Hawesko Holding AG: New orientation off to a positive start

11/5/2015, 8:00 AM (Source: GlobeNewswire)

HAWESKO Holding AG / Hawesko Holding AG: New orientation off to a positive start . Processed and transmitted by NASDAQ OMX Corporate Solutions. The issuer is solely responsible for the content of this announcement.

- Result from operations (EBIT) rises by 85.9% in the third quarter
- Management board confirms full-year forecast 
- Thorsten Hermelink will take over as CEO on December 1st

Hamburg, 5 November 2015. Today the wine-trading group Hawesko Holding AG (HAW GR, HAWG.DE, DE0006042708) published its report on the first nine months of fiscal year 2015 as well as the figures for the third quarter.  During the quarterly period from 1 July to 30 September consolidated sales rose by 2.0% compared to the same quarter in the previous year, increasing from € 103.4 million to € 105.4 million before VAT.  Thus third-quarter growth in the Group accelerated noticeably compared to the first two quarters. Thanks to strong domestic demand, the wholesale segment grew by 6.8%. The specialist wine-shop segment (Jacques? Wein-Depot) continued its accustomed reliable growth with an increase of 1.6% in sales. In the distance-selling segment, sales declined by 2.8% from the same quarter in the previous year; however, the basis for comparison was extraordinarily high due to the anniversary activities of Hanseatisches Wein- und Sekt-Kontor hawesko.de. The consolidated result from operations (EBIT) rose by 85.9%, growing from € 2.5 million to € 4.6 million, so that the EBIT margin increased from 2.4% to 4.4% of sales. The financial result impacted the balance sheet with an expenditure of € 0.3 million as in the previous year. Consolidated net income after deductions for taxes and non-controlling interests for the quarter amounted to € 2.8 million and € 0.31 per share (same quarter in the previous year:  € 1.6 million and € 0.18 per share).

In the first nine months (1 January to 30 September) of fiscal year 2015, sales of the Hawesko Group amounted to € 322.7 million, thus remaining at the level of the previous year (€ 322.4 million). This was due primarily to the effect of the high base figure generated by the company anniversaries in the previous year as well as the elimination of the wholesale activities in Bordeaux. The operating result (EBIT) amounted to € 6.8 million. It includes non-recurring charges arising from a personnel provision in conjunction with the departure of the former CEO as well as follow-on costs from the change-of-control. The previous year's EBIT of € 9.6 million included non-recurring expenses for consulting services. The posted EBIT amounted to 2.1% (previous year: 3.0%) of sales. Adjusted for the extraordinary items, EBIT accounted for 4.2% of sales (previous year, adjusted: 3.5%). Consolidated net income after deductions for taxes and non-controlling interests amounted to € 3.9 million and € 0.44 per share; the figures for the same quarter in the previous year were € 6.6 million and € 0.73 per share.

The management board has initiated a new orientation of the Group. The company's success is based primarily on the success of its business units, but the Group has now reached a size that requires strategic optimisation of its structures, greater harmonisation of the service functions and better utilisation of internal leverage. The basis for all this is and will remain the foundation that has proven successful for decades: the Group and its companies offer first-class wines and outstanding service. The process of new orientation is complemented by the fact that the designated chief executive officer Thorsten Hermelink will take up his office already on December 1st and complete the management board.

The Hawesko management board has confirmed the forecast for the full fiscal year 2015 and expects a slight increase in sales of approximately 1% compared to the figure of € 473 million from the previous year. The EBIT in 2015 is expected to remain unchanged at approximately € 26-27 million on an adjusted basis (2014 on an adjusted basis: € 24.6 million); on an unadjusted basis, ie, after the non-recurring charges resulting from the takeover process, it is expected to be approximately € 19-20 million (2014, unadjusted: € 20.1 million).  The financial result will presumably be lower than in the previous year and consolidated net income is expected to be in the range of € 12-13 million. The management board expects free cash flow to be on the order of € 17-20 million for 2015, after € 13 million in 2014.

CFO Ulrich Zimmermann: "Business performance throughout the Group is genuinely satisfactory - we are on the right course, not only with regard to EBIT. To ensure that this continues to be the case, we will make the Group structure more efficient and more effective. This is much more about proceeding to a further stage in development rather than a change in course. We've got the basics right and we look forward to our new chief executive officer. We're well prepared for the fourth quarter - bring on the all-important holiday business!"

Hawesko Holding AG is a leading supplier of premium wines and champagnes. In fiscal year 2014, the Group achieved sales of € 473 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 distance elling (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 prime standard segment of the Frankfurt Stock Exchange.

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The full nine-month financial report to 30 September 2015 is available for downloading at http://www.hawesko-holding.com, --> "Press" or "Investors" --> "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 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


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Plan 5 Hamburg Germany

WKN: 604270;ISIN: DE0006042708;Index:CLASSIC All Share,CDAX,SDAX,Prime All Share,GEX;
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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