Q2 2024 Koenig & Bauer AG Earnings Call Transcript
Key Points
- Koenig & Bauer AG (WBO:SKB) achieved the highest half-year order backlog of EUR1.021 billion, indicating strong future demand.
- Order intake increased by 16% year-on-year, outperforming the overall machine market, which was down 8%.
- The company confirmed its operational guidance, expecting to reach the lower end of its EBIT forecast range of EUR25 million to EUR40 million.
- Koenig & Bauer AG's participation in Drupa was successful, with legally binding orders of about EUR200 million, showcasing strong market interest.
- The company is implementing a strategic restructuring program, Spotlight, aimed at improving operational efficiency and profitability.
- Koenig & Bauer AG reported a significant EBIT loss of minus EUR33.9 million for the first half of the year, reflecting a challenging market environment.
- Revenue decreased by 10.8% to EUR532 million, primarily due to weak performance in the Sheetfed and Special segments.
- The company is facing a difficult market environment, with a slow order intake in Q3 and Q4 of the previous year impacting current performance.
- There are ongoing restructuring costs associated with the Spotlight program, estimated between EUR30 million and EUR45 million.
- The Digital & Web segment continues to struggle, necessitating further restructuring and cost-cutting measures.
Ladies and gentlemen, also a welcome from me. If we go to Page 1, we usually start with Koenig & Bauer at a glance. Now as we had announced on Q1 and on various occasions thereafter, Q1 and Q2 were a difficult phase for our company, I believe, for the whole market, but we are talking about our company today. And we have announced the figures about a week ago, so that is for discussion later on. But what we will do today is we'll summarize where we are at.
But more importantly, we also have more clarity now and announce more of what we're going to do in the second half year to recover from the situation and come to the year-end results as we predicted it. That is also the first bullet point that we have here. We confirm our operational guidance in this fairly difficult market environment that we have had and that is between EUR25 million and EUR40 million -- Yes, between EUR25 million and EUR40 million at the lower end.
So we confirm that. We also confirm the turnover that we have forecasted
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