Down on last year, due to special project
In the first three quarters of 2019, Koenig & Bauer achieved an order intake of €843m. The prior-year figure of €943.2m benefited from a major order in security printing which is not usual in this scope.
With good proceeds of €292.2m in the third quarter, group revenue increased slightly as compared to the prior year (€788.8m) to €798.2m. Group EBIT of €5.2m (2018: €28.6m) was primarily impacted by expenses for the 'growth offensive 2023' which, cumulatively for 2019 until 2021 are about €50m with a heavier load in the first year.
President and CEO Claus Bolza-Schünemann described further details, “In addition to a declining services business in newspaper printing, unexpected project expenses for a major order in security printing, unplanned quality costs and negative mixed effects burdened earnings. Also in view of the considerable increase in economic risks, we have been working intensively in recent months on specific cost reduction programs. The optimisation of the group-wide production and assembly footprint is a focus in this regard.”
CFO Mathias Dähn added, “In addition to the active and fast cost structuring, we are pushing our work on innovative products which enable customers to realise tangible added value. Reduction of working capital is also a particular focus.”