Ad hoc: Koenig & Bauer AG: Koenig & Bauer AG: quarterly profit in a challenging year
(Thomson Reuters ONE) - Koenig & Bauer AG / Quarterly report / Ad hoc: Koenig & Bauer AG: quarterly profit in a challenging year Ad hoc announcement according to §15 WpHG processed and transmitted by Hugin. The issuer is solely responsible for the content of this announcement. ------------------------------------------------------------------------------------While demand in the export-intensive press engineering sector hasstabilised at a low level since the summer, German manufacturerKoenig & Bauer AG (KBA) sees no sign as yet of a sustained recovery.The Group order intake for the first nine months was EUR682.3m, 32.1%below the Drupa-enhanced figure of EUR1,005m for the same period theprevious year. However, this was better than the plunge of 49% in theindustry as a whole. After picking up strongly in April and remainingbuoyant in the summer, orders for sheetfed presses came to EUR149.4min the third quarter, up from EUR145m in the second. The total forthe first nine months was EUR371.7m, 24% below the prior-year figureof EUR489.3m. The volume of new orders for web and special pressesfell from EUR515.7m to EUR310.6m, a difference of 39.8%. The onlybright spot was security printing.Group sales were on schedule at EUR737.3m (2008: EUR1,075.3m). Anincrease in sheetfed sales in the third quarter raised the figure toEUR318.8m at the end of September (2008: EUR499.9m). Sales of web andspecial presses fell from EUR575.4m to EUR418.5m. A group orderbacklog of EUR446.5m on 30 September compared to EUR721.6m a yearearlier. Web and special presses contributed EUR287.3m (2008:EUR510.2m), sheetfed EUR159.2m (2008: EUR211.4m).The cost-cutting initiatives launched in March delivered savings ofmore than EUR80m by the end of September. A vigorous consolidationprogramme has cut the group payroll by 908 to 7,095. At the end ofthe fourth quarter KBA will have fewer than 7,000 and by mid-2010just under 6,500 employees.Following pre-tax losses of EUR35.2m in the first quarter andEUR12.2m in the second, in the third quarter the KBA group posted apre-tax profit for the first time this year of EUR9.6m. For the ninemonths to October KBA made an operating loss of EUR31.1m (2008:EUR7.9m profit), a pre-tax loss (EBT) of EUR37.8m (2008: EUR3.6mprofit), and after deducting income taxes disclosed a group loss ofEUR39m (2008: a profit of EUR7.8m). Earnings per share were alsonegative (-EUR2.38 compared to +47 cents in 2008). Cash flows fromoperating activities were positive at EUR9.5m (2008: EUR49.8m),largely due to a substantial decrease in working capital.In his outlook KBA president and CEO Helge Hansen states that becauseof an unexpectedly weak inflow of orders for multi-unit web pressesgroup sales are unlikely to exceed the EUR1.1bn mark in 2009. Despitemarket conditions make provisions necessary in the final quarter fora capacity reduction in the web segment that is much bigger thanoriginally planned, we stand by our objective of posting a balancedgroup result (EBT) by the end of the year. "If the fourth quarterproves disappointing and we post a negative result for the full year,it will be in the low single-digit million euro range and would stillrepresent a notable achievement compared to the performance of otherplayers in the sector." --- End of Message ---Koenig & Bauer AGFriedrich-Koenig-Straÿe 4 Würzburg GermanyWKN: 719350; ISIN: DE0007193500; Index: SDAX;Listed: Freiverkehr in Börse Stuttgart, Freiverkehr in Hanseatische Wertpapierbörse zu Hamburg, Freiverkehr in Börse Berlin, Prime Standard in Frankfurter Wertpapierbörse, Freiverkehr in Börse Düsseldorf, Regulierter Markt in Bayerische Börse München, Regulierter Markt in Frankfurter Wertpapierbörse, Freiverkehr in Niedersächsische Börse zu Hannover;
Datum: 13.11.2009 - 07:34 Uhr
Sprache: Deutsch
News-ID 8345
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