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Heidelberg Says Results in Line with Expectations in Difficult Economic Environment

February 8, 2012
HEIDELBERG, GERMANY—Feb. 8, 2012—In the third quarter of financial year 2011/2012 (Oct. 1 to Dec. 31, 2011), Heidelberger Druckmaschinen AG (Heidelberg) achieved a slightly positive result of operating activities with stable sales. The “FOCUS 2012” efficiency program was adopted in January 2012. The aim is to ensure that the target operating result excluding special items of around €150 million is achieved in financial year 2013/2014.

Incoming orders in the first nine months (April 1 to Dec. 31, 2011) amounted to €1.975 billion, 7 percent down on the previous year’s figure for the same period (€2.120 billion). The Heidelberg Group’s order backlog at the end of the third quarter amounted to €728 million, which was on a par with the previous quarter (€731 million).

Sales in the first nine months amounted to €1.811 billion, 4 percent down on the previous year’s figure for the same period (€1.883 billion). After adjustment for exchange rate effects, sales were almost on a par with the previous year’s level at €1.841 billion.

“The economic uncertainty and the resultant reluctance to invest have impacted on the business operations of Heidelberg as expected,” said Heidelberg CEO Bernhard Schreier. “Nevertheless, consistent cost management has ensured that the operating result in the third quarter is positive and on the whole in line with the scaled-down expectations.”

Despite lower sales revenues, the result of operating activities excluding special items after nine months has improved to €-19 million (previous year: €-26 million). The special items amounting to €10 million mainly consisted of expenditure relating to further restructuring.

Thanks to successful refinancing and lower financing costs, the financial result improved significantly on the previous year from €-103 million to €-62 million. The result before taxes for the first nine months improved from €-103 million in the same period the previous year to €-91 million. After three quarters, the shortfall for the current financial year is €-79 million (previous year: €-78 million).

The free cash flow for the first nine months was negative at €-23 million. This is primarily a result of the annual loss and investments in the expansion of our plant in China. The company’s net financial debt fell again slightly after three quarters to the comparatively low figure of €273 million. The equity ratio remained stable at almost 30 percent during the period under review.

“Heidelberg is on a stable financial footing thanks to successful refinancing and systematic asset management,” said Heidelberg CFO Dirk Kaliebe. “The success of our financial measures is reflected in the consistently stable equity ratio and significantly reduced net financial debt.”

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