01/17/2012
- "FOCUS 2012" aims to deliver operating result of around EUR 150 million in financial year 2013/14
- Measures initiated to reduce capacity and cut sales, marketing, and structural costs
- Up to 2,000 job cuts planned worldwide
- Business in third quarter of 2011/12 in line with expectations in difficult economic environment
- Growth opportunities by focusing on market trends at drupa 2012
As announced in November 2011, the Management Board of
Heidelberger Druckmaschinen AG (Heidelberg) has agreed on the
"FOCUS 2012" efficiency program to achieve the
company's profitability targets. The aim is to ensure
that the target operating result before special items of
around EUR 150 million is still achieved in financial year
2013/14 and the company can independently continue to build
on its leading position in the future.
"FOCUS 2012" - a comprehensive package of
measures
The objective of the "FOCUS 2012" efficiency
program is to help significantly reduce capacities and costs
at Heidelberg over the next two years. This will lay the
foundation for positive business developments in response to
the volatile environment and changing market requirements.
Most of the measures will be initiated and implemented
quickly before the end of calendar year 2012. In addition,
the program includes a number of medium- to long-term
measures aimed at adapting the entire organization to the
changed structures.
The target is to achieve total sustainable savings of around
EUR 180 million in financial year 2013/14. Depending on the
results of negotiations with employee representatives and
other factors, the non-recurring expenditure required to do
so is estimated at up to EUR 150 million.
"The ongoing economic uncertainties will continue to put
a brake on the industry's recovery. We are seeing weaker
demand in industrialized nations but stronger growth
potential in emerging markets," said Heidelberg CEO
Bernhard Schreier. "FOCUS 2012 will position Heidelberg
accordingly, above all by significantly reducing production
capacities and by adjusting sales activities to the regional
market changes. This will create the basis and efficient
structures needed for profitable business development,"
he added.
Among the short-term measures, production capacitieswill be
reduced by around 15 percent and service capacitiesin the
regions will be adapted in line with the expected medium-term
level of sales.
Research and developmentexpenditures will be cut by reducing
capacities, further optimizing internal R&D processes, and
reprioritizing projects.
Sales, marketing, and structural costswill also be reduced
substantially by pooling sales and marketing activities and
restructuring individual markets. Comprehensive support for
the global customer base will still be ensured. The entire
package of measures will have an impact on the global
headcountof Heidelberg. Subject to talks with employee
representatives, up to 2,000 jobs will be cut worldwide.
Based on current plans, around 1,200 production, development,
administrative, sales, and marketing jobs in Germany and
around 800 jobs outside Germany will go. At December 31,
2011, Heidelberg had 15,666 employees worldwide (incl.
trainees).
Preliminary results for the 3rd quarter
As expected, the economic uncertainties have made the
industry more reluctant to invest and resulted in weaker
demand. The interim insolvency of a competitor is
exacerbating this situation.
Based on preliminary calculations, incoming ordersin the
third quarter of financial year 2011/12 (October 1 to
December 31, 2011) totaled around EUR 640 million and sales
around EUR 630 million, which is in line with the scaled-down
expectations. Preliminary incoming orders at Heidelberg are
down on the previous quarter's figure of EUR 668 million,
while preliminary sales match the figure for the previous
quarter (EUR 636 million). The third quarter's
preliminary operating result(EBIT) excluding special items is
just in the black again at around EUR 2 million (previous
quarter: EUR 5 million). After nine months, despite sales
falling slightly compared to the previous year, Heidelberg
has succeeded in improving the operating result excluding
special items to EUR -19 million (previous year: EUR -26
million). As a result, the company is still planning to
achieve a noticeably better operating result excluding
special items for financial year 2011/12 as a whole than in
the previous year. The preliminary free cash flowin the third
quarter almost broke even at EUR -4 million (previous
quarter: EUR -12 million). This kept the net debt at a
relatively low level and, at December 31, 2011, it was
virtually unchanged from the previous quarter at around EUR
275 million.
Growth opportunities by focusing on market trends at drupa
2012
Set against structural changes in the media and communication
market, two clear developments are emerging. On the one hand,
traditional print applications such as the newspaper and
magazine segment are showing significant evidence of decline
in the West while, on the other, marked growth is anticipated
in areas such as the packaging market, short runs,
print-on-demand, and web-to-print. Print production is also
on the increase in the emerging markets. Heidelberg is
focusing its portfolio directly on the key market trends in
the printing industry. Although the total volume of print
products is remaining stable, there are differences between
developments in local markets and, increasingly, individual
market segments. FOCUS 2012 and the company's range of
products and services take this specifically into
account.
"With our portfolio we are focusing on the growth areas
of the print media industry. As the global technology and
market leader, we will offer optimized business management
processes and solutions for innovative business models at
this year's drupa," concluded Schreier.
Heidelberg will publish further details and an explanation of
the figures for the third quarter of financial year 2011/12
on February 8, 2012.
For additional information about the company and image
material, please visit the Press Lounge
of Heidelberger Druckmaschinen AG at www.heidelberg.com.
Heidelberg at drupa 2012
drupa 2012, the world's largest trade show for the print
media and printing industry, is being held from May 3 to 16,
2012 in Düsseldorf. Since drupa first started in 1951,
Heidelberg has traditionally been the largest exhibitor.
The trade show presentation, held under the banner
"Discover HEI", will center on lean production (HEI
Productivity), green printing (HEI Eco), web-to-print (HEI
Integration), short-run printing (HEI Flexibility),
differentiation through coatings and special effects (HEI
Emotions), the future of packaging printing (HEI End), and
gaining an edge through the latest know-how (HEI School). The
company is exhibiting solutions that enable print shops and
postpress businesses to meet the latest market requirements
in full. www.drupa.heidelberg.com
For further information, please contact:
Heidelberger Druckmaschinen AG
Corporate Public Relations
Thomas Fichtl
Phone: +49 (0)6221 92 5900
Fax: +49 (0)6221 92 5069
E-Mail: thomas.fichtl@heidelberg.com
Important note:
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.
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