Heidelberger Druckmaschinen AG Hereby Announces in Compliance with Art. 15 of the German Securities Trading Act
Preliminary results for the second quarter 2008/2009
- Sales in the second quarter between 800 und 820 million Euro
- Operating result (EBIT) in the second quarter negative
Heidelberger Druckmaschinen AG (Heidelberg) will, based on first
calculations, achieve sales between 800 and 820 million Euro in the
second quarter of the current financial year 2008/2009 (July 1 to
September 30). Thus, sales volume is less than expected for the
quarter following drupa trade fair and decreased by ten percent
compared with the same quarter in the previous financial year.
Based on orders generated at drupa, Heidelberg had expected a
stronger increase in sales in comparison to the first quarter of
the current financial year, but recognises significant reluctance
to invest in all regions because of the actual economic situation.
Operating result (EBIT) in second quarter will likely reach, due to declining sales and continuing negative effects, - without restructuring costs - up to minus 20 million Euro. In addition, the restructuring costs caused by the comprehensive package of measures in second quarter will amount to up to 20 million Euro.
Furthermore, the recently signed collective labour agreement on partial retirement may lead to further provisions of up to 30 million Euro; the coming into effect of this regulation and the accounting treatment of the issue however still need to be clarified by associations and financial auditors.
Free cash-flow in second quarter will, according to first preliminary calculations, amount to minus 70 to minus 90 million Euro, mostly due to the lower sales volume.
The implementation of the comprehensive package of measures to enhance the cost structure decided on in the first quarter is on track. The package will be expanded according to the economic development. With the announcement of the final quarterly/half-yearly results on November 6, 2008 Heidelberg will provide a forecast for the whole financial year 2008/2009.
Further information for journalists:
Heidelberger Druckmaschinen AG
Corporate Communications
Thomas Fichtl
Tel.: +49 (0)6221 92 47 47
Fax: +49 (0)6221 92 50 69
E-mail: thomas.fichtl@heidelberg.com
Operating result (EBIT) in second quarter will likely reach, due to declining sales and continuing negative effects, - without restructuring costs - up to minus 20 million Euro. In addition, the restructuring costs caused by the comprehensive package of measures in second quarter will amount to up to 20 million Euro.
Furthermore, the recently signed collective labour agreement on partial retirement may lead to further provisions of up to 30 million Euro; the coming into effect of this regulation and the accounting treatment of the issue however still need to be clarified by associations and financial auditors.
Free cash-flow in second quarter will, according to first preliminary calculations, amount to minus 70 to minus 90 million Euro, mostly due to the lower sales volume.
The implementation of the comprehensive package of measures to enhance the cost structure decided on in the first quarter is on track. The package will be expanded according to the economic development. With the announcement of the final quarterly/half-yearly results on November 6, 2008 Heidelberg will provide a forecast for the whole financial year 2008/2009.
Further information for journalists:
Heidelberger Druckmaschinen AG
Corporate Communications
Thomas Fichtl
Tel.: +49 (0)6221 92 47 47
Fax: +49 (0)6221 92 50 69
E-mail: thomas.fichtl@heidelberg.com
Important note
This press release contains forward-looking statements based on assumptions and estimations by the Management Board of Heidelberger Druckmaschinen Aktiengesellschaft. Even though the Management Board is of the opinion that those assumptions and estimations are realistic, the actual future development and results may deviate substantially from these forward-looking statements due to various factors, such as changes in the macro-economic situation, in the exchange rates, in the interest rates and in the print media industry. Heidelberger Druckmaschinen Aktiengesellschaft gives no warranty and does not assume liability for any damages in case the future development and the projected results do not correspond with the forward-looking statements contained in this press release.
This press release contains forward-looking statements based on assumptions and estimations by the Management Board of Heidelberger Druckmaschinen Aktiengesellschaft. Even though the Management Board is of the opinion that those assumptions and estimations are realistic, the actual future development and results may deviate substantially from these forward-looking statements due to various factors, such as changes in the macro-economic situation, in the exchange rates, in the interest rates and in the print media industry. Heidelberger Druckmaschinen Aktiengesellschaft gives no warranty and does not assume liability for any damages in case the future development and the projected results do not correspond with the forward-looking statements contained in this press release.
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