CEWE Stiftung & Co. KGaA - Earnings Release 2015

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Corporate | 16 March 2016 12:48

CEWE increases dividend for the seventh consecutive year

DGAP-News: CEWE Stiftung & Co. KGaA / Key word(s): Dividend

2016-03-16 / 12:48

The issuer is solely responsible for the content of this announcement.

CEWE increases dividend for the seventh consecutive year

– Board of Management and Supervisory Board propose dividend of 1.60 euros/share

– Dividend yield of 2.9 % on the basis of the 2015 year-end share price

– Corporate targets all reached in 2015

Oldenburg, 16 March 2016. CEWE Stiftung & Co. KGaA (SDAX, ISIN: DE 0005403901) is proposing the seventh consecutive dividend increase to its shareholders. After a successful business year, which saw the Group achieving all its corporate targets, the Board of Management and the Supervisory Board are to propose a dividend of 1.60 euros per share for the business year of 2015 (an increase of five cents over the previous year) at the Annual General Meeting to be held on 1 June 2016. “Our earning power and our sound balance sheet allow us to positively increase our dividend for the seventh consecutive year,” explains Dr. Olaf Holzkämper, CFO of the CEWE-Group.

The three business segments all contribute to the positive development

After a good Christmas quarter, the turnover generated by the group increased by 5.8 % to 554.2 million euros (2014: 523.8 million euros), thus clearly exceeding the target of 515 million to 535 million euros. Operative earning (EBIT) improved over-proportionately by 13.0 % to 36.8 million euros (2014: 32.6 million euros; EBIT target for 2015: 32 million to 38 million euros). The EBIT would even have exceeded the 40-million euro mark after adjustment by non-recurring effects such as restructuring expenses and depreciation on goodwill in the total amount of 3.6 million euros. After-tax earnings increased from 21.4 million euros to 22.7 million euros (target: in the range of 20 million to 24 million euros). Earnings per share, at 3.24 euros, also exceeded the target corridor of 2.87 to 3.45 euros (2014: 3.07 euros). “The three strategic business segments have all contributed to the positive development in profits,” says Dr. Rolf Hollander, Chairman of the Board of Management of CEWE Stiftung & Co. KGaA. Photofinishing confirmed its positive trend of previous years and once again developed even better than expected. The CEO explains: “Our major investments in marketing, our constant product innovations and our increasing share of added value help our retail partners and give us good earnings.” In 2015 as well, the CEWE PHOTO BOOK was once again by far the most important product. And “our expectations have been met thanks to considerable increases in profit” also in commercial online printing and in the retail segment. After re-positioning, it is not only the retail segment that has generated profits again. Dr. Hollander: “With its steady growth, commercial online printing has even achieved an operative break-even a year earlier than planned.”

Shareholders have earned returns of 9.0 % in 2015

On the basis of the share price at the end of 2014 (51.51 euros), the CEWE share price grew from 3.10 euros to 54.61 euros (+ 6.0 %) in the period up to the end of December 2015. On the inclusion of the dividend paid out for the business year of 2014, the yield for CEWE shareholders in 2015 was thus 9.0 % in 2015.

On the basis 2015 year-end share price, shareholders are also getting a dividend yield of 2.9 % with the dividend of 1.60 euros a share now proposed.

CEWE will present full annual financial statements and a forecast for the current business year during an annual report and analysts’ press conference to be held in Frankfurt am Main on 23 March 2016.

Full year of 2015 in comparison to the previous year


CEWE Group	Unit	2014	2015 target	2015 actual
Digital prints	in billion units	2.2	2.10-2.15	2.16
Prints from films	in billion units	0.09	0.065-0.070	0.07
Total prints	in billion units	2.29	2.17-2.22	2.23
CEWE PHOTO BOOK	in m. units	5.9	6.0-6.1	6.0
Turnover	in EUR m.	523.8	515-535	554.2
EBIT before one-time effects *	in EUR m.	32.6	–	40.4
EBIT margin before one-time effects *	%	6.2	–	7.3
EBIT	in EUR m.	32.6	32-38	36.8
EBIT margin	%	6.2	–	6.6
EBT	in EUR m.	31.5	30-36	36.3
Earnings after tax	in EUR m.	21.4	20-24	22.7
Earnings per share	EUR/share	3.07	2.87-3.45	3.24

Fourth quarter of 2015


CEWE Group	Unit	Q4 2014	Q4 2015	Diff. %	Diff. abs.
Digital prints	in m. units	745.6	761.2	2.1	15.6
Prints from films	in m. units	17.8	14.5	-18.5	-3.3
Total prints	in m. units	763.4	775.7	1.6	12.3
CEWE PHOTO BOOK	in m. units	2.3	2.4	5.7	0.1
Turnover	in EUR m.	194.8	215.8	10.8	21.0
EBIT before one-time effects *	in EUR m.	37.3	43.6	16.8	6.3
EBIT margin before one-time effects *	%	19.2	20.2
EBIT	in EUR m.	37.3	41.0	9.9	3.7
EBIT margin	%	19.2	19.0
EBT	in EUR m.	37.2	41.1	10.5	3.9
Earnings after tax	in EUR m.	25.9	26.1	1.0	0.2

* Restructuring costs in the first quarter of 2015 and depreciation on goodwill are reported as one-time effects

Percentage deviations have all been calculated at the exact values.

Should you have any queries, please contact:

CEWE Stiftung & Co. KGaA, Axel Weber (Investor Relations)

Tel.: 0441 / 404 – 2288, Fax: 0441 / 404 – 421, Email: [email protected]

Internet: cewe.de , cewe-fotobuch.de , cewe-photobook.com , cewe-print.de , viaprinto.de , saxoprint.de , deindesign.de

The CEWE apps are all available in the app stores: CEWE PHOTO WORLD, CEWE POSTCARD, CEWE SERVICE and other photo apps, and the CEWE Investor Relations app for iPad(c) or android tablets, with annual reports and quarterly reports, presentations and sustainability reports.

Financial schedule:

23 March 2016 Publication of the 2015 Annual Report

23 March 2016 CEWE Annual Report and analysts’ press conference, Frankfurt

14 April 2016 Bankhaus Lampe Deutschland Conference, Baden-Baden

12 May 2016 Publication of the interim report as at Q1 2016

1 June 2016 2016 Annual General Meeting, Weser-Ems-Halle, Oldenburg

11 August 2016 Publication of the mid-year report interim report as at Q2 2016

19-21 September 2016 Berenberg & Goldman Sachs German Corporate Conference

20-22 September 2016 Baader Investment Conference, Munich

10 November 2016 Publication of the interim report as at Q3 2016

21-22 November 2016 German Equity Forum, Frankfurt

About CEWE : The innovative photo and online print service company CEWE, with twelve highly-technical production operations and a staff of around 3,400 employees in 24 European countries, is both market and technological leader. In 2015 CEWE delivered around 2.2 billion prints, 6.0 million copies of the CEWE PHOTO BOOK and photo gift articles to around 25,000 retail partners to generate consolidated turnover of 554.2 million euros. CEWE is continuously generating new impulses in the photographic industry with innovations for people who enjoy taking photos. In the new business segment of commercial online printing, printed material for businesses is marketed through the sales platforms CEWE-PRINT.de, Saxoprint und Viaprinto. Founded in 1961 by Senator h.c. Heinz Neumüller, CEWE was taken to the stock exchange by Hubert Rothärmel in 1993. CEWE Stiftung & Co. KGaA is listed on the SDAX.

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Language:	English
Company:	CEWE Stiftung & Co. KGaA
	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.cewe.de
ISIN:	DE0005403901
WKN:	540390
Indices:	SDAX
Listed:	Regulated Market in Berlin, Frankfurt (Prime Standard); Regulated Unofficial Market in Dusseldorf, Hamburg, Hanover, Munich, Stuttgart