(May 08, 2001) - Above-average increase in the quarterly operating result
- Forecast for 2001 reaffirmed
Hamburg, 8 May 2001
The wine trading group Hawesko Holding AG (HAWG.F, 604270) published its annual financial statements for 2000 today as well as the three-month interim report (1 January to 31 March) for the current fiscal year 2001. During this period Group sales rose to DM 111 million (excluding sales tax), thus exceeding the figure for the comparable period in the previous year by 21%. The Group's operating result (EBIT) rose by 33% to DM 3.8 million, well above average in proportion to sales. Sales as well as profits rose in all business segments. Financial expenditures rose by DM 0.7 million to DM 1.8 million, so that the Group result (after taxes) at DM 1.0 million exceeded the previous year's figure by 16%.
Hawesko has drawn up the Group financial statements for fiscal year 2000 according to International Accounting Standards (IAS) for the first time. Fiscal year 2000 was decisively influenced by the consumer restraint after the change of the millennium and by investments in the development and expansion of the Group: with sales of DM 454 million (previous year: DM 392 million) an operating result (EBIT) of DM 17 million (DM 36 million) and a Group result (after taxes) of just over DM 2 million (DM 16 million) were achieved. This corresponds to earnings per share of DM 0.48 (DM 3.74). In the Group result, the first-time accounts in accordance with IAS and tax-reform legislation resulted in non-recurring tax effects. Adjusted for these, profit per share amounts to DM 1.14.
At the annual general meeting on 14 June 2001 in Hamburg, Hawesko will propose to the shareholders the payment of a dividend of DM 1.65 per share (plus a tax credit for German shareholders of DM 0.11). In his presentation, Chief Financial Officer Sven Ohlzen noted that a middle way had been found between dividend continuity and the lower Group result in 2000, and that the management board already views the Group as being a step farther on the path to increased profitability.
CEO Alexander Margaritoff reaffirmed the forecast given in February 2001, according to which Group sales in the current fiscal year will rise by 9% to DM 495 million and the operating result will show above-average growth. Beyond this fiscal year as well, against the background of the market developments in the high-quality wine segment, further increases are envisaged: "For the Hawesko Group, 2001 will be a year of consolidation and exploitation of Group synergies as well as a year of increasing profits. Through targeted measures designed to increase margins and reduce costs, we plan to achieve a sustained operating margin of 7% in the medium term. The year 2001 will be the first step in this direction."
Hawesko Holding AG is the leading seller Germany of premium wines and champagnes. Through its three distribution channels - mail order/e-commerce (in particular Hanseatisches Wein- und Sekt-Kontor and Winegate), stationary specialist retail (Jacques' Wein-Depot) and wholesale (Wein Wolf and CWD Champagner & Wein Distributionsgesellschaft) - the Group achieved sales of DM 454 million in fiscal year 2000. The Group employs 515 staff members.
The complete quarterly report for the quarter ending on 31 March 2001 as well as the annual financial statements for 2000 are available in PDF format online at http://www.hawesko.com.
Published by:
Hawesko Holding AG
Postfach 20 15 52
20205 Hamburg
Internet:
http://www.hawesko.com (Company information)
http://www.winegate.de or
www.hawesko.de (German-language Online Shop)
Press/Media:
Vera Maria Bau, VMB Consulting
Tel. (02244) 91 27 36
Fax (02244) 91 27 38
e-mail: vmb@nsag.de
Investor Relations:
Thomas Hutchinson,
Hawesko Holding AG
Tel. (040) 30 39 21 00
Fax (040) 30 39 21 05
e-mail: ir@hawesko.com