Koenig & Bauer AG (KOEBF.PK) reported 2011 group pre-tax profit of 3.3 million euros, lower than 15.3 million euros last year.
Annual net income was 0.4 million euros, down from 12.5 million euros in the prior year. Earnings per share declined to 2 cents from 76 cents a year ago.
Group sales were 1.17 billion euros, marginally below the prior year's 1.18 billion euros, due to shipping delays and weak demand for sheetfed and web offset presses in the second half-year.
Group order intake reached 1.55 billion euros, the company's highest level since the record year of 2006 and up 20.8% from the previous year. The company attributed the higher order intake to brisk demand for security, metal-decorating and coding equipment.
Looking ahead, KBA management emphasised the higher risks that exporters face from slowing growth in major emerging markets, the high oil price and ongoing debt crisis in Europe. If market conditions remain stable, Koenig & Bauer is targeting a single-digit percentage increase in sales and a higher pre-tax profit.
In view of this unsatisfactory performance, and the current challenging business environment, the management and supervisory boards plan to dispense with a dividend for 2011.
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by RTT Staff Writer
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