DGAP-News: CEWE COLOR increases earnings per share by 41%
(firmenpresse) - DGAP-News: CeWe Color Holding AG / Key word(s): Final Results/Forecast
CEWE COLOR increases earnings per share by 41%
22.03.2012 / 06:55
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CEWE COLOR increases earnings per share by 41%
- EBIT grows by 7.0 % to EUR 30.1 million
- Earnings per share tax rise by 41 % to EUR 2.84
- 12-month ROCE increases to 19.8 %
- Dividend for 2011 to rise: EUR 1.40 per share proposed
- Online printing to boost growth
Oldenburg, 22 March 2012. CEWE COLOR Holding AG (SDAX, ISIN: DE0005403901)
has increased its earning power exceptionally strongly, with annual
turnover, at EUR 469 million, 5 % higher than that of the previous year.
EBIT grew by 7.0 % to a sound EUR 30.1 million. Earnings per share were
improved by 41 % to EUR 2.84, also as a result of a non-recurring tax
effect and the repurchase of shares in 2011. Income from the average amount
of fixed capital (ROCE) rose by 19.8 % (2010: 17.8%). On the basis of the
annual net profit in the amount of EUR 18.6 million (2010: EUR 13.7
million), the Board of Management and the Supervisory Board will propose to
the Annual General Meeting, to be held in Bremen on 6 June, that the
dividend paid out be increased again over that of the previous year to EUR
1.40 per share. 'We have completed our transformation from analogue to
digital photography with a strong earning power. At the end of the business
year we were practically debt-free. We used this position to invest in the
growing future market of online printing with the acquisition of
Saxoprint,' says Dr. Rolf Holllander, Chairman of the Board of Management
of CEWE COLOR Holding AG. Despite the intensive development of the new
business segment of online printing, the management plans to achieve the
income level of 2011 in 2012 as well.
CEWE PHOTO BOOK grows even more than in the previous year
With the overall number of photos stable at 2.5 billion, the success of the
CEWE PHOTO BOOK contributed significantly to the increase in sales. CEWE
COLOR achieved new record sales with 5.146 million books sold (2010: 4.337
million books). The increase of 809,000 CEWE PHOTO BOOKS was thus far
higher than the rise of 693,000 books in the previous year. The CEWE PHOTO
BOOK and the extended product portfolio also increased the proportion of
digital photos to 90 % (2010: 85.3 %). 'The CEWE PHOTO BOOK was even more
successful in 2011 than we had hoped at the beginning of the year,' says
Dr. Hollander. The growing success of high-quality wall decorations and
personalised added-value products such as calendars, greeting cards and
photo gift articles also contributed considerably to the high sales volume
and the 6.2 % increase in turnover per photo. Customers ordered 67.4 % of
their digital photos online, more than two-thirds of all the digital photos
ordered (2010: 60.7%).
CEWE COLOR intends to increase online printing to EUR 40 million as early
as in 2012
CEWE COLOR closed the 2011 business year with a capital ratio of 41.9 %.
The company was virtually debt-free on 31 December 2011. This extremely
sound cash position enabled CEWE COLOR to acquire Saxoprint GmbH, Dresden,
a specialist for online-connected offset printing, in February 2012. With
Saxoprint, CEWE COLOR has already achieved a leading market position in the
growing market for online prints in 2012 and has supplemented its offer for
business customers, a sector in whichCEWE COLOR is already actively
operating digital printing services with viaprinto.de. 'The markets for
commercial online printed products and photofinishing are converging, and
we are actively involved in shaping this change. The acquisition is a
logical development of our business model, which aims to achieve economies
of scale with industrially efficient production,' Dr. Hollander explains.
The acquisition supplements the digital print capacities installed by CEWE
COLOR for photo products by offset print capacities for online printing.
While digital printing is able to produce orders for prints of around 500
copies at a reasonable price, offset printing is more efficient for orders
for more copies. Turnover in the online printing segment is to increase to
around 40 million euros in 2012 thanks to the Saxoprint acquisition. In the
coming five to ten years the online printing segment is to generate
turnover of more than 100 million euros and positively influence the
earning power of the CEWE COLOR Group as a whole.
2012 turnover to grow to more than EUR 500 million
While the new business segment of online printing will generate a major
surge in growth, the management expects the number of photos to decline
slightly by 5 % to 8 %, to amount to 2.29 to 2.36 billion prints. In
contrast, the Board of Management predicts that growth of the CEWE PHOTO
BOOK will be sustained and will amount to 11 % to 15 %, or 5.7 to 5.8
million books. On the basis of the contribution to sales of online printing
in the amount of around EUR 40 million, turnover is to rise by 7 % to 12 %,
in the range of EUR 500 million to EUR 525 million. After adjustment by the
contribution to sales of the new online printing business segment, the
management predicts a slight average increase in sales to EUR 460 million
to EUR 485 million (-9 % to +3.4 %). The company plans to invest a volume
in the range of EUR 30 million to EUR 33 million (-1 % to +9 %) in 2012.
EBIT is expected to be in the range of EUR 27 million to EUR 33 million
(-10% to +10%). The average of this range is thus the same as in the 2011
business year. Since the management does not expect online printing, at
turnover of around EUR 40 million, to contribute notably to earnings, an
EBIT margin of 5.6 % to 7.2 % - an average of 6.4 % - results on the basis
of photofinishing sales (2011: 6.4%). Earnings per share are likely to
reach EUR 2.44 to EUR 3.06. Dr. Hollander: 'We will be using 2012 to
develop our basic photofinishing line of business, in particular with the
CEWE PHOTO BOOK and digital added-value products, and to turn online
printing into a sustainable growth generator for sales and income.'
CEWE COLOR Group Unit Actual Target Actual Target
2010 2011 2011 2012
Digital prints in billion 2.1 2.0-2.1 2.25 2.13-2.18
units
Prints from films in billion 0.37 0.23-0.26 0.25 0.16-0.18
units
Total prints in billion 2.5 2.23-2.36 2.5 2.29-2.36
units
CEWE PHOTO BOOKS in million 4.3 4.6-4.8 5.1 5.7-5.9
units
Investments in million 26.4 30-32 30.3 30-33
euros
Turnover in million 446.8 447-460 469.0 500-525
euros
EBIT in million 28.2 28-31 30.1 27-33
euros
EBT in million 26.4 26-29 29.2 25-31
euros
Earnings after in million 13.7 16-19 18.6 16-20
tax euros
Earnings per in euros/share 2.02 2.36-2.80 2.84 2.44-3.06
share
Should you have any queries, please contact:
CEWE COLOR Holding AG, Axel Weber (Investor Relations)
Tel.: 0441 / 404 - 2288, Fax: 0441 / 404 - 421,
Email: IR(at)cewecolor.de
Internet: www.cewecolor.de , www.cewe.de , www.cewe-fotobuch.de
www.viaprinto.de , www.saxoprint.de
Financial schedule:
15 May 2012:Publication of the QI interim report
6 June 2012: Annual General Meeting, Park Hotel, Bremen
9 August 2012: Publication of the QI-Q2 interim report
8 November 2012: Publication of the QI-Q3 interim report
12 November 2012: German Equity Forum, Frankfurt
About CEWE COLOR: Photo service company CEWE COLOR, with 13
highly-technical production operations and a staff of around 3,100
employees in 24 European countries, is both market and technological
leader. In 2011 CEWE COLOR delivered around 2.5 billion prints, more than
5.1 million CEWE PHOTO BOOKS and photo gift articles to more than 40,000
retail partners to generate consolidated turnover of 469 million euros.
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 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
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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: IR(at)cewecolor.de
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
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161553 22.03.2012
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