DGAP-News: CEWE COLOR confirms 2012 sales and earnings forecast
(firmenpresse) - DGAP-News: CeWe Color Holding AG / Key word(s): Half Year Results
CEWE COLOR confirms 2012 sales and earnings forecast
09.08.2012 / 07:00
---------------------------------------------------------------------
CEWE COLOR confirms 2012 sales and earnings forecast
- CEWE within the sales and EBIT target corridor
- Q2 2012: Turnover grows by 10.4% to EUR 106.9 million
- CEWE PHOTO BOOK sales exceed those of the previous year by 12.8%
- Turnover boosted by online printing: EUR 9.7 million increase
- ROCE reaches 15.7% in spite of advance payment in online printing
Oldenburg, 9 August 2012. In the second quarterly period, CEWE COLOR
Holding AG (SDAX, ISIN: DE0005403901) significantly increased its turnover
over that of the second quarter of 2011 by 10.4%, to EUR 106.9 million. The
new online printing segment had a positive effect on the boost in turnover,
with the consolidation of the dynamically growing Saxoprint acquisition.
The segment contributed a total of EUR 10 million to turnover (an increase
of EUR 9.7 million over Q2 2011). Due to the unbroken increase in CEWE
PHOTO BOOK sales (+12.8%) and other digital added value products, the
photofinishing segment reported an increase of EUR 1.1 million, to EUR 71.5
million. These effects have both clearly more than compensated for the
decline in turnover in the retail segment in the amount of EUR 0.6 million,
to EUR 25.4 million. As analysts had expected, the seasonal shift, which
has continued for several years, and a slight drop in retail profits in the
second quarter resulted in a decline of EUR 0.6 million in EBIT (Q2 2011: +
EUR 0.7 million). Due to the slight rise in the fixed cost basis for the
peak in sales in the fourth quarter, the three first quarters - with weaker
sales - will be negatively affected by these advance payments in terms of
profits. Against this background, CEWE COLOR is presuming that the company
will earn around 90% of its annual EBIT target (EUR 27 to 33 million) in
the fourth quarter of 2012. CEO Dr. Rolf Hollander: 'The first six months
see us clearly on track with our targets for 2012, namely to generate
turnover of more than EUR 500 million and to achieve our earnings targets.
The high growth rates for online printing and the CEWE PHOTO BOOK are a
clear confirmation of our strategic direction and will reinforce our growth
in coming years as well.'
Outstanding performance for online printing and CEWE PHOTO BOOK
In the second quarter the overall number of photos increased by 1.2% over
the figure for 2011, to 525.4 million photos. This is mainly due to the
sustained success of the CEWE PHOTO BOOK, with sales increasing by 12.8%,
to 1.095 million books. The trend to digitisation continues unchanged: as
many as 92% of all the photos produced are now digital photos (Q2 2011:
87%), and around 69% of all the photos produced are ordered online (Q2
2011: 63%). In the online printing segment, Saxoprint GmbH, a company
acquired in February 2012, markedly drove up its growth in sales in the
second quarter over sales generated in the same period of the previous
year. 'The outstanding performance of online printing has fully met
expectations and achieved EUR 10 million in sales in the second quarter. We
are thus convinced that in 2012 we will generate at least EUR 40 million in
turnover in our new segment,' Dr. Hollander said.
Period up to mid-year: turnover rises by 8.6%
Consolidated turnoverfor the whole first six-month period increased
strongly, by 8.6% to EUR 202.4 million, due to the positive development in
photofinishing and to online printing. EBIT was reduced by EUR 2.8 million
to a negative EUR 7.4 million - one of the reasons being that the first
quarter of any year has always been negative in the photofinishing segment.
Besides the effect resulting from higher fixed costs for Christmas
business, this is also a result of the extraordinary expenses incurred in
the first quarter due to the Schlecker insolvency in the photofinishing
segment and the acquisition costs for Saxoprint GmbH in the online printing
segment. 'The change in the seasonal effect on business with the focus on
sales and in particular earnings in the fourth quarter becomes apparent
here, as expected. Even given the non-recurring effects of the first
quarter, the mid-year profit is quite within the expected figures and is a
confirmation of our target corridor,' says CFO Dr. Olaf Holzkämper.
Sound return on capital employed in spite of acquisition - capital ratio at
38.6%
Largely as a result of the Saxoprint acquisition, the average amount of
capital employed, based on the previous four quarters, rose by EUR 16.3
million to EUR 173.5 million as at 30 June 2012. The 12-month EBIT from the
third quarter of 2011 to the second quarter of 2012 reached EUR 27.3
million, and is thus only EUR 2.3 million below the comparable figure for
the corresponding quarters in 2010/2011, in spite of acquisition effects
and the extraordinary expenses incurred in the first quarter. This means
that on a 12-month basis, CEWE COLOR has already achieved the EBIT range
forecast for 2012. At 15.7%, CEWE COLOR continued to achieve an attractive
interest rate for its invested capital (previous year 18.8% on 30 June
2011). 'The decline is a reflection of the advance payment effect which has
occurred as a result of the capital tied up in the new segment of online
printing. Capital efficiency will benefit as soon as this segment achieves
growing income,' Hollander explains. CEWE COLOR remains soundly financed:
in a 12-month comparison, the equity capital of the company has shown
practically no change, amounting to EUR 106.7 million (30 June 2011: EUR
106.1 million), with the capital ratio at 38.6%. Net annual income after
taxes in the amount of EUR 16.8 million (from 1 July 2011 to 30 June 2012)
has thus more than offset the 12% dividend increase in 2012 (EUR 9.2
million), the share repurchase in the second half of 2011 (EUR 6.1
million), the expenses and income with no effect on net income accrued in
the 12-month period (EUR 1.2 million), and even a slightly negative equity
effect from the consolidation of Saxoprint.
Board of Management confirms targets for 2012
On the basis of the second quarter, the Board of Management is confirming
all the annual targets for the 2012 business year: the new segment for
online printing is to considerably boost growth by around EUR 40 million
and raise Group turnover in the range of 7% to 12%, from 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 around EUR 460 million to EUR 485 million (-1.9 % to
+3.4 %), While the total number of photos in the photofinishing sector is
declining slightly, probably by around 2.29 to 2.36 billion photos, the
management nevertheless continues to expect growth in the sale of CEWE
PHOTO BOOKS, by around 11 to 15%, to range between 5.7 million and 5.9
million photos. Investments in 2012 are expected to remain in the range of
EUR 30 to 33 million (-1% to +9%) and EBIT is to amount to around EUR 27 to
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 around EUR 2.44 to EUR 3.06.
Second quarter of 2012 in a comparison with the previous year
CEWE COLOR Group Unit Q2 Q2 Delta Delta
2011 2012 % Absolute
Digital prints in m. units 449.7 480.9 +6.9 % +31.2
Prints from films in m. units 69.3 44.5 -35.8 % -24.8
Total prints in m. units 519.0 525.4 +1.2 % +6.4
CEWE PHOTO BOOKS th. books 970.4 1,095.0 +12.8 % +124.6
Turnover in EUR m. 96.8 106.9 +10.4 % +10.1
EBIT in EUR m. 0.7 -0.6 - -1.3
EBT in EUR m. 0.3 -1.1 - -1.4
Earnings after tax in EUR m. -0.3 -0.7 -164 % -0.5
1. Period up to mid-year 2012 in a comparison with the previous year
CEWE COLOR Group Unit HY1 HY1 Delta Delta
2011 2012 % Absolute
Digital prints in m. units 872.6 942.7 +8.0 % +70.1
Prints from films in m. units 120.4 78.9 -34.5 % -41.5
Total prints in m. units 993.0 1,021.6 +2.9 % +28.6
CEWE PHOTO BOOKS th. books 1,890.2 2,121.6 +12.2 % +231.4
Turnover in EUR m. 186.3 202.4 +8.6 % +16.1
EBIT in EUR m. -4.5 -7.4 -62.8 % -2.8
EBT in EUR m. -5.1 -8.4 -64.0 % -3.3
Earnings after tax in EUR m. -6.0 -7.8 -30.0 % -1.8
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: IR(at)cewecolor.de
Internet: www.cewecolor.de , www.cewe.de , www.cewe-fotobuch.de
www.viaprinto.de , www.saxoprint.de
Financial schedule:
8 November 2012: Publication of the QI-Q3 interim report
12 November 2012: German Equity Forum, Frankfurt
About CEWE COLOR: Europe's leading online printing and 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 33,000 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
online printing service as an additional business segment with viaprinto.de
and saxoprint.de. 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
---------------------------------------------------------------------
09.08.2012 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: IR(at)cewecolor.de
Internet: www.cewecolor.deISIN: 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
---------------------------------------------------------------------
181000 09.08.2012
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 09.08.2012 - 07:00 Uhr
Sprache: Deutsch
News-ID 173049
Anzahl Zeichen: 12461
contact information:
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 175 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"DGAP-News: CEWE COLOR confirms 2012 sales and earnings forecast"
steht unter der journalistisch-redaktionellen Verantwortung von
CeWe Color Holding AG (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
