Based on an initial analysis of business development in the second quarter (July 1 to September 30) of the 2009/10 financial year and in light of the latest economic and market forecasts, Heidelberger Druckmaschinen AG (Heidelberg) does not expect the level of investment in the print media industry to rise in the current financial year. According to preliminary calculations, incoming orders with about EUR 530 million and sales with about EUR 500 million in the second quarter are roughly on a par with the previous quarter. The international order situation shows a mixed picture. It is characterized by the difficult situation in the United States, Japan and some European markets and cannot be compensated for by the positive business trend of individual markets in Europe and Asia. As a result of low advertising budgets, customers are still running well below capacity, which is expected to result in a continued reticence to invest.   

For the subsequent quarters in the 2009/10 financial year, the Heidelberg Management Board expects no significant increase in incoming orders and sales over the previous quarters, which means that the results will likely fall short of the company's expectations. Consequently, for the financial year as a whole, Heidelberg sales will again fall far short of the level of the 2008/09 financial year. As a result of this low sales volume, the Management Board expects an operating result (EBIT) between minus EUR 110 million and minus EUR 150 million. Heidelberg is currently realizing its package of cost-cutting measures. In addition, the agreements reached so far will furthermore allow the company to flexibly adapt labor costs.

The final figures for the second quarter financial year 2009/10 will be published on November 10th, 2009.