Koenig & Bauer Exceeds Forecast, but Pandemic Takes Toll

Revenue for 2020 of €1.03 billion exceeded Koenig & Bauer’s guidance of €900-950 million, but was €217.2 million (17 .4%) lower than that achieved in 2019, according to its recently announced results.

Operating profit (EBIT) fell from €70.1 million in 2019 to a loss of €67.9 million in 2020, a decline of 197%. However, without three special one-off items – a successful legal proceeding costing €4 million, an efficiency programme costing €58 million and income from a property sale totalling €49 million, the loss would have been €19 million and the decline 127%, which significantly exceeded the company’s forecast. The decline was attributed mainly to the pandemic.

The net result for the year was a loss of €155.4 million compared with the profit in 2019 of €52.3 million.