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CEWE is growing and clearly reaches its annual targets for 2019

DGAP-News: CEWE Stiftung & Co. KGaA / Key word(s): Preliminary Results
05.02.2020 / 18:00
The issuer is solely responsible for the content of this announcement.

CEWE is growing and clearly reaches its annual targets for 2019

  • 2019 turnover increases significantly to 714.9 million euros (+10.1%)
  • At 57.8 million euros, EBIT is clearly at the top end of the target corridor
  • The CEWE PHOTOBOOK increases by 7.1% to 6.6 million books, and CEWE CALENDARS, CEWE CARDS, CEWE WALL ART and other photo products also grow considerably
  • Christmas business brisk again: Q4 turnover up by 12.0%

Oldenburg, 5 February 2020. CEWE Stiftung & Co. KGaA (SDAX, ISIN: DE 0005403901) has clearly reached its sales and profit targets for the financial year of 2019. Preliminary calculations show an increase in turnover of 10.1%, to 714.9 million euros, which exceeds the 2019 sales target in the range of 675 million to 710 million euros (turnover in 2018: 649.3 million euros). The product groups all contributed to growth, both for the year as a whole and in terms of the company's traditionally strong Christmas business. The main product in particular, the CEWE PHOTOBOOK, confirmed its outstanding importance with sales up by 7.1% against the previous year and with 6.6 million books sold. Christmas business once again confirmed the general trend towards taking photos with smartphones, which boosted the increase in CEWE sales. Operative earnings (EBIT) increased to 57.8 million euros (2018: 55.7 million euros), thus clearly reaching the top end of the 2019 EBIT target corridor of 51-58 million euros. At the same time, earnings even took account of previously announced expenses and accruals in the amount of around 5 million euros for the business segment Commercial Online-Print. CEWE achieved around half of its organic increase in turnover with its core business of photofinishing, while Cheerz and WhiteWall, the latest acquisitions, contributed the other half with their well development.

Excellent Q4 impacts annual net income
The fourth quarter, which includes Christmas business, has been manifesting itself as CEWE's main growth driver for many years. "We are hugely appreciative of our employees' personal input during the Christmas season. The entire CEWE team puts a huge amount of commitment into delighting our customers with our CEWE photo products, which is in itself an outstanding achievement," emphasises Dr. Christian Friege, Chairman of the CEWE Stiftung & Co. KGaA Board of Management. Q4 once again contributed a clear increase in sales and more than 100% of annual net income. With sales at 291.7 million euros (+12.0%) and EBIT considerable in the amount of 58.5 euros despite the one-off effect in Commercial Online-Print (Q4 2018: 58.1 million euros), the Christmas quarter once again exceeded the figures for the previous year in 2019.

Growth in all the product groups
CEWE PHOTOBOOKS, CEWE CALENDARS, CEWE WALL ART, CEWE CARDS and other photo gifts - in 2019, the product groups all showed outstanding growth, in some cases even clearly in the double-digit range. In the year as a whole, sales of the CEWE PHOTOBOOK, at 6.62 million books sold, exceeded the expected target in the range of 6.24 million to 6.31 million books (2018: 6.18 million books). Market leader CEWE, in 2019 already a third-time winner of the TIPA Award as the "Best Photo Service Worldwide", is thus continuing with the success story of the CEWE PHOTOBOOK in the financial year ended: never before have so many CEWE PHOTOBOOKS been sold in a single year. In this context, CEWE was able to deliver the 60 millionth CEWE PHOTOBOOK sold since its launch on the market in mid-2019. In 2019, the total number of photos, which climbed to reached 2.40 billion photos, also clearly exceeded the target of 2.22 to 2.26 billion photos (2018: 2.23 billion photos), thus documenting the pleasing rise in the core business of photofinishing.

Rapid pace of innovation as a success factor
"Stagnancy is unacceptable for the entire CEWE team, which is always on the lookout for new ideas and products. This innovative spirit is one of the reasons for our successful development," Christian Friege points out. In 2019, CEWE once again presented many photo gift innovations to coincide with the Christmas season, examples being CEWE PHOTOBOOKS bound in leather or canvas, or with hard-cover enhancements using pink gold, and calendar gift packages. "Agile, innovative companies using their technology to ideally comply with their customers' preferences are the winners in these times of digitisation. We focus fully on the guiding principle of customer satisfaction in the work we do" Christian Friege continues.

Information is all based on preliminary, as yet uncertified, results. CEWE will present full, audited annual financial statements at the annual report and analysts' press conference to be held in Frankfurt am Main on 26 March 2020.

Full year of 2019 vs. previous year and targets (preliminary figures)

CEWE Group Unit 2018 actual 2019 target 2019 actual
Photos in billion units 2.23 2.22-2.26 2.40
CEWE PHOTOBOOK in million units 6.18 6.24-6.31 6.62
Turnover in euro millions 649.3 675-710 714.9
EBIT in euro millions 55.7 51-58 57.8

2019 Q4 (figures preliminary)

CEWE Group Unit Q4 2018 Q4 2019 Diff. % Diff. abs.
Photos in million units 810 890 +9.6 +80
CEWE PHOTOBOOK in million units 2.49 2.65 +6.4 +0.16
Turnover in euro millions 260.5 291.7 +12.0 +31.2
EBIT in euro millions 58.1 58.5 +0.7 +0.4

Exact values have been used for all percentage deviation calculations.

The CEWE Group turnover described here and the Group EBIT have been shown excluding Group company futalis, which is held for sale and is nevertheless still included in the "Other" business segment as a "discontinued operation" in the segment reports for the current reporting period and for the figures for the previous year pursuant to IFRS 5.

Should you have any queries, please contact:
CEWE Stiftung & Co. KGaA, Axel Weber (Investor Relations)
Tel.: 0441 / 404 - 2288, Fax: 0441 / 404 - 421, email:

Internet: , , , , , ,,

The CEWE apps are all available in the app stores: CEWE PHOTO WORLD, CEWE POSTCARD and other photo apps, and the CEWE Investor Relations app for iPad(c) or android tablets, with annual reports and quarterly reports, presentations and sustainability reports.

Financial schedule
(insofar as already scheduled)

24.03.2020 Bankhaus Lampe Germany Conference, Baden-Baden
26.03.2020 CEWE Annual Report and analysts' press conference, Frankfurt
26.03.2020 Publication of the 2019 Annual Report
26.03.2020 Press release on the Annual Report and analysts' press conference
12.05.2020 Publication of the 2020 Q1 interim communication
12.05.2020 Press release on Q1 2020
10.06.2020 Annual General Meeting, Weser-Ems-Halle, Oldenburg
10.06.2020 Press release on the 2020 AGM
06.08.2020 Publication of the 2020 HY1 interim report
06.08.2020 Press release on 2020 HY1
22.09.2020 2020 Berenberg & Goldman Sachs German Corporate Conference
23.09.2020 2020 Baader Investment Conference
12.11.2020 Publication of the 2020 Q3 interim communication
12.11.2020 Press release on Q3 2020
16.11.2020 German Equity Forum, 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 more than six million books being sold each year. Customers can purchase other personalised photo products under the brand names of CEWE, WhiteWall and Cheerz - and from many leading retailers in Europe. In terms of their personal photos, they are inspired to produce a variety of creative designs and they entrust the company with around 2.4 billion photos every year.

The CEWE Group has also set up a highly efficient production system for the online printing market, which is still new. 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 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. An example of this is the climate-neutral process used to produce all the CEWE brand-name products.

The CEWE Group has a staff of more than 4,000 employees and operates in more than 20 countries. Group sales rose to 714.9 million euros in 2019. CEWE is listed on the SDAX.

More information is available at

05.02.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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Axel Weber
Leiter Investor Relations,
Planung & Reporting

Telefon: +49 (0) 441 404-2288
Fax: +49 (0) 441 404-421

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