Heidelberg Publishes Preliminary Figures for Financial Year 2008/2009
05 Mai 2009 - 7:00AM
Business Wire
As a result of the global financial and economic crisis and the
dramatic collapse in order levels in the mechanical engineering
sector, the financial year 2008/2009 (April 1, 2008 to March 31,
2009) proved extremely difficult for Heidelberger Druckmaschinen AG
(Heidelberg) (FWB: HDD).
Despite high demand at the drupa trade show in spring 2008,
preliminary incoming orders in the past financial year
amounted to EUR 2.906 billion, 20 percent down on last year�s
figure (EUR 3.649 billion). Therefore, preliminary sales by
the Heidelberg Group for the year as a whole totaled EUR 2.999
billion, 18 percent down on the previous year�s figure of EUR 3.670
billion. Accordingly, Heidelberg posted a preliminary operating
result based on EBIT (including restructuring costs) of EUR
-228 million (previous year: EUR 268 million). Excluding the
restructuring costs, EBIT amounts to EUR�-49 million. As expected,
the preliminary annual result is also negative at EUR -249
million (previous year: EUR 142 million).
�We responded quickly to the difficult situation by introducing
tougher cost-cutting measures. We are already seeing first signs of
success. For example, we recorded a positive free cash flow in the
fourth quarter and have significantly reduced our inventories in
the last few months. As the market leader, we are able to maintain
� and even extend � our considerable competitive advantages in this
time of crisis, which promises good prospects for growth when the
economic climate brightens,� says Bernhard Schreier, Heidelberg
CEO.
Almost all EUR 179 million invested in the cost-cutting
program were incurred during the financial year just closed.
Heidelberg expects to realize savings of between EUR 350 to 380
million in the financial year 2009/2010.
The global economic downturn continued into the fourth quarter
(January 1 to March 31, 2009), leading to a sharp drop in
orders by 43 percent to EUR 474 million for the quarter
compared to the same quarter last year (previous year: EUR 825
million). At EUR 788 million, sales were down 28 percent on
the same quarter last year (previous year: EUR 1.102 billion).
Incoming orders up to March 31, 2009 amounted to EUR 649
million (previous year: EUR 874 million).
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 EUR�76 million in this
difficult economic environment and cut its net debt � which
increased for the year as a whole � from EUR 729 million in the
previous quarter to EUR 657 million in the fourth quarter. Compared
to the previous quarter, inventories were reduced
considerably by EUR 177 million to EUR 1.034 billion (inventories
at December 31, 2008: EUR 1.211 billion).
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.
For further information about the company, please visit
www.heidelberg.com.
Important note:
This press release contains forward-looking statements based on
assumptions and estimations by the Management Board of Heidelberger
Druckmaschinen Aktiengesellschaft. Even though the Management Board
is of the opinion that those assumptions and estimations are
realistic, the actual future development and results may deviate
substantially from these forward-looking statements due to various
factors, such as changes in the macro-economic situation, in the
exchange rates, in the interest rates and in the print media
industry. Heidelberger Druckmaschinen Aktiengesellschaft gives no
warranty and does not assume liability for any damages in case the
future development and the projected results do not correspond with
the forward-looking statements contained in this press release.
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