Hawesko: Cold spring weather delays Bordeaux deliveries

5/7/2013, 10:05 AM (Source: GlobeNewswire)

HAWESKO Holding AG / Hawesko: Cold spring weather delays Bordeaux deliveries . Processed and transmitted by Thomson Reuters ONE. The issuer is solely responsible for the content of this announcement.

- Sales in the first quarter of 2013 only at the previous year's level,
operating result (EBIT) below
- Positive outlook still confirmed

Hamburg, 7 May 2013.  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 2012 as well as its quarterly financial report for the period from January to March 2013.  

The Group achieved sales in the first three months of the current fiscal year at € 103.3 million at the level of the previous year (€ 103.4 million). The long, cold winter caused transport delays during the delivery of the current 2010 Bordeaux wines, resulting in a shift of sales to the second quarter. Adjusted for this effect, domestic sales rose by 4.5%. The specialist retail segment of the Group (Jacques' Wein-Depot) grew by 2.8% (based on comparable sales area by 2.2%). The mail order segment was severely affected by the decline in Bordeaux deliveries, so that sales declined by 2.6%. Despite the same effect and a repeated decline in sales at the subsidiary Château Classic, specialised in older Bordeaux vintages, sales in the wholesale segment rose by 0.3%, maintaining the level of the previous year. Due to the shifts caused by the Bordeaux wines, the consolidated operating result (EBIT) in the first quarter of 2013 amounted to € 3.5 million, down from the previous year (€ 4.6 million). Consolidated net income excluding non-controlling interests amounted to € 2.2 million (€ 0.24 per share), down slightly from € 2.8 million (€ 0.31 per share) in the previous year.

Taking into account the delay in the delivery of substantial quantities of the 2010 Bordeaux en primeur wines, the Hawesko management board notes that the financial figures for the first quarter of 2013 are within expectations. The general economic and business conditions in Germany are still deemed to be good.  For the full fiscal year 2013, the management board expects an increase in sales in the order of magnitude of 6% compared to the previous year (€ 449 million). A proportionately higher increase in EBIT to approximately € 28 million is forecast for 2013 (previous year: € 26.1 million).  A net expenditure of approximately € 1.5 million (2012: net income of € 4.2 million) is expected for the financial result.   Profit due to non-controlling interests is expected to rise to approximately € 0.8 million (2012: € 0.3 million). In view of the anticipated decline in the financial result, the consolidated net income is expected to be below that of the previous year. For 2014 the management board expects further increases in sales and in the EBIT, as well as in the consolidated net income.  Free cash flow is expected to be in the range of roughly € 15 million for 2013, with a further increase in 2014.

CEO Alexander Margaritoff:  "The figures of the Hawesko Group for the first three months of 2013 are not especially pleasing at first glance. However, we remain convinced that business performance over the course of 2013 will be satisfactory. We will deliver a higher volume of Bordeaux wines during the current second quarter than in the previous year, which will enable us to make up some of the deficit. We will also benefit from the previous year's basis, primarily in the second half and particularly in the fourth quarter of 2013."

The annual report presented for 2012 confirms the previously announced figures for the reporting period: Consolidated sales rose by 9.0% to € 449 million. Sales in Germany rose by 12.9% compared to the same period of the previous year, while an increase of 1.2% was registered for the German wine market overall in 2012.  The operating result (EBIT) of € 26.1 million was lower than that of the previous year (€ 26.8 million). Consolidated net income excluding non-controlling interests amounted to € 22.5 million, while earnings per share amounted to € 2.51.  This is above the level of the corresponding period in the previous year (€ 17.9 million and € 1.99 per share).

The return on capital employed (ROCE) for 2012 at 19% (previous year: 25%) once again far exceeded the defined minimum long-term return of 16%.  Free cash flow amounted to € -8.6 million; adjusted for an acquisition it amounted to € 11.1 million (previous year: € 12.3 million).  An increase in the ordinary dividend to € 1.65 (previous year: € 1.60) will be proposed to the annual shareholders' meeting on 17 June 2013; thus 2012 will be the tenth consecutive year with a rise in the dividend.

Hawesko Holding AG is a leading supplier of premium wines and champagnes. In fiscal year 2012, the Group achieved sales of € 449 million and employed 847 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 SDAX small-cap index of the Frankfurt Stock Exchange.

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The full annual report for 2012 as well as the quarterly financial report to 31 March 2013 can be found at http://www.hawesko-holding.com, "Press" or "Investor Relations" --> "Downloads".

Hawesko Holding AG, 20247 Hamburg
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.vinos.de   (Spanish wines sold through Wein & Vinos)
http://www.chateauclassic.com  (Online shop with outstanding Bordeaux wines of older vintages)

Press 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@hawesko-holding.com

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Source: HAWESKO Holding AG via Thomson Reuters ONE


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Plan 5 Hamburg Germany

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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