Koenig & Bauer AG: Partial reversal of the restructuring provisions for P24x resulting in extraordinary income of around €20m

Würzburg (pta037/23.06.2021/20:00 UTC+2)

At its meeting held today, the Management Board of Koenig & Bauer AG, Würzburg ("Koenig & Bauer", WKN: 719 350 / ISIN: DE0007193500) decided not to implement any compulsory redundancies at the Company’s German facilities in 2021 and 2022 due to the progress made in achieving the personnel targets defined under the P24x efficiency programme. This was made possible by the constructive and cooperative collaboration with the employee representatives, with whom modern and socially acceptable measures were found to reduce job numbers. Depending on the order situation and macroeconomic conditions as well as the pandemic situation, further measures are to be taken by the end of 2022 without any compulsory redundancies, particularly in the form of working time adjustments and individual arrangements. 
As a result, it has been possible to reduce the originally planned short- and medium-term one-off costs for personnel measures by about €20m to some €37m. Restructuring provisions of €57.6m had originally been set aside for this purpose in the third quarter of 2020 and were recognised through profit and loss in 2020. This has resulted in extraordinary income of around €20m that will boost consolidated earnings and free cash flow and was not included in the forecast for 2021. Excluding this extraordinary income of €20m, Koenig & Bauer confirms its operating forecast and continues to project a slight organic increase in revenue of around 4% to €1,070m and expects to break even at the operating EBIT level. 

Koenig & Bauer will be publishing its figures for the first half of 2021 on 29 July 2021.

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Emitter:	Koenig & Bauer AG Friedrich-Koenig-Straße 4 97080 Würzburg Germany
Contact Person:	Lena Landenberger
Phone:	+49 931 909-4085
E-Mail:	lena.landenberger@koenig-bauer.com
Website:	www.kba.com
ISIN(s):	DE0007193500 (Share)
Stock Exchange(s):	Regulated Market in Frankfurt, Munich; Free Market in Berlin, Dusseldorf, Hamburg, Hannover, Stuttgart, Tradegate