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Our fourth-quarter results confirm the expectation we expressed early December that the short-term economic outlook is worsening
and that 2009 is likely to be a very challenging year. Construction and automotive markets look set to remain contracted and
the latest consumer confidence numbers – also in most emerging markets – leave little room for optimism. Although Healthcare
has been less directly affected by the economic downturn, the limited availability of capital financing in North America is
expected to continue for the foreseeable future.
Anticipating this environment, we proactively extended our restructuring plans and sharpened our cash management initiatives
last year to further drive down (fixed) costs and ensure we start this year with a strong balance sheet position. In line
with our prudent financial management, we will stop the share repurchase program until further notice. During 2009, we will
continue to closely manage our businesses relative to both the market and the competition.
We are confident that this stringent approach to cost and cash management, together with our strong brand and our balanced
portfolio of leading businesses, will enable us to weather the current economic turmoil and will result in an even stronger
company able to deliver on its targets once economic conditions recover.
Amsterdam, February 23, 2009
Board of Management
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