DGAP-News: CEWE COLOR continues to grow
(firmenpresse) - DGAP-News: CEWE COLOR Holding AG / Key word(s): Quarter Results
CEWE COLOR continues to grow
13.05.2013 / 06:50
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CEWE COLOR continues to grow
- Consolidated turnover rises by 11.6% to EUR 106.6 million
- EBIT increases by EUR 0.4 million
- Sound capital ratio: 44.6%
- Dividend yield at around 4.7%
Oldenburg, 13 May 2013. CEWE COLOR Holding AG (SDAX, ISIN: DE0005403901) is
confirming its forecast for the full year on the basis of the positive
trend in the first quarter of 2013. The Group continues to grow: in the
typically weakest quarter of the year, consolidated turnover rose by 11.6%
to EUR 106.6 million - far more than had been predicted for the full year.
The growth drivers were once again the CEWE PHOTO BOOK (+12.7%) and the new
operating area of online printing (+85.3%). At the same time, EBIT
increased by EUR 0.4 million over the first quarter of 2012 to reach -EUR
6.4 million. In terms of operative business, EBIT even improved in the
amount of EUR 1.8 million, since CEWE COLOR also posted non-recurring costs
for the merger of the two operations in Dresden and the two operations in
Poland. 'In 2013, we are very likely to generate more than 90 percent of
our earnings in the fourth quarter. The positive trend in the first quarter
is special confirmation of our positive assessment for the current business
year,' says Dr. Rolf Hollander, Chairman of the Board of Management of CEWE
COLOR Holding AG. Consolidated turnover is to climb by up to 5% in 2013, to
EUR 510 to 530 million. With turnover at 503.3 million euros, CEWE COLOR
surpassed the half-billion euro mark for the first time in the history of
the company in 2012. Given the investments made in online printing growth,
CEWE COLOR expects EBIT to be in the range of EUR 27 to 33 million (2012:
EUR 29.1 million). Earnings per share are be around EUR 2.44 to 3.06.
Business segments all increase - online printing grows by 85.8 %
More than anything else, the undiminished dynamism of the CEWE PHOTO BOOK
(+12.7%) saw a rise of 5.6%, to EUR 69.2 million, in turnover from
photofinishing - more than had been expected. 'Traditionally,
photofinishing in the first quarter is just as difficult as selling ice
cream in winter,' says Dr. Hollander. In terms of the typical seasonal
profile with the focus of turnover and, more than anything else, earnings
in the fourth quarter, the first quarter has 'fully met' all the
expectations. The new operating area of online printing, reinforced in
February 2012 with the acquisition of Saxoprint, grew by 85.8%, to EUR 12.9
million and is thus right on track: in 2013, turnover generated with online
printing is to increase by 40 percent to EUR 60 million - and online
printing is to generate turnover of more than EUR 100 million by 2016. CEWE
COLOR is exploiting the high level of turnover and earnings in
photofinishing to rapidly increase the operating area of online printing
with a comprehensive marketing campaign, making it the cornerstone of the
Group. Retailing also developed positively in the first quarter, increasing
turnover by 6.5% to EUR 24.6 million.
Rising dividend: sound financing and earning power
enable high dividend payout
Sound financing, with a capital ratio of 44.6% at the end of the quarter of
the report, the considerable earning power of the Group and the strong free
cash flow (Q1 2013: + EUR 7.5 million) make it possible to pay out high
dividends to the shareholders: At the Annual General Meeting to be held in
Oldenburg on 5 June, the Board of Management and the Supervisory Board will
propose an increased dividend by 5 cents to EUR 1.45 for the 2012 business
year. The dividend yield is thus 4.7% (on the basis of the price at the end
of 2012).
Earnings by operating area:
CEWE COLOR Unit Q1-2012 Q1-2013 Diff. % Diff. abs.
(1) Photofinishing (PF)
Digital prints in m. units 461.8 462.9 +0.2% +1.1
Prints from films in m. units 34.4 23.4 -32.0% -11.0
Total prints in m. units 496.2 486.3 -2.0% -9.9
CEWE PHOTO BOOK in m. units 1.03 1.10 +7.3% +0.07
Turnover in EUR m. 65.5 69.2 +5.6% +3.7
EBIT in EUR m. -5.1 -4.5 +11.6% +0.6
EBIT margin % -7.8% -6.5%
(2) Retailing (R)
Turnover in EUR m. 23.1 24.6 +6.5% +1.5
EBIT in EUR m. -0.5 -0.7 -30.9% -0.2
EBIT margin % -2.2% -2.7%
Core business (PF + R)
Turnover in EUR m. 88.6 93.7 +5.8% +5.1
EBIT in EUR m. -5.6 -5.2 +7.8% +0.4
EBIT margin % -6.3% -5.5%
(3) Online printing
Turnover in EUR m. 6.9 12.9 +85.8% +6.0
EBIT in EUR m. -1.2 -1.2 +0.7% +/-0.0
EBIT margin % -17.5% -9.4%
CEWE COLOR Group
Turnover in EUR m. 95.5 106.6 +11.6% +11.1
EBIT in EUR m. -6.8 -6.4 +6.5% +0.4
EBIT margin % -7.1% -6.0%
Notes to the 'Earnings by Operating Area' chart
(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, the 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
2013 targets and a comparison with the previous year
CEWE COLOR Unit 2012 2013 % change % change Q1 '13
Group target Targets '13 against Q1 '12
against actual
'12
Digital in m. 2.30 2.10 - -9% to -6% +0.2%
prints units 2.15
Prints in m. 0.16 0.10 - -38% to -32% -32.0%
from films units 0.11
Total in m. 2.46 2.20 - -11% to -8% -2.0%
prints units 2.26
CEWE PHOTO in m. 5.6 5.8 - 6.0 +4% to +7% +7.3%
BOOK units
Turnover in EUR m. 503.3 510 - 530 +1% to +5% +5.6%
EBIT in EUR m. 28.9 27 - 33 -7% to +14% +11.6%
EBT in EUR m. 26.7 25 - 31 -6% to +16% +6.8%
Earnings in EUR m. 18.8 16 - 20 -15% to +6% +4.2%
after tax
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
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:
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 photo and online print 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 online printing service operating area, printed
material for advertising is marketed through the sales platforms
CEWE-PRINT.de, 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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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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