DGAP-News: CEWE achieves all its 2013 annual targets

| Source: EQS Group AG
DGAP-News: CEWE Stiftung & Co. KGaA / Key word(s): Preliminary Results
CEWE achieves all its 2013 annual targets

26.02.2014 / 07:00


CEWE achieves all its 2013 annual targets

  - Successful Christmas season thanks to growth in CEWE PHOTO BOOK sales

  - Strong fourth quarter: earnings after taxes increase by 27.3%

  - Annual turnover rises by 4.2% to 528.6 million euros

  - Online printing as a growth driver:  +39.2% to 59.8 million euros

  - Change in the legal form contributes 3.3 million euros to after-tax

  - Earnings per share, at 3.29 euros, exceed the target corridor of 2.44
    to 3.06 euros

Oldenburg, 26 February 2014. CEWE Stiftung & Co. KGaA (SDAX, ISIN: DE
0005403901) reached or exceeded all its targets for the business year of
2013. According to preliminary calculations, turnover increased over that
of the previous year by 4.2% to 528.6 million euros, and EBIT rose by 1.0%
to 29.4 million euros. Without the restructuring costs for the operations
in Dresden and Graudenz, EBIT would have improved by as much as 12.3% to
32.7 million euros. Earnings before tax (EBT) increased by 3.5% to EUR 27.8
million in 2013. Earnings after tax , at 21.6 million euros, also clearly
exceeded the target corridor of 16 to 20 million euros, one of the reasons
being the change in the legal form of the company, and earnings per share
(undiluted),at 3.29 euros, were higher than ever before in the history of
the company(target corridor: 2.44 to 3.06 euros). "Our strategy of using
our considerable earning power in photofinishing, which even grew again, to
significantly reinforce our position on the growth market for online
printing is bearing fruit: in 2013 we increased turnover generated with
online printing by almost 40%, to around 60 million euros. We are well on
the way to reaching our target turnover of 100 million euros by 2016. We
also managed to enhance our profitability, in spite of the advance payments
that had to be made, thanks to the strongly growing share of added-value
products such as the CEWE PHOTO BOOK, " said Dr. Rolf Hollander, Chairman
of the Board of Management of CEWE Stiftung & Co. KGaA.

Fourth quarter contributes EBIT in the amount of 33.5 million euros
CEWE again achieved record figures for its turnover and EBIT in the fourth
quarter of 2013: in the first three quarterly periods, operative earnings
(EBIT) were still at a negative 4.1 million euros due to the prolonged
seasonal shift; with a 5.6% increase in turnover, to amount to 188.1
million euros, EBIT contributed for the fourth quarter was almost 15%
higher than in the previous year, at 33.5 million euros. CEWE thus
generated around 35.6 per cent of its total annual turnover and far more
than 100% of its income in the fourth quarter. "We have been handling this
trend towards a seasonal shift for years now, and have made our capacities
much more flexible. Our flexible production is now fully focussed on the
seasonal peak in the fourth quarter. We generated 76.4% more turnover in
the Christmas quarter of 2013 than we did in the first quarter of the year.
An excellent performance by our staff, of whom I am very proud," emphasises
Rolf Hollander. After-tax earnings in the fourth quarter increased by as
much as 27.3%, to 28.1 million euros. As already announced, CEWE benefited
from the tax-related advantages of the change in the legal form to become a
German limited joint-stock partnership (KGaA). The change was entered in
the Commercial Register with effect as of 1 October 2013. This resulted in
a positive tax effect in the amount fo 3.3 million euros.

Sales targets all reached or exceeded - digital accounts for more than 95% 
In 2013, CEWE produced and sold a total of 2.37 billion prints. This growth
in volume thus exceeds the target corridor of 2.20-2.26 billion prints. The
figure for digital prints, 2.25 billion (target: 2.1 to 2.15 billion), is
matched by only 0.11 billion prints from films (target: 0.1-0.11 billion).
The digital share thus exceeded 95%. The high volume of digital prints is
due not least of all to the number of CEWE PHOTO BOOKS sold. This figure
rose again by a good 200,000 books,  to 5.8 million books (target: 5.8-6.0
million books), and the turnover per book also increased again. The larger
share and a growth in demand for high-quality photo products offered as
CEWE brand-name products resulted in a 6.4% increase in turnover per print,
to 15.53 eurocents per print.

Sound capital ratio: 42.4%
The CEWE capital ratio was improved again, by 2.0 percentage points, to
42.4%. Dr. Hollander: "We believe that a sufficient supply of liquidity and
credit facilities on the one hand and an extremely sound stock of available
equity on the other hand will not only enhance our stability, it will also
put CEWE in a position to consistently exploit available strategic options
such as attractive opportunities for acquisitions. With the Saxoprint
acquisition, we have shown that we can enhance the value of the company in
the long term."

The information is all based on preliminary results which have not yet been
audited. CEWE COLOR will present full, audited annual financial statements
and a forecast for the business year of 2014 during an annual report and
analysts' press conference to be held in Frankfurt am Main on 26 March

Full year of 2013 in comparison to the previous year (preliminary figures)

CEWE COLOR Group             Unit            2012      2013       2013
                                                       target     actual
Digital prints               in billion      2.30      2.10 -     2.25
                             units                     2.15
Prints from films            in billion      0.16      0.10 -     0.11
                             units                     0.11
Total prints                 in billion      2.46      2.20 -     2.37
                             units                     2.26
CEWE PHOTO BOOK              in m. units     5.6       5.8 - 6.0  5.8
Turnover                     in EUR m.       507.2     510 - 530  528.6
EBIT                         in EUR m.       29.1      27 - 33    29.4
EBIT margin                  %               5.7%      5.1% -     5.6%
EBIT before restructuring    in EUR m.       29.1                 32.6
EBIT margin before           %               5.7%                 6.2%
EBT                          in EUR m.       26.9      25 - 31    27.8
Earnings after tax           in EUR m.       18.8      16 - 20    21.6
Earnings per share undiluted in euros/share  2.88      2.44 -     3.29

Fourth quarter of 2013 (preliminary figures)

CEWE COLOR Group          Unit       Q4 2012   Q4 2013   Diff. %   Diff.
Digital prints            in m.      747       759       1.5%      +12
Prints from films         in m.      31        22        -27.9%    -9
Total prints              in m.      778       781       0.4%      +3
CEWE PHOTO BOOK           in m.      2.1       2.2       6%        0.1
Turnover                  in EUR m.  178.2     188.1     +5.6%     +9.9
EBIT                      in EUR m.  29.1      33.5      +14.9%    +4.3
EBIT margin               %          16.3%     17.8%     +1.5% pts
EBIT before restructuring in EUR m.  29.1      33.5      +14.9%    +4.3
EBIT margin before        %          16.3%     17.8%     +1.5% pts
EBT                       in EUR m.  28.7      33.0      +15.2%    +4.3
Earnings after tax        in EUR m.  22.1      28.1      +27.3%    +6.0

Percentage deviations have all been calculated at the exact values.


Should you have any queries, please contact:
CEWE Stiftung & Co. KGaA, Axel Weber (Investor Relations)
Tel.: 0441 / 404 - 2288, Fax: 0441 / 404 - 421, e-mail: IR@cewe.de

Internet: www.cewe.de , www.cewe-fotobuch.de , www.cewe-print.de ,
www.viaprinto.de , www.saxoprint.de

Available in app stores: The CEWE Investor Relations app for your iPad(R)
or Android tablet, including annual reports and quarterly reports as well
as sustainability reports.

Financial schedule:
26 March 2014         2013 Annual Report  
26 March 2014         Annual report and analysts' press report,
3 April 2014         Deutschland Conference Bankhaus Lampe, Baden-Baden
13 May 2014         Publication of the Q1 2014 interim report  
13 May 2014             Analysts' telephone conference on Q1  
4 June 2014             Annual General Meeting, Weser-Ems-Halle,
13 August 2014          Publication of the H1 2014 half-year financial
13 August 2014          Analysts' telephone conference on H1  
19 September 2014   Capital Market Day @ photokina, Cologne
12 November 2014    Publication of the Q3 2014 interim report  
12 November 2014    Analysts' telephone conference on Q3
24 November 2014    German Equity Forum, Frankfurt

About CEWE: The photo and online print service company CEWE, with 11
highly-technical production operations and a staff of around 3,200
employees in 24 European countries, is both market and technological
leader. In 2013 CEWE delivered around 2.37 billion prints, 5.8 million CEWE
PHOTO BOOKS and photo gift articles to more than 34,000 retail partners to
generate consolidated turnover of 528.6 million euros. CEWE is a "first
mover" in the introduction of new digital technologies and products. In the
new business segment of online printing, printed material for advertising
is marketed through the sales platforms CEWE-PRINT.de , saxoprint and
viaprinto. In 1961 CEWE was founded by Senator h. c. Heinz Neumüller. The
company went public under the leadership of Hubert Rothärmel in 1993. CEWE
Stiftung & Co. KGaA is listed on the SDAX.

End of Corporate News


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Language:    English                                                   
Company:     CEWE Stiftung & Co. KGaA                                  
             Meerweg 30-32                                             
             26133 Oldenburg                                           
Phone:       +49 (0)441 40 4-1                                         
Fax:         +49 (0)441 40 4-42 1                                      
E-mail:      IR@cewe.de                                                
Internet:    www.cewe.de                                               
ISIN:        DE0005403901                                              
WKN:         540390                                                    
Indices:     SDAX                                                      
Listed:      Regulierter Markt in Berlin, Frankfurt (Prime Standard);  
             Freiverkehr in Düsseldorf, Hamburg, Hannover, München,    
End of News    DGAP News-Service  
254309 26.02.2014