Ups and Downs for Heidelberg

Thanks to Drupa, Heidelberger Druckmaschinen AG recorded a significant improvement in incoming orders over the previous year in the first quarter of financial year 2008/2009. Incoming orders were up by around 23 percent over the same quarter the previous year to 1.151 billion Euro (previous year: 934 million Euro).

Still, sales and earnings were significantly down on the equivalent figures for the previous year due to difficult market conditions and customers’ reluctance to invest in the run-up to Drupa. Sales by the Heidelberg Group in the first three months (April 1 to June 30) totaled 657 million Euro (previous year: 742 million Euro).

The Heidelberg Group recorded an operating result of minus 35 million Euro in the period under review (previous year: 26 million Euro). The net result in the first quarter was minus 39 million Euro (previous year: eight million Euro).

Due to the purchase of Hi-Tech Coatings, the cost of Drupa and falling sales, the free cash flow in the first quarter was clearly below the previous year’s level at minus 211 million Euro (previous year: minus 81 million Euro).