DGAP-News: CEWE COLOR with increased sales and enhanced earning power in the first quarter
(firmenpresse) - DGAP-News: CeWe Color Holding AG / Key word(s): Quarter Results
CEWE COLOR with increased sales and enhanced earning power in the
first quarter
12.05.2011 / 07:00
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CEWE COLOR with increased sales and enhanced earning power in the first
quarter
- Sales rise by 6.5 % to EUR 89.5 million
- The 'from mass to class' trend continues: turnover per photo increases
by 13.1 %
- EBIT margin increases by 3.5 percentage points
- Traditional loss-generating quarter: EBIT (- EUR 5.2 million) EUR 2.6
better than in previous years
- 12-month ROCE increases to 19.4 % (31.03.2010: 16.0%).
- On target track: earnings per share to rise by up to 39% in 2011
Oldenburg, 12 May 2011. In a traditionally weak first quarter, CEWE COLOR
Holding AG (SDAX, ISIN: DE0005403901) increased sales over those of the
first quarter in 2010 by 6.5 % to EUR 89.5 million and at the same time
improved EBIT by EUR 2.6 million (+33.1%) to - EUR 5.2 million. EBT rose by
EUR 2.9 million (34.7%) to - EUR 5.4 million and earnings after tax
increased by EUR 2.5 million (30.1%) to - EUR 5.7 million. The
discontinuation of restructuring costs and the realisation of other
operative improvements contributed to these rises in earnings. 'Sales,
turnover and earnings have slightly exceeded our expectations, so that we
are right on track to increase earnings per share for 2011 by 39 per cent,'
says Dr. Rolf Hollander, Chairman of the Board of Management of CEWE COLOR
Holding AG. In 2011 the trend for Christmas business in the fourth quarter
to contribute by far the most to turnover and earnings will continue due to
growth in the proportion of photo gift articles. Dr. Hollander: 'The fourth
quarter is now generating almost the entire profit for the year.' With the
expansion of commercial digital printing business, CEWE COLOR will,
however, be able to offset the seasonal profile, utilise capacities more
continuously and hence reinforce the first three quarters.
12-month EBIT: + EUR 4.9 million to EUR 30.7 million
On the basis of the 12-month EBIT, which does not reflect seasonal
fluctuations, earnings rose by EUR 4.9 million over those of the same
12-month period of the previous year, to EUR 30.7 million. At 19.4% CEWE
COLOR achieved an attractive interest rate for its capital employed: in the
previous year the return on capital employed (ROCE) was still at 16.0 %.
The positive development in key figures was on the one hand due to the fact
that restructuring costs were no longer incurred as in the first quarter of
2010 (EUR 2.3 million), the capital commitment was lower than in the
previous year and there was growth in sales. The increase in turnover per
photo (+13.1%) and retail turnover (+14.3%) contributed to the latter. Yet
CEWE COLOR improved its first-quarter performance even after adjustment by
the extraordinary expenses of the same quarter of the previous year: the
operative EBIT margin climbed by 0.8 percentage points. On the inclusion of
the extraordinary expenses incurred in the same quarter of the previous
year, it even climbed by as much as 3.5 percentage points.
Sales slightly ahead of projections
At 474 million photos, sales in the first quarter slightly exceeded the
target corridor of 450 to 470 million photos. The trend 'from mass to
class' was once again confirmed, which means that the valueper photo is
rising. Ongoing growth in sales of the CEWE PHOTO BOOK is an indication of
this development: At an increase of 11.5% to 920 thousand books, sales are
at the top end of the target corridor of an increase of 7% to 12% for 2011.
Due to the positive development for added-value products, sales per photo
rose by 13.1 % to 13.54 cents. The proportion of digital photos rose over
that of the first quarter of 2010 from 84% to 89%.
Capital ratio grows to 47.3 %
The lower level of capital commitment and the increase in earning power in
a 12-month comparison raised the season-related highest capital ratio of
the company as at 31 March 2011 to 47.3% (31.03.2010: 45.1%). Against the
background of the positive development in earnings, the Board of Management
and the Supervisory Board propose to the Annual General Meeting on 18 May
2011 to increase the dividend of EUR 1.05 per share for the previous year
to EUR 1.25 per share.
2011: growth forecast confirmed
'Against the background of the positive development in the first quarter we
are confirming all our forecasts for the full year of 2011,' Dr. Hollander
declared. On the basis of rising turnover per photo, primarily as a result
of the success of CEWE PHOTO BOOKS, CEWE COLOR expects to see turnover
growing to up to EUR 460 million in 2011 (target corridor EUR 447 to EUR
460 million) and EBIT to be 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. CEWE COLOR is currently establishing an online 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 following the development phase.
CEWE COLOR Group Unit Q1 Q1 Delta Delta
2010 2011 % Absolute
Digital prints in million units 434.9 422.9 -2.8 -12.0
Prints from film in million units 82.0 51.1 -37.7 -30.9
Total prints in million units 516.9 474.0 -8.3 -42.9
CEWE PHOTO BOOKS in thousand books 824.9 919.8 +11.5 +94.9
Turnover in million euros 84.0 89.5 +6.5 +5.5
EBIT in million euros -7.8 -5.2 +33.1 +2.6
EBT in million euros -8.3 -5.4 +34.7 +2.9
Earnings after tax in million euros -8.2 -5.7 +30.1 +2.5
Earnings per share in euros/share -1.20 -0.84 +30.0 +0.36
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), 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:
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
21.11.2011: 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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124044 12.05.2011
Datum: 12.05.2011 - 07:00 Uhr
Sprache: Deutsch
News-ID 34044
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