11.08.2016
CEWE Stiftung & Co. KGaA DE0005403901
DGAP-News: CEWE with a positive increase in turnover and earnings at mid-year
DGAP-News: CEWE Stiftung & Co. KGaA / Key word(s): Half Year Results
CEWE with a positive increase in turnover and earnings at mid-year
11.08.2016 / 07:00
The issuer is solely responsible for the content of this announcement.
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CEWE with a positive increase in turnover and earnings at mid-year
- CEWE PHOTO BOOK grows up to mid-year with 8.5 % more than planned
- Sales grow by 10.8 % to 236 million euros
- Mid-year EBIT improves by 7.1 million euros
- Balanced result already achieved in the period up to mid-year
- Commercial online printing profitable for the first time on a half-
yearly basis
Oldenburg, 11 August 2016. After a positive second quarter, CEWE Stiftung &
Co. KGaA (SDAX, ISIN: DE 0005403901) achieved an increase of 10.8 % in
turnover, to 236 million euros, in the full first half year of 2016.
Turnover rose by 10.1 % to 116.8 million euros in the second quarter. At
the same time CEWE generated a higher EBIT: the company increased its
earning power in the period up to mid-year 2016 by 7.1 million euros, thus
already achieving balanced earnings. In the second quarter the EBIT rose
by 2.7 million euros, to amount to -0.9 million euros. Adjusted by special
effects (0.9 million euros from goodwill depreciation on the CEWE operation
in England and 0.2 million euros in restructuring costs as a result of
consolidating locations), the Group EBIT in the second quarter of 2016 even
rose operatively by 3.8 million euros to a positive 0.2 million euros.
Progress in all business segments
"Our photofinishing business is growing thanks to our strong brand, our new
positioning in retailing is apparently paying off, and in commercial online
printing we were able to achieve double-digit growth and at the same time
generate positive operative earnings for the first time," emphasises Dr.
Rolf Hollander, CEWE Stiftung & Co. KGaA CEO.
Non-recurring special tax effect increases targets for after-tax earnings
The Board of Management is raising its forecast for after-tax earnings for
2016 by around two million euros: while the current forecast provided for
a range of 25 to 29 million euros, the Board of Management now expects to
see 27 to 31 million euros since a tax-related agreement has now been
reached with the financial authorities which will provide the company with
non-recurring after-tax earnings, including interest, of more than two
million euros.
Q2 clearly confirms operational targets for 2016
The annual targets have already shifted to within reach on the basis of the
past twelve months (Q3 2015 to Q2 2016): Turnover has climbed to 577.3
million euros in the past twelve months (target: 555 to 575 million euros),
EBIT reached 43.9 million euros (target: 38 to 44 million euros), and the
EBT was at 43.5 million euros (target: 37 to 43 million euros). Even if the
Board of Management still expects the fourth quarter to result in a slight
growth in sales and earnings, the same as in previous years, the forecast
for the 2016 business year is to be reviewed again after the third quarter,
since the once dominant third quarter reports seasonal declines in earnings
for photofinishing year after year (EBIT Q3 2009: 15.5 million euros, EBIT
Q3 2015: 2.9 million euros), and could in future even contribute negative
results to the annual net income. At the same time, CEWE continues unabated
with its investments in reinforcing the brand. "The first six months have
shown that our value-oriented growth strategy is working, so we can look
towards the future quite confidently. We consciously accept expenses with a
short-term effect on earnings because we are demonstrably benefiting from
the power of our CEWE brands as a distinguishing feature on the market.
This is why we will be enhancing awareness of our brand in our target
groups and we will continue to focus on innovative, high-quality brands and
added value products," says Dr.Hollander.
Photofinishing grows by 11.7 %
Photofinishing sales increased by 11.7 %, to 81.1 million euros in the
second quarter - despite the fact that the summer quarters have typically
seen their share of sales dropping for years now. The photofinishing EBIT
climbed by 1.5 million euros in the second quarter, to -0.6 million euros.
Also worth noting: in the second quarter, 97 % of all the photos were
digital. Around 69 % of these digital photos were ordered in the internet.
In the period up to mid-year as a whole, photofinishing sales even
increased by as much as 12.5 %, and EBIT reached 3.6 million euros, with
sales of the CEWE PHOTO BOOK increasing more than planned thanks to its
strong brand position and the high level of customer satisfaction: +8.5 %
to 2.474 million books (target for 2016: between +1 % and +2 %). CEWE PHOTO
BOOKS are Europe's most popular photo books, so they were once again the
drive behind the positive development in the photofinishing business
segment.
Commercial online printing with double-digit growth and positive earnings
The current year sees commercial online printing combining a high rate of
growth and clear improvements in earnings. The extended product range, the
high quality of prints and the outstanding product efficiency thanks to
investment in the latest production technologies are bearing fruit: with
sales increasing by 12.3 % to 20.7 million euros in the second quarter of
2016, the newest CEWE business segment generated positive earnings for the
first time ever, at 0.3 million (Q2 2015: -0.9 million euros). In the first
six months,with turnover increasing by 13.3 % to 41.1 million euros, this
growth exceeded the planned figure of around 10 %, and the EBIT, at +0.8
million euros, exceeded the figure for the previous year by 3.0 million
euros.
Retailing: success with new positioning results in improved earnings
Thanks to the new positioning with a revised shop concept and reinforcement
of internet trading, the retailing business segment generated a balanced
operative result in the second quarter of 2016 with a currency-adjusted
increase in sales of 1.7 % to 15.3 million euros (reported: 14.5 million
euros and -3.9 %). Currency-adjusted turnover increased by 0.3 million
euros to 28.8 million euros in the first six months of the year (reported:
27.3 million euros). The EBIT increased by 0.9 million euros to -0.4
million euros.
CEWE soundly financed, with a positive cash flow and strong ROCE
With its capital ratio at 57.2 % as at 30 June 2016 (30 June 2015: 55.1 %),
the company is soundly financed. The cash flow from operative business
improved in the quarter of the report, to 7.7 million euros (+48.1 %), and
rose in the first six months of 2016 to amount to 23.8 million euros. The
return on capital employed (ROCE) improved substantially, from 16.6 % in
the previous year to 20.3 % as at 30 June 2016.
CEWE at the photokina
CEWE will again be represented at the photokina, one of the biggest fairs
in the photographic industry and due to be held in Cologne from 20 to 25
September, with one of the biggest stands, on which it will be presenting
numerous innovations. Anyone who is interested is very welcome to visit
CEWE in Hall 4.2 at the Cologne show grounds.
Earnings by business segment
CEWE Unit Q2 2015 Q2 2016 H1 2015 H1 2016 (1) Photofinishing Digital prints in m. units 418.4 427.2 868.9 898.8 Prints from films in m. units 18.7 14.7 32.8 25.5 Total prints in m. units 437.1 441.9 901.7 924.3 CEWE PHOTO BOOK th. books 1,120.2 1,196.7 2,279.9 2,474.4 Turnover in EUR m. 72.6 81.1 148.1 166.6 EBIT in EUR m. -2.1 -0.6 -2.9 +0.7 Restructuring costs in EUR m. 0.0 -0.2 -0.4 -0.2 Proceeds from US in EUR m. 0.0 0.0 0.0 0.4 internet activity Goodwill depreciation in EUR m. 0.0 -0.9 0.0 -0.9 in the UK EBIT before one-off in EUR m. -2.1 0.5 -2.5 1.4 effects (2) Retailing Turnover in EUR m. 15.1 14.5 28.5 27.3 EBIT in EUR m. -0.2 0.0 -1.3 -0.4 Restructuring costs in EUR m. 0.0 0.0 -0.6 0.0 EBIT before one-off in EUR m. -0.2 0.0 -0.7 -0.4 effects (3) Commercial online printing Turnover in EUR m. 18.4 20.7 36.3 41.4 EBIT in EUR m. -0.9 0.3 -2.2 0.8 CEWE Group Turnover in EUR m. 106.1 116.8 212.9 236.0 EBIT in EUR m. -3.6 -0.9 -7.1 0.0 One-off effects in EUR m. 0.0 -1.1 -1.0 -0.7 EBIT before one-off in EUR m. -3.6 0.2 -6.1 -0.7 effects EBT in EUR m. -3.7 -1.0 -7.4 -0.2 Earnings after tax in EUR m. -2.4 -0.7 -6.1 -0.1Notes 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 ART 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-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: 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. --------------------------------------------------------------------------- 11.08.2016 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 --------------------------------------------------------------------------- 491297 11.08.2016
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