Printing press manufacturer, Koenig & Bauer, slipped deep into the red during the first quarter.
The net result was a loss of almost 37 million euros, compared with 4.1 million euros in the previous year. Turnover slumped by 25.3% to 172 million euros. However, incoming orders remained relatively stable at 271.5 million euros. Due to the coronavirus pandemic, no projections can be made for the rest of the year at this time, wrote Koenig & Bauer CEO, Claus Bolza-Schünemann, in a letter to shareholders. The previous planning for the current year is no longer achievable due to the drastic effects already being felt, Bolza-Schünemann said.
According to a press release issued by the company, the restrictions imposed first in China and then gradually in many parts of the world, and in particular the travel restrictions, have had a significant impact on order and project processing for the delivery, assembly and commissioning of the machines for international customers. The effects are also being felt in the service area. Here, remote maintenance and modern communication channels are becoming increasingly important (see photo).
Chairman of the Board, Claus Bolza-Schünemann, considers the risk potential to be “limited” due to the “broad product portfolio with a high share of sales in system-relevant packaging printing”. Due to capacity utilization, short-time work has been in place at various locations since April 1, 2020.