DGAP-News: CeWe Color Holding AG / Key word(s): Quarter Results
CEWE COLOR raises turnover by 6.7 percent
15.05.2012 / 07:00
---------------------------------------------------------------------
CEWE COLOR raises turnover by 6.7 percent
- Saxoprint GmbH acquisition drives online printing growth
- CEWE PHOTO BOOK sales grow by 12 %
- Non-recurring effects weaken EBIT by 1.6 million euros
- Positive 12-month ROCE at 17.5%
- Dividend to rise from 1.25 to 1.40 euros
- Targets for 2012 business year all confirmed
Oldenburg, 15 May 2012. In a traditionally weak first quarter, CEWE COLOR
Holding AG (SDAX, ISIN: DE0005403901) raised its turnover over that of the
first quarter of 2011 by 6.7 %, to 95.5 million euros. It was the Saxoprint
acquisition - Saxoprint has been consolidated since 1 February - which most
notably boosted turnover in the segment for online printing. The CEWE PHOTO
BOOK contributed to growth again. Non-recurring effects, such as the
insolvency of Schlecker and the acquisition and integration costs incurred
with the Saxoprint acquisition, reduced EBIT by 1.6 million euros to a
negative 6.8 million euros. On a 12-month basis, the return on capital
employed, a benchmark for capital efficiency, was sound at 17.5%. 'We are
thus right on track with our targets for 2012. With Saxoprint we have now
commenced with increasing online printing to make it a business segment of
the future which will promote our future growth,' says Dr. Rolf Hollander,
Chairman of the Board of Management of CEWE COLOR Holding AG. As in the
previous year, the fourth quarter will contribute by far the most to sales
and earnings.
Online printing and photofinishing drive growth
Sales in the largest segment, photofinishing, increased by 2.3% to 65.5
million euros in the first quarter. This was due to the uninterrupted
growth in the sale of CEWE PHOTO BOOKS and other digital added-value
products. The volume of CEWE PHOTO BOOK sales rose by 11.6% to 1.027
million books in the first quarter. Digitisation continues to approach the
100% mark as a result of the success of the CEWE PHOTO BOOK and other
added-value products: after 89% in the first quarter of 2011, as many as
93% of the total number of photos produced in the period under report were
digital.
EBIT contributes to non-recurring effect
Due to the profile of the photofinishing season, which focuses on the third
and fourth quarters, the first quarter of any year has always been
characterised by negative earnings. 'In the first quarterly period,
photofinishing is like selling ice cream in winter' - this is the rule for
the sector. The insolvency of our customer Schlecker and other effects
caused the photofinishing EBIT to decline from a negative 4.1 million euros
in the previous year to a negative 5.1 million euros. Some camera
manufacturers have had problems with delivering since the natural disasters
in Japan in 2011 and these have caused sales in the retail segment to
decline slightly to 23.1 million euros. The segment nevertheless stabilised
its EBIT at a negative 0.5 million euros. Online printing contributed to
Group-wide growth in the amount of 6.9 million euros as early as in the
first quarter. Scheduled initial investments had a short-term negative
effect on EBIT in online printing, which amounted to a negative 1.2 million
euros. CEWE COLOR will also be able to reinforce the weaker quarterly
periods for photofinishing by expanding its online printing operations.
Capital ratio at 39.4 % in spite of acquisition - dividend rises
In an annual comparison, the balance sheet expanded by 52.2 million euros
to 294.8 million euros, mainly due to the Saxoprint acquisition. The
capital ratio was nevertheless extremely sound at 39.4 %. In an annual
comparison, it increased from 114.8 million euros to 116.2 million euros -
despite a payout rate of 63 % and a share repurchase in the amount of 6.7
million euros in 2011. The share repurchase was more than offset by the
increase in revenue reserves and net retained profits in the amount of 8.2
million euros. This figure mainly comprises 17.3 million euros in earnings
after taxes, matching expenses and income with no effect on net income in
the amount of a negative 0.8 million euros, and the dividend payout. At the
Annual General Meeting on 6 June 2012, the Board of Management and the
Supervisory Board will propose a rise in the dividend, from 1.25 euros per
share in the previous year to 1.40 euros per share.
2012 target figures confirmed
Based on the trend in the first quarter of 2012, the Board of Management is
confirming all the annual targets set for the 2012 business year: the new
segment for online printing is to considerably boost growth by around 40
million euros and raise Group turnover by around 7 % to 12 %, from 500
million to 525 million euros. After adjustment by the contribution to sales
of the new online printing business segment, the management predicts a
slight average increase in sales in the range of 460 million to 485 million
euros (-1.9 % to +3.4 %), with the 'from mass to class' trend being the
primary trigger of this increase. While the total number of photos is
slightly declining in the photofinishing sector, probably by around 2.29 to
2.36 billion photos, the management is nevertheless expecting growth in the
sale of CEWE PHOTO BOOKS to continue to rise, by around 11 to 15 %, to
around 5.7 million to 5.9 million photos. Investments in 2012 are expected
to remain in the range of 30 to 33 million euros (-1% to +9%) and EBIT is
expected to amount to around 27 to 33 million euros (-10% bis +10%). The
average of this range is thus the same as in the 2011 business year. Since
the management does not expect online printing, at turnover of around 40
million euros in 2012, to contribute notably to earnings, an EBIT margin of
5.6 % to 7.2 % - an average of 6.4 % - results on the basis of
photofinishing sales (2011: 6.4%). Earnings per share are likely to reach
around 2.44 to 3.06 euros. Dr. Hollander: 'Considerable brand awareness of
the CEWE PHOTO BOOK, in some cases in excess of 40 %, continues to drive
the change in photofinishing. 2012 will be another very successful year for
our CEWE PHOTO BOOK and our other digital added-value products and we will
also be creating the basis for growth in the future with our new online
printing business segment.'
CEWE COLOR Group Unit Q1 Q1 Delta Delta
2011 2012 % Absolute
Digital prints in million units 422.9 461.8 +9.2 +38.9
Prints from films in million units 51.1 34.4 -32.7 -16.7
Total prints in million units 474.0 496.2 +4.7 +22.2
CEWE PHOTO BOOKS in thousand books 919.8 1,026.6 +11.6 +106.8
Turnover in million euros 89.5 95.5 +6.7 +6.0
EBIT in million euros -5.2 -6.8 -29.8 -1.6
EBT in million euros -5.4 -7.3 -34.3 -1.9
Earnings after tax in million euros -5.7 -7.1 -23.4 -1.4
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@cewecolor.de
Internet: www.cewecolor.de , www.cewe.de , www.cewe-fotobuch.de
www.viaprinto.de , www.saxoprint.de
Financial schedule:
6 June 2012: Annual General Meeting, Park Hotel, Bremen
9 August 2012: Publication of the QI-Q2 interim report
8 November 2012: Publication of the QI-Q3 interim report
12 November 2012: German Equity Forum, Frankfurt
CEWE COLOR: Europe's leading online printing and photo service
CEWE COLOR, with 13 highly-technical production operations and a staff of
around 3,100 employees in 24 European countries, is both market and
technological leader. In 2011 CEWE COLOR delivered around 2.5 billion
prints, more than 5.1 million CEWE PHOTO BOOKS and photo gift articles to
more than 40,000 retail partners to generate consolidated turnover of 469
million euros. CEWE COLOR is a 'first mover' in the introduction of new
digital technologies and products. CEWE COLOR is continuing to expand its
online printing service with viaprinto.de and saxoprint.de as an additional
business segment. 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
---------------------------------------------------------------------
15.05.2012 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
---------------------------------------------------------------------
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@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
---------------------------------------------------------------------
169833 15.05.2012
DGAP-News: CEWE COLOR raises turnover by 6.7 percent
| Source: EQS Group AG