Ad hoc: HAWESKO Holding AG: Hawesko: Tax-law change will burden 2007

7/9/2007, 2:19 PM (Source: GlobeNewswire)
HAWESKO Holding AG / Misc. law / Hawesko: Tax-law change will burden 2007 Ad hoc announcement according to §15 WpHG processed and transmitted by Hugin ASA. The issuer is solely responsible for the content of this announcement. ---------------------------------------------------------------------- --------------
- New German tax-reform law gives rise to write-down of deferred tax
assets


Hamburg, 9 July 2007. The wine-trading group Hawesko Holding AG (HAW
GR, HAWG.DE, DE0006042708) announces that, as a result of the German
tax-reform bill ratified by the Bundesrat on 6 July 2007, it expects
consolidated earnings after tax to be reduced by € 3 million. The
reduction will be the result of a non-scheduled write-down of
deferred tax assets in the Hawesko consolidated balance sheet: This
item is comprised of the expected future value of fiscally allowable
goodwill amortisation and will be calculated at a lower value due to
the lower tax rate. The write-down will be recognised in the 2007
accounts as additional tax expense but will have no effect on the
Hawesko Group's cash flow, liquidity or its ability to pay dividends.
On the operational side, the management board continues to expect for
2007 an increase in sales against the previous year (€ 303 million)
and EBIT on the same level of the previous year (€ 18.6 million).

From 2008 onwards the Hawesko management board estimates that for
reasons of the lower tax expense alone - the estimated Group tax rate
will go down from 40 % to approximately 33 % - there will be a
corresponding rise in consolidated earnings after tax on a sustained
basis.
# # #
Published by:
Hawesko Holding AG
P.O. Box 20 15 52
20205 Hamburg

Investor Relations:
Thomas Hutchinson,
Hawesko Holding AG
Tel. +49 (0) 40 / 30 39 21 00
Fax + 49(0) 40) / 30 39 21 05
e-mail: ir@hawesko.com



--- End of Message ---

HAWESKO Holding AG
Postfach 201552 Hamburg

WKN: 604270; ISIN:
DE0006042708; Index: CDAX, Prime All Share, SDAX, CLASSIC All Share,
GEX;
Listed: Amtlicher Markt in Frankfurter Wertpapierbörse, Prime
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München,
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Amtlicher Markt in Hanseatische Wertpapierbörse zu Hamburg,
Freiverkehr in Niedersächsische Börse zu Hannover;
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