Heidelberg Says Results in Line with Expectations in Difficult Economic Environment

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.”

As of Dec. 31, 2011, Heidelberg had a workforce of 15,666 worldwide (previous year: 15,828).

Business results in the divisions and regions

The incoming orders of the Heidelberg Services division improved in the third quarter to €277 million, up on the previous quarters. Compared with the equivalent nine months of the previous year, incoming orders were 5 percent below the previous year’s good figure at €792 million. In the same period, the division’s sales dropped by 5 percent to €769 million. The main reason for this development was the drop in sales in the remarketed equipment business.

In the Heidelberg Equipment division, incoming orders for the first three quarters totaled €1.172 billion. This was 8 percent down on the previous year, which was boosted by the IPEX and ExpoPrint trade shows. Nine-month sales of €1.031 billion were equivalent to the same period the previous year after adjusting for exchange rate effects.

The order situation at Heidelberg continues to vary from region to region. While incoming orders in the Europe, Middle East and Africa (EMEA), South America, and Asia/Pacific regions lay below last year’s high level after three quarters resulting from trade shows, the Eastern Europe and North America regions improved on the previous year’s levels.

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