Hamburg, 9 July 2007. The wine-trading group Hawesko Holding AG (HAW GR, HAWG.DE, DE0006042708) announces that, as a result of the German tax-reform bill ratified by the Bundesrat on 6 July 2007, it expects consolidated earnings after tax to be reduced by € 3 million. The reduction will be the result of a non-scheduled write-down of deferred tax assets in the Hawesko consolidated balance sheet: This item is comprised of the expected future value of fiscally allowable goodwill amortisation and will be calculated at a lower value due to the lower tax rate. The write-down will be recognised in the 2007 accounts as additional tax expense but will have no effect on the Hawesko Group's cash flow, liquidity or its ability to pay dividends. On the operational side, the management board continues to expect for 2007 an increase in sales against the previous year (€ 303 million) and EBIT on the same level of the previous year (€ 18.6 million).

 

From 2008 onwards the Hawesko management board estimates that for reasons of the lower tax expense alone - the estimated Group tax rate will go down from 40 % to approximately 33 % - there will be a corresponding rise in consolidated earnings after tax on a sustained basis.

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Published by:
Hawesko Holding AG
P.O. Box 20 15 52
20205 Hamburg

 

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