Heidelberger Druckmaschinen AG
- WKN: 731400
- ISIN: DE0007314007
- Land: Deutschland
Nachricht vom 20.05.2020 | 16:00
Heidelberger Druckmaschinen AG: Preliminary Results Financial Year 2019/2020
Heidelberger Druckmaschinen AG / Key word(s): Preliminary Results
Based on preliminary unaudited figures, Heidelberger Druckmaschinen AG (WKN: 731400 / ISIN: DE0007314007) announces that its business performance in fiscal year 2019/20 (April 1, 2019 to March 31, 2020) was negatively impacted by the increasingly deteriorating economic environment caused by the Covid-19 pandemic.
Preliminary consolidated sales amounted to € 2,349 million, down around 6 percent on the previous year. The reluctance to invest due to the economic situation, particularly in Europe, had a negative impact on business. In the fourth quarter, the macroeconomic environment deteriorated again significantly in the wake of the Covid-19 pandemic, which was unforeseen and had a significant impact on sales, which at € 659 million were significantly lower than in the prior-year quarter (€ 797 million).
Preliminary operating profit (EBITDA) excluding the effects of restructuring for the full year amounted to €102 million, compared with €180 million in the previous year. The preliminary EBITDA margin excluding the effects of restructuring was 4.3 percent, down from 7.2 percent a year earlier due to lower volumes and product mix effects. In addition, the non-recurring expenditure booked in the 2019/20 financial year for the realignment of the company (€275 million) in particular had a negative impact on the result for the 2019/20 financial year as planned, with preliminary net result after taxes amounting to €-343 million (previous year: €21 million).
In implementing the far-reaching package of measures announced in mid-March 2020 to increase profitability, net debt was reduced significantly to € 43 million at the end of March 2020 (previous year: € 250 million) by almost completely retransferring (approximately € 380 million) the trust assets of Heidelberg Pension-Trust e.V., which was founded in 2005. As part of the package of measures, an agreement on the implementation of the planned job cuts is to be reached shortly with the employee representatives.
The company will publish its audited financial statements and the business report for 2019/20 on June 9, 2020.Contact:
Heidelberger Druckmaschinen AG
Corporate Public Relations
Phone: +49 (0)6222 82-67123
Fax: +49 (0)6222 82-67129
Phone: +49 (0)6222 82-67120
Fax: +49 (0)6222 82-99 67120
Information and Explanation of the Issuer to this News:
Covid-19 pandemic and measures to boost profitability have considerable impact on figures for FY 2019/20
- Total sales approximately 6 percent below previous year - EBITDA margin excluding effects of restructuring at 4.3 percent
During a challenging financial year 2019/20 (April 1, 2019 to March 31, 2020), business operations at Heidelberger Druckmaschinen AG (Heidelberg) was impacted by the increasingly deteriorating economic environment caused by the Covid-19 pandemic. Based on preliminary figures yet to be audited, Group sales amounted to € 2,349 million, some 6 percent down on the previous year. Restrained investment activity caused by the economic circumstances had a negative impact on business, first and foremost in Europe. During the fourth quarter, macroeconomic conditions worsened considerably and unexpectedly due to the Covid-19 pandemic and this was clearly reflected in sales, which at € 659 million were significantly lower than in the same quarter of the previous year (€ 797 million).
The preliminary operating result (EBITDA) excluding the effects of restructuring was € 102 million, after being € 180 million in the previous year. The EBITDA margin excluding the effects of restructuring thus reached 4.3 percent and was below the previous year's figure of 7.2 percent due to volume and product mix effects. Furthermore, the non-recurring expenditure for the company's realignment (€ 275 million) impacted the result for the financial year under review as planned. The provisional net result after taxes was thus € -343 million (previous year: € 21 million).
'Financial year 2019/20 was shaped by a significant downturn in the global economic climate, and that affected our customers and Heidelberg itself, too. Through our package of measures which we have announced in March, we have paved the way for Heidelberg to achieve stability, improve our liquidity and increase profitability step by step for the long term. The Covid-19 pandemic poses significant challenges for Heidelberg and the entire industry, which we will master alongside our customers and using what Heidelberg has to offer as a technology leader in the printing industry. By joining forces, we will emerge stronger from the crisis,' says Rainer Hundsdörfer, CEO of Heidelberg.
'This considerable improvement in our liquidity gives us essential room for maneuver in these difficult times. Heidelberg is going to implement the announced measures consistently and quickly. We are all aware that the cuts are a significant blow, particularly in the current situation. However, they are absolutely essential to safeguarding the future of Heidelberg,' says Heidelberg CFO Marcus A. Wassenberg, who is responsible for implementing the package of measures.
The negotiations on the implementation of the package of measures have largely been concluded with the employee representatives. Agreement has been reached in particular on the instruments of partial retirement and the establishment of a transfer company. The final consultations will focus on further detailing the implementation of the measures for all German sites and on concluding the agreements shortly.
The company will publish its financial statements and the Annual Report for 2019/20 on June 9, 2020.
For additional details about the company and image material, please visit the Press Lounge of Heidelberger Druckmaschinen AG at www.heidelberg.com.
Heidelberg IR now on Twitter:
This press release contains forward-looking statements based on assumptions and estimations by the Management Board of Heidelberger Druckmaschinen Aktiengesellschaft. Even though the Management Board is of the opinion that those assumptions and estimations are realistic, the actual future development and results may deviate substantially from these forward-looking statements due to various factors, such as changes in the macro-economic situation, in the exchange rates, in the interest rates, and in the print media industry. Heidelberger Druckmaschinen Aktiengesellschaft gives no warranty and does not assume liability for any damages in case the future development and the projected results do not correspond with the forward-looking statements contained in this press release.
|Company:||Heidelberger Druckmaschinen AG|
|Phone:||+49 (0)6222 82-67121|
|Fax:||+49 (0)6222 82-67129|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange|
|EQS News ID:||1052271|
|End of Announcement||DGAP News Service|
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