Koenig & Bauer AG

Earnings Release • Apr 10, 2003

News Details

Ad-hoc | 10 April 2003 10:05

Koenig & Bauer AG english

KBA: Record Turnover, Plunging Orders Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Frankfurt am Main/Würzburg. In 2002 the Koenig & Bauer Group (KBA) bucked the slowdown in business and advertising to boost group turnover by 3.8% to EUR1,353.8m (2001: EUR1,304m), beating its own forecast by more than EUR100m. Nonetheless, it did not escape unscathed. At EUR1,084.5m the volume of new orders was 9.5% down on the previous years figure of EUR1,197.9m, while the backlog of orders on hand shrank 24.4% to EUR832.9m (2001: EUR1,102.2m). At a press conference on the financial statements for 2002 – the first to be issued since KBA adopted International Financial Reporting Standards (IFRS) – profit from ordinary activities (ebt) was given as EUR43.2m (2001: EUR62.3m). Although market-related pricing pressures and weak fourth-quarter sales pushed group operating profits below the EUR50m target set, this still compared well with other players in the print industry. Group net profit for the year, including deferred taxes, fell to EUR28.1m (2001: EUR40m). Earnings per share were EUR1.75, against EUR2.49 in 2001. A one-off expense of EUR20.2m arising from the merger of a former joint-venture enterprise, Karat Digital Press GmbH, reduced parent company profits to EUR17.9m. Shareholders will be paid a dividend of 50 cents per ordinary share. Subdued Outlook for 2003 KBA anticipates a drop in group turnover of around 10% in 2003. A more concrete prognosis is not possible because there are too many variables involved. However, the group is targeting an operating profit for the year as a whole, and in the current market environment this can only be achieved by cutting costs. The group is therefore planning to downsize its payroll still further and may have to close some of its plants. end of ad-hoc-announcement (c)DGAP 10.04.2003 ——————————————————————————– WKN: 719350; ISIN: DE0007193500; Index: MDAX Listed: Amtlicher Markt in Frankfurt (Prime Standard), München; Freiverkehr in Berlin-Bremen, Düsseldorf, Hamburg, Stuttgart 101005 Apr 03