Significant Improvement for Heidelberg in Q1

As expected, results improved significantly in the first quarter thanks to sustained savings from Focus 2012 and higher profit contributions for new equipment. What's more, the previous year's results had been burdened by trade show expenditures. EBITDA excluding special items improved considerably from EUR -47 million to EUR -2 million. At EUR -20 million, the result of operating activities ( EBIT) excluding special items clearly surpassed the previous year's figure of EUR -67 million. Special items in the reporting period totaled EUR 1 million (previous year: EUR 6 million). At EUR -12 million, the financial result for the first quarter remained stable at the previous year's level. Accordingly, the pre-tax result improved significantly from EUR -85 million to around EUR -33 million. Overall, the net loss in the first quarter of 2013/2014 was halved from the previous year's figure of EUR -76 million to EUR -38 million.