Corporate | 20 April 2016 14:25

CEWE Stiftung & Co. KGaA: Reduced value added tax on CEWE PHOTO BOOK maintained in 2016

DGAP-News: CEWE Stiftung & Co. KGaA / Key word(s): Forecast/Legal Matter

2016-04-20 / 14:25
The issuer is solely responsible for the content of this announcement.

Reduced value added tax on CEWE PHOTO BOOK maintained in 2016

– Interim arrangement leaves value added tax on photo books at 7 % until 31 December 2016

– A potential liability for CEWE is thus not applicable for the 2016 business year

Oldenburg, 20 April 2016. CEWE Stiftung & Co. KGaA (SDAX, ISIN: DE 0005403901) is now defining its forecast for the current 2016 business year more precisely in the light of the interim arrangement for the increased rate of value added tax on photo books published today by the German Federal Ministry of Finance. The original increase in value added tax on photo books in Germany, from 7 % to 19 % and valid since 25 December 2015, has now been cushioned in an interim arrangement until 31 December 2016.
The increase in value added tax will now only enter into force as of 1 January 2017. The Board of Management is thus confirming its forecast for 2016, made on the assumption of an unchanged reduced rate of value added tax on photo books. On the basis of the 7% rate of value added tax on photo books, which is now to remain in effect unchanged for 2016, the Board of Management expects Group turnover to increase slightly in 2016, from 554.2 million euros in the previous year of 2015 to an amount in an average of 555 to 575 million euros. Turnover in photofinishing is to remain approximately stable or increase slightly, the business segment of retailing is to show turnover to be about constant and commercial online printing to continue to increase its turnover to around 86 million euros. At the same time CEWE is confirming its target of generating a positive contribution to earnings in 2016 with online printing. Group EBIT is to be in a corridor of 38 million to 44 million euros in 2016, EBT is to be in the range of 37 to 43 million euros, and after tax earnings between 25 million and 29 million euros. This is equivalent to an increase in the operative EBIT target corridor of around six million euros in comparison to the targets for 2015. Initial calculations show that the increase in value added tax would have reduced the 2016 EBIT by around 9 million euros, for example also due to a potential drop in demand as a result of price increases for consumers. In the event of the application of the higher rate of value added tax as of 2017, the liability would be presumed to be similar according to current information.

Full year of 2015 and targets for 2016

CEWE Group	Unit	2015 actual	2016 target
Turnover	in EUR m.	554.2	555 – 575
EBIT	in EUR m.	36.8	38 – 44
EBT	in EUR m.	36.3	37 – 43
Earnings after tax	in EUR m.	22.7	25 – 29
Earnings per share diluted	EUR/share	3.24	3.53 – 4.10

Should you have any queries, please contact:
CEWE Stiftung & Co. KGaA, Axel Weber (Investor Relations)
Tel.: 0441 / 404 – 2288, Fax: 0441 / 404 – 421, Email: IR@cewe.de

Internet: cewe.de , cewe-fotobuch.de , cewe-photobook.com , cewe-print.de , viaprinto.de , saxoprint.de , deindesign.de

The CEWE apps are all available in the app stores: CEWE PHOTO WORLD, CEWE POSTCARD, CEWE SERVICE 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:
12 May 2016 Publication of the interim report as at Q1 2016
1 June 2016 2016 Annual General Meeting, Weser-Ems-Halle, Oldenburg
11 August 2016 Publication of the mid-year report as at Q2 2016
19-21 September 2016 Berenberg & Goldman Sachs German Corporate Conference
20-22 September 2016 Baader Investment Conference, Munich
10 November 2016 Publication of the interim report as at Q3 2016
21-22 November 2016 German Equity Forum, Frankfurt

About CEWE : The innovative photo and online print service company CEWE, with twelve highly-technical production operations and a staff of around 3,400 employees in 24 European countries, is both market and technological leader. In 2015 CEWE delivered around 2.2 billion prints, 6.0 million copies of the CEWE PHOTO BOOK and photo gift articles to around 25,000 retail partners to generate consolidated turnover of 554.2 million euros. CEWE is continuously generating new impulses in the photographic industry with innovations for people who enjoy taking photos. In the new business segment of commercial online printing, printed material for businesses is marketed through the sales platforms CEWE-PRINT.de, Saxoprint und Viaprinto. Founded in 1961 by Senator h. c. Heinz Neumüller, CEWE was taken to the stock exchange by Hubert Rothärmel in 1993. CEWE Stiftung & Co. KGaA is listed on the SDAX.

2016-04-20 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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Language:	English
Company:	CEWE Stiftung & Co. KGaA
	Meerweg 30-32
	26133 Oldenburg
	Germany
Phone:	+49 (0)441 40 4-1
Fax:	+49 (0)441 40 4-42 1
E-mail:	IR@cewe.de
Internet:	www.cewe.de
ISIN:	DE0005403901
WKN:	540390
Indices:	SDAX
Listed:	Regulated Market in Berlin, Frankfurt (Prime Standard); Regulated Unofficial Market in Dusseldorf, Hamburg, Hanover, Munich, Stuttgart

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