Hawesko Holding AG: Successful first half-year

8/4/2016, 8:02 AM (Source: GlobeNewswire)

Hawesko Holding AG / Hawesko Holding AG: Successful first half-year . Processed and transmitted by NASDAQ OMX Corporate Solutions. The issuer is solely responsible for the content of this announcement.

- EBIT rises by 22% on a comparable basis 
- Sales at previous year's level
- Management board confirms forecasts for 2016

At a glance
  Second quarter First six months
Sales +1.4% +0.3%
EBIT (adjusted) +28.6% +22.4%

Hamburg, 4 August 2016. Today the wine-trading group Hawesko Holding AG (HAW GR, HAWG.DE, DE0006042708) published its report for the first six months of fiscal year 2016 as well as the figures for the second quarter. Chief executive officer Thorsten Hermelink was satisfied overall with the figures presented, saying "The first half-year of the current fiscal year 2016 shows that our direction is the right one. We are in the midst of transforming the group into a more powerful organisation in which we can take even better advantage of our strengths. In doing so, our retail brands can then each focus more intensively on its own individual market image and offer. The successes of this process will become even more visible in the course of our organic and external growth. At the same time, our goal remains above-average growth with high profitability."

Sales rise in the 2nd quarter despite high base in the previous year
During the quarterly period from 1 April to 30 June consolidated sales rose by 1.4% compared to the same quarter in the previous year (€ 111.5 million) to € 113.0 million before sales tax.  Thus the Group achieved growth based on strong domestic demand in the second quarter, despite a high comparable basis in the previous year. The sales achieved in Germany, which accounted for 91% of total sales, rose by 2.4% despite a strategic adjustment in the supplier portfolio of the B2B brands that put pressure on the quarterly development. Foreign sales, which accounted for 9% of total sales, declined by 7.9% in the quarter under review due to the wholesale activities terminated in France in 2015 and the re-orientation of the Swiss operations - the latter winnowing out unprofitable business operations. These two factors were also responsible for the decline of 9.4% in sales in the wholesale segment. In contrast, sales in the end-customer businesses rose: The specialist wine retail segment (Jacques' Wein-Depot) grew by 5.5%, while the distance selling unit grew by a strong 11.5%.

The portfolio optimisations and structural improvements undertaken in conjunction with the goal of rigorously focusing on profitable sales had a positive influence on earnings: Consolidated gross profit rose by € 2.7 million to € 48.3 million in the second quarter, corresponding to a margin of 42.7% (previous year: 40.9%). Above all the higher portion of sales made by the end-consumer businesses had a positive impact. The consolidated operating result (EBIT) rose on an adjusted, comparable basis by 28.6% from € 4.8 million to € 6.2 million, so that the EBIT margin increased from 4.3% to 5.5% of sales. EBIT, unadjusted for the one-time effects of changes in provisions, was posted at € 8.4 million in the quarter under review. The financial result impacted the balance sheet with an expenditure of € 0.1 million (previous year: € 0.2 million). Consolidated net income attributable to the shareholders of Hawesko Holding AG for the quarter amounted to € 5.4 million and € 0.60 per share (same quarter in the previous year:  € 3.1 million and € 0.34 per share).

Consolidated gross profit margin rose in the first six months
In the first half-year of fiscal year 2016 (1 January to 30 June), sales amounted to € 217.8 million, remaining at the level of the same period in the previous year (€ 217.3 million). The consolidated gross profit margin rose from 41.6% in the previous year to 42.8% of sales. The adjusted operating result (EBIT) amounted to € 11.0 million, corresponding to 5.0% of sales; in the previous year these figures were € 9.0 million and 4.1% of sales respectively. The unadjusted EBIT was reported at € 13.2 million, after € 2.2 million in the previous year. These figures include non-recurring effects resulting primarily from changes in personnel provisions. Consolidated net income attributable to the shareholders of Hawesko Holding AG for the first six months amounted to € 8.4 million and € 0.94 per share (same period in the previous year: € 1.1 million and € 0.13 per share).

Forecast confirmed
The forecast of the Hawesko management board for fiscal year 2016 on an adjusted basis has not changed from that published in the 2015 annual report: the consolidated EBIT is expected to be in the range of € 28-29 million, which corresponds to an EBIT margin of approximately 6% (2015: 4.2%).  Due to the changes in the reserves, the management board expects an EBIT on the order of € 30.2-31.2 million on an unadjusted basis. Consolidated earnings after deductions for taxes and non-controlling interests are currently expected to be in the range of € 18-19 million (2015: € 12.2 million) on an adjusted basis and presumably between € 19.7-20.7 million on an unadjusted basis. The management board forecasts a free cash flow on the order of € 20-22 million (2015: € 20 million). ROCE is still expected to be on the order of 21%, up from 15% in 2015.

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The full six-month financial report to 30 June 2016 is available for downloading at http://www.hawesko-holding.com, --> "Press" or "Investors" --> "Downloads".

Hawesko Holding AG is a leading supplier of premium wines and champagnes. In fiscal year 2015, the Group achieved sales of € 477 million and employed 933 persons in the company's three sales channels: specialty retail (Jacques' Wein-Depot), wholesale operations/distribution (Wein Wolf and CWD Champagner- und Wein-Distributionsgesellschaft) and distance selling (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.

Hawesko Holding AG    
Grosse Elbstrasse 145d
22767 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)
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

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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Hawesko Holding AG
Große Elbstraße 145 d 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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