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Advantages of family-run, stock-exchange l<strong>is</strong>ted companies<br />

Family enterpr<strong>is</strong>e<br />

Stockexchange<br />

l<strong>is</strong>ted<br />

company<br />

+<br />

+<br />

+<br />

+<br />

+<br />

+<br />

+<br />

+<br />

Advantages<br />

Less short-term quarterly mindset obliges<br />

Focus on a few core areas ...<br />

... in which the management <strong>is</strong> an expert<br />

No principal-agent problems<br />

mainly organic growth, only minor<br />

acqu<strong>is</strong>itions<br />

Sound financing<br />

Transparent information policy<br />

Focus on earnings<br />

Situation at <strong>CEWE</strong> <strong>COLOR</strong><br />

Large-scale investment in digital technology in<br />

order to secure the future of the company<br />

Photofin<strong>is</strong>hing as the core area of business<br />

New area with positive synergies<br />

Anchor persons in the management have shaped<br />

the development of the industry for many years<br />

Board of Management and Superv<strong>is</strong>ory Board<br />

with large share ownership<br />

Only small "digestible" acqu<strong>is</strong>itions<br />

42 % equity capital ratio<br />

Comprehensive available credit lines<br />

Comprehensive IR activities<br />

Profit in each year of transformation<br />

► <strong>CEWE</strong> <strong>COLOR</strong> combines the advantages of stock-exchange l<strong>is</strong>ted<br />

companies and family enterpr<strong>is</strong>es<br />

Page 10<br />

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