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DGAP-Adhoc: Heidelberger Druckmaschinen AG: Preliminary Results Financial Year 2019/2020

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DGAP-Ad-hoc: Heidelberger Druckmaschinen AG / Key word(s): Preliminary
Results
Heidelberger Druckmaschinen AG: Preliminary Results Financial Year 2019/2020

20-May-2020 / 16:00 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation
(EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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 &euro 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 &euro 659 million were
significantly lower than in the prior-year quarter (&euro 797 million).

Preliminary operating profit (EBITDA) excluding the effects of restructuring
for the full year amounted to &euro102 million, compared with &euro180
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 (&euro275 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 &euro-343 million (previous
year: &euro21 million).

In implementing the far-reaching package of measures announced in mid-March
2020 to increase profitability, net debt was reduced significantly to &euro
43 million at the end of March 2020 (previous year: &euro 250 million) by
almost completely retransferring (approximately &euro 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
Thomas Fichtl
Phone: +49 (0)6222 82-67123
Fax: +49 (0)6222 82-67129
E-mail: thomas.fichtl@heidelberg.com

Investor Relations
Robin Karpp
Phone: +49 (0)6222 82-67120
Fax: +49 (0)6222 82-99 67120
E-Mail: robin.karpp@heidelberg.com
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 *
*- At &euro -343 million, net result after taxes impacted by planned
restructuring*
*expenses and Covid-19 effects*
*- Net financial debt considerably reduced from &euro 250 million to &euro
43 million*
*- Negotiations about package of measures to boost profitability nearly
completed*

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 &euro 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 &euro 659 million were significantly
lower than in the same quarter of the previous year (&euro 797 million).

The preliminary operating result *(EBITDA) excluding the effects of
restructuring* was &euro 102 million, after being &euro 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 (&euro 275 million)
impacted the result for the financial year under review as planned. The
provisional *net result after taxes* was thus &euro -343 million (previous
year: &euro 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.

*Liquidity considerably improved* - *driving forward the roll-out of the
announced measures to stabilize finances and boost profitability *
To counteract the downturn in underlying conditions over the year and
increase financial stability, Heidelberg had already agreed a comprehensive
package of measures in mid-March 2020. On the one hand, it includes an
increase in liquidity and a significant reduction in net debt due to the
almost complete retransfer of around &euro 380 million from the trust assets
of Heidelberg Pension-Trust e.V., which was established in 2005. As a
result, *net debt* was significantly reduced to &euro 43 million at the end
of March 2020 (previous year: &euro 250 million). On the other hand,
profitability is being increased on a sustainable basis by lowering
production and structural costs. This involves ensuring a consistent focus
on profitable core business - including ending the production of Primefire
and large-format presses - and the planned reduction in personnel.

'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
[1].

*Heidelberg IR now on Twitter:*
Link to the IR Twitter channel: https://twitter.com/Heidelberg_IR [2]
On Twitter under the name: @Heidelberg_IR

*Further information: *

*Corporate Communications *
Thomas Fichtl
Phone: +49 6222 82-67123
Fax: +49 6222 82-67129
E-mail: Thomas.Fichtl@heidelberg.com

*Investor Relations *
Robin Karpp
Phone: +49 6222 82-67120
Fax: +49 6222 82-99 67120
E-mail: robin.karpp@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.

*Preliminary key figures FY 2019/2020 at a glance *

Figures in &euro millions 2018/2019 2019/2020
Net sales 2,490 2,349
EBITDA excluding restructuring result 180 102
Restructuring result -20 -275
Net result after taxes 21 -343
Net debt 250 43
Number of employees 11,522 11,316

20-May-2020 CET/CEST The DGAP Distribution Services include Regulatory
Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de
Language: English
Company: Heidelberger Druckmaschinen AG
Kurfürsten-Anlage 52-60
69115 Heidelberg
Germany
Phone: +49 (0)6222 82-67121
Fax: +49 (0)6222 82-67129
E-mail: investorrelations@heidelberg.com
Internet: www.heidelberg.com
ISIN: DE0007314007
WKN: 731400
Indices: SDAX
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated

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