Hawesko: a good start in fiscal year 2012

Thu May 10, 2012 4:01am EDT

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HAWESKO Holding AG / Hawesko: a good start in fiscal year 2012 . Processed and transmitted by Thomson Reuters ONE. The issuer is solely responsible for the content of this announcement.


- Quarterly sales +11%, operating result (EBIT) at the level of the previous year
- Wein & Vinos consolidated from January 2012
- Positive outlook confirmed

Hamburg, 10 May 2012. At today's annual press conference in Hamburg, the wine trading group Hawesko Holding AG (HAW DE, HAWG.DE, DE0006042708) presented its annual report for 2011 with the complete year-end financial statements as well as its quarterly financial report for the period from January to March 2012. The Group increased its sales in the first three months of the current fiscal year by 11.3% to EUR 103.4 million (same quarter in the previous year: EUR 92.9 million), including Wein & Vinos GmbH, which was consolidated for the first time at the beginning of the year. Domestic sales excluding Wein & Vinos rose by 10.5%; during the same period the German wine market, according to data from the AC Nielsen Company, grew overall by 3.2% in terms of value. The specialist retail segment of the Group (Jacques' Wein-Depot) grew by 7.2% (like-for-like by 5.4%), while the mail order segment grew by 42.2% including Wein & Vinos (16.7% excluding the subsidiary). Sales in the wholesale segment fell by 5.8%: In the same quarter of the previous year, Château Classic, the subsidiary specialising in older Bordeaux vintages benefited greatly from the extraordinary global demand for such wines - the normalisation of this market thus resulted in a decline which also put pressure on the operating result. In the first quarter of 2012, the operating result (EBIT) remained at EUR 4.6 million, the level of the previous year. Consolidated net income excluding non-controlling interests amounted to EUR 2.8 million (EUR 0.31 per share), down slightly from EUR 2.9 million (EUR 0.33 per share) in the previous year.

The key figures for the first quarter of 2012 are within the range anticipated by the Hawesko management board. The general economic and business conditions in Germany are still deemed to be good.  The management board expects increases in both sales and EBIT clearly within the double-digit percentage range. The financial result is expected to be approximately EUR 1.0 million (2011: EUR 0.5 million). Profit due to non-controlling interests is expected to rise to approximately EUR 1.0 million (2011: EUR 0.3 million), so that an increase of the consolidated net income in the single-digit percentage range is anticipated. For 2013 the management board once again expects increases in sales and EBIT as well as in consolidated net income. After deducting the outpayment for the acquisition of Wein & Vinos, free cash flow in the magnitude of EUR 7-8 million for 2012 and more than EUR 20 million in 2013 is expected.

CEO Alexander Margaritoff:  "In 2011 the Hawesko Group once again succeeded in gaining a greater share of the market. Growth in foreign sales - underpinned particularly by our operations in France, Switzerland and Sweden - was even stronger than in our home market. The Group as a whole achieved new highs for sales and EBIT in 2011. We believe that the numerous Group activities in the e-commerce area and the acquisition of the Spanish-wine specialist Wein & Vinos will leave us well-equipped to tackle the fast-paced business development and to achieve increases in sales and earnings in the double-digit percentage range in 2012."

The annual report presented for 2011 confirms the previously announced figures for the reporting period: Consolidated sales rose by 8.9% to EUR 411.4 million. Sales in Germany rose by 5.9% compared to the same period of the previous year, while the wine market overall increased by 1.9% in 2011.  With an operating result (EBIT) of EUR 26.7 million, the figure of the previous year (EUR 25.7 million) was surpassed. Consolidated net income excluding non-controlling interests amounted to EUR 17.9 million, while earnings per share amounted to EUR 1.99,  thus exceeding the figure for the same period in the previous year, which - adjusted for the non-recurring gain - had amounted to EUR 16.7 million and EUR 1.88 per share (including the extraordinary profit: EUR 20.0 million and EUR 2.24 per share).

The return on capital employed (ROCE) for 2011, at 25% (previous year: likewise 25%), once again clearly exceeded the management board's defined long-term hurdle rate of 16%. Free cash flow amounted to EUR 12.3 million (previous year: EUR 23.8 million). An increase in the regular dividend to EUR 1.60 (previous year: EUR 1.50 plus a bonus dividend of EUR 0.25) will be proposed to the annual shareholders' meeting on 18 June 2012; thus fiscal 2011 will be the ninth consecutive year with a rise in the dividend.

Hawesko Holding AG is a leading supplier of premium wines and champagnes. In fiscal year 2011, the Group achieved sales of EUR 411 million and employed 750 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). 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 full annual report for 2011 as well as the three-month report to 31 March 2012 can be found at http://www.hawesko-holding.com, "Investor Relations" --> "Financial Data" --> "Financial Reports".

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 information and online shop)

Press/Media:     
Vera Maria Bau, VMB Consulting   
Phone: +49 (0)228 4496 406    
Fax:   +49 (0)228 4496 9406    
E-mail: vmb(at)veramariabau-pr.de   

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(at)hawesko-holding.com




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Source: HAWESKO Holding AG via Thomson Reuters ONE

HUG#1610729

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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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