KBA Reports Substantial Sheetfed Orders in Q2

Positive operating cash flow and comfortable net liquidity
Positive cash flows from operating activities of €12.1m were mainly due to higher customer prepayments, even though inventories for upcoming deliveries have swelled. The free cash flow was almost balanced at −€1.1m and funds of €188.9m will continue to be supplemented by ample credit lines. After deducting reduced bank loans of €23m, net liquidity was a comfortable €165.9m. Equity of €426.8m represented 34.8 percent of the balance sheet total.

Future markets gain in importance
Domestic sales were up €38.1m on 2012 to €98.9m and KBA’s export ratio was below average at 80.3 percent accordingly. Economic weakness saw shipments to the rest of Europe fall to €129.8m compared to €168.6m the previous year. At 25.8 percent the proportion of sales generated in this region in the first-half year 2013 stood at only half of the historical average of over 50 percent. In contrast, given the lift in sheetfed sales and some web press deliveries the regional proportion of North America was up to 12.6 percent. At €210.4m the future markets Asia-Pacific, Latin America and Africa contributed 41.9 percent to group sales.