Business News
CEWE: change in legal form to result in EUR 10 million tax benefit
Tuesday 01. October 2013 - - Change in legal form registered - Share to be listed tomorrow - Tax benefit of around EUR 10 million expected - Financial year of 2013: CEWE COLOR remains on target
From now on, CEWE COLOR Holding AG (SDAX, ISIN: DE 0005403901) will operate under the name of CEWE Stiftung & Co. KGaA. The Oldenburg Court of Registration entered the change in the legal form of the company today, in implementation of the decision taken at the Annual General Meeting on 5 June 2013. With 97.6 percent of the votes, the shareholders decided to pool the operative business under the name of CEWE Stiftung & Co. KGaA in future. This means that a structural tax disadvantage will no longer apply, to result in a tax benefit with a probable cash value of around EUR 10 million in the coming few years. The value of the 7.38 million shares will increase by a calculated additional value of EUR 1.36 per share. Dr. Olaf Holzkämper, CEWE Stiftung & Co. KGaA CFO, points out: ‘This tax advantage is not unusual as a tax relief scheme; it serves to establish the currently normal tax status. In this way we are giving our shareholders a clear added value. Besides, with the change in legal form, we have the advantages of a stock-exchange listed family enterprise with a long-term focus together with a modern legal form which is established on international capital markets.’
Share trades under the name of CEWE Stiftung & Co. KGaA as of Wednesday
When trading commences on 2 October 2013, the security description of the CEWE COLOR Holding AG share, bearing the ISIN ‘DE 0005403901’, will be changed to CEWE Stiftung & Co. KGaA. Orders for the CEWE Color Holding AG share which have not yet been executed will all be automatically deleted. Trading in the CEWE Stiftung & Co. KGaA share can subsequently commence when the stock exchange opens on 2 October 2013. The share will be listed unchanged in the SDAX. Shares in the shareholder depots will automatically be changed to the new name by Clearstream Banking AG. The change is free of any commission or expense for shareholders.
CEWE confirms growth targets
The Board of Management expects to see more growth in 2013 and confirms its targets on the basis of the positive development so far this year: full-year turnover in the growth sector of online printing is to increase by 40%, to EUR 60 million, with Group turnover rising by up to 5 %, to EUR 510 to 530 million. The EBIT for 2013 should be in the range of EUR 27 to 33 million, and earnings per share should amount to EUR 2.44 to EUR 3.06.