Hawesko: Start of the new fiscal year lives up to 2010
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HAWESKO Holding AG /
Hawesko: Start of the new fiscal year lives up to 2010
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- Quarterly sales +15%, operating result (EBIT) +16%
- Q1 figures at upper end of expectations
- Focus of expansion shifts to outside Germany
Hamburg, 12 May 2011. At its annual press conference in Hamburg the wine trading
group Hawesko Holding AG (HAW DE, HAWG.DE, DE0006042708) presented its annual
report for 2010 with the complete full-year financial statements as well as its
quarterly financial report for the period from January to March 2011. The Group
increased its sales in the first three months of the current fiscal year by
14.8% to ? 92.9 million (same quarter in the previous year: ? 81.0 million), and
domestic sales by 4.5%. During the same period the German wine market overall
grew by 0.3% in terms of value according to data of the Gesellschaft für
Konsumforschung (GfK). Sales in all three of the Group segments rose compared to
the same period of the previous year: in specialist retail (Jacques' Wein-Depot)
by 3.2% (on a like-for-like basis by 2.4%), in wholesale by 30.4% and in mail
order by 6.7%. The wholesale segment in particular benefited from the continuing
high demand for Bordeaux wines. In the first quarter of 2011, the operating
result (EBIT) rose by 16.3% compared to the previous year (? 3.9 million) to
? 4.6 million; the wholesale segment was the primary contributor to the
increase. Consolidated net income excluding non-controlling interests amounted
to ? 2.9 million (? 0.33 per share), up from ? 2.3 million (? 0.26 per share) in
the previous year.
The key figures for the first quarter of 2011 are at the upper end of the range
anticipated by the Hawesko management board. Thus, an even more favourable
environment can be expected than that described in the 2010 annual financial
report. The forecast of the Hawesko management board for fiscal year 2011 has
not changed significantly - it assumes a sales increase over the previous year
in the low- to mid-single-digit percentage range - but at the present time a
sales increase at the upper end of this range appears more likely. However, the
ongoing economic cycle and the development of the wine market segments served by
the Hawesko Group are still subject to uncertainties until the end of the year.
Business performance in the fourth quarter - like every year - is very important
for the Hawesko Group. The management board therefore stands by its published
forecast. With regard to the consolidated operating result (EBIT), the
management board expects a result for the full fiscal year 2011 on the order of
the previous year (i.e. ? 24-26 million); this includes in particular the start-
up costs to continue the market entry test in Sweden as well as the costs to
adapt the structures in the wholesale segment to the dimensions achieved in
recent years. The financial result is expected to show a net expenditure of
less than ? 0.5 million (2010: net income of ? 1.8 million after an
extraordinary financial gain) and thus a consolidated net profit below that of
2010 (? 20 million excluding shares of minority interests). The management
board expects another increase in EBIT and consolidated net income for 2012.
CEO Alexander Margaritoff said: "We have succeeded in building on our solid
work of past years and expanding our market leadership in all three sales
channels. We are firmly convinced that we will be able to increase our sales in
Germany to a half-billion euros in the next 8 to 10 years. Based on our
strengths in our home market, we have the essential prerequisites for success in
other countries. We've demonstrated this in recent years time and again. Should
we succeed in the future as well in tapping into attractive markets, discovering
promising companies and driving growth abroad, our goal of achieving half of our
sales abroad in the aforementioned period will not be unrealistic."
The annual report presented for 2010 confirms the previously announced figures
for the reporting period: consolidated sales rose from 11.6% to ? 377.7 million.
Sales in Germany rose by 6.1% compared to the same period of the previous year,
while the wine market overall declined by 2.9% in 2010. With an operating
result (EBIT) of ? 25.7 million, the figure of the previous year
(? 22.4 million) was clearly surpassed and reached the highest level in the
history of the company yet again. Consolidated net income excluding non-
controlling interests amounted to ? 20.0 million (previous year:
? 13.1 million), while earnings per share rose to ? 2.24 (previous year:
? 1.48). The return on capital employed (ROCE) for 2010, at 25% (previous year:
22%), once again far exceeded the company's defined long-term hurdle rate of at
least 16%. Free cash flow, at ? 23.8 million (previous year: ? 20.8 million) was
likewise at the highest level in the company's history. The annual shareholders'
meeting on 20 June 2011 will vote on an increase in the dividend to ? 1.50
(previous year: ? 1.35) plus a bonus dividend of ? 0.25; thus 2010 will be the
eighth consecutive year with a rise in the dividend.
Hawesko Holding AG is a leading supplier of premium wines and champagnes. In
fiscal year 2010, the company achieved sales of ? 378 million and employed 696
persons in the company's three sales channels: specialty retail (Jacques' Wein-
Depot), wholesale operations (Wein Wolf and CWD Champagner- and Wein-
Distributionsgesellschaft) and mail order (especially Hanseatisches Wein- and
Sekt-Kontor). 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 2010 as well as the three-month report to 31 March
2011 can be found at http://www.hawesko.com, "Investor Relations" --> "Financial
Data" --> "Financial Reports".
Published by:
Hawesko Holding AG, 20247 Hamburg
Internet:
http://www.hawesko-holding.com, http://www.hawesko-holding.de,
(Company information)
http://www.hawesko.de
(Online shop)
http://www.jacques.de
(Jacques' Wein-Depot information and online shop)
Press/Media:
Vera Maria Bau, VMB Consulting
Phone: +49 (0)228 (0)228 4496 406
Fax: +49 (0)228 4496 9406
E-mail: vmb(at)veramariabau-pr.de
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.com
--- End of Message ---
HAWESKO Holding AG
Postfach Hamburg Deutschland
WKN: 604270;ISIN: DE0006042708;Index:GEX,CLASSIC All Share,SDAX,Prime All Share,CDAX;
Listed: Freiverkehr in Börse Stuttgart,
Freiverkehr in Börse Berlin,
Freiverkehr in Börse Düsseldorf,
Freiverkehr in Bayerische Börse München,
Freiverkehr in Niedersächsische Börse zu Hannover,
Prime Standard in Frankfurter Wertpapierbörse,
Regulierter Markt in Frankfurter Wertpapierbörse,
Regulierter Markt in Hanseatische Wertpapierbörse zu Hamburg;
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originality of the information contained therein.
Source: HAWESKO Holding AG via Thomson Reuters ONE
[HUG#1514849]
Unternehmensinformation / Kurzprofil:
Datum: 12.05.2011 - 10:16 Uhr
Sprache: Deutsch
News-ID 54588
Anzahl Zeichen: 8360
contact information:
Town:
Hamburg
Kategorie:
Business News
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