Heidelberg Reports Global Economy Weighed Down Fiscal Year Sales
Thanks to its timely restructuring measures, Heidelberg succeeded in achieving an almost break-even operating result (excluding special items) in the fourth quarter despite the falling sales. In addition, Heidelberg was also able to achieve a clearly positive free cash flow totaling 76 million Euro in this difficult economic environment and cut its net debt - which increased for the year as a whole - from 729 million Euro in the previous quarter to 657 million Euro in the fourth quarter. Compared to the previous quarter, inventories were reduced considerably by 177 million Euro to 1.034 billion Euro (inventories at December 31, 2008: 1.211 billion Euro).
Since the start of the financial year 2008/2009, the company has reduced its staffing levels by around 1,400, including temporary workers. On March 31, 2009, the Heidelberg Group had a workforce of 18,926, including staff incorporated from new consolidations.
Heidelberg will publish its final figures for the 2008/2009 financial year on June 9, 2009.
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