CeWe Color Holding AG: CeWe Color calls in 600,000 own company shares

CeWe Color Holding AG / Capital Reorganisation Ad-hoc-Announcement according to § 15 WpHG transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. ---------------------------------------------------------------------- CeWe Color calls in 600,000 own company shares Oldenburg, April 28, 2006 – At the next meeting of the Supervisory Board to be held on June 1, 2006, the Board of Management of CeWe Color Holding AG (SDAX, ISIN DE 0005403901) will propose to the Supervisory Board that 600,000 own company shares (10 % of the registered share capital) be called in. CeWe Color has undertaken two-thirds of the shift from conventional to digital photography. Over the past ten years the company has invested more than EUR 150 million in setting up digital technologies and production capacities. CeWe Color reports an equity ratio of 43.3 % and cash flow of EUR 51.4 million as at December 31, 2005. The company intends to invest EUR 28 million in the business year of 2006. The investment budget will be fully financed by cash flow. The registered share capital of CeWe Color Holding AG amounts to EUR 15.6 million and is divided up into six million denominated shares. A total of 600,000 own company shares at an average acquisition price of EUR 24.27 are being held by the company. The scheduled call in of 600,000 own company shares is an initial step aimed at optimising the financial structure of the CeWe Color Group and at providing shareholders with a higher dividend rate in the long term. At the Annual General Meeting on June 1, 2006 the Board of Management of CeWe Color Holding AG expects the buy-back of another 540,000 own company shares to be approved under item 5 of the agenda. The shares are for possible company takeovers, for the Stock Option Plan implemented in September 2005 (application volume: 199,500 shares) and for another call in. The Board of Management also intends to request a vote on another resolution on authorisation to acquire own company shares at the 2007 Annual General Meeting. CeWe Color will be conducting an invitation to tender for a consultant to assist the company in analysing and conducting possible measures for optimising the financial structure of the company. K Capital Partners, Boston (USA), and M2 Capital Management, New York (USA) are the biggest institutional investors in the company, holding more than 22 % of the registered share capital. Both investors have expressed long-term interest in CeWe Color. They are convinced of the success of the CeWe Color business model. The company offers favourably-priced, first-class quality digital photos in the Internet and in more than 60,000 retail stores in Europe. David Marcus, Managing Partner with M2 Capital Management says: 'Over the coming few years we expect to see growth in sales, profits and market capitalisation and we want to be part of the increase in value at CeWe Color.' CeWe Color will be enabling the new major shareholders from America to be represented in the Board of Management of the company as soon as possible. Should you have any queries, please contact: CeWe Color AG & Co. OHG, Hella Hahm, Tel.: 0441 / 404 - 400 (Secretary -234) or 0171 / 34 50 530, Fax: 0441 / 404–421, Email: hella.hahm@cewecolor.de, Internet: http//www.cewecolor.com DGAP 28.04.2006 ---------------------------------------------------------------------- language: English company: 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 email: info@cewecolor.de WWW: www.cewecolor.de ISIN: DE0005403901 WKN: 540390 indices: SDAX stockmarkets: Geregelter Markt in Berlin-Bremen, Frankfurt (Prime Standard); Freiverkehr in Düsseldorf, Hamburg, München, Stuttgart End of News DGAP News-Service ---------------------------------------------------------------------------