COMMERCIAL PRINTING strategic development of our business model through acquisitions and collaborations . Overall , we are wellpositioned for the future . Moreover , the healthy order backlog creates a sound basis as we look toward the start of the financial year 2022 / 2023 ,” comments Rainer Hundsdörfer , outgoing chief executive officer of Heidelberg to be succeeded on 1 April 2022 by Dr Ludwin Monz .
Key strategic focus on growth areas
The press release states , that for the years ahead , Heidelberg has systematically geared the group toward profitable growth in the areas of packaging printing and digital business models , in China , and also in new technology applications – especially electromobility and printed electronics . Further milestones in this growth strategy were achieved during the third quarter . The strategic partnership with the Munich Reinsurance group that was announced in early November provides a platform for the international expansion of the digital usage-based subscription business . The subscription model offers customers a press , service , and consumables package for a usage fee based on the print output .
Low net financial debt and improved equity ratio
Influenced by the improved result , and also by positive effects from the net working capital and the sale of assets , the company ’ s free cash flow on 31 December 2021 was EURO 69 million ( previous year - EURO 10 million ). The positive free cash flow and the further repayment of financial liabilities led to a net financial debt after nine months of just EURO 6 million ( 31 March 2021- EURO 67 million ). Leverage was therefore at zero ( corresponding quarter of the previous year - – 1.2 ). Boosted by the positive net result after taxes , the Group ’ s equity ratio rose from 5.0 % on 31 March 2021 to
7.2 %. The equity ratio for the Heidelberger Druckmaschinen AG parent company is at a stable level of around 28 %.
Sales forecast for FY 202122 to at least EURO 2.1 billion
Based on incoming orders and net sales achieved in the first three quarters , Heidelberg specifies that expected sales volumes will be at least EURO 2.1 billion ( previously - at least EURO 2 billion ) for the financial year 2021 / 2022 . As already announced , the EBITDA margin based on sales is still expected to be between 7 and 7.5 percent . Ensuring the availability of parts in the struggling supply chain situation and the development of the pandemic situation remain challenging . Following significant losses in previous years , Heidelberg is expecting a slightly positive net result after taxes in the financial year 2021- 22 . That being the case , it is envisaged that leverage will remain at a low level . n