With statements like "We are in a privileged position" and "Not too much price pressure from the customer, performance still counts in many segments", it seems the good times are back and the recent rise in the share price seems to confirm that the mood among investors is improving again.
Asia/Pacific is now 33% of the action for HD and - not surprisingly - around 70% for Komori.
Europe is now 19% for Komori and - again not surprisingly - almost 48% (including Eastern Europe) for HD.
North-America where Komori historically commanded a strong #2 position is interesting. It is notable that Komori forecasts a mere $68 million in sales for the fiscal year ending in March '13 with actual equipment sales for the first three quarters adding up to only $33 million. (New orders were even lower.)
North America now represents only 7.8% of Komori's actual orders for the last three quarters, vs HD's 13.6% (about 300mE or $390 million), so Komori is all but off the radar screen.
What could explain the lack of interest in Japanese made presses in the US market?
A look at this five year currency chart (courtesy of oanda.com) may answer the question.
Note though the reversal of the trend in late 2012 as Japan joined Europe and the US in the global money printing competition.
It is nice to see the optimism in Heidelberg's report, but the favorable currency tailwinds may turn soon.