Heidelberg Records Incoming Order Increase, Sales Decline

Compared to the previous quarter (€637 million), after adjustment for exchange rate effects, incoming orders grew by 8 percent. At the end of the first quarter of 2011/2012, the order backlog of the Heidelberg Group amounted to €718 million, up €84 million on the previous quarter.

In the first three months of the current financial year, Heidelberg recorded sales of €544 million, compared to €563 million in the same period of the previous year. Adjusted for exchange rate effects of €19 million, net sales matched the prior-year level, but were slightly below our expectations. This is due in part to sales being shifted into subsequent quarters as a result of the earthquake catastrophe in Japan and delays resulting from the extended liquidity shortage in the Chinese banking system.