Koenig and Bauer upbeat over first half figures

Koenig and Bauer has released its results for the first half of this year up to end of June 2021 showing the company starting to bounce back from the effects of the pandemic, with orders and revenues rising on the same period in the previous year. 

Koenig and Bauer has seen an improvement in its financial results for the first half of 2021.

This includes an increase of 45 percent in orders in the company’s Special division, which includes Banknote Solutions for banknotes and security printing, as well as MetalPrint for metal packaging, Coding for coding solutions for all industries, and Kammann for direct decoration of hollow bodies made of glass, plastic and metal. 

The Sheetfed division saw its orders rise by 30 percent to €374.7m thanks to growth in the orders for large-format sheetfed offset presses and parts of the post-press range. More than 60 percent of these orders came from the packaging printing market, including folding boxes and labels, which has proven more resistant to the pandemic and is growing very swiftly.

By contrast, the Digital and Webfed division suffered badly from the Covid-19 pandemic in the first half-year of 2021. There was some growth in flexo presses for flexible packaging but this was offset by fewer orders for web offset presses. Equally the digital decor and corrugated board sectors suffered a 25.9 percent decline in orders, down to €42.0m. The order backlog fell from €85.5m to €45.5m though revenue climbed by 9.2 percent to €64.1m. 

In addition to this, Koenig and Bauer did manage to sell five of its CorruCUT presses and introduced the latest generation of its Rapida 105 sheet offset presses. 

The cash flow from operating activities improved from -€68.6m in the previous year to €26.5m in this first half. The free cash flow also improved from -€89.0m in the first half of 2020 to €14.3m this year, mostly due to the reduction in net working capital. The net financial debt fell to -€36.7m from -€97.1m in the previous year. With freely available funds of more than €250m and a consolidated equity ratio of 27.9 percent, the Group is financially well positioned. 

However, the group saw a drop in its revenues, to €493.2m as of 30 June 2021, down from €515.7m in the first half of last year, which the company attributed to the impact of the Covid-19 pandemic.

The Earnings Before Interest and Tax, or EBIT, margin improved from -3.8 percent to 1.3 percent in the first half of 2021. The group still made an overall net loss of -€1.1m but this was a dramatic improvement on the -€24.3m loss from the previous year’s first half. This led to earnings per share of €0.05, up from -€1.48 for the first half of 2020. 

As Dr Andreas Pleßke, the CEO of Koenig & Bauer AG, commented: “Our customers’ decisions also show that we have done very good work in recent years and that our focus on growth markets such as conventional and digital packaging printing is paying off. We expect to place incoming orders on our books in the third quarter of 2021, with production of the new presses to commence next year. This makes it clear that the end markets that we address and particularly also the structurally growing packaging printing segment are fundamentally intact. Accordingly, we still see our proven broad product range as appropriate for achieving our goals.”

You can find more information from koenig-bauer.com.

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