HEIDELBERG confirms forecast in challenging climate
Heidelberg (ots) -
- Sales in line with previous year's level after three quarters and following
adjustment for exchange rate movements
- Adjusted EBITDA margin rises to 8.0 percent
- Incoming orders weaker in third quarter after strong first half-year
- Value creation program supports free cash flow with around EUR 60 million by
the end of Q3 2023/24
The development of sales and EBITDA at Heidelberger Druckmaschinen AG
(HEIDELBERG) is within the expected range for financial year 2023/2024. After
three quarters (April 1 - December 31, 2023), the technology company achieved
sales of EUR 1.686 billion, thanks primarily to growth in the packaging segment.
Following adjustment for exchange rate movements, this figure matches the
previous year's level (EUR1.729 billion). The adjusted operating result (EBITDA)
was an improvement on the same period of the previous year, with the figure
after three quarters amounting to EUR 135 million (adjusted result for previous
year: EUR 125 million). The corresponding adjusted EBITDA margin increased to
8.0 percent (previous year: 7.2 percent), whereby there were no special items to
be adjusted in the current financial year. The net result after taxes after nine
months remained clearly positive at EUR 34 million. Compared with the previous
year (EUR 54 million), higher tax expenditure, increased pension-related
interest costs, and the lack of positive special items had a bearing on the
result.
"In the first three quarters of the financial year, HEIDELBERG has held its own
in a weak macroeconomic climate. The development of sales and EBITDA is within
the expected range," said HEIDELBERG CEO Dr. Ludwin Monz.
Following the good first half-year, incoming orders in the third quarter of the
financial year reflected the economic climate. Overall, they were significantly
weaker at EUR 1.692 billion (previous year: EUR 1.859 billion). While the
development of service business was stable, one particular adverse effect was
the downturn in equipment business in North America and EMEA. Another reason for
this downturn besides the weaker economic climate is that some customers are
waiting for interest rates to drop in the short term and for innovations at the
drupa industry trade show, which starts in May. HEIDELBERG is actively
countering the weaker market development by initiating measures that will have a
financial impact. In the light of lower incoming orders, the company has been
implementing short-time working in parts of its operations at several production
- Sales in line with previous year's level after three quarters and following
adjustment for exchange rate movements
- Adjusted EBITDA margin rises to 8.0 percent
- Incoming orders weaker in third quarter after strong first half-year
- Value creation program supports free cash flow with around EUR 60 million by
the end of Q3 2023/24
The development of sales and EBITDA at Heidelberger Druckmaschinen AG
(HEIDELBERG) is within the expected range for financial year 2023/2024. After
three quarters (April 1 - December 31, 2023), the technology company achieved
sales of EUR 1.686 billion, thanks primarily to growth in the packaging segment.
Following adjustment for exchange rate movements, this figure matches the
previous year's level (EUR1.729 billion). The adjusted operating result (EBITDA)
was an improvement on the same period of the previous year, with the figure
after three quarters amounting to EUR 135 million (adjusted result for previous
year: EUR 125 million). The corresponding adjusted EBITDA margin increased to
8.0 percent (previous year: 7.2 percent), whereby there were no special items to
be adjusted in the current financial year. The net result after taxes after nine
months remained clearly positive at EUR 34 million. Compared with the previous
year (EUR 54 million), higher tax expenditure, increased pension-related
interest costs, and the lack of positive special items had a bearing on the
result.
"In the first three quarters of the financial year, HEIDELBERG has held its own
in a weak macroeconomic climate. The development of sales and EBITDA is within
the expected range," said HEIDELBERG CEO Dr. Ludwin Monz.
Following the good first half-year, incoming orders in the third quarter of the
financial year reflected the economic climate. Overall, they were significantly
weaker at EUR 1.692 billion (previous year: EUR 1.859 billion). While the
development of service business was stable, one particular adverse effect was
the downturn in equipment business in North America and EMEA. Another reason for
this downturn besides the weaker economic climate is that some customers are
waiting for interest rates to drop in the short term and for innovations at the
drupa industry trade show, which starts in May. HEIDELBERG is actively
countering the weaker market development by initiating measures that will have a
financial impact. In the light of lower incoming orders, the company has been
implementing short-time working in parts of its operations at several production
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