Heidelberg Reports Positive Operating Result for First Time in Two Years

Assuming a stable development of overall economic conditions and of our industry, we are striving for a balanced pre-tax result in financial year 2011/2012 on the basis of a higher operating result and lower financing expenses. If favorable trends continue into the year of the drupa trade show, we expect our after-tax result to be in the black in financial year 2012/2013.