Heidelberg Records Incoming Order Increase, Sales Decline

At €-22 million, the financial result in the period under review improved over the same period of the previous year (€-35 million) due to the lower financing costs resulting from the successful refinancing measures in the first quarter. Income before taxes improved from €-56 million in the same quarter the previous year to €- 47 million in the first quarter of 2011/2012. Income after taxes was €-46 million (previous year: €-52 million).