Hawesko

Hamburg, 15 March 2004. The wine trading group Hawesko Holding AG (HAW GR, HAWG.DE, DE0006042708) expects to pay a dividend of Euro 1.10 per share for fiscal year 2003. The supervisory board of the Group has agreed with the management board's dividend proposal which will be put to vote at the annual general meeting of shareholders on 3 June 2004. More than Euro 4.8 million will be paid out to shareholders. For fiscal year 2002 a total of Euro 4.4 million (Euro 1.00 per share) was distributed.
In addition, the supervisory board has approved the Group's audited consolidated financial statements. As reported already, Group sales rose - despite stagnating consumer spending in Germany - by over 4% to Euro 279 million. The finalised figures also showed that the Group operating result (EBIT) rose overproportionally by 7% to Euro 15.1 million (previous year: Euro 14.1 million). The Group result after tax charges and minority interests rose in 2003 by 34 % to just under Euro 6.1 million (previous year: Euro 4.5 million). This corresponds to earnings per share of Euro 1.37 (previous year: Euro 1.05). The free cash flow (cash flow from current operations minus investments and interest paid out) amounted to Euro 16.8 million (previous year: Euro 8.9 million) and thus considerably exceeded the Group's expectations.
Hawesko CEO Alexander Margaritoff expects that Group sales and EBIT will rise again in fiscal year 2004 despite the ongoing sluggishness of the market. Should an economic upswing occur, according to Margaritoff, Hawesko stands to benefit in an even greater measure. Regardless of the outlook for improved general conditions, the management board is focussing on increasing the precision of Hawesko's marketing in all segments, on optimising business processes, especially in the mail order/e-commerce division, and on opening roughly 10 to 15 new outlets for Jacques' Wein-Depot. The management board anticipates growth stimulus particularly in the second half of the year, due among other things to recently-gained exclusive distribution rights of the Baron Philippe de Rothschild wines.
The management board will present details of fiscal year 2003 as well as its outlook for the current fiscal year 2004 at the annual results press conference of Hawesko Holding AG on 28 April.
Hawesko Holding AG is the leading supplier 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 279 million in fiscal year 2003. The Group employs 570 staff members. The shares of Hawesko Holding AG are listed on the Hanseatic stock exchange in Hamburg as well as in the prime standard segment of the Frankfurt stock exchange.