DGAP-News

CEWE on target for 2014 after first half year

DGAP-News: CEWE Stiftung & Co. KGaA / Key word(s): Half Year Results
CEWE on target for 2014 after first half year

13.08.2014 / 07:00

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CEWE on target for 2014 after first half year

- CEWE PHOTO BOOK continues to increase

- Online printing grows by 24.8% in the first half year

- Return on equity continues to improve: ROCE increases to 17.0%

- Capital ratio rises to 53.4%

Oldenburg, 13 August 2014. CEWE Stiftung & Co. KGaA (SDAX, ISIN: DE
0005403901) is on track to reach its targets for the current business year
after the first six months of 2014: Income compared to the target figures
for 2013 is to be improved on average by around 3 million euros, in terms
of EBIT and EBT and of after-tax earnings. As expected, turnover in the
first half year, which is typically weak and loss-generating for seasonal
reasons, was reduced from 218.2 million to 204.2 million euros. In addition
to the continuing seasonal shift to the fourth quarter, one of the main
reasons is the scheduled reduction in turnover from wholesale business in
the business segment of retailing, which only generated minimal margins in
the previous years. EBIT improved by around three million euros in the
first six months of 2014 in comparison to the same period of the previous
year, which had continued to be negatively affected by expenditure for
restructuring, to amount to -7.3 million euros (1 H 2013: -10.3 million
euros), and is thus fully in line with targets. In the case of EBIT on a
rolling 12-month basis, which does not reflect seasonal fluctuations, CEWE
achieved EBIT of 32.4 million euros (target for 2014: 30-36 million euros).
CEWE is now generating by far the greatest share of its earnings in the
fourth quarter, with EBIT in the Christmas quarter of 2013 amounting to
33.5 million euros. "We have set ourselves ambitious targets for 2014:
continuing with our dynamic growth in online printing and at the same time
strengthening our earning power throughout the company. The first half year
has shown that we are well on the way to achieving both targets," says Dr.
Rolf Hollander, Chairman of the Board of Management of CEWE Stiftung & Co.
KGaA.

Online printing grows even more than anticipated
Online printing grew by 24.8% to 33.9 million euros in the first six months
of 2014, which was an even greater increase than had been expected. CEWE is
aiming for an increase in turnover of more than 17% in this business
segment for 2014 as a whole. EBIT in the segment improved slightly in spite