Hamburg, 23 August 2005. The wine trading group Hawesko Holding AG (HAW GR, HAWG.DE, DE0006042708) announced today that the optimisations in its legal structure that were approved by the annual general meeting on 20 June 2005 with regard to Jacques' Wein-Depot have now been registered in the commercial register of the relevant municipal courts and become effective. This streamlining in the legal structure of the Group is expected to reduce the tax burden of the Group in fiscal year 2005 by a total of approximately Euro 2.5 million. The reported result will thus rise by roughly Euro 0.55 per share (earnings per share in 2004: Euro 1.44). The sustained positive effect from fiscal year 2006 onwards is estimated to be on the order of Euro 0.4 million (roughly Euro 0.10 per share) per year. With regard to the Group cash flow from current operations, Hawesko also expects positive effects from the current fiscal year 2005:  up to and including 2009, it should increase by approximately Euro 0.8 million per year.

Hawesko's Chief Financial Officer Sven Ohlzen emphasised that "the positive tax effect resulting from the completed changes is in addition to the already-targeted improvement of the operating result (EBIT) for 2005 and the following years. The Group's consolidated earnings will be improved on a sustained basis thanks to these influences. Our expectations with regard to operations have not changed: we still anticipate an increase in sales (2004: Euro 286 million) and EBIT (Euro 17 million) for the year 2005 overall."

The optimisations of the legal structure comprise a profit and loss transfer agreement with the subsidiary Verwaltungsgesellschaft Jacques' Wein-Depot mbH (the general partner of the operating subsidiary Jacques' Wein-Depot KG, which runs the specialist wine retail shops) and the subsequent merger of Jacques' Wein-Depot KG with this general partner. This leaves the operative Jacques' GmbH with a closer affiliation to the parent company Hawesko Holding AG under German tax laws. In this way the shareholders of Hawesko Holding AG will be positioned as if they held a direct interest in Jacques' Wein-Depot instead of an indirect interest via the parent company. The consolidated financial statements of the Group will not change, as the Jacques' subsidiaries have been fully consolidated since the formation of the Hawesko Group in 1998.

 

 

Hawesko Holding AG is a leading supplier of premium wines and champagnes. In fiscal year 2004 the Group achieved sales of Euro 286 million through their three sales channels - specialist wine retail (Jacques' Wein-Depot), wholesale (Wein Wolf and CWD Champagner und Wein Distributionsgesellschaft) and mail order (in particular Hanseatisches Wein- und Sekt-Kontor). The Group employs 580 people. 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.

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Published by:
Hawesko Holding AG
Postfach 20 15 52
20205 Hamburg, Germany

 

Internet:
http://www.hawesko.com
(Company profile)
http://www.hawesko.de 
(Online shop)
http://www.jacques.de 
(Information Jacques' Wein-Depot)

 

Press/Media:     
Vera Maria Bau, VMB Consulting   
Phone:  +49 (0)228 4496 240   
Fax     +49 (0)228 4496 298    
E-mail:  vmb.pr@t-online.de   

Investor Relations:
Thomas Hutchinson, Hawesko Holding AG
Phone: +49 (0)40 30 39 21 00
Fax    +49 (0)40 30 39 21 05
E-mail: ir@hawesko.com