Heidelberg’s fortunes provisionally improving

Heidelberg claims that provisional figures for its first quarter have benefited from the structural reorganization of recent years. Incoming orders have risen from €588m Q1 last year to €700m. largely thanks to orders from the Print China show in April and improvements in exchange rates, as well as additional business from the PSG take over.

The sales figures have also gone up, from €435m to €560m thanks to a healthy order backlog at the beginning of the quarter, higher service-related sales, and exchange rate movements.

The operating result was much better than in the previous year. EBITDA were €46m (previous year: €6m) and EBIT  €28m (previous year: –€11 million). Income from the takeover of the PSG Group totaling about €19m has had a positive impact on both these figures. Excluding the income from the PSG transaction, the operating EBITDA margin rose to around 5 percent (previous year: 1.4 percent). This income compensated for expenditure of around €15m resulting from partial retirement agreements concluded in the previous year, which had to be included under special items. EBIT including special items thus improved on balance from –€11 million to €13m.

Heidelberg also managed to grow its equity from €183m to €330m, giving an equity ratio of around 15 percent, largely due to the considerable increase in the discount rate for pensions in Germany – from 1.7 percent in the previous year to 2.7 percent on the balance sheet date.

The complete figures for the first quarter of financial year 2015/2016 are due to be published on August 12, 2015.

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