Heidelberg positive despite full year losses

Heidelberg’s preliminary sales volume reached €3.66bn, which is roughly 11 per cent below previous year’s sales volume of €4.13bn. Adjusted to eliminate currency effects, the decrease in sales amounted to six per cent.

At €20m, the preliminary operating result, down on the previous year’s result of €102m exceeded the forecasted break-even. Heidelberg says that its cost-cutting and efficiency improvement measures have thus shown their effects earlier than planned.

Despite high one-time disbursements for efficiency improvement and restructuring, the free cash flow was positive and therefore much better than forecasted for an overall loss of €100m. Due to high one-time costs, the preliminary result after taxes levelled out at a €690m loss, which was in the expected rang. Last year’s result was a loss of €138m.

Altogether, the reporting year by the Heidelberg Group was burdened by restructuring costs and expenses connected to the discontinued Web and Digital business activities, amounting to €565m. This affected the individual Heidelberg AG financial statement in form of depreciations on financial assets and financial receivables, amounting to €1.2bn, which are already accrued in the group closing.

Heidelberg’s fourth quarter order intake totalled at €1bn. In light of the coming drupa trade fair in May and the resulting low-key order intake, Heidelberg sees this as a satisfactory level.

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