BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - Heidelberger Druckmaschinen AG (HBGRF.PK) said its first-quarter business performance was impacted in particular at the end of the reporting period by the increasing reluctance to invest and the corresponding shift in sales due to the economic downturn. For fiscal 2019/20, Heidelberg continues to expect sales at the previous year's level. However, the company adjusted its margin target and net result after taxes.
For the first-quarter, after taxes, the Group reported a negative result of around 31 million euros compared to a negative result of 15 million euros, a year ago. Including the IFRS 16 effect of around 4 million euros, EBITDA excluding restructuring result was at 14 million euros, below the unadjusted prior-year figure of around 20 million euros.
First-quarter sales were 502 million euros, compared to 541 million euros, prior year. Incoming orders were down to 615 million euros from 665 million euros.
For the full year, the company adjusted its outlook for the operating result and is projecting a target margin for EBITDA excluding restructuring result in a range of 6.5 to 7 percent of sales.
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