DGAP-News: CEWE COLOR Holding AG: Dividend to rise to 1.45 euros
(firmenpresse) - DGAP-News: CEWE COLOR Holding AG / Key word(s): Final Results/Dividend
CEWE COLOR Holding AG: Dividend to rise to 1.45 euros
27.03.2013 / 07:00
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CEWE COLOR: Dividend to rise to 1.45 euros
- Turnover of more than half a billion euros for the first time ever in
2012
- After-tax earnings rise to 18.8 million euros
- Core business ROCE continues to increase to 23.1%
- CEWE PHOTO BOOK brand awareness rises to 51%
- Sales boosted in new business sector of online printing
Oldenburg, 27 March 2013. CEWE COLOR Holding AG (SDAX, ISIN: DE0005403901)
intends to raise its dividend for the 2012 business year to 1.45 euros. The
company presented its business figures for 2012 at an annual report and
analysts' press conference held in Frankfurt today. With turnover at 503.3
million euros, the half-billion euro mark was exceeded for the first time
in the history of the company (2011: 469.0 million euros). EBIT amounted to
28.9 million euros (target for 2012: 27 to 33 million euros) after 30.1
million euros in the previous year. On the basis of the annual net profit
in the amount of 18.8 million euros (2011: 18.6 million euros), the Board
of Management and the Supervisory Board will propose to the Annual General
Meeting, to be held in Oldenburg on 5 June, that the dividend paid out be
increased again over that of the previous year, to 1.45 euros per share
(previous year 1.40 euros). The return on capital employed in the company's
core business, comprising photofinishing and photo retailing, continued to
rise in 2012: at 23.1%, the ROCE was again increased (2011: 22.3%). 'Our
strong core business makes it possible for us to invest in our new business
segment of online printing, which contributes to the growth in the Group
and is to contribute around 60 million euros to consolidated turnover this
year already. By 2016, online printing is to have reached turnover in the
amount of 100 million euros,' says Dr. Rolf Hollander, Chairman of the
Board of Management of CEWE COLOR Holding AG.
Core business ROCE reaches a new record
The core business of the company (photofinishing and photo retailing
business), delivered EBIT in the amount of 33.7 million euros in 2012,
which exceeded the EBIT target corridor for the Group as a whole in the
amount of 27 to 33 million euros. The trend 'from mass to class' - i.e. the
increasing demand for added value photo products such as the CEWE PHOTO
BOOK, photo calendars, photo greeting cards and wall decorations instead of
individual photo prints in the classical image formats, which has persisted
for many years now - continued through 2012 as well. This change in the
product mix improved the return on capital invested in the core business of
the company to a new record high: while the ROCE was at 22.3% in 2011, it
was increased again in the business years ended, to 23.1%. 'Success in our
core business is the foundation for investing considerably in the growth of
the new business sector of 'online printing' while at the same time
increasing earnings per share,' Dr. Hollander says in explanation of the
Group's corporate strategy in the previous business year. Due to the
acquisition of the Saxoprint Group in the business segment of online
printing, the return on capital employed for the Group as a whole was 15.0%
(2011 ROCE: 19.8%).
90% of photofinishing earnings generated in astrong fourth quarter
The third quarter, with photos from the summer holidays, used to be the
main quarter by far, but for years now the seasonal peak has been shifting
more and more to the fourth quarter, in which demand for the CEWE PHOTO
BOOK and photo calendars, photo greeting cards and wall decorations is
high, particularly for use as Christmas gifts. Income from the main
business segment of photofinishing again increased accordingly in the
fourth quarter. EBIT in the photofinishing segment rose by 16.2% to 28.2
million euros in Q4, which meant that the fourth quarter generated around
90% of photofinishing earnings in 2012. This seasonal shift is expected to
continue in 2013.
CEWE PHOTO BOOK brand awareness rises to 51%
CEWE COLOR sold a total of 5.6 million CEWE PHOTO BOOKS in the previous
business year (an increase of 8.4% over the preceding year), of which 38%
of the books were sold in the fourth quarter (an increase of 10.3% over the
previous year). The CEWE PHOTO BOOK was thus the fast seller in Christmas
business in 2012 as well. Since customers are increasingly choosing
superior products, sales of the books increased by as much as 11% in 2012.
This success is based on the high level of brand awareness of the CEWE
PHOTO BOOK. In Germany, aided awareness of the CEWE PHOTO BOOK brand rose
to 51%, after 44% in the previous year (GfK).
Online printing grows more than anticipated
The company invested in online printing in 2012: due to wide-scale
perimeter advertising at football games and television advertising, as well
as costs incurred for the integration of acquired company Saxoprint in
2012, EBIT for this business segment was -4.8 million euros. This initial
investment saw turnover in this business segment of the future jumping to
43 million euros (2011: 1.4 million euros). The turnover target of EUR 40
million was thus exceeded by 8%. 'Our strategy is bearing fruit - the
Saxoprint acquisition is paying off. In 2012, online printing progressed to
become a veritable new business segment with good prospects for the future
of CEWE COLOR,' says Hollander.
Outlook: More investments in strong-growth online printing
As in 2012, the Board of Management expects CEWE PHOTO BOOKS, photo
calendars, greeting cards and wall decorations to contribute to the same
high level of turnover and income in 2013, while online printing is to
contribute more growth impulses in the short term and also additional
income in the medium term. In 2016 at the latest, online printing is to
generate more than EUR 100 million in turnover. For this reason the Board
of Management intends to invest some of the income generated with
photofinishing into online printing growth. 'With the huge step taken in
online printing, 2012 was an important year for the development of our
company. The high-yield, stable photofinishing segment in particular will
accelerate online printing growth with some of its income in 2013 as well,'
Hollander explains how the business segments correlate. Online printing is
to increase to generate turnover amounting to EUR 60 million (+40%), so
that Group sales will increase by 1 to 5%, to EUR 510 to 530 million. Due
to investments in online printing, EBIT in 2013 is also to be in the range
of EUR 27 to 33 million, and earnings per share are to be in the range of
EUR 2.44 and 3.06 per share.
Business segments
CEWE COLOR Unit Q4-2011 Q4-2012 2011 2012
(1) Photofinishing
(PF)
Turnover in EUR m. 129.6 132.0 355.5 355.4
EBIT in EUR m. 24.8 28.8 30.5 32.0
EBIT margin % 19.1% 21.8% 8.6% 9.0%
(2) Retailing (R)
Turnover in EUR m. 30.9 30.5 112.2 105.0
EBIT in EUR m. 1.6 1.5 2.4 1.7
EBIT margin % 5.2%5.0% 2.2% 1.6%
Core business (PF + R)
Turnover in EUR m. 160.5 162.5 467.6 460.4
EBIT in EUR m. 26.4 30.3 33.0 33.7
EBIT margin % 16.5% 18.7% 7.0% 7.3%
ROCE % 22,3% 23,1%
(3) Online printing
Turnover in EUR m. 0.5 14.4 1.4 43.0
EBIT in EUR m. -0.7 -1.2 -2.8 -4.8
EBIT margin % -141% -8.2% -205% -11.1%
CEWE COLOR Group
Turnover in EUR m. 161.0 176.9 469.0 503.3
EBIT in EUR m. 25.8 29.2 30.1 28.9
EBIT margin % 16.0% 16.5% 6.4% 5.7%
ROCE % 19,8% 15,0%
2012 Turnover 500 - 525
targets
EBIT 27 - 33
EBIT 5.1% -
margin 6.6%
Information
(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, 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
2012 in a comparison with the previous year
CEWE COLOR Group Unit 2011 2012 2012 2013
target actual target
Digital prints in billion 2.25 2.13 - 2.30 2.10 -
units 2.18 2.15
Prints from films in billion 0.25 0.16 - 0.16 0.10 -
units 0.18 0.11
Total prints in billion 2.50 2.29 - 2.46 2.20 -
units 2.36 2.26
CEWE PHOTO BOOKS in m. units 5.1 5.7 - 5.9 5.6 5.8 - 6.0
Turnover in EUR m. 469.0 500 - 525 503.3 510 - 530
EBIT in EUR m. 30.1 27 - 33 28.9 27 - 33
EBIT margin % 6.4% 5.1% - 5.7% 5.1% -
6.6% 6.5%
EBT in EUR m. 29.2 25 - 31 26.7 25 - 31
Earnings after in EUR m. 18.6 16 - 20 18.8 16 - 20
tax
Earnings per in euros/share 2.84 2.44 - 2.87 2.44 -
share 3.06 3.06
Fourth quarter in 2012
CEWE COLOR Group Unit Q4-2011 Q4-2012 Diff. % Diff. abs.
Digital prints in billion units 0.71 0.75 +4.8% +0.04
Prints from films in billion units 0.05 0.03 -36.5% -0.02
Total prints in billion units 0.76 0.78 +2.2% +0.02
CEWE PHOTO BOOKS in m. units 1.9 2.1 +10.3% +0.2
Turnover in EUR m. 161.0 176.9 +9.9% +15.9
EBIT in EUR m. 25.8 29.2 +13.3% +3.4
EBIT margin % 16.0% 16.5% +0.5% ptsEBT in EUR m. 25.6 28.7 +12.4% +3.2
Earnings after tax in EUR m. 18.1 22.0 +21.4% +3.9
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.cewe-print.de
www.viaprinto.de , www.saxoprint.de
Now 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:
13.05.2013: Publication of the interim report for Q1-2013
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 online printing and photo service company CEWE COLOR,
with 13 highly-technical production operations and a staff of around 3,300
employees in 24 European countries, is both market and technological
leader. 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 business segment of online printing, printed
material for advertising is marketed through the sales platforms
CEWE-PRINT, 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
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27.03.2013 Dissemination of a Corporate News, transmitted by DGAP - a
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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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