Koenig & Bauer AG

Earnings Release • Aug 14, 2003

News Details

Ad-hoc | 14 August 2003 08:02

Koenig & Bauer AG english

Weak Demand for Web Presses Impacts on Bottom Line Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Würzburg. Group turnover by German press manufacturer Koenig & Bauer (KBA) in the first six months fell 26.9% below the prior year figure to EUR 501.3m. The order intake was just 1% down at EUR 543.3m (2002: EUR 549.9m). Along with flagging sales, group performance was also affected by restructuring costs and by higher R&D expenses in the run-up to next years Drupa, the definitive trade fair for the print media industry. However, with sheetfed offset sales remaining buoyant, KBA is standing by its group sales target of EUR 1.2bn for 2003. A pre-tax loss of EUR 26.6m for the first half-year contrasts with earnings before taxes (EBT) of EUR 16.8m 12 months earlier. After tax the loss amounted to EUR 18.6m (2002: EUR 9.3m profit). With prices hit by weak demand in many print markets, KBA is set to report a post-tax loss for 2003. Exact figures are not yet available. The cash flow from current business activities was EUR 46.5m, well up on the figure for the previous year (EUR 8.4m). The group payroll on 30 June stood at 7,295, 225 fewer than the same time last year. There will be further cuts at KBAs web press production plants. end of ad-hoc-announcement (c)DGAP 14.08.2003 ——————————————————————————– WKN: 719350; ISIN: DE0007193500; Index: MDAX Listed: Amtlicher Markt in Frankfurt (Prime Standard), München; Freiverkehr in Berlin-Bremen, Düsseldorf, Hamburg, Stuttgart 140802 Aug 03