CeWe Color Holding AG / Quarter Results/Change in Forecast
07.11.2008
Release of a Adhoc News, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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CeWe Color publishes 2008 Q3 results
Oldenburg, 7 November 2008. CeWe Color Holding AG (Prime Standard, ISIN DE
0005403901) achieved turnover of 117.7 million euros for the third quarter
of 2008; this was matched by 123.5 million euros for the same quarter of
the previous year (-4.7%). This decline was mainly due to a predicted shift
of seasonal business into the fourth quarter and to incurred economic
decline. In line with the development in turnover, earnings before tax and
restructuring were also reduced, from 22.2 million euros in the same
quarter of the previous year to 15 million euros in the third quarter of
2008. Of the 14 million euros in restructuring costs which the company had
provided for in 2008, only 10.8 million euros have been required. In the
third quarter no restructuring costs were incurred. As a result, earnings
before tax for the third quarter also amounted to 15 million euros (2007
Q3: 21.9 million euros).
Due to the incurred economic decline, CeWe Color Holding AG is adjusting
its expectations for sales and earnings for the 2008 financial year. Sales
figures are nevertheless likely to exceed those of the previous year, to
between 415 and 420 million euros (previous year 413.5 million euros,
original projection 426 million euros). Earnings before tax and
restructuring are now expected to be in the range of 20 to 25 million euros
(previous year 25.0 million euros, original projection 31 million euros).
Due to a change in the business seasons, the fourth quarter now generates a
higher contribution to sales than any other quarterly period. Effects of
the incurred economic decline during the Christmas season on sales and
earnings are to be expected. Price sensitivity among consumers is expected
to rise and this is likely to result in a product range with lower margins.
Against this background, the Board of Management has projected the
resulting effects for sales and earnings in a corresponding range.
The quarterly results now presented contain poorer results from France,
where the company had managed to achieve a break-even result in 2007. This
decline in earnings in France is prompting the Board of Management to think
about how the problematic situation in France can be improved in the long
term. These considerations may result in considerable drops in earnings.
In all other countries a further drop of earnings is not expected. The
transformation process has been successfully completed there.
About CeWe Color: Photo service company CeWe Color, with 15
highly-technical production operations and a staff of around 2,800
employees in 24 European countries, is both market and technological
leader. The company supplied around 2.8 billion photos, more than 1.5
million CEWE PHOTO BOOKS and photo gift articles to more than 50,000 retail
partners in 2007. In 2007 turnover amounted to EUR 413.5 million. CeWe
Color is 'first mover' in the launch of new digital technologies, for
example ordering digital photos in the Internet or with the help of order
terminals (DigiFoto Makers) in retail stores. Sales of personalised CEWE
PHOTO BOOKS are developing extremely well. In 1961, CeWe Color was founded
by Senator h.c. Heinz Neumüller. The company went public under the
leadership of Hubert Rothärmel. CeWe Color Holding AG is listed on the
Prime Standard.
Should you have any queries, please contact:
CeWe Color AG & Co. OHG, Hella Hahm (-400) or Axel Weber (-552)
Tel.: 0441 / 404 - 234, Fax: 0441 / 404 - 421,
Email: IR@cewecolor.de, Internet:www.cewecolor.de or www.cewe-fotobuch.de
DGAP 07.11.2008
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Language: English
Issuer: CeWe Color Holding AG
Meerweg 30-32
26133 Oldenburg
Deutschland
Phone: +49 (0)441 40 4-1
Fax: +49 (0)441 40 4-42 1
E-mail: IR@cewecolor.de
Internet: www.cewecolor.de
ISIN: DE0005403901
WKN: 540390
Listed: Regulierter Markt in Berlin, Frankfurt (Prime Standard);
Freiverkehr in Hannover, München, Hamburg, Düsseldorf,
Stuttgart
End of News DGAP News-Service
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DGAP-Adhoc: CeWe Color publishes 2008 Q3 results
| Source: EQS Group AG