Heidelberger Druckmaschinen Aktiengesellschaft (DE0007314007)
 

2,01 EUR

Stand (close): 29.08.25

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Datum / Uhrzeit Titel Bewertung
07.08.25 09:09:33 Amris steigt um 10% ab, wegen enttäuschender Zahlen für das zweite Quartal.
**Haftungsausschluss: Der Text wurde mit Hilfe einer KI zusammengefasst und übersetzt. Für Aussagen aus dem Originaltext wird keine Haftung übernommen!** **Investing.com – Amrize AG (NYSE:AMRZ) (SIX:AMRZ) erlebt Kurssturz von über 10% im vorbörslichen Handel, nachdem das Unternehmen enttäuschende Ergebnisse für das zweite Quartal veröffentlicht hat und eine pessimistische Jahresprognose herausgegeben hat, die deutlich unter den Konsens liegt.** Das Gruppenumsatz ist im Jahresvergleich um 1% gesunken, während das EBITDA um 6% eingebrochen ist, begleitet von einer Kontraktion der Margen um 150 Basispunkte. Das Unternehmen führte dies hauptsächlich auf höhere Betriebskosten zurück. Die Geschäftsbereiche Baumaterialien verzeichneten einen Umsatzrückgang von 1% und einen EBITDA-Rückgang von 2%, während die Geschäftseinheit für Gebäudehüllen einen Umsatzrückgang von 1% und einen EBITDA-Rückgang von 20 Basispunkten verzeichnete. Der Umsatz der Division für Gebäudehüllen stieg um 3% aufgrund der Übernahme von Ox, war aber immer noch hinter Wettbewerbern wie Carlisle zurück. Ein deutliches Problem war der Cashflow mit einem erheblichen Cash-Outflow von 450 Millionen Dollar im ersten Halbjahr. Die gestiegenen Forderungen waren ein zentraler Kritikpunkt der Analysten. Die 2025er Jahresprognose von Amrize – Umsatz- und EBITDA-Midpoints um 3% bzw. 8% unter dem Konsens – hat das Vertrauen der Investoren weiter geschwächt und Analysten zu erwarteten Kursstürzen geführt. Trotz der Betonung langfristiger Wachstumschancen durch M&A ist der Markt skeptisch und verlangt konkrete Beweise für Verbesserungen. Die Bewertung von 9,8x FY25e EBITDA wurde ebenfalls als mit erheblichen Risiken verbunden angesehen.
03.06.25 11:26:47 Heidelberg enthüllt die Druckmaschine Cartonmaster CX 145 für den Faltschachteldruck
**Haftungsausschluss: Der Text wurde mit Hilfe einer KI zusammengefasst und übersetzt. Für Aussagen aus dem Originaltext wird keine Haftung übernommen!** **Einführung in Heidelberg Cartonmaster CX 145** Heidelberg Druckmaschinen, ein weltweit führender Anbieter von Druck- und Verpackungslösungen, hat die Ergänzung des Cartonmaster CX 145 zu seinem Verpackungsportfolio angekündigt. Diese hochwertige, großformatige Bogenoffsetmaschine ist für den langlaufenden Faltschachteldruck für Lebensmittel, Getränke und Konsumgüter konzipiert. ** Eigenschaften und Vorteile** Der Cartonmaster CX 145 ist eine signifikante Ergänzung zu Heidelbergs Portfolio und bietet: * A 105cm x 145cm Druckgröße, geeignet für Großdruck * Integration mit Heidelbergs digitalem Ökosystem, so dass Kunden über das Heidelberg Customer Portal auf Leistungsdaten zugreifen können * Kompatibilität mit Prinect Workflow und Lösungen von Drittanbietern * Vertrieb, Installation, Schulung und laufende Unterstützung, einschließlich Service und Verbrauchsmaterialien **Industrie Wachstum und Nachfrage** Die Verpackungsindustrie erlebt ein starkes Wachstum, das durch die steigende Nachfrage nach nachhaltigen und umweltfreundlichen Verpackungslösungen getrieben wird. Der Cartonmaster CX 145 ist darauf ausgelegt, diesen Anforderungen gerecht zu werden und bietet eine hoch- und großformatige Lösung für den langlaufenden Faltschachteldruck. **Market Outlook** Heidelberg erwartet eine starke Nachfrage aus den Märkten in Nordamerika, Europa und China, die durch die zunehmende Übernahme nachhaltiger Verpackungslösungen angetrieben wird. Das Engagement des Unternehmens für die Systemintegration und die digitale Transformation wird voraussichtlich eine Schlüsselrolle bei der Erfüllung dieser wachsenden Anforderungen spielen. ** Implementierung und Rollout* * Bestellungen für den Cartonmaster CX 145 werden nun angenommen, wobei die erste Installation für 2026 geplant ist. Heidelberg erwartet einen globalen Rollout, wobei der Heidelberger Chief Technology and Sales Officer David Schmedding die Integration der Presse mit dem Heidelberger Digital-Ökosystem unterstreicht. **Ausschluss* * Der Heidelberg Cartonmaster CX 145 stellt eine bedeutende Investition im Portfolio des Unternehmens dar, die sein Engagement für die Systemintegration, die digitale Transformation und nachhaltige Verpackungslösungen widerspiegelt. Diese Ergänzung soll das Wachstum vorantreiben und den steigenden Anforderungen der Verpackungsindustrie gerecht werden.
05.07.23 04:07:52 A Look At The Intrinsic Value Of Heidelberger Druckmaschinen Aktiengesellschaft (ETR:HDD)
**Haftungsausschluss: Der Text wurde mit Hilfe einer KI zusammengefasst und übersetzt. Für Aussagen aus dem Originaltext wird keine Haftung übernommen!** Key Insights Using the 2 Stage Free Cash Flow to Equity, Heidelberger Druckmaschinen fair value estimate is €1.52 Heidelberger Druckmaschinen's €1.46 share price indicates it is trading at similar levels as its fair value estimate Analyst price target for HDD is €2.08, which is 36% above our fair value estimate How far off is Heidelberger Druckmaschinen Aktiengesellschaft (ETR:HDD) from its intrinsic value? Using the most recent financial data, we'll take a look at whether the stock is fairly priced by taking the expected future cash flows and discounting them to their present value. This will be done using the Discounted Cash Flow (DCF) model. Don't get put off by the jargon, the math behind it is actually quite straightforward. Remember though, that there are many ways to estimate a company's value, and a DCF is just one method. For those who are keen learners of equity analysis, the Simply Wall St analysis model here may be something of interest to you. Check out our latest analysis for Heidelberger Druckmaschinen Step By Step Through The Calculation We're using the 2-stage growth model, which simply means we take in account two stages of company's growth. In the initial period the company may have a higher growth rate and the second stage is usually assumed to have a stable growth rate. In the first stage we need to estimate the cash flows to the business over the next ten years. Where possible we use analyst estimates, but when these aren't available we extrapolate the previous free cash flow (FCF) from the last estimate or reported value. We assume companies with shrinking free cash flow will slow their rate of shrinkage, and that companies with growing free cash flow will see their growth rate slow, over this period. We do this to reflect that growth tends to slow more in the early years than it does in later years. Generally we assume that a dollar today is more valuable than a dollar in the future, so we discount the value of these future cash flows to their estimated value in today's dollars: 10-year free cash flow (FCF) estimate 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 Levered FCF (€, Millions) €32.4m €45.5m €38.7m €34.6m €32.1m €30.5m €29.5m €28.8m €28.4m €28.1m Growth Rate Estimate Source Analyst x4 Analyst x4 Analyst x2 Est @ -10.38% Est @ -7.20% Est @ -4.97% Est @ -3.40% Est @ -2.31% Est @ -1.55% Est @ -1.01% Present Value (€, Millions) Discounted @ 6.8% €30.4 €39.9 €31.8 €26.7 €23.2 €20.6 €18.7 €17.1 €15.8 €14.6 ("Est" = FCF growth rate estimated by Simply Wall St) Present Value of 10-year Cash Flow (PVCF) = €239m After calculating the present value of future cash flows in the initial 10-year period, we need to calculate the Terminal Value, which accounts for all future cash flows beyond the first stage. The Gordon Growth formula is used to calculate Terminal Value at a future annual growth rate equal to the 5-year average of the 10-year government bond yield of 0.2%. We discount the terminal cash flows to today's value at a cost of equity of 6.8%. Terminal Value (TV)= FCF2033 × (1 + g) ÷ (r – g) = €28m× (1 + 0.2%) ÷ (6.8%– 0.2%) = €432m Present Value of Terminal Value (PVTV)= TV / (1 + r)10= €432m÷ ( 1 + 6.8%)10= €225m The total value is the sum of cash flows for the next ten years plus the discounted terminal value, which results in the Total Equity Value, which in this case is €464m. To get the intrinsic value per share, we divide this by the total number of shares outstanding. Relative to the current share price of €1.5, the company appears about fair value at a 4.3% discount to where the stock price trades currently. The assumptions in any calculation have a big impact on the valuation, so it is better to view this as a rough estimate, not precise down to the last cent. dcf Important Assumptions Now the most important inputs to a discounted cash flow are the discount rate, and of course, the actual cash flows. Part of investing is coming up with your own evaluation of a company's future performance, so try the calculation yourself and check your own assumptions. The DCF also does not consider the possible cyclicality of an industry, or a company's future capital requirements, so it does not give a full picture of a company's potential performance. Given that we are looking at Heidelberger Druckmaschinen as potential shareholders, the cost of equity is used as the discount rate, rather than the cost of capital (or weighted average cost of capital, WACC) which accounts for debt. In this calculation we've used 6.8%, which is based on a levered beta of 1.096. Beta is a measure of a stock's volatility, compared to the market as a whole. We get our beta from the industry average beta of globally comparable companies, with an imposed limit between 0.8 and 2.0, which is a reasonable range for a stable business. SWOT Analysis for Heidelberger Druckmaschinen Strength Earnings growth over the past year exceeded the industry. Debt is not viewed as a risk. Weakness No major weaknesses identified for HDD. Opportunity Good value based on P/E ratio and estimated fair value. Threat Annual earnings are forecast to decline for the next 3 years. Looking Ahead: Valuation is only one side of the coin in terms of building your investment thesis, and it is only one of many factors that you need to assess for a company. It's not possible to obtain a foolproof valuation with a DCF model. Instead the best use for a DCF model is to test certain assumptions and theories to see if they would lead to the company being undervalued or overvalued. For instance, if the terminal value growth rate is adjusted slightly, it can dramatically alter the overall result. For Heidelberger Druckmaschinen, we've compiled three important aspects you should assess: Risks: Consider for instance, the ever-present spectre of investment risk. We've identified 2 warning signs with Heidelberger Druckmaschinen , and understanding them should be part of your investment process. Future Earnings: How does HDD's growth rate compare to its peers and the wider market? Dig deeper into the analyst consensus number for the upcoming years by interacting with our free analyst growth expectation chart. Other Solid Businesses: Low debt, high returns on equity and good past performance are fundamental to a strong business. Why not explore our interactive list of stocks with solid business fundamentals to see if there are other companies you may not have considered! PS. Simply Wall St updates its DCF calculation for every German stock every day, so if you want to find the intrinsic value of any other stock just search here. Have feedback on this article? Concerned about the content?Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. 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12.06.23 05:35:09 Heidelberger Druckmaschinen Aktiengesellschaft's (ETR:HDD) Fundamentals Look Pretty Strong: Could The Market Be Wrong About The Stock?
**Haftungsausschluss: Der Text wurde mit Hilfe einer KI zusammengefasst und übersetzt. Für Aussagen aus dem Originaltext wird keine Haftung übernommen!** With its stock down 3.8% over the past month, it is easy to disregard Heidelberger Druckmaschinen (ETR:HDD). But if you pay close attention, you might find that its key financial indicators look quite decent, which could mean that the stock could potentially rise in the long-term given how markets usually reward more resilient long-term fundamentals. Specifically, we decided to study Heidelberger Druckmaschinen's ROE in this article. Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors’ money. In other words, it is a profitability ratio which measures the rate of return on the capital provided by the company's shareholders. See our latest analysis for Heidelberger Druckmaschinen How Is ROE Calculated? ROE can be calculated by using the formula: Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity So, based on the above formula, the ROE for Heidelberger Druckmaschinen is: 10% = €47m ÷ €457m (Based on the trailing twelve months to December 2022). The 'return' is the yearly profit. Another way to think of that is that for every €1 worth of equity, the company was able to earn €0.10 in profit. Why Is ROE Important For Earnings Growth? We have already established that ROE serves as an efficient profit-generating gauge for a company's future earnings. We now need to evaluate how much profit the company reinvests or "retains" for future growth which then gives us an idea about the growth potential of the company. Assuming all else is equal, companies that have both a higher return on equity and higher profit retention are usually the ones that have a higher growth rate when compared to companies that don't have the same features. A Side By Side comparison of Heidelberger Druckmaschinen's Earnings Growth And 10% ROE To begin with, Heidelberger Druckmaschinen seems to have a respectable ROE. Further, the company's ROE is similar to the industry average of 12%. For this reason, Heidelberger Druckmaschinen's five year net income decline of 2.7% raises the question as to why the decent ROE didn't translate into growth. We reckon that there could be some other factors at play here that are preventing the company's growth. Such as, the company pays out a huge portion of its earnings as dividends, or is faced with competitive pressures. So, as a next step, we compared Heidelberger Druckmaschinen's performance against the industry and were disappointed to discover that while the company has been shrinking its earnings, the industry has been growing its earnings at a rate of 0.3% in the same period. past-earnings-growth The basis for attaching value to a company is, to a great extent, tied to its earnings growth. The investor should try to establish if the expected growth or decline in earnings, whichever the case may be, is priced in. Doing so will help them establish if the stock's future looks promising or ominous. If you're wondering about Heidelberger Druckmaschinen's's valuation, check out this gauge of its price-to-earnings ratio, as compared to its industry. Is Heidelberger Druckmaschinen Using Its Retained Earnings Effectively? Heidelberger Druckmaschinen doesn't pay any dividend, meaning that the company is keeping all of its profits, which makes us wonder why it is retaining its earnings if it can't use them to grow its business. So there might be other factors at play here which could potentially be hampering growth. For example, the business has faced some headwinds. Summary On the whole, we do feel that Heidelberger Druckmaschinen has some positive attributes. However, given the high ROE and high profit retention, we would expect the company to be delivering strong earnings growth, but that isn't the case here. This suggests that there might be some external threat to the business, that's hampering its growth. That being so, the latest industry analyst forecasts show that the analysts are expecting to see a huge improvement in the company's earnings growth rate. To know more about the company's future earnings growth forecasts take a look at this freereport on analyst forecasts for the company to find out more. Have feedback on this article? Concerned about the content?Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Join A Paid User Research Session You’ll receive a US$30 Amazon Gift card for 1 hour of your time while helping us build better investing tools for the individual investors like yourself. Sign up here
17.04.23 11:02:04 Investors in Heidelberger Druckmaschinen (ETR:HDD) have made a stellar return of 152% over the past three years
**Haftungsausschluss: Der Text wurde mit Hilfe einer KI zusammengefasst und übersetzt. Für Aussagen aus dem Originaltext wird keine Haftung übernommen!** It might seem bad, but the worst that can happen when you buy a stock (without leverage) is that its share price goes to zero. But if you buy shares in a really great company, you can more than double your money. For instance the Heidelberger Druckmaschinen Aktiengesellschaft (ETR:HDD) share price is 152% higher than it was three years ago. That sort of return is as solid as granite. Better yet, the share price has risen 4.0% in the last week. With that in mind, it's worth seeing if the company's underlying fundamentals have been the driver of long term performance, or if there are some discrepancies. Check out our latest analysis for Heidelberger Druckmaschinen While markets are a powerful pricing mechanism, share prices reflect investor sentiment, not just underlying business performance. By comparing earnings per share (EPS) and share price changes over time, we can get a feel for how investor attitudes to a company have morphed over time. During three years of share price growth, Heidelberger Druckmaschinen moved from a loss to profitability. That kind of transition can be an inflection point that justifies a strong share price gain, just as we have seen here. The image below shows how EPS has tracked over time (if you click on the image you can see greater detail). earnings-per-share-growth It is of course excellent to see how Heidelberger Druckmaschinen has grown profits over the years, but the future is more important for shareholders. If you are thinking of buying or selling Heidelberger Druckmaschinen stock, you should check out this FREEdetailed report on its balance sheet. A Different Perspective While the broader market lost about 3.1% in the twelve months, Heidelberger Druckmaschinen shareholders did even worse, losing 23%. Having said that, it's inevitable that some stocks will be oversold in a falling market. The key is to keep your eyes on the fundamental developments. Unfortunately, last year's performance may indicate unresolved challenges, given that it was worse than the annualised loss of 8% over the last half decade. We realise that Baron Rothschild has said investors should "buy when there is blood on the streets", but we caution that investors should first be sure they are buying a high quality business. It's always interesting to track share price performance over the longer term. But to understand Heidelberger Druckmaschinen better, we need to consider many other factors. Consider for instance, the ever-present spectre of investment risk. We've identified 2 warning signs with Heidelberger Druckmaschinen (at least 1 which is significant) , and understanding them should be part of your investment process. Story continues We will like Heidelberger Druckmaschinen better if we see some big insider buys. While we wait, check out this freelist of growing companies with considerable, recent, insider buying. Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on German exchanges. Have feedback on this article? Concerned about the content?Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Join A Paid User Research Session You’ll receive a US$30 Amazon Gift card for 1 hour of your time while helping us build better investing tools for the individual investors like yourself. Sign up here
11.02.23 07:13:22 Heidelberger Druckmaschinen Aktiengesellschaft (ETR:HDD) Just Released Its Third-Quarter Earnings: Here's What Analysts Think
**Haftungsausschluss: Der Text wurde mit Hilfe einer KI zusammengefasst und übersetzt. Für Aussagen aus dem Originaltext wird keine Haftung übernommen!** It's been a sad week for Heidelberger Druckmaschinen Aktiengesellschaft (ETR:HDD), who've watched their investment drop 12% to €1.75 in the week since the company reported its quarterly result. It was a credible result overall, with revenues of €609m and statutory earnings per share of €0.11 both in line with analyst estimates, showing that Heidelberger Druckmaschinen is executing in line with expectations. Following the result, the analysts have updated their earnings model, and it would be good to know whether they think there's been a strong change in the company's prospects, or if it's business as usual. With this in mind, we've gathered the latest statutory forecasts to see what the analysts are expecting for next year. See our latest analysis for Heidelberger Druckmaschinen earnings-and-revenue-growth Taking into account the latest results, Heidelberger Druckmaschinen's twin analysts currently expect revenues in 2024 to be €2.37b, approximately in line with the last 12 months. Per-share earnings are expected to bounce 62% to €0.25. Before this earnings report, the analysts had been forecasting revenues of €2.37b and earnings per share (EPS) of €0.24 in 2024. So the consensus seems to have become somewhat more optimistic on Heidelberger Druckmaschinen's earnings potential following these results. There's been no major changes to the consensus price target of €2.30, suggesting that the improved earnings per share outlook is not enough to have a long-term positive impact on the stock's valuation. Of course, another way to look at these forecasts is to place them into context against the industry itself. It's also worth noting that the years of declining sales look to have come to an end, with the forecast for flat revenues to the end of 2024. Historically, Heidelberger Druckmaschinen's sales have shrunk approximately 3.5% annually over the past five years. Compare this against analyst estimates for the broader industry, which suggest that (in aggregate) industry revenues are expected to grow 4.3% annually. Although Heidelberger Druckmaschinen's revenues are expected to improve, it seems that it is still expected to grow slower than the wider industry. Story continues The Bottom Line The most important thing here is that the analysts upgraded their earnings per share estimates, suggesting that there has been a clear increase in optimism towards Heidelberger Druckmaschinen following these results. On the plus side, there were no major changes to revenue estimates; although forecasts imply revenues will perform worse than the wider industry. The consensus price target held steady at €2.30, with the latest estimates not enough to have an impact on their price targets. Keeping that in mind, we still think that the longer term trajectory of the business is much more important for investors to consider. At least one analyst has provided forecasts out to 2025, which can be seen for free on our platform here. However, before you get too enthused, we've discovered 1 warning sign for Heidelberger Druckmaschinen that you should be aware of. Have feedback on this article? Concerned about the content?Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Join A Paid User Research Session You’ll receive a US$30 Amazon Gift card for 1 hour of your time while helping us build better investing tools for the individual investors like yourself. Sign up here
02.01.23 09:40:26 Heidelberger Druckmaschinen Aktiengesellschaft's (ETR:HDD) Stock Has Seen Strong Momentum: Does That Call For Deeper Study Of Its Financial Prospects?
**Haftungsausschluss: Der Text wurde mit Hilfe einer KI zusammengefasst und übersetzt. Für Aussagen aus dem Originaltext wird keine Haftung übernommen!** Heidelberger Druckmaschinen's (ETR:HDD) stock is up by a considerable 25% over the past three months. As most would know, fundamentals are what usually guide market price movements over the long-term, so we decided to look at the company's key financial indicators today to determine if they have any role to play in the recent price movement. In this article, we decided to focus on Heidelberger Druckmaschinen's ROE. Return on equity or ROE is a key measure used to assess how efficiently a company's management is utilizing the company's capital. Put another way, it reveals the company's success at turning shareholder investments into profits. View our latest analysis for Heidelberger Druckmaschinen How Is ROE Calculated? The formula for ROE is: Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity So, based on the above formula, the ROE for Heidelberger Druckmaschinen is: 14% = €64m ÷ €457m (Based on the trailing twelve months to September 2022). The 'return' refers to a company's earnings over the last year. That means that for every €1 worth of shareholders' equity, the company generated €0.14 in profit. What Has ROE Got To Do With Earnings Growth? Thus far, we have learned that ROE measures how efficiently a company is generating its profits. Depending on how much of these profits the company reinvests or "retains", and how effectively it does so, we are then able to assess a company’s earnings growth potential. Assuming everything else remains unchanged, the higher the ROE and profit retention, the higher the growth rate of a company compared to companies that don't necessarily bear these characteristics. A Side By Side comparison of Heidelberger Druckmaschinen's Earnings Growth And 14% ROE To start with, Heidelberger Druckmaschinen's ROE looks acceptable. Even when compared to the industry average of 12% the company's ROE looks quite decent. For this reason, Heidelberger Druckmaschinen's five year net income decline of 16% raises the question as to why the decent ROE didn't translate into growth. We reckon that there could be some other factors at play here that are preventing the company's growth. Such as, the company pays out a huge portion of its earnings as dividends, or is faced with competitive pressures. Story continues As a next step, we compared Heidelberger Druckmaschinen's performance with the industry and found thatHeidelberger Druckmaschinen's performance is depressing even when compared with the industry, which has shrunk its earnings at a rate of 2.0% in the same period, which is a slower than the company. past-earnings-growth Earnings growth is a huge factor in stock valuation. It’s important for an investor to know whether the market has priced in the company's expected earnings growth (or decline). Doing so will help them establish if the stock's future looks promising or ominous. Is Heidelberger Druckmaschinen fairly valued compared to other companies? These 3 valuation measures might help you decide. Is Heidelberger Druckmaschinen Using Its Retained Earnings Effectively? Heidelberger Druckmaschinen doesn't pay any dividend, meaning that potentially all of its profits are being reinvested in the business, which doesn't explain why the company's earnings have shrunk if it is retaining all of its profits. It looks like there might be some other reasons to explain the lack in that respect. For example, the business could be in decline. Conclusion On the whole, we do feel that Heidelberger Druckmaschinen has some positive attributes. Yet, the low earnings growth is a bit concerning, especially given that the company has a high rate of return and is reinvesting ma huge portion of its profits. By the looks of it, there could be some other factors, not necessarily in control of the business, that's preventing growth. Having said that, we studied the latest analyst forecasts, and found that analysts are expecting the company's earnings growth to improve slightly. The company's existing shareholders might have some respite after all. To know more about the company's future earnings growth forecasts take a look at this freereport on analyst forecasts for the company to find out more. Have feedback on this article? Concerned about the content?Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Join A Paid User Research Session You’ll receive a US$30 Amazon Gift card for 1 hour of your time while helping us build better investing tools for the individual investors like yourself. Sign up here
21.11.22 04:12:04 Heidelberger Druckmaschinen Second Quarter 2023 Earnings: EPS: €0.12 (vs €0.091 in 2Q 2022)
**Haftungsausschluss: Der Text wurde mit Hilfe einer KI zusammengefasst und übersetzt. Für Aussagen aus dem Originaltext wird keine Haftung übernommen!** Heidelberger Druckmaschinen (ETR:HDD) Second Quarter 2023 Results Key Financial Results Revenue: €597.0m (up 12% from 2Q 2022). Net income: €39.0m (up 43% from 2Q 2022). Profit margin: 6.5% (up from 5.1% in 2Q 2022). EPS: €0.12 (up from €0.091 in 2Q 2022). earnings-and-revenue-growth All figures shown in the chart above are for the trailing 12 month (TTM) period Heidelberger Druckmaschinen Earnings Insights Looking ahead, revenue is forecast to grow 2.0% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Machinery industry in Germany. Performance of the German Machinery industry. The company's shares are down 1.9% from a week ago. Risk Analysis We don't want to rain on the parade too much, but we did also find 3 warning signs for Heidelberger Druckmaschinen (2 are a bit concerning!) that you need to be mindful of. Have feedback on this article? Concerned about the content?Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Join A Paid User Research Session You’ll receive a US$30 Amazon Gift card for 1 hour of your time while helping us build better investing tools for the individual investors like yourself. Sign up here
08.11.22 05:48:39 Shareholders in Heidelberger Druckmaschinen (ETR:HDD) are in the red if they invested five years ago
**Haftungsausschluss: Der Text wurde mit Hilfe einer KI zusammengefasst und übersetzt. Für Aussagen aus dem Originaltext wird keine Haftung übernommen!** Heidelberger Druckmaschinen Aktiengesellschaft (ETR:HDD) shareholders should be happy to see the share price up 30% in the last month. But over the last half decade, the stock has not performed well. In fact, the share price is down 48%, which falls well short of the return you could get by buying an index fund. It's worthwhile assessing if the company's economics have been moving in lockstep with these underwhelming shareholder returns, or if there is some disparity between the two. So let's do just that. See our latest analysis for Heidelberger Druckmaschinen To quote Buffett, 'Ships will sail around the world but the Flat Earth Society will flourish. There will continue to be wide discrepancies between price and value in the marketplace...' One imperfect but simple way to consider how the market perception of a company has shifted is to compare the change in the earnings per share (EPS) with the share price movement. During five years of share price growth, Heidelberger Druckmaschinen moved from a loss to profitability. Most would consider that to be a good thing, so it's counter-intuitive to see the share price declining. Other metrics may better explain the share price move. Arguably, the revenue drop of 4.7% a year for half a decade suggests that the company can't grow in the long term. This has probably encouraged some shareholders to sell down the stock. You can see below how earnings and revenue have changed over time (discover the exact values by clicking on the image). earnings-and-revenue-growth It is of course excellent to see how Heidelberger Druckmaschinen has grown profits over the years, but the future is more important for shareholders. It might be well worthwhile taking a look at our freereport on how its financial position has changed over time. A Different Perspective While the broader market lost about 22% in the twelve months, Heidelberger Druckmaschinen shareholders did even worse, losing 39%. Having said that, it's inevitable that some stocks will be oversold in a falling market. The key is to keep your eyes on the fundamental developments. Regrettably, last year's performance caps off a bad run, with the shareholders facing a total loss of 8% per year over five years. We realise that Baron Rothschild has said investors should "buy when there is blood on the streets", but we caution that investors should first be sure they are buying a high quality business. While it is well worth considering the different impacts that market conditions can have on the share price, there are other factors that are even more important. Take risks, for example - Heidelberger Druckmaschinen has 2 warning signs (and 1 which makes us a bit uncomfortable) we think you should know about. Story continues If you are like me, then you will not want to miss this freelist of growing companies that insiders are buying. Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on DE exchanges. Have feedback on this article? Concerned about the content?Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Join A Paid User Research Session You’ll receive a US$30 Amazon Gift card for 1 hour of your time while helping us build better investing tools for the individual investors like yourself. Sign up here
10.08.22 10:59:00 Edited Transcript of HDDG.DE earnings conference call or presentation 10-Aug-22 10:59am GMT
**Haftungsausschluss: Der Text wurde mit Hilfe einer KI zusammengefasst und übersetzt. Für Aussagen aus dem Originaltext wird keine Haftung übernommen!** Q1 2023 Heidelberger Druckmaschinen AG Earnings Call (German) Heidelberg Sep 21, 2022 (Thomson StreetEvents) -- Edited Transcript of Heidelberger Druckmaschinen AG earnings conference call or presentation Wednesday, August 10, 2022 at 10:59:00am GMT TEXT version of Transcript ================================================================================ Corporate Participants ================================================================================ * Ludwin Monz Heidelberger Druckmaschinen Aktiengesellschaft - CEO & Member Management Board * Marcus A. Wassenberg Heidelberger Druckmaschinen Aktiengesellschaft - CFO & Financial Services, Member of Management Board & Chief HR Officer ================================================================================ Conference Call Participants ================================================================================ * Daniel Gleim Stifel, Nicolaus & Company, Incorporated, Research Division - Director * Peter Rothenaicher Baader-Helvea Equity Research - Analyst * Stefan Augustin Warburg Research GmbH - Analyst ================================================================================ Presentation -------------------------------------------------------------------------------- Ludwin Monz, Heidelberger Druckmaschinen Aktiengesellschaft - CEO & Member Management Board [1] -------------------------------------------------------------------------------- Thank you. Good afternoon, ladies and gentlemen, and welcome to Heidelberger's Analyst Conference on the First Quarter of our Fiscal Year '22-'23. Our first slide shows you the agenda of today's call. I will start by giving you my summary on the quarter. After that, my colleague, Marcus Wassenberg, will present and discuss the financials in some more detail. In the highlights section, I will talk about the product pipeline of our e-mobility business today. And finally, we will provide an update on our outlook for the fiscal year. Well, let's turn to the overview slide. I'm really pleased to report that Heidelberger had a good start into the fiscal year. Both sales and profit were up year-on-year. Orders continue to be on quite a high level and even increased by 7% quarter-on-quarter. However, orders were a bit lower than last year as the first quarter of fiscal year 2021-'22 included order intake of around EUR 50 million from the China print trade show. And this year, there was no comparable event. Sales reached EUR 530 million, which reflects 20% growth year-on-year. We had some currency tailwinds. However, at constant currency, this increase still would have been 15%. Based on the high backlog, we were able to increase production significantly compared to last year's first quarter region-wise, on the regions contributing to the sales growth, most were mainly EMEA and North America. Marcus will discuss the dynamics of the regions and also the segments in more detail in just a moment. EBITDA increased by EUR 20 million and reached now a level of EUR 35 million. The EBITDA margin went up by 320 basis points towards 6.7%. The EBITDA improvement was mainly driven by higher sales volume and further cost savings from our efficiency program, but also included a EUR 10 million one-off. However, one-offs declined compared to previous year. EBITDA growth also resulted in net income improvement. We reached plus EUR 5 million after minus EUR 14 million in the year before. Yes, so much about the overview. I will now hand over to my colleague, Marcus Wassenberg, for more details. Marcus? -------------------------------------------------------------------------------- Marcus A. Wassenberg, Heidelberger Druckmaschinen Aktiengesellschaft - CFO & Financial Services, Member of Management Board & Chief HR Officer [2] -------------------------------------------------------------------------------- Thanks, Ludwin, and warm welcome also from my side. As usual, I'd like to now give you a more detailed view on the financial figures. We'll start off with the split of the orders and sales across the regions that show some quite different developments. Yes, actually, our worldwide-diversified approach pays off. Starting with EMEA, we see that orders continue to be on a very strong level of last year. Due to strong backlog, sales grew by more than 40% to EUR 240 million. In Asia-Pacific, we saw that the overall performance was affected by the lockdowns in China, so sales dropped by 15% in Q1 as our factory near Shanghai had closed for 2 months. Orders were also lower compared to the previous year, as Ludwin said, because of the trade fair China print that basically cost us like EUR 50 million in orders that were generated in that fair. North America shows a completely different picture. Orders there grew by 37%, also benefiting from a stronger dollar. Sales climbed even more by 45% to EUR 110 million after 3 months due to the already high backlog at the end of last fiscal year. Eastern Europe, obviously, is weaker due to the war in Ukraine. Looking on Eastern Europe, we saw that the war in Ukraine had a slowing effect on the business in the region against a strong previous year orders in Eastern Europe dropped by 23%. Sales were mainly on the level of last year, even though we have large discontinued activities in Russia as we comply with the sanctions. Finally, a few remarks about South America which actually showed a positive development. The main contributor here was Brazil, which managed to recover from COVID-19 again and had a very successful trade fair in April. I mean, looking at the segments then we see that Packaging Solutions has a strong growth in the first quarter. Packaging Solutions sales came in with EUR 247 million compared to prior year. This is a growth of 28%. This growth was mainly driven by significant increase in deliveries of sheet-fed printing machines, but also better performing service business. We also saw continued high demand of our packaging and label printing solutions, even though orders remained behind prior year when Chinese orders benefited from a trade fair, as I just mentioned. In terms of earnings, EBITDA improved to EUR 17 million in the first quarter after EUR 6 million last fiscal year. This equates an EBITDA margin of 6.9%. Print Solutions recorded very high order intake in the first 3 months and confirmed its recovery again. Basically, North America's very strong in this segment in the first quarter. Sales came in at EUR 273 million and were up by EUR 15 million from previous year. The growth was also driven by sheet-fed equipment and more lifecycle business. EBITDA improved by EUR 11 million to EUR 19 million, which is equal to an EBITDA margin of 7.1%. Following the outstanding development of last fiscal year, Technology Solutions grew at a more normal pace this year. Sales in the first quarter increased to EUR 10 million after EUR 9 million in the previous year. The end of the subsidy is the main factor for the normalization of growth in this expanding market. Looking at the personnel expenses, we saw that adjusted for short-term work last year and FX effects, they were EUR 7 million better. The main impact came from our transformation program that -- oh, sorry, I was too fast? Sorry. But it was also influenced by a shrinking number of registrations for new electric cars as material shortages with high demand at the same time that we're increasing delivery time significantly. In addition to that, shortages in supply of semiconductors also continued to limit our production. Coming finally to the EBITDA of the segment, we saw that it was a bit lower year-on-year. The profitability of our electromobility business remained positive, while ramp-up cost for the other ventures in the segment increased compared to last year. With that, we turn to the earnings bridge. Coming now to the EBITDA bridge, which shows a significant improvement as Ludwin already said, in operative earnings again. On a clean basis, we have recorded the best first quarter for many, many years, having in mind that 3 months usually come in with the lowest profitability of the year. In terms of onetime effects, we have seen a decrease compared to previous year. In the first quarter of last year, we still had some savings from short-term growth and also a little positive contribution from a property sale (inaudible). In the first quarter of this fiscal year, recorded for a EUR 10 million income from the sale of a property in Switzerland. Coming now to the main driver of the earnings improvement, which was a sales-related increase in EBITDA of EUR 25 million. Included in these figures are both sales price and material cost increases that were mostly balanced in first quarter. Also, FX effects had no material impact on this earnings bridge as sales and costs were equally affected. Looking at the personnel expenses, we saw that adjusted for short-term growth last year and FX effects, they were EUR 7 million better. The main impact came from a transformation program that lowered the personnel expenses by EUR 10 million. All in all, we saw that the EBITDA in the first quarter provide some good basis for the full year in business. Coming to cash flow. Coming now to the cash flow statement. There are 2 main effects year-on-year that I want to highlight. First, the higher net result improved the operating cash flow by about EUR 20 million. Second, the sales-related increase of net working capital led to a swing of about EUR 50 million compared to last year, and we released about EUR 40 million of net working capital. As every year, operating cash flow in Q1 is affected by seasonal elements of wage expenditures. The investment cash flow was positive due to the proceeds from our property sale in Switzerland, but below last year's figures, which included proceeds from property sales in Wiesloch-Walldorf that were a bit higher. Coming to the balance sheet. Equity grew significantly due to the normalization of the discount rate for pensions and the slight after-tax profit in Q1. We now see that our current market capitalization almost equals the book value of our equity. In terms of net working capital, we recorded a slight increase on a very low level. Basically, higher customer prepayments and payables has offset increases in inventory that increased due to the higher backlog. Net financial debt has been further reduced to now EUR 5 million from EUR 41 million to the prior year. If you look back 2 years, we managed to reduce net debt from EUR 250 million to 0, which really gives us some comfort in the current situation. And with that, I'll hand it back to Ludwin again. -------------------------------------------------------------------------------- Ludwin Monz, Heidelberger Druckmaschinen Aktiengesellschaft - CEO & Member Management Board [3] -------------------------------------------------------------------------------- Very good. Thank you, Marcus. Now I would like to share an update on our charging station business with you. Let me, first of all, comment on the market in general. I believe that the market for charging infrastructure is still in an early stage. But without any doubt, it's quite attractive and offers long-term growth potential. With the introduction of a first wallbox, Heidelberger has proven its capability to bring new ideas to market, not only product development, but also industrial scaling and building up of a distribution network allowed us to compete in this market very successfully. However, product lifecycles in this industry are generally short and therefore, the pressure to innovate is very high. We continue to invest in new product development as we want to keep pace with the market and expand our product portfolio, but also because we want to explore new business models. We will launch a series of new products starting in autumn this year with the new Heidelberger Amplified Connect series, that's the name. So the first version of our new wallbox will come with a number of smart features, for example, authentification via RFID or controlling the box by means of a mobile phone app. Based on this new hardware, we will step-by-step introduce further new products for specific use cases such as fleet management or photovoltaic system integration. In the first quarter of next calendar year, we will also start to market the charging station for public settings, which we have acquired from EnBW and developed further in the meantime. With these new products, we are strengthening our current market position in the home environment, on the one hand, while entering new markets like multi-home buildings or fleet management solutions on the other hand. This lays an important foundation for the further development of our business. However, it is important to note that we are introducing quite some changes, new products, new customers and new business models. There are several reasons for making these steps. First of all, we are expanding the addressable market by entering new application segments. Secondly, it will become more difficult to compete based on product features only. Price pressure for pure hardware producers will increase in the long term. The way out are new business models where we partner, for example, with service providers for large accounts who manage fleets of electric vehicles. In short, we will enter these new markets to be able to continue today's success. Yes, so much about that. I hope it managed to give you a brief update about our next steps in this business. So let's turn to our last page, which is our outlook. Even though I have now talked a lot about our new business, let me point out that the printing market remains to be an attractive and important feat for us. As for now it is the core of our activities, representing almost 97% of our sales. Our customers are print shops in very different settings from small family-owned businesses to large-scale, highly industrialized multinational printing chains. Competition amongst our customers is fierce. They are under immense price and cost pressure, not least driven by price increases of raw materials like paper and others. Furthermore, in many countries, print shops are struggling to find qualified workers. Heidelberger addresses these challenges with its products. We drive productivity of printing with our machines, our software solutions and our services like training and consulting. Furthermore, we advanced automation of printing, which reduces the number of operators needed and thus addresses the shortage of qualified workers. Regarding our guidance for fiscal year 2022-'23, we are aware of the political and economic uncertainties. Nevertheless, our solid Q1 performance supports our guidance for the fiscal year. The first quarter is typically the weakest for Heidelberger throughout the financial year, but we already have recorded significant improvements. However, provided economy and our markets remain to be stable. We confirm our outlook. We expect sales of EUR 2.3 billion for the full fiscal year 2022-'23. EBITDA margin will be above 8% and earnings after tax will be above prior year level. As I said, we need to stay cautious in the light of still very volatile economic conditions. Therefore, we will direct our attention at securing our supply chain, maintaining cost discipline, and improving our gross margin by adequate pricing. Yes, ladies and gentlemen, this concludes our short presentation, and we are now happy to take your questions. I hand back to the operator to explain the procedure for this. ================================================================================ Questions and Answers -------------------------------------------------------------------------------- Operator [1] -------------------------------------------------------------------------------- (Operator Instructions) We will now take our first question from Peter Rothenaicher from Baader Bank. -------------------------------------------------------------------------------- Peter Rothenaicher, Baader-Helvea Equity Research - Analyst [2] -------------------------------------------------------------------------------- Firstly, on the order prospects. So in the first quarter, you had quite solid demand. Now recession fears are coming up even stronger. We have the risk of the gas crisis. What do you currently experience? Do you see here ongoing good demand from your customer? How does your project pipeline look like? And what is your expectation for order intake in the current year? -------------------------------------------------------------------------------- Ludwin Monz, Heidelberger Druckmaschinen Aktiengesellschaft - CEO & Member Management Board [3] -------------------------------------------------------------------------------- Yes. Thank you for your question. Well, it's really interesting that we have solid demand from our customers. So we do not see a decline given the volatility, which I believe is really surprising. And as you know, we have a solid backlog, but we don't see the demand dropping. But Marcus, maybe you can fill in with numbers. -------------------------------------------------------------------------------- Marcus A. Wassenberg, Heidelberger Druckmaschinen Aktiengesellschaft - CFO & Financial Services, Member of Management Board & Chief HR Officer [4] -------------------------------------------------------------------------------- Yes. What we currently see, Peter, is that orders will be on a similar level for the first quarter, as in the first quarter with quarter 2. So basically, we are seeing that July is actually almost in the same ballpark number as in the months before. So we -- as Ludwin said, we're not seeing any decline in order until so far. And actually, I might add with a price quality as well, and that's important as well. -------------------------------------------------------------------------------- Peter Rothenaicher, Baader-Helvea Equity Research - Analyst [5] -------------------------------------------------------------------------------- And with that, what do you experience currently in the pay and production business? So is this stabilizing demand? Do you see here some pickup with your business model now with Munich Re together? -------------------------------------------------------------------------------- Marcus A. Wassenberg, Heidelberger Druckmaschinen Aktiengesellschaft - CFO & Financial Services, Member of Management Board & Chief HR Officer [6] -------------------------------------------------------------------------------- Actually, what we see when it comes to recurring revenue is that we're picking up on recurring revenue. I think actually, because due to the fact that we're taking a lot of risk out of the market, as Ludwin explained, our customers are in lot of pressure. And if we're able to change CapEx into OpEx, we take out a lot of risk. And therefore, what we see now is there's a higher demand now for subscription as compared to last year. And obviously, that should be important because we're pushing now with Munich at our side into the market. And particularly in Germany, we see good order intake as well. -------------------------------------------------------------------------------- Peter Rothenaicher, Baader-Helvea Equity Research - Analyst [7] -------------------------------------------------------------------------------- Okay. Then with regard to free cash flow in the first quarter, I would say, solid, particularly for first quarter. What is your expectation in generating, let's say, non-operating contributions from additional property sales and here, your expectation on free cash flow for the full year? -------------------------------------------------------------------------------- Marcus A. Wassenberg, Heidelberger Druckmaschinen Aktiengesellschaft - CFO & Financial Services, Member of Management Board & Chief HR Officer [8] -------------------------------------------------------------------------------- So I would expect to see a free cash flow in a round -- a double-digit figure maybe below last year slightly, but we had like EUR 50 million, if I remember correctly. When it comes to the divestments, I would actually expect them to be on last year's level. It was around about EUR 90 million last year. And I would say that the divestments this year will be in that ballpark figure, you remember, St. Gallen, EUR 30 million; Wiesloch-Walldorf, EUR 30 million; and then there was Bradford. So basically, that adds up to the EUR 90 million. So I would say, basically, it's a (inaudible) compared to last year. -------------------------------------------------------------------------------- Operator [9] -------------------------------------------------------------------------------- (Operator Instructions) We will now take our next question from Stefan Augustin from Warburg Research. -------------------------------------------------------------------------------- Stefan Augustin, Warburg Research GmbH - Analyst [10] -------------------------------------------------------------------------------- Yes. I would like to come back first to the order intake was raised by Peter here. Could you go a little bit, I'd say, outside of the region into the different customer groups? Do you see anything there that is, let's say, between packaging and commercial printer? Is there a significant behavior already to be seen? -------------------------------------------------------------------------------- Ludwin Monz, Heidelberger Druckmaschinen Aktiengesellschaft - CEO & Member Management Board [11] -------------------------------------------------------------------------------- I think generally, Stefan, it's basically the trend is continuing. What we've seen is packaging is picking up. It's now -- first quarter, it was 47%. When we look at July numbers, it's actually 50%. So gradually, but slowly, but picking up on packaging. But otherwise, I would just say we're confirming the trends that we just elaborated on. -------------------------------------------------------------------------------- Stefan Augustin, Warburg Research GmbH - Analyst [12] -------------------------------------------------------------------------------- So no big difference in development? -------------------------------------------------------------------------------- Ludwin Monz, Heidelberger Druckmaschinen Aktiengesellschaft - CEO & Member Management Board [13] -------------------------------------------------------------------------------- Yes. -------------------------------------------------------------------------------- Stefan Augustin, Warburg Research GmbH - Analyst [14] -------------------------------------------------------------------------------- Is it roughly the same as the sales? -------------------------------------------------------------------------------- Ludwin Monz, Heidelberger Druckmaschinen Aktiengesellschaft - CEO & Member Management Board [15] -------------------------------------------------------------------------------- We didn't get the question. Sorry, we didn't get your question, somehow we lost you. -------------------------------------------------------------------------------- Stefan Augustin, Warburg Research GmbH - Analyst [16] -------------------------------------------------------------------------------- Oh, okay. Do you hear me again? -------------------------------------------------------------------------------- Ludwin Monz, Heidelberger Druckmaschinen Aktiengesellschaft - CEO & Member Management Board [17] -------------------------------------------------------------------------------- Yes. Loud and clear now. -------------------------------------------------------------------------------- Stefan Augustin, Warburg Research GmbH - Analyst [18] -------------------------------------------------------------------------------- Okay. So as a housekeeping, is the FX effect roughly the same as sales in order intake? -------------------------------------------------------------------------------- Ludwin Monz, Heidelberger Druckmaschinen Aktiengesellschaft - CEO & Member Management Board [19] -------------------------------------------------------------------------------- We still have a hard time understanding you. What effect the FX effect -- FX effect. Just a second. Yes, I need just a second. It was basically the same. I need to find the details, but I remember it was basically the same. It was round about 3% or EUR 20 million. -------------------------------------------------------------------------------- Stefan Augustin, Warburg Research GmbH - Analyst [20] -------------------------------------------------------------------------------- All right. And the final one is a little bit on the other 2, let's say, businesses we have in Technology Solutions. We have there now since 2 quarters a loss, and you outlined you have stepped up a little bit, let's say, investing there. Could you, let's say, outline what have been the steps that you invested in? And how that is going to look like in the next couple of quarters coming up to be -- do we need to expect that technology (inaudible) since states are, let's say, loss-making for some time now? -------------------------------------------------------------------------------- Ludwin Monz, Heidelberger Druckmaschinen Aktiengesellschaft - CEO & Member Management Board [21] -------------------------------------------------------------------------------- Yes. We are basically talking about 3 things. The one is the charging business, which is positive and has been going well, and we talked about that before. Then we have electronic printing where -- which still is an investment case. We're exploring. The technology is very early stage, and it's not quite clear whether that will actually fly. It's still a little bit too early, but we are looking into that. And I mean, if it turns out not to have positive prospects, we will certainly end that, but we are not at that point yet. And then the third one is our Zaikio software platform, which I personally believe Re has a lot of potential, but that's another thing we are currently looking into. So I believe that's actually well worth the investment we are doing. So in this Technology Solutions, it's always a mix, and these are investment cases because right now we just need to invest and we are hoping for a return, and that's just the nature of starting something new that in the beginning it's negative. -------------------------------------------------------------------------------- Stefan Augustin, Warburg Research GmbH - Analyst [22] -------------------------------------------------------------------------------- Okay. Clear. Understood. And starting, you outlined for the slide for the contributions to the EBIT, and that is actually the one, Slide #8 where you said you had this net improvement in the personnel expenses and that there was, let's say, a good transition program where you actually had some tailwinds. Is there -- is this simply, can we extrapolate that going forward into the other years? Or is it simply something that has, let's say, a certain time frame? And after then, it is like a house tariff that is ending and that would be a difference to? -------------------------------------------------------------------------------- Ludwin Monz, Heidelberger Druckmaschinen Aktiengesellschaft - CEO & Member Management Board [23] -------------------------------------------------------------------------------- Well, I mean, basically, I think you have to look at it from the following perspective. What we have taken out is quantity basically. And quantity foremost here in Germany when it comes to head count reduction. And obviously, we're a traditional company that is in a tariff system, and therefore, we cannot escape the tariff stipulations. And therefore, obviously, whatever will be negotiated between the unions and the employers will affect us. And this will partly always compensate the savings on the other hand. At the same time I think we are continuing to streamline our processes, our business model. We have to. I mean, obviously, we live in tough times. And therefore, this will basically sort of will be a continuing process. -------------------------------------------------------------------------------- Operator [24] -------------------------------------------------------------------------------- (Operator Instructions) We will now take our next question from Daniel Gleim from Stifel. -------------------------------------------------------------------------------- Daniel Gleim, Stifel, Nicolaus & Company, Incorporated, Research Division - Director [25] -------------------------------------------------------------------------------- The first one is a clarification question for Mr. Wassenberg. If you could please confirm that the EUR 50 million free cash flow figure is including the divestment of EUR 90 million? That would be question number one. -------------------------------------------------------------------------------- Marcus A. Wassenberg, Heidelberger Druckmaschinen Aktiengesellschaft - CFO & Financial Services, Member of Management Board & Chief HR Officer [26] -------------------------------------------------------------------------------- Yes. Yes, it's including that number, absolutely. -------------------------------------------------------------------------------- Daniel Gleim, Stifel, Nicolaus & Company, Incorporated, Research Division - Director [27] -------------------------------------------------------------------------------- The follow-up question would be, and I fully appreciate that we're a little bit ahead of time with that question, but maybe you can qualitatively give us some indication where you see those 2 figures develop to in the upcoming fiscal, i.e., could free cash flow actually be neutral or slightly positive? And where do we see divestments going in the next year? Is this going to be more towards 0? Or is there anything incremental? What you would expect for the next fiscal? So again, maybe a directional comment. I'm more interested in your qualitative view on these 2 figures. -------------------------------------------------------------------------------- Marcus A. Wassenberg, Heidelberger Druckmaschinen Aktiengesellschaft - CFO & Financial Services, Member of Management Board & Chief HR Officer [28] -------------------------------------------------------------------------------- Daniel, if I only knew. I mean basically our plan was always to generate a free cash flow of EUR 100 million. And that combined with an EBITDA margin of 10%. Now given the situation that we're all facing, we're so happy that until so far, we're looking at an outlook, as Ludwin said, that we have not taken back. And we think that for this year, we're absolutely safe and stable as far as considered in the first quarter. But for everything else, I would say, it's highly ambitious to really predict something. I was scared that you would even ask for a net working capital figure end of this fiscal, yes, but you actually moved the needle even further by asking me what is the free cash flow in the upcoming fiscal. So honestly, I would be just guessing. It is honestly a function -- it's an equation with so many variables that I really feel uncomfortable to give you any indication right now. Honestly, I don't have one. And when we talk to our supervisory Board, we talk to them and say, budgets were yesterday, we're managing month by month. -------------------------------------------------------------------------------- Daniel Gleim, Stifel, Nicolaus & Company, Incorporated, Research Division - Director [29] -------------------------------------------------------------------------------- Yes, I think you already answered the question. So this EUR 100 million I take is an underlying free cash flow excluding potential divestments? -------------------------------------------------------------------------------- Marcus A. Wassenberg, Heidelberger Druckmaschinen Aktiengesellschaft - CFO & Financial Services, Member of Management Board & Chief HR Officer [30] -------------------------------------------------------------------------------- Maybe, Daniel, I wasn't clear enough. I don't think that we have any divestments coming up in the next year. There will be nothing coming up because we're basically -- we have closed on investments. Yes. We have now gotten rid of St. Gallen. We have, again, parted from some property here in -- (inaudible) we have parted from property in the U.K. There is nothing left. We will not divest anything else. I don't see it actually. So sorry, maybe I wasn't clear on that. -------------------------------------------------------------------------------- Ludwin Monz, Heidelberger Druckmaschinen Aktiengesellschaft - CEO & Member Management Board [31] -------------------------------------------------------------------------------- But the uncertainty comes from the operations business, yes. That's our challenge. So we just don't know how the business will develop, but we don't plan for further divestments. That's what we are saying. -------------------------------------------------------------------------------- Daniel Gleim, Stifel, Nicolaus & Company, Incorporated, Research Division - Director [32] -------------------------------------------------------------------------------- No, perfectly clear. Maybe I have one last question. On the Amplified for this fiscal, could you share what the budget is within the guidance? And how much sales do you expect for import hike in this fiscal? -------------------------------------------------------------------------------- Ludwin Monz, Heidelberger Druckmaschinen Aktiengesellschaft - CEO & Member Management Board [33] -------------------------------------------------------------------------------- Yes. Look, I mean, last fiscal year on the electromobility business was very strong because here in Germany at least, we had high subsidies for charging equipment. So we are now returning to a path where I believe is more normal. Overall, the -- as I said in the presentation, we believe that this is a good market, and it will continue to grow. Given the investments in new products, there's no reason to expect that we would not grow at least as fast as the market. So that would be my predictions. And now you will ask how will the market develop was there? I'm not sure. That's -- we hope that we will end up in the same order as last year or with some growth, yes. So we hope to be above. But again, the market dynamics right now in the electromobility business is kind of uncertain. -------------------------------------------------------------------------------- Operator [34] -------------------------------------------------------------------------------- (Operator Instructions) As there are no further questions in the queue at this time, I'd like to turn the call back to your speakers for any additional or closing remarks. -------------------------------------------------------------------------------- Ludwin Monz, Heidelberger Druckmaschinen Aktiengesellschaft - CEO & Member Management Board [35] -------------------------------------------------------------------------------- Very good. So thank you ladies and gentlemen. Thank you for your interest in Heidelberger. We realize this is a busy day with many companies presenting their quarterly results. And at the same time, it's a vacation season here at least in Germany. Nevertheless, thank you so much for your interest and support. We are looking forward to keeping in touch with you later after the second quarter we'll give a new presentation and have a new discussion with you. So thank you so far, and have a good time. Bye-bye. -------------------------------------------------------------------------------- Marcus A. Wassenberg, Heidelberger Druckmaschinen Aktiengesellschaft - CFO & Financial Services, Member of Management Board & Chief HR Officer [36] -------------------------------------------------------------------------------- Bye-bye.