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CEWE Stiftung & Co. KGaA — Earnings Release 2011
Aug 11, 2011
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Earnings Release
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News Details
Corporate | 11 August 2011 07:00
CEWE COLOR improves turnover and earnings
CeWe Color Holding AG / Key word(s): Half Year Results
11.08.2011 / 07:00
CEWE COLOR improves turnover and earnings
– Annual targets confirmed after just over six months
– CEWE unaffected by a weaker general economy
– CEWE PHOTO BOOK: sales grow by 17.5%
– EBIT rises by EUR 1.4 million
– After-tax earnings improved by EUR 4.6 million
Oldenburg, 11 August 2011. In the first six months of the year, which is always weak for seasonal reasons, CEWE COLOR Holding AG (SDAX, ISIN: DE0005403901) improved its turnover and income, thus creating the basis to achieve its targets for the business year of 2011. Turnover increased by 3.3% to EUR 186.3 million, EBIT improved by EUR 1.4 million to EUR -4,5 million and after-tax earnings increased by as much as EUR 4.6 million to EUR -6.0 million. The cash flow from operative business was raised by EUR 1.6 million to EUR 12.6 million. Despite a record dividend of EUR 1.25 per share (2010 EUR 1.05 per share) and a payout of EUR 8.5 million, the company reported a sound capital ratio of 44.5 % (30 June 2010: 40.3%). 'The positive first six months of the year, with increases in earnings, is full confirmation of our annual target. Due to an increasing seasonal effect on our business, we break even in the third quarter and will be generating up to 90 % of our annual profit in the fourth quarter,' says Dr. Rolf Hollander, Chairman of the Board of Management of CEWE COLOR Holding AG.
Trend towards added-value products continues
The trend towards added-value products bearing higher margins also continued in the period up to mid-year in 2011, with sales of the CEWE PHOTO BOOK rising by 17.5% to 1.89 million books and sales of photo greeting cards and wall decoration products showing dynamic development. The currency-adjusted turnover per photo rose by a total of 4.8% to 13.63 cents in the period up to mid-year.
12-month outlook confirms target
The positive development of the first two quarters becomes clear in a 12-month outlook: since 1 July 2010 CEWE COLOR has achieved an EBIT of EUR 29.5 million, which is EUR 3.9 million more than in the previous 12-month period. The return on capital employed also rose clearly in the 12-month period from 16.1% to 18.8%. 'We are confirming our targets for the full year on the basis of the first six-month period,' Dr. Hollander says. The shift in sales, turnover and earnings to the four quarter was, however, also continuing in 2011. Growth in the fourth quarter was achieved predominantly at the expense of the second and third quarters, in which CEWE COLOR had to bear the costs for preliminary work relating to the extremely high capacity utilisation in the fourth quarter.
CEWE COLOR unaffected by a weaker general economy
Despite current general economic uncertainty, the company was abiding by its annual targets. In the economic and financial crisis of 2008/2009, the CEWE COLOR business model had proved to be exceedingly robust, so that the negative economic development and consumer reluctance had little effect on CEWE COLOR. CEWE COLOR photo products had a high emotional value for consumers and the financial outlay was comparatively low. 'Cocooning, the typical withdrawal into one's private life at home in economically difficult times, even has a considerable supporting effect on sales of our products,' Dr. Hollander explains.
Annual net profit to rise by up to 39%
The Board of Management expects turnover to grow by up to 3% to EUR 460 million in 2011 (target corridor: EUR 447 to 460 million) and EBIT to be at EUR 28 to 31 million (an increase of up to 10% over the previous year). Despite initial funding for commercial digital printing, the annual net profit is to increase by up to 39%, to EUR 16 to 19 million, and earnings per share are to increase to EUR 2.36 to 2.80 in 2011. It is primarily the CEWE PHOTO BOOK and digital added-value products that are to contribute to the increase in sales and earnings.
viaprinto.de – new business segment of an online printing service
CEWE COLOR has launched a new business segment with its online printing service viaprinto.de. The comprehensive digital printing know-how of the European photo book market leader is also used for commercial printing needs in small volumes.
CEWE COLOR mid-year figures: HY1 2011 against HY1 2010
| CEWE COLOR Group | Unit | HY1 2010 |
HY1 2011 |
Delta % |
Delta Absolute |
| Digital prints | in million units | 853.1 | 872.6 | +2.3% | +19.5 |
| Prints from film | in million units | 181.0 | 120.4 | -33.5% | -60.6 |
| Total prints | in million units | 1034 | 993 | -4.0% | -41 |
| CEWE PHOTO BOOKS | in thousand books | 1608.9 | 1890.2 | +17.5% | +281.3 |
| Turnover | in million euros | 180.4 | 186.3 | +3.3% | +5.9 |
| EBIT | in million euros | -5.9 | -4.5 | +23.5% | +1.4 |
| Earnings after tax | in million euros | -10.6 | -6.0 | +43.3% | +4.6 |
12-month outlook (1.7.2010 – 30.6.2011) confirms target
| CEWE COLOR Group | Unit | HY1 2011 |
HY2 2010 |
Total HY1+HY2 |
Target 2011 |
Target performance |
| Sales | in billion units | 0.99 | 1.46 | 2.46 | 2.23-2.36 | OK |
| Turnover | in million euros | 186.3 | 266.4 | 452.7 | 447-460 | OK |
| EBIT | in million euros | -4.5 | 34.1 | 29.5 | 28-31 | OK |
| EBT | in million euros | -5.1 | 33.2 | 28.1 | 26-29 | OK |
| Earnings after tax | in million euros | -6.0 | 24.3 | 18.3 | 16-19 | OK |
Totals and changes (percentages and absolute) are all calculated at their exact value
Should you have any queries, please contact:
CEWE COLOR Holding AG, Axel Weber (Investor Relations)
Tel.: 0441 / 404 – 2288, Fax: 0441 / 404 – 421,
Email: [email protected]
Internet: www.cewecolor.de , www.cewe-fotobuch.de , www.viaprinto.de
Financial schedule:
29.08.2011: SCC Small Cap Conference, Frankfurt/Main
29.09.2011: CEWE COLOR Capital Markets Day, Oldenburg
15.11.2011: Q3 interim report
21.11.2011: German Equity Forum, Frankfurt/Main
About CEWE COLOR: Photo service company CEWE COLOR, with 12 highly technical production operations and a staff of around 2,700 employees in 24 European countries, is both market and technological leader. In 2010 CEWE COLOR delivered around 2.5 billion prints, more than 4.3 million CEWE PHOTO BOOKS and photo gift articles to more than 45,000 retail partners to generate consolidated turnover of EUR 446.8 million. CEWE COLOR is a 'first mover' in the introduction of new digital technologies and products. CEWE COLOR is continuing to expand its commercial online printing service viaprinto.de as an additional business segment. CEWE COLOR is celebrating its 50th company anniversary in 2011: In 1961 CEWE COLOR was founded by Senator h.c. Heinz Neumüller. The company went public under the leadership of Hubert Rothärmel in 1993. CEWE COLOR Holding AG is listed on the SDAX.
End of Corporate News
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| Language: | English |
| Company: | CeWe Color Holding AG |
| Meerweg 30-32 | |
| 26133 Oldenburg | |
| Germany | |
| Phone: | +49 (0)441 40 4-1 |
| Fax: | +49 (0)441 40 4-42 1 |
| E-mail: | [email protected] |
| Internet: | www.cewecolor.de |
| ISIN: | DE0005403901 |
| WKN: | 540390 |
| Listed: | Regulierter Markt in Berlin, Frankfurt (Prime Standard); Freiverkehr in Düsseldorf, Hamburg, Hannover, München, Stuttgart |
| End of News | DGAP News-Service |
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