Hawesko: Off to a good start in 2014

5/15/2014, 10:15 AM (Source: GlobeNewswire)

HAWESKO Holding AG / Hawesko: Off to a good start in 2014 . Processed and transmitted by NASDAQ OMX Corporate Solutions. The issuer is solely responsible for the content of this announcement.

- Sales in the first quarter of 2014 up by 4.8%
- Operating result (EBIT) rose by proportionately higher 12.8%
- Positive outlook confirmed

Hamburg, 15 May 2014. At today's annual press conference in Hamburg, the wine trading group Hawesko Holding AG (HAW DE, HAWG.DE, DE0006042708) presented its financial statements for 2013 as well as its quarterly financial report for the period from January to March 2014.  

The Group increased its sales in the first three months of the current fiscal year by 4.8% over the same period in the previous year, from € 103.0 million to € 108.0 million.  All three sales channels contributed to growth: The specialist wine-shop retailing segment of the Group (Jacques' Wein-Depot) grew by 2.7% (based on comparable sales area by 1.9%), while the mail order and wholesale segments each posted sales growth of 5.6%. The consolidated result from operations (EBIT) in the first quarter of 2014 rose proportionately higher due to better capacity utilisation in the mail order segment by 12.8%, from €3.4 million to €3.8 million. Consolidated net income excluding non-controlling interests amounted to € 2.5 million (€ 0.28 per share), compared to € 2.2 million (€ 0.24 per share) in the previous year.

The Hawesko management board considers the general economic and business conditions in Germany to be good, and notes that the figures for the first quarter of 2014 are within expectations. For the full fiscal year 2014, the board anticipates an increase in sales in the order of magnitude of 1-2% compared to the previous year (€ 465 million), despite structurally negative effects on sales totalling € 13 million. A proportionately higher increase in EBIT to € 27-28 million is forecast for 2014 (previous year: € 22.6 million).  Even though a lower financial result is anticipated, consolidated net income is expected to be in the range of  € 17 million. The management board expects free cash flow to be on the order of € 17-22 million for 2014.

CEO Alexander Margaritoff stated: "In the Hawesko Group we are pleased with the good first quarter of 2014. It has fully met our expectations and, on this basis, we can reaffirm our forecast for the full fiscal year 2014."

The annual report presented for 2013 confirms the previously announced figures for the reporting period: Consolidated sales rose by 4.2% to € 465 million. Sales in Germany rose by 2.4% compared to the same period of the previous year, while a decline of 1.4% was registered for the wine market overall in 2013.  The result from operations (EBIT) amounted to € 22.6 million (previous year: € 25.6 million);  adjusted for the influence of the subsidiary Château Classic, which will no longer be a part of the Hawesko Group, the EBIT would be just above the level of the previous year. Consolidated net income after deductions for taxes and non-controlling interests amounted to € 16.2 million and € 1.80 per share in 2013 (previous year: € 22.5 million and € 2.51 per share).

The return on capital employed (ROCE) for 2013 at 16% (previous year: 19%) reached the minimum long-term return defined by the management board.   The free cash flow (cash flow from ongoing business activities minus investments and interest paid out) amounted to € 22.7 million and € 2.52 per share.  In the previous year, due to an acquisition, it amounted to € -8.9 million; adjusted for this extraordinary item it amounted to € 11.1 million and € 1.23 per share.  An ordinary dividend of € 1.65 (unchanged from the previous year) will be proposed to the annual shareholders' meeting on 16 June 2014; thus 2013 will be the eleventh consecutive year in which the amount of the ordinary dividend was either increased or maintained.

Hawesko Holding AG is a leading supplier of premium wines and champagnes. In fiscal year 2013, the Group achieved sales of € 465 million and employed 925 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 application of  IFRS 11 resulted in a difference in the sales (€ 446.4 million) and EBIT (€ 25.6 million) reported for the previous year compared to the originally reported sales (€ 448.6 million) and originally reported EBIT (€ 26.1 million).

The full annual report for 2013 as well as the quarterly financial report to 31 March 2014 can be found at http://www.hawesko-holding.com, -->"Press" or "Investors" --> "Downloads".

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 locations and online shop)
http://www.vinos.de             (Spanish wines sold through Wein & Vinos)

Press/Media 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




This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: HAWESKO Holding AG via Globenewswire

HUG#1785558

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HAWESKO Holding AG
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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