Hawesko: Cold spring weather delays Bordeaux deliveries
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HAWESKO Holding AG /
Hawesko: Cold spring weather delays Bordeaux deliveries
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- Sales in the first quarter of 2013 only at the previous year's level,
operating result (EBIT) below
- Positive outlook still confirmed
Hamburg, 7 May 2013. At today's annual press conference in Hamburg, the wine
trading group Hawesko Holding AG (HAW DE, HAWG.DE, DE0006042708) presented its
annual report for 2012 as well as its quarterly financial report for the period
from January to March 2013.
The Group achieved sales in the first three months of the current fiscal year at
? 103.3 million at the level of the previous year (? 103.4 million). The long,
cold winter caused transport delays during the delivery of the current 2010
Bordeaux wines, resulting in a shift of sales to the second quarter. Adjusted
for this effect, domestic sales rose by 4.5%. The specialist retail segment of
the Group (Jacques' Wein-Depot) grew by 2.8% (based on comparable sales area by
2.2%). The mail order segment was severely affected by the decline in Bordeaux
deliveries, so that sales declined by 2.6%. Despite the same effect and a
repeated decline in sales at the subsidiary Château Classic, specialised in
older Bordeaux vintages, sales in the wholesale segment rose by 0.3%,
maintaining the level of the previous year. Due to the shifts caused by the
Bordeaux wines, the consolidated operating result (EBIT) in the first quarter of
2013 amounted to ? 3.5 million, down from the previous year (? 4.6 million).
Consolidated net income excluding non-controlling interests amounted to ? 2.2
million (? 0.24 per share), down slightly from ? 2.8 million (? 0.31 per share)
in the previous year.
Taking into account the delay in the delivery of substantial quantities of the
2010 Bordeaux en primeur wines, the Hawesko management board notes that the
financial figures for the first quarter of 2013 are within expectations. The
general economic and business conditions in Germany are still deemed to be
good. For the full fiscal year 2013, the management board expects an increase
in sales in the order of magnitude of 6% compared to the previous year (? 449
million). A proportionately higher increase in EBIT to approximately ? 28
million is forecast for 2013 (previous year: ? 26.1 million). A net expenditure
of approximately ? 1.5 million (2012: net income of ? 4.2 million) is expected
for the financial result. Profit due to non-controlling interests is expected
to rise to approximately ? 0.8 million (2012: ? 0.3 million). In view of the
anticipated decline in the financial result, the consolidated net income is
expected to be below that of the previous year. For 2014 the management board
expects further increases in sales and in the EBIT, as well as in the
consolidated net income. Free cash flow is expected to be in the range of
roughly ? 15 million for 2013, with a further increase in 2014.
CEO Alexander Margaritoff: "The figures of the Hawesko Group for the first
three months of 2013 are not especially pleasing at first glance. However, we
remain convinced that business performance over the course of 2013 will be
satisfactory. We will deliver a higher volume of Bordeaux wines during the
current second quarter than in the previous year, which will enable us to make
up some of the deficit. We will also benefit from the previous year's basis,
primarily in the second half and particularly in the fourth quarter of 2013."
The annual report presented for 2012 confirms the previously announced figures
for the reporting period: Consolidated sales rose by 9.0% to ? 449 million.
Sales in Germany rose by 12.9% compared to the same period of the previous year,
while an increase of 1.2% was registered for the German wine market overall in
2012. The operating result (EBIT) of ? 26.1 million was lower than that of the
previous year (? 26.8 million). Consolidated net income excluding non-
controlling interests amounted to ? 22.5 million, while earnings per share
amounted to ? 2.51. This is above the level of the corresponding period in the
previous year (? 17.9 million and ? 1.99 per share).
The return on capital employed (ROCE) for 2012 at 19% (previous year: 25%) once
again far exceeded the defined minimum long-term return of 16%. Free cash flow
amounted to ? -8.6 million; adjusted for an acquisition it amounted to ? 11.1
million (previous year: ? 12.3 million). An increase in the ordinary dividend
to ? 1.65 (previous year: ? 1.60) will be proposed to the annual shareholders'
meeting on 17 June 2013; thus 2012 will be the tenth consecutive year with a
rise in the dividend.
Hawesko Holding AG is a leading supplier of premium wines and champagnes. In
fiscal year 2012, the Group achieved sales of ? 449 million and employed 847
persons in the company's three sales channels: specialty retail (Jacques' Wein-
Depot), wholesale operations(Wein Wolf and CWD Champagner- und Wein-
Distributionsgesellschaft) and mail order (especially Hanseatisches Wein- and
Sekt-Kontor and Wein & Vinos). The shares of Hawesko Holding AG are listed on
the Hanseatic Stock Exchange in Hamburg as well as in the SDAX small-cap index
of the Frankfurt Stock Exchange.
# # #
The full annual report for 2012 as well as the quarterly financial report to 31
March 2013 can be found at http://www.hawesko-holding.com, "Press" or "Investor
Relations" --> "Downloads".
Publisher:
Hawesko Holding AG, 20247 Hamburg
Internet:
http://www.hawesko-holding.com (Company information)
http://www.hawesko.de (Online shop)
http://www.jacques.de (Jacques' Wein-Depot information and
online shop)
http://www.vinos.de (Spanish wines sold through Wein & Vinos)
http://www.chateauclassic.com (Online shop with outstanding Bordeaux wines of
older vintages)
Press Contact and Investor Relations:
Thomas Hutchinson, Hawesko Holding AG
Phone +49 (0)40 30 39 21 00
Fax +49 (0)40 30 39 21 05
E-mail: ir(at)hawesko-holding.com
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originality of the information contained therein.
Source: HAWESKO Holding AG via Thomson Reuters ONE
[HUG#1699854]
Datum: 07.05.2013 - 10:05 Uhr
Sprache: Deutsch
News-ID 256782
Anzahl Zeichen: 7264
contact information:
Town:
Hamburg
Kategorie:
Business News
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