14.05.2018
CEWE Stiftung & Co. KGaA DE0005403901
DGAP-News: CEWE continues to grow
DGAP-News: CEWE Stiftung & Co. KGaA / Key word(s): Quarter Results
CEWE continues to grow
14.05.2018 / 07:00
The issuer is solely responsible for the content of this announcement.
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CEWE continues to grow
- Q1: Increase of 10.1 % in turnover to 130.6 million euros (Q1 2017: 118.6
million euros)
- CEWE PHOTOBOOK sales grow by strong 7.7 % to 1.248 million books
- 2018 TIPA World Awards: CEWE is the best photo service in the world
- Stable EBIT of 0.6 million euros in spite of expenditure for integration
- Forecast for 2018 confirmed: turnover of 630-665 million euros, EBIT of
48-54 million euros
Oldenburg, 14 May 2018. CEWE Stiftung & Co. KGaA (SDAX, ISIN: DE 0005403901)
continues to grow in the first quarter of 2018: turnover increased by 10.1 %
to 130.6 million euros (Q1 2017: 118.6 million euros). More than
acquisitions, it was mainly the core business of photofinishing that
accounted for growth: with the highest sales, this business segment
generated strong organic growth, even by as much 10.4 % overall on the
inclusion of acquired photo app specialist "Cheerz". At 0.6 million euros,
the EBIT for the first quarter of 2018 is at exactly the same level as that
of the previous year in spite of extraordinary expenditure for the
integration of acquisitions (Q1 2017: 0.6 million euros). "Even if the
fourth quarter, as is now traditionally a standard, will also contribute
most to turnover and in particular to earnings in 2018, we have created a
good initial basis for the year as a whole with our organic growth and the
extra boost through our acquisitions. We are particularly pleased about the
comeback of the CEWE PHOTOBOOK, as this could not grow in 2017 due to the
VAT increase in volume," says Dr. Christian Friege, Chairman of the Board of
Management of CEWE Stiftung & Co. KGaA.
Photofinishing growing dynamically
Turnover in the business segment of photofinishing increased overall by 10.4
%, to 94.5 million euros (Q1 2017: 85.6 million euros), with "Cheerz"
contributing photofinishing turnover for the first time: in February CEWE
had acquired the high-growth market leader for photofinishing apps in
France. In addition to the acquisition of Cheerz, the CEWE PHOTOBOOK was the
main driver of growth, as it did not increase in the previous year due to
the drastic increase in Value Added Tax from 7 % to 19 %: CEWE PHOTOBOOK
volume increased strongly by 7.7 % to 1.248 million books in the first
quarter of 2018 (Q1 2017: 1.159 million books). CEWE also won through with
its CEWE PHOTOBOOK when the company received the 2018 TIPA World Award in
the "Best Photo Print Service" category: the option of enhancing CEWE
PHOTOBOOK covers impressed the international jury. "Technical Image Press
Association" - TIPA - awards are recognised as the most coveted awards for
photo and imaging products worldwide. Sales of CEWE CALENDARS, CEWE CARDS,
photo gifts and CEWE INSTANT PHOTOS also continued to rise. The trend
towards high-quality photos was maintained unchanged: turnover per photo
rose by 3.7 % to 20.28 eurocents (Q1 2017: 19.55 eurocents). Against this
background, with photofinishing at 1.9 million euros (Q1 2017: 1.3 million
euros), CEWE again reported a positive result as early as in the first
quarter.
LASERLINE acquisition drives commercial online printing
The business segment of commercial online printing also reported
double-digit growth in Q1. At 24.4 million euros, turnover was 18.8 % higher
than in the previous year (Q1 2017: 20.6 million euros), benefiting most of
all from the LASERLINE acquisition. Portfolio business asserted itself at
the same level as in the previous year, in spite of strong ongoing price
competition in Germany and weakened business in the UK as a result of
Brexit. The EBIT, which reached -0.5 million euros in the first quarter of
2018, after +0.1 million euros in the first quarter of 2017, was also
negatively affected by an amount of around 0.2 million euros in
non-recurring costs for integrating LASERLINE. As of 2019, LASERLINE is
expected to contribute positively to earnings. Rises in costs and two days
of production fewer than in the previous year also meant that the EBIT for
the business segment of commercial online printing was still negative in Q1.
Market-related decline in retailing turnover
In a comparison with the same period of the previous year, sales of hardware
in the retailing segment saw a market-related decrease of 8 %, to 10.8
million euros in the first quarter of 2018 (Q1 2017: 11.8 million euros).
The optimised price strategy involving a conscious decision to forego
low-margin sales did, however, pay off. At -0.5 million euros and in spite
of a decline in turnover, the EBIT fell only slightly short of that of the
previous year (Q! 2017: -0.3 million euros). First-quarter earnings are
traditionally negative in retailing due to the seasonal nature of the
business.
Segment for other business increases slightly
Turnover in the segment for other business was at 0.9 million euros in the
first quarter of 2018 (Q1 2017: 0.7 million euros). This business segment
combines real-estate holdings and participating interests, as well as
structural and corporate costs and costs for the annual general meeting and
investor relations. The 2018 first-quarter EBIT, at -0.4 million euros, was
virtually at the same level as that of the same period of the previous year
(Q1 2017: -0.5 million euros).
Capital ratio remains very sound: 59.3 %
The capital ratio remains at a very sound level of 59.3 % as at 31 March
2018 (31 March 2017: 63.2 %). In spite of the increase in capital employed
through acquisitions (Saxopark, LASERLINE and the acquisition of Cheerz
stocks), the return (ROCE) was again strong at 18.9% (Q1 2017: 20.8 %).
Forecast confirmed
The good results of the first quarter underpin the Board of Management
forecast for the full year of turnover in the range of 630 to 665 million
euros and EBIT of 48 to 54 million euros, with CEWE expecting growth
impulses to come from the acquisition of online printing provider LASERLINE
in commercial online printing and from the majority interest in the leading
French photo app "Cheerz" in the photofinishing sector. The company also
intends to continue with value-oriented growth in 2018 through its reliable
dividend policy. CEWE proposed a dividend of 1.85 euros for the 2017
financial year to its shareholders at the Annual General Meeting on 6 June
2018 - which would be the ninth consecutive dividend increase.
Earnings by business segment in the first quarter of 2018
CEWE Unit Q1 2017 Q1 2018 Diff. Diff.
% abs.
(1) Photofinishing
Digital prints in m. 428.4 457.9 +7.0 +29.5
units
Prints from films in m. 9.2 7.9 -14.2 -1.3
units
Total prints in m. 437.6 465.8 +6.4 +28.2
units
CEWE PHOTOBOOK th. books 1,159.1 1,248.0 +7.7 +88.9
Turnover in EUR m. 85.6 94.5 +10.4 +8.9
EBIT in EUR m. 1.3 1.9 +43.7 +0.6
Purchase price in EUR m. -0.1 -0.1 - -
allocation effects
EBIT before one-off in EUR m. 1.5 2.0 +40.5 +0.6
effects
(2) Retailing
Turnover in EUR m. 11.8 10.8 -8.0 -0.9
EBIT in EUR m. -0.3 -0.5 -46.7 -0.2
(3) Commercial online
printing
Turnover in EUR m. 20.6 24.4 +18.8 +3.7
EBIT in EUR m. 0.1 -0.5 -559 -0.6
Purchase price in EUR m. -0.2 -0.1 - -
allocation effects
LASERLINE integration in EUR m. - -0.2 - -
costs
EBIT before one-off in EUR m. 0.3 -0.2 -152 -0.5
effects
(4) Other
Turnover in EUR m. 0.7 0.9 +29.3 +0.2
EBIT in EUR m. -0.5 -0.4 +28.4 +0.2
Purchase price in EUR m. -0.1 - - -
allocation effects
EBIT before one-off in EUR m. -0.4 -0.4 +8.4 +0.0
effects
CEWE Group
Turnover in EUR m. 118.6 130.6 +10.1 +12.0
EBIT in EUR m. 0.6 0.6 -2.5 -0.0
One-off effects in EUR m. -0.5 -0.4 - -
EBIT before one-off in EUR m. 1.0 1.0 -2.8 -0.0
effects
EBT in EUR m. 0.7 0.2 -73.5 -0.5
Earnings after tax in EUR m. 0.5 0.1 -73.9 -0.4
Rounding errors may arise. Percentage deviations have all been calculated at
the exact values.
Notes 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 in the online printing portals, e.g. CEWE-PRINT.de, SAXOPRINT,
Viaprinto and LASERLINE.
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 , deindesign.de , cewe.de ,
cewe-print.de , viaprinto.de , saxoprint.de , laserline.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)
06.06.2018 2018 Annual General Meeting
09.08.2018 Publication of the 2018 Q2 interim report
09.08.2018 Press release on the 2018 Q2 interim report
24.09.2018 2018 Berenberg & Goldman Sachs German Corporate Conference
25.09.2018 2018 Baader Investment Conference
13.11.2018 Publication of the 2018 Q3
13.11.2018 Press release on the 2018 Q3 interim report
26.11.2018 2018 German Equity Forum
About CEWE: The innovative photo and online print service company, with
twelve highly-technical production operations and a staff of around 3,600
employees in 24 European countries, is both market and technological leader.
In 2017 CEWE delivered around 2.2 billion prints, 6.0 million CEWE PHOTO
BOOK copies and numerous photo gift articles to more than 20,000 retail
partners to generate consolidated turnover of 599.4 million euros. The
company is continuously generating new impulses in the photographic industry
with innovations for people who enjoy taking photos. CEWE is a leading
company when it comes to climate protection. CEWE brand products are all
produced in a climate-natural process. In the "commercial online printing"
business segment, printed material for businesses is marketed through the
sales platforms of CEWE-PRINT.de, SAXOPRINT, viaprinto and LASERLINE.
Founded by Senator h. c. Heinz Neumüller in 1961, CEWE has been listed on
the stock exchange since 1993 and is currently an SDAX member.
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14.05.2018 Dissemination of a Corporate News, transmitted by DGAP - a
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The issuer is solely responsible for the content of this announcement.
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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, Tradegate Exchange
End of News DGAP News Service
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685143 14.05.2018
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