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Heidelberger Druckmaschinen: Operating Result On Target After Nine Months

Heidelberger Druckmaschinen AG (HBGRF.PK) reported that its net result after taxes for the nine months of fiscal 2017/2018 (April 1 to December 31, 2017) was at the previous year's level of a loss of 10 million euros. The U.S. tax reform led to one-time non-cash burdens of around 25 million euros. Without the special item, the result would have been positive. EBITDA excluding restructuring result climbed to 105 million euros from 94 million euros.

At 1.66 billion euros, Group sales were a little down on the previous year's figure of 1.68 billion euros, but slightly up on the comparative period if negative exchangerate effects from Asia and the U.S. amounting to some 39 million euros are not taken into consideration.

Heidelberger said, operationally speaking, the company is on course to achieve its annual targets for fiscal 2017/2018. At the end of December, the U.S. tax reform led the company to change its conditional forecast for the net result after taxes made at the beginning of the financial year. After initially expecting a further moderate increase over the previous year, Heidelberg now predicts that the result for financial year 2017/2018 will be significantly down on the previous year's figure. In terms of the annual operating targets, adjusted for the special tax effect, Heidelberg is standing by its guidance published on November 9, 2017. Net sales are projected to be around the same level as in the previous year.

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