Koenig & Bauer is “well and efficiently positioned for 2023 and beyond and are this taking a major step forward in achieving our medium term goals,” according to CFO Stephen Kimmich announcing preliminary full year results for 2022.
Sales were at the upper end of expectations and the Ebit result exceeded this, thanks to accelerated progress on its P24X restructuring programme. Across the board figures are pointing in the right direction. Even the losses in the digital and web division were cut by half. There are indications that take up of inkjet printing technology in both the industrial print sector and in corrugated is increasing.
Revenue for 2022 reached €1.186 billion. close to the top end of the guidance it had issued. Ebit reached €22 million against expectations of €15-20 million. This might have been higher but for energy costs, increases in raw materials and other supply side constraints. It was not possible to pass all these additional costs on in full the company says.
The company is confident that it has taken the right measures for the future. CEO Andreas Pleßke says: “It became clear from the third quarter in particular that we were able to make the right strategy adjustments very quickly in response to the changed market environment. In addition, we intensified our already successful P24X efficiency enhancement programme.”
Sales in Q4 came in at €380 million, up from €328.4 million in the last three months of 2021. This resulted in a Ebit of €25 million (€11.8 million).
The sheetfed division remains the largest with sales for the year of €672 million (€642.4 million). Digital & web produced an increase in revenue to €140 million (€121.4 million). Special products also generated an increase in revenue to €417 million (€390.2 million).
The order intake of €1.3 billion for the year results in an order backlog of €950 million. The company is anticipating that sales for 2023 will be at this level: €1.3 billion with a 3% Ebit margin.
The fully audited results will be published at the end of March.
