Heidelberg Records Incoming Order Increase, Sales Decline

Outlook
The global economic and market risks are still high and have increased significantly overall in the last few days. The worsening of the debt crisis in some European countries and in the United States, coupled with the recent upheavals on the international financial markets, could slow the pace of macroeconomic growth and have a negative impact on investment behavior. If underlying macroeconomic conditions and the sector as a whole remain stable, Heidelberg nevertheless continues to strive for a break-even pre-tax result in financial year 2011/2012 - based on a higher operating result and lower financing expenses.