DGAP-News: CEWE increases dividend after a successful business year

DGAP-News: CEWE increases dividend after a successful business year

DGAP-News: CEWE Stiftung & Co. KGaA / Key word(s): Dividend
CEWE increases dividend after a successful business year

19.03.2014 / 13:30


CEWE increases dividend after a successful business year

  - Fifth consecutive dividend increase

  - Board of Management and Supervisory Board propose dividend of EUR

Oldenburg, 19 March 2014. After a successful business year in which CEWE
Stiftung & Co. KGaA (SDAX, ISIN: DE 0005403901) reached or exceeded all its
targets, the Board of Management and the Supervisory Board will be
proposing a dividend increase for the 2013 business year to the
shareholders at the Annual General Meeting on 4 June. According to the
proposal, the dividend is to be increased by 5 cents a share, to 1.50 euros
a share. This is thus the fifth consecutive dividend increase by CEWE. "We
wish to continue to allow our shareholders to participate in the rising
earning power of the company. For us, dividend continuity means increasing
the dividend year by year, provided that our balance sheet is sound enough
to continue to allow for this," explains Dr. Olaf Holzkämper, Financial
Director of the CEWE Group.

New record high in sales, increasing earning power and expansion in online
Following the first-time, half-billion euro turnover in 2012, CEWE achieved
turnover of 528.6 million euros in 2013, an increase of 4.2%, and hence a
new record high.  The EBIT also rose to 29.4 million euros, an increase of
1.0%. Without the restructuring costs for the operations in Dresden and
Graudenz, EBIT would have improved by as much as 12.3% to 32.6 million
euros. Earnings before tax (EBT) increased by 3.5% to 27.8 million euros in
2013. Earnings after tax , at 21.6 million euros, also clearly exceeded the
target corridor of 16 to 20 million euros, one of the reasons being the
change in the legal form of the company, and earnings per share
(undiluted), at 3.29 euros, was higher than ever before in the history of
the company (target corridor: 2.44 to 3.06 euros). Strong growth in the
share of added-value products - such as the CEWE PHOTO BOOK - saw the
company doing more than increasing its profitability: CEWE exploited the
considerable earning power in photofinishing to make advance payments in
the new, promising business area of online printing, and to expand strongly
in this area. Online printing turnover rose by 40% to around 60 million
euros in 2013. CEWE is thus well on the way to reaching its target turnover
of 100 million euros in this business segment by 2016.

Fourth-quarter EBIT rises by 15 %
While operative earnings (EBIT) were still negative at -4.1 million euros
in the first three quarters due to the seasonal shift to the Christmas
quarterly period, which has persisted for years, CEWE generated
fourth-quarter turnover in the amount of 188.1 million euros, which is an
increase of 5.6%, and a resulting increase in EBIT of almost 15%, to 33.5
million euros. The fourth quarter thus contributed around 35.6 percent to
the total annual turnover and far more than 100 % of income.

Since 1 January 2013 shareholders have achieved returns of 67.8 %
On the basis of the share price at the end of 2012 (31.04 euros) the CEWE
share price grew from 11.72 euros to 42.75 euros (+ 37.7 %) in the period
up to the end of December 2013. The CEWE share has thus developed far
better than the DAX, which increased by 25.5% in the same period. On the
inclusion of the dividend paid out for the business year of 2012, the yield
for CEWE shareholders in 2013 was 42.4 percent. In terms of the current
share price of 50.57 euros (XETRA share price at 10.53 a.m. on 19 March
2014), the total return for shareholders amounted to as much as 67.8
percent. In addition, the dividend now proposed would correspond to a
dividend yield of 3.0 percent. The trading volume also developed positively
in 2013, growing by 17.2 percent to 4.4 million CEWE shares traded.

Sound financing enhances strategic freedom of action: security plus growth
In spite of the dividend payout for the 2012 business year and the advance
payments in the growing area of online printing, the capital ratio of the
company improved by 2.0 percentage points to 42.4% in 2013. "Our sound
balance sheet makes us stable and strategically free to take action," says
Olaf Holzkämper. "This strength enabled us to significantly expand the
business segment of online printing by acquiring Saxoprint in 2012." In
addition to its considerable earning power in photofinishing, CEWE is now
focusing on growing strongly in online printing with its CEWE-PRINT,
Saxoprint and Viaprinto brands.

CEWE will be presenting its forecast for the 2014 business year and the
full set of annual financial statements at the balance sheet and analysts'
conference in Frankfurt am Main on 26 March 2014.

Full year of 2013 in comparison to the previous year

CEWE Group                   Unit            2012      2013       2013
                                                       target     actual
Digital prints               in billion      2.30      2.10 -     2.25
                             units                     2.15
Prints from films            in billion      0.16      0.10 -     0.11
                             units                     0.11
Total prints                 in billion      2.46      2.20 -     2.37
                             units                     2.26
CEWE PHOTO BOOK              in m. units     5.6       5.8 - 6.0  5.8
Turnover                     in EUR m.       507.2     510 - 530  528.6
EBIT                         in EUR m.       29.1      27 - 33    29.4
EBIT margin                  %               5.7%      5.1% -     5.6%
EBIT before restructuring    in EUR m.       29.1                 32.6
EBIT margin before           %               5.7%                 6.2%
EBT                          in EUR m.       26.9      25 - 31    27.8
Earnings after tax           in EUR m.       18.8      16 - 20    21.6
Earnings per share undiluted in euros/share  2.88      2.44 -     3.29

Fourth quarter of 2013

CEWE Group                Unit       Q4 2012   Q4 2013   Diff. %   Diff.
Digital prints            in m.      747       759       1.5%      +12
Prints from films         in m.      31        22        -27.9%    -9
Total prints              in m.      778       781       0.4%      +3
CEWE PHOTO BOOK           in m.      2.1       2.2       6%        0.1
Turnover                  in EUR m.  178.2     188.1     +5.6%     +9.9
EBIT                      in EUR m.  29.1      33.5      +14.9%    +4.3
EBIT margin               %          16.3%     17.8%     +1.5% pts
EBIT before restructuring in EUR m.  29.1      33.5      +14.9%    +4.3
EBIT margin before        %          16.3%     17.8%     +1.5% pts
EBT                       in EUR m.  28.7      33.0      +15.2%    +4.3
Earnings after tax        in EUR m.  22.1      28.1      +27.3%    +6.0

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, e-mail: IR@cewe.de

Internet: www.cewe.de , www.cewe-fotobuch.de , www.cewe-print.de ,
www.viaprinto.de , www.saxoprint.de

Available in app stores: The CEWE Investor Relations app for your iPad(R)
or Android tablet, including annual reports and quarterly reports as well
as sustainability reports.

Financial schedule:
26 March 2014 2013 Annual Report  
26 March 2014 Annual report and analysts' press report, Frankfurt/Main 
3 April 2014  Deutschland Conference Bankhaus Lampe, Baden-Baden
13 May 2014   Publication of the Q1 2014 interim report  
13 May 2014   Analysts' telephone conference on Q1  
4 June 2014   Annual General Meeting, Weser-Ems-Halle,Oldenburg
13 August 2014 Publication of the H1 2014 half-year financial report
13 August 2014      Analysts' telephone conference on H1  
19 September 2014   Capital Market Day @ photokina, Cologne
12 November 2014    Publication of the Q3 2014 interim report  
12 November 2014    Analysts' telephone conference on Q3
24 November 2014    German Equity Forum, Frankfurt

About CEWE: The 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 2013 CEWE delivered around 2.37 billion prints, 5.8 million CEWE
PHOTO BOOK and photo gift articles to more than 34,000 retail partners to
generate consolidated turnover of 528.6 million euros. CEWE is a "first
mover" in the introduction of new digital technologies and products. In the
new business segment of online printing, printed material for advertising
is marketed through the sales platforms CEWE-PRINT.de , saxoprint and
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.

End of Corporate News


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Language:    English                                                   
Company:     CEWE Stiftung & Co. KGaA                                  
             Meerweg 30-32                                             
             26133 Oldenburg                                           
Phone:       +49 (0)441 40 4-1                                         
Fax:         +49 (0)441 40 4-42 1                                      
E-mail:      IR@cewe.de                                                
Internet:    www.cewe.de                                               
ISIN:        DE0005403901                                              
WKN:         540390                                                    
Indices:     SDAX                                                      
Listed:      Regulierter Markt in Berlin, Frankfurt (Prime Standard);  
             Freiverkehr in Düsseldorf, Hamburg, Hannover, München,    
End of News    DGAP News-Service  
258372 19.03.2014                                                      
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