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<SEC-DOCUMENT>0001047469-05-015438.txt : 20060928
<SEC-HEADER>0001047469-05-015438.hdr.sgml : 20060928
<ACCEPTANCE-DATETIME>20050520133511
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001047469-05-015438
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20050520

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CORPORATE EXPRESS INC
		CENTRAL INDEX KEY:			0000878130
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-CATALOG & MAIL-ORDER HOUSES [5961]
		IRS NUMBER:				840978360
		STATE OF INCORPORATION:			CO
		FISCAL YEAR END:			0131

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1 ENVIRONMENTAL WAY
		CITY:			BROOMFIELD
		STATE:			CO
		ZIP:			80021
		BUSINESS PHONE:		3033732800

	MAIL ADDRESS:	
		STREET 1:		1 ENVIRONMENTAL WAY
		CITY:			BROOMFIELD
		STATE:			CO
		ZIP:			80021

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CORPORATE EXPRESS OF TEXAS INC
		CENTRAL INDEX KEY:			0000943095
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-CATALOG & MAIL-ORDER HOUSES [5961]
		IRS NUMBER:				741926921
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0131

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		C/O CORPORATE EXPRESS INC
		STREET 2:		1 ENVIRONMENTAL WAY
		CITY:			BROOMFIELD
		STATE:			CO
		ZIP:			80021-3416
		BUSINESS PHONE:		3036642000

	MAIL ADDRESS:	
		STREET 1:		C/O CORPORATE EXRPESS INC
		STREET 2:		1 ENVIRONMENTAL WAY
		CITY:			BROOMFIELD
		STATE:			CO
		ZIP:			80021-3416

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BTOPI Holding (U.S.)
		CENTRAL INDEX KEY:			0001297213
		IRS NUMBER:				364271823

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		01131206511111

	MAIL ADDRESS:	
		STREET 1:		BUHRMANN CORPORATE CENTER
		STREET 2:		HOOGOORDDREEF 62
		CITY:			AMSTERDAM ZO
		STATE:			P7
		ZIP:			1101 BE

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CE Philadelphia Real Estate, Inc.
		CENTRAL INDEX KEY:			0001297217
		IRS NUMBER:				841492344

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		01131206511111

	MAIL ADDRESS:	
		STREET 1:		BUHRMANN CORPORATE CENTER
		STREET 2:		HOOGOORDDREEF 62
		CITY:			AMSTERDAM ZO
		STATE:			P7
		ZIP:			1101 BE

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Buhrmann II B.V.
		CENTRAL INDEX KEY:			0001297238
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		01131206511111

	MAIL ADDRESS:	
		STREET 1:		BUHRMANN CORPORATE CENTER
		STREET 2:		HOOGOORDDREEF 62
		CITY:			AMSTERDAM ZO
		STATE:			P7
		ZIP:			1101 BE

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Tetterode-Nederland B.V.
		CENTRAL INDEX KEY:			0001297242
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		01131206511111

	MAIL ADDRESS:	
		STREET 1:		BUHRMANN CORPORATE CENTER
		STREET 2:		HOOGOORDDREEF 62
		CITY:			AMSTERDAM ZO
		STATE:			P7
		ZIP:			1101 BE

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Buhrmann Europcenter N.V.
		CENTRAL INDEX KEY:			0001297245
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		01131206511111

	MAIL ADDRESS:	
		STREET 1:		BUHRMANN CORPORATE CENTER
		STREET 2:		HOOGOORDDREEF 62
		CITY:			AMSTERDAM ZO
		STATE:			P7
		ZIP:			1101 BE

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Buhrmann US Inc.
		CENTRAL INDEX KEY:			0001297453
		STANDARD INDUSTRIAL CLASSIFICATION:	WHOLESALE-PAPER AND PAPER PRODUCTS [5110]
		IRS NUMBER:				061560597

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		01131206511111

	MAIL ADDRESS:	
		STREET 1:		BUHRMANN CORPORATE CENTER
		STREET 2:		HOOGOORDDREEF 62
		CITY:			AMSTERDAM ZO
		STATE:			P7
		ZIP:			1101 BE

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BUHRMANN NV
		CENTRAL INDEX KEY:			0000948634
		STANDARD INDUSTRIAL CLASSIFICATION:	WHOLESALE-PAPER AND PAPER PRODUCTS [5110]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		HOOGOORDDREEF 62
		STREET 2:		1101 BE AMSTERDAM ZO
		CITY:			THE NETHERLANDS
		STATE:			P7
		ZIP:			00000

	MAIL ADDRESS:	
		STREET 1:		HOOGOORDDREEF 62
		STREET 2:		1101 BE AMSTERDAM ZO
		CITY:			THE NETHERLANDS
		STATE:			P7

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BUHRMAN NV
		DATE OF NAME CHANGE:	19980814

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NV KONINKLIJKE KNP BT
		DATE OF NAME CHANGE:	19950727

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BTOP USA Corp.
		CENTRAL INDEX KEY:			0001297212
		IRS NUMBER:				364265153

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		01131206511111

	MAIL ADDRESS:	
		STREET 1:		BUHRMANN CORPORATE CENTER
		STREET 2:		HOOGOORDDREEF 62
		CITY:			AMSTERDAM ZO
		STATE:			P7
		ZIP:			1101 BE

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Corporate Express Office Products, Inc.
		CENTRAL INDEX KEY:			0001297216
		IRS NUMBER:				841248716

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		01131206511111

	MAIL ADDRESS:	
		STREET 1:		BUHRMANN CORPORATE CENTER
		STREET 2:		HOOGOORDDREEF 62
		CITY:			AMSTERDAM ZO
		STATE:			P7
		ZIP:			1101 BE

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Buhrmann Fined B.V.
		CENTRAL INDEX KEY:			0001297237
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		01131206511111

	MAIL ADDRESS:	
		STREET 1:		BUHRMANN CORPORATE CENTER
		STREET 2:		HOOGOORDDREEF 62
		CITY:			AMSTERDAM ZO
		STATE:			P7
		ZIP:			1101 BE

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Buhrmann Nederland Holding B.V.
		CENTRAL INDEX KEY:			0001297241
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		01131206511111

	MAIL ADDRESS:	
		STREET 1:		BUHRMANN CORPORATE CENTER
		STREET 2:		HOOGOORDDREEF 62
		CITY:			AMSTERDAM ZO
		STATE:			P7
		ZIP:			1101 BE

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Veenman B.V.
		CENTRAL INDEX KEY:			0001297243
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		01131206511111

	MAIL ADDRESS:	
		STREET 1:		BUHRMANN CORPORATE CENTER
		STREET 2:		HOOGOORDDREEF 62
		CITY:			AMSTERDAM ZO
		STATE:			P7
		ZIP:			1101 BE

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			License Technologies Group, Inc.
		CENTRAL INDEX KEY:			0001297221
		IRS NUMBER:				364378040

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		01131206511111

	MAIL ADDRESS:	
		STREET 1:		BUHRMANN CORPORATE CENTER
		STREET 2:		HOOGOORDDREEF 62
		CITY:			AMSTERDAM ZO
		STATE:			P7
		ZIP:			1101 BE

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ASAP SOFTWARE EXPRESS INC
		CENTRAL INDEX KEY:			0001066445
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-CATALOG & MAIL-ORDER HOUSES [5961]
		IRS NUMBER:				363328437
		STATE OF INCORPORATION:			IL
		FISCAL YEAR END:			0131

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		C/O CORPORATE EXPRESS INC
		STREET 2:		1 ENVIRONMENTAL WAY
		CITY:			BROOMFIELD
		STATE:			CO
		ZIP:			80021
		BUSINESS PHONE:		3033732800

	MAIL ADDRESS:	
		STREET 1:		1 ENVIRONMENTAL WAY
		STREET 2:		C/O CORPORATE EXPRESS INC
		CITY:			BROOMFIELD
		STATE:			CO
		ZIP:			80021

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Corporate Express Document & Print Management, Inc.
		CENTRAL INDEX KEY:			0001297215
		IRS NUMBER:				470445942

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		01131206511111

	MAIL ADDRESS:	
		STREET 1:		BUHRMANN CORPORATE CENTER
		STREET 2:		HOOGOORDDREEF 62
		CITY:			AMSTERDAM ZO
		STATE:			P7
		ZIP:			1101 BE

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Buhrmann Nederland B.V.
		CENTRAL INDEX KEY:			0001297240
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		01131206511111

	MAIL ADDRESS:	
		STREET 1:		BUHRMANN CORPORATE CENTER
		STREET 2:		HOOGOORDDREEF 62
		CITY:			AMSTERDAM ZO
		STATE:			P7
		ZIP:			1101 BE

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Buhrmann Office Products Nederland B.V.
		CENTRAL INDEX KEY:			0001297244
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		01131206511111

	MAIL ADDRESS:	
		STREET 1:		BUHRMANN CORPORATE CENTER
		STREET 2:		HOOGOORDDREEF 62
		CITY:			AMSTERDAM ZO
		STATE:			P7
		ZIP:			1101 BE

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Buhrmann Swaps, Inc.
		CENTRAL INDEX KEY:			0001297214
		IRS NUMBER:				510394363

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		01131206511111

	MAIL ADDRESS:	
		STREET 1:		BUHRMANN CORPORATE CENTER
		STREET 2:		HOOGOORDDREEF 62
		CITY:			AMSTERDAM ZO
		STATE:			P7
		ZIP:			1101 BE

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Buhrmann International B.V.
		CENTRAL INDEX KEY:			0001297239
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		01131206511111

	MAIL ADDRESS:	
		STREET 1:		BUHRMANN CORPORATE CENTER
		STREET 2:		HOOGOORDDREEF 62
		CITY:			AMSTERDAM ZO
		STATE:			P7
		ZIP:			1101 BE

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Buhrmann Financieringen
		CENTRAL INDEX KEY:			0001297236
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		01131206511111

	MAIL ADDRESS:	
		STREET 1:		BUHRMANN CORPORATE CENTER
		STREET 2:		HOOGOORDDREEF 62
		CITY:			AMSTERDAM ZO
		STATE:			P7
		ZIP:			1101 BE

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Corporate Express Promotional Marketing, Inc.
		CENTRAL INDEX KEY:			0001297218
		IRS NUMBER:				431540873

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		01131206511111

	MAIL ADDRESS:	
		STREET 1:		BUHRMANN CORPORATE CENTER
		STREET 2:		HOOGOORDDREEF 62
		CITY:			AMSTERDAM ZO
		STATE:			P7
		ZIP:			1101 BE

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Buhrmann Luxembourg Sarl
		CENTRAL INDEX KEY:			0001297246
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		01131206511111

	MAIL ADDRESS:	
		STREET 1:		BUHRMANN CORPORATE CENTER
		STREET 2:		HOOGOORDDREEF 62
		CITY:			AMSTERDAM ZO
		STATE:			P7
		ZIP:			1101 BE
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<P ALIGN="CENTER"><FONT SIZE=2><B>[LATHAM &amp; WATKINS Letterhead]  </B></FONT></P>

<P><FONT SIZE=2>May&nbsp;20, 2005 </FONT></P>

<P><FONT SIZE=2>H.
Roger Schwall, Esq. <BR>
Assistant Director<BR>
Office of Natural Resources<BR>
Division of Corporation Finance<BR>
Securities and Exchange Commission<BR>
450 Fifth Street, N.W.<BR>
Washington, D.C. 20549-0405<BR>
United States of America </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>Re:</FONT></DT><DD><FONT SIZE=2>Buhrmann
US Inc.<BR>
Registration Statement on Form F-4; Filing No. 333-123952 </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>Dear
Mr.&nbsp;Schwall: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
are writing on behalf of Buhrmann US Inc., a company organized under the laws of Delaware (the "</FONT><FONT SIZE=2><B><I>Company</I></B></FONT><FONT SIZE=2>"), and its parent entity,
Buhrmann NV, a foreign private issuer organized under the laws of The Netherlands (the "</FONT><FONT SIZE=2><B><I>Parent</I></B></FONT><FONT SIZE=2>"), in response to your letter dated May&nbsp;6, 2005
(the "</FONT><FONT SIZE=2><B><I>Staff Comments</I></B></FONT><FONT SIZE=2>" or the "</FONT><FONT SIZE=2><B><I>Comment Letter</I></B></FONT><FONT SIZE=2>"). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
the outset, we would respectfully draw your attention to the following points: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>The
Staff Comments are repeated below, and each comment is followed by a summary of the responsive actions taken (including any disclosure that has been added to the
Registration Statement in response to the Staff Comments).
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>As
noted in our response to Staff Comment 1 below, the co-registrants will incorporate by reference the Parent's published interim financial information. Item 8.A.5 of Form
20-F provides that issuers are encouraged, but not required, to have their independent auditors review any interim financial statements included within a registration statement. The Parent's
independent auditors will review such published interim financial information. Once that review is complete, we will file with the Division of Corporation Finance of the U.S. Securities and Exchange
Commission (the "</FONT><FONT SIZE=2><B><I>Commission</I></B></FONT><FONT SIZE=2>") a revised registration statement on Form F-4 (the "</FONT><FONT SIZE=2><B><I>Registration
Statement</I></B></FONT><FONT SIZE=2>") and the related prospectus (the "</FONT><FONT SIZE=2><B><I>Prospectus</I></B></FONT><FONT SIZE=2>") relating to the offering of $150,000,000 aggregate principal amount of
7<SUP>7</SUP>/<SMALL>8</SMALL>% Senior Subordinated Notes due 2015 (the "</FONT><FONT SIZE=2><B><I>Exchange Notes</I></B></FONT><FONT SIZE=2>") of the Company, and the related guarantees thereof by the Parent and the
other co-registrant guarantors listed in the Registration Statement. The Registration Statement will contain revisions in response to the Staff Comments. </FONT></DD></DL>
</UL>
<UL>

<P><FONT SIZE=2><B> General  </B></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>1.&nbsp;&nbsp;&nbsp;&nbsp;Please update your registration statement to include your most recent interim financial statements, as published in the Form 6-K that you
furnished on May&nbsp;3, 2005. These statements should be reconciled to U.S. GAAP in accordance with Instruction 3(a) and (b)&nbsp;to Item 8.A.5 of Form 20-F, as referenced in Item 10(b) of Form
F-4.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=1,EFW="2158609",CP="BUHRMANN US INC.",DN="1",CHK=372915,FOLIO='blank',FILE='DISK126:[05LON9.05LON1919]MA1919A.;9',USER='INEWLAN',CD='20-MAY-2005;11:52' -->
<A NAME="page_ma1919_1_2"> </A>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
co-registrants will incorporate by reference the Parent's published interim financial information.<SUP>1</SUP> As discussed in a telephone conversation with Mellissa Campbell Duru
of the Division of Corporation Finance on May&nbsp;13, 2005, however, the co-registrants respectfully submit that they are not required to reconcile the interim financial statements to U.S. GAAP, as
a result of First-Time Application of International Financial Reporting Standards, Release Nos. 33-8567; 34-51535; International Series Release No. 1285 (the "</FONT><FONT SIZE=2><B><I>IFRS
Release</I></B></FONT><FONT SIZE=2>"). </FONT></P>

<HR NOSHADE ALIGN="LEFT" WIDTH="120">
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2><SUP>1</SUP></FONT></DT><DD><FONT SIZE=2>The
other co-registrant's financial statements will be omitted pursuant to Rule&nbsp;3-10 of Regulation S-X. These entities are exempt from the requirements of Sections
13(a) and 15(d) of the U.S. Securities Exchange Act of 1934, as amended, by virtue of Rule&nbsp;12h-3 thereunder. </FONT></DD></DL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
IFRS Release points out that interim financial information need not be included in a registration statement dated less than nine months after the end of a foreign private issuer's
last audited financial year. If the foreign private issuer publishes interim financial information, however, then Item 8.A.5 of Form 20-F requires the registration statement to include that
information. Although interim financial information of this sort is generally not required to be reconciled to U.S. GAAP, to the extent: </FONT></P>

<UL>

<P><FONT SIZE=2>there
are new reconciling items or the issuer has made a change in its accounting principles with respect to the interim period, the issuer must quantify material reconciling items that have not
previously been addressed in the audited financial statements, and must provide narrative disclosures about the differences in accounting principles used (IFRS Release, Section II.F.2, footnote
omitted). </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
IFRS Release recognizes that for foreign private issuers in the transition year&#151;that is, the year in which an issuer first changes the basis of its accounting from its
prior GAAP to IFRS (IFRS Release n.16)&#151;this requirement could impose significant burdens. The IFRS Release accordingly grants the following accommodation to foreign private issuers: </FONT></P>

<UL>

<P><FONT SIZE=2>the
Commission does not believe a U.S. GAAP reconciliation is necessary in this circumstance, and is including within new Instruction G to Form 20-F a provision that would permit a foreign private
issuer to include IFRS financial information pursuant to the last three sentences of Item 8.A.5 without either descriptive or quantified U.S. GAAP reconciling information
(</FONT><FONT SIZE=2><I>id.</I></FONT><FONT SIZE=2>). </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
co-registrants fall squarely within the situation contemplated by the IFRS Release. The registration statement is dated less than nine months after the end of the Parent's last
audited financial year (which ended on December 31, 2004); the Parent has published interim financial information; and the Parent is in its transition year from Dutch GAAP reporting to IFRS.
Accordingly, the co-registrants believe they should not be required to provide a U.S. GAAP reconciliation of the Parent's most recent interim consolidated financial statements. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>2.&nbsp;&nbsp;&nbsp;&nbsp;Consistent with the requirements of Item 11 of Form F-4, please specifically delineate in the prospectus, the documents you are incorporating by
reference.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
response to the Staff Comment, the co-registrants will revise the section of the prospectus entitled "Available Information" to specifically delineate the documents we are
incorporating by reference when we file the revised registration statement on Form F-4. </FONT></P>

<UL>

<P><FONT SIZE=2><B><I>Financial Statements  </I></B></FONT></P>

<P><FONT SIZE=2><B><I>Consolidated Income Statements  </I></B></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>3A.&nbsp;&nbsp;&nbsp;&nbsp;We note your measures of "value added" and "gross profit" shown in your financial statements in the Form F-4 and your form 6-K dated
May&nbsp;3, 2005, appear to exclude depreciation and amortization expense. We also note your measures of "costs of trade goods sold," "other costs of sales," and "purchase value trade goods sold"
appear to exclude depreciation and amortization expense. We believe it will be necessary to revise your presentations to include the parenthetical notation advising readers of the amounts  </I></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>2</FONT></P>

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<P><FONT SIZE=2><I> of depreciation and amortization excluded from but attributable to costs of sales or similarly titled measures to comply with SAB Topic 11:B.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>3B.&nbsp;&nbsp;&nbsp;&nbsp;On a related point, when using a functional based presentation under IFRS, as you have done in preparing your subsequent interim financial
statements, the guidance in paragraph 82 of IAS 1, consistent with US GAAP, would preclude disclosing an incomplete measure of gross profit, excluding depreciation and amortization attributable to
costs of sales. Please revise your measure of gross profit to reflect all costs of sales.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P><FONT SIZE=2><I> Staff Comment 3A  </I></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The co-registrants first note that expenses in the income statement can be presented either (i)&nbsp;by their nature ("nature of expense") (for example,
purchases of trade goods, depreciation, employee benefits) or (ii)&nbsp;by their function ("function of expense") (cost of sales and, for example, administrative or selling activities). </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Parent's financial statements for the year ended December&nbsp;31, 2004 have been prepared in accordance with Dutch GAAP. The presentation of the income statement included in these
financial statements is based on the nature of expense and is as follows (up to operating result): </FONT></P>

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<DIV ALIGN="CENTER"><TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="76%"><FONT SIZE=2><B>Net sales</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="CENTER"><FONT SIZE=2><B>A</B></FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="76%"><FONT SIZE=2>Costs of trade goods sold</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" ALIGN="CENTER"><FONT SIZE=2>B</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="76%"><FONT SIZE=2>Other costs of sales</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" ALIGN="CENTER"><FONT SIZE=2>C</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="76%"><FONT SIZE=2><B>Total costs of sales</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="CENTER"><FONT SIZE=2><B>D (B+C)</B></FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="76%"><FONT SIZE=2><B>Added value</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="CENTER"><FONT SIZE=2><B>E (A-D) </B></FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="76%"><FONT SIZE=2>Labor costs</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" ALIGN="CENTER"><FONT SIZE=2>F</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="76%"><FONT SIZE=2>Depreciation of tangible fixed assets and internally used software</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" ALIGN="CENTER"><FONT SIZE=2>G</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="76%"><FONT SIZE=2>Other operating costs</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" ALIGN="CENTER"><FONT SIZE=2>H</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="76%"><FONT SIZE=2><B>Total operating costs</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="CENTER"><FONT SIZE=2><B>I (F+G+H) </B></FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="76%"><FONT SIZE=2><B>Operating result</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="CENTER"><FONT SIZE=2><B>J (E-I) </B></FONT></TD>
</TR>
</TABLE></DIV>
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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
explained in the Notes to the Financial Statements, costs of trade goods sold represent the purchase price of trade goods sold, including duties, insurance and in-bound transportation
costs less catalog contributions (net of related costs). Other costs of sales mainly comprise out-bound, third-party delivery expenses as well as expenses relating to doubtful accounts receivable,
obsolete inventories and temporary employees. In accordance with the presentation by nature of expense as allowed under
Dutch GAAP, operating costs, including depreciation and amortization, are not allocated to costs of trade goods sold or other costs of sales. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Parent's first quarter 2005 interim financial statements are prepared in accordance with IFRS. The presentation of the income statement for the first quarter 2005 is based on the
nature of expense and is as follows (up to operating result): </FONT></P>

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<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="76%"><FONT SIZE=2>Net sales</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="CENTER"><FONT SIZE=2>A</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="76%"><FONT SIZE=2>Purchase value trade goods sold</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="CENTER"><FONT SIZE=2>B</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="76%"><FONT SIZE=2><B>Gross profit</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="CENTER"><FONT SIZE=2><B>C (A-B)</B></FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="76%"><FONT SIZE=2>Operating costs (excluding depreciation of tangible fixed assets and internally used software)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="CENTER"><FONT SIZE=2>D</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="76%"><FONT SIZE=2>Depreciation of tangible fixed assets and internally used software</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="CENTER"><FONT SIZE=2>E</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="76%"><FONT SIZE=2><B>Operating result</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="CENTER"><FONT SIZE=2><B>F (C-D-E) </B></FONT></TD>
</TR>
</TABLE></DIV>
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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thus,
the interim financial statements under IFRS were not prepared based on the function of expense. In order to better advise readers on the use of a categorical presentation rather
than a functional-based presentation, certain reclassifications were made and certain line items were changed compared to the prior presentation under Dutch GAAP. For example, under IFRS, out-bound,
third- </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>3</FONT></P>

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<P><FONT SIZE=2>party
delivery expenses and expenses related to temporary employees are presented under operating costs whereas, under Dutch GAAP, these expenses are presented as other costs of sales. Furthermore,
the line items "costs of trade goods sold" and "added value" under Dutch GAAP were renamed as "purchase price of trade goods sold" and "gross profit" under IFRS, respectively. </FONT></P>

<UL>

<P><FONT SIZE=2><I> Staff Comment 3B  </I></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The co-registrants agree that the measure of "value added" in the Form F-4 and the measure of "gross profit" in the Form 6-K, as well as "costs of trade goods
sold," "other costs of sales" and "purchase value trade goods sold" exclude depreciation and amortization expense. As further discussed below, however, the co-registrants respectfully submit that SAB
Topic 11:B is not applicable to the presentation of the Parent's financial statements. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
co-registrants note that SAB Topic 11:B is only applicable if the presentation by function of expense is used. Under the functional-based presentation, operating costs are allocated
to cost of sales, and include, but not necessarily, depreciation and amortization expense. The co-registrants agree that disclosure of the amounts of depreciation and amortization expense excluded but
attributable to costs of sales would be required under SAB Topic 11:B if the presentation by function of expense is used and depreciation and amortization expense are not allocated to costs of sales.
However, as previously discussed, the Parent uses the presentation by nature of expense allowed under IFRS (and Dutch GAAP), under which depreciation and amortisation expense are not allocated to
costs of sales but rather shown separately in the income statement. Therefore, the co-registrants respectfully submit that SAB Topic 11:B is not applicable to the presentations and that they
accordingly do not need to revise the presentations to include the parenthetical notation as suggested by the Staff Comments. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, because the co-registrants are not using the functional-based presentation in their interim financial statements, they respectively submit that the reference to paragraph 82
of IAS 1 in the Staff Comments is not applicable. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>*****
</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please
address any additional comments to the undersigned via facsimile at (011) 44-207-374-4460. If you have any questions regarding the foregoing, please do not hesitate to contact me
at (011) 44-207-710-1014 or John Huber at (202) 637-2242. </FONT></P>

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<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2>Respectfully submitted,</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><BR>
/s/ Alexander F. Cohen</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><BR>
Alexander F. Cohen<BR>
of LATHAM&nbsp;&amp; WATKINS</FONT></TD>
</TR>
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<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>cc:</FONT></DT><DD><FONT SIZE=2>Paul
Dudek, Chief, Office of International Corporate Finance<BR>
Mellissa Campbell Duru, Division of Corporation Finance<BR>
Karl Hiller, Chief, Accounting Branch<BR>
Jonathan Duersch, Accounting Branch </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>4</FONT></P>

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