Ad hoc: Hawesko: French subsidiary posts higher losses than expected

10/24/2013, 5:05 PM (Source: GlobeNewswire)

HAWESKO Holding AG / Keyword(s): Miscellaneous business figures / Ad hoc: Hawesko: French subsidiary posts higher losses than expected . Ad hoc announcement according to § 15 WpHG. Processed and transmitted by Thomson Reuters ONE. The issuer is solely responsible for the content of this announcement.

Hamburg, 24 October 2013.  The wine trading group Hawesko Holding AG (HAW GR, HAWG.DE, DE0006042708) hereby announces, based on calculations present on 24 October 2013, that its Bordeaux-based subsidiary Château Classic - Le Monde des Grands Bordeaux, which specialises in premium Bordeaux wines, realised a higher than expected loss during the period from 1 July to 30 September 2013. A major cause is the longer-term price decline in this particular market, which resumed again in the past several weeks.

The Hawesko management board believes that the problems in the global market for Bordeaux wines of the ultra-premium class, caused primarily by a drastic drop in demand in the Far East, will be sustained for a longer period of time. The board is therefore reviewing various options with regard to the future positioning of the Group in the wholesale trading of Bordeaux wines of the ultra-premium class: its decision will be made shortly. As a consequence, further charges on earnings in the current fiscal year cannot be excluded. However, these charges would be one-off in nature and will not in total exceed a figure in the mid-single-digit million range (in euros).

The potential charges as well as the aforementioned loss in the third quarter have an effect on the full-year forecast for 2013. The management board currently assumes that consolidated sales in 2013 will be 4-5% higher than in the previous year (€ 449 million) and the result from operations (EBIT) will be between € 22-24 million (previous year: € 26.1 million).

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Published by:
Hawesko Holding AG
20247 Hamburg

Investor Relations:
Thomas Hutchinson, Hawesko Holding AG
Phone: +49 (0)40 30 39 21 00
Fax +49 (0)40 30 39 21 05

This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients.

The owner of this announcement warrants that:
(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 Thomson Reuters ONE


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