Heidelberg Releases Final Half-Year Figures, Including Stable Sales

The free cash flow for the first half-year was negative at €-19 million. This was partly due to the outflow of funds resulting from the plant expansion in China. The net financial debt for the first six months was comparatively low at €279 million. At the beginning of the previous financial year, this debt was still as high as €695 million. The equity ratio remained stable at around 30 percent during the period under review.

“Successful refinancing and effective asset management enabled us to secure the company’s financial stability and thereby significantly reduce our financing costs. Thanks to the further optimization of net working capital in the second quarter, the free cash flow was better than expected, which had a positive impact on our net debt,” said Heidelberg CFO Dirk Kaliebe.

As at Sept. 30, 2011, Heidelberg had a workforce of 15,782 worldwide (previous year: 16,228). The number of employees thus fell by 446 compared to the previous year.

Business results in the divisions and regions

In the Heidelberg Equipment division, incoming orders for the first half-year totaled €810 million. This was 8 percent down on the previous year, which was boosted by the IPEX and ExpoPrint trade shows. Over the same period, the division saw sales grow by 4 percent (7 percent after adjustment for exchange rate effects) to €674 million.

The Heidelberg Services division was still feeling the effects of the declining business with remarketed equipment. Incoming orders were 7 percent below the previous year’s figure at €515 million. The division’s half-yearly sales fell by 7 percent (6 percent after adjustment for exchange rate effects) to €498 million.

The order situation at Heidelberg continues to vary from region to region. While incoming orders for the first six months in the Europe, Middle East and Africa (EMEA) and the South America regions were down on the relevant figures for the previous year, which had been boosted by trade shows in these areas, the Asia/Pacific and Eastern Europe regions matched the previous year’s level (after adjustment for exchange rate effects) and the North America region saw a slight improvement on the previous year’s weak incoming orders. Sales were up on the previous year’s figure in the North America, South America, and Asia/Pacific regions after adjustment for exchange rate effects. In the Europe, Middle East and Africa and Eastern Europe regions, on the other hand, they were below the previous year’s figure after adjustment for exchange rate effects.

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