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					 Analysts‘ & Investors‘ Information
                                                                                  www.heidelberg.com


                                                                                                                                                             Heidelberger Druckmaschinen
                                                                                                                                                             Aktiengesellschaft
                                                                                                                                                             Investor Relations

                                                                                                                                                             Kurfuersten-Anlage 52 – 60
                                                                                                                                                             69115 Heidelberg
                                                                                                                                                             Germany
                                                                                                                                                             Phone +49-62 21-92-60 20
                                                                                                                                                             Fax +49-62 21-92-60 61
February 09, 2011                                                                                                                                            www.heidelberg.com




Financial year 2010/2011: Heidelberg presents nine-month figures –
Upward trend in incoming orders and sales continues in line with
expectations
 2002
 Incoming orders also for Q3 well up on previous year at EUR 684 million
 Sales in Q3 increase to EUR 687 million
 Q3 operating result, excluding special items, now positive at EUR 15 million
 Financing structure simplified following repayment of loan from KfW
     (Reconstruction Loan Corporation)
 Management Board confirms forecast for current financial year


Operational business at Heidelberger Druckmaschinen AG (Heidelberg) continued to improve
throughout the third quarter of financial year 2010/2011 (October 1 to December 31, 2010). As
expected, both incoming orders and sales were again up on the previous year. Coupled with the
achieved efficiency increases brought about by the reorganization, this upward trend enabled
Heidelberg to achieve a positive operating result before special items for the first time in the
current financial year.


At EUR 684 million, incoming orders in the third quarter were 12 percent up on the previous
year's figure (EUR 609 million), with exchange rate effects accounting for EUR 44 million of this.
This represents an increase of 5 percent over the previous quarter (EUR 650 million). All in all,
order levels improved by 25 percent (18 percent after adjustment for exchange rate effects) over
the first nine months, reaching EUR 2,120 million (previous year: EUR 1,693 million).

Chairman of the Supervisory Board / Vorsitzender des Aufsichtsrats: Dr. Mark Wössner
Management Board / Vorstand: Bernhard Schreier, Chairman / Vorsitzender · Dirk Kaliebe · Marcel Kiessling . Stephan Plenz
Registered Office / Sitz der Gesellschaft: Heidelberg · Mannheim Registry Court / Amtsgericht Mannheim – Registergericht – HRB 330004 · Ust.-IdNr. DE 143455661
Commerzbank AG Heidelberg (BLZ 672 400 39) Kto 192264001 IBAN: DE32 6724 0039 0192 2640 01 BIC: COBADEFF672
Dresdner Bank AG Heidelberg (BLZ 672 800 51) Kto 4 625 109 IBAN: DE98 6728 0051 0462 5109 00 BIC: DRESDEFF672

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Sales continued to improve in the third quarter, reaching the highest level for the current
financial year at EUR 687 million. This includes EUR 43 million from exchange rate effects. As a
result, sales revenues for the quarter under review were 19 percent up on the previous year
(EUR 578 million) and 9 percent up on the previous quarter. After nine months, total sales
amounted to EUR 1,883 million – an improvement of 18 percent (11 percent after adjustment for
exchange rate effects) on the previous year (EUR 1,591 million). The order backlog of the
Heidelberg Group increased to EUR 770 million in the third quarter (previous year: EUR 626
million).


“Thanks to stable growth in the global economy, our incoming orders increased in all regions
and divisions during the third quarter. Nonetheless, the economic recovery is still marked by
regional differences. While incoming orders are rising steadily in Asia, Europe, and Latin
America, the recovery in the key U.S. market has been slow to set in,” said Heidelberg Group
CEO Bernhard Schreier. “The positive developments of the past nine months show that we are
on track to achieve our target – a break-even operating result for the current financial year.”


Positive operating result
As planned, Heidelberg generated a positive result of operating activities excluding special
items of EUR 15 million during the third quarter (previous year: EUR -13 million). The company
benefited from the increased sales revenues brought about by a more favorable sales mix, from
improved market conditions, and from cost savings achieved through the reorganization. Over
the first nine months, results were up a total of EUR 115 million on the previous year (EUR -141
million), thereby reducing the shortfall to just EUR -26 million at the end of the quarter. After nine
months, and following the partial release of provisions for efficiency improvements recorded the
previous year, special items went positive at EUR 26 million and generated a break-even
operating result including special items.


The financial result in the third quarter was EUR -16 million (previous year: EUR -31 million).
Interest saved from the repayment of financial liabilities and non-recurring earnings from the
sale of a company enabled Heidelberg to significantly reduce its loss. However, due to high
financing costs and non-recurring expenditures linked to the repayment of financial liabilities, as




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expected the overall financial result after nine months was down on the previous year (EUR -79
million) at EUR -103 million.


The income before taxes improved to EUR -103 million compared to the previous year
(EUR -201 million). Tax income from a retrospective increase in the corporate income tax credit
sold last year is benefiting taxes on income. After three quarters, the net loss for the current
financial year is EUR -78 million. A profit of EUR 10 million was generated in the quarter under
review.


Free cashflow was again positive in the third quarter, at EUR 22 million (previous year: EUR 3
million). Compared with the equivalent nine months of the previous year, free cashflow improved
to a total of EUR 91million following a figure of EUR -15 million in the previous year. This was
primarily due to the reduction in net working capital and the lower annual net loss.


“Because sales revenues continued to grow as expected and efficiency improvements were also
achieved, we generated a positive operating result before special items for the first time in the
current financial year,” said Dirk Kaliebe, CFO of the Heidelberg Group. “Thanks to the
successful capital increase in September last year and early repayment of the loan from the
Special Program of the Reconstruction Loan Corporation (KfW) at the end of December, we
were able to further improve our financing structure, significantly reduce our net debt, and
further increase our equity ratio. All in all, we have thus created solid conditions for future
refinancing.”


Simplified financing structure at Heidelberg
Heidelberg used all the net proceeds from the capital increase in the second quarter to repay
financial liabilities and reduce existing loan agreements by approximately EUR 400 million. This
reduced the company's future interest expenditure significantly. During the quarter under review,
Heidelberg repaid the remaining EUR 100 million of the loan from the special program of the
KfW in full and ahead of schedule following reallocation within the financing structure. With total
financing reduced to just under EUR 900 million, the basis for future refinancing at the
Heidelberg Group is considerably improved.




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Financial liabilities at the end of the quarter were EUR 369 million. Net financial debt dropped to
EUR 220 million in the third quarter, while the equity ratio increased from around 30 percent in
the previous quarter to approximately 33 percent.


At December 31, 2010, Heidelberg had 15,981 employees worldwide. During the first nine
months of the current financial year, the headcount dropped by a total of 515.


Business results in the divisions
In the Heidelberg Equipment Division, incoming orders of EUR 402 million in the third quarter
were up on both the previous year and the preceding quarter. Sales increased again in the third
quarter to EUR 417 million. This high growth is primarily the result of higher sales of medium-
and large-format sheetfed offset presses. The result of operating activities before special items
improved significantly in the first nine months of the financial year by around a third to EUR -95
million (previous year: EUR -147 million). In the Heidelberg Services Division, which is less
dependent on the economic climate, incoming orders of EUR 278 million in the quarter under
review matched the high level of the previous quarters. Sales revenues also stabilized at a high
level in the third quarter, at EUR 267 million. After nine months, the division recorded moderate
growth across all services and products compared to the previous year. Growth was particularly
strong in consumables. Compared to the previous year, the operating result before special items
improved significantly for the first nine months to EUR 58 million (previous year: break-even
operating result). The Heidelberg Financial Services Division once again achieved a positive
operating result in the quarter under review. After three quarters, the overall result was EUR 11
million (previous year: EUR 6 million).


Business developments in the regions
In the third quarter, incoming orders in all regions were up on the previous year. In the North
America region, too, incoming orders for the third quarter improved over the previous year and
previous quarter. The picture is somewhat different when it comes to sales revenues, however.
While the figures for the first three quarters showed a clear improvement on the previous year's
levels in Europe, the Middle East & Africa, Eastern Europe, Latin America, and Asia/Pacific,
sales in North America were still below last year's level after adjustment for exchange rate
effects.




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   Analysts‘ & Investors‘ Information
                                                www.heidelberg.com


Outlook
For the current financial year 2010/2011, Heidelberg continues to project a modest growth in
sales after adjustment for exchange rate effects. The result of operating activities will benefit
from the increasing profit contributions as well as from the cost-reduction measures that have
been realized so far. Assuming stable economic developments, the company continues to strive
for a break-even operating result for the current financial year. When looking at how the
economy will develop, the group’s financial year planning takes into account the respective
product mix prevalent in the individual markets. Heidelberg continues to focus on limiting the
commitment of funds. Nevertheless, the enormous growth in financing costs and the one-time
effects resulting from the repayment of financial liabilities from the proceeds of the capital
increase will place a heavy burden on the financial result. However, the repayment of financial
liabilities following the successful capital increase will have a mitigating effect during the
remaining months of the current financial year. For the current financial year we therefore
continue to anticipate a marked net loss.




For further information:
Heidelberger Druckmaschinen AG
Investor Relations
Robin Karpp
Tel: +49 (0)6221- 92 6020
Fax: +49 (0)6221- 92 5189
E-mail: Robin.Karpp@Heidelberg.com




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Heidelberg Group - in numbers

                                                 Q 3 2010/11         Q 3 2009/10        Change in %
in Euro million                                 (10/01-12/31/10)     (10/01-12/31/09)

                                                                1)
Net sales                                                 687                    578           18.9

Heidelberg Equipment                                          417                319            30.7
Heidelberg Services                                           267                255             4.7
Heidelberg Financial Services                                   3                  4           -25.0


                                                                2)
Incoming orders                                           684                    609           12.3

Heidelberg Equipment                                          402                346           16.2
Heidelberg Services                                           278                259            7.3
Heidelberg Financial Services                                   4                  4            0.0


Order backlog                                                 770                626           23.0

Heidelberg Equipment                                          693                565           22.7
Heidelberg Services                                            77                 61           26.2
Heidelberg Financial Services                                   -                  -              -


Operating profit

excl. special items                                            15                -13
Heidelberg Equipment                                           -8                -26
Heidelberg Services                                            21                 11
Heidelberg Financial Services                                   2                  2

special items                                                   4                 30
incl. special items                                            19                 17


Financial Result                                              -16                -31
Income before taxes                                             3                -14
Net profit                                                     10                -11

1)
     Positively influenced by € 43 million currency effects
2)
     Positively influenced by € 44 million currency effects




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Heidelberg Group - regional split

                                                                          1)
                                        Q 3 2010/11         Q 3 2009/10         Change in %   Share in %
in Euro million                         (10/01-12/31/10)    (10/01-12/31/09)                   (Q3 10/11)

                                                       2)
Net sales                                          687                    578          18.9         100.0

                             EMEA                    258                  220          17.3           37.6
                    Eastern Europe                    90                   90           0.0           13.1
                     North America                    73                   69           5.8           10.6
                     Latin America                    42                   34          23.5            6.1
                       Asia Pacific                  224                  165          35.8           32.6


                                                       3)
Incoming orders                                    684                    609          12.3         100.0

                             EMEA                    273                  249           9.6           39.9
                    Eastern Europe                    80                   75           6.7           11.7
                     North America                    88                   62          41.9           12.9
                     Latin America                    40                   31          29.0            5.8
                       Asia Pacific                  203                  192           5.7           29.7

1)
   Previous year's figures adjusted
2)
   Positively influenced by € 43 million currency effects
3)
   Positively influenced by € 44 million currency effects




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Heidelberg Group - in numbers

                                                   1-Apr-2010 to        1-Apr-2009 to Change in %
in Euro million                                     31-Dec-2010          31-Dec-2009

                                                                   1)
Net sales                                                      1,883           1,591         18.4

Heidelberg Equipment                                            1,066           854           24.8
Heidelberg Services                                               805           723           11.3
Heidelberg Financial Services                                      12            14          -14.3


                                                                   2)
Incoming orders                                                2,120           1,693         25.2

Heidelberg Equipment                                            1,277           934          36.7
Heidelberg Services                                               830           745          11.4
Heidelberg Financial Services                                      13            14          -7.1


Order backlog                                                    770            626          23.0

Heidelberg Equipment                                             693            565          22.7
Heidelberg Services                                               77             61          26.2
Heidelberg Financial Services                                      -              -             -


Operating profit

excl. special items                                               -26           -141
Heidelberg Equipment                                              -95           -147
Heidelberg Services                                                58              0
Heidelberg Financial Services                                      11              6

special items                                                     26              19
incl. special items                                                0            -122


Financial Result                                                 -103            -79
Income before taxes                                              -103           -201
Net profit                                                        -78           -158

1)
     Positively influenced by € 116 million currency effects
2)
     Positively influenced by € 128 million currency effects




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Heidelberg Group - regional split

                                1-Apr-2010 to       1-Apr-2009 to    Change     Share 10/11
                                                                1)
in Euro million                  31-Dec-2010        31-Dec-2009       in %         in %

                                               2)
Net sales                                1,883               1,591       18.4         100.0

                      EMEA                   728               675        7.9          38.7
             Eastern Europe                  220               191       15.2          11.7
              North America                  212               211        0.5          11.3
              Latin America                  101                67       50.7           5.4
                Asia Pacific                 622               447       39.1          33.0


                                               3)
Incoming orders                          2,120               1,693       25.2         100.0

                      EMEA                   820               673       21.8          38.7
             Eastern Europe                  227               190       19.5          10.7
              North America                  249               204       22.1          11.7
              Latin America                  131                77       70.1           6.2
                Asia Pacific                 693               549       26.2          32.7

1)
   Previous year's figures adjusted
2)
   Positively influenced by € 116 million currency effects
3)
   Positively influenced by € 128 million currency effects




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Heidelberg Group - in numbers

                                                 Q 3 2010/11         Q 2 2010/11        Q 1 2010/11
in Euro million                                  (10/01-12/31/10)    (07/01-09/30/10)   (04/01-06/30/10)

          1)
Net sales                                                      687               633                563

Heidelberg Equipment                                           417               352                297
Heidelberg Services                                            267               277                261
Heidelberg Financial Services                                    3                 4                  5


                   2)
Incoming orders                                                684               650                786

Heidelberg Equipment                                           402               374                501
Heidelberg Services                                            278               272                280
Heidelberg Financial Services                                    4                 4                  5


Order backlog                                                  770               781                810

Heidelberg Equipment                                           693               715                735
Heidelberg Services                                             77                66                 75
Heidelberg Financial Services                                    -                 -                  -


Operating profit

excl. special items                                             15                -6                -35
Heidelberg Equipment                                            -8               -39                -48
Heidelberg Services                                             21                27                 10
Heidelberg Financial Services                                    2                 6                  3

special items                                                    4                  7                15
incl. special items                                             19                  1               -20


Financial Result                                               -16               -52                -35
Income before taxes                                              3               -50                -56
Net profit                                                      10               -36                -52
1)
   Positively influenced by currency effects of € 36 million in Q1, € 37 million in Q2 and € 43
million in Q3
2)
   Positively influenced by currency effects of € 45 million in Q1, € 39 million in Q2 and € 44
million in Q3




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      Analysts‘ & Investors‘ Information
                                                         www.heidelberg.com




Heidelberg Group - regional split

                                      Q 3 2010/11           Q 2 2010/11        Q 1 2010/11        Share in %
in Euro million                       (10/01-12/31/10)      (07/01-09/30/10)   (04/01-06/30/10)    (Q3 10/11)

             1)
Net sales                                          687                   633                563          100.0

                           EMEA                    258                   249                221            37.6
                  Eastern Europe                    90                    74                 56            13.1
                   North America                    73                    67                 72            10.6
                   Latin America                    42                    32                 27             6.1
                     Asia Pacific                  224                   211                187            32.6


                     2)
Incoming orders                                    684                   650                786          100.0

                           EMEA                    273                   231                316            39.9
                  Eastern Europe                    80                    63                 84            11.7
                   North America                    88                    81                 80            12.9
                   Latin America                    40                    47                 44             5.8
                     Asia Pacific                  203                   228                262            29.7

1)
     Positively influenced by currency effects of € 36 million in Q1, € 37 million in Q2 and € 43 million in Q3
2)
     Positively influenced by currency effects of € 45 million in Q1, € 39 million in Q2 and € 44 million in Q3




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    Analysts‘ & Investors‘ Information
                                                              www.heidelberg.com


Heidelberger Druckmaschinen


A technology provider and partner in the print media industry


Heidelberger Druckmaschinen AG (Heidelberg) is with its sheetfed offset printing machines one of the leading
solution providers for the print media industry. All over the world, the name Heidelberg is synonymous with state-of-
the art technology, top quality, and closeness to the customer. The core business of this technology group covers the
whole value-added and process chain for the 35 x 50 cm (13.78 x 19.69 in) to 121 x 162 cm (47.64 x 63.78 in) format
classes in the sheetfed offset sector.


Heidelberg develops and produces precision printing presses, platesetters, postpress equipment, and software for
integrating all the printshop processes. Environmental protection has an enduring importance in this regard. Solutions
for the development, production, and utilization of presses help to conserve resources, reduce emissions, and cut
wastage. The Heidelberg portfolio also provides general and consulting services ranging from spare parts and
consumables to the sale of remarketed equipment, and training at the Print Media Academy.


Based in Heidelberg, Germany, with development and production sites in seven countries and around 250 sales
offices across the globe, the company supports around 200,000 customers worldwide. All Heidelberg presses
destined for the world market are manufactured at the Wiesloch-Walldorf site in line with strict quality standards.
Standardized presses in all standard format classes and folding machines for the Chinese market are produced by
Heidelberg in Qingpu near Shanghai.


Heidelberg presses worldwide produce high-quality print products such as business cards, brochures, posters, and
folding cartons.


In financial year 2009/2010, Heidelberg recorded sales of EUR 2.306 billion. As at March 31, 2010, the Heidelberg
Group had a workforce of 16,496 worldwide, including 700 trainees.




Important Note
This press release contains forward-looking statements based on assumptions and estimations by the Management Board of
Heidelberger Druckmaschinen Aktiengesellschaft. Even though the Management Board is of the opinion that those assumptions and
estimations are realistic, the actual future development and results may deviate substantially from these forward-looking statements
due to various factors, such as changes in the macro-economic situation, in the exchange rates, in the interest rates and in the print
media industry. Heidelberger Druckmaschinen Aktiengesellschaft gives no warranty and does not assume liability for any damages in
case the future development and the projected results do not correspond with the forward-looking statements contained in this press
release.




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