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Heidelberg: Good Set of Results

Good set of results. Revenues are up c. 14% beating estimates of +6% and operating income is up 7% versus consensus of 1.5%. The growth is mainly driven by strong volume development across the regions including Europe barring the Af-Med region which is affected by declines in Spain. The margins are also supported by continued cost cutting benefits and one off pension restructuring in NA.

Margins in Asia were affected by high energy costs and one of accident in China and in Europe / East Europe due to lower Co2 sales. The CO2 sales were lower by 130m in 2011 suggesting that op income ex CO2 sales are better. Among regions, mild weather in Europe and continued recovery in NA along with growth in EMs of East Europe and Asia Pac, made it an overall broad based good performance.