AI assistant
CEWE Stiftung & Co. KGaA — Earnings Release 2013
May 13, 2013
78_rns_2013-05-13_fd3dc4ec-d48d-4464-9bac-9d3ba67c10dd.html
Earnings Release
Open in viewerOpens in your device viewer
News Details
Corporate | 13 May 2013 06:50
CEWE COLOR continues to grow
CEWE COLOR Holding AG / Key word(s): Quarter Results
13.05.2013 / 06:50
CEWE COLOR continues to grow
– Consolidated turnover rises by 11.6% to EUR 106.6 million
– EBIT increases by EUR 0.4 million
– Sound capital ratio: 44.6%
– Dividend yield at around 4.7%
Oldenburg, 13 May 2013. CEWE COLOR Holding AG (SDAX, ISIN: DE0005403901) is confirming its forecast for the full year on the basis of the positive trend in the first quarter of 2013. The Group continues to grow: in the typically weakest quarter of the year, consolidated turnover rose by 11.6% to EUR 106.6 million – far more than had been predicted for the full year. The growth drivers were once again the CEWE PHOTO BOOK (+12.7%) and the new operating area of online printing (+85.3%). At the same time, EBIT increased by EUR 0.4 million over the first quarter of 2012 to reach -EUR 6.4 million. In terms of operative business, EBIT even improved in the amount of EUR 1.8 million, since CEWE COLOR also posted non-recurring costs for the merger of the two operations in Dresden and the two operations in Poland. ‘In 2013, we are very likely to generate more than 90 percent of our earnings in the fourth quarter. The positive trend in the first quarter is special confirmation of our positive assessment for the current business year,’ says Dr. Rolf Hollander, Chairman of the Board of Management of CEWE COLOR Holding AG. Consolidated turnover is to climb by up to 5% in 2013, to EUR 510 to 530 million. With turnover at 503.3 million euros, CEWE COLOR surpassed the half-billion euro mark for the first time in the history of the company in 2012. Given the investments made in online printing growth, CEWE COLOR expects EBIT to be in the range of EUR 27 to 33 million (2012: EUR 29.1 million). Earnings per share are be around EUR 2.44 to 3.06.
Business segments all increase – online printing grows by 85.8 %
More than anything else, the undiminished dynamism of the CEWE PHOTO BOOK (+12.7%) saw a rise of 5.6%, to EUR 69.2 million, in turnover from photofinishing – more than had been expected. ‘Traditionally, photofinishing in the first quarter is just as difficult as selling ice cream in winter,’ says Dr. Hollander. In terms of the typical seasonal profile with the focus of turnover and, more than anything else, earnings in the fourth quarter, the first quarter has ‘fully met’ all the expectations. The new operating area of online printing, reinforced in February 2012 with the acquisition of Saxoprint, grew by 85.8%, to EUR 12.9 million and is thus right on track: in 2013, turnover generated with online printing is to increase by 40 percent to EUR 60 million – and online printing is to generate turnover of more than EUR 100 million by 2016. CEWE COLOR is exploiting the high level of turnover and earnings in photofinishing to rapidly increase the operating area of online printing with a comprehensive marketing campaign, making it the cornerstone of the Group. Retailing also developed positively in the first quarter, increasing turnover by 6.5% to EUR 24.6 million.
Rising dividend: sound financing and earning power
enable high dividend payout
Sound financing, with a capital ratio of 44.6% at the end of the quarter of the report, the considerable earning power of the Group and the strong free cash flow (Q1 2013: + EUR 7.5 million) make it possible to pay out high dividends to the shareholders: At the Annual General Meeting to be held in Oldenburg on 5 June, the Board of Management and the Supervisory Board will propose an increased dividend by 5 cents to EUR 1.45 for the 2012 business year. The dividend yield is thus 4.7% (on the basis of the price at the end of 2012).
Earnings by operating area:
| CEWE COLOR | Unit | Q1-2012 | Q1-2013 | Diff. % | Diff. abs. |
| (1) Photofinishing (PF) | |||||
| Digital prints | in m. units | 461.8 | 462.9 | +0.2% | +1.1 |
| Prints from films | in m. units | 34.4 | 23.4 | -32.0% | -11.0 |
| Total prints | in m. units | 496.2 | 486.3 | -2.0% | -9.9 |
| CEWE PHOTO BOOK | in m. units | 1.03 | 1.10 | +7.3% | +0.07 |
| Turnover | in EUR m. | 65.5 | 69.2 | +5.6% | +3.7 |
| EBIT | in EUR m. | -5.1 | -4.5 | +11.6% | +0.6 |
| EBIT margin | % | -7.8% | -6.5% | ||
| (2) Retailing (R) | |||||
| Turnover | in EUR m. | 23.1 | 24.6 | +6.5% | +1.5 |
| EBIT | in EUR m. | -0.5 | -0.7 | -30.9% | -0.2 |
| EBIT margin | % | -2.2% | -2.7% | ||
| Core business (PF + R) | |||||
| Turnover | in EUR m. | 88.6 | 93.7 | +5.8% | +5.1 |
| EBIT | in EUR m. | -5.6 | -5.2 | +7.8% | +0.4 |
| EBIT margin | % | -6.3% | -5.5% | ||
| (3) Online printing | |||||
| Turnover | in EUR m. | 6.9 | 12.9 | +85.8% | +6.0 |
| EBIT | in EUR m. | -1.2 | -1.2 | +0.7% | +/-0.0 |
| EBIT margin | % | -17.5% | -9.4% | ||
| CEWE COLOR Group | |||||
| Turnover | in EUR m. | 95.5 | 106.6 | +11.6% | +11.1 |
| EBIT | in EUR m. | -6.8 | -6.4 | +6.5% | +0.4 |
| EBIT margin | % | -7.1% | -6.0% |
Notes to the ‘Earnings by Operating Area’ chart
(1) Photofinishing: Production and sale of photo products such as the CEWE PHOTO BOOK, photo greeting cards, calendars, wall decorations and individual (analogue and digital) photos as well as other photo products
(2) Retailing: Trading in CEWE’s own retail stores in Norway, Sweden, Poland, the Czech Republic and Slovakia with photo hardware such as cameras and lenses
Core business: Aggregate of photofinishing and retailing
(3) Online printing: Production and sale of commercial print products in the online printing portals at CEWE-PRINT.de, Saxoprint.de and Viaprinto.de
2013 targets and a comparison with the previous year
| CEWE COLOR Group | Unit | 2012 | 2013 target | % change Targets ’13 against actual ’12 |
% change Q1 ’13 against Q1 ’12 |
| Digital prints | in m. units | 2.30 | 2.10 – 2.15 | -9% to -6% | +0.2% |
| Prints from films | in m. units | 0.16 | 0.10 – 0.11 | -38% to -32% | -32.0% |
| Total prints | in m. units | 2.46 | 2.20 – 2.26 | -11% to -8% | -2.0% |
| CEWE PHOTO BOOK | in m. units | 5.6 | 5.8 – 6.0 | +4% to +7% | +7.3% |
| Turnover | in EUR m. | 503.3 | 510 – 530 | +1% to +5% | +5.6% |
| EBIT | in EUR m. | 28.9 | 27 – 33 | -7% to +14% | +11.6% |
| EBT | in EUR m. | 26.7 | 25 – 31 | -6% to +16% | +6.8% |
| Earnings after tax | in EUR m. | 18.8 | 16 – 20 | -15% to +6% | +4.2% |
Percentage deviations have all been calculated at the exact values.
Should you have any queries, please contact:
CEWE COLOR Holding AG, Axel Weber (Investor Relations)
Tel.: 0441 / 404 – 2288, Fax: 0441 / 404 – 421, e-mail: [email protected]
Internet: www.cewecolor.de , www.cewe.de , www.cewe-fotobuch.de , www.cewe-print.de
www.viaprinto.de , www.saxoprint.de
Available in the Apple App Store: The CEWE Investor Relations app for your iPad(R), including annual reports and quarterly reports as well as sustainability reports.
Financial schedule:
05.06.2013: 2013 Annual General Meeting, Weser-Ems-Halle, Oldenburg
14.08.2013: Publication of the mid-year financial report for Q2-2013
07.11.2013: Publication of the interim report for Q3-2013
About CEWE COLOR : The photo and online print service company CEWE COLOR, with 13 highly-technical production operations and a staff of around 3,300 employees in 24 European countries. In 2012 CEWE COLOR delivered around 2.5 billion prints, 5.6 million CEWE PHOTO BOOKS and photo gift articles to more than 34,000 retail partners to generate consolidated turnover of 503.3 million euros. CEWE COLOR is a ‘first mover’ in the introduction of new digital technologies and products. In the new online printing service operating area, printed material for advertising is marketed through the sales platforms CEWE-PRINT.de , saxoprint and viaprinto. CEWE COLOR celebrated 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
13.05.2013 Dissemination of a Corporate News, transmitted by DGAP – a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP’s Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
| 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 |
| Indices: | SDAX |
| Listed: | Regulierter Markt in Berlin, Frankfurt (Prime Standard); Freiverkehr in Düsseldorf, Hamburg, Hannover, München, Stuttgart |
| End of News | DGAP News-Service |
| - - - |
| 210653 13.05.2013 |