Heidelberg Reports Global Economy Weighed Down Fiscal Year Sales

Despite high demand at the drupa trade show in spring 2008, preliminary incoming orders in the past financial year amounted to 2.906 billion Euro, 20 percent down on last year’s figure (3.649 billion Euro). Therefore, preliminary sales by the Heidelberg Group for the year as a whole totaled 2.999 billion Euro, 18 percent down on the previous year's figure of 3.670 billion Euro. Accordingly, Heidelberg posted a preliminary operating result based on EBIT (including restructuring costs) of minus 228 million Euro (previous year: 268 million Euro). Excluding the restructuring costs, EBIT amounts to minus 49 million Euro. As expected, the preliminary annual result is also negative at minus 249 million Euro (previous year: 142 million Euro).

"We responded quickly to the difficult situation by introducing tougher cost-cutting measures. We are already seeing first signs of success. For example, we recorded a positive free cash flow in the fourth quarter and have significantly reduced our inventories in the last few months. As the market leader, we are able to maintain - and even extend - our considerable competitive advantages in this time of crisis, which promises good prospects for growth when the economic climate brightens," says Bernhard Schreier, Heidelberg CEO.