CeWe Color Holding AG / AGM/EGM
28.05.2009
Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
CeWe Color Annual General Meeting confirms strategy of the Group
* 99.997% resolve on dividend of EUR 1.00
* Strong shareholder representation of 76% of the capital
* Milestone reached: restructuring phase completed
* Increases through CEWE PHOTO BOOKS and commercial digital prints
Oldenburg, 28 May 2009. CeWe Color Holding AG (SDAX, ISIN: DE 0005403901)
confirmed the strategy of the Group today and approved of all the items on
the agenda proposed by the management. A dividend of EUR 1.00 per
denominated participating share is being paid out for the 2008 business
year.
Dividend of EUR 1.00 per denominated participating share
The dividend of EUR 1.00 represents a payout of EUR 6,903,415.00. The
consolidated profit of EUR 7,106,310.13 million for 2008 is hence almost
being paid out in full to the shareholders. The dividend will be paid out
as of 29 May 2009 by Clearstream Banking AG, Frankfurt am Main, onto
shareholders' accounts held there with the custodian banks, less 25%
capital gains tax and a 5.5% solidarity surcharge on the capital gains tax
(26.375% in total). The paying bank for the dividend is BHF-BANK
Aktiengesellschaft, Frankfurt am Main.
Analogue/digital transition enhances market position
The Chairman of the Board of Management, Dr. Rolf Hollander, emphasised
that restructuring would be completed in the current year. 'We have now
reached an important milestone in the development of your company. The end
of costs for the transition from analogue to digital photography in the
form of restructuring and increased investments was foreseeable. At the
same time the range contained new growth products with the digital print
products - in particular CEWE PHOTO BOOKS. CeWe Color was opening up
further potential for growth with digital prints for commercial users. 'We
have used the transition from analogue to digital photography to
significantly reinforce our market position,' Dr. Hollander explained.
End of the restructuring phase: positive effect on earnings as of 2010
The transition from analogue to digital photography has seen the overall
number of photos gradually declining over the past few years. As a result,
CeWe Color has reduced the number of its labs from a peak 29 labs to 13
labs today and has invested EUR 10 million each year for resulting
restructuring measures in the period from 2005 to 2009. 'These
extraordinary expenses incurred in line with the transition from analogue
to digital photography will come to an end this year after these final
closures. This has a positive effect on earnings to the amount of EUR 10
million,' Dr. Hollander said.
Drop in need for investments reinforces free cash flow
The company has also invested more than EUR 225 million in digital
technology over the past seven years. These investments have served to
create a highly-efficient basis for digital production, enabling
investments to be reduced by approximately a third in 2009 against those in
2008. This will benefit free cash flow in 2009.
No. 1 position on the European market for photo books reinforced
CeWe Color has also extended its market leadership on the market for photo
books. In 2008 the number of CEWE PHOTO BOOKS produced rose by 74.8%.
Turnover achieved with this increased production has grown even more. The
market itself on the other hand has 'only' grown by approx. 48%. This
development continued in 2009. In the first quarter of 2009 CeWe Color
produced 58% more CEWE PHOTO BOOKS than in the same period of the previous
year and turnover also once again rose considerably while turnover on the
market is anticipated to grow by 35%. Rolf Hollander: 'We reinforce our
position as the clear Number 1 on a growing European photo book market.'
Commercial digital prints are a new growth segment
The success of the CEWE PHOTO BOOK on the market positions CeWe Color as
the leading European digital printing company for consumers. With approx.
50 printing machines, CeWe Color is one of the leading suppliers of
first-class 4-colour digital prints in Europe. These capacities are now
also to be made available for commercial applications. A vital step into
this market was taken with the acquisition of Diron six months ago. 'The
first phase of integration has now been completed. We have commenced with
production for commercial users.' The step into commercial digital printing
is an important element of CeWe Color growth.
High shareholder representation of 76% of the capital
The high shareholder representation of 76% of the share capital at the
Annual General Meeting highlighted the strong interest of the shareholders
in the development of the company.
Financial Diary:
25 August 2009 2009 mid-year report
9 November 2009 German Equity Forum, Frankfurt am Main
24 November 2009 2009 nine-month report
About CeWe Color: Photo service company CeWe Color, with 13
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 2.6 billion photos, more than 2.6
million CEWE PHOTO BOOKS and photo gift articles to more than 50,000 retail
partners in 2008. In 2008 turnover amounted to EUR 420.0 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 in 1993. CeWe Color Holding AG is listed on
the SDAX.
Should you have any queries, please contact:
CeWe Color Holding AG, Dr. Hella Hahm (-400) or Axel Weber (-552)
Tel.: 0441 / 404 - 2288, Fax: 0441 / 404 - 421,
Email: IR@cewecolor.de, Internet: www.cewecolor.de or www.cewe-fotobuch.de
DGAP 28.05.2009
---------------------------------------------------------------------------
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
Indices: SDAX
Listed: Regulierter Markt in Berlin, Frankfurt (Prime Standard);
Freiverkehr in Hannover, München, Hamburg, Düsseldorf,
Stuttgart
End of News DGAP News-Service
---------------------------------------------------------------------------
DGAP-News: CeWe Color Annual General Meeting confirms strategy of the Group
| Source: EQS Group AG