Hawesko at the annual shareholders’ meeting: Business development continues within expectations

RSS Feed – News Detail

Hawesko at the annual shareholders’ meeting: Business development continues within expectations

The wine-trading group Hawesko Holding AG (HAW, HAWG.DE, DE0006042708) is continuing to post business development which meets the expectations of its Board of Management after five months in the current fiscal year (1 January-31 May). At the company’s annual general meeting of shareholders in Hamburg today, chief executive Alexander Margaritoff reported that the company’s specialist retail (Jacques’ Wein-Depot) and mail order segments – the latter adjusted for the effect of the delivery of the 2005 Bordeaux vintage in the same period of the previous year – are maintaining their course of business so far in the second quarter slightly above that of the previous year. Both of these segments focus on sales to end consumers. Thus the trend begun in the first quarter of the year has carried on: While business in the wholesale segment is characterised by a weak secondary market for Bordeaux wines of older vintages and reticence in the restaurant and catering sectors, business in the wine shops and in mail order is good.

As previously reported, Hawesko had posted a sales decline of 9.5 % in the three months ended 31 March 2009 to € 73.0 million. Although the operating result (EBIT) of € 3.1 million was below the previous year’s figure of € 4.6 million, it was nonetheless the second-best first-quarter result in the history of the company. Hawesko continues to assume a decrease of full-year sales in the mid-single-digit percentage range (group sales in 2008: € 339 million). The company cannot give a concrete forecast for the result in 2009; however, it still expects it to be clearly positive – possibly even the second-best in its history – as well as free cash flow significantly in the positive range.

The annual meeting of shareholders took place again this year in a harmonious atmosphere. The attending shareholders passed each resolution proposed by management by a large majority, among others the proposal to raise the dividend for the past 2008 fiscal year to € 1.20, from € 1.00 in the previous year. The dividend is payable from 16 June 2009 and will be paid out of a tax-free equity reserve, meaning that most private shareholders domiciled in Germany collect it free of taxes.

Hawesko Holding AG is a leading supplier of premium wines and champagnes. In fiscal year 2008 the Group achieved sales of € 339 million through its three sales channels – specialist wine retail (Jacques’ Wein-Depot), wholesale (Wein Wolf and CWD Champagner- und Wein- Distributionsgesellschaft) and mail order (in particular Hanseatisches Wein- und Sekt-Kontor). The Group employs 614 people. Hawesko Holding AG has been ranked as one of the top 6 German public companies with the best market orientation in a 2009 study by the international consultancy BBDO and the chair for innovative brand management of Bremen University, the ‘Best Marketing Company Award’. 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.

Quelle: EQS