DGAP-News: CEWE COLOR Holding AG / Key word(s): Half Year Results
CEWE: Sales, turnover and profit on target at mid-year
14.08.2013 / 07:00
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CEWE: Sales, turnover and profit on target at mid-year
- Turnover grows by 7.8% to EUR 218.2 million
- Online printing rises by 60.4% to EUR 27.2 million
- Capital ratio continues to rise, to 38.1%
- Christmas season decisive for annual net income
- Annual forecast confirmed
Oldenburg, 14 August 2013. CEWE COLOR Holding AG (SDAX, ISIN: DE
0005403901) continued to grow in the first six months of 2013, increasing
turnover by 7.8% to EUR 218.2 million. Besides strong growth in the future
business of online printing (+60.4%, to EUR 27.2 million), retail business
(+7.6% to EUR 52.2 million) and photofinishing (+1.4% to EUR 138.8 million)
also contributed to this increase. In the first half-year period, which is
typically negative for seasonal reasons, the operative Group EBIT (adjusted
by EUR 3.3 million in extra expenses for location mergers) was - EUR 7
million (previous year adjusted by extra expenses: - EUR 6.1 million). The
proportion of earnings in the annual net income generated in the first six
months of the year is reduced due to the continuing seasonal shift into the
fourth quarter. The 12-month return on capital employed (ROCE) reached
13.8%. 'We are thus fully in line with our target for 2013 in all our
categories, and we are confirming our forecast. We made intensive use of
the first six months to prepare ourselves for the fourth quarter, the
period which is the focus of our turnover and earnings, with product
innovations and with reinforcing the brand,' says Dr. Rolf Hollander,
Chairman of the Board of Management of CEWE COLOR Holding AG. In spite of
the positive development in the first six months, the seasonal shift to the
fourth quarter resulting from digitisation will continue with a negative
impact on the third quarter.
Turnover per photo grows with the trend to added value products
The positive development in the business segment of photofinishing, with
turnover growing by 1.4% to EUR 138.8 million, is the result of a trend
towards added value products. In the first six months of 2013, sales of the
CEWE PHOTO BOOK rose by 3.5% to 2.195 million books. At 967.8 million
photos sold, turnover per photo increased by 7.0% over that of the same
period of the previous year in the first six months of 2013.
Profitability in core business guarantees growth
Photofinishing at the beginning of the year has always been referred to as
'selling ice cream in winter'. The resulting permanently negative earnings
in the first six months has for years now been additionally weakened by the
seasonal shift in business to the fourth quarterly period. Against this
background, CEWE views the improvement in operative photofinishing EBIT
from - EUR 4.4 million in the period of the previous year to - EUR 4.1
million in the first six months of 2013 as an important achievement. 'The
distribution of roles in the business segments can already be recognised in
the first six months: Progress in photofinishing enables us to invest in
our growth sector of online printing,' says Dr. Hollander.
Capital ratio increases - total return of 14.6% for shareholders in the
first six-month period
In spite of the dividend of EUR 1.45 per share paid out on 6 June, the CEWE
capital ratio grew from 37.2% on 30 June 2012 to a sound 37.2%. Based on a
positive share-price development (+EUR 3.07 to EUR 34.11) and on the
dividend, the total return for shareholders was EUR 4.52 in the first six
months of 2013. This is equivalent to a return of 14.6% in relation to the
2012 closing share price (EUR 31.04).
EBIT in the range of EUR 27 to 33 million expected, despite growth
investments in online printing
On the basis of the first six months, the Board of Management sees its
annual target confirmed, and expects to see more growth in 2013. Full-year
turnover in the growth sector of online printing is to increase by around
40%, to EUR 60 million, with Group turnover rising in the range of 1% to
5%, to EUR 510 to 530 million. The EBIT should be in the range of EUR 27 to
33 million in 2013, and earnings per share should amount to EUR 2.44 to EUR
3.06.
Earnings by operating area:
CEWE COLOR Unit H1-2012 H1-2013 Q2-2012 Q2-2013
(1) Photofinishing (PF)
Digital prints in m. units 942.7 914.4 480.9 451.6
Prints from films in m. units 78.9 53.4 44.5 30.0
Total prints in m. units 1,021.6 967.8 525.4 481.6
CEWE PHOTO BOOK in m. units 2.12 2.19 1.09 1.09
Turnover in EUR m. 137.0 138.8 71.5 69.7
EBIT in EUR m. -5.3 -7.4 -0.3 -2.9
EBIT margin % -3.9 -5.3 -0.4 -4.2
(2) Retailing (R)
Turnover in EUR m. 48.5 52.2 25.4 27.6
EBIT in EUR m. -0.2 -0.9 0.3 -0.3
EBIT margin % -0.4 -1.8 1.2 -1.0
Core business (PF + R)
Turnover in EUR m. 185.5 191.0 96.9 97.3
EBIT in EUR m. -5.5 -8.3 0.0 -3.2
EBIT margin % -3.0 -4.3 0.0 -3.3
(3) Online printing
Turnover in EUR m. 16.9 27.2 10.0 14.3
EBIT in EUR m. -1.8 -2.0 -0.6 -0.7
EBIT margin % -10.8 -7.2 -6.1 -5.2
CEWE COLOR Group
Turnover in EUR m. 202.4 218.2 106.9 111.6
EBIT in EUR m. -7.4 -10.3 -0.6 -3.9
EBIT margin % -3.7 -4.7 -0.6 -3.5
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 Group Unit 2012 2013 % change
target Targets '13 against
actual '12
Digital prints in billion 2.30 2.10 - -9% to -6%
units 2.15
Prints from in billion 0.16 0.10 - -38% to -32%
films units 0.11
Total prints in billion 2.46 2.20 - -11% to -8%
units 2.26
CEWE PHOTO BOOK in m. units 5.6 5.8 - 6.0 +4% to +7%
Turnover in EUR m. 503.3 510 - 530 +1% to +5%
EBIT in EUR m. 28.9 27 - 33 -7% to +14%
EBT in EUR m. 26.7 25 - 31 -6% to +16%
Earnings after in EUR m. 18.8 16 - 20 -15% to +6%
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@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:
3 September 2013 Capital Market Conference, Frankfurt
18 September 2013 Road show in Benelux
19 September 2013 Capital Market Conference, Düsseldorf
24-26 September 2013 Capital Market Conferences in Munich
16 Oktober 2013 CEWE Capital Market Day, Dresden
7 November 2013 Announcement of the Q3 2013 figures
12 November 2013 German Equity Forum, Frankfurt
About CEWE: The photo and online print service company CEWE, with 12
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 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 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 (in future: CEWE Stiftung & Co. KGaA) 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@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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225671 14.08.2013
DGAP-News: CEWE: Sales, turnover and profit on target at mid-year
| Source: EQS Group AG