20.04.2016
CEWE Stiftung & Co. KGaA DE0005403901
DGAP-News: CEWE Stiftung & Co. KGaA: Reduced value added tax on CEWE PHOTO BOOK maintained in 2016
DGAP-News: CEWE Stiftung & Co. KGaA / Key word(s): Forecast/Legal Matter
CEWE Stiftung & Co. KGaA: Reduced value added tax on CEWE PHOTO BOOK
maintained in 2016
20.04.2016 / 14:25
The issuer is solely responsible for the content of this announcement.
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Reduced value added tax on CEWE PHOTO BOOK maintained in 2016
- Interim arrangement leaves value added tax on photo books at 7 % until
31 December 2016
- A potential liability for CEWE is thus not applicable for the 2016
business year
Oldenburg, 20 April 2016. CEWE Stiftung & Co. KGaA (SDAX, ISIN: DE
0005403901) is now defining its forecast for the current 2016 business year
more precisely in the light of the interim arrangement for the increased
rate of value added tax on photo books published today by the German
Federal Ministry of Finance. The original increase in value added tax on
photo books in Germany, from 7 % to 19 % and valid since 25 December 2015,
has now been cushioned in an interim arrangement until 31 December 2016.
The increase in value added tax will now only enter into force as of 1
January 2017. The Board of Management is thus confirming its forecast for
2016, made on the assumption of an unchanged reduced rate of value added
tax on photo books. On the basis of the 7% rate of value added tax on photo
books, which is now to remain in effect unchanged for 2016, the Board of
Management expects Group turnover to increase slightly in 2016, from 554.2
million euros in the previous year of 2015 to an amount in an average of
555 to 575 million euros. Turnover in photofinishing is to remain
approximately stable or increase slightly, the business segment of
retailing is to show turnover to be about constant and commercial online
printing to continue to increase its turnover to around 86 million euros.
At the same time CEWE is confirming its target of generating a positive
contribution to earnings in 2016 with online printing. Group EBIT is to be
in a corridor of 38 million to 44 million euros in 2016, EBT is to be in
the range of 37 to 43 million euros, and after tax earnings between 25
million and 29 million euros. This is equivalent to an increase in the
operative EBIT target corridor of around six million euros in comparison to
the targets for 2015. Initial calculations show that the increase in value
added tax would have reduced the 2016 EBIT by around 9 million euros, for
example also due to a potential drop in demand as a result of price
increases for consumers. In the event of the application of the higher rate
of value added tax as of 2017, the liability would be presumed to be
similar according to current information.
Full year of 2015 and targets for 2016
CEWE Group Unit 2015 actual 2016 target Turnover in EUR m. 554.2 555 - 575 EBIT in EUR m. 36.8 38 - 44 EBT in EUR m. 36.3 37 - 43 Earnings after tax in EUR m. 22.7 25 - 29 Earnings per share diluted EUR/share 3.24 3.53 - 4.10Should 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.de , cewe-fotobuch.de , cewe-photobook.com , cewe-print.de, viaprinto.de , saxoprint.de, deindesign.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: 12 May 2016 Publication of the interim report as at Q1 2016 1 June 2016 2016 Annual General Meeting, Weser-Ems-Halle, Oldenburg 11 August 2016 Publication of the mid-year report as at Q2 2016 19-21 September 2016 Berenberg & Goldman Sachs German Corporate Conference 20-22 September 2016 Baader Investment Conference, Munich 10 November 2016 Publication of the interim report as at Q3 2016 21-22 November 2016 German Equity Forum, Frankfurt 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. --------------------------------------------------------------------------- 20.04.2016 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. 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 --------------------------------------------------------------------------- 455927 20.04.2016
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