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15.05.2024 07:00:52 - dpa-AFX: EQS-News: Strong start to the year: CEWE with turnover and earnings growth in Q1 (english)
Strong start to the year: CEWE with turnover and earnings growth in Q1
EQS-News: CEWE Stiftung & Co. KGaA / Key word(s): Quarterly / Interim
Statement/Quarter Results
Strong start to the year: CEWE with turnover and earnings growth in Q1
15.05.2024 / 07:00 CET/CEST
The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
Strong start to the year: CEWE with turnover and earnings growth in Q1
* Strong first quarter confirms annual forecast for 2024
* Innovative: CEWE Group recognized with three TIPA World Awards
Oldenburg, May 15, 2024 - CEWE Stiftung & Co. KGaA (SDAX, ISIN: DE
0005403901) has made a good start to the 2024 financial year. Group turnover
increased by +6.6% to 165.7 million euros in the first quarter of 2024,
setting a new high for a first quarter (Q1 2023: 155.3 million euros). At
the same time, Group EBIT improved by EUR 2.9 million to EUR 8.1 million (Q1
2023: EUR 5.2 million). All business segments contributed to this: The
earnings momentum is largely driven by the core business segment
Photofinishing with an EBIT increase of 2.4 million euros, Commercial
Online-Print improved its EBIT by 0.4 million euros and Retail was also able
to improve its earnings contribution by 0.1 million euros. "The strong first
quarter in terms of turnover and earnings is an impressive team effort by
all CEWE employees and a very successful start to the year, which confirms
the trend of a continuously stronger first quarter and also reinforces our
planning for 2024. We are particularly pleased that the innovative strength
of the CEWE Group has once again been recognized and honoured by the
international expert jury of the 'Technical Image Press Association' with
three TIPA World Awards," emphasized Yvonne Rostock, Chairwoman of the Board
of Management of CEWE Stiftung & Co. KGaA. With the strong development of
the first quarter, the company is clearly on course to achieve its annual
targets: CEWE's management is forecasting Group turnover of up to 820
million euros and Group EBIT of up to 87 million euros for 2024. With the
15th consecutive dividend increase, CEWE recently rose to second place -
among all 611 German listed companies surveyed that have continuously
increased their dividends (measured by the duration of dividend increases in
years).
Photofinishing: Strong Q1 results and three TIPA World Awards
In the first quarter of 2024, photofinishing turnover once again rose
significantly by +9.1% to 137.6 million euros (Q1 2023: 126.1 million
euros), while photofinishing EBIT recorded an increase of 2.4 million euros
and reached 7.5 million euros (Q1 2023: 5.2 million euros). Outstandingly
innovative: the CEWE Group wins three TIPA World Awards at the beginning of
the year, once again documenting the company's innovative strength. The
'Best Photo Service' award went to the free-form stickers, which can be
created, cut and picked directly at the CEWE photo station, the Pixum app as
'Best Consumer Photo Print App' and WhiteWall as 'Best Photo Lab' for
ultraHD sharpening of black-and-white prints. The Technical Image Press
Association's annual award recognizes innovative excellence in the
photographic industry.
Commercial Online-Print further increases profitability
The Commercial Online Print (COP) business segment continues to benefit from
the cost efficiency achieved in production at SAXOPRINT and the resulting
"best price guarantee" for its customers: Despite a slight decline in
turnover, COP managed to improve EBIT by EUR 0.4 million to EUR 0.8 million
(Q1 2023: EUR 0.4 million) on the basis of the continuously optimized cost
structure. The business segment held its own against the competition and
recorded a decline in turnover of 4.9% to EUR 21.4 million in the first
quarter (Q1 2023: EUR 22.6 million) in what is currently a slightly
declining market overall.
CEWE retail continues to be well positioned
Hardware retail achieved a turnover of 6.6 million euros in Q1, only
slightly below that of the same quarter of the previous year (Q1 2023: 6.7
million euros). CEWE is systematically avoiding lower-margin retail business
in the area of photo hardware (cameras and accessories) and continues to
focus on business with Photofinishing products (reported in the
Photofinishing segment). The business segment even improved EBIT slightly to
-0.1 million euros in the typically seasonally weak first quarter (Q1 2023:
-0.2 million euros).
Traditionally solid equity ratio reaches 66.6%, ROCE rises to 19.2
At a very solid 66.6%, the equity ratio is slightly below the previous
year's level (31.03.2023: 67.1%), mainly due to the share buyback. At the
same time, the return on capital employed (ROCE) developed positively,
rising from 18.0% in the same quarter of the previous year to a very
respectable 19.2% as at March 31, 2024: CEWE is creating sustainable value.
Outlook 2024 confirmed with Q1 results
The CEWE management sees the results of the first quarter as confirmation of
the targets set and confirms the outlook for 2024: Group turnover is
expected to reach a value in the range of 770 to 820 million euros in 2024,
while Group EBIT is expected to be in the corridor of 77 to 87 million euros
in 2024. The CEWE management targets are based on values in the upper half
of the ranges; the lower end of the corridors solely reflects exogenous
uncertainties that cannot be influenced by the company, such as a worsening
inflation-related increase in prices. CEWE itself does not currently see any
effects of inflation on its own business: photo products in particular have
a very high emotional value for many people and are increasingly in demand,
largely independently of the overall economic development.
CEWE is a top dividend increaser: 15th dividend increase in a row
Based on the results for the 2023 financial year, the Management Board and
Supervisory Board have proposed to the Annual General Meeting that the
dividend be increased to EUR 2.60 per dividend-bearing share (dividend for
the 2022 financial year: EUR 2.45). Subject to shareholder approval at the
Annual General Meeting to be held on June 5, 2024, the proposed dividend of
EUR 2.60 per share (based on the 2023 year-end share price of EUR 101.20)
corresponds to a dividend yield of 2.6%. This is the fifteenth consecutive
dividend increase and also the highest dividend in the company's history.
According to the recently published 'Dividend Study Germany 2024' by
Dividenden Adel, isf Institut and Deutsche Schutzvereinigung für
Wertpapierbesitz DSW, CEWE ranks second among all 611 German listed
companies surveyed that have continuously increased their dividends.
Overview Results Q1 2024
Rounding differences may occur. Exact values have always been used for
percentage deviation calculations.
Notes to the "Earnings by Business Segment" chart
(1) Photofinishing: Production and sale of photo products such as the CEWE
PHOTOBOOK, calendars, greeting cards, wall art and individual (analogue and
digital) photos as well as other photo products
(2) Retailing: Trading in photo hardware, such as cameras and 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 of SAXOPRINT, viaprinto and
LASERLINE
Should you have any queries, please contact:
CEWE Stiftung & Co. KGaA, Axel Weber (Investor Relations)
Tel.: 0441 / 404 - 552, Fax: 0441 / 404 - 421, Email: IR@cewe.de
Internet: cewe.de , pixum.de , deindesign.de , whitewall.com , cheerz.com ,
saxoprint.de, viaprinto.de , laser-line.de
You are welcome to join us at one of these investment conferences or to
follow up on our pending publications:
Financial schedule
(insofar as already scheduled)
05.06.2024 Annual General Meeting 2024, Weser-Ems-Halle Oldenburg
15.08.2024 Publication Interim Report H1 2024
22.08.2024 Montega Conference HIT, Hamburg
25.09.2024 Berenberg & Goldman Sachs German Corporate Conference 2024,
Munich
26.09.2024 Baader Investment Conference 2024, Munich
14.11.2024 Publication Interim Statement Q3 2024
20.11.2024 CIC Market Solutions Forum, Paris
25.11.2024 Deutsches Eigenkapitalforum 2024, Frankfurt
About CEWE:
The CEWE Group is Europe's leading photo service and online printing
supplier.
From its beginnings in 1912, CEWE has progressed to become the leading photo
service company for all those wanting to make more of their photos. This is
mainly due to the much-awarded CEWE PHOTOBOOK, with about six million books
being sold each year. Customers can purchase other personalised photo
products under the brand names of CEWE, Cheerz, DeinDesign, Pixum and
WhiteWall - and from many leading retailers in Europe. They are inspired to
produce a variety of creative designs from their personal photos in these
brand environments, entrusting the company with more than 2 billion photos
every year.
The CEWE Group has also set up a highly efficient production system for
advertising prints and business prints for the online printing market. Every
year billions of high-quality printed products are delivered reliably to
their purchasers through the SAXOPRINT, LASERLINE and viaprinto sales
platforms.
The CEWE Group, through the founder family of Neumüller as an anchor
shareholder, focuses on sustainable corporate management and has already
received many awards for this effort: economically sustainable in the long
term; cooperative and fair in dealings with customers, employees and
suppliers; socially responsible and protective of the environment and
resources.
The CEWE Group has a staff of 4,000 employees and operates in 21 countries.
CEWE is listed on the SDAX. More information is available at
company.cewe.de.
---------------------------------------------------------------------------
15.05.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS
News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The EQS Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com
---------------------------------------------------------------------------
End of News EQS News Service
---------------------------------------------------------------------------
1903135 15.05.2024 CET/CEST
EQS-News: CEWE Stiftung & Co. KGaA / Key word(s): Quarterly / Interim
Statement/Quarter Results
Strong start to the year: CEWE with turnover and earnings growth in Q1
15.05.2024 / 07:00 CET/CEST
The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
Strong start to the year: CEWE with turnover and earnings growth in Q1
* Strong first quarter confirms annual forecast for 2024
* Group turnover increases by 6.6% to EUR 165.7 million, EBIT rises to EUR
8.1 million
* Innovative: CEWE Group recognized with three TIPA World Awards
* CEWE is top dividend increaser: 2nd place out of 611 German listed
companies
Oldenburg, May 15, 2024 - CEWE Stiftung & Co. KGaA (SDAX, ISIN: DE
0005403901) has made a good start to the 2024 financial year. Group turnover
increased by +6.6% to 165.7 million euros in the first quarter of 2024,
setting a new high for a first quarter (Q1 2023: 155.3 million euros). At
the same time, Group EBIT improved by EUR 2.9 million to EUR 8.1 million (Q1
2023: EUR 5.2 million). All business segments contributed to this: The
earnings momentum is largely driven by the core business segment
Photofinishing with an EBIT increase of 2.4 million euros, Commercial
Online-Print improved its EBIT by 0.4 million euros and Retail was also able
to improve its earnings contribution by 0.1 million euros. "The strong first
quarter in terms of turnover and earnings is an impressive team effort by
all CEWE employees and a very successful start to the year, which confirms
the trend of a continuously stronger first quarter and also reinforces our
planning for 2024. We are particularly pleased that the innovative strength
of the CEWE Group has once again been recognized and honoured by the
international expert jury of the 'Technical Image Press Association' with
three TIPA World Awards," emphasized Yvonne Rostock, Chairwoman of the Board
of Management of CEWE Stiftung & Co. KGaA. With the strong development of
the first quarter, the company is clearly on course to achieve its annual
targets: CEWE's management is forecasting Group turnover of up to 820
million euros and Group EBIT of up to 87 million euros for 2024. With the
15th consecutive dividend increase, CEWE recently rose to second place -
among all 611 German listed companies surveyed that have continuously
increased their dividends (measured by the duration of dividend increases in
years).
Photofinishing: Strong Q1 results and three TIPA World Awards
In the first quarter of 2024, photofinishing turnover once again rose
significantly by +9.1% to 137.6 million euros (Q1 2023: 126.1 million
euros), while photofinishing EBIT recorded an increase of 2.4 million euros
and reached 7.5 million euros (Q1 2023: 5.2 million euros). Outstandingly
innovative: the CEWE Group wins three TIPA World Awards at the beginning of
the year, once again documenting the company's innovative strength. The
'Best Photo Service' award went to the free-form stickers, which can be
created, cut and picked directly at the CEWE photo station, the Pixum app as
'Best Consumer Photo Print App' and WhiteWall as 'Best Photo Lab' for
ultraHD sharpening of black-and-white prints. The Technical Image Press
Association's annual award recognizes innovative excellence in the
photographic industry.
Commercial Online-Print further increases profitability
The Commercial Online Print (COP) business segment continues to benefit from
the cost efficiency achieved in production at SAXOPRINT and the resulting
"best price guarantee" for its customers: Despite a slight decline in
turnover, COP managed to improve EBIT by EUR 0.4 million to EUR 0.8 million
(Q1 2023: EUR 0.4 million) on the basis of the continuously optimized cost
structure. The business segment held its own against the competition and
recorded a decline in turnover of 4.9% to EUR 21.4 million in the first
quarter (Q1 2023: EUR 22.6 million) in what is currently a slightly
declining market overall.
CEWE retail continues to be well positioned
Hardware retail achieved a turnover of 6.6 million euros in Q1, only
slightly below that of the same quarter of the previous year (Q1 2023: 6.7
million euros). CEWE is systematically avoiding lower-margin retail business
in the area of photo hardware (cameras and accessories) and continues to
focus on business with Photofinishing products (reported in the
Photofinishing segment). The business segment even improved EBIT slightly to
-0.1 million euros in the typically seasonally weak first quarter (Q1 2023:
-0.2 million euros).
Traditionally solid equity ratio reaches 66.6%, ROCE rises to 19.2
At a very solid 66.6%, the equity ratio is slightly below the previous
year's level (31.03.2023: 67.1%), mainly due to the share buyback. At the
same time, the return on capital employed (ROCE) developed positively,
rising from 18.0% in the same quarter of the previous year to a very
respectable 19.2% as at March 31, 2024: CEWE is creating sustainable value.
Outlook 2024 confirmed with Q1 results
The CEWE management sees the results of the first quarter as confirmation of
the targets set and confirms the outlook for 2024: Group turnover is
expected to reach a value in the range of 770 to 820 million euros in 2024,
while Group EBIT is expected to be in the corridor of 77 to 87 million euros
in 2024. The CEWE management targets are based on values in the upper half
of the ranges; the lower end of the corridors solely reflects exogenous
uncertainties that cannot be influenced by the company, such as a worsening
inflation-related increase in prices. CEWE itself does not currently see any
effects of inflation on its own business: photo products in particular have
a very high emotional value for many people and are increasingly in demand,
largely independently of the overall economic development.
CEWE is a top dividend increaser: 15th dividend increase in a row
Based on the results for the 2023 financial year, the Management Board and
Supervisory Board have proposed to the Annual General Meeting that the
dividend be increased to EUR 2.60 per dividend-bearing share (dividend for
the 2022 financial year: EUR 2.45). Subject to shareholder approval at the
Annual General Meeting to be held on June 5, 2024, the proposed dividend of
EUR 2.60 per share (based on the 2023 year-end share price of EUR 101.20)
corresponds to a dividend yield of 2.6%. This is the fifteenth consecutive
dividend increase and also the highest dividend in the company's history.
According to the recently published 'Dividend Study Germany 2024' by
Dividenden Adel, isf Institut and Deutsche Schutzvereinigung für
Wertpapierbesitz DSW, CEWE ranks second among all 611 German listed
companies surveyed that have continuously increased their dividends.
Overview Results Q1 2024
CEWE Business Segments Unit Q1 Q1 % abs.
2023 2024
(1) Photofinishing
Photos m. photos 516 519 +0.5% +3
CEWE PHOTOBUCH ths. 1,256 1,237 -1.5% -19
units
Turnover EUR m. 126.1 137.6 +9.1% +11.-
5
EBIT EUR m. 5.2 7.5 +45.9- +2.4
%
Purchase price allocation EUR m. -0.8 -0.8 --- ---
effects
EBIT before special effects EUR m. 6.0 8.3 +38.4- +2.3
%
(2) Retail
Turnover EUR m. 6.7 6.6 -1.5% -0.1
EBIT EUR m. -0.2 -0.1 +40.7- +0.1
%
(3) Commercial Online-Print
Turnover EUR m. 22.6 21.4 -4.9% -1.1
EBIT EUR m. 0.4 0.8 +94.5- +0.4
%
Purchase price allocation EUR m. -0.03 -0.03 --- ---
effects
EBIT before special effects EUR m. 0.5 0.9 +89.2- +0.4
%
(4) Other (without futalis)
Turnover EUR m. 0.0 0.0 --- ---
EBIT EUR m. -0.2 -0.2 +3.7% +0.0-
1
CEWE Group Unit Q1 Q1 % abs.
2023 2024
Turnover EUR m. 155.3 165.7 +6.6% +10.-
3
EBIT EUR m. 5.2 8.1 +55.2- +2.9
%
Total special effects EUR m. -0.8 -0.8 --- ---
EBIT before special effects EUR m. 6.1 8.9 +46.3- +2.8
%
EBT EUR m. 5.1 8.7 +71.4- +3.6
%
Rounding differences may occur. Exact values have always been used for
percentage deviation calculations.
Notes to the "Earnings by Business Segment" chart
(1) Photofinishing: Production and sale of photo products such as the CEWE
PHOTOBOOK, calendars, greeting cards, wall art and individual (analogue and
digital) photos as well as other photo products
(2) Retailing: Trading in photo hardware, such as cameras and 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 of SAXOPRINT, viaprinto and
LASERLINE
Should you have any queries, please contact:
CEWE Stiftung & Co. KGaA, Axel Weber (Investor Relations)
Tel.: 0441 / 404 - 552, Fax: 0441 / 404 - 421, Email: IR@cewe.de
Internet: cewe.de , pixum.de , deindesign.de , whitewall.com , cheerz.com ,
saxoprint.de, viaprinto.de , laser-line.de
You are welcome to join us at one of these investment conferences or to
follow up on our pending publications:
Financial schedule
(insofar as already scheduled)
05.06.2024 Annual General Meeting 2024, Weser-Ems-Halle Oldenburg
15.08.2024 Publication Interim Report H1 2024
22.08.2024 Montega Conference HIT, Hamburg
25.09.2024 Berenberg & Goldman Sachs German Corporate Conference 2024,
Munich
26.09.2024 Baader Investment Conference 2024, Munich
14.11.2024 Publication Interim Statement Q3 2024
20.11.2024 CIC Market Solutions Forum, Paris
25.11.2024 Deutsches Eigenkapitalforum 2024, Frankfurt
About CEWE:
The CEWE Group is Europe's leading photo service and online printing
supplier.
From its beginnings in 1912, CEWE has progressed to become the leading photo
service company for all those wanting to make more of their photos. This is
mainly due to the much-awarded CEWE PHOTOBOOK, with about six million books
being sold each year. Customers can purchase other personalised photo
products under the brand names of CEWE, Cheerz, DeinDesign, Pixum and
WhiteWall - and from many leading retailers in Europe. They are inspired to
produce a variety of creative designs from their personal photos in these
brand environments, entrusting the company with more than 2 billion photos
every year.
The CEWE Group has also set up a highly efficient production system for
advertising prints and business prints for the online printing market. Every
year billions of high-quality printed products are delivered reliably to
their purchasers through the SAXOPRINT, LASERLINE and viaprinto sales
platforms.
The CEWE Group, through the founder family of Neumüller as an anchor
shareholder, focuses on sustainable corporate management and has already
received many awards for this effort: economically sustainable in the long
term; cooperative and fair in dealings with customers, employees and
suppliers; socially responsible and protective of the environment and
resources.
The CEWE Group has a staff of 4,000 employees and operates in 21 countries.
CEWE is listed on the SDAX. More information is available at
company.cewe.de.
---------------------------------------------------------------------------
15.05.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS
News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The EQS Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com
---------------------------------------------------------------------------
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: IR@cewe.de
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
EQS News ID: 1903135
End of News EQS News Service
---------------------------------------------------------------------------
1903135 15.05.2024 CET/CEST
| Name | WKN | Börse | Kurs | Datum/Zeit | Diff. | Diff. % | Geld | Brief | Erster | Schluss | |
|---|---|---|---|---|---|---|---|---|---|---|---|
 |
CEWE STIFT.KGAA O.N. | 540390 | Xetra | 106,400 | 29.05.24 10:49:39 | +0,400 | +0,38% | 106,400 | 106,600 | 106,200 | 106,000 |
