Heidelberg First Half Results

Heidelberger Druckmaschinen AG (Heidelberg) made further progress in operational and strategic development in the first half of 2017/18 (April 1 to September 30, 2017). In operational terms, the figures for the first half of financial year 2017/18 were as planned. Despite negative exchange rate effects of €18 million and the systematic reduction of trading activities with remarketed equipment, sales after six months were €1,054 million, almost the same as the previous year’s level of €1,072 million. As expected, incoming orders in the post-drupa year of €1,234 million were below the previous year’s figure (H1 2016/17: €1,408 million). The order backlog was a solid €630 million compared to the €765 million at September 30, 2016, which was boosted by drupa.

Profitability rose significantly on the previous year’s figures. EBITDA, excluding restructuring, was up from €45 million to €60 million after two quarters, with the EBITDA margin reaching 8.2 percent in the second quarter, following 7.5 percent in the same period of the previous year. EBIT excluding restructuring result was €27 million (previous year: €11 million). The much lower financing costs led to the financial result improving from €-29 million to €-24 million. At €+0.3 million, the net result after taxes was around €28 million up on the previous year’s figure (€-28 million).

“Heidelberg is on a very sound financial footing, with financing secured for the long term. This will enable us to independently fund the strategic measures and the growth we are aiming for,” said Dirk Kaliebe, CFO at Heidelberg. “Systematically harnessing the potential from the efficiency program will also secure our medium-term profitability targets.”

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