19.03.2015 CEWE Stiftung & Co. KGaA  DE0005403901

DGAP-News: CEWE increases dividend again after a successful business year


 
DGAP-News: CEWE Stiftung & Co. KGaA / Key word(s): Dividend CEWE increases dividend again after a successful business year 19.03.2015 / 13:32 --------------------------------------------------------------------- CEWE increases dividend again after a successful business year - Sixth consecutive dividend increase - Board of Management and Supervisory Board propose dividend of 1.55 euros /share - Dividend yield of 3.0% on the basis of the share price at the end of 2014 Oldenburg, 19 March 2015. After a successful business year in which CEWE Stiftung & Co. KGaA (SDAX, ISIN: DE 0005403901) reached all its earnings targets, the Board of Management and the Supervisory Board will be proposing a dividend increase for the 2014 business year to the shareholders at the Annual General Meeting on 3 June. The dividend is to be increased by 5 cents a share, to 1.55 euros a share. This is thus the sixth consecutive dividend increase by CEWE. "We are having our shareholders participate in the rising earning power of the company. For us, dividend continuity also means increasing the dividend absolutely year by year, provided that our balance sheet is sound enough to continue to allow for this," explains Dr. Olaf Holzkämper, Financial Director of the CEWE Group. Excellent Christmas business increases annual net incomes in 2014 Constant innovation was also the basis for sustained business success in 2014: the Christmas season was successful thanks to the wide range of high-quality products and the excellent delivery service provided by all the CEWE operations. The high level of brand awareness and the first-class image of the CEWE PHOTO BOOK and the other CEWE brand products - also advertised on TV - meant that they were once again greatly in demand as Christmas gifts, with a rising proportion of orders being placed through one of the many CEWE apps for mobile devices such as smartphones and tablets. The CEWE approach, delivering finished photo products from the stores operated by CEWE retail partners in addition to mail deliveries once again proved to be extremely successful during the Christmas season. 2014 earnings targets all reached CEWE significantly improved its operative earnings (EBIT) from 28.9 m. euros in 2013 to 32.6 million, with turnover at 523.8 m. euros in the business year of 2014. Earnings before tax (EBT) increased from 27.1 million euros in 2013 to 31.5 million in 2014. Commercial Online-Print and photofinishing increase strongly The biggest CEWE business division grew even more than expected in the 2014 business year: with turnover at 386.0 million euros (+2.8 %) and EBIT at 38.4 million euros (+7.2 %), photofinishing accounts for 73.7 % of the Group turnover and for 117.8 % of the Group EBIT. The photofinishing margin for the full year reached 10.0 % (2013: 9.5 %). The Group EBIT margin was raised from 5.4 % to 6.2 %, in particular on the basis of the positive development in photofinishing and commercial online-print, while CEWE downsized its low-margin wholesale business in retailing, decreasing turnover by 33.4 % to 67.3 million euros. CEWE reported a negative EBIT of - 2.9 million euros due to retailing problems and essential adjustment measures, particularly in Poland. Online printing met the high expectations for growth, increasing turnover by 17.8 %, to 70.5 million euros. EBIT generated with online printing improved by 4.1 million euros, to - 2.9 million euros, in spite of considerable initial funding for marketing measures. "As previously announced, we used the photofinishing earning power to further expand our new business segment of online printing," says Dr. Rolf Hollander, CEO of CEWE Stiftung & Co. KGaA. Since 1 January 2014 shareholders have earned returns of 29.0 % On the basis of the share price at the end of 2013 (42.75 euros) the CEWE share price grew from 8.76 euros to 51.51 euros (+ 20.5 %) in the period up to the end of December 2014. The CEWE share has thus developed far better than the DAX, which only increased by 2.7 % in the same period. On the inclusion of the dividend paid out for the business year of 2013, the yield for CEWE shareholders in 2014 was 24.0 %. In terms of the current share price of 58.12 euros (XETRA share price at 12:29 pm on 19 March 2015), the total return for shareholders amounted to as much as 29.0 %. On the basis of the price at the end of 2014, shareholders are furthermore getting a dividend yield of 3.0 % with the dividend now proposed. Capital ratio: 51.1 % - debt-free company and a high dividend The CEWE capital ratio continued to improve significantly, by 8.4 percentage points to 51.1 %. Equity increased from 142.8 million euros to 173.7 million euros. Thanks to the positive trend in the previous business year, CEWE is now a debt-free company paying out high dividends every year. After reporting a net financial debt of 16.3 million euros at the end of 2013, CEWE had net assets of 23.5 million euros at the end of 2014. Dr. Hollander: "Our strong business model in terms of earnings and cash flows and our capital ratio put us in a position to rapidly expand new growth sectors such as online printing, and to be well positioned for more growth irrespective of the financing environment - and at the same time offer a high dividend which has increased steadily in the past six years. CEWE will be presenting its forecast for the 2014 business year and the full set of annual financial statements at the balance sheet and analysts' conference in Frankfurt am Main on 25 March 2015. Full year of 2014 in comparison to the previous year

CEWE Group                Unit            2013      2014 target  2014
actual
Digital prints            in billion      2.25      2.15 - 2.20  2.20
                          units
Prints from films         in billion      0.11      0.075 -      0.09
                          units                     0.085
Total prints              in billion      2.37      2.23 - 2.29  2.29
                          units
CEWE PHOTO BOOK           in m. units     5.8       5.8 - 5.9    5.9
Turnover                  in EUR m.       536.2     525 - 540    523.81
EBIT before other taxes   in EUR m.       29.7      30 - 36      33.5
EBIT                      in EUR m.       28.9                   32.6
EBIT margin               %               5.4                    6.2
EBT before other taxes    in EUR m.       27.8      28 - 34      32.3
EBT                       in EUR m.       27.1                   31.5
Earnings after tax        in EUR m.       22.3      19 - 23      21.4
Earnings per share        in euros/share  3.39      2.84 - 3.45  3.07
undiluted

1 adjusted by currency effects 527.5 million euros 


Fourth quarter of 2014


CEWE Group           Unit          Q4 2013   Q4 2014   Diff. %   Diff. abs.
Digital prints       in m. units   759       746       -1.7      -13
Prints from films    in m. units   22        18        -19.1     -4
Total prints         in m. units   781       763       -2.2      -18
CEWE PHOTO BOOK      in m. units   2.2       2.3       +1.4      +0.1
Turnover             in EUR m.     191.2     194.8     +1.9      +3.6
EBIT                 in EUR m.     33.6      37.3      +11.0     +3.7
EBIT margin          %             17.6      19.1
EBT                  in EUR m.     32.9      37.1      +13.0     +4.3
Earnings after tax   in EUR m.     27.7      25.8      -6.9      -1.9


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, Email: [email protected]

Internet: cewe-photobook.com , cewe.de , cewe-fotobuch.de , cewe-print.de ,
viaprinto.de , saxoprint.de

The CEWE apps are all available in the app stores: CEWE PHOTO WORLD, CEWE
POSTCARD, CEWE SERVICE and other photo apps, and the CEWE Investor
Relations app for iPad(c) or android tablets, with annual reports and
quarterly reports, presentations and sustainability reports.

Financial schedule:
25 March 2015           2014 Annual Report
25 March 2015           Annual report and analysts' press conference,
Frankfurt
12 May 2015               Publication of the Q1 2015 interim report
3 June 2015                 2015 Annual General Meeting, Weser-Ems-Halle,
Oldenburg
11 August 2015          Publication of the 2015 H1 half-year financial
report
12 November 2015    Publication of the Q3 2015 interim report  

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 2014 CEWE delivered around 2.3 billion prints, 5.9 million
copies of the CEWE PHOTO BOOK and photo gift articles to around 30,000
retail partners to generate consolidated turnover of 523.8 million euros.
CEWE is continuously generating new impulses in the photographic industry
with innovations for people who enjoy taking photos. In the new business
segment "Commercial Online-Print", printed material for advertising is
marketed through the sales platforms CEWE-PRINT.de, Saxoprint und
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.



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19.03.2015 Dissemination of a Corporate News, transmitted by DGAP - a
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Language:    English                                                  
Company:     CEWE Stiftung & Co. KGaA                                 
             Meerweg 30-32                                            
             26133 Oldenburg                                          
             Germany                                                  
Phone:       +49 (0)441 40 4-1                                        
Fax:         +49 (0)441 40 4-42 1                                     
E-mail:      [email protected]                                               
Internet:    www.cewe.de                                              
ISIN:        DE0005403901                                             
WKN:         540390                                                   
Indices:     SDAX                                                     
Listed:      Regulated Market in Berlin, Frankfurt (Prime Standard);  
             Regulated Unofficial Market in Dusseldorf, Hamburg,      
             Hanover, Munich, Stuttgart                               
 
 
End of News    DGAP News-Service  
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335091 19.03.2015                                                      
					


Die wichtigsten Finanzdaten auf einen Blick
  2017 2018 2019 2020 2021 2022 2023e
Umsatzerlöse1 599,39 653,29 714,89 727,26 692,76 740,99 780,20
EBITDA1,2 89,29 93,94 114,61 135,07 124,61 129,21 137,74
EBITDA-Marge3 14,90 14,38 16,03 18,57 17,99 17,44
EBIT1,4 49,22 53,72 57,84 79,69 72,19 75,62 83,91
EBIT-Marge5 8,21 8,22 8,09 10,96 10,42 10,21 10,76
Jahresüberschuss1 33,57 36,30 31,82 51,94 48,90 51,07 57,31
Netto-Marge6 5,60 5,56 4,45 7,14 7,06 6,89 7,35
Cashflow1,7 72,39 78,73 102,11 142,29 65,61 93,36 130,77
Ergebnis je Aktie8 4,54 5,01 4,36 7,15 6,72 7,19 8,10
Dividende8 1,85 1,95 2,00 2,30 2,35 2,45 1,80
Quelle: boersengefluester.de und Firmenangaben

  Geschäftsbericht 2023 - Kostenfrei herunterladen.  
1 in Mio. Euro; 2 EBITDA = Ergebnis vor Zinsen, Steuern und Abschreibungen; 3 EBITDA in Relation zum Umsatz; 4 EBIT = Ergebnis vor Zinsen und Steuern; 5 EBIT in Relation zum Umsatz; 6 Jahresüberschuss (-fehlbetrag) in Relation zum Umsatz; 7 Cashflow aus der gewöhnlichen Geschäftstätigkeit; 8 in Euro; Quelle: boersengefluester.de

Wirtschaftsprüfer: BDO

INVESTOR-INFORMATIONEN
©boersengefluester.de
CEWE
WKN Kurs in € Einschätzung Börsenwert in Mio. €
540390 104,200 Halten 775,46
KGV 2025e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
13,71 16,41 0,83 17,98
KBV KCV KUV EV/EBITDA
2,10 5,93 0,99 5,02
Dividende '22 in € Dividende '23e in € Div.-Rendite '23e
in %
Hauptversammlung
2,45 2,60 2,50 05.06.2024
Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
15.05.2024 15.08.2024 14.11.2024 22.03.2024
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
2,38% 9,86% 2,96% 10,97%
    
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