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 10 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 cashflow 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.
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