12.05.2015
CEWE Stiftung & Co. KGaA DE0005403901
DGAP-News: CEWE with a sound first quarter
DGAP-News: CEWE Stiftung & Co. KGaA / Key word(s): Quarter Results
CEWE with a sound first quarter
12.05.2015 / 07:00
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CEWE with a sound first quarter
- CEWE PHOTOBOOK sales quantity continues to rise
- Sales grow by 3.7 % to 106.8 million euros
- Considerable growth in photofinishing and commercial online printing
- EBIT slightly improved
- ROCE reaches 16.9 % (2014 Q1: 16.2 %)
Oldenburg, 12 May 2015. CEWE Stiftung & Co. KGaA (SDAX, ISIN: DE
0005403901) increased its turnover and its earnings over those of the same
period of the previous year in the first quarter, traditionally a loss
generating quarter for the company: turnover improved by 3.7 % to 106.8
million euros, EBITDA by 1.0 million to +4.8 million euros, and EBIT by 0.7
million to -3.5 million euros. This already includes around 1.0 million
euros in extraordinary expenses for closing a call center unit in Dresden
and for restructuring the retail business in Poland. Earnings after tax
increased from -4.2 million euros in the same quarter of the previous year
to -3.6 million euros. CEWE is confirming its annual targets on the basis
of the positive development in the first quarter and the seasonal peak in
the fourth quarter: In 2015, the Group turnover for all the business
segments is to reach a figure in the range of 515 million to 535 million
euros (2014: 523.8 million euros). The operating results are to exceed the
2014 results: EBIT is to be in a corridor of 32 million to 38 million euros
in 2015 (2014: 32.6 million euros), EBT is to be in the range of 30 to 36
million euros (2014: 31.5 million euros), and after tax earnings between 20
million and 24 million euros (2014: 21.4 million euros). CEO Dr. Rolf
Hollander: "In particular the photofinishing growth and development in
earnings, and the growth in the area of commercial online printing show
that we are on track - also strategically. The enhanced earning power on a
12-month basis clearly shows that we are well on the way to achieving our
annual targets. We are systematically tackling the consolidation of our
retail business in Poland, which means that we are further improving the
basis for sustainable earning power for CEWE significantly."
Photofinishing grows by 7.5 % to 75.5 million euros and increases earnings
With a rise in turnover of 7.5 %, to 75.5 million euros, photofinishing
contributed to the positive development of the first quarter. In particular
the increased figure for each photo, by 8.6 % to 16.25 cents, is impressive
testimony to the continuation of the "from mass to class" trend. It was not
only the volume of CEWE PHOTO BOOKS that increased (+1.6 %); customers were
increasingly deciding in favour of high-quality added-value products. So
sales of CEWE WALL PICTURES, CEWE CALENDARS and CEWE CARDS continued to
develop positively. Against this background and in spite of restructuring
costs for the closure of a call center unit in Dresden (one-time
expenditure of 0.4 million euros), the photofinishing EBIT improved to -1.1
million euros (2014 Q1: -2.3 million euros). First-quarter losses are an
integral part of the seasonal profile for photofinishing, which is
increasingly generating its turnover and in particular its earnings on the
basis of the ongoing seasonal shift into the fourth quarter of each year.
As expected, CEWE reduced its turnover in the retail segment by 18.6 % to
13.4 million euros as a result of the discontinued, low-margin wholesale
line of business and the restructuring of retail business in Poland. The
decline in turnover as expected had no effect on earnings, so that EBIT
before restructuring costs in this segment (one-time expenditure in the
amount of 0.6 million euros) even improved slightly to - 0.6 million euros.
The business segment of commercial online printing, in which turnover
continued to grow by 9.5 % to 17.9 million euros in spite of a slight
increase in marketing expenses and a growth-related increase in staff
costs, amounted to -1.3 million euros on an EBIT basis, thus almost
reaching the result for the previous year (- 1.2 million euros) and at the
same time slightly improving the EBIT margin.
Capital ratio reaches a new record high
The high income generated in the previous year and the shares previously
held by the company in April 2014 as a result of an issue of shares both
increased the capital ratio to a new record high of 60.7 % as at 31 March
2015 (31 March 2014: 50.7%). At the same time the return on capital
employed was improved: although the average amount of capital employed was
slightly raised to 196.8 million euros (2014 Q1: 193.5 million euros), the
ROCE increased from 16.2 % to 16.9 % since the 12-month EBIT increased from
31.3 million to 33.3 million euros. "CEWE is extremely soundly financed,
and can finance its organic growth and the acquisitions it makes itself,"
explained CFO Dr. Olaf Holzkämper.
2015 targets confirmed: earning power and dividends to continue to increase
In 2015, the Group turnover for all the business segments is to lie in the
range of 515 million to 535 million euros (2014: 523.8 million euros).
While the Board of Management expects sales to be just about stable in the
high-margin sector of photofinishing, the potential decline in retail
business sales is to be more than offset if possible by an expected rise in
turnover generated with commercial online printing. After 70.5 million
euros in 2014 (17.8 %), the management believes that an increase in
commercial online printing turnover to around 80 million euros should be
possible in 2015. CEWE continues to maintain its target of generating a
positive contribution to income in this new business segment from 2016 on.
The target corridors for operative earnings 2015 in comparison to the 2014
results indicate a clear increase: EBIT is to be in a corridor of 32
million to 38 million euros in 2015 (2014: 32.6 million euros), EBT is to
be in the range of 30 million to 36 million euros (2014: 31.5 million
euros), and after tax earnings between 20 million and 24 million euros
(2014: 21.4 million euros). Earnings per share are to be in the range of
2.87 to 3.45 euros (2014: 3.07 euros per share). At the same time the
management is confirming its aim of consistently raising dividends in the
coming years.
Earnings by business segment in the first quarter of 2015
CEWE: Unit 2014 Q1 2015 Q1 Diff. % Diff. abs. (1) Photofinishing Digital prints in m. 451.0 450.5 -0.1 -0.5 units Prints from films in m. 18.0 14.1 -21.7 -3.9 units Total prints in m. 469.0 464.6 -0.9 -4.4 units CEWE PHOTO BOOK th. books 1,141.5 1,159.7 +1.6 +18.2 Turnover in EUR m. 70.2 75.5 +7.5 +5.3 EBIT in EUR m. -2.3 -1.1 -53.6 +1.2 EBIT margin % -3.3 -1.4 (2) Retailing Turnover in EUR m. 16.4 13.4 -18.4 -3.0 EBIT in EUR m. -0.7 -1.1 -65.5 -0.5 EBIT margin % -4.2 -8.5 (3) Commercial online printing Turnover in EUR m. 16.3 17.9 +9.5 +1.6 EBIT in EUR m. -1.2 -1.3 -6.1 -0.1 EBIT margin % -7.5 -7.2 CEWE Group Turnover in EUR m. 103.0 106.8 +3.7 +3.8 EBIT in EUR m. -4.2 -3.5 +16.8 +0.7 EBIT margin % -4.1 -3.3 EBT in EUR m. -4.5 -3.6 +19.0 +0.9 Earnings after tax in EUR m. -4.2 -3.6 +14.8 +0.6Notes to the "Earnings by Business Segment" chart (1) Photofinishing: Production and sale of photo products such as the CEWE PHOTO BOOK, 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 commercial print products in 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-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: 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 innovative 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 of commercial online printing, 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. --------------------------------------------------------------------- 12.05.2015 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. Media archive at www.dgap-medientreff.de and 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 End of News DGAP News-Service --------------------------------------------------------------------- 355913 12.05.2015
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