Heidelberg on Track to Reach Operating Targets

Sound financing structure—clearly positive free cash flow
Due to the improved result and consistent asset management, the company recorded a clearly positive free cash flow of EUR 28 million in the third quarter, which is EUR 32 million up on the previous year. Also in the third quarter, the net financial debt fell by EUR 32 million compared with the previous quarter to EUR 325 million (balance sheet date December 31, 2012). As expected, the net financial debt was higher than at the end of the previous financial year (when it was EUR 243 million) due to the greater need for funds to process the orders received at the drupa trade show and the payments relating to Focus 2012. The company's financing structure still shows appropriate diversification in terms of both financing sources and maturity profile. Heidelberg therefore has a stable liquidity framework providing ample room for maneuver.