CEWE COLOR is

CEWE COLOR Equity Story
Shareholders
making
decisions
~ 35%
~ 35% of shares
are represented
in management
and supervisory
board
Natural consolidator
in fotofinishing
� 25% fotobook market share
in EU (x3 vs. #2)
� 50% market share in Germany
Strong brand awareness
Favourable product mix shift Increasing margin protects price
3.7 3.7
6.7 6.7
3.5 2.9
4.6
6.3
'03 '04 '05 '06 '07 '08 '09 '10
Strong equity ratio Solid cash position Stable also in weak economy
41.9 %
Equity ratio
Dec 31, 2011
net cash position per
Dec 31, just after
peak season; up to
~20 mill. Euro net
debt in off season
Growth 2009
-4.2%
+1.8%
► Reliabel stability, growing profitability, growth ahead
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Growth ahead
Growing profitability
'06 '07 '08 '09 '10 '11 '12e
Reliable stability
Single
prints
Value
Added
products
Retail
New growth area commercial
online printing
EBIT-Margin [%]
Euro 17
21% unaided brand awareness
36% aided brand awareness
CWC revenue
FX-adjusted
(Jan 2011 in Germany,
Source GfK Panel)
Reliable
Dividend
Dividend per share
[EUR]
0.80 0.60
1.20 1.20 1.20 1.00 1.05 1.25
'03 '04 '05 '06 '07 '08 '09 '10