During the worst crisis ever faced by the Group, the German Federal Government, the German Federal States, and our banks placed their confidence in Heidelberg’s future and made available bridge funding to us. This was because we were able to show them that we are in a position to bring about a turnaround. Our strategy is viable, we have a product portfolio that is tailored precisely to the changing needs of the print media industry worldwide, and we immediately introduced comprehensive cost reduction measures.
When we were securely advancing in the direction of a breakthrough upwards beyond the operating break-even point, the Annual General Meeting laid the cornerstone for our placing the Group’s balance sheet on a healthy footing. On July 29, 2010 the Annual General Meeting agreed to our proposal to increase our capital in order to secure the Company’s future. We were able to comprehensively refinance the Group on this basis during the financial year. Our capital increase in the autumn of 2010 and the issue of our high yield bond early in April 2011 together with the agreement for a new revolving credit facility were highly successful. The bond issue was considerably oversubscribed. We view the high level of demand as a vote of confidence by the capital market for our Company’s strategy.