Hawesko: First quarter better on operative basis than previous year
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HAWESKO Holding AG /
Hawesko: First quarter better on operative basis than previous year
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- Increase of 8.6% in the operating result (EBIT) before non-recurring
expenditures
- Sales declined by 2% due to special factors
- Focus on successive improvement in profitability in 2015 and 2016
Hamburg, 7 May 2015. 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 2014 as well as its three-month report for the period from
January to March 2015.
Consolidated sales in the first three months of the current fiscal year declined
by 2.0% from the same quarter in the previous year, namely from ? 108.0 million
to ? 105.8 million due to special factors. These included primarily the
discontinuation of sales from the French subsidiary Château Classic in
liquidation, which had become unprofitable. Moreover, a substantial part of the
revenues from the delivery of the Bordeaux subscription wines will shift to the
second quarter this year. Without these two factors, sales figures would have
been at the previous year's level. The specialist wine-shop retailing segment of
the Group (Jacques' Wein-Depot) grew by 4.3% (like-for-like 3.4%). In the
wholesale segment, sales declined by 5.6% compared to the previous year for the
aforementioned reasons. Sales in the distance-selling segment remained 3.1%
below the comparable quarter in the previous year, in which an extremely high
figure was reached due to the special anniversary offers. The consolidated
operating result (EBIT), adjusted for non-recurring charges, rose by 8.6% to ?
4.2 million in the first quarter of 2015 (previous year: ? 3.8 million). The
non-recurring charges resulted from a personnel provision of approximately ? 6
million as well as from follow-on costs of the takeover process. This resulted
in a deficit excluding deductions for non-controlling interests of ? -2.0
million as the first-quarter result for the Group (previous year: net income of
? 2.5 million), corresponding to ? -0.22 per share, after ? 0.28 per share in
the previous year.
After the departure on 30 April 2015 of Alexander Margaritoff, the company's CEO
for many years, the Hawesko management board currently consists of four members
who are in charge and leading the entire group jointly. At the beginning of the
year, the Hawesko supervisory board had already initiated a structured process
to search for a new chief executive officer.
The Hawesko management board still considers the general economic and business
conditions in Germany to be good, and notes that the figures for the first
quarter of 2014 are within expectations. For the full fiscal year 2015, they
anticipate an increase in sales in the order of magnitude of 1% compared to the
previous year (? 473 million). The EBIT in 2015 is expected to be approximately
? 26-27 million on an adjusted basis (2014 on an adjusted basis: ? 24.6
million); on an unadjusted basis, i.e., after the non-recurring charges
resulting from the takeover process, it is expected to be approximately ? 19-20
million (2014: ? 20.1 million). The financial result will presumably be lower
than in the previous year and consolidated net income is expected to be in the
range of ? 12-13 million. The management board expects free cash flow to be on
the order of ? 17-20 million for 2015.
The annual report presented for 2014 confirms the previously announced figures
for the reporting period: Consolidated sales rose in the past year by 1.6% to
? 473 million. Sales in Germany rose by 2.9% compared to the same period of the
previous year, while a decline of 1.0% was registered for the German wine market
overall in 2014. The result from operations (EBIT) amounted to ? 20.1 million
(previous year: ? 22.6 million). Consolidated net income after deductions for
taxes and non-controlling interests amounted to ? 14.8 million and ? 1.65 per
share in 2014 (previous year: ? 16.2 million and ? 1.80 per share).
At 18% (previous year: 16%), the return on capital employed (ROCE) for 2014,
adjusted for non-recurring consultant costs, reached the minimum long-term
return defined by the management board. The free cash flow (cash flow from
ongoing business activities minus investments and interest paid out) amounted to
? 13.1 million and ? 1.46 per share, compared to ? 22.7 million and ? 2.52 per
share in the previous year. The annual shareholders' meeting on 15 June 2015
will vote on a dividend of ? 1.30 (previous year: ? 1.65); the payout ratio of
92% in the previous year is being reduced to 79% in the year under review.
Hawesko Holding AG is a leading supplier of premium wines and champagnes. In
fiscal year 2014, the Group achieved sales of ? 473 million and employed 925
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 prime standard segment
of the Frankfurt Stock Exchange.
# # #
The full annual report for 2014 as well as the quarterly financial report to 31
March 2015 can be found at http://www.hawesko-holding.com, -->"Press" or
"Investors" --> "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 locations and
online shop)
http://www.vinos.de (Spanish wines sold through Wein & Vinos)
Press/Media 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
This announcement is distributed by GlobeNewswire on behalf of
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(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: HAWESKO Holding AG via GlobeNewswire
[HUG#1919664]
Datum: 07.05.2015 - 10:05 Uhr
Sprache: Deutsch
News-ID 391666
Anzahl Zeichen: 7186
contact information:
Town:
Hamburg
Kategorie:
Business News
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