February 27, 2015
The management and employee representatives of Heidelberger Druckmaschinen AG (Heidelberg) today reached agreement on reorganizing the company pension scheme. In the future, the final salary pension will be replaced by a contribution-based capital commitment.
The associated effect allows a balance-sheet relief of some €100 million. This step is also a response to steadily falling interest rates due to the continuing low-interest policy in the eurozone, which could lead to further increases in provisions for pension obligations in the future. It has already been necessary to significantly increase the reserves for guaranteed pension payments in recent years and no reversal of this trend is expected in the near future.
The basic principle behind the newly agreed contribution-based scheme has applied to the company’s management staff and new employees since 2006 and will now be extended to all Heidelberg pension beneficiaries.
In addition to relieving the balance sheet, reorganizing the company pension scheme will have a non-recurring positive effect on the operating result for the current financial year 2014/2015. Also because of this, EBITDA will be around €50 million higher than previously expected. The pension scheme figures calculated at the end of the financial year on March 31, 2015 when preparing the annual accounts will clarify the precise impact of the reorganization.
For additional details about the company and image material, please visit the Press Lounge of Heidelberger Druckmaschinen AG at www.heidelberg.com.
Further information:
Heidelberger Druckmaschinen AG
Corporate Public Relations
Thomas Fichtl
Phone: +49 (0)6222 82-67123
Fax: +49 (0)6222 82-67129
E-mail: thomas.fichtl@heidelberg.com
Investor Relations
Robin Karpp
Phone: +49 (0)6222 82-67120
Fax: +49 (0)6222 82-99 67120
E-mail: robin.karpp@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.
