10.11.2016
CEWE Stiftung & Co. KGaA DE0005403901
DGAP-News: CEWE raises its income forecast
DGAP-News: CEWE Stiftung & Co. KGaA / Key word(s): 9-month figures
CEWE raises its income forecast
10.11.2016 / 07:00
The issuer is solely responsible for the content of this announcement.
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CEWE raises its income forecast
- Nine-month Group turnover increases by 7.7 % to 365 million euros
- After three quarters of the year, Group EBIT already at 4.1 million
euros (Q1-3 2015: -4.4 million euros)
- Strong seasonal peak expected in Q4 with CEWE PHOTO BOOK and photo
gifts
- Improvement in earnings from all three business segments
Oldenburg, 10 November 2016. CEWE Stiftung & Co. KGaA (SDAX, ISIN: DE
0005403901) is raising its income forecast for 2016 by 2 million euros
against the background of the sound development of turnover and earnings in
the first nine months of the current business year. Instead of the previous
38 to 44 million euros, the Board of Management now expects EBIT in the
range of 40 to 46 million euros. The EBT is now to increase to 39 to 45
million euros and after-tax earnings to 29 to 33 million euros. Turnover in
2016 could also be higher than the currently assumed 555 to 575 million
euros. In the third quarter of 2016, with turnover at 128.6 million euros,
CEWE achieved an increase of 2.5 % (Q3 2015: 125.5 million euros). On the
inclusion of the positive one-off effects in the amount of 2.1 million
euros, reported EBIT in the third quarter amounted to 4.5 million euros (Q3
2015: 2.7 million euros).
CEWE PHOTO BOOK and other photo gifts increase earnings
CEWE generated profits as early as after the first three quarters for the
first time in four years. With an increase of 7.7 % in Group turnover, to
365 million euros, the company generated Group EBIT of 4.1 million euros in
the first nine months of the year (Q1-3 2015: -4.4 million euros). However,
in this case it must be taken into account that around 2.7 million euros of
the EBIT improvement are based on non-recurring, one-off effects from the
current and the past business year. "The CEWE PHOTO BOOK and other photo
gifts are ensuring that development is positive in 2016 as well, with CEWE
benefiting from a strong brand and from numerous test wins by the CEWE
product family, which we consistently supplemented with many new products
and user-friendly apps. We have also been offering the CEWE PHOTO BOOK and
all the CEWE brand products with a neutral effect on climate since the
third quarter. We are thus very well-prepared for the Christmas season. We
are delighted that we also reached the break-even point in our strategic
growth segment of commercial online printing in 2016," Dr. Rolf Hollander,
CEWE Stiftung & Co. KGaA CEO, points out.
Photofinishing on target
In the first nine months of 2016, the business segment of photofinishing
achieved turnover of 262.0 million euros - an increase of 9.3 % in
comparison to the turnover for the previous year (Q1-3 2015: 239.6 million
euros). The trend towards high-quality photo products continues to drive
the development of turnover: in the first nine months of 2016, turnover per
photo rose by 9.8 %, from 16.42 eurocents in the same period of the
previous year to 18.04 eurocents, with the CEWE PHOTO BOOK, which has now
achieved a supported brand awareness of 70 % in Germany, increasing by 4.6
% - even stronger than the forecast growth corridor of 1 % to 2 % for the
full year of 2016. In the first nine months of 2016, CEWE improved the
EBIT of 6.1 million euros reported for photofinishing by 5.2 million euros
in a comparison with the previous year (Q1-3 2015: 0.8 million euros).
Adjusted by one-off effects, the operative EBIT for the first three
quarters of 2016, at 4.4 million euros, was around 3.1 million euros better
than in the same period of the previous year (Q1-3 2015: 1.3 million
euros).
Commercial online printing grows by 10.6 % and generates positive EBIT
In the first three quarters of the year, the growth segment of commercial
online printing increased its turnover by 10.6 %, to 60.8 million euros.
The pace of growth thus reached exactly the target rate for the year as a
whole. At the same time the EBIT, at 0.5 million euros, was positive for
the first time (Q1-3 2015: -2.5 million euros). In the isolated third
quarter of 2016, commercial online printing achieved turnover of 19.7
million euros, an increase of 5.3 % (Q3 2015: 18.7 million euros), with
EBIT improving slightly to -0.3 million euros (Q3 2015: -0.4 million
euros). The period with the highest turnover is the fourth quarter in
commercial online printing as well, the same as in photofinishing: many
business customers get ready for their Christmas business in November,
ordering more printed material for advertising. The growth investments
essential for reinforcing the brand have had a strong impact on the Profit
and Loss Account of this business segment in the past few years. CEWE used
the earning power of the established core business segment of
photofinishing to rapidly expand the promising growth segment of commercial
online printing through intensive marketing, thus generating a growing
customer base in commercial online printing on which the company will also
be able to build in future. CEWE is now beginning to benefit from this
move.
Retailing earnings again improved
Earnings generated by the retail business segment continue to develop
positively: after -1.4 million euros in the previous year, the EBIT
improved by 1.0 million euros to -0.4 million euros. The operative
improvement amounted to 0.4 million euros before the restructuring costs
incurred in the previous year. As expected, retail sales, at 40.2 million
euros, were 7.6 % below the level of the previous year (Q1-3 2015: 43.5
million euros), with negative currency effects accounting for 1.8 million
euros of the decline in turnover (particularly in Norway and Poland). In
the first three quarters of the year, currency-adjusted turnover reached
42.0 million euros (a drop of 3.4 % against the same quarter of the
previous year). Retail sales and earnings are also mainly generated with
Christmas business in the fourth quarter. When taking a look at CEWE
retailing overall, it must also be taken into account that the contribution
of sales and earnings from the photofinishing range is reported in the
photofinishing business segment.
ROCE increases to more than 20 %
The capital ratio rose by 4.9 percentage points to 57.2 % as at 30
September 2016 (30 September 2015: 52.3 %). Consolidated debts were reduced
against those of 30 September 2015, by 15.2 million euros to 132.5 million
euros. The ROCE, a benchmark for the return since 30 September 2015,
improved very significantly from 15.9 % to 20.6 % due to the rise in the
12-month EBIT to 44.8 million euros. "Our sound financial position and our
considerable earning power mean that we are still in a position to develop
our new growth areas and to offer our shareholders an ideally growing
dividend," explains CFO Dr. Olaf Holzkämper.
Earnings by business segment
CEWE Unit Q3 2015 Q3 2016 Q1-3 2015 Q1-3 2016 (1) Photofinishing Digital prints in m. 534.0 509.4 1,402.9 1,408.2 units Prints from films in m. 23.4 19.1 56.2 44.5 units Total prints in m. 557.4 528.5 1,459.1 1,452.7 units CEWE PHOTO BOOK th. books 1,383.0 1,357.2 3,662.8 3,831.7 Turnover in EUR m. 91.5 95.4 239.6 262.0 EBIT in EUR m. 3.8 5.6 0.8 6.1 Restructuring in EUR m. --- --- -0.4 -0.2 costs Proceeds from US in EUR m. --- --- --- 0.4 internet activity Goodwill in EUR m. --- --- --- -0.9 depreciation in the UK Disposal of the in EUR m. --- 0.3 --- 0.3 operation in Graudenz, Poland Initial supply for in EUR m. --- 1.8 --- 2.1 business partners EBIT before one- in EUR m. 3.8 3.5 1.3 4.4 off effects (2) Retailing Turnover in EUR m. 15.1 12.9 43.5 40.2 EBIT in EUR m. -0.1 0.0 -1.4 -0.4 Restructuring in EUR m. --- --- -0.6 --- costs EBIT before one- in EUR m. -0.1 0.0 -0.8 -0.4 off effects (3) Commercial online printing Turnover in EUR m. 18.7 19.7 55.0 60.8 EBIT in EUR m. -0.4 -0.3 -2.5 0.5 CEWE Group Turnover in EUR m. 125.5 128.6 338.4 364.6 EBIT in EUR m. 2.7 4.5 -4.4 4.1 One-off effects in EUR m. --- 2.1 -1.0 1.7 EBIT before one- in EUR m. 2.7 2.4 -3.4 2.3 off effects EBT in EUR m. 2.5 5.1 -4.9 4.5 Earnings after tax in EUR m. 2.6 5.4 -3.5 4.8Notes to the "Earnings by Business Segment" chart (1) Photofinishing: Production and sale of photo products such as CEWE PHOTO BOOKS, CEWE CARDS, CEWE CALENDARS, CEWE WALL PICTURES and individual (analogue and digital) photos as well as other photo products. (2) Retailing: Trading in photo hardware, such as cameras or lenses in Norway, Sweden, Poland, the Czech Republic and Slovakia. (3) Commercial online printing: Production and sale of the commercial print products of the online printing portals, e.g. CEWE-PRINT.de, Saxoprint and Viaprinto 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-fotobuch.de , cewe-photobook.com , cewe.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: (insofar as already scheduled) 21-22 November 2016 German Equity Forum, Frankfurt 05 January 2017 Oddo Forum, Lyon 23 March 2017 Annual report and analysts' press conference, Frankfurt 23 March 2017 Publication of the 2016 Annual Report 29 March 2017 Bankhaus Lampe Deutschland Conference, Baden-Baden 11 May 2017 Publication of the 2017 Q1 interim report 31 May 2017 2017 Annual General Meeting, Weser-Ems-Halls, Oldenburg 10 August 2017 Publication of the 2017 H1 mid-year report 10 November 2017 Publication of the 2017 Q3 interim report About CEWE: The innovative photo and online print service company CEWE, with twelve highly-technical production operations and a staff of around 3,400 employees in 24 European countries, is both market and technological leader. In 2015 CEWE delivered around 2.2 billion prints, 6.0 million copies of the CEWE PHOTO BOOK and photo gift articles to around 25,000 retail partners to generate consolidated turnover of 554.2 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 of commercial online printing, printed material for businesses is marketed through the sales platforms CEWE-PRINT.de, Saxoprint und Viaprinto. Founded in 1961 by Senator h. c. Heinz Neumüller, CEWE was taken to the stock exchange by Hubert Rothärmel in 1993. CEWE Stiftung & Co. KGaA is listed on the SDAX. --------------------------------------------------------------------------- 10.11.2016 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de --------------------------------------------------------------------------- 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, Tradegate Exchange End of News DGAP News Service --------------------------------------------------------------------------- 519077 10.11.2016
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