Heidelberg reports USD 5.6 million net profit for FY 2013-14
The offset equipment manufacturing giant has reported a net profit of USD 5.6 million (approximate), which according to the company, has followed after five year of losses.
08 May 2014 | 1548 Views | By PrintWeek India
The net profit for financial year 2013-2014, according to the company statement, was around USD 5.6 million as compared to previous year's € 117 million.
"Heidelberg is once again making a net profit, which was our number one priority," said Heidelberg chief executive officer, Gerold Linzbach. "Despite the weak sales situation, we have significantly improved our company's profitability. This impressive achievement lays the foundation for further positive developments at the company," he added.
The company stated that although factors such as exchange rate movements resulted in an expected fall in Group sales, all result-related KPIs were far better than in the previous financial year.
In his concluding statement, Dirk Kaliebe, chief financial officer, Heidelberg, said, "Not only have we impressively achieved all our results targets, but our asset and net working capital management program has also brought further successes in terms of the cash flow and free cash flow and thus reducing our debts. At the end of the financial year, we have thus achieved our goal of reducing the leverage (net debt divided by EBITDA) to less than two for the first time in many years."
Even in India, the company has done scored well due to packaging. A recent PR initiative by the firm saw them mention of 321 units sold to packaging firms in India in the past five years.