CEWE reports higher third-quarter earnings

For the first time in four years, CEWE Stiftung & Co. KGaA achieved an EBIT which, at 0.1 million euros, is already positive prior to the traditionally strong fourth quarter. The earnings situation, with sales at 395.0 million euros 4.4% short of that of the previous year, has thus continued to improve.

Dr. Christian Friege

“In the past few months, many of our customers have been taking photos again – when traveling, engaging in activities, or attending private functions – and they can now use these pictures to order CEWE photo products. This enables us to look positively towards the Christmas season that is so vital for us,” says Dr. Christian Friege, CEO, CEWE. “CEWE has provided so well with production materials that our customers can rely on their very personal CEWE photo product as a Christmas present with our “gift promise.”

While demand for photo products was still stimulated by the coronavirus lockdown during the second quarter of last year, with the easing of coronavirus measures only beginning in the third quarter, this year the same period was impacted throughout by relaxations, with many people spending more time on undertakings that were not possible during lockdown, which meant that they ordered fewer photo products, the company said. Added to this, during the third quarter people mainly went on holiday trips – important for the travel photobooks that are so much in demand in Q3 – in their own country or in neighboring countries. This saw a slight decline in turnover in the business segment of photofinishing, by 3.7 % to 106.3 million euros in the third quarter of 2021 (Q3 2020: 110.3 million euros), with the EBIT at -2.1 million euros (Q3 2020: 0.2 million euros).

Commercial online printing benefits from the revival of business life

The commercial online printing business benefited from the ongoing normalization of business life and the related recovery in demand for printed material for business and advertising in the third quarter, the company said. In Q3 2021, turnover rose by 8.0 % over that of the same period of the previous year, to 16.6 million euros (Q3 2020: 15.4 million euros). The EBIT also improved considerably as turnover increased and also as a result of the optimized cost structure, by 1.4 million euros to -0.2 million euros (Q3 2020: -1.6 million euros).

Retailing continues with its clear focus on photofinishing and online business

With the number of its stores significantly reduced by around 30%, CEWE retailing shows itself to be better placed, continuing with its strategic focus on photofinishing and online business, the company said. The decline in sales was distinctly lower than the reduced number of shops, at 15.8% to 7.5 million euros (Q3 2020: 9.0 million euros), so retailing brought the third quarter to a successful conclusion, with EBIT, at -0.02 million euros, even slightly exceeding that of the same period of the previous year (Q3 2020: -0.05 million euros). Retailing, like the business segment of photofinishing, traditionally generates its annual net income in the fourth quarter of any calendar year.

Overview of 2021 Q1-3 and Q3 results

CEWE business segments Unit Q1-3 2020 Q1-3 2021 Q3 2020 Q3 2021
Photos m. photos 1,448.1 1,349.8 474.6 459.2
CEWE PHOTOBOOK in thousands of units 3,920.7 3,323.6 1,188.4 1,088.5
Turnover EUR m. 335.7 324.9 110.4 106.3
EBIT EUR m. 8.6 2.1 0.2 -2.1
Purchase price allocation effects EUR m. -3.3 -3.1 -1.1 -1.0
EBIT before special effects EUR m. 11.9 5.2 1.3 -1.1
Turnover EUR m. 24.0 21.4 9.0 7.5
EBIT EUR m. -3.7 -0.8 -0.1 0.0
Restructuring costs for store optimisation EUR m. -1.7
Allowances for inventories of stocks EUR m. -1.5
EBIT before special effects EUR m. -0.5 -0.8 -0.1 0.0
Commercial Online Printing          
Turnover EUR m. 48.8 43.1 15.4 16.6
EBIT EUR m. -5.0 -1.1 -1.6 -0.2
Purchase price allocation effects EUR m. -0.2 -0.2 -0.1 -0.1
EBIT before special effects EUR m. -4.8 -0.9 -1.5 -0.1
Turnover EUR m. 4.7 5.6 1.6 1.9
EBIT EUR m. -0.5 -0.2 -0.2 0.3
CEWE Group Unit Q1-3 2020 Q1-3 2021 Q3 2020 Q3 2021
Turnover EUR m. 413.3 395.0 136.3 132.4
EBIT EUR m. -0.6 0.1 -1.7 -2.1
Total special effects EUR m. -6.7 -3.3 -1.2 -1.1
EBIT before special effects EUR m. 6.1 3.3 -0.5 -1.0
EBT EUR m. -1.5 -1.0 -2.0 -2.5


Rounding differences may occur. Deviations have all been calculated at the exact values.