Heidelberg Records Incoming Order Increase, Sales Decline
HEIDELBERG, GERMANY—August 9, 2011—In the first quarter of financial year 2011/2012 (April 1 to June 30, 2011), after adjusting for exchange rate effects, sales by Heidelberger Druckmaschinen AG (Heidelberg) held stable compared to the previous year and the operating result improved.
- Incoming orders of €665 million in line with expectations.
- After adjustment for exchange rate effects, sales on a par with last year at €544 million.
- Order backlog rises to €718 million.
- Operating result improves to €-25 million (previous year: €-35 million).
- Net financial debt significantly down on previous year at €260 million.
- Outlook for 2011/2012: Break-even pre-tax result still targeted—impact of debt crisis on global economy and thus investment behavior in the industry are difficult to forecast at present.
At €665 million—€690 million after adjusting for exchange rate effects—incoming orders in the first quarter 2011/2012 were in line with the company’s expectations. The prior year’s higher level (€786 million) was mainly due to additional orders generated at the Ipex and ExpoPrint trade shows that took place in the same period of the previous year.
Compared to the previous quarter (€637 million), after adjustment for exchange rate effects, incoming orders grew by 8 percent. At the end of the first quarter of 2011/2012, the order backlog of the Heidelberg Group amounted to €718 million, up €84 million on the previous quarter.
In the first three months of the current financial year, Heidelberg recorded sales of €544 million, compared to €563 million in the same period of the previous year. Adjusted for exchange rate effects of €19 million, net sales matched the prior-year level, but were slightly below our expectations. This is due in part to sales being shifted into subsequent quarters as a result of the earthquake catastrophe in Japan and delays resulting from the extended liquidity shortage in the Chinese banking system.