KBA Reports Sales, Earnings Targets for 2013 No Longer Attainable
WÜRZBURG, GERMANY—November 5, 2013—Based on expected results for the third quarter the management board of Koenig & Bauer (KBA) has revised its previous sales and earnings forecast for 2013. In view of the much lower sales volume than expected in both business segments due to economic and market developments, the press manufacturer's initial target of Group annual sales of approx. €1.3bn in 2013 will not be reached and management estimates revenue of approx. €1.1bn.
Given reduced sales, anticipated extraordinary expenses for impairments and restructuring measures, it is likely that KBA will post a loss for 2013. Excluding the special items mentioned, management continues to target a positive operating result and balanced Group earnings before taxes.
KBA will publish the interim report on the third quarter including further details on November 11.