Heidelberg's Race Back to Profitability: Whatever it takes

Heidelberger Druckmaschinen AG held its Annual Accounts Press Conference on July 3, 2003, in Heidelberg, Germany, to present the 2002-2003 Annual Report for the fiscal year ending March 31, 2003. Bernhard Schreier, CEO/Chairman of the Management Board, expressed dismay and concern about the worldwide economic situation and its effect on the printing industry.

"The profitability of Heidelberger Druckmaschinen AG over the last fiscal year is unsatisfactory in every regard," stated Schreier. "We are committed to getting out of this situation as quickly as possible. … We aim to use every means at our disposal to return the Heidelberg Group to its former profitability, in order to provide an attractive return for our shareholders again in the future."

The press conference can be summarized in four key areas:

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