Developments on the financial markets and the world economic crisis have hit Heidelberg’s principal sales markets with full force. The economic environment deteriorated considerably during the second half of the financial year. Our share price declined considerably, falling at a disproportionately rapid pace vis-à-vis the DAX and MDAX stock market indexes.
We are undertaking vigorous efforts to reduce the Group’s dependence on cyclical fluctuations. For example, during the reporting year, we were successful in boosting the sales volume of consumables and we have been rapidly implementing our Heidelberg 2010 program, which will considerably cut back our structural costs. We continue to emphasize our solutions provider strategy, which ensures meaningful production and cost advantages for print shops. We will also continue to maintain a high level of comprehensive consulting expertise by our sales and service companies in all regions.