The German manufacturer has just filed its annual report for 2024, confirming sales of just over €1.27bn (£1.06bn), down 3.9% on the prior year.
The pre-tax loss was €59.2m (2023 profit: €13m) due to €50.4m of costs associated with its Spotlight transformation programme and a €10.5m spend on Drupa.
Spotlight costs were more than the forecasted €45m after K&B bosses decided to cease its CS-MetalCan two-piece beverage can printing project, which resulted in an additional €5.4m hit.
Adjusted operating EBIT was €25.8m (2023: €29.9m).
CEO Dr Andreas Pleßke described 2024 as a year of change and opportunities: “With the systematic implementation of the ‘Spotlight’ programme, we have laid the foundations for future success.
“The installation of a new generation on the executive board reflects this ongoing change. For this reason, this year’s annual report bears the motto 'Chance & Change', which symbolises both last year’s change and the ongoing opportunities and chances.”
He asserted: “Koenig & Bauer needs to be more profitable.”
Regarding President Trump’s plans to apply tariffs of 25% on goods made in the EU, K&B stated: “The imposition of import tariffs on selected products, which is currently being discussed in the United States, will not only affect Koenig & Bauer but also its main competitors, which are predominantly based in Europe.”
It said that higher tariffs could exert pressure on demand in the US market “and thus pose a challenge for the entire industry”, and the extent to which any decline could be offset “cannot be conclusively assessed at this stage”.
Last year Koenig & Bauer generated around 29% of sales in North America and said it continued to view this market as strategically important.
“Current assessments indicate that the impact is likely to remain manageable”, with the group ready to react quickly to changing economic policies.
Regarding the current year, K&B stated: “Despite difficult and uncertain global economic and geopolitical conditions, Koenig & Bauer sees itself well positioned for 2025.
“Thanks to a historically high order backlog and additional savings from the ‘Spotlight’ focus programme, the Executive Board anticipates a slight increase in revenue to €1.3bn, accompanied by higher operating EBIT in a corridor of between €35m and €50m.
“Within this corridor, target achievement is highly dependent on actual global economic and geopolitical developments over the next few months.”
