The positive development in the operational business at Heidelberger Druckmaschinen AG (Heidelberg) continued in the first six months of financial year 2010/2011. In the second quarter (July 1 to September 30, 2010) both incoming orders and sales were significantly up on the previous year.

　　Incoming orders for the second quarter of financial year 2010/2011 improved from EUR 534 million the previous year to EUR 650 million. This was partly due to positive exchange rate effects amounting to some EUR 39 million. As expected and in line with the company's own planning, incoming orders were down on the first quarter of the current financial year, which was boosted by special items such as the IPEX exhibition in the United Kingdom and the ExpoPrint trade show in Brazil. Compared to the same six months of the previous year, incoming orders were up 33 percent (25 percent after adjustment for exchange rate effects) to EUR 1.436 billion (previous year: EUR 1.084 billion).

　　The Heidelberg Group's order backlog in the second quarter was 27 percent up on the previous year's figure of EUR 617 million at EUR 781 million.

　　Thanks to the high level of orders, net sales in the second quarter were up 27 percent on the previous year (19 percent after adjustment for exchange rate effects) at EUR 633 million. This is also higher than the previous quarter's figure of EUR 563 million. In the first six months of the current financial year, sales totaled EUR 1.196 billion and were thus 18 percent up on the previous year's figure of EUR 1.013 billion (11 percent after adjustment for exchange rate effects).

　　"The continuing economic recovery made our customers more willing to invest in the first half-year, but developments varied greatly from region to region. While Asia, Latin America, and Europe are all seeing growth, there is still no significant recovery in evidence on the key U.S. market," said Heidelberg Group CEO Bernhard Schreier. "The positive development in operational business in the first half-year shows that we are on the right track with our strategic realignment. This confirms our forecast for the year as a whole," he added.

　　In the second quarter, Heidelberg achieved a significant improvement in its result of operating activities excluding special items - to EUR -6 million (previous year: EUR -65 million). The cumulative operating result for the first half-year was EUR -41 million. This follows a figure of EUR -128 million for the same period the previous year. The improvement was primarily due to lower costs resulting from the successful restructuring measures and to higher sales revenues. The release of provisions capitalized the previous year resulted in income of EUR 22 million from special items (previous year: costs of EUR 11 million).

　　The financial result in the second quarter was EUR -52 million (previous year: EUR -27 million). Financing costs and non-recurring expenditures linked to the repayment of financial liabilities from the proceeds of the capital increase were among the items having a negative impact on this result. In the first half-year, the financial result worsened from the previous year's figure of EUR -49 million to EUR -87 million.

　　The net result for the first half-year was EUR -88 million (previous year: EUR -147 million).

　　Despite outflows associated with restructuring measures, Heidelberg achieved a positive free cash flow of EUR 7 million in the second quarter. In the first half-year, the free cash flow improved substantially to EUR 69 million following a figure of EUR -18 million in the previous year.

　　"The restructuring measures of recent years are paying off, as demonstrated by the continued improvement in the operating result and free cash flow," said Heidelberg CFO Dirk Kaliebe. "What's more, we have used all the proceeds from the successful capital increase to repay our liabilities and have thus significantly reduced our financial burden. Heidelberg now has a much more stable capital structure and is on track to become profitable," he added.

　　Capital increase successfully completed

　　In the second quarter, Heidelberg successfully completed its capital increase. All the net proceeds of around EUR 400 million have been used to repay financial liabilities and strengthen the company's equity base. This has enabled Heidelberg to reduce its net financial debt by EUR 386 million to EUR 243 million in the second quarter, which has boosted the equity ratio from 18.3 percent in the previous quarter to 29.6 percent at the end of the second quarter.

　　As at September 30, 2010, Heidelberg had 16,228 employees worldwide. The workforce fell by a total of 268 in the first half-year.
 
　　Business results in the divisions

　　In the Heidelberg Equipment Division, incoming orders for the first half-year were 49 percent up on the previous year (41 percent after adjustment for exchange rate effects) at EUR 875 million. Medium- and large-format sheetfed offset presses enjoyed particularly strong growth. Incoming orders in the second quarter were down on the figure for the first quarter because the start of the financial year was boosted by positive special items such as the IPEX and ExpoPrint trade shows. Sales in the first half-year were up 21 percent on the previous year (15 percent after adjustment for exchange rate effects) at EUR 649 million. The operating result excluding special items for the first six months was EUR 34 million better than the previous year at EUR -87 million. The savings achieved by the program of cost-cutting measures and the company's reorganization had a positive impact on this result.

　　In the less cyclical Heidelberg Services Division, incoming orders of EUR 272 million in the quarter under review matched the first quarter's high level. In the first half-year, incoming orders were thus a total of 14 percent up on the previous year (6 percent after adjustment for exchange rate effects) at EUR 552 million. The continued recovery was also apparent in the sales figure for the first six months of the financial year, which rose by 15 percent (7 percent after adjustment for exchange rate effects) to EUR 538 million. The operating result excluding special items for the first six months improved by a significant EUR 48 million to EUR 37 million. Heidelberg Services benefited from higher sales linked to a more favorable sales mix that included a greater proportion of products with better profit margins, and from the savings achieved as a result of the reorganization.

　　In the quarter under review, the Heidelberg Financial Services Division once again recorded a positive operating result. The result for the first half-year was EUR 9 million (previous year: EUR 4 million).

　　Business developments in the regions

　　Overall, the global economic recovery in the first half-year led to positive business developments, but the situation varied considerably from region to region. In the Europe, Middle East & Africa region, incoming orders in the second quarter were up 17 percent on the previous year at EUR 231 million. The main factor in this improvement was the greater willingness of customers in Germany and the United Kingdom to invest. As expected, however, orders did not match the high level of the first quarter, which was boosted by special items such as high incoming orders generated at the IPEX trade show. Net sales were EUR 28 million up on the first quarter. In the first half-year, sales roughly matched the previous year's level at EUR 470 million. In the Eastern Europe region, incoming orders in the second quarter were slightly higher than the previous year at EUR 63 million. In the first half-year, they rose by a total of 28 percent to EUR 147 million. Net sales far exceeded the figures for both the previous quarter and the previous year. Higher incoming orders in Poland, Russia, and Turkey played a key role in this positive development. In the North America region, incoming orders for the second quarter were slightly higher at EUR 81 million. After adjustment for exchange rate effects, orders for the first half-year as a whole were only 3 percent up on the previous year and sales for this period were 12 percent down on the previous year's level at EUR 139 million. The development of incoming orders in the Latin America region, on the other hand, was very positive. The figure for the second quarter was 74 percent higher than the previous year at EUR 47 million. One of the driving forces behind this positive development was the growing demand in Brazil, which was boosted by the ExpoPrint industry trade show. Net sales in the first half-year were also much better, increasing by around 79 percent to EUR 59 million. Growth continued in the Asia/Pacific region, above all thanks to the continued positive developments in China. In the second quarter, incoming orders were up 33 percent on the previous year at EUR 228 million. Although this did not match the high level of incoming orders in the first quarter, over the first six months as a whole it represents a 24 percent increase over the same period the previous year after adjustment for exchange rate effects. Net sales in the first half-year were 26 percent up at EUR 398 million, once again after adjustment for exchange rate effects.

　　Outlook

　　For the current financial year 2010/2011, Heidelberg is still expecting to see a modest growth in sales. The result of operating activities will benefit from increasing profit contributions and the savings achieved so far. Heidelberg is looking to achieve a break-even operating result in the current financial year, provided the economic situation remains stable. The forecast of economic developments reflected in the company's financial year planning takes into account the respective product mix prevalent in the individual markets. We continue to focus on limiting the commitment of funds; the previous huge increase in financing costs and the non-recurring expenditures linked to the repayment of financial liabilities from the proceeds of the capital increase will have a very negative impact on the financial result. However, the repayment of liabilities made possible by the successful capital increase will have a mitigating effect in the remaining months of the current financial year. During the current financial year, a marked net loss is still expected.

　　

[时间：2010-11-11  来源：必胜网]