DGAP-News: CEWE COLOR doubles earnings per share and expects to increase earnings again in 2011
(firmenpresse) - DGAP-News: CeWe Color Holding AG / Key word(s): Preliminary
Results/Results Forecast
CEWE COLOR doubles earnings per share and expects to increase earnings
again in 2011
23.02.2011 / 07:00
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Press Release
CEWE COLOR doubles earnings per share
and expects to increase earnings again in 2011
- Record turnover of EUR 447 million (+9.0 %)
- Fourth quarter with high growth in sales and earnings
- EBIT reaches EUR 28.2 million (+50.9%)
- Earnings per share: EUR 2.02 (+ 103.1 %)
- Dividend to rise (2009 EUR 1.05)
- Earnings per share to rise by up to 39% in 2011
Oldenburg, 23 February 2011. CEWE COLOR Holding AG (SDAX, ISIN:
DE0005403901) achieved or exceeded all its targets in the 2010 business
year according to preliminary unaudited figures. Due to the fact that the
fourth quarter was strong, as expected, turnover rose by 9% to EUR 446.8
million (exchange-rate adjusted EUR 434.4 million). The company has thus
exceeded its target corridor of EUR 420 to 430 million (2009 EUR 409.8
million). The company also improved its EBIT margin from 4.6% to 6.3%,
which means that EBIT, at EUR 28.2 million, is 50.9% higher than that of
last year (2009 EUR 18.7 million). As already announced, the European
market and technological leader in the field of photofinishing has more
than doubled its earnings per share, from EUR 1.00 to EUR 2.02. Against the
background of this positive development, the Board of Management has
announced that it will be proposing a higher dividend (2009 EUR 1.05). In
the 2011 business year turnover is expected to rise to up to EUR 460
million and the annual net profit to increase by up to 39%. 'In addition to
the fast pace of innovation and intensified marketing activities, our
investments in an efficient industrial, scalable system of production are
paying off. Next year we intend to uphold our value-oriented growth with
the CEWE PHOTO BOOK and continue with the development of commercial digital
printing,' emphasised Dr. Rolf Hollander, Chairman of the Board of
Management of CEWE COLOR Holding AG.
Fourth-quarter turnover grew by 17.7% - trend towards a shift in seasons
confirmed
Thanks to strong quarterly sales of EUR 150 million (+17.7%), with turnover
at EUR 446.8 million (2009 EUR 409.8 million), CEWE COLOR achieved the
highest turnover in the history of the company in 2010. In addition to the
outstanding development of retail business (+18.5%), online photofinishing
(+22%) was the biggest sales driver. More than anything else, the growth in
the number of CEWE PHOTO BOOKS sold (+19% to 4.3 million books) and in
sales of other added-value products (photo calendars +45%, photo greeting
cards +57% and wall decorations +90%) contributed considerably to this
development. This saw turnover per photo rising from 12.2 cents to 13.5
cents, confirmation of the trend 'from mass to class'. The volume of photos
was reduced slightly by 3.8% to 2.5 billion, as had been expected given
this background; the target of 2.35 billion photos was nevertheless
exceeded. The number of analogue photos from films dropped by 34% to 368
million photos. The overall proportion of analogue photos in the total
volume of photos was only 15% in 2010. The strong fourth quarter was
impressive confirmation of the trend towards a shift in season in favour of
the Christmas quarterly period: since CEWE COLOR products are increasingly
being used for gifts, turnover generated in the fourth quarter rose to 34%
(2009: 31%). The proportion of EBIT even amounted to more than 77%.
Income benefits from added-value products
EBIT grew far more strongly than turnover, soaring by 50.9%, from EUR 18,7
to EUR 28.2 million (target corridor EUR 24 to 29 million). The EBIT
margin rose from 4.6% to 6.3%. Earnings before tax (EBT) also increased by
57.4% to EUR 26.4 million (target corridor: EUR 22 to 27 million). As
already announced, CEWE COLOR more than doubled its after-tax earnings,
from EUR 6.7 to EUR 13.7 million. Earnings per share rose from EUR 1.00 to
EUR 2.02.
Higher dividend planned
Against the background of this positive development in earnings and the
healthy capital ratio of 42% (2009 capital ratio of 41.6%), Dr. Hollander
announced that a higher dividend than that of 2009 would be proposed for
2010: 'I am quite confident that the Supervisory Board and the Annual
General Meeting will approve of our proposal of an increased dividend.' The
specific dividend proposal will probably be submitted on 23 March.
2011: earnings per share to rise by up to 39%
On the basis of rising turnover per photo, CEWE COLOR expects to see
turnover growing to up to EUR 460 million in 2011 (target corridor EUR 447
to 460 million) and EBIT at EUR 28 to EUR 31 million (an increase of up to
10%). The annual net profit is to climb by up to 39 % in 2011, to EUR 16 to
19 million. This corresponds with earnings per share in the range of EUR
2.36 to EUR 2.80. The success of the CEWE PHOTO BOOK is also to be further
extended. In 2010 the CEWE PHOTO BOOK raised its market share in Europe to
just over 25%. 'In 2011 we intend to intensify the expansion of commercial
digital printing business in order to create a basis for systematically
opening up this attractive market in years to come,' Dr. Rolf Hollander
explained. CEWE COLOR is currently establishing an online digital printing
service for small volumes of high-quality, fast prints with viaprinto.de.
The viaprinto.de webshop is easy to operate, processing PDF as well as Word
and PowerPoint files. Earnings projected for 2011 include start-up
financing for viaprinto, which is to make a relevant contribution to sales
and earnings in future.
CEWE COLOR Group Unit Actual Target Actual Target
2009 2010 2010 2011
Digital photos in billion 2.0 2.0 2.13 2.0-2.1
photos
Photos from films in billion 0.6 0.35 0.37 0.23-0.26
photos
Photos total in billion 2.6 2.35 2.50 2.23-2.36
photos
CEWE PHOTO BOOK in million books 3.6 4.2 4.3 4.6-4.8
Sales in euro millions 409.8 420-430* 446.8 447-460*
EBIT in euro millions 18.7 24-29 28.2 28-31
EBT in euro millions 16.8 22-27 26.4 26-29
Earnings after in euro millions 6.7 12-15 13.7 16-19
tax
Earnings per EUR/share 1.00 1.76-2.20 2.02 2.36-2.80
share
* Exchange-rate adjusted
Should you have any queries, please contact:
CEWE COLOR Holding AG, Axel Weber (Investor Relations), Thomas Grunau
(Press)
Tel.: 0441 / 404 - 2288, Fax: 0441 / 404 - 421,
Email: IR(at)cewecolor.de
Internet: www.cewecolor.de , www.cewe-fotobuch.de , www.viaprinto.de
Financial schedule:
30.03.2011: Annual Report Press&Analyst Conference, Frankfurt/Main
12.05.2011: Q1 interim report
18.05.2011: Annual General Meeting in the Park Hotel, Bremen
11.08.2011: Q2 mid-year report
29.08.2011: SCC Small Cap Conference, Frankfurt/Main
15.11.2011: Q3 interim report
21.11.2011: German Equity Forum, Frankfurt/Main
About CEWE COLOR: Photo service company CEWE COLOR, with 12 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 2.5 billion photos and more than 4.3 million CEWE PHOTO
BOOKS to 45,000 retail partners in 2010. 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. Growth of personalised photo products such as the CEWE PHOTO
BOOK is exceptionally strong. 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
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
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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113101 23.02.2011
Datum: 23.02.2011 - 07:00 Uhr
Sprache: Deutsch
News-ID 33269
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Kategorie:
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