Koenig & Bauer AG, a prominent global technology provider for special printing applications with a focus on the packaging sector, has announced that it met its own forecast for 2023, according to preliminary unaudited figures.
Group earnings before interest and taxes (EBIT) reached €29.9m, falling within the forecast range of €25m to €35m. Revenue stood at €1,326.8m, at the upper end of the guidance of €1,300m. This marks an improvement of 11.9% in revenue and 35.9% in EBIT compared to the previous year.
Dr. Stephen Kimmich, CFO, commented on the results, stating, “We have continued on our path aimed at improving operating profit. Nevertheless, we are aware that Koenig & Bauer needs to be more profitable looking forward.”
In the Special segment, order intake increased significantly by 37.1%, mainly due to strong performance in Banknote Solutions. Dr. Andreas Pleßke, CEO, introduced the “Spotlight” programme to prioritize growth- and earnings-oriented business models and technologies.
Furthermore, Dr. Kimmich will assume responsibility for the Special segment in addition to his role as CFO, effective April 1, 2024.
Looking ahead to 2024, Koenig & Bauer anticipates stable revenue and EBIT margin at the previous year’s level, projecting operating earnings of €25m to €40m and revenue around €1.3bn. However, the company expects a one-off burden on Group EBIT of up to €10m due to spending on drupa, the world’s largest trade fair for the printing and graphics industry.
Regarding the dividend policy, the Management Board and the Supervisory Board propose omitting a dividend for the 2023 financial year. However, a future dividend policy aims to distribute 15-35% of consolidated earnings, with a minimum dividend of €0.30 per share.
The audited financial statements and annual report for 2023 will be published on March 27, 2024, followed by a conference call for analysts and investors.