Ad hoc: Hawesko: Temporary earnings weakness in 3rd quarter

10/30/2012, 12:59 PM (Source: GlobeNewswire)

HAWESKO Holding AG / Interim report / Ad hoc: Hawesko: Temporary earnings weakness in 3rd quarter . Processed and transmitted by Thomson Reuters ONE. The issuer is solely responsible for the content of this announcement.

- No recovery in premium older-vintage Bordeaux wines
- Higher investments in business expansion
- Full-year forecast still positive

Hamburg, 30 October 2012. The wine merchant and trading group Hawesko Holding AG (HAW GR, HAWG.DE, DE0006042708) announces today on the basis of preliminary numbers for the third quarter that it expects EBIT to be € 1.9 million for the period July to September 2012, thus falling below the previous year's figure of € 3.6 million. The main reason for the drop in earnings is the continued weak demand worldwide for premium Bordeaux wines, especially in the Far East, and its effect on business at the subsidiary Château Classic. Beyond this, investments in business expansion have been boosted - above all with regard to a re-alignment of products and offerings as part of focusing Carl Tesdorpf - Weinhandel zu Lübeck strategically on even higher-quality wines and rarities, and to expansion generally of e-commerce activities. According to preliminary calculations, earnings development of the other subsidiaries will not suffice to compensate the profit-reducing effects in the third-quarter.  Group EBIT for the nine-month period is nevertheless expected to be € 13.9 million, nearly 2 % above the previous year (€ 13.7 million). A detailed analysis as well as the complete interim accounts to 30 September 2012 will be published in the upcoming nine-month interim report on 6 November 2012.

From the standpoint of the Hawesko Management Board there is only a slight change in full-year 2012 targets due to the earnings weakness in this quarter: The Board expects a sales increase of approximately 10 % against the previous year (€ 411 million). Regarding the EBIT margin, the Board now assumes that the previous year's figure (6.5 %) will not be surpassed. According to the Board's current estimate, group EBIT is expected on the order of € 28.5 million (previous year: € 26.7 million), whereby a normal course of business is assumed for the important pre-Christmas trading period in the fourth quarter.

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Source: HAWESKO Holding AG via Thomson Reuters ONE


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