Hawesko posts strong growth in the first six months
Hawesko posts strong growth in the first six months
– Six-month sales at € 188 million (+14% over the previous year),
EBIT € 10.1 million (+10%),
Consolidated net income after deductions for minority interests € 6.6 million
(-18%, adjusted for a non-recurring effect in previous year +39%)
– Growth in all three segments
– Expectations for 2011 reaffirmed
Hamburg, 4 August 2011. Today the wine-trading group Hawesko Holding AG (HAW GR, HAWG.DE, DE0006042708) published its six-month report for the first half of fiscal year 2011 as well as the figures for the second quarter. During the quarterly period from 1 April to 30 June the Group increased its sales compared to the same quarter in the previous year (€ 83.3 million) by 14% to € 95.1 million before VAT. Once again, all three business segments contributed to the rise in sales. In addition to the growth abroad, a boost in domestic sales was also responsible for this performance. Sales increased by 19% in the wholesale segment, 16% in the mail order segment, and 7% in the specialist wine retail segment (Jacques’ Wein-Depot). The consolidated operating result (EBIT) amounted to € 5.5 million in the second quarter of 2011, up from € 5.3 million in the previous year. The costs for marketing activities in the wholesale segment and for the pilot project in Sweden (The Wine Company) curbed the rise in EBIT in the quarter under review. At € -0.1 million, the interest expense remained unchanged from the previous year; however, the financial result did not reach the previous year’s level of € +2.6 million overall, as the positive one-off effect of € 3.3 million from the sale of a financial asset did not recur. Consolidated net income after deductions for taxes and non-controlling interests amounted to € 3.6 million and € 0.40 per share (same quarter of the previous year: € 5.7 million and € 0.65 per share; adjusted for the non-recurring effect these figures were € 2.5 million and € 0.28 per share).
During the first six months of fiscal year 2011 (1 January to 30 June) the Group increased its sales by 14% to € 188.0 million (same quarter in the previous year € 164.3 million) and the operating result (EBIT) by 10% to € 10.1 million (previous year: € 9.2 million). Consolidated net income after deductions for taxes and non-controlling interests amounted to € 6.6 million and € 0.73 per share, compared to € 8.0 million and € 0.91 per share (including the non-recurring income from the sale of the financial asset); adjusted for the non-recurring effect these figures were € 4.7 million and € 0.54 per share).
The figures for the first six months of 2011 reinforce the Hawesko management board’s positive assessment of the opportunities. However, a certain slowing in the growth rate is expected for the second half of 2011. In particular, the sales dynamics at the Bordeaux-based subsidiary Château Classic will be facing a considerably stronger comparable basis in the next six months. Thus, the forecast of sales growth in the low to middle single-digit percentage range and EBIT at the previous year’s good level of € 24-26 million is reaffirmed. The EBIT forecast includes in particular the start-up costs for the continuation of the pilot project in Sweden, the costs to adapt the infrastructure to the growth of the wholesale segment and the additional costs connected with a larger number of new openings of Jacques’ Wein-Depots. With regard to achieving the upper end of the forecast range, the management board is currently even more optimistic than at the publication of the quarterly financial report on 31 March. Several higher estimates are in the market, and it is possible that these could be achieved as well. However, business performance in the fourth quarter, like every year, is very important for the Hawesko Group.
CEO Alexander Margaritoff: ‘In the second quarter all three business segments again contributed to the growth of the Group – once more at a high rate in the wholesale segment and with increasing growth rates in the stationary specialist retail and mail order segments. We are currently working to develop our prospects for growth still further: consistently, systematically and based on our own strengths. Thus, we can face future developments in the wine market with confidence, as the trends are clearly in line with our thinking. We are optimally positioned in both the domestic and foreign markets and will consistently take advantage of future opportunities.’
Hawesko Holding AG is a leading supplier of premium wines and champagnes. In fiscal year 2010, the Group achieved sales of € 378 million and employed 696 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.
The six-month report for 2011 is available at https://www.hawesko-holding.com, ‘Investor Relations’ –> ‘Financial Info’ –> ‘Financial Reports’.
Hawesko Holding AG, 20247 Hamburg
https://www.hawesko-holding.com (Company information)
https://www.hawesko.de (Online shop)
https://www.jacques.de (Jacques’ Wein-Depot: information and online shop)
https://www.chateauclassic.com (Online shop with outstanding Bordeaux wines of older vintages)
Vera Maria Bau, VMB Consulting
Phone: +49 (0)228 4496 406
Fax: +49 (0)228 4496 9406
Thomas Hutchinson, Hawesko Holding AG
Phone: +49 (0)40 30 39 21 00
Fax: +49 (0)40 30 39 21 05