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Heidelberg on Track After Nine Months of Financial Year 2012/2013

February 7, 2013
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HEIDELBERG, GERMANY—February 7, 2013—After nine months of financial year 2012/2013 (April 1 to December 31, 2012), Heidelberger Druckmaschinen AG (Heidelberg) is on track to achieve its operating targets for the current financial year.

In the quarter under review (October 1 to December 31, 2012), higher sales and savings from the Focus 2012 efficiency program resulted in a much improved operating result as planned. Quarterly sales were 9 percent up on the same period of the previous year, increasing from EUR 631 million to EUR 688 million. The operating result (EBIT) excluding special items increased by EUR 23 million to EUR 25 million (previous year: EUR 2 million).

Improvements in EBIT and the financial result led to a positive income before taxes of EUR 5 million after a negative result of EUR -25 million in the same quarter of the previous year. Thanks to positive tax effects in the reporting period, the net result rose to EUR 16 million (previous year: EUR -14 million).

“The financial year is going according to plan. The third quarter reflects the progress we had expected in terms of earnings. We are systematically moving toward our target of returning to profitability by the end of financial year 2013/2014. We are on the right track,” said Heidelberg CEO Gerold Linzbach.

Sound financing structure—clearly positive free cash flow
Due to the improved result and consistent asset management, the company recorded a clearly positive free cash flow of EUR 28 million in the third quarter, which is EUR 32 million up on the previous year. Also in the third quarter, the net financial debt fell by EUR 32 million compared with the previous quarter to EUR 325 million (balance sheet date December 31, 2012). As expected, the net financial debt was higher than at the end of the previous financial year (when it was EUR 243 million) due to the greater need for funds to process the orders received at the drupa trade show and the payments relating to Focus 2012. The company's financing structure still shows appropriate diversification in terms of both financing sources and maturity profile. Heidelberg therefore has a stable liquidity framework providing ample room for maneuver.

“The Focus 2012 efficiency program is progressing according to plan and is significantly improving our profitability. We have also made good progress with further reducing the company's debt. The clearly positive free cash flow shows we are definitely heading in the right direction,” said Heidelberg CFO Dirk Kaliebe.

Nine-month figures in line with planning

 

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