Comprehensive discussions were held with the banks that are providing the financing based on a detailed financing concept that is largely in agreement with the previous financing structure in type, scope, and term. The banks providing the financing granted their fundamental credit approval late in May through early June 2009, however under the condition that in accordance with the second package of measures, i. e., the ‘Pact for Employment and Stability in Germany’ (the so-called Economic Stimulus Package II), and for the loan granted by KfW collateral be provided by the Federal Republic of Germany and the States of Baden-Wuerttemberg and Brandenburg by the end of August 2009. Although the corresponding administrative units of the German Federal Government gave their fundamental consent to this, written confirmation is currently still pending. We anticipate a final decision from the Economic Committee of the State of Baden-Wuerttemberg in the near future. Based on previous negotiations, the Management Board expects a positive decision here as well. For additional information on this topic, please refer to the details provided in the ‘Risk and Opportunity Report’.
This Annual Report 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 these 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 Annual Report. Heidelberg does not intend, and does not assume any obligation, to update the forward-looking statements contained in this Annual Report to reflect events or developments that have occurred after this Annual Report was published.