For the full year 2009, the record earnings generated in the fourth quarter resulted in an increase of the operating profit by 51% to Euro 16.8 million euros. After-tax earnings remained virtually unchanged at Euro 6.7 million compared with Euro 7.0 million in the previous year. This is mainly due to a considerable loss in France, caused by restructuring expenses not being eligible for inclusion in the remaining profits of the Group. "Without this effect the tax rate would have been 33.2 percent and not 55.2 percent," explained Dr. Rolf Hollander, CEO of Cewe Color. "In France, operative improvements and the fact that restructuring costs will no longer be incurred give us good reason to be optimistic about the future, and we expect to generate profit here in 2010."
At the beginning of 2009, Cewe Color had set a goal of Euro 420 to 425 million for exchange rate adjusted turnover. With exchange rate adjusted sales of Euro 427.5 million, this goal was also surpassed. The company‘s nominal sales of Euro 409.8 million met the forecast of the management.
For 2010, Cewe Color expects turnover to grow to Euro 420 to 430 million euros, and the operating profit to be up to Euro 22 to 27 million. In view of the unexpectedly positive development in France, after-tax earnings are forecast to be doubled to Euro 12 to 15 million, resulting in an increase in earning per share from Euro 1.00 to Euro 1.76 to 2.20.