DGAP-News: CEWE COLOR improves turnover and earnings
(firmenpresse) - DGAP-News: CeWe Color Holding AG / Key word(s): Half Year Results
CEWE COLOR improves turnover and earnings
11.08.2011 / 07:00
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CEWE COLOR improves turnover and earnings
- Annual targets confirmed after just over six months
- CEWE unaffected by a weaker general economy
- CEWE PHOTO BOOK: sales grow by 17.5%
- EBIT rises by EUR 1.4 million
- After-tax earnings improved by EUR 4.6 million
Oldenburg, 11 August 2011. In the first six months of the year, which is
always weak for seasonal reasons, CEWE COLOR Holding AG (SDAX, ISIN:
DE0005403901) improved its turnover and income, thus creating the basis to
achieve its targets for the business year of 2011. Turnover increased by
3.3% to EUR 186.3 million, EBIT improved by EUR 1.4 million to EUR -4,5
million and after-tax earnings increased by as much as EUR 4.6 million to
EUR -6.0 million. The cash flow from operative business was raised by EUR
1.6 million to EUR 12.6 million. Despite a record dividend of EUR 1.25 per
share (2010 EUR 1.05 per share) and a payout of EUR 8.5 million, the
company reported a sound capital ratio of 44.5 % (30 June 2010: 40.3%).
'The positive first six months of the year, with increases in earnings, is
full confirmation of our annual target. Due to an increasing seasonal
effect on our business, we break even in the third quarter and will be
generating up to 90 % of our annual profit in the fourth quarter,' says Dr.
Rolf Hollander, Chairman of the Board of Management of CEWE COLOR Holding
AG.
Trend towards added-value products continues
The trend towards added-value products bearing higher margins also
continued in the period up to mid-year in 2011, with sales of the CEWE
PHOTO BOOK rising by 17.5% to 1.89 million books and sales of photo
greeting cards and wall decoration products showing dynamic development.
The currency-adjusted turnover per photo rose by a total of 4.8% to 13.63
cents in the period up to mid-year.
12-month outlook confirms target
The positive development of the first two quarters becomes clear in a
12-month outlook: since 1 July 2010 CEWE COLOR has achieved an EBIT of EUR
29.5 million, which is EUR 3.9 million more than in the previous 12-month
period. The return on capital employed also rose clearly in the 12-month
period from 16.1% to 18.8%. 'We are confirming our targets for the full
year on the basis of the first six-month period,' Dr. Hollander says. The
shift in sales, turnover and earnings to the four quarter was, however,
also continuing in 2011. Growth in the fourth quarter was achieved
predominantly at the expense of the second and third quarters, in which
CEWE COLOR had to bear the costs for preliminary work relating to the
extremely high capacity utilisation in the fourth quarter.
CEWE COLOR unaffected by a weaker general economy
Despite current general economic uncertainty, the company was abiding by
its annual targets. In the economic and financial crisis of 2008/2009, the
CEWE COLOR business model had proved to be exceedingly robust, so that the
negative economic development and consumer reluctance had little effect on
CEWE COLOR. CEWE COLOR photo products had a high emotional value for
consumers and the financial outlay was comparatively low. 'Cocooning, the
typical withdrawal into one's private life at home in economically
difficult times, even has a considerable supporting effect on sales ofour
products,' Dr. Hollander explains.
Annual net profit to rise by up to 39%
The Board of Management expects turnover to grow by up to 3% to EUR 460
million in 2011 (target corridor: EUR 447 to 460 million) and EBIT to be at
EUR 28 to 31 million (an increase of up to 10% over the previous year).
Despite initial funding for commercial digital printing, the annual net
profit is to increase by up to 39%, to EUR 16 to 19 million, and earnings
per share are to increase to EUR 2.36 to 2.80 in 2011. It is primarily the
CEWE PHOTO BOOK and digital added-value products that are to contribute to
the increase in sales and earnings.
viaprinto.de - new business segment of an online printing service
CEWE COLOR has launched a new business segment with its online printing
service viaprinto.de. The comprehensive digital printing know-how of the
European photo book market leader is also used for commercial printing
needs in small volumes.
CEWE COLOR mid-year figures: HY1 2011 against HY1 2010
CEWE COLOR Unit HY1 HY1 Delta% Delta
Group 2010 2011 absolute
Digital prints in million 853.1 872.6 +2.3% +19.5
units
Prints from in million 181.0 120.4 -33.5% -60.6
film units
Total prints in million 1034 993 -4.0% -41
units
CEWE PHOTO in thousand 1608.9 1890.2 +17.5% +281.3
BOOKS books
Turnover in million 180.4 186.3 +3.3% +5.9
euros
EBIT in million -5.9 -4.5 +23.5% +1.4
euros
Earnings after in million -10.6 -6.0 +43.3% +4.6
tax euros
12-month outlook (1.7.2010 - 30.6.2011) confirms target
CEWE COLOR Unit HY1 HY2 Total Target Target
Group 2011 2010 2011 performance
Sales in billion 0.99 1.46 2.46 2.23- OK
units 2.36
Turnover in million 186.3 266.4 452.7 447-460 OK
euros
EBIT in million -4.5 34.1 29.5 28-31 OK
euros
EBT in million -5.1 33.2 28.1 26-29 OK
euros
Earnings in million -6.0 24.3 18.3 16-19 OK
after tax euros
Totals and changes (percentages and absolute) are all calculated at their
exact value
Should you have any queries, please contact:
CEWE COLOR Holding AG, Axel Weber (Investor Relations)
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:
29.08.2011: SCC Small Cap Conference, Frankfurt/Main
29.09.2011: CEWE COLOR Capital Markets Day, Oldenburg
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. In 2010 CEWE
COLOR delivered around 2.5 billion prints, more than 4.3 million CEWE PHOTO
BOOKS and photo gift articles to more than 45,000 retail partners to
generate consolidated turnover of EUR 446.8 million. CEWE COLOR is a 'first
mover' in the introduction of new digital technologies and products. CEWE
COLOR is continuing to expand its commercial online printing service
viaprinto.de as an additional business segment. CEWE COLOR is celebrating
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
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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135158 11.08.2011
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