In September last year the KfW loan was reduced by €190m immediately after a €420m capital increase through “further optimization of credit facilities”, and the company has now payed the government-owned KfW the outstanding €102m.

Dirk Kaliebe CFO of Heidelberg says, “We would like to thank the KfW for supporting us during the financial and economic crisis and helping us to bridge this difficult period. It was, however, always understood that we would revert to capital market financing as soon as possible.

“As announced, we therefore used all the net proceeds from the capital increase in September 2010 to reduce our financial liabilities.”

The company outlines that the capital increase has given Heidelberg a more stable capital structure overall, with a lower net debt of €243m. Its financing is now made up of the credit line supported by guarantee pledges from the State and the syndicated credit line from a consortium of banks.

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