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Heidelberg Notes Significant Rise in Incoming Orders in Half-Year Report

November 10, 2010
HEIDELBERG, GERMANY—Nov. 10, 2010—The positive development in the operational business at Heidelberger Druckmaschinen AG (Heidelberg) continued in the first six months of financial year 2010/2011. In the second quarter (July 1 to Sept. 30, 2010), both incoming orders and sales were significantly up on the previous year.

Incoming orders for the second quarter improved from EUR 534 million the previous year to EUR 650 million. This was partly due to positive exchange rate effects amounting to some EUR 39 million.

As expected and in line with the company’s own planning, incoming orders were down from the first quarter of the current financial year, which was boosted by special items such as the Ipex exhibition in the United Kingdom and the ExpoPrint trade show in Brazil.

Compared to the same six months of the previous year, incoming orders were up 33 percent (25 percent after adjustment for exchange rate effects) to EUR 1.436 billion (previous year: EUR 1.084 billion).

The Heidelberg Group's order backlog in the second quarter was 27 percent, up from the previous year’s figure of EUR 617 million to EUR 781 million.

Thanks to the high level of orders, net sales in the second quarter were up 27 percent over the previous year (19 percent after adjustment for exchange rate effects) at EUR 633 million. This is also higher than the previous quarter’s figure of EUR 563 million.

In the first six months of the current financial year, sales totaled EUR 1.196 billion and were thus 18 percent up on the previous year's figure of EUR 1.013 billion (11 percent after adjustment for exchange rate effects).

“The continuing economic recovery made our customers more willing to invest in the first half-year, but developments varied greatly from region to region. While Asia, Latin America, and Europe are all seeing growth, there is still no significant recovery in evidence on the key U.S. market,” said Heidelberg Group CEO Bernhard Schreier. “The positive development in operational business in the first half-year shows that we are on the right track with our strategic realignment. This confirms our forecast for the year as a whole,” he added.

The financial result in the second quarter was EUR -52 million (previous year: EUR -27 million). Financing costs and non-recurring expenditures linked to the repayment of financial liabilities from the proceeds of the capital increase were among the items having a negative impact on this result.

In the first half-year, the financial result worsened from the previous year's figure of EUR -49 million to EUR -87 million. The net result for the first half-year was EUR -88 million (previous year: EUR -147 million).
 

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