Hamburg, 29 October 2003. The wine trading group Hawesko Holding AG (HAW GR, HAWG.DE, DE0006042708) published its report today on the first nine months of 2003 as well as its results for the third quarter. In the period between July and September 2003, Group sales (excluding sales tax) rose by 2% to Euro 59.1 million (same period in the previous year: Euro 57.8 million). The result of operations (EBIT) for the quarter amounted to Euro 1.0 million, down from the figure of the same quarter a year ago (Euro 1.5 million); the Group's net earnings (after taxes and minority interests) amounted to Euro 0.1 million, slightly above that of the previous year. In the third quarter - which is usually the weakest quarter in the fiscal year of the Group - the sustained climate of consumer restraint in Germany as well as the unusually hot weather precluded stronger growth. Despite this, the Hawesko Group again increased its market share in the premium wine sector.

Group sales for the first nine months rose in 2003 from Euro 171.5 million to Euro 183.7 million, corresponding to growth of 7%. Operating profit (EBIT) amounted to Euro 4.3 million (prior year: Euro 5.2 million). The Group's net earnings (after taxes and minority interests) amounted to  Euro 1.3 million, corresponding to earnings per share of Euro 0.29 (previous year: Euro 1.2 million and Euro 0.28 per share). Further optimization of working capital management enabled the Group to increase its cash flow from current operations by Euro 13 million compared to the same period in the previous year.

The Hawesko management board confirms its forecast for the year overall of a 5% increase in sales to Euro 280 million and a proportionally higher increase in the operating result (EBIT). Better conditions are expected for the year-end business than in the previous year, and it is anticipated that the course of business will continue according to plan in the fourth quarter. The Group generally earns well over 50% of its profit for the year in the last quarter.

Hawesko CEO Alexander Margaritoff: "The fiscal year has developed as we expected up to now. This includes our acquisition of a considerable number of new customers in the first six months of this year. We want to convert this advantage into increased profits in the final quarter of 2003. With regard to the medium-term development of the premium segment in the wine market - and therefore that of Hawesko - I remain firmly convinced that our position has again been made even stronger by the significant weeding-out in the market over the past couple of years. That means that when the economic upswing arrives, Hawesko is set to benefit more than the rest."

Hawesko Holding AG is a leading seller of premium wines and champagnes. Through its three distribution channels - mail order/e-commerce (particularly Hanseatisches Wein- und Sekt-Kontor), specialist wine retail (Jacques' Wein-Depot) and wholesale (Wein Wolf and CWD Champagner & Wein Distributionsgesellschaft) - the Group achieved sales of Euro 267 million in fiscal year 2002 and employed 550 staff members.

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The complete nine-month report for 2003 is available at
http://www.hawesko.com / Investor Relations / Financial Info / Financial Reports

Publisher: 
Hawesko Holding AG
Postfach 20 15 52    
20205 Hamburg

 

Internet: 
http://www.hawesko.com
(Company information)
http://www.hawesko.de   
(Online shop)
http://www.jacques-wein-depot.de
(Locations / information about Jacques' Wein-Depot)

 

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