The German business recorded an operating profit excluding special items of €4m (£3.58m) from 1 April 2010 to 31 March 31 2011, compared to a loss of €130m the previous year.

Sales came in at €2.76bn with preliminary orders up 16% on last year's figure. Preliminary sales at the group were also up 14% to €2.63bn. According to Heidelberg, this added €135m after exchange rate effects.

Despite an upswing in orders, the manufacturer cited the "huge increase" in costs and non-recurring expenditure associated with its restructuring programme for the negative financial impact on its full-year results.

Therefore, Heidelberg said it expected to post a loss of €130m for the 2010/2011 financial year.

Schreier said: "The Heidelberg Group resumed its path to growth in financial year 2010/2011. We improved incoming orders and sales and, after two deficit years, our operating result is back in the black."

He added: "Thanks to the strategic partnership with Ricoh, the leading position that Heidelberg occupies in the offset printing market will be complemented in future by innovative digital printing products.

"These operational and strategic successes show that Heidelberg is on the right track to achieving long-term success."

Preliminary free cashflow came in at €75m up from a €62m loss the year before.

Dirk Kaliebe, chief financial officer at Heidelberg, added: "With the considerably reduced level of debt, the successful capital increase and the bond placement we have safeguarded our long-term financing, and have succeeded in leading Heidelberg out of the crisis."