Hawesko on a successful course
(Thomson Reuters ONE) - HAWESKO Holding AG / Hawesko on a successful course processed and transmitted by Hugin AS. The issuer is solely responsible for the content of this announcement. * 2009 sales at previous year's level: EUR 339 million (±0%) * Second-best EBIT in the company's history: approx.EUR 22 million (previous year: EUR 25.5 million) * Good free cash flow and zero net debt ensure dividend continuity * Upbeat start into the new fiscal yearHamburg, 2 February 2010. The wine trading group Hawesko Holding AG (HAW,HAWG.DE, DE0006042708) published its preliminary results for the fiscal yearjust completed (1 January - 31 December 2009) today. Despite the financialcrisis, the Group's net sales in 2009 amounted to EUR 338.6 million, thusremaining stable at the previous year's level (EUR 338.8 million). The drivingforce behind the steady upward movement of the Group was primarily the salesdevelopment in the segments focused on end customers, i.e. the specialist retailsegment (Jacques' Wein-Depot) with an increase of 3.6% and mail order (primarilyHanseatisches Wein- und Sekt-Kontor) with an increase of 3.2%. In contrast, thewholesale segment was confronted with a decline in sales of 5.3% because salesof premium, older-vintage Bordeaux wines outside Germany remained sluggish.Group sales in Germany accounted for 93% (previous year: 91%) of total volumeand exceeded comparable sales in the previous year by 1.8%. In 2009 the entireGerman wine market grew only by 1.2% in terms of value, according to data of theGesellschaft f?onsumforschung (GfK). Thus the Hawesko Group outperformed themarket in the past fiscal year as well. According to preliminary calculations,the consolidated result of operations (EBIT) amounts to approximatelyEUR 22.2 million (previous year: EUR 25.5 million), and therefore in the upper partof the expected range. The financial result is expected to amount to a netexpenditure of EUR 2.6 million, including a non-recurring expenditure ofEUR 1.8 million (previous year: expenditure EUR 3.3 million). According topreliminary calculations, the rate of tax expenditures will be 34%, so thatconsolidated earnings after deductions for taxes and minority interests iscurrently anticipated to be approximately EUR 13 million, or between EUR 1.40 andEUR1.50 per share (previous year: EUR 14.6 million and EUR 1.67 per share). Withoutthe non-recurring financial expenditure, earnings per share would reach thelevel of the previous year, or between EUR 1.60 and EUR 1.70. Free cash flow isexpected to exceed the forecast level of EUR 14 to 15 million by approximately25%. The consolidated balance sheet is expected to show net debt of zero.Against the background of these preliminary figures, the Hawesko managementboard sees the fiscal basis to propose to the supervisory board a dividendpayout in at least the same amount as the previous year (EUR 1.20 per share). Theconsolidated accounts of the Hawesko Group will be certified by the auditor andpresented to the supervisory board for review in March 2010.The Hawesko management board expects a moderate increase in sales and EBIT atthe previous year's level in fiscal year 2010. Due to the elimination of thenon-recurring expenditure in the financial result, an increase in theconsolidated earnings after taxes and minority interests, as well as earningsper share, should be possible. Alexander Margaritoff, chief executive officer,commented: "During the worst economic crisis since the Second World War we wereable to maintain sales at the previous year's level and achieve the second-bestresult in our company's history. We have accomplished this through theimplementation of our consistent, long-term strategy. In 2009 we continued todevelop our marketing in a comprehensive manner focusing on the customer. Theawards we received over the past year bear witness to this: the Innovation Prizefor our wine weblogTVino and, at the annual mail order business convention, theaward 'Catalogue of the Year' for the 100th issue of the Hawesko mail ordercatalogue. We were also ranked among the 6 German companies listed on the stockexchange with the best market orientation by BBDO Consulting and the Departmentof Innovative Brand Management at the University of Bremen. For the first timein 2009 we gained more than 200,000 new customers in one year and thus furtherstrengthened our basis of trading for the future. 2010 will doubtless bring morechallenges, but we believe that we will be able to deal with these from a basisof strength and firm footing. Trading up until now in the new year confirms ourview."In the fourth quarter of the recently concluded fiscal year (1 October to 31December 2009), the Hawesko Group increased its sales compared to the figure inthe corresponding quarter of the previous year of EUR 111.4 million by 7.6% toEUR 119.8 million. The stationary specialist retail segment (Jacques' Wein-Depot)increased its sales by 2.0% compared to the same quarter in the previous year toEUR 38.0 million; on a like-for-like basis this corresponds to an increase of1.2%. At the end of fiscal year 2009 there were 272 depots (end of the previousyear: 271). Over the course of the year, four new depots were opened. As part ofthe continuous adaptation of the network to the customer structure, three depotswere closed and four moved to new locations. Sales of the mail order segmentincreased in the fourth quarter by 5.5% from EUR 32.9 million to EUR 34.8 million.After four consecutive quarters of negative development, the wholesale segmentonce again increased its sales in the quarter under review, by 14.2% toEUR 47.0 million. This was due primarily to two circumstances: first, a certainrecovery in the sales of Bordeaux wines of older vintages in the fourth quarter;this business had come practically to a complete stop due to the globalfinancial crisis. Second, our new Swiss subsidiary GlobalWine AG, which has beenconsolidated from 1 July 2009, contributed EUR 1.6 million to quarterly sales.According to preliminary calculations, the consolidated EBIT in the finalquarter of 2009 amounted to EUR 12.9 million (same quarter in the previous year:EUR 13.5 million) and broke down as follows: specialist retail EUR 5.5 million (samequarter in the previous year: likewise EUR 5.5 million), mail order EUR 4.4 million(EUR 4.8 million), wholesale EUR 4.1 million (EUR 4.0 million); headquarter coststotalled EUR 1.2 million (EUR 0.9 million). A non-recurring financial expenditure ofEUR 1.8 million was incurred due to the utilisation of approved capital by themanagement and supervisory boards for the issuance of 139,000 new Hawesko shares(without dividend rights for fiscal year 2009) by way of a capital increase fora contribution-in-kind of limited-partner (minority) shares of a subsidiary inthe wholesale segment.Hawesko Holding AG is a leading supplier of premium wines and champagnes. Infiscal year 2009 the Group achieved sales of EUR 339 million through their threesales channels - specialist wine retail (Jacques' Wein-Depot), wholesale (WeinWolf und CWD Champagner- und Wein-Distributionsgesellschaft) and mail order (inparticular Hanseatisches Wein- und Sekt-Kontor). The Group employs 656 people.The shares of Hawesko Holding AG are listed on the Hanseatic Stock Exchange inHamburg as well as in the prime standard segment of the Frankfurt StockExchange. ### Published by: Hawesko Holding AG 20247 HamburgInternet:http://www.hawesko.com
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Datum: 02.02.2010 - 02:01 Uhr
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