Hawesko: French subsidiary posts higher losses than expected
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HAWESKO Holding AG /
Hawesko: French subsidiary posts higher losses than expected
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Hamburg, 24 October 2013. The wine trading group Hawesko Holding AG (HAW GR,
HAWG.DE, DE0006042708) announced today that, based on preliminary calculations,
its Bordeaux-based subsidiary Château Classic - Le Monde des Grands Bordeaux,
which specialises in premium Bordeaux wines, realised a higher than expected
loss during the period from 1 July to 30 September 2013. A major cause is the
longer-term price decline in this particular market, which resumed again in the
past several weeks.
The global market for premium Bordeaux wines profited from a boom in 2010 and
2011, driven largely by a massive increase in demand in the Far East,
particularly in the Hong Kong market. Since 2012 the demand has practically come
to a standstill. The Hawesko management board believes that these problems will
be sustained for a longer period. The board is therefore reviewing various
options with regard to the future positioning of the Group in the wholesale
trading of Bordeaux wines of the ultra-premium class: its decision will be made
shortly. As a consequence, further charges on earnings in the current fiscal
year cannot be excluded. However, these charges would be one-off in nature and
will not in total exceed a figure in the mid-single-digit million range (in
euros).
The potential charges as well as the aforementioned loss in the third quarter
have an effect on the full-year forecast for 2013. The management board
currently assumes that consolidated sales in 2013 will be 4-5% higher than in
the previous year (? 449 million) and the result from operations (EBIT) will be
between ? 22-24 million (previous year: ? 26.1 million).
As CEO Alexander Margaritoff stated, "Wines of the ultra-premium class are and
will remain an important part of our product range. However, with regard to
these activities, we want to strengthen the focus of our business model on
continuous growth - exactly how we will do this is currently under review. As we
have always done in the past, we will act resolutely and remain flexible: where
our operations have potential to grow, we will develop and expand them. Where it
becomes apparent that this is not the case, we will scale them back."
# # #
Publisher:
Hawesko Holding AG
20247 Hamburg
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#1738049]
Datum: 24.10.2013 - 17:13 Uhr
Sprache: Deutsch
News-ID 309198
Anzahl Zeichen: 3490
contact information:
Town:
Hamburg
Kategorie:
Business News
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