(July 26, 2002) - Business progress restrained in June
- Forecast for the year revised downwards
Hamburg, 26 July 2002. The wine trading group Hawesko Holding AG (HAW.GR, HAWG.F, DE0006042708) published its six-month report (1 January - 30 June 2002) as well as figures for the second quarter today. In the period between 1 April and 30 June 2002, the Hawesko Group posted sales of Euro 57.5 million (excluding V.A.T.), down 4% on the comparable period of the previous year (Euro 60.0 million). The decline in sales is due primarily to the sluggish retail economy in Germany as well as consumer uncertainty. After a brief improvement in spring, sales were down again in June. The Group result from operations (EBIT) in the second quarter declined to Euro 2.2 million (Euro 3.3 million).
In the six-month period under review (1 January to 30 June 2002), the Group achieved sales of
Euro 113.7 million (2001: Euro 116.9 million) with an operating result (EBIT) of Euro 3.7 million (Euro 5.2 million). The Group result after taxes and minority interests for the first six months amounted to
Euro 1.1 million (Euro 1.8 million) or Euro 0.27 (Euro 0.40) per share.
Based on an economic environment which has become difficult again at mid-year and the continuing reticence of consumers in Germany, the management board believes it necessary to downscale its forecast made at the beginning of the year for Hawesko - which looked for a sales increase by about 7% to between Euro 280 million and Euro 285 million and a proportionate increase of operating result by about 7% - for the 2002 financial year. Assuming that consumers in Germany remain cautious - but otherwise do not become even more reticent - the management board expects sales for 2002 as a whole to rise by between 1% and 3% to around Euro 270 million. EBIT is likely to fall short of the previous year's level (Euro 17 million), though the decrease should not be more than 15%.
"The current economic developments are disappointing to us. Our business, however, stands on a firm footing," said CEO Alexander Margaritoff. "For that reason I am convinced that we will be able to continue the successful development of our company."
Hawesko Holding AG is a leading seller of premium wines and champagnes in Germany. Through its three distribution channels - mail order/e-commerce (particularly Hanseatisches Wein- und Sekt-Kontor), stationary specialist retail (Jacques' Wein-Depot) and wholesale (Wein Wolf and CWD Champagner- und Wein-Distributionsgesellschaft) -- the Group achieved sales of Euro 264 million in fiscal year 2001. The Group employs 500 people.
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The full six-month report for 2002 is available on the Internet at http://www.hawesko.com.
Published by:
Hawesko Holding AG
P.O. Box 20 15 52
20205 Hamburg
Germany
Internet:
http://www.hawesko.com (corporate site)
http://www.hawesko.de (online shop)
Press/Media:
Vera Maria Bau, VMB Consulting
Tel. +49 (0)2244 91 27 36
Fax +49 (0)2244 91 27 38
e-mail: vmb@nsag.de
Investor Relations:
Thomas Hutchinson, Hawesko Holding AG
Tel. +49 (0)40 30 39 21 00
Fax +49 (0)40 30 39 21 05
e-mail: ir@hawesko.com