Koenig & Bauer suspends dividend payment for the financial year 2019

Koenig & Bauer AG's 95th AGM took place as a virtual outcome for the first fourth dimension

Germany's Koenig & Bauer has decided to suspend the dividend payment for the financial year 2022 and carry forward the profit generated by the holding company Koenig & Bauer AG to new business relationship.

"With a large bulk, the shareholders confirmed the direction and supervisory boards' proposal to suspend the dividend payment for the financial year 2022 and to carry forrard the retained profit generated by the property company Koenig & Bauer AG to new account," the company said.

The announcement was made during the company's first virtual annual general meeting. In addition to details of the group's business functioning in 2022 and in the first quarter of 2020, the numerous product innovations and the successfully launched offensive for digitisation were the main topics were the topic of give-and-take during the AGM.

The management board reported that the coronavirus pandemic, which has been spreading rapidly since January, has already had a considerable impact on revenue and earnings in the electric current financial twelvemonth.

"Our broad product portfolio with a pregnant share of revenue in organisation-relevant packaging press, the robust, increasingly digital service business and our sound balance sheet with a loftier equity ratio limit the risk potential. With the corona crisis direction established in March, we are working to actively counter this extraordinary state of affairs," CEO Claus Bolza-Schünemann said.

He said that the company'southward action plan focuses on reliable customer back up, price and investment discipline and securing liquidity. "There were near no restrictions on the supply concatenation. Curt-fourth dimension working has, notwithstanding, been in identify at different locations since 1 April 2022 due to capacity utilisation. Nether the currently uncertain full general conditions, the touch on revenue and earnings in the 2022 financial yr cannot yet be quantified."

Performance 2024 efficiency programme is flanked by applying for a KfW loan

Bolza-Schünemann said that in parallel to the corona crisis management, Koenig & Bauer is working intensively on the Performance 2024 efficiency program, evaluating various scenarios.

In addition, improvements in working uppercase and cash period are at the top of the calendar alongside the strategic focus on packaging printing and digital services, he said. To strengthen the stability and strategic flexibility of the group, the direction board and the supervisory board decided to use for a flexibly repayable KfW loan with a volume of up to €120m to supplement the existing syndicated credit lines (Direct Participation in Syndicated Loans).

"Amidst others, no dividend distributions are permitted during the term of the KfW loan. After the plans for increasing the operating profitability and performance of the group have been adopted, we will report promptly on the targets and costs of the Performance 2024 efficiency programme," he said.

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