CEWE Stiftung & Co. KGaA — Earnings Release 2002

Apr 29, 2003

News Details

Ad-hoc | 29 April 2003 08:30

CeWe Color Holding AG english

CeWe Color enhances 2002 profit per share by 75.2 % Ad-hoc-announcement processed and transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– CeWe Color enhances 2002 profit per share by 75.2 % Oldenburg, April 29, 2003 – At its Annual Report Press Conference, CeWe Color Holding AG (SMAX, ISIN DE 0005403901) reports on a growth in profits for the business year of 2002: Profits after tax + 65.7 %, Profit per share + 75.2 % and Profits before tax (EBT) + 29.2 %. In 2002 CeWe Color achieved a 29.2 % increase in profits (EBT), to Euro 26.1 million, and an increase of 65.7 % in profits after tax, to Euro 16.4 million. The rise in profits (EBT) results from losses eliminated in France and in Central Eastern Europe. Corporation tax amounting to Euro 9.7 million (2001: Euro 10.3 million) primarily comprises corporate income tax and trade income tax payable in Germany. This results in a drop in the tax rate for the group as a whole. Profits per share rose by 75.2 %, from Euro 1.25 to Euro 2.19. By means of growth on the domestic market, gaining new customers and a brilliant develop-ment of the digital segment, CeWe Color was able to enhance group revenue, in contrast to developments on the market, by 0.5 %, to Euro 439.2 million (2001: Euro 436.9 million). The most substantial rises in turnover were generated in France and Central Eastern Europe. Just as in 2001 it was possible to reduce scheduled investments, now at Euro 28.7 million, since it was not necessary to expand capacities in the field of conventional photography and no corporate acquisitions had been planned. Of the overall budget, as much as approximately 50 % has been allocated to digital photography, in connection with information technology/ EDP. Investments scheduled for 2003 provide for a rise in budget of 11.5 %, to Euro 32.0 million, which the company will be financing itself, without any credits. Cash Flow, at Euro 46.4 million, exceeds investments and thus once again provides a basis for healthy growth and for a progressive technological boost, facilitated by the respective modern product plants. Free Cash Flow (after investments) rose from Euro 13.1 million to Euro 18.0 million in 2002. Cash Flow per share amounts to Euro 5.73. The Supervisory Board and the Board of Management will propose a rise in dividends from Euro 0.80 to Euro 1.00 per denominated share at the Annual General Meeting. Dr. Rolf Hol-lander, Chairman of the Board of Management of CeWe Color Holding AG, points out that CeWe Color would like to have shareholders participate in enhanced profits. The photo-graphic sector was not supported by the general economic situation and nor by the tourism industry in 2002. In the spring of 2003 CeWe Color does not see any positive impulses from outside the branch, but there are two factors which give the Board of Management reason to be optimistic: 1. Digital photography is creating new products for the branch, resulting in additional opportunities to generate sales and achieve good profit margins, one example being mobile phones. 2. In addition, CeWe Color is well-positioned in an awkward economic environment and will further expand its position in the face of competition and generate good profits in the course of conducting its operations. In the face of ongoing weak economic development and a decline of up to 10 % in the travel sector, CeWe Color is targeting a slight rise in profits of 5 % for 2003, accompanied by con-sistent sales, as well as a rise in dividends in alignment with the development of profits. end of ad-hoc-announcement (c)DGAP 29.04.2003 Issuer’s information/explanatory remarks concerning this ad-hoc-announcement: Should you have any queries, please contact: CeWe Color Holding AG, Hella Meyer, Tel.: 0441 / 404 – 400 or 0171 / 34 50 530, Fax: 0441 / 404 – 421 Email: hella.meyer@cewecolor.de, Internet: http//www.cewecolor.de ——————————————————————————– WKN: 540390; ISIN: DE0005403901; Index: SDAX Listed: Geregelter Markt in Berlin-Bremen und Frankfurt (Prime Standard); Freiverkehr in Düsseldorf, Hamburg, München und Stuttgart 290830 Apr 03