Incoming Orders the Highest in Four Years at Heidelberg
In the first quarter of financial year 2012/2013 (April 1 to June 30, 2012), Heidelberger Druckmaschinen Aktiengesellschaft (Heidelberg) recorded incoming orders of EUR 890 million (previous year: EUR 665 million), the highest figure in four years, thanks to the investment impetus created by the drupa industry trade show in May 2012. Due to the high volume of orders, the order backlog in the first quarter rose significantly to EUR 856 million, which is EUR 350 million higher than in the previous quarter.
"As expected, drupa gave the industry a significant boost, which led to our highest quarterly incoming orders in four years," said Heidelberg CFO Dirk Kaliebe. "As regards further developments, we are keeping a very close eye on global economic and market risks, because economic uncertainties have recently heightened again due to the euro and sovereign debt crises," he added.
In the first three months of the current financial year, Heidelberg recorded sales of EUR 520 million (previous year EUR 544 million), which was in line with expectations. As usual, customers were reluctant to invest in the run-up to drupa. The majority of orders placed at the trade show will, as planned, primarily be reflected in the Group's sales figures for the second half of the financial year.
The result of operating activities excluding special items (EBIT) for the first quarter is EUR -58 million (previous year: EUR -25 million). As expected, it was negatively affected by small profit contributions due to the lower sales volume in the first quarter, and by trade show and product launch costs. Special items totaled some EUR 6 million in the quarter under review and were mainly related to the FOCUS 2012 efficiency program.
During the period under review, the financial result improved from EUR -22 million to EUR -19 million. Income before taxes fell from EUR -47 million for the same quarter the previous year to EUR -82 million. And the net loss for the quarter was EUR -74 million (previous year: EUR -46 million).
The greater need for funds to produce the machines ordered, the pro rata payments associated with FOCUS 2012, and the net loss for the quarter had a negative impact on the free cash flow. In the quarter under review, it was in line with the company's expectations at EUR -112 million (previous year: EUR -6 million). As a result, the net financial debt in the first quarter increased to EUR 346 million, following a figure of EUR 243 million at the end of the previous quarter. The company's financing structure benefits from medium- to long-term secured and diversified credit lines totaling some EUR 900 million.
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