CEWE: Strong turnover and earnings development in 2022

CEWE: Strong turnover and earnings development in 2022

• Turnover increases to 741.0 million euros and exceeds own target
• EBIT rises to 75.6 million euros and is clearly in the upper half of the target corridor
• CEWE PHOTOBOOK, calendars and many other photo products continue to be popular Christmas gifts with considerable growth in many cases
• Also Commercial Online-Print and Retail increase and improve earnings

Oldenburg, February 10, 2023. CEWE Stiftung & Co. KGaA (SDAX, ISIN: DE 0005403901) has closed the 2022 business year with a significant increase in turnover and stronger earnings than in the previous year, according to preliminary, as yet unaudited figures: turnover is thus up by +7.0% and 48.2 million euros to 741.0 million euros, thereby exceeding the target of 680 to 740 million euros planned for 2022 (2021: 692.8 million euros). Operating profit (EBIT) rises to 75.6 million euros, reaching a level clearly in the upper half of the target range of 65 to 80 million euros planned for 2022 (2021 EBIT: 72.2 million euros). "The considerable growth and the strong result in 2022 are an impressive achievement of the entire CEWE team. All business units have managed the special challenges of 2022 in a first-class manner, excellently compensated for the effects of inflation, and permanently ensured the smooth operation of all supply chains along the entire value creation process. Since 2015 alone, we have increased turnover by more than a third, more than doubled EBIT and thus clearly improved margin quality," says Dr. Olaf Holzkämper, CFO of CEWE Stiftung & Co. KGaA.

Strong growth in the fourth quarter

The traditional seasonal peak in the fourth quarter of 2022 contributed more than 100% of the annual result: turnover increased by 7.0% to 318.7 million euros (Q4 2021: 297.8 million euros) and EBIT by 6.8% to 77.0 million euros (EBIT Q4 2021: 72.1 million euros). CEWE continues to benefit strongly from its early transformation into a digital business model: both the trend towards taking photos with smartphones and photo products that can be easily ordered online or via mobile apps are driving growth. At the same time, the nationwide structure of recognized retail partners forms a solid basis for customer-oriented service.

New photo products enrich the Christmas business

In 2022, CEWE again presented many innovations around personal photo gifts in time for Christmas, such as the new XXL Advent calendar with Tony's Chocolonely, the photo Advent calendar with poster collage, the "Nature" desk calendar made of 100% recycled paper, or the TIPA award-winning personalized slipcase for the CEWE PHOTO BOOK XL. As a result, the CEWE PHOTOBOOK 2022 has also shown a pleasing increase of 3.6% to a sales volume of 5.85 million copies (2021: 5.65 million copies). Similarly, the total number of photos across all products rose by 4.4% to 2.28 billion in the year covered by the report (2021: 2.18 billion photos). Corona normalization, with the return of primarily international vacations, events, celebrations and festivals, led to many new photos among consumers in 2022. " Thanks to a strong performance of all employees in the CEWE Group, we have also turned the increase in travel activity of our customers into good business for CEWE. Our high innovation dynamics, the sustainable quality of our products and the end-customer-centric brand communication play a key role in this.  We are particularly pleased that this has once again led to a significant increase in customer satisfaction in 2022 compared to previous years," explains Thomas Mehls, member of the Executive Board and responsible for marketing.

Commercial Online-Print and Retail also with profitable growth

According to preliminary figures, both the Commercial Online-Print and the Retail business units closed the 2022 financial year with further profitable growth. The optimized production and cost structure in Commercial Online-Print and the improved store structure in Retail contributed to this.

Full-year 2022 year-on-year and target comparison (preliminary figures)

EBIT 2022 even includes a negative effect of -0.4 million euros from the purchase price allocation of Hertz Systemtechnik GmbH, which has now been finalized. CEWE had acquired the system supplier of the CEWE Photostation in May 2022.

Fourth quarter 2022 (preliminary figures)

Percentage differences are always calculated with the exact values.

All figures for fiscal year 2022 are based on preliminary, unaudited data. The complete, audited financial statements will be presented at the Annual Press and Analysts' Conference on March 30, 2023.

Should you have any queries, please contact:
CEWE Stiftung & Co. KGaA, Axel Weber (Investor Relations)
Tel.: 0441 / 404 - 552, Fax: 0441 / 404 - 421, Email: IR@cewe.de

Internet:  cewe.de , pixum.de , deindesign.de , whitewall.com , cheerz.com ,   

saxoprint.de, viaprinto.de , laser-line.de

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© or android tablets, with annual reports and quarterly reports, presentations and sustainability reports.

You are welcome to join us at one of these investment conferences or to follow up on our pending publications:

Financial schedule

(insofar as already scheduled)

30.03.2023 CEWE 2023 Annual Report and Analysts' Press Conference, Frankfurt

30.03.2023  Publication of the 2022 Annual Report

11.05.2023 Publication Interim Statement Q1 2023

07.06.2023 Annual General Meeting 2023, Weser-Ems-Halle Oldenburg

11.08.2023 Publication Interim Report H1 2023

19.09.2023 Berenberg & Goldman Sachs German Corporate Conference 2023, Munich

20.09.2023 Baader Investment Conference 2023, Munich

10.11.2023 Publication Interim Statement Q3 2023

28.11.2023 Deutsches Eigenkapitalforum 2023, 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. They are inspired to produce a variety of creative designs from their personal photos in these brand environments, entrusting the company with more than 2 billion photos every year.

The CEWE Group has also set up a highly efficient production system for advertising prints and business prints for the online printing market, which is still a new market. 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 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 4,000 employees and operates in 21 countries. CEWE is listed on the SDAX. More information is available at company.cewe.de.