CEWE share DAX SDAX
Stock markets characterised by strong levels of fluctuation in 2014 In the past stock exchange year, stock indexes were highly volatile due to a large number of external factors. The DAX twice reached a new record high above 10,000 points, but fell to around 8,500 points after reaching its first high. With the Ukraine conflict, the advance of Islamic State, the collapse in the price of oil, the resurgent European debt crisis and the expiry of the bond-purchasing programmes of the US central bank (the Fed), many events repeatedly had a negative impact on the stock markets. On the other hand, cheap money from the European Central Bank and the Bank of Japan, the low commodi-ties prices and the boom in technology shares buoyed the global stock exchanges.
CEWE share realises further strong growth in 2014: + 20.5 % and thus once again better than the DAX and the SDAX
On the basis of its 2013 year-end price (42.75 euros), in the period to the end of December 2014 the CEWE share achieved growth of 8.76 euros to 51.51 euros (+ 20.5 %) and thus significantly outper-formed the DAX, which only managed growth of + 2.7 % in the same period. The CEWE share also realised stronger growth than the SDAX, which likewise only climbed by + 5.8 % in 2014. Even after the end of the period under review for the annual financial statements, in the first two months of 2015 the CEWE share continued to gain ground beyond its 2014 year-end closing price.
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To the Shareholders
To the Shareholders
01 CEWE Share
average daily volume of shares traded in shares per day
01 / 14 02 / 14 03 / 14 04 / 14 05 / 14 06 / 14 07 / 14 08 / 14 09 / 14 10 / 14 11 / 14 12 / 14 01 / 15 02 / 15
8,810
13,931
12,295 13,794 14,838
24,315 23,317
30,103
18,494 18,896 15,085 16,347
10,460
20,147
Significant increase in euro trading volume: CEWE equities traded every day in 2014, with a volume of more than 850,000 euros Driven by the positive performance of the CEWE share, in the past year CEWE shares changed hands every day for an average of 871,018 euros – in 2013, CEWE shares had been traded for an average of 623,383 euros per day. The key trading volume of 1 million euros per day – which influences the investment decisions of many institu-tional investors – has thus almost been reached. Despite the price rise, the volume of shares traded was almost at the same level as in the pre-vious year, with 16,793 shares traded every day (2013: 17,490 CEWE shares per day). Overall in 2014, more than 4.2 million CEWE shares were thus traded on German stock exchanges.
Placement of treasury shares increases the free float
To achieve a permanent rise in the volume of trading, in April 2014 CEWE opted to place 500,000 treasury shares on the capital market within the scope of an accelerated placement procedure and thus to
increase its free float. Following this placement and the exercise of the Stock Option Plan, CEWE Stiftung & Co. KGaA now holds 186,302 treas-ury shares (2.5 % of the share capital). The free float now amounts to 70.1 %. This sale has not only increased the free float, it has also further boosted the equity ratio and reduced the level of debt. In ad-dition, CEWE has thus widened its strategic leeway for acquisition-based growth in the Commercial Online Printing business segment and in Photofinishing as well as related business segments. CEWE is thus poised to act in case of an attractive opportunity.
Analysts continue to have a consistently positive view of CEWE The analysts who follow CEWE concur in their positive analyses. Four analysts are signalling “buy” or “overweight” for CEWE shares, while four further analysts advise “holding” the share. The detailed stud-ies are available for downloading in the Investor Relations section of CEWE’s website.
www.cewe.de/investor-relations/
cewe-aktie/analysten
26 To the Shareholders CEWE Share
Overview of current analysts’ assessments analysis Date
Deutsche Bank Buy Feb. 25,15
Berenberg Bank Buy Feb. 25,15
BHF Bank Overweight Feb. 25,15
gSC Research Hold Nov. 18,14
Warburg Research Buy Feb. 26,15
Bankhaus Lampe Hold Feb. 25,15
CB Seydler Bank Hold Feb. 26,15
NordLB Hold Nov.13,14
70.1 % Other shareholders 27.4 % Heirs of Senator h. c.
Heinz Neumüller, Oldenburg
2.5 % CEWE Stiftung & Co. KgaA, Oldenburg
Shareholder structure (february 2014) as % (100 % = 7.4 million shares)
CEWE share is a permanent fixture on the SDAX
According to the “trading volume” criterion, in December 2014 CEWE was in 74th position (previous year: 77th position), and in terms of
“market capitalisation” it was in 84th position (previous year: 88th position). The CEWE share is thus a permanent fixture on the SDAX index, which normally features shares with a ranking of 110 or higher.
Stable shareholder structure strengthens management’s strategy CEWE enjoys a high level of ownership stability thanks to its anchor investor, the heirs of Senator h. c. Heinz Neumüller (ACN Vermögens-verwaltungsgesellschaft mbH & Co. KG) who hold 27.4 % of its shares.
CEWE is there for its shareholders
The clear objective of investor relations activities at CEWE is to notify all market participants promptly, comprehensively and equally in line with the principles of “fair disclosure”, while achieving a high level of overall transparency.
CEWE thus naturally publishes all of its annual and interim reports and capital market information online at www.cewe.de. All analyst telephone conferences are immediately made available as webcasts and audiocasts on the CEWE website. All of the company’s key pres-entations at conferences and other events are published online at the same time.
In 2014 the Board of Management and the Investor Relations team once again presented the company at a total of 5 capital market con-ferences and attended 12 roadshow days in European and US financial centres. For details of the dates currently planned for 2014, please refer to the financial diary on the penultimate page of this report.
http://ir.cewe.de
Page 245 | Financial Diary
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To the Shareholders
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01 CEWE Share
02
Basic information on the group 30
Business model 30
Organisation and management system 32
Goals and strategies 36
Corporate functions 39
economic report 58
Markets 58 Results 65 Sustainability 98
eVents after the BaLance sheet Date 108 Events of particular significance after the
balance sheet date 108
forecast, opportunities anD risK report 108
Risk report 108
Report on opportunities 113 Report on expected developments 114
internaL controL anD
risK management sYstem 120 Corporate governance report 120
Compliance 125
Risk management system 126
acQuisition-reLateD DiscLosures 129 Disclosures in accordance with § 315 (4) of the German Commercial Code (Handelsgesetzbuch, HGB) 129 report on remuneration 132
management DecLaration 149
Management report 149
Transactions with related parties 152 BoarD of management anD management 154
Glossary 156