DGAP-News: CEWE COLOR exceeds earnings targets for 2009 and expects to double earnings in 2010
(firmenpresse) - CeWe Color Holding AG / Preliminary Results/Results Forecast
22.02.2010 07:00
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CEWE COLOR exceeds earnings targets for 2009 and expects to double earnings
in 2010
- Fourth quarter sees record earnings
- 2009 operating profit (EBT) rises by 57%
- Earnings targets for 2009 all exceeded
- Earnings per share to double to around two euros per share in 2010
Oldenburg, 22 February 2010. CEWE COLOR Holding AG (SDAX, ISIN:
DE0005403901) doubled its fourth-quarter operating profit from 7.7 million
euros to 15.2 million euros. 'We are delighted with these record earnings.
They demonstrate impressively that our business model is highly stable and
that we are on a path of steady growth,' said Dr. Rolf Hollander, CEWE
COLOR Holding AG CEO. The process of restructuring which became necessary
due to the transformation to digital photography on the market was
completed in 2009. 'In 2010 we intend to switch over completely to
increasing earnings and to double our earnings per share,' Hollander points
out.
Operating profit doubled in Q4 2009
Earnings before tax (EBT) grew by 97% to a record 15.2 million euros in the
fourth quarter of 2009. CEWE COLOR has never registered higher earnings in
a fourth quarter throughout the entire history of the company. Turnover
increased by 6.7 million euros to 127.4 million euros, with CEWE COLOR
having significantly enhanced profitability: the pre-tax income margin was
virtually doubled, rising from 6.4% of turnover to 11.9%. 'Operative
measures to enhance our earning power are paying off,' says Hollander.
Digital printing in general, CEWE PHOTO BOOKS, photo calendars and
Christmas cards as well as the range of additional services and new designs
have developed particularly strongly.
Operating profit rises by 57%
The record earnings generated in the fourth quarter saw EBIT for the full
year increase by 51% to 18.7 million euros and EBT rise by 57% to 16.8
million euros. After-tax earnings remained virtually unchanged at 6.7
million euros against seven million euros in the previous year. This is the
result of a considerable loss in France, caused by restructuring expenses
not being eligible for inclusion in the remaining profits of the Group.
'Without this effect the tax rate would have been 33.2% and not 55.2%,' Dr.
Hollander explains. 'In France, operative improvements and the fact that
restructuring costs will no longer be incurred give us good reason to be
optimistic about the future, and we expect to generate profit margins here
as well in 2010,' the CEO says.
Earnings targets for 2009 exceeded
These earnings enabled targets for 2009 to be exceeded. The EBT target
corridor of 10 to 15 million euros was exceeded with the 16.8 million euros
that were achieved. EBT before restructuring expenses (9.5 million euros),
at 26.3 million euros, is more than the 20 to 25 million euros that had
been targeted.
Sales targets for 2009 fully met
At the beginning of 2009, CEWE COLOR had formulated a goal of 420 to 425
million euros for exchange rate adjusted turnover. This goal was even
surpassed, with the exchange rate adjusted yield amounting to 427.5 million
euros. In November 2009, against the background of the significant
developments in exchange rates in 2009, the company stated a more precise
nominal sales target of 405 to 410 million euros. With generated turnover
at 409.8 million euros, this target was also clearly achieved.
Conversion of the operation in Bratislava to a sales organisation
Within the scope of permanent endeavours to optimise the company, the
operation in Bratislava is currently being converted to a sales
organisation. 'The costs associated with these attempts are primarily
special depreciation items, so this step will pay off as early as in the
first year from a cash point of view. CEWE COLOR not longer separates the
costs incurred here in earnings, as it had done in previous years.
'Transformation-related restructuring measures, which had reduced earnings
by an average 10 million euros a year in costs over the past five years,
have now been concluded,' Hollander confirms.
Earnings per share to be doubled in 2010
CEWE COLOR plans to see turnover as well as revenue growing considerably in
2010: turnover is to be raised from 409.8 million euros to 420 to 430
million euros, EBIT is to be raised from 18.7 million euros to 24 to 29
million euros and EBT from 16.8 million euros to 22 to 27 million euros. In
view of the unexpectedly positive development in France, after-tax earnings
are to be doubled, from 6.7 million euros to 12 to 15 million euros, so
that earnings per share are to be increased from one euro to 1.76 to 2.20
euros per share.
CEWE PHOTO BOOK continues to perform exceptionally well
The Board of Management expects to see a strong increase of 17% in the
number of CEWE PHOTO BOOKS sold, to total 4.2 million books and intends to
maintain its market leader position with this rise. The number of analogue
photos from film rolls is expected to decrease by 41%, to 0.35 million
photos; CEWE COLOR expects digital photos (including CEWE PHOTO BOOK and
photo gift article prints) to achieve a consistent volume of two million
photos. 'The trend 'from mass to class' - that is, from very large numbers
of chemically developed photos to added-value products such as CEWE PHOTO
BOOKS and photo gift articles - continues and is reinforcing sales and
earnings,' the CEO emphasises. For successfully mastering the
transformation to digital business - mainly through added value products -
the German journal WirtschaftsWoche and management consultants A.T. Kearney
awarded CEWE COLOR the '2010 Best Innovator' prize as by far the most
innovative SME.
Basis: Unaudited CEWE COLOR Group income statement
CEWE COLOR Group Unit Actual Target Actual Target
2008 2009 2009 2010
Digital photos in billion 1.8 1.9 2.0 2.0
photos
Photos from films in billion 0.8 0.5 0.6 0.35
photos
Photos total in billion 2.6 2.4 2.6 2.35
photos
CEWE PHOTO BOOK in million 2.6 3.5 3.6 4.2
books
Sales in EUR 420.0 405- 409.8 420-
millions 410 430**
EBIT in EUR 12.4 18.7 24-29
millions
EBT before in EUR 22.1 20-25 26.3 -
restructuring millions
Expenditure for in EUR 11.4 10.0 9.5 -
restructuring* millions
EBT in EUR 10.7 10-15 16.8 22-27
millions
Earnings after tax in EUR 7.0 - 6.7 12-15
millions
Earnings per share EUR/share 1.02 - 1.00 1.76-
2.20
* Restructuring costs as a result of the analogue/digital transformation
** Exchange-rate adjusted
Financial schedule:
13 April 2010 Announcement of the figures for the 2009 business year:
Press Conference and Analyst Meeting, Frankfurt/Main
18 May 2010 Announcement of the figures for the first quarter of 2010
2 June 2010 Annual General Meeting, Park Hotel, Bremen
17 August 2010 Announcement of the figures for the second quarter of 2010
16 November 2010 Announcement of the figures for the third quarter of 2010
About CEWE COLOR: Photo service company CEWE COLOR, with 13 highly
technical production operations and a staff of around 2,700 employees in 24
European countries, is both market and technological leader. The company
supplied around 2.6 billion photos and more than 3.6 million CEWE PHOTO
BOOKS to more than 50,000 retail partners in 2009. CEWE COLOR is a 'first
mover' in the launch of new digital technologies, for example ordering
digital photos in the Internet or with the help of order terminals(DigiFoto
Makers) in retail stores. Sales of personalised CEWE PHOTO BOOKS are
developing extremely well. 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.
Should you have any queries, please contact:
CEWE COLOR Holding AG, Axel Weber (Investor Relations) or Dr. Hella Hahm
(Press)
Tel.: 0441 / 404 - 2288, Fax: 0441 / 404 -421,
Email: IR(at)cewecolor.de, Internet: www.cewecolor.de or www.cewe-fotobuch.de
22.02.2010 07:00 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
Language: English
Company: CeWe Color Holding AG
Meerweg 30-32
26133 Oldenburg
Deutschland
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 München, Hannover, Düsseldorf, Hamburg,
Stuttgart
End of News DGAP News-Service
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Datum: 22.02.2010 - 07:00 Uhr
Sprache: Deutsch
News-ID 17076
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