The firm predicted it would break even, but preliminary operating income for the year to the end of March 2004 was ahead of expectations at 13.3m (20m).

It also exceeded its estimates for orders in the fourth quarter with a total of 666m, which the firm described as satisfactory in the run up to Drupa. Orders for the first quarter were expected to be much greater on the back of the exhibition.

Sales for the year were down 11% to 2.4bn or 6% excluding currency effects due to the strong euro.

Heidelberg's annus horribilis included massive costs of 800m to cover restructuring and the disposal of its web and digital divisions resulting in a loss of 460m, which was in line with the firm's expectations.

The firm will give further figures when it releases its preliminary figures on 3 May and will report full year figures for 2003-2004 under its new structure on 8 June.