Heidelberg Second-Quarter, Six-Month Results in Line with Expectations

Around one third of the planned savings from the Focus 2012 efficiency program of approximately €180 million will already take effect in the current financial year. The expenditures required for this purpose, however, will weigh on the financial result. As a consequence, income before taxes will be negative. In the financial year 2012/2013, free cash flow will see a significant negative impact from the pro-rata expenditures for Focus 2012; thus, net financial debt will also increase in the meantime.