Heidelberg Announces 2010/2011 Results
Heidelberg has announced the preliminary financial year results for 2010/2011 and says it has met its own forecasts. Incoming orders were up 16 percent over the previous year and sales increased 14 percent. The net result is expected to be around -130 million Euros, mostly due to what Heidelberg calls "huge increases in financing costs and non-recurring expenditures linked to the comprehensive capital restructuring."
"The Heidelberg Group resumed its path to growth in financial year 2010/2011. We improved incoming orders and sales and, after two deficit years, our operating result is back in the black. Thanks to the strategic partnership with Ricoh, the leading position that Heidelberg occupies in the offset printing market will be complemented in future by innovative digital printing products. These operational and strategic successes show that Heidelberg is on the right track to achieving long-term success," said Heidelberg CEO Bernhard Schreier.
"Through comprehensive cost-cutting measures, we have lowered our operating break-even threshold as planned, and thus improved our earnings significantly," said CFO Dirk Kaliebe. "With the considerably reduced level of debt, the successful capital increase and the bond placement we have safeguarded our long-term financing, and have succeeded in leading Heidelberg out of the crisis."
As of March 31, 2011, the Heidelberg Group employed a workforce of 15,828 worldwide, down from 16,496 the previous year.
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