Heidelberg Reports Preliminary Figures In Line with Forecast Declines
HEIDELBERG, GERMANY—04/22/2010—As expected, Heidelberger Druckmaschinen AG (Heidelberg) recorded a significant fall in sales and profit in financial year 2009/10 (April 1, 2009 to March 31, 2010) due to the overall cautious investment behavior in the print media industry. The company’s own forecast made in October 2009 has been borne out.
At a total of EUR 2.371 billion, preliminary incoming orders were below the previous year’s figure of EUR 2.906 billion, but showed a marked upward trend in the second half of the financial year.
Preliminary sales by the Heidelberg Group fell to EUR 2.306 billion (previous year: EUR 2.999 billion). The savings from the package of cost-cutting measures were achieved ahead of schedule and mitigated the results significantly, particularly in the second half of the year. They were therefore able in large part to compensate for the shortfall in profit contributions resulting from the substantial decrease in sales.
The preliminary operating result, excluding special items, came to EUR -130 million at the end of the financial year (previous year: EUR -49 million) and was thus in line with the most recent forecast. Special items for restructuring measures amounted to a total of EUR 28 million during the financial year as a whole.
“The Heidelberg Group was able to maintain its leading market position and expand in a number of sectors in what was a difficult market environment in financial year 2009/10. A marked upward trend was evident in the second half of the year, which was primarily influenced by the traditionally strong fourth quarter. Now the aim of our further cost-cutting measures introduced at the end of March is to achieve a break-even operating result for the next financial year assuming stable economic development and furthermore an economic value added (EVA) in all areas of business in the medium term,” said Heidelberg CEO Bernhard Schreier.