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    Breaking News

    Heidelberg Reaches Important Strategic Milestones

    Company reports nine-month sales of €1,693 million with an EBITDA of €101 million.

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    02.08.19
    Throughout financial year 2018/2019, Heidelberger Druckmaschinen AG is consistently pursuing its strategy of using digitization and collaborations to establish business models that deliver sustainable profitability. Heidelberg has reached key milestones in the roll-out of its “Heidelberg goes digital” strategy. Following the signing of 26 contracts for the new subscription model in the first nine months, the next interim target, as previously announced, is 30 contracts by the end of the financial year. This corresponds to an order volume of approximately €150 million.
     
    In addition, series production of the Primefire digital press is continuing and the Heidelberg Digital Unit has been created to handle the significant expansion in e-commerce sales. Future growth will also be driven by the sector’s largest and most advanced innovation center, which was opened in Wiesloch in December.
     
    “We have reached important strategic milestones in financial year 2018/2019. The enhanced partnership with Masterwork opens up a great deal of potential for us in the growing packaging sector and on the huge Chinese market,” said Heidelberg CEO Rainer Hundsdörfer. “There is strong demand for the subscription model, our digital presses have now entered series production, and we are leveraging our skills for e-mobility. This progress makes us very optimistic about the future development of Heidelberg.”
     
    During the period under review (April 1 to Dec. 31, 2018), sales at Heidelberg increased by approximately 2% to €1,693 million. Sales in the third quarter were lower than the previous year’s figures, largely due to deliveries being moved into the fourth quarter owing to supply bottlenecks at suppliers for certain product series, and due to the discontinuation of a funding program in Italy.
     
    At €101 million, EBITDA excluding the restructuring result did not quite reach the previous year’s figure of €105 million as a result of higher collectively agreed rates of pay. This also saw the EBITDA margin drop slightly to 6.0%.
     
    Operating cash flow was €50 million (previous year: €69 million). As in the preceding quarters, free cash flow was influenced by factors such as an increase in inventories (caused by the growing order backlog and longer-than-planned throughput times due to supply bottlenecks), the start-up of digital operations, and investments in the now-completed construction of the innovation center at the Wiesloch-Walldorf site. Accordingly, a value of €–120 million was recorded (previous year: €–20 million).
     
    Due to the negative free cash flow, the net financial debt at the end of the quarter was €350 million (previous year: €244 million). Leverage, as measured on Dec. 31, 2018, increased to 2.1, although this is set to drop back below the target value of 2 by the end of the financial year.
     
    In view of the high order backlog and the fact that the orders moved from the end of the third quarter were fulfilled in the first weeks of the final quarter, Heidelberg expects another strong fourth quarter. 
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