CEWE Stiftung & Co. KGaA — Earnings Release 2004

Aug 23, 2004

News Details

Ad-hoc | 23 August 2004 16:34

CeWe Color Holding AG: No wind from behind in the first six months

Ad-hoc-announcement processed and transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– No wind from behind in the first six months – 2004 mid-year report – Oldenburg August 23, 2004 – Neither the economy nor the tourism sector did anything to boost the photographic market during the first six months of 2004. In the medium term, however, there will be an impulse, since the number of photos taken during holidays and on travels will increase again. For CeWe Color Holding AG (ISDN DE 000 540 3901, SDAX) – the largest European photofinisher – 2004 first-quarter drops in the number of prints and in sales, of 5.6 % and 9.6 % respectively, have at least been reduced to 3.5 % for prints and 4.1 % for sales. From the middle of the third quarter on, CeWe Color will be able to markedly increase volumes and sales due to plant closures among their competitors. Earnings burdened by restructuring measures CeWe Color achieved profits before tax (EBT) of Euro 1.1 million for the second quarter of 2004 (previous year: Euro 8.1 million), profits after tax of Euro -1.7 million (previous year: Euro 6 million) and cash flow totalling Euro 8.1 million (previous year: Euro 15.2 million). There are three essential reasons for the second-quarter drop in profits: – The currently weak market resulted in a decline in sales of 4.1 % in the second quarter 2004. – Prices for prints and profit margins are too low and must be increased. – Restructuring measures reduced earnings by Euro 4.3 million. Profit targets for 2004 within those so far declared The third and the fourth quarters will be far better than the first two quarters. It will however not be possible to fully offset the decline in profit suffered during the first six months of the year in comparison to figures for the same period of last year. The following are the targets for the full year of 2004: Development in volume: conventional – 8 % digital + 200 % total + 1 % Sales: +/- 0 % Profits: cash flow Euro 42 million (2003: Euro 46 million) EBT Euro 10 million (2003: Euro 13 million) Investments: Euro 32 million (2003: Euro 41 million) Dividends: Euro -,60 (2003: Euro -,80) The detailed quarterly report and the press-release can be viewed on our homepage under http://www.cewecolor.com or a printed copy can be ordered from the company. Should you have any queries, please contact: CeWe Color Holding AG, Hella Meyer, Meerweg 30 – 32, 26133 Oldenburg, Tel.: 0441 / 404 – 400 or 0171 / 34 50 530, Fax: 0441 / 404 – 421, eMail: hella.meyer@cewecolor.de , Internet: http://www.cewecolor.com end of ad-hoc-announcement (c)DGAP 23.08.2004 ——————————————————————————– WKN: 540390; ISIN: DE0005403901; Index: SDAX Listed: Geregelter Markt in Berlin-Bremen und Frankfurt (Prime Standard); Freiverkehr in Düsseldorf, Hamburg, München und Stuttgart 231634 Aug 04