relations / presentations.
IV.4. RESPONSIBILITY OF SHAREHOLDERS AND INSTITU‐
TIONAL INVESTORS
The principle with regard to the responsibility of
shareholders and institutional investors and the thereby
described best practice provisions do not apply to RSDB.
IV.5. ANTI‐TAKEOVER MEASURES
In the RSDB General Meeting of Shareholders of April 20,
2000, the proposal was adopted to grant the Foundation
‘Stichting Preferente Aandelen’ an option to take up
RSDB preference shares to the maximum number of
ordinary shares issued at that moment.
The objective of the Foundation ‘Stichting Preferente
Aandelen’ is to protect the interests of the company
in such a way that the interests of the company and of
all stakeholders are protected in the best possible way,
and that all infl uences which could infringe upon the
independence and/or the continuity and/or the identity
of the company against these interests are resisted to
the best of the foundation’s abilities, as well as performing
all actions which relate to or promote the above.
The Foundation aims to achieve its objective by acquiring
and holding preference shares in the capital of the
company and by exercising the rights connected with
these shares, including in particular the voting rights
on these shares. At year-end 2008, the Foundation held
option rights on 3,290,274 preference shares. The Board
of the Foundation ‘Stichting Preferente Aandelen’
consists of three independent members.
V. The audit of the financial reporting and
the position of the internal auditor function
and of the external auditor
V.1. FINANCIAL REPORTING
The Management Board of RSDB recognises its
responsibility for the accuracy and completeness of the
external financial reporting. The Management Board
and the Supervisory Board also recognise the role of the
Supervisory Board in supervising the fulfilment of this
responsibility by the Management Board.
V.2. ROLE, APPOINTMENT, REMUNERATION AND ASSESS‐
MENT OF THE FUNCTIONING OF THE EXTERNAL AUDITOR
The external auditor will be present at the General
Meeting of Shareholders.
The Supervisory Board, with due observance of the
advice of the Management Board, shall if necessary
submit the appointment of the external auditor to the
General Meeting of Shareholders.
V.3. INTERNAL AUDIT FUNCTION
The principle with regard to the internal auditor function
does not apply to RSDB.
V.4. RELATIONSHIP AND COMMUNICATION OF THE
EXTERNAL AUDITOR WITH THE BODIES OF THE
COMPANY
The principle with regard to the relationship and communication
of the external auditor with the bodies of the
company and the described best practice provisions are
observed by RSDB.
RSDB Annual Report 2008 25

Company description
RSDB NV is a Dutch company with its registered office
in Deventer (statutary office in Hilversum), which acts
as a holding company for the national and international
companies of RSDB. RSDB is a so-called large public
company (‘structuurvennoot-schap’). The ordinary
shares of RSDB are listed on Euronext Amsterdam.
Capital structure
The authorised share capital of the company amounts to
€ 85 million, divided into 8,500,000 ordinary shares and
8,500,000 preference shares, with a nominal value of € 5
each. As at December 31, 2008, 3,290,275 ordinary shares
were issued and placed.
Foundation ‘Stichting Preferente Aandelen
RSDB’
The foundation ‘Stichting Preferente Aandelen RSDB’,
with its registered office in Deventer, looks after the
interests of the company and all parties directly and
indirectly involved. The board of the foundation is
independent (also see Declaration of independence on
page 100).
The composition of the Board is as follows:
M.W. den Boogert, chairman
R.P. Voogd
W.H. Weiland
Shareholders
As at December 31, 2008, major shareholders as known
by the company were:
Laxey Partners Ltd. 18.9%
Riva Investments BV 15.3%
Bestinver 14.1%
Valcon Acquisition Holding (Luxembourg) sarl 13.5%
ING Group NV 12.1%
Marsala BV 6.8%
Each year the company requests from its shareholders an
authorisation to issue shares and restriction or exclusion
of preferential rights for a period of 18 months. During
that period, the Management Board may resolve to issue
shares, to grant rights to take up shares and to restrict
or exclude the preferential rights of shareholders. This
authority applies to ordinary shares to a number equal
to ten per cent (10%) of the currently issued share capital.
The authority also applies to all preference shares in the
authorised capital of the company, provided that the
number of outstanding preference shares can never
exceed the number of outstanding ordinary shares,
minus one.
The Management Board also requests authorisation
from its shareholders to obtain fully paid-up shares in
the capital of the company itself or depositary receipts
for these shares, to the legal and statutory allowed
maximum other than for no consideration, through any
way of acquisition of ownership, at a price that deviates
no more than 15% from the highest or the lowest price
at which such shares in the capital of the company are
traded on Euronext Amsterdam as per the date on which
the agreement regarding the acquisition of ownership
was closed.
In 2008, both these authorisations remained unused.
The company has no limitations regarding a certain
percentage or number of votes. Execution of voting
rights takes place at the General Meeting of Shareholders.
At the convocation of a General Meeting of
Shareholders, a registration date is set, whereby the
deadline is not set to be before the seventh day prior to
the meeting. All shareholders who hold shares on that
registration date, have the right to vote at the General
Meeting.
Supervisory Board
The Supervisory Board consists of at least three
members. At the moment, the Supervisory Board
consists of 4 members. A profile and regulations for the
Supervisory Board are available on the corporate website
and at the company’s registered office. The complete
Supervisory Board also forms the committee that carries
out the appointment, remuneration and audit policies
of the company. The members of the Supervisory Board
receive a remuneration that is independent of the
company’s profit and serve in principle no more than
three terms of four years.
The composition of the Supervisory Board is as follows:
D.J. Montgomery, chairman
A.P. Lugt, deputy chairman
H.C.A. Groenen
H.C.P. Noten
RSDB Annual Report 2008 27

Company description
The present members of the Supervisory Board retire
according to the following rotation schedule:
appointed reappointed available for
re-election
D.J. Montgomery 2006 2010
A.P. Lugt 2000 2004, 2008 --
H.C.A. Groenen 2004 2008 2012
H.C.P. Noten 2005 2009 2013
Management Board
The Management Board consists of several members and
has a collective responsibility, whereby the chairman has
a deciding vote.
The chairman is responsible for strategy, purchasing,
communications, human resource management and
the operational control of the business line Print
Productions. The portfolio of the second member of the
Management Board includes finance, corporate affairs,
ICT and the operational control of the business line
Marketing Communications and Roto Smeets
GrafiServices.
The composition of the Management Board is as follows:
J.P. Caris, CEO
E.H.O.M. Bouwman, CFO
Central Works Council
The company has a fully-fledged representative consultative
body consisting of a Central Works Council and the
usual company works councils.
The composition of the Executive Committee of the
Central Works Council is as follows:
C. van der Eerden, chairman
H. Overdijk
J.W.J. de Vooght
A.T.M. Stevens, official secretary
Important financial dates
General Meeting of Shareholders
15 April 2009
Business update 1st quarter 2009
14 May 2009
Press release half-year results 2009
20 August 2009
Business update 3rd quarter 2009
12 November 2009
Press release full-year results 2009
18 March 2010
General Meeting of Shareholders
28 April 2010
Mission statement
It is RSDB’s ambition to provide efficient and high addedvalue
services to its clients. RSDB aims to realise this in a
client focussed, open and reliable culture. A culture that
is characterised by an urge for perfection, respect and
mutual trust.
Adaptability, scale, modern means of production and
speed of action must thereby contribute to a healthy
development of earnings per share.
RSDB considers its environmental policy, like its concern
for health, safety and welfare, to be an integral part
of company policy. It also has a social engagement and
responsibility with respect to its employees, customers
and community.
Corporate calendar
The company has a corporate calendar, incorporating
all relevant dates with regard to official occasions and
publications, consultative meetings with the Management
Board and the shareholders, the Supervisory Board
and the Central Works Council, as well as the publication
dates of the periodical financial reports.
28 RSDB Annual Report 2008

ELS011_001 COVER.indd 1 10-03-2009 16:35:30
Profile
LANG LEVE DE
QUERULANT
SCHERINGA’S
EIGEN GUGGENHEIM
DE MALLE MEEDENKERS VAN
RITA VERDONK
DRAMA
OP WALL STREET
ISLAMCRITICUS
MARK STEYN:
NEDERLANDSE
BOER PLOEGT
VORM GELAAT
ZEGT MEER DAN
‘ARM EUROPA’
DAPPER VOORT
HUIDSKLEUR
20 MAART 2009 | WEEK 12 | NEDERLAND EN BELGIË €3,95
Organisation and areas of expertise
CRISIS
WWW.ELSEVIER.NL • 65ste JAARGANG • NUMMER 11 • 14 MAART 2009 • € 4,50
RSDB is one of the top five independent printing
businesses in Europe that use paper as the most
important information carrier and therefore oriduce and
supply printed matter. Both at home and abroad, RSDB
supplies a wide range of printing services and products.
The RSDB Group consists of 23 limited companies with
2,243 employees.
Apart from the Hungarian web offset printer Antok
Nyomdaipari (85%) and the participation in Business
Media (40%), all group companies are wholly-owned
subsidiaries of RSDB Holding.
Organisation
RSDB’s business model consists of core activities which
complement and strengthen each other. These activities
have been organised in two business lines: Print Productions
and Marketing Communications.
Interview
Dustin
Hoffman
Print Productions
The efficient production of rotogravure, web offset and
sheetfed print using specialised, full-service companies
as consultant, producer or director, managing the total
value chain from prepress to distribution.
The core of the business line Print Productions, active
in the market under the brand names Roto Smeets,
Pijnlijke maatregelen zijn noodzakelijk.
Maar maakt kabinet de goede keuzes
ONDERGRONDS DRAMA
Na Keulen: twijfel over Noord/Zuidlijn
Amsterdam. Nog geen meter geboord!
RSDB Holding: Purchase,
HR, Communication
John Caris
CEO
Edwin Bouwman
CFO
RSDB Holding: F&E,
ICT, Legal Affairs
Roto Smeets
Diepdruk
Roto Smeets Offset
Roto Smeets GrafiServices
MediaPartners Group
Leads to Loyals
Sales
Foreign offices / SPS
Sales
NL / Dutch Publ. / SPS
RS GrafiServices
Eindhoven / Nadruk
MediaPartners
Interne Communicatie
Roto Smeets Etten
Roto Smeets Utrecht
RS GrafiServices
Utrecht
MediaPartners
ActieCommunicatie
Roto Smeets Deventer /
Rotopack
Roto Smeets Weert
Pan Europees Mag.
MediaPartners
LoyaliteitsCommunicatie
De Wit
Grafische Projecten
Senefelder Misset
MediaPartners
Belgium
Antok
PSH / Hoogte 80
PRINT PRODUCTIONS
MARKETING COMMUNICATIONS
30 RSDB Annual Report 2008

V11_Cover_ABO 1 03
NUMMER 11
14 T/M 20 MAART 2009
PRIJS: €1,25
...HOERA!
RETRO-TV
KOMT DE
WIE-KENT-KWIS
OOK TERUG
HET IS
CRISIS
GA ONLINE
SHOPPEN!
BOEKEN
WEEK
INTERVIEW
TIM KRABBÉ
PLUS:
• X FACTOR:
LIVESHOWS
• DE TOPPERS OP
WEG NAAR MOSKOU
www.veronicamagazine.nl
TNT Post port betaald
ONM VIERT
FEESTJE
HIEPERDEPIEP...
MET KORTING NAAR DISNEYLAND PARIJS • KIJK OP PAG 66
+ KOERT-JAN DE BRUIJN CHRIS CORNELL OLIVIER TUI
Senefelder Misset and Antok Nyomdaipari, consists of
a sales organisation with its own sales offices in seven
countries within the European Union. Roto Smeets is
by far the market leader in the Netherlands. In northwestern
Europe, Roto Smeets has an approximate 5%
share of the market.
Roto Smeets offers the market short throughput times
and reliability of supply combined with cost effectiveness.
Its broad European orientation, together with a
sound knowledge of the market and craftsmanship has
given Roto Smeets a leading position within its area.
The services offered by the Print Productions companies
are divided over 4 areas of expertise:
Gravure
Roto Smeets Deventer and Roto Smeets Etten are
gravure printing companies, and the capacity of both
gravure printing facilities is regarded as one for market
purposes. Roto Smeets, on the basis of its total gravure
capacity, focuses on three market segments: publishers,
retail companies and mail order companies. Within its
available capacity the required products, with a huge
variation in number of pages, number of print copies
and formats, are produced in the most efficient and
effective manner. An important part of the turnover of
RS Deventer and RS Etten is for the export to a large
number of Western European landen.
Web offset
Roto Smeets Weert mainly operates on the market for
magazines with a medium-sized print run, magazines on
American A4-format and the market for promotional print.
Roto Smeets Utrecht strongly focuses on promotional
print including finishing and A4-sized magazines. RS
Utrecht also houses independent brands such as ‘De
Mediafabriek’ for broad pre-press services and PrintNmail
for digital printing and mail projects.
Together with Publishing Support sister companies PSH
Media Sales/ Hoogte 80 and a broad supply of printing
disciplines under one roof (prepress, sheetfed offset,
web offset and finishing), Senefelder Misset can provide
the best possible service to its customers. In Hungary,
web offset printing company Antok mainly provides
services to retail clients.
Owing to the extensive machine park, these printing
companies are able to guarantee large simultaneous
capacity and short throughput times.
Sheetfed offset
Roto Smeets GrafiServices Eindhoven and Roto Smeets
GrafiServices Utrecht are the specialised sheetfed
printing companies of RSDB. These companies offer
large scale capacity in combination with the newest
techniques with which they will be able to provide
shorter through-put times and an even better process
and cost control. They provide the finishing, pre-distribution
and distribution of print but also a broad range
of pre-media services. Marketing is primarily aimed at
magazines for publishing companies, associations and
institutions, annual reports and books, greeting cards
and marketing communication print.
Finishing
Within RSDB, De Wit Grafische Projecten focuses on
complete printing finishing activities of paperbound
products. This form of finishing is suitable for print
products with a large number of pages, such as
catalogues or travel brochures. The technique is also
used extensively for glossy magazines. Finishing activities
aimed at the cutting, folding, full-size gathering and
processing of small to medium-sized print runs are sent
to Nadruk Binders met een Accent for finishing. Finally,
Rotopack is strong in binding and sealing of various
magazines. In addition, it also specialises in the insertion
of samples with magazines, a good way of increasing
‘shop traffic’, support the introduction of products or
generate response.
RSDB Annual Report 2008 31

Profile
Marketing Communications
After the demerger and partial sale of parts of the
business line Marketing Communications in 2007, the
MediaPartners Group and Leads to Loyals in 2008 both
went their own way with the development of their plans.
MediaPartners Group
The MediaPartners Group offers the communications
world a unique combination of loyalty, internal and
action communication. Deze specialisms are represented
by three independently operating labels, which can offer
their customers creation (text, image and design, both in
print and digital) and project management.
Within the three labels LoyaliteitsCommunicatie (Loyalty
Communication), ActieCommunicatie (Action Communication)
and Interne Communicatie (Internal Communication)
the MediaPartners Group realises a wide range of
media such as magazines, newsletters (both in print and
digital), websites, books, personnel magazines, video
news, door-to-door mailings, instore communication
and advertising concepts for its clients. The labels are
supported by the MediaPartners Group’s specialists in
communication strategies and concept development,
and by a shared studio and purchasing department.
MediaPartners LoyaliteitsCommunicatie
Communication plays an important role in generating
loyalty. It is essential that information is provided in
the right tone of voice and in a way that the recipient
appreciates. An effective editorial approach enables
MediaPartners LoyaliteitsCommunicatie to support its
clients to reach their customers. The way in which this is
done varies, if only because the relationship between a
company and its clients is always unique.
MediaPartners LoyaliteitsCommunicatie delivers tailormade
solutions, and conceives and creates customised
media aimed at external target groups. The clients’
marketing and communication objectives are the starting
point. The company develops strategies and creative
solutions to achieve the desired result.
MediaPartners Interne Communicatie
The more personal a company’s communications with its
staff, the more they will feel involved. Internal communication
requires a delicate touch. MediaPartners Interne
Communicatie advises in this process and creates media
with appeal.
The MediaPartners Group works in the Netherlands for
companies such as ABN AMRO, Albert Heijn, Bastion,
Deloitte, Draka, Etos, Eurail, FBTO, Holland Casino, ING,
KLM, La Place, Nuon, Philips, Shell, Staatsbosbeheer,
T-Mobile, TNT Post, VacanceSelect and Vitae, and in
Belgium for clients including Ethias, Unilever and Ernst &
Young.
Leads to Loyals
Leads to Loyals provides a substantial contribution to the
optimisation of communication processes and increase
of the total customer value for its clients through its
expertise in the field of database marketing, computerisation
and cross-channel campaign management.
For its clients, which include Philips, Achmea, KPN,
Staatsbosbeheer, Tamoil, Euretco, Qpark, Ahold,
Mercedes Benz, Gall&Gall, Leads to Loyals consults on
and implements interactive marketing programmes
for strengthening and expanding client relationships,
reactivating customer relations and the use of up and
cross-selling opportunities.
The database and campaign management solutions
are geared toward the current situation, objectives
and requirements of the customer, and can be easily
adapted to the future situation. Leads to Loyals thereby
takes care of all inbound and outbound communication,
such as e-mail, direct mail, print, internet, (e)fulfilment,
telemarketing and SMS. For this Leads to Loyals can
provide central data processing and web-based access
to the CRM database and reporting tool, among other
services.
MediaPartners ActieCommunicatie
ActieCommunicatie is about getting a response: inspiring,
persuading and selling. MediaPartners ActieCommunicatie
translates ideas into effective campaigns, creates
a perfect match between copywriters and designers, and
knows all the ins and outs of action communication, in
print or digital.
32 RSDB Annual Report 2008

Corporate officers
CURRICULUM VITAE MEMBERS SUPERVISORY BOARD
D.J. Montgomery
Date of birth
November 8, 1948 (m)
Nationality
British
Current main position
Mecom Group Plc. (Chairman of the Board)
Former main position
Chairman Tri-Mex Group
Chairman The African Lakes Corporation
Supervisory directorships
RSDB NV (Chairman)
Tournigan Energy Limited (Chairman)
First appointment
2006
Current term
2006 - 2010
A.P. Lugt
Date of birth
July 15, 1939 (m)
Nationality
Dutch
Former main position
RSDB NV (Management Board Chairman)
Supervisory directorships
RSDB NV (Vice-Chairman)
First appointment
2000
Reappointment
2004, 2008
Current term
2008 - 2012
H.C.A. Groenen
Date of birth
July 31, 1944 (m)
Nationality
Dutch
Former main position
NMB Heller Holding NV (Managing Director)
Supervisory directorships
RSDB NV
Triple P NV
First appointment
2004
Reappointment
2008
Current term
2008-2012
H.C.P. Noten
Date of birth
February 20, 1958 (m)
Nationality
Dutch
Current main position
PvdA Senate of the Dutch Parliament (Chairman)
Former main position
NS Reizigers (Board Member)
Supervisory directorships
MN Services (Chairman)
ActiZ (Chairman)
Smit Internationale
RSDB NV
First appointment
2005
Current term
2005 - 2009
34 RSDB Annual Report 2008

CURRICULUM VITAE MEMBERS MANAGEMENT BOARD
J.P. Caris
Date of birth
March 31, 1948 (m)
Nationality
Dutch
Current main position
RSDB NV (Chairman of the Management Board)
Former main position
RSDB NV (Member of the Management Board)
Supervisory directorships
Rabobank Vallei and Rijn
Current term
Permanent appointment
E.H.O.M. Bouwman
Date of birth
April 22, 1967 (m)
Nationality
Dutch
Current main position
RSDB NV (Member of the Management Board)
Former main position
VP Finance New Business Upstream, Shell Upstream,
Rijswijk
First appointment
2007
Current term
2007 - 2011
J.P. Caris
E.H.O.M. Bouwman
RSDB Annual Report 2008 35

Corporate branches
Roto Smeets De Boer Holding BV
Trading name RSDB Holding
Hunneperkade 17004
7418 BT Deventer
P.O. Box 822
NL-7400 AV Deventer
Telephone : +31 570694900
Fax : +31 570694100
E-mail : info@rsdb.com
Site : www.rsdb.com
As of May 1, 2009
Roto Smeets Group B.V.
Print Productions
ROTO SMEETS SALES
Roto Smeets Nationaal Utrecht
Roto Smeets International Deventer
Roto Smeets Belgium NV/SA Brussels
Roto Smeets Denmark A/S Copenhagen
Roto Smeets Deutschland GmbH Bielefeld
Roto Smeets France SA Paris
Roto Smeets Ltd. Sawbridgeworth
Roto Smeets Sweden AB Täby
Marketing Communications
MediaPartners Group BV
Stroombaan 4
P.O. Box 2215
NL-1180 EE Amstelveen
Telephone : +31 205473600
Fax : +31 205473559
E-mail : info@mediapartners.nl
Site : www.mediapartners.nl
COMMUNICATION
MediaPartners Interne Communicatie
MediaPartners LoyaliteitsCommunicatie
MediaPartners ActieCommunicatie
MediaPartners Belgium
AUTOMATION
Leads to Loyals BV Capelle a/d IJssel
Minority participation
Business Media BV (40%) Ede
ROTO SMEETS PRODUCTION
Roto Smeets Deventer BV Deventer
Roto Smeets Etten BV Etten-Leur
Roto Smeets Utrecht BV Utrecht
Roto Smeets Weert BV Weert
Senefelder Misset BV Doetinchem
Antok Nyomdaipari KFT (85%) Celldömölk, Hungary
SHEETFED PLANTS
Roto Smeets GrafiServices Eindhoven BV Eindhoven
Roto Smeets GrafiServices Utrecht BV Utrecht
PRINTING SERVICES
De Wit Grafische Projecten BV Eindhoven
Nadruk Binders met een Accent BV Eindhoven
Periodieken Service Holland BV
Brand names PSH Media Sales/ Hoogte 80
strategische media Arnhem
Rotopack BV Deventer
Roto Smeets Grafische Nabewerking BV Eindhoven
36 RSDB Annual Report 2008

Key Figures
x € mln 2008 2007 2006 2005 2004
Income 447.5 485.0 531.3 534.9 537.3
Added Value 212.9 230.9 246.4 252.0 258.0
EBITDA 37.2 40.9 51.8 58.6 69.9
EBIT 5.8 6.3 15.2 25.0 36.9
Financing costs - 4.3 - 3.7 - 4.5 - 5.3 - 6.0
Result associates 0.0 3.7 0.0 0.4 0.0
Result before taxation 1.5 6.3 10.7 20.1 30.9
Income tax - 0.2 -0.9 - 3.1 - 5.7 - 10.3
Result discontinued operating activities 0.0 0.0 0.0 0.1 - 3.6
Net Result 1.3 5.4 7.6 14.5 17.0
Balance
Fixed assets 179.7 188.6 193.5 213.2 197.8
Current assets 108.9 115.2 132.0 131.1 184.3
Total assets 288.6 303.8 325.5 344.2 382.1
Group equity 130.4 135.2 135.7 134.1 126.7
Long-term liabilities 53.8 55.6 70.5 87.6 84.8
Current liabilities 104.4 113.0 119.3 122.5 170.6
Total liabilities 288.6 303.8 325.5 344.2 382.1
Cashflow
Cashflow from operational activities 13.3 50.4 27.6 29.3 64.2
Net investments 23.0 30.2 17.9 47.0 31.1
Ratio’s
EBITDA/Income 8.3% 8.4% 9.8% 10.9% 13.0%
EBITDA/Added Value 17.5% 17.7% 21.0% 23.2% 27.1%
Return on Capital Employed 0.7% 2.7% 3.6% 6.7% 8.1%
Added Value/kton (Eur) 510 547 570 617 634
Production costs/kton (Eur) *) 420 459 452 473 462
Net debt/EBITDA 1.9 1.4 1.6 1.6 1.2
EBITDA/intrestcosts 8.6 11.0 11.5 11.0 11.7
Solvency **) 45.2% 44.5% 41.7% 39.0% 33.2%
Figures per average share x € 1
Cashflow from operational activities 4.0 15.3 8.4 8.9 19.5
Nett result 0.4 1.7 2.3 4.4 5.2
Equity 39.6 41.1 41.2 40.8 38.5
Shareprice high 38.4 44.5 51.3 56.0 35.3
Shareprice low 14.2 30.5 32.5 34.6 23.8
Others
Number of full time equivalents 2,189 2,257 2,452 2,633 3,177
Number of outstanding shares 3,290,275 3,290,275 3,290,275 3,290,275 3,290,275
Average number of shares 3,290,275 3,290,275 3,290,275 3,290,275 3,290,275
*) Production costs consist of personnel expenses and other operating costs
**) Group equity devided by balance total

EBITDA as % of Added Value
in million euro's
Full-time Equivalents (FTE’s)
300
3500
250
200
27.1%
23.2%
21.0%
17.7%
17.5%
3300
3100
2900
2700
150
2500
100
2300
2100
50
1900
1700
0
2004 2005 2006 2007 2008
Added Value
EBITDA
1500
2004 2005 2006 2007 2008
Number of fte (ultimo) Average fte
80
Cashflow operational activities and investments
in million euro's
105
Added Value and Production costs
Index 2004 = 100
60
40
20
0
-20
-40
100
95
90
85
80
-60
2004 2005 2006 2007 2008
Cashflow operational activities Investments
Balance
75
2004 2005 2006 2007 2008
Added Value/kton Production costs/kton
60
50
Group equity and share prices
in euro’s
250
200
Group equity, Net debt and solvency (%)
in million euro's
33.2%
39.0%
41.7%
44.5%
45.2%
40
150
83.3
93.5
81.7
56.5
71.7
30
100
20
10
50
0
2004 2005 2006 2007 2008
Group equity
Share price high/low
0
2004
Group equity
2005
2006 2007 2008
Net debt

Annual Accounts - Consolidated profit and loss account
(x € 1,000) Notes 2008 2007
Total revenue 3 447,547 484,978
Cost of raw materials and consumables 5 - 202,867 - 207,179
Cost of work contracted out and other external costs 6 - 31,747 - 46,887
Value-added 212,933 230,912
Other revenue 4 - 3,126
Personnel expenses 7 - 124,086 - 133,072
Depreciation tangible fixed assets 8 - 31,661 - 33,288
Exceptional impairments 9 254 - 1,360
Other operating costs 10 - 51,609 - 60,020
Operating result 5,831 6,298
Financing income 11 518 443
Financing costs 12 - 4,861 - 4,152
Result on sale subsidiaries 13 - 3,731
Result before taxation 1,488 6,320
Income tax 14 - 202 - 881
Result after taxation 1,286 5,439
Attributed to:
Shareholders RSDB NV 1,354 5,447
Minority shares - 68 - 8
1,286 5,439
Attributed to shareholders RSDB NV:
Earnings per share 32 0.41 1.65
RSDB Annual Report 2008 39

Annual Accounts - Consolidated balance sheet as at December 31, 2008
(x € 1,000) Notes 2008 2007
ASSETS
Fixed assets
Tangible fixed assets 16 178,558 187,218
Associated companies / joint ventures 17 - -
Other financial fixed assets 18 1,157 1,350
179,715 188,568
Current assets
Stocks 19 12,285 8,554
Trade receivables 20 70,953 78,977
Other receivables / prepayments 21 17,507 18,981
Financial derivatives 22 87 271
Cash and cash equivalents 23 1,558 1,909
102,390 108,692
Assets classified as held for sale 2 6,525 6,525
108,915 115,217
Total assets 288,630 303,785
40 RSDB Annual Report 2008

(x € 1,000) Notes 2008 2007
EQUITY AND LIABILITIES
Equity attributable to equity holders of RSDB NV
Issued share capital 24 16,451 16,451
Share premium 25 12,833 12,833
Retained earnings 26 101,314 105,745
Other reserves 26 - 426 - 89
130,172 134,940
Minority interests 27 247 288
Total equity 130,419 135,228
Long-term liabilities
Deferred tax liability 15 1,726 2,228
Provisions 28 14,305 19,251
Interest-bearing loans and borrowings:
Loans 29 10,500 6,450
Lease obligations 29 27,239 27,625
53,770 55,554
Current liabilities
Trade and other liabilities 30 56,811 75,197
Finance companies 31 25,988 11,804
Interest-bearing loans and borrowings 29 9,494 12,604
Income tax payable 15 4,977 2,209
Provisions 28 7,171 11,189
104,441 113,003
Total liabilities 158,211 168,557
Total equity and liabilities 288,630 303,785
RSDB Annual Report 2008 41

Annual Accounts - Consolidated statement of changes in equity for
the year ended December 31, 2008
attributable to equity holders of the parent
minority
interests
total
equity
(x € 1,000) issued
capital
share
premium
retained
earnings
other
reserves
total
Balance as at January 1, 2008 16,451 12,833 105,745 - 89 134,940 288 135,228
Value changes forward currency
contracts - - - 242 242 - 242
Result from participations*) - - - - 579 - 579 27 - 552
Total income and expense for the year
recognised directly in equity - - - - 337 - 337 27 - 310
Result for the year - - 1,354 - 1,354 - 68 1,286
Total income and expenses - - 1,354 - 337 1,017 - 41 976
Dividend payments - - - 5,785 - - 5,785 - - 5,785
- - - 4,431 - 337 - 4,768 - 41 - 4,809
Balance as at December 31, 2008 16,451 12,833 101,314 - 426 130,172 247 130,419
*) A breakdown of the translation effects associated companies is listed in the notes to the consolidated balance sheet on page 74.
42 RSDB Annual Report 2008

Annual Accounts - Consolidated statement of changes in equity for
the year ended December 31, 2007
attributable to equity holders of the parent
minority
interests
total
equity
(x € 1,000) issued
capital
share
premium
retained
earnings
other
reserves
total
Balance as at January 1, 2007 16,451 12,833 106,083 52 135,419 298 135,717
Value changes forward currency
contracts - - - 312 312 - 312
Result from participations*) - - - - 382 - 382 - 2 - 384
Other changes**) - - - - 71 - 71 - - 71
Total income and expenses for the year
recognised directly in equity - - - 141 - 141 - 2 - 143
Result for the year - - 5,447 - 5,447 - 8 5,439
Total income and expenses - - 5,447 - 141 5,306 - 10 5,296
Dividend payments - - - 5,785 - - 5,785 - - 5,785
- - - 338 - 141 - 479 - 10 - 489
Balance as at December 31, 2007 16,451 12,833 105,745 - 89 134,940 288 135,228
*) A breakdown of the translation effects associated companies is listed in the notes to the consolidated balance sheet on page 74.
**) The otther change relates to shares of the company bought at the average price (at year-end 2007: 3,143 shares at € 22.73)
RSDB Annual Report 2008 43

Annual Accounts - Consolidated cash flow statement
(x € 1,000) Notes 2008 2007
Cash flow from operating activities
Net result 1,286 5,439
Depreciation and impairments 8/9 31,407 34,648
Profit on sale of assets held for sale - - 3,126
Profit on sale of subsidiaries - - 3,731
Other non-cash items 2,618 2,570
Changes in:
Stocks - 3,731 553
Trade receivables 7,778 8,073
Other receivables / prepayments 1,658 1,907
Trade and other payables - 19,636 9,873
Deferred taxation - 502 1,842
Provisions - 7,572 - 7,659
Cash flow from operating activities 13,306 50,389
Cash flow from investing activities
Investments in tangible fixed assets - 24,959 - 30,828
Divestments in tangible fixed assets 1,935 604
Result on sale of assets held for sale - 5,427
Sale of subsidiaries*) - 5,763
Loans granted - - 1,100
Repayments on loans 943 1,052
- 22,081 - 19,082
Cash flow from financing activities
Withdrawn risk-bearing loans 13,990 1,532
Repayments risk bearing loans - 13,436 - 10,869
Finance companies 14,184 - 15,620
Dividend - 5,785 - 5,785
8,953 - 30,742
Effect of changes in exchange rate - 529 - 450
Net change in cash and cash equivalents - 351 115
Cash and cash equivalents at beginning of year 23 1,909 1,794
Cash and cash equivalents at end of year 23 1,558 1,909
*) Sale of 2organize, InBetween Marketing Services and Logic Use in 2007.
44 RSDB Annual Report 2008

Annual Accounts - Consolidated cash flow statement
The cash flow from operating activities includes cash flows in:
(x € 1,000) 2008 2007
Taxes paid - 2,246 - 2,505
Interest received 328 344
Interest paid - 3,682 - 3,444
- 5,600 - 5,605
The following summary shows the notes to the cash flow statement from the sale of 2organize, InBetween Marketing
Services and Logic Use:
(x € 1,000) 2007
Received from sale of shares 2organize, InBetween Marketing Services and Logic Use*) 5,000
Settlement current account 1,072
Cash and cash equivalents sold - 309
Cash flow from sale of shares 2organize, InBetween Marketing Services and Logic Use 5,763
*) Including result on sale associated company of € 3.7 million and accounted for in the cash flow statement under operating activities.
RSDB Annual Report 2008 45

Annual Accounts - Accounting principles
Introduction
RSDB NV is a Dutch company with its registered office
in Deventer (statutory office in Hilversum) the ordinary
shares of which are listed on Euronext Amsterdam.
The activities of RSDB are described in the Company
Description on page 27.
The consolidated annual accounts as at December 31,
2008 of RSDB were drawn up by the Management Board
on March 18, 2009. The consolidated annual accounts
of RSDB will be adopted by the General Meeting of
Shareholders to be held at April 15, 2009..
In accordance with article 2:402 of the Netherlands Civil
Code the company profit and loss account only states the
result from associated companies after taxes as well as
other results after participations.
General
STATEMENT OF COMPLIANCE
The consolidated annual accounts of RSDB were drawn
up in accordance with the standards drawn up by the
International Accounting Standards Board and approved
by the European Commission, hereafter to be called
International Financial Reporting Standards (IFRS).
The consolidated annual accounts were drawn up
on the basis of historic costs, with the exception of
financial instruments and financial assets available for
divestment valued at market value. The consolidated
annual accounts are stated in Euros and all amounts have
been rounded off to thousands (€ 000), unless stated
otherwise.
CONSOLIDATION PRINCIPLES
The consolidated annual accounts comprise the annual
accounts of RSDB and its subsidiaries.
Subsidiaries are those companies in which RSDB has a
controlling interest, meaning that it has the power to
control the financial and operating policies of these companies
in order to gain advantage from their activities.
The annual accounts of the subsidiaries have been drawn
up as at the same reporting date as those of the parent
company, applying uniform valuation principles.
All balances and transactions, income and expenses
within the group and profits and losses from transactions
within the group included in the assets, are fully
eliminated.
Subsidiaries are consolidated as from the acquisition
date, being the date on which actual control was gained
over the acquired party. This consolidation is continued
until the moment that the actual control ceases to exist.
The minority interest of third parties in group equity and
group profit is stated under minority interest.
ASSETS AND LIABILITIES CLASSIFIED AS HELD FOR SALE
AND DISCONTINUED ACTIVITIES
Assets, liabilities and/or operating companies are
designated as being held for sale if their book value
will subsequently mainly be realised by way of a sales
transaction which is planned to take place within twelve
months and not by its continued use. Assets held for sale
are valued at their book value or lower market value less
sales costs.
The discontinued activities and the group assets maintained
for divestment have been separately stated in the
balance sheet.The results of the fixed assets maintained
for divestment and terminated activities have been
stated separately in the profit and loss account.
IMPORTANT CHANGES
IFRS standards en IFRIC interpretations
The IASB and IFRIC have issued new standards, amendments
to existing standards and interpretations, some
of which are not yet effective or have not yet been
endorsed by the European Union. RSDB has introduced
standards and interpretations that became effective in
2008. The adoption of these standards and interpretations
did not have any effect on the group’s financial
performance or position.
The following standards and interpretations have not yet
been adopted by RSDB:
IFRS 8 Operating segments
IFRS 8, issued in November 2006 and effective as from
January 1, introduces the requirement to report financial
and descriptive information about operating segments
on the same basis as is used internally for evaluating
operating segment performance and for decision making
regarding the allocation of means. RSDB already uses the
same performance measures and reporting structures
for external financial reporting as were used for regular
review of segment performance. This new standard does
therefore not have a significant effect on the consolidated
annual accounts.
IFRS 3 / IAS 27R Valuation of business combinations
The revised IFRS 3 will become effective as of 2010. It
introduces a number of changes which have limited
effect on RSDB.
46 RSDB Annual Report 2008

– The requirement that contingent consideration must
be measured at fair value with subsequent changes in
this value being recognized in the income statement.
– The requirement to expense transaction costs for
business combinations when incurred.
– Additional guidance for step-acquisitions and for the
measurement of non-controlling interests.
IAS 23 Financing costs
The amendment to IAS 23, which removes the option of
immediately recognizing as an expense borrowing costs
that are directly attributable to the acquisition, construction
or production of qualifying assets, will become
effective as of July 1, 2009.
This amendment is not expected to have any consequences
for RSDB.
IAS 1 Presentation of financial statements
The amendment to IAS 1, which introduces the requirement
to report total comprehensive income in either
a single statement of total comprehensive income
or in a separate statement of comprehensive income
will become effective as of 2009. It is already standard
practice at RSDB to provide a separate statement of
comprehensive income (currently called ‘consolidated
statement of recognized income and expense’) and the
company will align this with the new requirements.
IAS 27 The consolidated and the separate annual
accounts
The amendment to IAS 27, providing further clarification
on accounting for non-controlling interests in subsidiaries
in the consolidated annual accounts will become
effective as of 2010. The changes are not expected to
have a significant impact on the consolidated annual
accounts.
IFRS 2 Share-based payment
The amendment to IFRS 2, clarifies the definition of vesting
conditions, introduces the concept of non-vesting
conditions that are to be reflected in grant-date fair value
and provides the accounting treatment for non-vesting
conditions and cancellations.
The amendment will become applicable for the 2009
annual accounts. The changes are not expected to have
any significant consequence for the consolidated annual
accounts.
The amendments to IAS 32 and IAS 1 with respect to
puttable financial instruments and obligations arising
on liquidation, the amendments to IFRS 1 and IAS 27
in relation to the cost of an investment in a subsidiary,
jointly controlled entity or associate and the amendments
to IAS 39 with respect to eligible hedged items
are not expected to have any effect on the consolidated
annual accounts. The October 2008 amendment to IAS
39 and IFRS 7 that permits the reclassification of certain
no derivative financial assets will not be applied by RSDB.
IFRIC 12 Service concession arrangements, IFRIC 13
Customer loyalty programmes, IFRIC 15 Agreements for
the construction of real estate and IFRIC 16 Hedges of a
Net Investment in a Foreign Operation.
IFRIC 12, IFRIC 13, IFRIC 15 and IFRIC 16 are not expected
to have a signifant impact on the consolidated annual
accounts.
IFRIC 14, ‘IAS 19 Restriction of assets pursuant to
committed pension arrangements, minimal financing
obligations and their interaction’
IFRIC 14, IAS 19, gives a more detailed explanation of the
fact that assets related to committed pension arrangements
may only be included in the balance sheet when
there is an economic advantage, available in the form of
repayments from a committed pension arrangement or
a reduction of future contributions to the arrangement,
especially when there is a minimum financing obligation.
The interpretation applies to certain committed pension
arrangements of the group but is not expected to have
significant consequences for the consolidated annual
accounts.
IMPORTANT ASSESSMENTS AND VALUATION
UNCERTAINTIES
In drawing up the annual accounts, valuations and
assumptions are made with regard to the inclusion and
valuation of assets and liabilities, off-balance sheets
rights and commitments as well as income and expenditure.
The main assumptions regarding the future and other
important sources of valuation uncertainties as at the
balance sheet date which carry a considerable risk of
a substantial adjustment of the book value of assets
and obligations in the next financial year, concern the
exceptional impairments of assets and the provisions.
EXCHANGE RATE FOREIGN CURRENCIES
The consolidated annual accounts are stated in euros,
which is also the functional and reporting currency of
RSDB. Each group entity determines its own functional
currency, and the items included in the annual accounts
of each entity are valued on the basis of this functional
RSDB Annual Report 2008 47

Annual Accounts - Accounting principles
currency. Transactions in foreign currencies are at first
inclusion stated at the exchange rate of the functional
currency as at the date of the transaction. Monetary
assets and commitments stated in foreign currencies are
translated at the exchange rate of the functional currency
as at the balance sheet date. Possible differences will be
charged to the profit and loss account, with the exception
of differences resulting from borrowed funds in
foreign currencies which serve to hedge an investment
in a foreign entity. These are incorporated directly in the
shareholders’ equity up to the moment of divestment
of the said entity, after which they are accounted in the
consolidated profit and loss account.
Non-monetary assets and liabilities valued at historic
costs in a foreign currency are translated at the exchange
rates as at the date of the original transactions.
The functional currency of the foreign activities (Antok
Nyomdaipari Kft.) is the Hungarian Forint, that of Roto
Smeets Denmark A/S is the Danish Kroner, that of Roto
Smeets Ltd. is Sterling and that of Roto Smeets Sweden
AB is the Swedish Krona. As at the reporting date, the
assets and liabilities of these group companies are
translated in the reporting currency of RSDB (the Euro) at
the exchange rate as at the balance sheet date. The profit
and loss accounts are translated at the weighted average
exchange rate for the year. The exchange rate differences
resulting from the translation are directly brought under
a separate component of the shareholders’ equity, after
adjustment for deferred taxes. At divestment of a foreign
entity, the deferred accumulated amount included in the
shareholders’ equity for that foreign activity, is accounted
in the profit and loss account.
Valuation principles for the balance sheet
TANGIBLE FIXED ASSETS
The tangible fixed assets are valued at cost, less accumulated
depreciation and exceptional impairment. The
cost of the assets, in addition to the acquisition price, if
applicable, also comprise the initial estimate of the costs
of dismantling and removal of the asset and of the cleaning
up of the property where the asset was based.
Depreciation is linear, based on a percentage of the
acquisition price and the expected useful life, taking into
account possible residual value.
Depreciation starts when the assets are taken into use.
Replacement costs are only capitalised if these lead to a
longer useful life of the asset.
Tangible fixed assets are tested for exceptional impairment
if events or changes in conditions point out that
that the book value might not be realisable. Tangible
fixed assets on order are only included in the balance
sheet as far as advance payments have been made. A
tangible fixed asset will no longer be included in the
balance sheet after it has been divested or if no future
economic advantage is expected from the use or divestment
of the asset. Possible proceeds or losses resulting
from the elimination of the asset from the balance sheet
(which will be stated as the balance of the net proceeds
at divestment and the book value of the asset) will be
included in the profit and loss account of the year in
which the asset was eliminated from the balance sheet.
The residual value and the useful life of the asset are
assessed and, if necessary, adjusted at the end of each
financial year.
LEASES
The determination of whether an arrangement is,
or contains a lease is based on the substance of the
arrangement at inception date of whether the fulfilment
of the arrangement is dependent on the use of a specific
asset or assets or the arrangement conveys a right to use
the asset. A reassessment is made after inception of the
lease only if one of the following applies:
a) There is a change in contractual terms, other than a
renewal or extension of the arrangement;
b) A renewal option is exercised or extension granted,
unless the term of the renewal or extension was
initially included in the lease term;
c) There is a change in the determination of whether
fulfilment is dependant on a specified asset; or
d) There is a substantial change to the asset.
Where a reassessment is made, lease accounting shall
commence or cease from the date when the change in
circumstances gave rise to the reassessment for scenarios
a), c) or d) and at the date of renewal or extension
period for scenario b.
For arrangements entered into prior to January 1, 2005,
the date of inception is deemed to be January 1, 2005 in
accordance with the transitional requirements of IFRIC 4.
RSDB as a lessee
Finance leases, which transfer to RSDB substantially all
the risks and benefits incidental to ownership of the
leased item, are capitalised at the inception of the lease
at the fair value of the leased property or, if lower, at the
present value of the minimum lease payments. Lease
payments are apportioned between the finance charges
and reduction of the lease liability so as to achieve a
constant rate of interest on the remaining balance of the
48 RSDB Annual Report 2008

liability. Finance charges are charged reflected in the
income statement.
Capitalised leased assets are depreciated over the
estimated useful life of the asset and the shorter lease
term, if there is no reasonable certainty that RSDB will
obtain ownership by the end of the lease term.
Operating lease payments are recognised as an expense
in the income statement on a straight line basis over the
lease term.
ASSOCIATED PARTICIPATIONS AND JOINT VENTURES
Joint ventures are those companies which activities
RSDB jointly controls with third parties on the basis of a
contractual agreement.
RSDB values the joint venture on the basis of the
‘equity’ method. The equity method is a method of
processing whereby the investment is initially included
at cost and subsequently is adjusted, taking account
of the change in the share of the net assets after the
takeover.
Associated participations are those companies over
which financial and operating policies RSDB exercises
a material influence, without actually controlling these
companies. The participations are valued in accordance
with the ‘equity’ method. In the consolidated annual
accounts, the share of RSDB in the total of accounted
profits and losses on joint ventures and associated
participations is stated on the basis of the ‘equity’
method, from the moment that the material influence is
actually exercised to the moment that it actually ceases
to exist.
FINANCIAL ASSETS
In accordance with IAS 39, financial assets are considered
as a financial asset at fair value through profit
or loss, as loans and receivables, as held to maturity
investments or as available for sale financial assets.
At the initial inclusion of financial assets these are
included at fair value, augmented by (in case of a
financial asset not included at fair value, with recognition
of valuation changes in the profit and loss account)
the directly attributable transaction costs.
RSDB determines the classification of its financial assets
after the first recognition and, if allowed and applicable,
the classification is reassessed at the end of each
financial year.
All regular acquisitions of financial assets are included
as at the transaction date, meaning the date on which
RSDB takes on the obligation to acquire the asset.
Regular acquisitions and divestments are acquisitions
and divestments of financial assets for which assets must
be delivered within a period generally determined by
regulations or custom in the market.
An active financial asset is no longer incorporated into
the balance if a transaction leads to all or nearly all rights
to economic advantage and all or nearly all risks related
to the position are transferred to a third party.
Financial assets at fair value through profit or loss
All derivatives are regarded as being kept for trade purposes
unless they are regarded as hedging instrument
and are effective. Derivatives are financial instruments
requiring no or only a limited net initial investment,
settlement of which takes place in the future depending
on movements in a certain share price or price (such as
interest rate or the price of a financial instrument). The
valuation changes are directly recognised in the profit
and loss account.
Held to maturity investments
Held to maturity investments are assets with fixed
payments and a fixed term whereby RSDB is determined
and has the possibility to retain these investments until
the end of their term. Held to maturity investments are
valued at depreciated cost on the basis of the effective
interest rate less possible depreciation.
Loans and receivables
Loans and receivables are financial assets with fixed or
determinable payments not listed on an active market.
Trade and other receivables are included at depreciated
value on the basis of the effective interest rate method.
Profits and losses are incorporated in the result as soon
as the loans and receivables are no longer included in the
balance sheet or suffer an exceptional impairment.
A provision will be made for an exceptional impairment
of trade and other receivables if such receivables
become uncollectible. A receivable becomes uncollectible
when there is objective evidence (such as the
probability of insolvency or significant financial difficulties
of the debtor) that RSDB will not be able to collect
all of the amounts due under the original terms of the
invoice. Significant financial difficulties of the debtor, the
probability of insolvency of the debtor or an expected
financial reconstruction, as well a default or delinquency
are regarded as indicators for a permanent impairment
of the receivable. The amount of the provision is
RSDB Annual Report 2008 49

Annual Accounts - Accounting principles
measured as the balance of the asset’s carrying amount
and the present value of future cash flows, discounted
at the financial asset’s original effective interest rate.
The exceptional impairment will be recognised in the
profit and loss account, together with future reversals of
earlier exceptional impairments.
Financial assets available for sale financial assets
Financial assets available for sale financial assets
are financial assets not classified in one of the above
Financial assets available for sale financials assets
mentioned categories. After the initial recognition the
financial assets available for investment are valued at
realisable value. The profit or loss is recognised as a
separate component of the shareholders’ equity until the
asset is no longer included in the balance sheet or until it
is determined that the asset has suffered an exceptional
impairment. At such a moment the accumulated profit
or the loss that was previously accounted for in the
shareholders’ equity, is included in the profit and loss
account.
Determination of the fair value
The fair value of the financial assets which are actively
traded on organised financial markets is determined on
the basis of the share price. The fair value of financial
assets for which there is no active market, is determined
using valuation techniques. The basis for such methods
may include the most recent business market transactions
or the present market value or another instrument,
which is practically similar, or a cash value determination
and option models.
Offsetting of financial instruments
Financial assets and liabilities are offset and the net
amount is stated in the balance sheet at the moment
there is a legally enforceable right to offset and the intention
exists to settle on a net basis or to realise the asset
at the same time that the obligation is settled.
Hedge-accounting
RSDB uses derivative financial instruments such as currency
futures contracts and interest rate swaps to hedge
risks regarding currency and interest rate movements.
Such derivative financial instruments are recognised
when first included at the realisable value as at the date
on which the contract was entered into, and the realisable
value is subsequently determined again. Possible profits
or losses resulting from changes in the realisable value of
the derivative instruments which do not form part of a
hedging relation are directly recognised in the result.
For the hedging of the risk of possible volatility of cash
flows in connection with expected transactions, RSDB
uses hedge accounting.
At the closing of a hedging transaction, the hedging
relation is formally designated and documented by RSDB,
as is the objective and the policy of RSDB regarding
management of financial risks in entering into a hedging
relation.
Cash flow hedging which meets the strict conditions of
hedge accounting, are recognised as follows.
The part of the profit or the loss on the hedging instrument
of which it is determined that it is an effective form
of hedging, is directly incorporated in the shareholders’
equity, taking account of this tax effect, while the
non-effective part is recognised in the profit and loss
account. The amounts included in the shareholders’
equity are transferred to the profit and loss account in
the same period in which the hedged income or expenses
were included or the expected divestment or acquisition
is performed. This is accounted for as revenue. If the
expected transaction is no longer expected to take place,
the amounts initially included in the shareholders’ equity
will be transferred to the result.
If the hedging instrument expires, is sold, terminated,
exercised (without replacement or rollover) or if the
designation as hedging is taken away, the amounts that
were initially included in the capital will remain in the
shareholders’ equity until the expected transaction takes
place. If the transaction concerned is not expected to
take place, the amount will be charged to the profit and
loss account.
IMPAIRMENT OF FINANCIAL ASSETS
RSDB assesses at each balance sheet date whether a
financial asset or group of financial assets is impaired.
Assets carried at amortised cost
If there is objective evidence that an impairment loss
on loans and receivables carried at amortised cost has
been incurred, the amount of the loss is measured as
the difference between the asset’s carrying amount
and the present value of estimated future cash flows
(excluding future expected credit losses that have not
been incurred) discounted at the financial asset’s original
effective interest rate (i.e. the effective interest rate
computed at initial recognition). The amount of the loss
shall be recognised in profit or loss.
If, in a subsequent period, the amount of the impairment
loss decreases and the decrease can be related objec-
50 RSDB Annual Report 2008

tively to an event occurring after the impairment was
recognised, the previously recognised impairment loss
is reversed. Any subsequent reversal of an impairment
loss is recognised in profit or loss, to the extent that the
carrying value of the asset does not exceed its amortised
cost at the reversal date.
Financial assets available for sale
If a disposable asset has suffered an exceptional devaluation,
an amount equivalent to the gap between the
acquisition value (less any redemptions on the principal
amount and depreciation) and the realisable value, after
deduction of any additional impairments already taken
in prior years through the company’s accounts, will be
charged against shareholders’ equity through the profit
and loss account.
A reversal of an impairment on equity instruments
available for divestment is not included in the profit and
loss account.
A reversal of impairments on loan certificates occurs
through the profit and loss account, if the increase in the
realisable value of these instruments has objectively been
caused by an event that occurred after this impairment
charge was taken through the profit and loss account.
IMPAIRMENT OF NON‐FINANCIAL ASSETS
As at the reporting date, RSDB assesses whether there
are indications that an asset has suffered an exceptional
impairment. If there is such a indication or if the annual
assessment on exceptional impairment of an asset is
required, RSDB estimates the realisable value of the
asset. The realisable value of an asset is the highest of
the realisable value of an asset after deduction of sales
costs or the cash flow generating unit after deduction of
sales costs or the value in use, unless the asset does not
generate incoming cash flows which are largely independent
of the flows of other assets or groups of assets.
If the book value of an asset exceeds the realisable value,
the asset is deemed to have suffered an exceptional
impairment and will be marked down to the realisable
value.
On each reporting date an assessment is made whether
there are indications that a previously recognised
exceptional impairment does not longer exist or is
diminished. If there is such a indication, the realisable
value is estimated. A previously recognised loss due to
exceptional impairment will only be reversed when a
change has occurred in the estimation used to determine
the realisable value of the asset since the inclusion of the
last loss due to exceptional impairment.
If this is the case, the book value of the asset is raised to
the realisable value. This raised amount can not exceed
the book value that would have been determined (after
deduction of depreciation) if no exceptional impairment
had been included for the asset in previous years. Such
a reversal is recognised in the profit or the loss account.
After such a reversal the depreciation is adjusted to
systematically attribute the revised book value of the
asset (after deduction of possible residual value) for the
remaining useful life to future periods.
STOCKS
Stocks of finished products, trade goods and raw
materials and consumables to be used in the production
process, are valued at cost or the lower market value.
The cost of stocks comprise all acquisition costs, conversion
costs and other costs to bring the stocks at their
present location and in their present state.
CASH AND CASH EQUIVALENTS
Cash and cash equivalents comprise cash and short-term
investments which can be immediately cashed. Deposits
and other fixed interest instruments with an initial term
of less than three months are regarded as cash equivalent.
PROVISIONS
A provision is created when:
– RSDB has a current (in straight enforceable or factual)
obligation as a result of a past event;
– It is probable that an outflow of means which harbours
economic advantages, will be required to settle the
obligation, and
– A reliable estimate can be made of the amount of the
obligation.
If RSDB expects that (part of) a provision will be
compensated, the compensation will only be included as
a separate asset, if it is as good as certain. The expense
connected with a provision will be included in the profit
and loss account after deduction of possible compensation.
The amount included as provision is the most
accurate estimate of the expenses required to settle the
existing obligation on the balance sheet date. Provisions
are assessed on each balance sheet date and adjusted to
reflect the most accurate estimate. If it is no longer probable
that an outflow of means shall be required to settle
the obligation, the provision will be retransferred.
If the effect of the time value of money is material, the
provisions are discounted at a pre-tax discount factor
which, if necessary, takes into account the specific risks
RSDB Annual Report 2008 51

Annual Accounts - Accounting principles
of the obligation. If the provisions are discounted, the
increase of the provision will be recognised as financing
costs because of the passing of time.
INTEREST BEARING LOANS
The first valuation of interest bearing loans takes place
at realisable value of the received consideration less
transaction costs. After the first incorporation, the
interest bearing loans are valued at depreciated cost
on the basis of the effective interest rate method. The
depreciated value is determined incorporating possible
discounts or premiums.
PENSIONS
Defined contribution schemes
Contributions to defined contribution schemes are
recognised in the profit and loss account as costs in the
year to which they relate.
Defined benefit schemes
RSDB has a defined benefit scheme, the fund Grafische
Bedrijfsfondsen (GBF). With regard to the GBF, which
has a collective scheme of several employers, up to now
insufficient information was available to use the settlement
methods for defined benefit schemes. This scheme
is settled as if it was a defined contribution scheme.
When the claims from a scheme change the part of the
higher claims connected with the employment record of
employees is incorporated in the profit and loss account
as costs in accordance with the linear method, over the
average period until the claims become irrevocable. As
far as these claims immediately become irrevocable,
they are directly incorporated in the profit and loss
account.
The net commitment from the defined benefit scheme
is the total of the cash value of the gross commitment
and the not incorporated actuarial profits and losses
less the not yet incorporated pension costs of the past
employment (‘back service’) and the realisable value of
the funds’ investment from which the obligations must
be directly settled. If such a total amount is negative,
the asset is valued at the lowest of the total amount
or the total amount of accumulated not incorporated
actuarial losses, back service costs and the cash value
of possible economic advantages available in the form
of repayments from the scheme or reductions of future
contributions to the scheme.
SHARE‐BASED REMUNERATIONS
RSDB directors receive remunerations in the form of
share-based payments. These share-based payments
are settled by way of cash payment (‘cash settled’). The
costs of share-based remunerations are determined on
the basis of the market value of the shares on the date
the shares were allocated. The costs of these shares are
included in the profit and loss account (personnel costs)
during the period in which the shares are not payable,
offset by other long-term debts. The market value of
the debt is re-determined at the end of each reporting
period. Changes are included in the result.
TAXATION
Tax obligations and receivables
Tax obligations and receivables for the current and previous
years are valued at the amount that is expected to be
payable to or to be received from the tax authorities. The
taxation amount is calculated on the basis of the legally
determined tax rates and prevailing tax laws.
Tax obligations and receivables for the period under
review are included in the shareholders’ equity as far as
these relate to items directly included in the shareholders’
equity in the period.
Deferred taxation
A provision is created for deferred taxation on the basis
of the temporary discrepancies as at the balance sheet
date between the fiscal value of assets and liabilities and
their book value as stated in these annual accounts.
Deferred tax credits are included for all recoverable
temporary discrepancies, unused fiscal facilities and
unrecovered fiscal losses, as far as the probability exists
that there will be some fiscal profit available from
which the recoverable temporary discrepancies can be
recovered and the recoverable temporary discrepancies,
unused fiscal facilities and unrecovered fiscal losses can
be employed.
The book value of the deferred tax credits are assessed
as at the balance sheet date and reduced as far as it is not
probable that sufficient fiscal profit will be available from
which the temporary discrepancy can be completely or
partly recovered. Not incorporated deferred tax credits
are reassessed as at the balance sheet date and incorporated
as far as it is probable that future fiscal profit
will be available from which this deferred credit can be
recovered.
52 RSDB Annual Report 2008

Deferred tax credits and obligations are valued at taxation
rates which are expected to be applicable during the
period in which the credit is realised or the obligation is
settled, on the basis of the legally determined tax rates
and prevailing tax laws.
Deferred tax credits and obligations will be balanced if
there is a legally enforceable right to balance tax credits
with tax obligations and the deferred taxation relating to
the same taxable entity and tax authority.
TRADE CREDITORS AND OTHER SHORT‐TERM DEBTS.
Trade creditors and other short-term debts are stated
after first recognition at the depreciated value on the
basis of the effective interest rate method.
NO LONGER INCORPORATING FINANCIAL ASSETS AND
LIABILITIES IN THE BALANCE SHEET
Financial assets
A financial asset will no longer be incorporated in the
balance sheet if:
– The entity is no longer entitled to cash flow from this
asset;
– RSDB has retained the right to receive cash flows from
this asset, but has entered into an obligation to pay
these cash flows to a third party without a substantial
delay in accordance with a special agreement or
– RSDB has transferred its rights to the cash flows from
this asset and either (a) has mostly transferred all risks
and advantages of this asset, or (b) has not mostly
transferred or retained all risks and advantages of this
asset, but has transferred the control over this asset.
Financial liabilities
A financial obligation will no longer be incorporated in
the balance sheet as soon as the performance has been
delivered in accordance with the obligation, this obligation
has been lifted or has expired.
If an existing obligation is replaced by another of the
same funds provider at almost identical conditions, or
the conditions of the existing obligations are substantially
changed, such a replacement or change is treated as
no longer incorporating of the original obligation in the
balance sheet and the incorporation of a new obligation.
The difference in the book values concerned is incorporated
in the profit and loss account.
Principles for the determination of result
Revenue is recognised as far as it is probable that the
economic advantages will benefit RSDB, the income can
be determined reliably and the main risks and advantages
have been transferred.
Costs are attributed to the year to which they relate.
REVENUE
Income from services provided is recognised at the
moment of delivery. The income from current orders as
at the balance sheet date are included to the amount
of the order costs incurred covered by income from the
order. The order costs are stated as costs in the period
in which they were incurred. Expected losses on current
third-party orders are stated as costs immediately.
Interest income and expenses are processed in the
financial year to which they relate and accounted for as
the interest accumulates via the effective interest rate
method.
The interest rate component of financial lease agreements
is incorporated in the profit and loss account using
the annuity method. Dividends are attributed to the year
in which the dividends concerned were made payable.
GOVERNMENT SUBSIDIES
Government subsidies are incorporated if there is a
reasonable degree of certainty that the subsidy will be
received, that all relevant conditions will be met and
accounted for systematically in the period in which the
costs these subsidies are meant to compensate incurred.
TAXATION
Tax payable and recoverable tax during the year under
review and deferred taxation are accounted for in the
profit and loss account over the period to which they
relate, unless these relate to items directly attributed to
the shareholders’ equity, in which case the taxation is
attributed to the shareholders’ equity.
The determination takes into account the fiscal facilities
available in the countries.
PRINCIPLES FOR DRAWING UP THE CONSOLIDATED CASH
FLOW STATEMENT
The cash flow statement is drawn up according to the
indirect method. Income and expenses from interest and
corporate income tax, as well as received dividends of
non-consolidated participations, are incorporated under
cash flow from operating activities. Paid dividends are
incorporated under cash flow from financing activities.
RSDB Annual Report 2008 53

Transactions whereby no funds are exchanged, are not
incorporated in the cash flow statement.
DISCONTINUED OPERATIONS
A discontinued operation is a part of the activities of
RSDB representing a separate major operating activity
or a separate major geographical operating area, or is
a subsidiary acquired for the sole purpose of reselling.
Classification as discontinued operation is done at divestment
or, if earlier, when the operation meets the criteria
for classification as available for divestment (IFRS 5). This
may also include a group of assets being discontinued.
54 RSDB Annual Report 2008

Notes to the consolidated financial statements
Contents
Explanation
page
1. Segment information 56
2. Assets held for sale 59
3. Revenue 60
4. Other revenue 61
5. Costs of raw materials and consumables 61
6. Costs of work contracted out and other external costs 61
7. Personnel expenses 61
8. Depreciation tangible fixed assets 62
9. Exceptional impairments 62
10. Other operating costs 63
11. Financed income 63
12. Financing costs 63
13. Result on sale subsidiaries 64
14. Income Tax 64
15. Deferred tax liability 65
16. Tangible fixed assets 66
17. Associated companies and joint ventures 68
18. Other financial fixed assets 68
19. Stocks 70
20. Trade receivables 70
21. Other receivables / prepayments 71
22. Financial derivatives 71
23. Cash and cash equivalents 73
24. Share capital issued 73
25. Share premium 73
26. Retained earnings and other reserves 74
27. Minority interests 75
28. Provisions 76
29. Interest bearing loans and borrowings 78
30. Trade and other liabilities 79
31. Finance companies 79
32. Earnings per share 80
33. Contingent liabilities / rights 81
34. Financial risk management objectives and policies 81
35. Related party disclosures 84
36. Remuneration of members of the Management Board and the Supervisory Board 86
37. Paid and proposed dividend 87
RSDB Annual Report 2008 55

Annual Accounts - Notes to the consolidated financial statements
1. Segment information
The following summary shows the segment information in 2008:
(x € 1,000) Print
Productions
Marketing
Communications
eliminations
total
Revenue 429,059 18,488 - 447,547
Intersegment revenue - 3 - 3 -
Total revenue 429,059 18,491 - 3 447,547
Segment net results - 669 1,955 - 1,286
Assets and liabilities
Segment assets 267,403 4,839 - 250 271,992
Assets classified as held for sale 6,525
Unallocated assets 10,113
Total assets 288,630
Segment liabilities 92,876 1,724 - 250 94,350
Unallocated liabilities 63,861
Total liabilities 158,211
Other segment information
Capital expenditure tangible fixed assets 24,838 121 - 24,959
Depreciation tangible fixed assets
(including exceptional impairments) 31,494 167 - 31,661
BUSINESS SEGMENTS
A segment is a separate part of RSDB active in either providing services (operational segment) or delivering products /
services within a certain economic area (geographical segment), which is subject tot other risks and income than other
segments.
The primary segmentation takes place on the basis of company segment. The business line Print Productions is aimed
at the efficient and effective production of volume print. The business line Marketing Communications focuses on the
set-up and execution of customer processes – the development and production of communication carriers – and the
processing and optimising of customer data. The secondary segmentation takes place according to the geographical
lay-out, whereby a distinction is made between Euro and non-Euro countries.
56 RSDB Annual Report 2008

The following summary shows the segment information in 2007:
(x € 1,000) Print
Productions
Marketing
Communications
eliminations
total
Revenue 456,505 28,473 - 484,978
Intersegment revenue - 443 - 443 -
Total revenue 456,505 28,916 - 443 484,978
Segment net results 1,985 3,454 - 5,439
Assets and liabilities
Segment assets 282,001 6,866 - 605 288,262
Assets classified as held for sale - - - 6,525
Unallocated assets - - - 8,998
Total assets 303,785
Segment liabilities 116,046 3,246 - 605 118,687
Unallocated liabilities - - - 49,870
Total liabilities 168,557
Other segment information
Capital expenditure tangible fixed assets 30,554 274 - 30,828
Depreciation tangible fixed assets
(including exceptional impairments) 33,655 416 - 34,071
RSDB Annual Report 2008 57

Annual Accounts - Notes to the consolidated financial statements
GEOGRAPHICAL SEGMENTS
The following summary shows revenue and certain asset information regarding the geographical segments over 2008:
(x € 1,000) Eurozone non-Eurozone total
Revenue
Revenue per segment 341,055 106,492 447,547
Other segment information
Segment assets 260,385 11,607 271,992
Assets classified as held for sale - - 6,525
Unallocated assets - - 10,113
Total assets 288,630
Capital expenditure tangible fixed assets 24,285 674 24,959
Depreciation tangible fixed assets
(including exceptional impairments) 31,048 613 31,661
The following summary shows revenue and certain asset information regarding the geographical segments over 2007:
(x € 1,000) Eurozone non-Eurozone total
Revenue
Revenue per segment 373,637 111,341 484,978
Other segment information
Segment assets 275,523 12,739 288,262
Assets classified as held for sale – – 6,525
Unallocated assets – – 8,998
Total assets 303,785
Capital expenditure tangible fixed assets 29,032 1,796 30,828
Depreciation tangible fixed assets
(including exceptional impairments) 33,419 652 34,071
58 RSDB Annual Report 2008

2. Assets held for sale
The major classes of assets and liabilities classified as held for sale at December 31, are as follows:
(x € 1,000) 2008 2007
Activa
Tangible fixed assets 6,525 6,525
Assets classified as held for sale 6,525 6,525
The tangible fixed assets classified as held for sale relate to the real estate in Breda and Heerhugowaard. The assets have
been classified for some years as ‘held for sale’. This is the result of facts and conditions outside the control of RSDB.
Nevertheless, RSDB maintains its plans to sell these assets.
RSDB Annual Report 2008 59

Annual Accounts - Notes to the consolidated financial statements
3. Revenue
The following summaries provide a breakdown of revenue provided by the continued activities:
THE GEOGRAPHICAL DISTRIBUTION OF REVENUE:
(x € 1,000) 2008 2007
The Netherlands 268,865 305,579
Belgium 24,466 22,164
Denmark 26,671 19,638
Sweden 36,997 40,537
France 15,086 16,129
Germany 30,335 27,979
United Kingdom 22,655 28,794
United States of America 3,263 4,286
Hungary 8,608 9,325
Austria 2,303 1,312
Norway 4,566 2,289
Other export 3,732 6,946
447,547 484,978
Percentage export 39,9% 37,0%
THE DISTRIBUTION OF REVENUE TO PRODUCTION PROCESS:
(x € 1,000) 2008 2007
Gravure 206,702 214,365
Weboffset 188,970 205,560
Sheetfed offset 26,351 28,457
Pre-publishing and direct marketing 25,524 36,596
447,547 484,978
THE DISTRIBUTION OF REVENUE TO PRODUCTION CATEGORY:
(x € 1,000) 2008 2007
Magazines 173,363 195,013
Radio / TV guides 33,945 38,902
Catalogues 44,674 52,942
Promotional material 186,864 177,025
Directories 1,114 1,529
Other 7,587 19,567
447,547 484,978
60 RSDB Annual Report 2008

4. Other revenue
(x € 1,000) 2008 2007
Book profit on sold properties in Hilversum and Vlaardingen - 3,126
5. Costs of raw materials and consumables
- 3,126
(x € 1,000) 2008 2007
Paper 166,468 168,970
Ink 22,395 23,220
Other raw materials and consumables 14,004 14,989
202,867 207,179
6. Costs of work contracted out and other external costs
(x € 1,000) 2008 2007
Work contracted out 16,553 31,457
Freight and distribution costs 15,194 15,430
31,747 46,887
7. Personnel expenses
(x € 1,000) 2008 2007
Wages and salaries 94,068 98,964
Social security 13,087 13,640
Flexible employees 10,084 9,604
Other personnel costs 2,653 5,519
Pension obligations 6,271 5,238
Addition provision reorganisation costs 933 3,805
Severance pay 681 420
ESF subsidies - 3,691 - 4,118
124,086 133,072
The pension provision included a sum of € 0.8 million in 2007, related to the transfer from the Misset Pension Fund to PGB.
This sum is made up as follows:
(x € 1.000) 2008 2007
Pension costs current year - 1.919
Interest costs - 6.588
Expected return on investment portfolio - - 9.332
Recognised gain / loss - - 249
Cost transfer pension plan - 1,884
Pension costs incorporated in the profit and loss account - 810
RSDB Annual Report 2008 61

Annual Accounts - Notes to the consolidated financial statements
The group employed an average of 2,196 (fte’s) in 2008 (2007: 2,341) divided as follows:
2008 2007
Print Productions 2,061 2,137
Marketing Communications 107 173
Group management, staff and general services 28 31
2,196 2,341
8. Depreciation tangible fixed assets
(x € 1,000) 2008 2007
Industrial buildings 4,616 4,600
Plant and equipment 24,370 24,607
Other fixed assets 2,675 4,081
31,661 33,288
9. Exceptional impairments
(x € 1,000) 2008 2007
Plant and equipment - 783
Trade receivables 639 1,132
Financial fixed assets - 500
Covered exceptional impairments - 893 - 1,055
- 254 1,360
At each reporting date, RSDB assesses whether there are indications that an asset has suffered an exceptional impairment.
If there is such an indication, RSDB must make an estimate the realisable value of the asset.
At year-end 2008, the book value of the net assets exceeded the market capitalisation of the company. As a result, the
company has concluded that there are indications that assets might have suffered an exceptional impairment.
In accordance with IFRS, the company at year-end 2008 carried out an impairment test on the basis of these indications,
for the separate cash flow generating units Print Productions Nederland, Print Productions Europe and Marketing
Communications.
The realisable value of the cash flow generating units was determined on the basis of value in use, being the cash value
of the future cash flows attributable to the units. The discount factor used for the determination of the value in use is
8.6%.
For all cash flow generating units, the realisable value at year-end 2008 exceeded the book value. Therefore, at year-end
2008 there were no other exceptional impairments of assets or combination of assets.
62 RSDB Annual Report 2008

10. Other operating costs
(x € 1.000) 2008 2007
Selling costs 1,979 2,600
Maintenance and repair machines 15,874 14,290
Energy costs 16,258 17,395
Housing costs 4,938 5,493
Car lease 2,131 2,229
Rental and lease costs machines 251 128
Insurance and taxes 2,253 2,505
Change environment provision - 423 667
Exchange differences 566 571
Other general costs*) 8,048 14,437
51,875 60,315
Passed on to third parties - 266 - 295
51,609 60,020
*) Including costs incurred in 2007 related to the planned acquisition of Quebecor Europe of € 7.5 million.
11. Finance income
(x € 1,000) 2008 2007
Interest loans 182 171
Bank interest 146 173
Interest corporate tax 190 -
Rate swap - 99
518 443
12. Financing costs
(x € 1,000) 2008 2007
Bank loans / overdrafts 2,023 1,449
Interest costs lease obligations 1,658 1,995
Rate swap 509 -
Discounting provisions 671 708
4,861 4,152
RSDB Annual Report 2008 63

Annual Accounts - Notes to the consolidated financial statements
13. Result on sale subsidiaries
(x € 1,000) 2008 2007
Result sale 2organize / InBetween Marketing Services - 3,700
Result sale Logic Use BV - 31
- 3,731
14. Income tax
The breakdown of the income tax items in the profit and loss account and to equity is as follows:
(x € 1,000) 2008 2007
Consolidated profit and loss account
Current income tax:
Current income tax charge 523 - 404
Adjustments in respect of current income tax of previous years - 227 - 127
Deferred income tax:
Related to items charged or credited directly to equity - 94 1,310
Rate change effect on carryback (from 29.6% to 25.5%) - 102
Income tax expense reported in the consolidated profit and loss account 202 881
Consolidated statement of changes in equity
Deferred income tax related to items charged or credited directly to equity:
change on forward currency contracts 83 107
Income tax expense charged or credited to equity 83 107
The effective tax burden on pre-tax profit differs from the nominal income tax rate in the Netherlands. A breakdown of
this gap is illustrated in the table below:
(in %) 2008 2007
Domestic nominal income tax rate 25,5 25,5
Tax-exempt profit on sale of group companies - - 13,1
Revision taxes prior years - 21,0 - 2,0
Deviating foreign tax burden 3,9 1,9
Energy deduction - 1,2 - 0,4
Non-deductable amounts 6,4 2,0
Effective tax burden 13,6 13,9
64 RSDB Annual Report 2008

15. Deferred tax liability
Deferred income tax as at December 31 relates to the following:
(x € 1,000 unless stated otherwise) consolidated balance
sheet
consolidated profit
and loss account
2008 2007 2008 2007
Deferred tax liability
Fixed assets 2,960 4,058 - 684 468
Stock 215 105 - -
Other receivables/prepayments - 270 - - 20
Financial Derivatives 22 69 - 47 132
Other provisions 98 72 - -
3,295 4,574 - 731 580
Deferred income tax assets
Provisions 1,569 2,346 741 824
Losses available for offset against future
taxable income - - - 13
1,569 2,346 741 837
Result deferred income tax 10 1,417
Deferred tax liability net 1,726 2,228
Year-end 2008 the fiscal set-off of losses amounts to nil (2007: € 0.01 million)
RSDB Annual Report 2008 65

Annual Accounts - Notes to the consolidated financial statements
16. Tangible fixed assets
The following summary shows the changes during 2008:
(x € 1,000) land and
buildings
plant and
equipment
other fixed
assets
assets on
order
total
Balance as at January 1, 2008
Cumulative acquisition value 136,202 454,666 38,932 15,761 645,561
Cumulative depreciation and impairments - 77,024 - 347,654 - 33,665 - - 458,343
Book value 59,178 107,012 5,267 15,761 187,218
Changes in book value
Investments 12,223 22,596 1,861 - 11,721 24,959
Divestments - 1,034 - 630 - 271 - - 1,935
Exchange rate differences - - - 23 - - 23
Depreciation - 4,615 - 24,371 - 2,675 - - 31,661
Balance 6,574 - 2,405 - 1,108 - 11,721 - 8,660
Balance as at December 31, 2008
Cumulative acquisition value 147,166 470,601 36,350 4,040 658,157
Cumulative depreciation - 81,414 - 365,994 - 32,191 - - 479,599
Book value 65,752 104,607 4,159 4,040 178,558
The depreciation periods are as follows:
Land and buildings : 30 – 50 year
Plant and equipment : 7 – 12.5 year
Other fixed assets : 3 – 5 year
Plant and equipment includes equipment available to the company and classified under a financial lease agreement. The
relevant long-term liabilities with a book value of € 36.0 million at year-end are accounted for under ‘interest-bearing
loans’.
66 RSDB Annual Report 2008

Tangible fixed assets
The following summary shows the changes during 2007:
(x € 1,000) land and
buildings
plant and
equipment
other fixed
assets
assets on
orde
total
Balance as at January 1, 2007
Cumulative acquisition value 135,989 460,529 36,663 7,691 640,872
Cumulative depreciation and impairments - 73,815 - 345,033 - 30,358 - - 449,206
Book value 62,174 115,496 6,305 7,691 191,666
Changes in book value
Investments 1,766 17,289 3,680 8,093 30,828
Divestments - 150 - 372 - 627 - - 1,149
Exchange rate differences - 12 - 11 - 10 - 23 - 56
Exceptional impairments - - 783 - - - 783
Depreciation - 4,600 - 24,607 - 4,081 - - 33,288
Balance - 2,996 - 8,484 - 1,038 8,070 - 4,448
Balance as at December 31, 2007
Cumulative acquisition value 136,202 454,666 38,932 15,761 645,561
Cumulative depreciation - 77,024 - 347,654 - 33,665 - - 458,343
Book value 59,178 107,012 5,267 15,761 187,218
Plant and equipment includes equipment available to the company and classified under a financial lease agreement. The
relevant long-term liabilities with a book value of € 36,1 million at year-end are accounted for under ‘interest-bearing
loans’.
The exceptional impairments relate to assets that have been taken out of use and therefore no longer instrumental to
the company’s activities.
RSDB Annual Report 2008 67

Annual Accounts - Notes to the consolidated financial statements
17. Associated companies and joint ventures
This item related to the share in non-consolidated associated companies.
Participating interests with a negative net equity value are valued at nil. The material impact is so insignificant that has
been refrained from providing further details in pursuance of IAS 28.37b.
As at December 31, 2008 the company has a 40% interest in Business Media BV.
18. Other financial fixed assets
This concerns receivables with a life term of more than one year. The part of the receivables with a term of less than one
year is classified under other receivables / prepayments.
(x € 1,000) 2008 2007
Balance as at January 1 1,350 1,802
Granted - 1,100
Earn-out arrangement 250 -
Received payments - 193 - 52
Receivables incorporated under other current assets - 750 - 1,000
Provision for exceptional impairments 500 - 500
Balance as at December 31 1,157 1,350
The balance as at December 31 is specified as follows:
(x € 1,000) 2008 2007
Loans personnel 22 48
Loan Signum Group BV 805 952
Claim Signum Group BV (earn-out arrangement) 250 -
Loan Adnovate Holding BV 80 100
Loan PlantijnCasparie Beheer BV - 750
1,157 1,850
Provision for exceptional impairments - - 500
1,157 1,350
Transaction table of the provision for exceptional impairments:
(x € 1,000) 2008 2007
Balance as at January 1 500 -
Withdrawn - 500
Taken back - 500 -
Balance as at December 31 - 500
68 RSDB Annual Report 2008

Loan granted to Signum Group BV
On July 10, 2007, a loan of € 1.0 million was granted to Signum Group BV in connection with the sale of 2organize BV and
InBetween Marketing Services BV to Signum Group BV. The loan is partially used for financing of the acquisition price,
The interest rate amounts to 250 basis points above three months’ Euribor per year. Payment of interest and instalments
will be made at 50% of the free cash flow per calendar year, the first term on the basis of the free cash flow for the 2008
calendar year on March 31, 2009. The first payment, irrespective of the actual cash flow, is maximised to € 0.1 million.
The loan is subordinated to the loans granted by Fortis Bank NV in connection with the above share transaction. With
permission of Fortis Bank NV, Signum may make early repayments without penalty.
Earn-out arrangement Signum Group BV
At the divestment of 2organize BV and InBetween Marketing Services BV, in addition to the cash segment of the transaction,
an earn-out arrangement was agreed. The term of the earn-out arrangement relates to the calendar years 2008
through 2012. If the operating result in the year concerned exceeds € 1.4 million, 25% of the amount over this benchmark
will be paid to RSDB as an earn-out. This percentage increases from 25 to 50 at an operating result of € 1.8 million in any
year. The determined amount will be converted into an interest-free loan to Signum Group BV. The accumulated earn-out
obligation will be paid to RSDB in total after the determination of the amount of the obligation for the fifth year.
The earn out has been maximised to € 1.25 million for the entire term. Given the development of the operating result of
the Signum Group BV the aforementioned earn-out arrangement is at year-end 2008 valued at € 0.25 million.
Loan granted to Adnovate Holding BV
On December 7, 2007, a loan of € 0.1 million was granted to Adnovate Holding BV in connection with the sale of Logic Use
BV. The loan is partially used for financing of the acquisition price. The interest rate amounts to 150 basis points above
three months’ Euribor per year, with a minimum of 5%. Interest will always be payable in arrear each quarter, the first
term at the end of March 2008.
Loan granted to PlantijnCasparie Beheer BV
Loan granted to PlantijnCasparie Beheer BV as part of the financing of the consideration for the divestment in 2005 of
PlantijnCasparie Beheer BV and its participations. The loan amounts to € 3.5 million. The interest over the not yet repaid
part of the loan is 300 basis points over three months Euribor per year, provided that the interest rate will at all times be
at least 5%.
The interest will be fixed each quarter. Repayment of the loan will take place on the basis of a fixed repayment scheme and,
with due observance of the following stipulations, will take place in quarterly redemptions of € 0.25 million. In case the
solvency of PlantijnCasparie Beheer BV for the last financial year amounts to less than 25% but more than 15%, the quarterly
terms of the following financial year will amount to € 0.125 million, starting with the second quarter, If, as soon as and as
long as the solvency of PlantijnCasparie Beheer BV amounts to 15% or less, no repayments will have to take place. The loan
is subordinate to the receivables of all present and future financiers of PlantijnCasparie Beheer BV and its participations, in
the sense that – contrary to the above – PlantijnCasparie Beheer BV will not be held to any repayment or interest payment
on this loan (and RSDB claims will therefore not be demandable), if and as far as PlantijnCasparie Beheer BV is in default or,
as a result of these repayments or interest payments, would default in relation to one or more of its financiers.
Thieme GrafiMedia Group BV declares itself jointly and severally liable vis-à-vis RSDB to fulfil all obligations for Plantijn-
Casparie Beheer BV following from this loan agreement.
PlantijnCasparie Beheer BV and Thieme GrafiMedia Group BV hereby pledge to co-operate in granting securities in pledge,
ranking second after the financiers of properties, machines and debtors and work in progress.
From the loan € 0.75 million has been classified as other receivables / prepayments as at December 31, 2008.
RSDB Annual Report 2008 69

Annual Accounts - Notes to the consolidated financial statements
19. Stocks
(x € 1,000) 2008 2007
Raw materials and consumables 12,044 8,464
Finished goods and goods for sale 241 90
Balance as at December 31 12,285 8,554
20. Trade receivables
Trade receivables are non-interest bearing assets with an average collection period between 30 – 90 days.
(x € 1,000) 2008 2007
Trade debtors 74,595 82,873
Provision for exceptional impairments - 3,642 - 3,896
Balance as at December 31 70,953 78,977
Transaction table of the provision for exceptional impairments:
(x € 1,000) 2008 2007
Balance as at January 1 3,896 4,273
Withdrawn 1,032 1,591
Taken back - 393 - 1,055
Utilised - 893 - 913
Balance as at December 31 3,642 3,896
The provision for extraordinary depreciation is fixed at the level of the individual debitor.
With regard to trade debtors on which no exceptional impairments had been made and that have not defaulted on their
payments there are no indications that they will not meet the payment obligations. Of the total trade debtors, 79.6%
(2007: 80.5% ) have not been impaired upon nor have defaulted on their obligations, 18.3% (2007: 16.1%) have payments
that are less than 3 months overdue whereas 2.1% (2007: 3.4%) of the receivables is more than 3 months overdue.
70 RSDB Annual Report 2008

21. Other receivables / prepayments
(x € 1,000) 2008 2007
Other receivables 9,737 9,347
Billable 6,830 8,425
Prepayments 940 1,209
Balance as at December 31 17,507 18,981
22. Financial derivatives
The main risks to which RSDB is subjected to is formed by the liquidity and the market risk (consisting of an interest rate
risk, a currency risk and a price risk). The financial policy of RSDB is aimed, in the short term, at restricting the effects of
exchange rate and interest rate fluctuations and in the longer term to follow market exchange and interest rates.
RSDB uses financial derivative products to control the risks connected to the operating activities, whereby no speculative
positions are taken with these financial derivative products.
The company uses various financial instruments in order to limit currency and interest rate risks. For currency risks,
it uses FX cylinder contracts which consist of a combination of an FX call option and an FX put option. The company
also uses FX Window Forward Extra contracts, a combination of an FX call option and an FX put option with an agreed
‘trigger’. When this trigger occurs in the agreed period, the FX Window Forward Extra changes into a currency future
transaction with an agreed price.
RATE SWAPS
To cover the interst rate risk of the variable rate financing interest rate swaps are used whereby RSDB has committed
itself to settle the difference between the 3-months interbank rate and agreed interest rates at moments agreed in
advance.
To cover the interest rate risk of the variable coupon financing an interest rate swap contract of € 10 million was entered
into. The contract is based on a fixed 4.08% rate on the basis of a 3-months Euribor, ending January 2, 2012. No hedge
accounting will be applied.
The rate swap contracts entered into as at December 31, 2008 are specified as follows:
(x € 1,000) 2008 expiration 3-months
interest
market value
2008
10,000 January 2, 2012 4.08% - 374
(x € 1,000) 2007 expiration 3-months
interest
market value
2007
10,000 January 2, 2012 4.08% 135
RSDB Annual Report 2008 71

Annual Accounts - Notes to the consolidated financial statements
FORWARD CURRENCY CONTRACTS
In 2008 RSDB hedged GBP 2.8 million (2007: GBP 0.3 million) of its estimated net cash flow in GBP by way of average rate
currency future contracts and average rate currency options, at an average GBP exchange rate over the four quarters of
2009 of GBP 0.80 per Euro. In 2008, RSDB hedged SEK 7.2 million (2007: SEK 66.1 million) of its estimated net cash flow in
SEK by way of average rate currency future contracts, at an average SEK exchange rate over the four quarters of 2009 of
SEK 9.62 per Euro. These hedges have fixed a part of the GBP and SEK income of RSDB in 2008 at these exchange rates.
Cash flow hedge accounting is applied to these hedges. In 2008, as a result of these hedges, an amount of € 0.5 million
(2007: € 0.1 million) was included in the operating income of the segments involved in accordance with the realisation of
the anticipated cash flows. It was determined that none of these hedges were significantly ineffective.
(x € 1,000) 2008 2007
EUR / GBP contracts 400 22
EUR / SEK contracts 61 114
461 136
The company uses financial instruments in order to limit currency rate risks.
The currency contracts entered into on December 31, 2008 for sales contracts outside the eurozone relate to Sterling
(2.8 million) and Swedish Krona (7.2 million).
The cash flow hedge of the expected future production was assessed to be effective and an unreleased result of € 0.2
million with a deferred tax charge of € 0.1 million relating to the hedging instrument is included in equity.
currency
(x 1,000)
expiration
sale after
12-31-2008
sale after
12-31-2007
market value 2008
(x € 1,000)
market value 2007
(x € 1,000)
GBP 1st quarter 2008 274 22
1st quarter 2009 2,405 396
2nd quarter 2009 380 4
2,785 274 400 22
SEK 1st quarter 2008 26,143 48
2nd quarter 2008 12,000 19
3rd quarter 2008 12,000 20
4th quarter 2008 12,000 20
1st quarter 2009 4,000 4,000 64 7
2nd quarter 2009 960 -1
3rd quarter 2009 960 -1
4th quarter 2009 960 -1
1st quarter 2010 320 0
7,200 66,143 61 114
72 RSDB Annual Report 2008

23. Cash and cash equivalents
(x € 1,000) 2008 2007
Balance as at December 31 1,558 1,909
Cash and cash equivalents comprise of demand deposits at financial institutions with strong credit ratings and a solid
reputation. We refer to note 34 for more information on credit risk management.
24. Share capital issued
(x € 1,000) 2008 2007
Balance as at January 1 16,451 16,451
Changes - -
Balance as at December 31 16,451 16,451
The share capital relates to 3,290,275 issued and fully-paid shares of € 5 nominal value each.
The company’s authorised share capital amounts to € 85 million, consisting of 17,000,000 shares, divided into 8,500,000
ordinary shares and 8,500,000 preference shares, with a nominal value of € 5 each.
25. Share premium
(x € 1,000) 2008 2007
Balance as at January 1 12,833 12,833
Changes - -
Balance as at December 31 12,833 12,833
From a fiscal point of view this share premium can be considered as paid-up capital.
RSDB Annual Report 2008 73

Annual Accounts - Notes to the consolidated financial statements
26. Retained earnings and other reserves
RETAINED EARNINGS
(x € 1,000) 2008 2007
Balance as at January 1 105,745 106,083
Result for the year 1,354 5,447
Dividend payment - 5,785 - 5,785
Balance as at December 31 101,314 105,745
OTHER RESERVES
(x € 1,000) currency
translation
reserve
reserve for
non-realised
results
total
2008
Balance as at January 1 - 120 31 - 89
Price result participations - 579 - - 579
Change of valuation of forward currency contracts - 242 242
Balance as at December 31 - 699 273 - 426
2007
Balance as at January 1 262 - 210 52
Price result participations - 382 - - 382
Change of valuation of forward currency contracts - 312 312
Other changes - - 71 - 71
Balance as at December 31 - 120 31 - 89
The currency translation reserve reflects the currency translation effects arising from the translation of annual accounts of
foreign subsidiaries, including receivables that can be regarded as increases in net investments.
The reserve for non-realised results reflects the change in the fair value of the hedge instruments for which this transaction
has been determined to be effective. The amounts that have been included in shareholders’ equity are transferred to the
profit and loss account of the same period that includes the proceeds of costs of this hedge or in which the expected sale or
purchase will take place.
74 RSDB Annual Report 2008

OPTION RIGHT STICHTING PREFERENTE AANDELEN
The ‘Stichting Preferente Aandelen’ has an option right to acquire a maximum of 3,290,274 preference shares of which
25% is payable, or € 4,112,843. To be able to exercise this option right, the ‘Stichting Preferente Aandelen’ has a financing
arrangement. In the General Meeting of Shareholders of RSDB of April 20, 2000 the proposal was adopted to grant the
Stichting an option to acquire a number of RSDB preference shares equalling the number of issued ordinary RSDB shares
minus one share.
On the preference shares, from the disposable profit, taking precedence over the ordinary shares, a percentage is
paid over the amount paid-in for these shares. This percentage is based on the repo rate of interest determined by the
European Central Bank, increased by 2.25%. No further profit distribution takes place on the preference shares.
27. Minority interests
(x € 1,000) 2008 2007
Balance as at January 1 288 298
Price result 27 - 2
Share in result - 68 - 8
Balance as at December 31 247 288
RSDB Annual Report 2008 75

Annual Accounts - Notes to the consolidated financial statements
28. Provisions
(x € 1,000) costs of
reorga -
nisation
pension
and early
retirement
liabilities
WAO
environment
anniversaries
dismantling
costs
other
total
2008
Balance as at January 1 7,570 9,681 6,067 937 2,764 2,661 760 30,440
Utilised - 4,391 - 1,924 -271 - 309 - 251 - - 426 - 7,572
Increase as a result of discount - 380 136 30 129 - 4 - 671
Addition
Released
933
-885
388
- 1,560
-
- 423
-
- 511
266
-
-
-
-
- 271
1,587
- 3,650
Balance as at December 31 3,227 6,965 5,509 147 2,908 2,657 63 21,476
Current 2,823 1,359 2,447 140 402 - - 7,171
Non-current 404 5,606 3,062 7 2,506 2,657 63 14,305
Balance as at December 31 3,227 6,965 5,509 147 2,908 2,657 63 21,476
2007
Balance as at January 1 8,007 13,270 5,371 1,563 2,660 2,819 943 34,633
Utilised - 4,242 - 2,301 15 - 667 - 219 - - 245 - 7,659
Increase as a result of discount - 481 14 15 104 94 - 708
Addition
Released
3,805
-
91
- 1,860
667
-
26
-
219
- - 252
62
-
4,870
- 2,112
Balance as at December 31 7,570 9,681 6,067 937 2,764 2,661 760 30,440
Current 5,906 1,765 2,710 615 193 - - 11,189
Non-current 1,664 7,916 3,357 322 2,571 2,661 760 19,251
Balance as at December 31 7,570 9,681 6,067 937 2,764 2,661 760 30,440
76 RSDB Annual Report 2008

COSTS OF REORGANISATIONS
The provision for reorganisation costs concerns the costs
connected with started reorganisations. The making
of a provision for reorganisation costs takes place at
the time that a detailed plan to adapt the organisation
is formalised and the expectance is justified that the
reorganisation will be carried out.
EARLY RETIREMENT COMMITMENTS
RSDB has an early retirement scheme, carried out by the
‘Fonds Werktijdvermindering Oudere Werknemers in de
Grafische Bedrijven’ (FWG) on the basis of cost allocation.
RSDB has designated its commitments to the early
retirement scheme as a so-called ‘termination benefit’
and has included the present value of the early retirement
commitments as at the balance sheet date.
The calculations for the financing of the fund were based
on premium payments through 2012. In 2008, FWG
increased this term by one year. This is compensated by a
premium reduction for the years through 2012.
De employers premium for the years through 2012 stands
at 2% and for the last year at 1.1%.
ANNIVERSARIES
Bonuses paid on the basis of the GrafiMedia CAO to
employees as they reach 12.5, 25 and 40 years of employment.
Payments for the three anniversaries are as
follows: at 12.5 years one quarter gross monthly salary,
at 25 years one net monthly salary and at 40 years two
monthly salaries, one net and one gross. The provision,
on the basis of experience, takes into account the risk of
termination of employment and of death.
DISMANTLING COSTS
Some gravure presses of RSDB require dismantling costs
to be made at the end of their use. For this, RSDB has
made a provision for dismantling costs.
At the start of use of the asset concerned, IAS-16
requires that the obligation must be completely provided
for at the cash value 4.8% (2007: 4.0%), which provision
must be added to the price of the asset.
OTHER PROVISIONS
Other provisions include the provision from the guaranteed
turnover at the divestment of the PlantijnCasparie
companies to Thieme GrafiMedia Group BV.
ENVIRONMENT
The environment provisions concern the provisions connected
to soil pollution found at RSDB sites. These provisions
are sufficient for the soil decontamination plans
which have been developed and are being implemented.
WAO
As from January 1, 2000, RSDB has an own risk for the
‘Wet op de Arbeidsongeschiktheid’ (WAO) disability
scheme. As from January 1, 2006, this risk (WIA) has been
placed with an insurance company. The provision for disability
concerns the cash value (4.8% nominal interest) of
the continued obligation of WAO payments including the
later disabled which had been declared disabled before
January 1, 2004.
The future premiums for the WIA include the present
disability cases as from January 1, 2004. For this, a back
service obligation has been included.
RSDB Annual Report 2008 77

Annual Accounts - Notes to the consolidated financial statements
29. Interest bearing loans and borrowings
The following summary shows the interest bearing loans and financial leases as at December 31, 2008:
(x € 1,000) within 1 year 1-2 years 2-3 years 3-4 years 4-5 years more than
5 years
total
Fixed rate
Loans 750 750 750 750 8,250 - 11,250
Financial leases 8,744 8,111 10,538 3,483 2,244 2,863 35,983
The information below has been incorporated to provide an insight into the other liquidity flows attached to interestbearing
loans and lease obligations.
Interest 2,219 1,706 1,259 760 315 106 6,365
The average interest rate on the loans with a life in excess of one year is 5.21%.
The financial lease obligations mainly relate to contracts for production equipment. Upon contract expiration, RSDB has
the right to buy these assets at a fixed contract value. For the securities for the interest-bearing loans, we refer to note
31: finance companies.
The following summary shows the interest bearing loans and financial leases as at December 31, 2007:
(x € 1,000) within 1 year 1-2 years 2-3 years 3-4 years 4-5 years more than
5 years
total
Fixed rate
Loans 4,153 750 750 750 750 3,450 10,603
Financial leases 8,451 8,525 6,832 5,419 3,097 3,752 36,076
The information below has been incorporated to provide an insight into the other liquidity flows attached to interestbearing
loans and lease obligations.
Interest 2,508 1,803 1,266 927 666 297 7,467
The average interest rate on the loans with a life in excess of one year was 4.53%.
The financial lease obligations mainly relate to contracts for production equipment. Upon contract expiration, RSDB has
the right to buy these assets at a fixed contract value. For the securities for the inerest-bearing loans, we refer to note 31:
finance companies.
78 RSDB Annual Report 2008

30. Trade and other liabilities
The following summary gives information on trade creditors and other obligations:
(x € 1,000) 2008 2007
Trade creditors 28,913 39,401
Holiday pay and allowances 13,169 14,277
Salaries and profit sharing payments 1,241 1,615
Other 13,488 19,904
Balance as at December 31 56,811 75,197
Trade liabilities are non-interest bearing and are paid within 30 – 60 days.
31. Finance companies
(x € 1,000) 2008 2007
Finance companies 25,988 11,804
In addition to the loans mentioned above, ABN AMRO Bank NV and ING Bank NV have made available current account
facilities and/or cash loans to an amount of € 64.8 million (2007: € 67.4 million). RSDB has provided security for the loans
and credit facilities granted by the banks. A first-ranking bank mortgage has furthermore been granted to a principal
amount of € 29.5 million (2007: € 31.8 million), augmented by 40% in interest and costs, on the immovable property and a
so-called ‘negative pledge’ clause.
The banks have set conditions with regard to:
- solvency (guarantee capital minimum of 30%of the balance sheet total);
- ratio of interest-bearing debt and the result before interest and tax (interest bearing debt no more than 2.75 times
the result before interest and tax);
- Interest Coverage Ratio (result before interest and tax at least 2.5 timed paid interest).
At year-end 2008, the Interest Coverage Ratio condition was not met.
ABN-Amro Bank, ING Bank and ING Investment Management have granted a waiver for this fact under the condition that
no dividend will be made payable for the 2008 financial year.
RSDB has reached in 2009 an agreement in principle with the above-mentioned banks with regard to a new committed
facility of € 50 million, to be taken as current account credit facility and/or cash loan with a term to May 1, 2010. Securities:
primary mortgage claim on real estate First lien on all trade accounts receivable. The agreement carries ratios regarding
solvency: de ratio of interest-bearing debt and the result before depreciation, interest and tax and an Interest Coverage
Ratio also related to the result before depreciation, interest and tax. The meeting of these ratios will be assessed every
quarter on the basis of normalised progressive results over 12 months. Commission amounted to € 0.25 million, with
interest costs of 225 basis points over 1-3 months EURIBOR for the funds taken up under this facility and payment of 50
basis points for the unused part of the facility.
RSDB Annual Report 2008 79

Annual Accounts - Notes to the consolidated financial statements
32. Earnings per share
Basic earnings per share amounts are calculated by dividing net profit for the year attributable to ordinary equity holders
of the parent by the weighted average number of ordinary shares outstanding during the year.
The following reflects the income and share data used in the earnings per share computations:
(x € 1,000) 2008 2007
Net profit attributable to ordinary equity holders of the parent from continuing
operations 1,354 5,447
Net profit attributable to ordinary equity holders of the parent 1,354 5,447
Weighted average number of ordinary shares for (diluted) earnings per share 3,290,275 3,290,275
There have been no other transactions involving ordinary shares between the reporting date and the date of completion
of these financial statements.
.
80 RSDB Annual Report 2008

33. Contingent liabilities / rights
GUARANTEED TURNOVER THIEME GRAFIMEDIA GROUP
At the divestment of PlantijnCasparie Beheer BV and its
participations, Thieme GrafiMedia Group BV obtained
a guaranteed turnover which will be cut back over a
number of years. The orders connected with this guarantee
will be distributed evenly over the year in question.
The agreed guarantee turnover amounts to € 3.5 million
(for 2006), € 2.5 million (for 2007) and € 1.5 million (for
2008).
When the actual turnover in any calendar year is less than
the agreed amount of the guarantee, RSDB will pay
PlantijnCasparie Beheer BV a compensation of 50% of the
added value attributed to the lost turnover.
Of the lost turnover, a maximum of 15% can be compensated
by turnover in the next guarantee year. The
outsourcing must be done at market rates.
GUARANTEED TURNOVER ADNOVATE HOLDING BV
At the divestment of Logic Use BV to Adnovate Holding
BV, Adnovate Holding BV obtained a guaranteed
turnover with a term to 2013.
The amount of guaranteed turnover for the financial year
2008 is € 0.3 million, and will be cut back by € 0.05 million
per year to € 0.05 in the year 2012. Excesses and shortfalls
will be settled between years.
INVESTMENT COMMITMENT
Investment commitments had been entered to at balance
sheet date to an amount of € 9.4 million (2007
€ 0.3 million).
LEASE AND OPERATIONAL LEASING ARRANGEMENTS
Long-term commitments pursuant to lease contracts and
operational leasing arrangements had been entered into
to an amount of € 5.2 million (2007: € 3.6 million).
Long-term obligations on account of operational lease
agreements were entered into for the amount of € 2.5
million (2007: € 2.5 million). Non of these operational
lease agreements has a life of more than five years. The
profit and loss account includes € 2.4 million (2007: € 2.4
million) of lease payments, under other operating costs.
The rental obligations relate to company buildings, the
operational lease agreements on production equipment
PlantijnCasparie and cars.
LIABILITY IN ACCORDANCE WITH ARTICLE 403 OF THE
NETHERLANDS CIVIL CODE
Pursuant to Section 403, subsection 1 (f) of Book 2 of the
Netherlands Civil Code, the company has assumed joint
and several liability with respect to liabilities pursuant
to legal transactions entered into of all domestic
group companies. The relevant declarations have been
submitted for inspection of the offices of the Commercial
Register in the district where the legal entity on whose
behalf the joint and several liability was assumed has its
registered offices.
34. Financial risk management objectives and policies
RSDB’s principal financial instruments (other than derivatives)
comprise bank loans and overdraft, financial leases
and trade liabilities.
With exception of the financial derivatives, all these
items qualify as loans and receivables that are counted
for at cost price less amortisation.
The main purpose of these financial instruments is to
raise finance for RSDB’s operations. RSDB has various
other financial assets such as trade receivables, which
arise directly from its operations.
RSDB also enters into derivative transactions, including
principally interest rate swaps and forward currency
contracts. The purpose is to manage the interest rate
and currency risks arising for RSDB’s operations and its
sources of finance.
It is RSDB’s policy that no trading in financial instruments
shall be undertaken. The main risks arising from RSDB’s
financial instruments are interest rate risk, liquidity risk,
foreign currency risk and credit risk.
The Management Board reviews and agrees policies for
managing each of these risks and they are summarised
below.
INTEREST RATE RISK
RSDB’s policy is to manage its interest cost using a mix
of fixed and variable rate debts. RSDB’s policy is to keep
between 40% and 60% of its borrowings at fixed coupon.
To manage this mix in a cost-efficient manner, RSDB
enters into interest rate swaps, in which RSDB agrees to
exchange, at specified intervals, the difference between
fixed and variable rate interest amounts calculated by
reference to an agreed-upon notional principal amount.
These swaps are designated to hedge underlying debt
obligations.
RSDB’s exposure to the risk for changes in market interest
rate relates primarily to RSDB’s long-term obligations
with a floating coupon.
RSDB through an interest rate swap exchanged € 10
million of variable debt in debt with an interest rate
RSDB Annual Report 2008 81

of 3-month EURIBOR (at year-end 2008: 4.08%) with a
remaining term through 2012.
A reduction or increase of interest rates by 1% would not
result in a material change of the result or capital on the
basis of the composition of the portfolio as at December
31, 2008.
If at December 31, 2008 the EURIBOR interest rate
had been 100 basis points higher/lower with all other
variables constant, the result after tax for the year would
have been € 0.05 million lower/higher (2007: € 0.05 million
higher/lower).
LIQUIDITY RISK
The primary objective of cash management is making
sure that there is sufficient cash, at any time and place,
for RSDB to meet its obligations.
RSDB has two committed credit facilities of € 25.0 million
and € 39.8 million, respectively, a total of € 64.8 million
(2007: € 67.4 million).
For a more detailed review of the interest-bearing loans
and lease obligations arranged in order on the basis
of the end of the term reference is made to note 29.
Further details concerning the derivatives can be found
in note 22. For the short-term receivables and debts,
there is a regular maturity calendar of 60 days.
FOREIGN CURRENCY RISK
RSDB has transactional currency exposures. Such exposure
arises from sales or purchases by an operating unit
in currencies other than the unit’s functional currency.
Approximately 20% of RSDB’s sales are denominated
in currencies other than the functional currency of the
operating unit making the sale, whilst almost 95% of
costs are denominated in the unit’s functional currency.
RSDB requires all its operating units to use forward
currency contracts to eliminate the currency exposures
on any individual transactions in excess of
€ 0.1 million, for which payment is anticipated more than
one month after RSDB has entered into a firm commitment
for a sale or purchase. The forward currency
contracts must be in the same currency as the hedged
item. It is RSDB’s policy not to enter into forward
contracts until a firm commitment is in place.
It is RSDB’s policy to negotiate the terms of the hedge
derivatives to match the terms of hedged item to
maximise hedge effectiveness.
If the euro had fallen/increased by 10% versus Sterling/
Swedish Krona as at December 31, 2008 with all other
variables constant, this would have had only a minimal
impact on the result, in view of the hedging.
A 10% increase or decline of the euro versus the Hungarian
Forint would have increased/decreased the capital by
EUR 0,2 million as at December 31, 2008.
CREDIT RISK
The credit risk relates to non-observance of an obligation
by another party. This concerns both actual late
payments and negative valuation changes as a result
of increased probability of late payments. RSDB has
procedures and guidelines to limit the extent of credit
risk for each party or in each market. These procedures
and the spreading over a large number of clients limit the
exposure of RSDB to credit risks.
RSDB limits the credit risk by using credit limits per
financial institution and by dealing exclusively with
financial institutions with a high creditworthiness. As
at the balance sheet date, there were no significant
concentrations of credit risk.
With regard to treasury activities RSDB ensures
that financial transactions are only completed with
counterparties which have a Moody’s credit rating of
P1 (for short-term instruments) or A3 (for long-term
instruments). On a business group level, the receivables
are constantly monitored by the management of the
groups, mainly due to breakdown by age (see note 20).
The recognised credit risks, which are shown in the table,
are thereby adequately accounted for. It is therefore not
likely that significant losses will be incurred with regard
to receivables not taken into account. The maximum
credit risk to which RSDB is exposed equals the book
value of the financial assets included in the balance
sheets, including derivative financial instruments with
a positive market value. As at the reporting date, there
were no significant agreements or financial instruments
available to reduce the maximum credit risk to which the
company is exposed.
In general, the maximum exposure to credit risk consists
of the book value of financial assets, including financial
derivatives, in the balance sheet.
The following table shows the maximum credit risk:
82 RSDB Annual Report 2008

2008 2007
Other Financial fixed
1,157 1,350
assets
Trade receivables 70,953 78,977
Other receivables 17,507 18,981
Financial derivatives 87 271
Cash and cash equivalents 1,558 1,909
91,262 101,488
FAIR VALUE
The fair value of the assets and liabilities hardly deviates from the book value.
Fair value financial instruments
The table below shows an overview of the book value and the estimated fair value of financial instruments:
book value at
31-12-2008
fair value at
31-12-2008
book value at
31-12-2007
fair value at
31-12-2007
Assets
Other financial fixed assets 1,157 1,157 1,350 1,350
Trade receivables 70,953 70,953 78,977 78,977
Other receivables 17,507 17,507 18,981 18,981
Financial derivatives 87 87 271 271
Liabilities
Risk-bearing loans 47,233 47,233 46,679 46,679
Credit companies 25,988 25,988 11,804 11,804
Trade and other liabilities 56,811 56,811 75,197 75,197
The market value of financial instruments is determined on the basis of the following methods and starting points: cash,
short-term investments, short-term receivables, short-term loans and other short-term financial obligations are included
at their book value. These instruments approaches their market value. The market value of financial derivative products
instruments is based on calculations, price quotations or quotations obtained from intermediaries.
RSDB Annual Report 2008 83

Annual Accounts - Notes to the consolidated financial statements
35. Related party disclosures
The consolidated financial statement includes the financial statements of RSDB and the subsidiaries listed below:
country of % equity interest
Situation as at December 31 incorporation 2008 2007
Roto Smeets De Boer Holding BV the Netherlands 100 100
Sales offices
Roto Smeets BV the Netherlands 100 100
Associated companies:
Roto Smeets Belgium NV/SA Belgium 100 100
Roto Smeets Denmark A/S Denmark 100 100
Roto Smeets Deutschland GmbH Germany 100 100
Media Extra NV Belgium 100 100
Roto Smeets France SA France 100 100
Roto Smeets Ltd. United Kingdom 100 100
Roto Smeets Sweden AB Sweden 100 100
Print Productions
Roto Smeets Deventer BV the Netherlands 100 100
Rotopack BV the Netherlands 100 100
Roto Smeets Etten BV the Netherlands 100 100
Roto Smeets Utrecht BV the Netherlands 100 100
Van Boekhoven Services BVBA Belgium 100 100
Roto Smeets Weert BV the Netherlands 100 100
Senefelder Misset BV the Netherlands 100 100
Periodieken Services Holland BV the Netherlands 100 100
Roto Smeets GrafiServices Eindhoven BV the Netherlands 100 100
Nadruk Binders met een Accent BV the Netherlands 100 100
Roto Smeets GrafiServices Utrecht BV the Netherlands 100 100
Roto Smeets Grafische Nabewerking BV the Netherlands 100 100
De Wit Grafische Projecten BV the Netherlands 100 100
Roto Smeets Services BV the Netherlands 100 100
Antok Nyomdaipari Kft. Hungary 85 85
Marketing Communications
Drukkerij H. van der Marck BV the Netherlands 100 100
Associated companies:
Media Partners Group BV the Netherlands 100 100
Stamp BVBA België 100 100
dem communications BV ***) the Netherlands - 100
Draft Artwork & Designhouse NV the Netherlands 100 100
InBetween Marketing Services BV*) the Netherlands - 100
2organize BV*) the Netherlands - 100
Leads to Loyals BV the Netherlands 100 100
Logic Use BV**) the Netherlands - 100
84 RSDB Annual Report 2008

country of % equity interest
Situation as at December 31 incorporation 2008 2007
Minority participations
Business Media BV the Netherlands 40 40
Discontinued operations
RSDB Beheer BV the Netherlands 100 100
Associated companies:
Henkes Senefelder BV the Netherlands 100 100
Roto Smeets De Boer Personeels BV the Netherlands 100 100
Vlasveld Drukkers Holding BV the Netherlands 100 100
*) As at July 11, 2007 sold to Signum Group BV.
**) As at December 11, 2007 sold to Adnovate Holding BV
***) As at June 13, 2008, legally merged with MediaPartners Group BV
RSDB Annual Report 2008 85

Annual Accounts - Notes to the consolidated financial statements
Apart from participations with managerial control, the Management Board and Supervisory Board can be classified as
parties associated to RSDB NV.
In the reporting year there were no transactions between this group of employees and RSDB NV other than those arising
from their labour contracts and outlined under note 36.
36. Remuneration of members of the Management Board and the Supervisory Board
Management Board 2008 2007
(x € 1) fixed
periodical
variable
fixed
periodical
pensioncommitments
pensioncommitments
variable
J.P. Caris 407,040 97,131 93,600 367,398 76,806 85,898
E.H.O.M. Bouwman 257,619 76,000 67,440 119,926 37,551 -
664,659 173,131 161,040 487,324 114,357 85,898
In addition to the remuneration stated above, ‘Phantom Shares’ were granted to the members of the Management
Board. The following table shows the number of ‘Phantom Shares’ granted to individual members of the Management
Board:
phantom shares
number
granted till
2008
granting
date
expiration
market value on
granting date
31-12-2008
J.P. Caris 5,000 May 1, 2007 3 years 214,500 84,500
E.H.O.M. Bouwman 2,531 July 1, 2007 4 years 104,289 42,778
As at December 31, 2008, commitments on account of ‘Phantom Shares’ amounted to € 127.278 (2007: € 88,725). In 2008,
on account of the ‘Phantom Share-based payment’ programme, an amount of € 38,553 (2007: € 88,725) was included
under personnel costs in the profit and loss account.
At the closing date, provided the recipient is still employed by the company, the market value of the granted ‘Phantom
Shares’ plus the dividend for the term will be paid out in cash.
In case of a premature discontinuation of the employment, or at a so-called ‘Change of Control’, payment in cash will
take place in proportion to the period of employment. The market value is determined on the basis of the average share
price during a period of three months prior to the end of the term.
situation phantom shares
Outstanding on
January 1
granted
during year
Outstanding on
December 31
2007 - 2,844 2,844
2008 2,844 4,687 7,531
86 RSDB Annual Report 2008

Supervisory Board 2008 2007
(x € 1) fixed
remuneration
reimbursement
of expenses
fixed
remuneration
reimbursement
of expenses
D.J. Montgomery 28,979 4,000 25,957 4,000
H.C.A. Groenen 23,082 2,000 20,965 2,000
A.P. Lugt 25,531 3,000 23,461 3,000
H.C.P. Noten 23,082 2,000 20,965 2,000
100,674 11,000 91,348 11,000
Positions in RSDB shares as at December 31 2008 2007
A.P. Lugt 1,000 1,000
37. Paid-out and proposed dividend
(x € 1,000) 2008 2007
Declared and paid-out dividend during the financial year
Dividend on ordinary shares for 2007 € 1.76 (2006: € 1.76) 5,785 5,785
Proposed for adoption to the General Meeting of Shareholders*)
Dividend on ordinary shares for 2008 € - (2007: € 1.76) - 5,785
*) Not included as liability as at December 31.
RSDB Annual Report 2008 87

Annual Accounts - Company financial statements
General
The company financial statements were drawn up on the
basis of Part 9 of Book 2 of the Netherlands Civil Code,
using the possibility offered by article 2:362 sub 8 of the
Netherlands Civil Code allowing the IFRS principles to be
used as applied in the consolidated annual accounts.
PRINCIPLES OF VALUATION AND RESULT
DETERMINATION
For the principles of valuation and result determination
we refer to the principles as included in the notes to the
consolidated annual accounts, as these also apply to the
company annual accounts, unless stated otherwise.
PARTICIPATIONS
The participations in group companies are valued at net
asset value. The reporting dates of the group companies
are the same and the principles for financial reporting are
in accordance with those of RSDB for similar transactions
and events in similar conditions.
88 RSDB Annual Report 2008

Annual Accounts - Company profit and loss account
(x € 1,000) 2008 2007
Other results (after taxation) - 564 - 334
Result group companies (after taxation) 1,918 5,781
Net result 1,354 5,447
RSDB Annual Report 2008 89

Annual Accounts- Company balance sheet as at December 31
(x € 1,000) Notes 2008 2007
ASSETS
Financial fixed assets
Associated company Roto Smeets De Boer Holding BV 1 153,508 151,927
Current assets
Tax 1,610 4,607
Other receivables - -
1,610 4,607
Total assets 155,118 156,534
90 RSDB Annual Report 2008

(x € 1,000) Notes 2008 2007
EQUITY AND LIABILITIES
Shareholders’ equity
Share capital issued 2 16,451 16,451
Share premium 3 12,833 12,833
Retained earnings and other reserves 4 100,888 105,656
130,172 134,940
Provisions
Deferred tax 1,726 2,228
Current liabilities
Loans Roto Smeets De Boer Holding BV 23,148 19,290
Other liabilities 72 76
23,220 19,366
Total equity and liabilities 155,118 156,534
RSDB Annual Report 2008 91

Annual Accounts - Company statement of changes in equity for the
year ended December 31, 2008
(x € 1,000) issued
capital
share
premium
retained
earnings
other
reserves
total
Balance as at January 1, 2008 16,451 12,833 105,745 - 89 134,940
Result from participations - - - - 579 - 579
Value changes forward currency contracts - - - 242 242
Total income and expense for the year
recognised directly in equity - - - -337 - 337
Result for the year - - 1,354 - 1,354
Total income and expense for the year - - 1,354 - 337 1,017
Dividend payment - - - 5,785 - - 5,785
- - - 4,431 - 337 - 4,768
Balance as at December 31, 2008 16,451 12,833 101,314 - 426 130,172
92 RSDB Annual Report 2008

Annual Accounts - Company statement of changes in equity for the
year ended December 31, 2007
(x € 1,000) issued
capital
share
premium
retained
earnings
other
reserves
total
Balance as at January 1, 2007 16,451 12,833 106,083 52 135,419
Result from participations - - - - 382 - 382
Value changes forward currency contracts - - - 312 312
Other changes - - - - 71 - 71
Total income and expense for the year
recognised directly in equity - - - - 141 - 141
Result for the year - - 5,447 - 5,447
Total income and expense for the year - - 5,447 - 141 5,306
Dividend payment - - - 5,785 - - 5,785
- - - 338 - 141 - 479
Balance as at December 31, 2007 16,451 12,833 105,745 - 89 134,940
RSDB Annual Report 2008 93

Annual Accounts - Notes to the company balance sheet
1. Financial fixed assets
GROUP COMPANIES
Changes in the company’s share in group companies:
(x € 1,000) 2008 2007
Balance as at January 1 151,927 146,216
Result group companies 1,918 5,781
Result from participations - 579 - 382
Value changes forward currency contracts 242 312
Balance as at December 31 153,508 151,927
Shareholders’ equity
AUTHORISED SHARE CAPITAL
The company’s authorised share capital amounts to € 85 million and is divided into 8,500,000 ordinary shares and
8,500,000 preference shares, with a nominal value of € 5 each.
OPTION RIGHT STICHTING PREFERENTE AANDELEN
The ‘Stichting Preferente Aandelen’ has an option right to acquire a maximum of 3,290,274 preference shares of which
25% is payable, or € 4,112,843. To be able to exercise this option right, the ‘Stichting Preferente Aandelen’ has a financing
arrangement. In the General Meeting of Shareholders of RSDB of April 20, 2000 the proposal was adopted to grant the
Stichting an option to acquire a number of RSDB preference shares equalling the number of issued ordinary RSDB shares
minus one.
On the preference shares, from the disposable profit, taking precedence over the ordinary shares, a percentage is
paid over the amount paid-in for these shares. This percentage is based on the repo rate of interest determined by the
European Central Bank, increased by 2.25%. No further profit distribution takes place on the preference shares.
2. Share capital issued
(x € 1,000) 2008 2007
Balance as at January 1 16,451 16,451
Changes - -
Balance as at December 31 16,451 16,451
The share capital relates to 3,290,275 issued and fully-paid shares of € 5 nominal value each.
3. Share premium
Balance as at January 1 12,833 12,833
Changes - -
Balance as at December 31 12,833 12,833
From a fiscal point of view this share premium can be considered as paid-up capital.
94 RSDB Annual Report 2008

4. other reserves
(x € 1,000) 2008 2007
Balance as at January 1 105,656 106,135
Result financial year 1,354 5,447
Value changes forward currency contracts 242 312
Result from participations - 579 - 382
Dividend payment - 5,785 - 5,785
Other changes - - 71
Balance as at December 31 100,888 105,656
(x € 1,000) retained
earnings
currency
translation
reserve
reserve nonrealised
results
total
2008
Balance as at January 1 105,745 - 120 31 105,656
Result from participations - - 579 - - 579
Result financial year 1,354 - - 1,354
Dividend payment - 5,785 - - - 5,785
Value changes forward currency contracts - - 242 242
Balance as at December 31 101,314 - 699 273 100,888
2007
Balance as at January 1 106,083 262 - 210 106,135
Result from participations - - 382 - - 382
Result financial year 5,447 - - 5,447
Dividend payment - 5,785 - - - 5,785
Value changes forward currency contracts - - 312 312
Other changes - - - 71 - 71
Balance as at December 31 105,745 - 120 31 105,656
RSDB Annual Report 2008 95

Annual Accounts - Notes to the company balance sheet
Dividend
As referred to in the paragraph Dividend policy in the
Report of the Management Board on page 17.
Contingent liabilities
For the contingent liabilities is referred to note 33 of the
consolidated accounts.
Renumeration of members of the Management Board
and the Supervisory Board
For the remuneration of the Management Board and the
Supervisory Board is referred to note 36 of the consolidated
accounts.
Number of employees
Both in 2008 and in 2007, the company had no
employees.
Service fees external auditor
The total service fees charged to the corporate body
in the financial year for the audit of the 2008 annual
accounts amounted to € 405,000 (2007: € 385,000). The
costs for other audits in 2008 amounted to € 143,000
(2007: € 222,000). Charges regarding audit related
services in 2008 amounted to € 66,000 (2007: € 403,000).
The audit related services in 2008 are in connection with
services for the intended public offer by HHBV. The audit
related services in 2007 were in connection with services
in relation to the unsuccessful takeover of the European
printing activities of Quebecor World Europe.
96 RSDB Annual Report 2008

Other information - Statutory provisions concerning profit
appropriation
1. The Company may distribute the profit to the shareholders
and other parties entitled to distributable
profit only to the extent that its shareholders’ equity
exceeds the sum of the called and paid portion of the
capital and the reserves which are required by law to
be maintained.
2. From the distributable profit, an annual payment
shall first be made on the preference shares equal
to the percentage referred to hereinafter of the
amount compulsory paid in on those shares. The percentage
stated above equals the refunding rate as
established by the European Central Bank – weighted
to the number of days for which the percentage was
in force – during the financial year for which the payment
is made, augmented by two and one quarter
percent (2.25%). No further payments are made on
the preference shares.
3. The Management Board shall be empowered, with
the prior approval of the Supervisory Board, to add
the profit remaining after application of the previous
paragraph in whole or in part to the reserves.
8. The General Meeting of Shareholders may resolve to
charge a distribution from profit to a distributable
reserve only on the basis of an Management Board
proposal to that effect which has been approved by
the Supervisory Board.
9. The General Meeting of Shareholders may resolve,
on the basis of an Management Board proposal
to that effect which has been approved by the
Supervisory Board, to make distributions in the form
of shares and / or depositary receipts for shares in
the Company, without prejudice to the provisions of
Article 4 of these Articles of Association.
10. Unless the General Meeting of Shareholders determines
otherwise, distributions shall be made payable
fourteen days after the fixing thereof, at a time and
place to be determined by the Management Board.
11. The claim on the part of shareholders shall lapse and
revert to the Company on expiry of a term of five
years, calculated from the second day on which the
claim becomes payable on demand.
4. Any profit remaining after the addition to the
reserves as referred to in the previous paragraph
shall be at the disposal of the General Meeting of
Shareholders.
5. Distribution of profit shall take place following adoption
of the annual accounts from which it is apparent
that such distribution is justified.
6. In the event that the General Meeting of Shareholders
does not resolve to distribute profit for any
financial year, that profit shall be added to the
reserves.
7. The Management Board, with the approval of the
Supervisory Board, may decide to make an interim
distribution if the requirements of paragraph 1 of
this Article have been met as evidenced by an interim
statement of assets and liabilities, as referred to
in Section 2:105, subsection 4 of the Netherlands
Civil Code, which statement must be deposited at
the offices of the Commercial Register within eight
days after the day on which the decision to make the
distribution is published. The provisions of paragraph
9 of this Article shall apply mutatis mutandis to the
payment of an interim distribution.
RSDB Annual Report 2008 97

Auditor’s report
To the General Meeting of Shareholders of RSDB NV
Auditor’s report
REPORT ON THE FINANCIAL STATEMENTS
We have audited the financial statements 2008 of
RSDB NV, Deventer (statutory office in Hilversum). The
financial statements consist of the consolidated financial
statements and the company financial statements.
The consolidated financial statements comprise the
consolidated balance sheet as at 31 December 2008 the
profit and loss account, statement of changes in equity
and cash flow statement for the year then ended, and
a summary of significant accounting policies and other
explanatory notes. The company financial statements
comprise the company balance sheet as at 31 December
2008 the company profit and loss account for the year
then ended and the notes.
Management’s responsibility
Management is responsible for the preparation and fair
presentation of the financial statements in accordance
with International Financial Reporting Standards as
adopted by the European Union and with Part 9 of Book
2 of the Netherlands Civil Code and for the preparation
of the management board report in accordance with
Part 9 of Book 2 of the Netherlands Civil Code. This
responsibility includes: designing, implementing and
maintaining internal control relevant to the preparation
and fair presentation of the financial statements that are
free from material misstatement, whether due to fraud
or error; selecting and applying appropriate accounting
policies; and making accounting estimates that are
reasonable in the circumstances.
Auditor’s responsibility
Our responsibility is to express an opinion on the
financial statements based on our audit. We conducted
our audit in accordance with Dutch law. This law requires
that we comply with ethical requirements and plan
and perform the audit to obtain reasonable assurance
whether the financial statements are free from material
misstatement.
An audit involves performing procedures to obtain
audit evidence about the amounts and disclosures in the
financial statements. The procedures selected depend on
the auditor’s judgment, including the assessment of the
risks of material misstatement of the financial statements,
whether due to fraud or error. In making those
risk assessments, the auditor considers internal control
relevant to the entity’s preparation and fair presentation
of the financial statements in order to design audit
procedures that are appropriate in the circumstances,
but not for the purpose of expressing an opinion on the
effectiveness of the entity’s internal control. An audit
also includes evaluating the appropriateness of accounting
policies used and the reasonableness of accounting
estimates made by management, as well as evaluating
the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our audit
opinion.
Opinion with respect to the consolidated financial statements
In our opinion, the consolidated financial statements
give a true and fair view of the financial position of
RSDB NV as at 31 December 2008 and of its result and its
cash flows for the year then ended in accordance with
International Financial Reporting Standards as adopted
by the European Union and with Part 9 of Book 2 of the
Netherlands Civil Code.
Opinion with respect to the company financial statements
In our opinion, the company financial statements give
a true and fair view of the financial position of RSDB
NV as at 31 December 2008 and of its result for the year
then ended in accordance with Part 9 of Book 2 of the
Netherlands Civil Code.
REPORT ON OTHER LEGAL AND REGULATORY REQUIRE‐
MENTS
Pursuant to the legal requirement under 2:393 sub 5 part
f of the Netherlands Civil Code, we report, to the extent
of our competence, that the management board report
is consistent with the financial statements as required by
2:391 sub 4 of the Netherlands Civil Code.
Amsterdam, March 18, 2009
Ernst & Young Accountants LLP,
signed by J.C. Besters RA
98 RSDB Annual Report 2008

Statement by the Management Board
To the General Meeting of Shareholders of RSDB NV
The Management Board of RSDB NV states that these
annual accounts give a true and fair view of the company’s
financial position and the result in accordance
with the International Financial Reporting Standards
(IFRS) as adopted within the European Union, as well as
in accordance with Title 9 Book 2 of the Dutch Civil Code.
The Management Board believes that the annual
accounts give a true and fair view of the assets, the
liabilities, the financial position and the result of RSDB NV
and the companies incorporated in the consolidation.
The annual report gives a true and fair view of the
position of the company as at the balance sheet date,
the state of affairs during the financial year of RSDB NV
and its connected companies, the information of which is
incorporated in its annual accounts. The substantial risks
which confront RSDB have been described in the annual
report.
Deventer, March 18, 2009
Management Board
J.P. Caris, CEO
Drs E.H.O.M. Bouwman, CFO
Supervisory Board
D.J. Montgomery, chairman
Drs. A.P. Lugt, vice chairman
H.C.A. Groenen
Drs. H.C.P. Noten
RSDB Annual Report 2008 99

Foundation ‘Stichting Preferente Aandelen RSDB NV’
Objective
The objective of the Foundation ‘Stichting Preferente
Aandelen RSDB NV’ is to protect the interests of the
company in such a way that the interests of the company
and of all associated parties are protected in the best
possible way, and that all influences which could infringe
the independence and/or the continuity and/or the
identity of the company against these interests are
resisted to the best of the foundation’s abilities, as well
as performing all actions which relate to or promote the
above.
The Foundation aims to achieve its objective by acquiring
and holding preference shares in the capital of the
company and by exercising the rights connected with
these shares, including in particular the voting rights on
these shares.
Rights of the Foundation
In the RSDB General Meeting of Shareholders of April 20,
2000, the proposal was adopted to grant the foundation
‘Stichting Preferente Aandelen RSDB NV’ an option to
take up RSDB preference shares to the maximum amount
of shares issued at that moment. At year-end 2008, the
foundation held option rights on 3,290,274 preference
shares.
Management Board
The Management Board of the Stichting Preferente
Aandelen consists of three independent members.
The following retirement schedule applies, in accordance
with the rota and Articles of Association:
appointed reappointed available for
re-election
M.W. den Boogert 2005 2008 2011
R.P. Voogd 1999 2006 2009
W.H. Weiland 2005 2007 2010
Declaration of Independence
The board of the foundation ‘Stichting Preferente
Aandelen RSDB NV’ and the Executive Board of RSDB
together declare that in their opinion the Foundation
‘Stichting Preferente Aandelen RSDB NV’ is independent
from RSDB as referred to in article 5:71 paragraph 1 sub c
of the Act on Financial Supervision.
Deventer, 18 March 2009
Management Board RSDB NV
Management Board of the Stichting Preferente Aandelen
RSDB NV
At a meeting held on December 18, 2008, RSDB granted
the Foundation the right to make a request as referred
to in article 2:345 of the Netherlands Civil Code. This
right may be exercised independently by the Foundation,
separate from the option right.
100 RSDB Annual Report 2008

RSDB NV
as from May 1, 2009
Roto Smeets Group NV
Hunneperkade 17004
7418 BT Deventer
P.O. Box 822
NL-7400 AV Deventer
Telephone : +31 570 694900
Fax : +31 570 694100
E-mail : info@rsdb.com
Site : www.rsdb.com
Chamber of Commerce:
entered in the Commercial Register Deventer
under no. 32017953
DESIGN
Caroline van den Akker
PHOTOGRAPHY
Marco Hamoen Photography, Bodegraven
PRESS AND PRINTING BY
Roto Smeets GrafiServices Utrecht BV
The cover is printed on the KBA JumboPress at
Roto Smeets GrafiServices Eindhoven BV
FINISHING
Epping boekbinders BV, Woerden
SCS-COC-00812
In the event of any difference of interpretation,
the Dutch original of this English translation shall apply
throughout this Annual Report on 2008 of RSDB NV.