Hawesko: Third quarter confirms outlook for 2011
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HAWESKO Holding AG /
Hawesko: Third quarter confirms outlook for 2011
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Hamburg, 4 November 2011. Today the wine-trading group Hawesko Holding AG (HAW
GR, HAWG.DE, DE0006042708) published its report on the first nine months of
fiscal year 2011 as well as the figures for the third quarter. During the
quarterly period from 1 July to 30 September the Group increased its sales
compared to the same quarter in the previous year (? 83.1 million) by 6% to ?
88.1 million net of sales tax. The recovery in the markets for Bordeaux wines in
the second half of the previous year resulted in the wholesale segment having to
compete against a base that was significantly higher than in the first six
months. Despite this, sales in the wholesale segment rose by 6% during the third
quarter. The unseasonably low temperatures dampened demand for the typical
summer wines advertised in the mail order segment, so that sales here rose by
only 3%. The marketing activities in the specialist wine retail segment
(Jacques' Wein-Depot) proved successful and contributed to sales growth of 9%.
The consolidated operating result (EBIT) declined by 19% to ? 3.6 million in the
third quarter of 2011 (previous year: ? 4.5 million). This was due to mail order
sales being lower than expected as well as the start-up costs incurred for the
new market presence in Sweden (The Wine Company). Consolidated net income after
deductions for taxes and non-controlling interests for the quarter amounted to ?
2.3 million and ? 0.25 per share (same quarter in the previous year: ? 3.1
million and ? 0.34 per share).
During the first nine months (January to September) 2011 sales of the Hawesko
Group rose by 12% compared to the previous year (? 247.4 million) to ?
276.1 million. The operating result (EBIT) of Hawesko Holding AG for the first
nine months amounted to ? 13.7 million, thus remaining at the same level as in
the corresponding period of the previous year. Consolidated net income after
deductions for taxes and non-controlling interests amounted to ? 8.9 million or
? 0.99 per share, below the previous year's figures of ? 11.1 million or ? 1.24
per share. In the previous year this figure included non-recurring income of
? 3.3 million from the sale of a financial shareholding; adjusted for this non-
recurring effect, consolidated net income amounted to ? 7.8 million or ? 0.88
per share.
The Hawesko management board notes that the environment in the first nine months
was more favourable than predicted in the annual report. Business performance
in the third quarter of 2011 confirms the estimate, last expressed in the six-
month report, that growth would slow to a certain extent in the second half of
2011. The significantly higher comparative base was felt particularly in the
wholesale segment in the further course of the year. Thus, the management board
reaffirms its forecast of sales growth in the low to middle single-digit
percentage range and EBIT at the previous year's good level of ? 24-26 million.
The EBIT forecast includes in particular the start-up costs to continue the
entry into the Swedish market (The Wine Company), the costs to adapt the
infrastructure to the growth of the wholesale segment and the additional costs
connected with a larger number of new openings of Jacques' Wein-Depots. The
management board is optimistic about the likelihood of reaching the upper end of
the forecast range. Several higher estimates are in the market, and it is not
ruled out that these could be achieved as well. In any case business performance
in the fourth quarter, like every year, is very important for the Hawesko Group.
The financial result is expected to show a net expenditure of less than ? 0.5
million and a tax rate of just under 32% (2010: net income of ? 1.8 million
after an extraordinary financial gain, tax rate of 26%) and thus a consolidated
net profit below that of 2010 (? 20.0 million excluding shares of non-
controlling interests). Free cash flow is expected to be in the range of
roughly ? 15 million for 2011. The management board expects another increase in
sales, EBIT and consolidated net income and free cash flow in the range of ? 20
million for 2012.
CEO Alexander Margaritoff: "Based on the development in the quarter under
review, we reaffirm our previous forecasts for fiscal year 2011. We don't want
to rule out the somewhat higher results expected by some analysts, but like
every year, this will depend on the holiday mood of the consumers and their
willingness to indulge their loved ones (or themselves) with some good wine. In
any case, we will continue to pursue our sustainable and judicious course of
growth and are now focusing completely on the most important season of the
year."
Hawesko Holding AG is a leading supplier of premium wines and champagnes. In
fiscal year 2010, the Group achieved sales of ? 378 million and employed 696
persons in the company's three sales channels: specialty retail (Jacques' Wein-
Depot), wholesale (Wein Wolf and CWD Champagner- und 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 third-quarter financial report to 30 September 2011 will be available at
http://www.hawesko-holding.com, "Investor Relations" --> "Financial Info" -->
"Financial Reports".
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.chateauclassic.com (Online shop with outstanding Bordeaux wines of
older vintages)
Press/Media:
Vera Maria Bau,VMB Public Relations
Phone: +49 (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-holding.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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Source: HAWESKO Holding AG via Thomson Reuters ONE
[HUG#1560951]
Unternehmensinformation / Kurzprofil:
Datum: 04.11.2011 - 08:00 Uhr
Sprache: Deutsch
News-ID 84035
Anzahl Zeichen: 8020
contact information:
Town:
Hamburg
Kategorie:
Business News
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