Share price with strong gains in the first half and losses in the second half of the year

With most indices losing ground in 2022 due to a variety of external factors, equity markets were able to recoup a large part of their losses in 2023. However, the gains achieved over the year as a whole were not evenly distributed across all sub-segments. For example, business confidence in the mechanical engineering sector increasingly deteriorated in the course of the year due to the frequent postponement of new orders due to consumer restraint and consequently muted capital spending by manufacturing companies. Despite the headway achieved in the first half of the year, Koenig & Bauer shares were unable to completely shrug off this negative sentiment over the year as a whole.

They reached a high for the year on 16 June at a Xetra closing price of €20.20. The adjustment made to the guidance in the third quarter also exerted pressure on the share price. At the end of 2023, the shares were trading at €12.10, down from €16.28 on 31 December 2022, equivalent to a decline of 25.68%. The DAX and the SDAX posted gains of 20.31% and 17.06%, respectively, with the DAX reaching a new all-time high of 17,003 points. 

Average daily trading volumes of Koenig & Bauer shares fell to around 15,000 in the year under review.

Koenig & Bauer share performance indicators

€	2022	2023
Earnings per share	0.63	0.16
High for the year	32.00	20.20
Low for the year	10.90	9.93
Price at the beginning of the year1	31.30	16.68
Price at the end of the year1	16.28	12.10
Number of bearer shares outstanding	16,524,783	16,524,783
Market capitalisation at the end of the year (m)	269.0	200.00
Cash flow per share	0.33	-1.9
Dividend	0.002	0.00

Future dividend policy adopted with a payout ratio of 15–35%
In view of the earnings performance in 2023 and the persistently challenging global economic market environment, the Management Board and the Supervisory Board will be proposing at the annual general meeting that the net profit generated by the holding company Koenig & Bauer AG be retained and that a dividend be omitted for the 2023 financial year. However, as Koenig & Bauer attaches great importance to ensuring appropriate participation of its shareholders in its success, a future dividend policy has been adopted which, subject to profitable business performance during the year, aims to distribute a dividend of 15–35% of consolidated earnings, with a minimum dividend of €0.30 per share. 

Koenig & Bauer with a free float of around 73%
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 73% of the total of 16,524,783 bearer shares outstanding as of 31 December 2023. The following voting right notifications for shareholdings over the 3% threshold had been received as of 31 December 2023:

Koenig & Bauer AG shareholder structure

	Number of shares	Percentage
Koenig’sche Shareholders’ Association, Germany	2,751,704	16.7%
AlternInvest GmbH, Vienna, Austria	1,683,428	10.2%
Universal-Investment-GmbH, Frankfurt/Main*	1,680,574	10.2%
Hauck & Aufhaeuser Fund Services S.A., Munsbach, Luxembourg *	1,656,248	10.0%
Union Investment Privatfonds GmbH, Frankfurt/Main*	841.693	5.1%
As of 31 December 2023	Total number of shares outstanding:	16,524,783

Dialogue with the capital market
In addition to regular financial reporting, contact with the capital markets again increasingly took place place in person at various physical events. Shareholders were invited to a physical Annual General Meeting in Würzburg in the year under review, while the physical Capital Markets Day in October in Radebeul was very well attended with its impressive product demonstrations. Participation in roadshows and capital market conferences as well as cooperation with banks and brokers that actively cover the company and regularly publish assessments of our share price as well as sector studies also played an important role during the reporting period in order to enable regular and continuous exchange.

As of the date on which this report was prepared, four analysts rated our shares a “buy”, one analyst a “sell” and three analysts issued a “hold” recommendation on the basis of their models. The consensus target price is €14.06, which is well above the current price. This shows that capital market experts expect the share price to rise over the next twelve months.

98th Annual General Meeting of Koenig & Bauer AG:
After three virtual Annual General Meetings due to the pandemic, the 98th Annual General Meeting of Koenig & Bauer AG took place on 16 June 2023 as a physical event at Vogel Convention Center (VCC) in Würzburg. Around 200 shareholders were present, representing around 59% of the voting share capital.  

Eight of the nine items on the agenda required a vote. The shareholders approved all resolutions by a large majority, including the election of Claus Bolza-Schünemann to the Supervisory Board. In addition, the remuneration report and two amendments to the Articles of Association were approved and the actions of the Management Board and Supervisory Board ratified.

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.

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/de/investor-relations/, where you will also find financial reports, presentations and webcasts as well as the latest financial calendar and information on the share.