DGAP-News

CEWE wants to see a renewed rise in earning power - Seite 3

Photofinishing and commercial online printing develop strongly
The biggest CEWE business division grew even more than expected in the 2014
business year: with turnover at 386.0 million euros (+2.8 %) and EBIT at
38.4 million euros (+7.2 %), photofinishing accounts for 73.7 % of Group
turnover and for 117.8 % of Group EBIT. In contrast, CEWE reduced its
retail business by 33.4 % to turnover in the amount of 67.3million euros by
abstaining from the low-margin wholesale line of business. Essential
adjustment measures in Poland resulted in negative EBIT of -2.9 million
euros in this segment. In contrast, commercial online printing grew by 17.8
% to 70.5 million euros, improving EBIT by 4.1million euros to - 2.9
million euros, in spite of the considerable amount of initial funding.

2015 targets: earning power, investments and dividends to continue to
increase
"We wish to enhance our earning power in 2015 as well, even though we are
making advance payments in our growth sector of commercial online
printing," Dr.Hollander emphasised. In 2015, the Group turnover for all the
business segments is to lie in the range of 515 million to 535 million
euros (2014: 523.8 million euros). While the Board of Management expects
sales to be just about stable in the high-margin sector of photofinishing,
the potential decline in retail business turnover is to be more than
offset if possible by an expected rise in turnover generated with
commercial online printing. After 70.5 million euros in 2014 (17.8 %), the
management believes that an increase in online printing turnover to more
than 80 million euros should be possible in 2015. CEWE continues to
maintain its target of generating a positive contribution to income in this
new business segment from 2016 on. The target corridors for profits in
comparison to 2014 are all being set at an increase of around two million
euros for 2015: EBIT is to be in a corridor of 32 million to 38 million
euros in 2015, EBT is to be in the range of 30 million to 36 million euros,
and after tax earnings between 20 million and 24 million euros. Earnings
per share are to be in the range of 2.87 to 3.45 euros. CEWE is also
planning to increase investments to approx. 46 million euros (2014: 35.4
million euros). This investment figure includes a non-recurring special
effect due to a building extension. At the same time the management is