Heidelberg, after announcing its new source of financing, published its financials for the first quarter of its financial year, which spans between April 1 to June 30.
While the company made a modest gain in incoming orders over the previous quarter (€550 million compared to €474 million), the numbers are more than 50 percent down from the same quarter in 2008, (which had sales of €1.151 billion).
“Our package of cost-cutting measures is proceeding according to plan,” said Heidelberg CFO Dirk Kaliebe. “In the first three months of the financial year, we achieved a further reduction in personnel costs compared to the previous year, cut inventory levels, lowered research and development expenditure, and cut back significantly on investments. These savings contribute to compensating the impact falling sales are having on the result,” he added.