CEWE expects more growth in 2023, raises dividend for 14th straight time
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CEWE Stiftung & Co. KGaA says, based on the strong 2022 results posted by the Oldenburg photo-products company, management expects group sales in 2023 should be in the range of EUR 720 to 780 million. Group EBIT is expected to be in a corridor of EUR 70 to 82 million in 2023, EBT to be between EUR 69 and 81 million and earnings after taxes to be between EUR 47 and 55 million.
At recent press conference, the company reported a 2022 sales increase to EUR 741.0 million in 2022, EBIT increases to EUR 75.6 million. The management board and supervisory board are, as a result, proposing the 14th straight dividend increase, from EUR 2.35 to EUR 2.45, at the company’s Annual General Meeting, June 7.
“In addition to the strong brand portfolio, the continuous innovations, and the excellent trading relationships, it is above all a first-class team effort – i.e. the ‘WE’ in ‘CEWE’ – that makes our company so strong,” says Yvonne Rostock, CEO of CEWE Stiftung & Co. KGaA. “I would therefore like to thank all of my colleagues for their outstanding performance over the past year. I am very pleased to be able to continue this success story together with all employees and partners in 2023.”
In particular, the company’s photofinishing segment – driven by a strong Christmas season – contributed to the improved results. The company cited new products like a new XXL advent calendar with Tony’s Chocolonely, the photo advent calendar with a poster collage, the “Nature” desk calendar made from 100% recycled paper or the TIPA -award-winning, personalized slipcase for the CEWE PHOTOBOOK XL.
In 2022, the CEWE PHOTOBOOK grew by a 3.6% to a sales volume of 5.85 million copies. compared to 5.65 million copies the prior year. The total number of photos across all products also increased by 4.4% to 2.28 billion (2021: 2.18 billion photos). The product mix also changed compared to the Corona previous year, when the “stay-at-home” effect caused even more high-quality one-photo products such as murals to be in greater demand.
Sales in the core business area of photofinishing increased significantly by 26.0 million euros or +4.4% to 616.1 million euros (photofinishing turnover 2021: 590.1 million euros). Necessary price increases also supported sales growth and compensated for higher costs due to inflation, the company said. The operating result (EBIT) in Photofinishing increased to EUR 73.7 million (Photofinishing EBIT 2021: EUR 71.2 million), which CEWE has successfully converted into its own business growth: Sales in the core business area of photofinishing increased significantly by EUR 26.0 million or +4.4% to EUR 616.1 million (photofinishing sales in 2021: EUR 590.1 million Euro).
CEWE also operates commercial printing and retail segments. Commercial Online Printing (KOD) successfully converted the increasing demand for commercial printed matter as the corona normalization progressed in 2022 with the “best price guarantee” for its customers into a significant increase in sales: sales rose by 31.0% compared to the previous year to 86.5 million euros. (2021: EUR 66.0 million). The retail business segment also benefited from the recovery after the corona restrictions in the past financial year and achieved a 3.9% increase in sales of EUR 32.4 million (2021: EUR 31.2 million).
Full-year 2022 and targets 2023
| CEWE Group | Unit | Is 2022 | Target 2023 | Changes in % |
| photos 1 | billion pcs. | 2.28 | 2.2 to 2.3 | -3% to +3% |
| CEWE PHOTOBOOK | million pcs. | 5.85 | 5.7 to 6.0 | -3% to +3% |
| investments 2 | million Euro | 54.8 | 60 | |
| Sales volume | million Euro | 741.0 | 720 to 780 | -3% to +5% |
| EBIT | million Euro | 75.6 | 70 to 82 | -7% to +8% |
| EBT 3 | million Euro | 74.8 | 69 to 81 | -8% to +8% |
| Earnings after taxes 4 | million Euro | 51.1 | 47 to 55 | -9% to +7% |
| earnings per share | euro/share | 7.20 | 6.58 to 7.73 | -9% to +7% |