1. Vorsitzender des Aufsichtsrats: Robert J. Koehler
Vorstand: Dr. Gerold Linzbach, Vorsitzender · Dirk Kaliebe · Stephan Plenz · Harald Weimer
Sitz der Gesellschaft: Heidelberg · Amtsgericht Mannheim – Registergericht – HRB 330004 · Ust.-IdNr. DE 143455661
Commerzbank AG Heidelberg (BLZ 672 400 39) Kto 192264001 IBAN: DE32 6724 0039 0192 2640 01 BIC: COBADEFF672
Deutsche Bank AG Heidelberg (BLZ 672 700 03) Kto 0 298 00 00 1 IBAN: DE22 6727 0003 0029 8000 01 BIC: DEUTDESM672
Heidelberger Druckmaschinen AG
69159 Wiesloch · Deutschland · www.heidelberg.com
To whom it may concern
Datum
Ihr Zeichen
Unser Zeichen
Durchwahl
Telefax
E-Mail
16. April 2015
CF
67200
9967200
stephan.knuppertz@
heidelberg.com
Heidelberger Druckmaschinen
Aktiengesellschaft
Corporate Financial Services
69159 Wiesloch
Gutenbergring
69168 Wiesloch
Deutschland
Telefon +49 6222 82-00
Telefax +49 6222 82-3705
www.heidelberg.com
Axel Oehlers was initially hired in 2001 as Manager Finance and Treasury for our captive finance
company Print Finance Americas Inc. based on his experience in the management and administration of a
securitization program for capital equipment finance receivables.
The duties required immediate extensive legal work and intense negotiations of amendments to the
existing legal documentation, with all stakeholders involved – both applicable to the securitization
program and in his day-to-day task of managing a credit portfolio of up to $400m, in total $800m under
management. Axel was a major stabilizing element in the turbulent time of recession that severely
impacted our credit portfolio starting straight after him joining the company.
Immediately at hire and continuously over time, he developed a strong relationship with management and
executives throughout the international organization. Often times, his tactical and strategic
recommendations offered great support for the divisional management to reach decisions in steering
matters, such as recommending steps which would have not necessarily suited his local interest but were
focused on the greater benefit on an enterprise level.
As a consequence of his apparent management skills, Axel progressed well through the ranks and finally
took over the position as President of Print Finance Americas Inc. in 2006 reporting directly into me.
Given the challenge of running a comparably small specialized company which on the other hand was
fully exposed to legal and financial requirements imposed by consolidation into a duly governed listed
company of 15.000 employees, his exposure to management tasks covered the full range from classical
CEO tasks to CFO topics.
The entity Axel was responsible for went through numerous gyrations of restructurings, including also
two physical moves which he initiated and directed. Because of his leadership and guidance towards his
staff, the major restructurings were seamless to customers externally and internally and non-disruptive for
the business.The daily operations such as Bookkeeping, local Treasury, Accounting, Purchasing, Travel
Planning and Reporting, HR, Accounts Payable and Accounts Receivable were all handled under his
guidance and always to the corporate’s office full satisfaction. A routine internal audit was conducted
which lead to the rendering of a clean bill of health. A few areas I would like to highlight to underline the
significant element of typical CFO tasks that formed an integral part of his work.

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16. April 2015
• Axel was responsible for all routine annual planning, forecast, budgeting, and submission thereof
in close cooperation with the corporate headquarters with external audit firm where he
consistently exceeded expectations both in accuracy and timeliness.
• He also oversaw the transition of several migrations of newly implemented planning and
reporting tools including the introduction of an SAP based reporting tool.
• Axel’s experience in the IT domain was very well suited for the development of a custom
conceptualized, specified, and ordered for development portfolio management and reporting
platform. He worked closely with the global and local IT team to reach mutually beneficial goals
and stay in compliance with overall IT guidelines. The system included built-in general ledger
accounting which he ensured to tie into the Corporate Accounting Guidelines. It was his
responsibility to assess business and operational risks and institute the respective mitigating
processes and obtain insurance coverages where appropriate. On his own initiative Axel
recommended to litigate where the company’s interest was at stake and successfully managed all
matters from initiation to a successful outcome.
Axel was always well regarded as a superior of his local team of employees and had an excellent
relationship both to me as the divisional manager and to the board. He was invited to two corporate
management development programs and ultimately in 2011 offered the position of Chief Financial Officer
for Latin America which he, due to personal family reasons, regretfully needed to decline.
Summarizing, it is my strong belief, that Axel will be a great resource to any organization which can
utilize a well-experienced, responsible and trustworthy managerial capacity, as an Executive or Financial
Officer.