Following preliminary disclosures in early February German press manufacturer Koenig & Bauer AG (KBA) has now published its financial statements for 2009. While the economic recession and the structural changes taking place in the print media industry have had a massive impact on press markets, compared to other players in the sector KBA's performance was impressive. Despite a 31% plunge in sales it was probably the only press manufacturer in the international premier league to post a profit in 2009 and adjust capacities to diminished market volumes without raising debt.

　　The rapid implementation of a radical consolidation and cost-cutting initiative enabled the group to transform an operating loss of