Koenig & Bauer Shares

External factors take their toll on the equity markets in 2022 – Koenig & Bauer shares unable to free themselves from this effect

High inflation rates, more restrictive monetary policy, rising interest rates, the war in Europe and the pandemic-induced lockdowns in China triggered enormous declines in the stock markets in the year under review. This also applied to Koenig & Bauer shares. At the beginning of 2022, the previous year’s strong performance relative to the benchmark indices caused sharp declines in relative terms. Accordingly, Koenig & Bauer shares reached their high for the year at a closing price of €32.00 in XETRA trading as early as on the second trading day of the year under review. The benchmark indices likewise reached their highs for the year on that day. After the Russian invasion of Ukraine, the German blue-chip DAX index dipped below the important mark of 13,000 points. Up until the end of September, the heavy dependence on imports on raw materials led to historically low valuations for the German indices as well as for Koenig & Bauer shares. At the end of 2022, the shares were trading at €16.28, down from €31.30 on 31 December 2021, equivalent to a price correction of 48.0%. Consequently, Koenig & Bauer shares underperformed the DAX and the SDAX by 12.35% and 27.35%, respectively, in 2022. (All figures based on Xetra closing prices.)

Average daily trading volumes of Koenig & Bauer shares increased to 30,000 shares in the year under review. Koenig & Bauer has thus come a little closer to its goal of returning to its former trading volumes.

Koenig & Bauer share performance indicators

in €20212022
Earnings per share0.830.63
High for the year32.1532.00
Low for the year23.6010.90
Price at the beginning of the year123.9231.30
Price at the end of the year131.3016.28
Number of bearer shares outstanding16,524,78316,524,783
Market capitalisation at the end of the year (m)517.2269.0
Cash flow per share5.750.33
1 Xetra closing price, source: Bloomberg
2 The terms of the KfW loan do not permit any dividend distribution.

Koenig & Bauer with a free float of around 90 percent
Under the Deutsche Börse definition, free float includes all shares not held by principal shareholders (i.e. those holding more than 5 percent of the share capital). On the basis of the voting right notifications received, Koenig & Bauer thus has a free float of around 90% of the total of 16,524,783 bearer shares outstanding as of 31 December 2022.The following voting right notifications for shareholdings over the 3% threshold had been received as of 31 December 2022:

Koenig & Bauer AG shareholder structure

Number of sharesPercentage holding
AlternInvest GmbH, Vienna, Austria1,683,42810.2 %
Universal-Investment-GmbH, Frankfurt/Main1,680,57410.2 %
Hauck & Aufhaeuser Fund Services S.A., Munsbach/Luxembourg11,680,85210.2 %
Union Investment Privatfonds GmbH, Frankfurt/Main841,6935.1 %
Claus Bolza-Schünemann826,2205.0 %
Albrecht Bolza-Schünemann599,7283.6 %
Rota Klaeger589,5143.6 %
Date: 31 December 2022Total number of shares outstanding: 16,524,783
1 Effective 31 December 2022, all funds managed by LOYS Investment S.A. were transferred to Hauck & Aufhaeuser Fund Services S.A. Accordingly, with a share of 10.17%, the latter temporarily exceeded the reporting threshold. On 9 January 2023, Hauck & Aufhaeuser Fund Services S.A. lowered its share again to 9.69%, stating this in the notification required to be submitted in accordance with section 43 of the German Securities Trading Act for the period during which the 10% threshold was exceeded.

Dialogue with the capital market
In addition to quarterly financial reporting and the annual general meeting, Koenig & Bauer maintains regular dialogue with all capital market participants. This includes investor talks, roadshows and international capital market conferences, some of which took place in person again. These activities focused on the impact of the pandemic, the supply chain bottlenecks and the related increase in the cost of materials and energy, the progress made in the P24x efficiency programme and the Company’s financial targets. Koenig & Bauer seeks to inform all stakeholders continuously, promptly, comprehensively and transparently of current and future developments of relevance for the Company and the market in which it operates. This also entails ongoing cooperation with banks and brokers that actively cover the Company and regularly publish assessments of our share price as well as sector studies. As of the date on which this report was published, five analysts rated our shares a buy, while one analyst had issued a “hold” recommendation on the basis of his model. The prescribed annual analyst conference took the form of a telephone conference held on 8 November with the Management Board of Koenig & Bauer AG on the figures for the first nine months.

As always, the Investor Relations department is available to investors at any time by phone on +49 (0) 931 909-4085 or in writing (investors@koenig-bauer.com) to answer any questions concerning the shares and the Company. Updated information is also available in the Investor relations section of the website at www.koenig-bauer.com/en/investor-relations/, where you will also find financial reports, presentations and webcasts as well as the latest financial calendar and information on the share.

97th annual general meeting of Koenig & Bauer AG:
A total of around 64% of the voting share capital – and thus more than in the previous year – was represented at the annual general meeting, which was held online for the third time due to the pandemic-related situation which it had not been possible to conclusively assess when the invitation to the annual general meeting was issued.

A detailed overview of the individual voting results and the key statements can be found under “Annual General Meeting” in the Investor Relations section of the website.