Heidelberger Druckmaschinen AG

Heidelberg achieves record profits in fiscal year 00/01 - sales rise by more than 15 percent to Euro 5.3 billion

    Successful start to the year - company expects sales and profits
to be above last year's figures
    
    Heidelberg (ots) - Heidelberger Druckmaschinen AG (Heidelberg) has
closed the last 2000/2001 fiscal year (April 1, 2000 to March 31,
2001) with record profits. Sales of the Heidelberg Group rose by more
than 15% to Euro 5.3 billion (previous year: Euro 4.6 billion).
Orders received also exhibited pleasing growth in all divisions,
standing at around Euro 5.5 billion. This is more than 18 percent up
on the comparable figure for the highly successful previous year
(just under Euro 4.7 billion), which means that the company has
further extended its leading position in the graphic arts industry.
"In the current fiscal year, we expect Heidelberg to achieve sales
and profits in excess of last year's levels", stated Bernhard
Schreier, Chairman of the Heidelberg Management Board.
    
    The rise in profits in 2000/2001 demonstrates the company's
potential for growth. "We have increased our operating profit by
around 10% from Euro 463 million to Euro 506 million", explained
Chief Financial Officer Dr. Herbert Meyer. The Heidelberg Group's net
profit increased from Euro 251 million to Euro 283 million after
adjustment and, after accounting for special influences, totaled Euro
342 million.
    The non-recurring item of around Euro 60 million (Euro 100 million
before tax) relates to the application of new accounting procedures
for the treatment of special investment funds. Unlike in previous
years, special funds are no longer listed at the historical
procurement costs of around Euro 280 million, but instead the stocks,
securities, cash and pensions included in the funds are now listed at
their market values of around Euro 380 million. The earnings per
share rose from Euro 2.91 to Euro 3.30 after adjustment. At the
Annual General Meeting, Heidelberg will propose that, in view of the
highly favorable 2000/2001 fiscal year, a dividend of Euro 1.80 will
be issued - an increase of 10 cents on last year's dividend. This
corresponds to a net dividend yield of 3.1% calculated on the current
share price (average Euro 58).
    During the period under review, Heidelberg's total workforce
increased by 1,759 to 25,936 (as at March 31, 2001).
    
    High double-figure growth in divisions and regions
    
    In the 2000/2001 fiscal year, sales in all divisions were boosted
by a highly favorable economic climate and the high number of orders
received at drupa in May 2000.
    
    Digital buoyant
    Sales in the Digital division rose by just under 16% from Euro 659
million to some Euro 763 million. With more than 2,000 black/white
digital printing systems already shipped, Heidelberg has now achieved
a market share of 17% in this sector. The company's goal is to
increase this share to 30% in the next five years. The operating loss
rose from Euro 26 million to Euro 64 million. This is due to the
financial outlays required for the development of digital presses and
the expansion of the company's sales organization. A further factor
was the unfavorable profit development in the prepress sector.
    
    Sheetfed division continues to be successful
    The Sheetfed division (sheetfed offset presses) also continued its
success story, with sales increasing from Euro 2.8 billion to Euro
3.3 billion - a growth of almost 17%. The operating result increased
from Euro 491 million to Euro 543 million. Heidelberg's goal is to
expand its strong market position in this sector further.  
    
    Web Systems division breaks even
    Heidelberg's Web Systems division achieved sales of Euro 801
million which, when compared to Euro 695 million last year,
represents a growth of more than 15%. The operating result reached
break-even point, despite the expansion of newspaper press business
and following a loss of Euro 7 million in 1999/2000.
    
    Finishing set to grow
    In the Finishing division, sales rose from Euro 398 million to
Euro 408 million. The operating profit climbed from Euro 5 million to
Euro 27 million. Heidelberg is looking to achieve stronger growth
than the market average in this sector in future.      
    
    Global orientation pays off
    Heidelberg experienced high demand from all regions. Despite the
economic slowdown in the second half of the last fiscal year, sales
in the NAFTA region rose by 16% to Euro 1.8 billion. In Central
Europe, Heidelberg once again reported high sales, achieving a figure
of Euro 1.9 billion. The Middle East/Africa, Asia/Pacific and Central
& South America regions demonstrated sales growth well in excess of
30% compared with last year. Asia/Pacific achieved sales of almost
Euro 1 billion. The highest percentage growth was seen in Eastern
Europe, with sales in the region growing by 53% to Euro 291 million.
    
    Prospects for the future: Heidelberg looking to achieve sales of
Euro 8 billion in five years
    We are expecting a slight deterioration in economic conditions in
the 2001/2002 fiscal year. Growth in the USA will slow down further
in the first half of the 2001/2002 fiscal year. However, we are
expecting a slight recovery in the second half of the year. China in
particular will continue to exhibit strong growth.  
    
    "Heidelberg expects to outperform the industry as a whole in
2001/2002, at a time when business is likely to be quite subdued",
commented Bernhard Schreier, referring to Heidelberg's prospects for
the current fiscal year. "Because of our rigorous positioning as a
solutions provider for the entire graphic arts industry, I am highly
optimistic that we will be able to achieve a growth in sales running
into almost double figures in the years to come", stated Schreier.
But this can only be achieved, he added, if there are no unforeseen
economic downturns on markets that are relevant to Heidelberg. In
five years, Schreier predicts sales of around Euro 8 billion for the
Heidelberg Group. "We will achieve this by developing new products
and by extending our market shares in all divisions".      
    
    The new Annual Report for the 2000/2001 fiscal year can also be
found on the internet at www.heidelberg.com.
    Further information is available on the Internet at
www.journalist.heidelberg.com.
    
    Important Note:
    This press release contains forward-looking statements which are
based on assumptions and estimations by the managment board of
Heidelberger Druckmaschinen Aktiengesellschaft. Even though the
management board is of the opinion that those assumptions and
estimations are realistic the future development and the projected
results may deviate substantially from the forward-looking
statements. Those deviations can be due to several factors including
but not limited to changes in the macro-economic situation, in the
exchange rates, in the interest rates and in the graphic arts
industry. Heidelberger Druckmaschinen Aktiengesellschaft gives no
warranty and does not assume the liability for any damages in case
the future development and the projected results do not correspond
with the forward-looking statements.
    
    
    HEIDELBERG GROUP  March 31, 2001 March 31, 2000 Change in %
                                 EUR m.              EUR m.
    Net sales              5,303                 4,601         15.3
                        
         Digital                763                    659         15.8
         Sheetfed          3,331                 2,849         16.9
         Web Systems         801                    695         15.3
         Finishing            408                    398          2.5
                        
    Incoming orders    5,537                 4,694         18.0
                        
    Digital                    774                    670      
    Sheetfed                3,488                 2,911      
    Web Systems              858                    704      
    Finishing                 417                    409      
                        
    Result of
    ordinary operations 506                    463         9.3
                        
         Digital                -64                    -26      
         Sheetfed              543                    491      
         Web Systems            0                      -7      
         Finishing              27                        5      
                        
    Earnings before
    taxes                        531                    487      
                        
    Net profit                283                    251         12.7
    Net profit
    w/o extraordinary    342            
    profit effects (Special fonds)                    
    Cash Flow                 524                447      
                        
    CAPEX                        237                321      
                        
    Employees            25,936            24,177            7.3
                        
                        
    Digital                 4,670              4,169      
    Sheetfed              16,331            15,148      
    Web Systems          3,196              2,964      
    Finishing              1,739              1,896      
                        
    Sales by regions  March 31, 2001 March 31, 2000 Change in %
                                 in %                 in %
                        
    Central Europe      1,914         1,911            0.2
    Eastern Europe         291            190          52.7
    NAFTA                    1,794         1,550          15.7
    Central+South
    America                    163            111          46.6
    Asia/Pacific            997            736          35.5
    Middle East/Africa  144            104          38.3
    
    
ots Original Text Service: Heidelberger Druckmaschinen AG
Internet: http://www.presseportal.de

For further information: Heidelberger Druckmaschinen AG Corporate Communications Thomas Fichtl Tel: +49 (0)6221-92-4747 Fax: +49 (0)6221-92-5069 E-mail: thomas.fichtl@de.heidelberg.com

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