Quarterly Report • May 9, 2018
Quarterly Report
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ISIN DE0006042708 Reuters HAWG.DE, Bloomberg HAW GR
Hamburg, 9 May 2018
| 2018 | 2017 | +/– |
|---|---|---|
| 112.2 | 109.7 | +2.3% |
| 5.0 | 4.9 | +2.0% |
| 3.1 | 3.1 | +1.1% |
| 1.1.–31.3. | 1st quarter 1.1.–31.3. |
Dear friends of the Hawesko Group,
We'll get straight to the point: overall, we are satisfied with the business performance during the first quarter of 2018. With sales growth of 2.3% and a 2.0% increase in EBIT, we have laid a stable foundation for achieving our goals for the full year 2018. The key choices we made in the past two and a half years have resulted in success: our omnichannel strategy with its high online growth rates is an important growth driver for the entire Hawesko Group, and despite sizeable investments in digital resources, income is rising.
Sales of our distance-selling brands, i.e. in the digital segment, rose during the quarter by a total of 0.5%. This apparently small increase resulted from a baseline effect: in the same quarter of the previous year, our specialist in Spanish wines Vinos posted very strong growth in sales due to special anniversary promotions, which naturally did not continue at that level in the quarter under review. In contrast, sales at our online marketplace WirWinzer rose by 44%, while the ultra-premium distance-selling unit Carl Tesdorpf likewise posted double-digit sales growth with a good 10%, and our traditional HAWESKO brand showed solid growth with a rise of 3%.
In the omni-channel segment (Jacques' Wein-Depot), digitalisation and enlargement of the branch network bore abundant fruit: quarterly sales rose by 9.0% (on a like-for-like basis: +7.4%). With a campaign entitled "Hereinprobiert" ("Come in and taste!"), Jacques' drew attention to its distinctive USP, thus further raising its own profile. The initial successes of the campaign are very encouraging!
The B2B segment (wholesale/distribution) had a subdued quarter overall, with a slight decline of 1.4% in sales. But here as well, special effects played a substantial role. In the first quarter of 2018, practically no subscription wines from the 2015 vintage were delivered due to weather conditions - in the previous year, the subscription business achieved sales of € 1.2 million. While the sales of our new acquisition WeinArt increased by nearly a third and Deutschwein Classics also posted double-digit percentual growth, our B2B specialist for Italian wines in Germany, Weinland Ariane Abayan, posted lower sales. Here again, there was a baseline effect due to high additional sales in the wake of the promotions in conjunction with the company anniversary in the previous year.
The operating results of the individual segments largely mirror the respective sales developments in the core businesses. This is especially true for the digital segment: here the lower quarterly sales due to the baseline effect of Vinos were also reflected in a correspondingly lower EBIT, while Carl Tesdorpf clearly returned to the profitable zone.
EBIT in the omni-channel segment (Jacques' Wein-Depot) rose by 7.9% despite the sustained investment in accelerated expansion, while the B2B segment (wholesale/distribution) increased its EBIT by about half. In particular, Ariane Abayan, WeinArt and the foreign operations distinguished themselves in this regard. Weinland Ariane Abayan proved its earning power with a 25% increase in EBIT, as the slightly lower sales were achieved with higher margins. WeinArt, which was acquired last year, benefited from higher margins as well as sales growth, while the foreign operations increased their profitability through growth and improved cost-effectiveness.
There are two factors that were particularly significant in the first quarter of 2018. Our strategy of generating decentralised high growth via centralised platforms has been validated by its success. The design and implementation of these structures is not yet completed – it is a process that takes several years, particularly with regard to the development of a logistics system that efficiently utilises synergies and centralised data structures. Our investments will focus on this area in the future as well. At the same time, we are keeping an eye on the growth segments of the Hawesko Group, particularly in the area of digital retail concepts, including attractive and appropriate opportunities for acquisitions, which we will continue to keep an eye out for. WirWinzer, our online marketplace for German wines, is a good example of this. In addition to this acquisition, we are testing a new and uncomplicated concept for Italian wines known as Enzo, which is already looking very promising. These formats are currently still producing the typical start-up losses, but we are optimistic that they will develop successfully.
Finally, we'd like to take a brief look at the current fiscal year: for 2018, we expect organic growth of approximately 3% in consolidated sales, and assume that all three segments will be within this range. Consolidated EBIT is expected to be around € 32–33 million in 2018, corresponding to an EBIT margin of approximately 6.2%, and thus an increase of about 0.2 percentage points over 2017. Consolidated earnings after deductions for taxes and non-controlling interests are currently expected to be in the range of € 19–20 million (after € 18.5 million in 2017), with free cash flow between € 16 million and € 18 million (previous year: € 2.8 million).
Best regards,
Thorsten Alexander Raimund Nikolas Hermelink Borwitzky Hackenberger von Haugwitz
• • • • • • • • • • •
The global economy will perform better in 2018 than originally assumed by the German Council of Economic Experts and others. Accordingly, the Council has just revised its forecast upwards. The global upswing is gaining momentum, particularly due to the concurrence of the developments: for the first time since the global financial crisis in 2007, economic performance is rising in most countries simultaneously. For Germany, the Council has even forecast an economic boom that will last beyond 2018, and sees more positive development for the rest of the euro zone as well.
The sustained robust consumption in the private sector is essential for the business performance of the Hawesko Group. Underpinned by record employment figures in Germany, including further growth until 2019, it will increase by 1.2% in 2018. The Gesellschaft für Konsumforschung (GfK) also predicts further increases in German consumption. After a strong start to the year and a minor setback in February, the economic and income expectations as well as the propensity to make purchases rose again in March, with an upward trend for the coming months. The indicator for economic expectations was at 45.9 points at the end of the first quarter of 2018. The increase of just under 28 points compared to the same month in the previous year documents the German citizens' sustained high level of optimism regarding the economy, according to the GfK.
In the period from January to March 2018, consolidated sales rose by 2.3% from € 109.7 million to € 112.2 million. In the quarter under review, sales developed in the individual brand units (segments) as follows: in the omni-channel brand unit (Jacques' Wein-Depot), sales rose from € 31.9 million in the same quarter of the previous year to € 34.8 million in the reporting quarter. In the B2B brand unit (wholesale), sales at € 40.2 million were slightly below the figure of € 40.7 million in the same quarter of the previous year. In the digital brand unit (distance selling), sales rose from € 37.0 million to € 37.2 million. The consolidated operating result (EBIT) amounted to € 5.0 million in the first quarter of 2018, once again a high figure in a long-term comparison. The EBIT margin was 4.4% in the quarter under review, and thus at the level of the previous year.
Sales at Jacques' Wein-Depot (the omni-channel brand unit) rose by 9.0%. This development was underpinned by the normalisation of January sales compared to weak sales in January of the previous year as well as by successful marketing campaigns in March. At the reference date at the end of the quarter, Jacques' was operating 308 depots, all of them in Germany (previous year: 298). On a like-for-like basis, sales rose by 7.4% compared to the first quarter of 2017. The average receipts, customer frequency and number of active customers in the all rose once again. In the segment overall, the EBIT increased from € 2.5 million to € 2.7 million.
After the strong quarter of the previous year - with an increase of 11.8% compared to the first quarter of 2016 - sales in the B2B brand unit remained at roughly the same level with a decline of 1.4% compared to the previous year, even though almost no subscription wines were delivered due to weather conditions (previous year: € 1.2 million). Domestic business was lacking the strong stimulus of the Abayan anniversary in the previous year; foreign operations (Switzerland and Austria) experienced positive development, particularly in Switzerland. The EBIT of the B2B brand units amounted to € 1.9 million, rising by 50% compared to the same quarter of the previous year (€ 1.3 million).
With growth of 0.5% in the quarter under review, the digital brand unit maintained the level of the previous year. Normalisation at Vinos after the anniversary promotions in the same quarter of the previous year and solid growth rates for the other brands in the digital segment balanced each other out. As of 31 March 2018, the number of active customers remained constant. In the first quarter of 2018, the share of sales made via the Internet remained stable compared to the same quarter in the previous year, thus accounting for 55% of segment sales (previous year: 55%). The segment EBIT in the brand unit declined to € 1.6 million (same quarter in the previous year: € 2.2 million). This was due primarily to the lower EBIT contribution due to sales at Vinos.
Consolidated gross profit rose by € 1.8 million to € 47.9 million in the first quarter, corresponding to a margin of 42.7% (previous year: 42.0%). The increase in the trading margin resulted primarily from the increased share of sales of the B2C segment. Other operating income of € 5.5 million (same quarter in the previous year: € 5.0 million) consisted for the most part of rental and leasing income at Jacques' as well advertising allowances. Personnel expenses increased by € 0.1 million to €13.7 million in the first quarter and accounted for 12.3% of sales (previous year: 12.4%).
Other operating expenses and other taxes compared to those in the same period of the previous year as follows (rounding differences are possible):
| In € millions | 31.03.2018 | 31.03.2017 |
|---|---|---|
| Advertising | 8.8 | 8.6 |
| Commissions to partners | 8.5 | 7.9 |
| Delivery costs | 5.3 | 5.0 |
| Rental and leasing | 3.3 | 3.1 |
| Other | 6.7 | 6.1 |
| 32.7 | 30.7 |
Advertising expenses at € 8.8 million were slightly above the level of the previous year (€ 8.6 million), accounting for 7.9% of sales as in the previous year. Expenditures for commissions rose to € 8.5 million (previous year: € 7.9 million), accounting for 7.6% of sales (previous year: 7.2%). Expenses for delivery increased to € 5.3 million (previous year: € 5.0 million), accounting for 4.8% of sales (previous year: 4.5%). Overall, other operating expenses and other taxes amounted to € 32.7 million (previous year: € 30.7 million), thus accounting for 29.1% of sales in the quarter under review, compared to 28.0% in the same quarter of the previous year.
The consolidated operating result (EBIT) in the first quarter of 2018 was € 5.0 million (previous year: € 4.9 million), remaining at a high level in a long-term comparison. The EBIT margin was 4.4%, as in the same period of the previous year. Corporate costs of € 1.3 million (same quarter in the previous year: € 1.1 million) were deducted from the contributions of the brand units described above to the operating result and posted under "Miscellaneous/Consolidation" on page 12.
The financial result was balanced overall (previous year: € –0.1 million). The result before taxes on income amounted to € 5.0 million (€ 4.8 million). The tax result is calculated at € –1.7 million (previous year: € –1.5 million). As in the previous year, consolidated net income paid out to the shareholders of Hawesko Holding AG amounted to € 3.1 million. The result per share amounted to € 0.35, up from € 0.34 in the previous year. This was based on the figure of 8,983,403 shares in the reporting period (unchanged from the previous year).
in € millions, rounding differences are possible
| Assets | 31.03.2018 | 31.12.2017 | 31.03.2017 | |||
|---|---|---|---|---|---|---|
| Long-term assets | 75.9 | 31% | 75.6 | 29% | 77.5 | 34% |
| Short-term assets | 166.5 | 69% | 184.1 | 71% | 151.6 | 66% |
| Balance sheet total | 242.3 | 100% | 259.7 | 100% | 229.1 | 100% |
| Liabilities and shareholders' equity | ||||||
| Shareholders' equity | 96.5 | 40% | 104.8 | 40% | 89.4 | 39% |
| Long-term provisions and liabilities | 15.0 | 6% | 14.8 | 6% | 26.7 | 12% |
| Short-term liabilities | 130.9 | 54% | 140.2 | 54% | 113.1 | 49% |
| Balance sheet total | 242.3 | 100% | 259.7 | 100% | 229.1 | 100% |
The balance sheet total at 31 March 2018 was € 242.3 million, down from the total at 31 December 2017 (€ 259.7 million). While total long-term assets remained practically unchanged, short-term assets were reduced by € 17.6 million compared to the reference date at the end of the year. The primary reason for this was a reduction in trade receivables (trade receivables typically reach their highest level at 31 December.)
Total equity capital declined from € 104.8 million at 31 December 2017 to € 96.5 million, due primarily to the reclassification of the funds for the proposed dividends as miscellaneous liabilities. Long-term provision and liabilities amounted to € 15.0 million (€ 14.8 million). Short-term liabilities declined by € 9.3 million to € 130.9 million. (Trade receivables typically reach their highest level at 31 December.)
Compared to the previous year's reference date (31 March 2017), the balance sheet total increased from € 229.1 million to € 242.3 million. From this standpoint, the increase in inventories was particularly noticeable (€ 113.8 million compared to € 102.6 million at the reference date in the previous year). Long-term provisions and liabilities amounted to € 15.0 million (previous year: € 26.7 million). These decreased due to a reclassification of the liability as of 31 December 2017, which could arise from the exercise of the option to sell by the former partners of Wein & Vinos GmbH, and are subsequently listed in the short-term liabilities in the quarter under review. Short-term liabilities rose by € 17.8 million to € 130.9 million - primarily as the consequence of the aforementioned reclassification of the longterm liability vis-à-vis the former partners of Wein & Vinos GmbH.
The working capital requirement at 31 March 2018 increased in comparison to the reference date in the previous year, due primarily to higher inventories.
The cash flow from current operations for the Hawesko Group in the three-month period amounted to € –11.4 million, compared to –3.3 million in the same period of the previous year. Due to the seasonal nature of the business, cash flow from ongoing business activity is usually negative in the first quarter of the fiscal year. The funds employed for investment activities amounted to € 0.8 million in the first three months of 2017 (same period in the previous year: € 4.4 million).
| Consolidated cash flow in € millions, rounding differences are possible |
1.1.– 31.03.2018 |
1.1.– 31.03.2017 |
|---|---|---|
| Cash flow from current operations | –11.4 | –3.3 |
| Cash flow from investment activity | –0.8 | –4.4 |
| Cash flow from financing activities | 10.1 | 3.2 |
Free cash flow amounted to € –12.3 million in the first quarter of 2018, compared to € –7.8 million in the same period of the previous year. It was calculated from the net outflow of payments from current operations (€ –11.4 million), less funds of € 0.8 million employed for investment activities and interest received and paid out (€ –0.1 million). Free cash flow excluding investments in growth by acquisition had amounted to € –4.5 million in the previous year's quarter.
Investments were divided into those in intangible assets (€ 0.2 million; previous year: € 0.6 million), which were related primarily to software in the digital brand unit (distance selling), and those in tangible assets of € 0.6 million (previous year: € 0.6 million). The latter were related to the expansion and modernisation of the depots in the omni-channel brand unit (Jacques') as well as the investments for expansion and replacement equipment in the digital and B2B brand units. Cash flow from investment activity was influenced in the previous year by the acquisition of the majority interests in WeinArt and Grand Cru Select.
Events of particular significance for the evaluation of the assets, finances and earnings of Hawesko Holding AG and the Group did not occur after the conclusion of the period under review.
There were no significant changes in the risks and opportunities of Hawesko Holding AG compared to the situation described in the 2017 annual report.
There are no changes in the forecast for fiscal year 2018 of the Hawesko management board compared to the situation described in the 2017 annual report. The general economic and business conditions in Germany are still classified as good. The Hawesko management board notes that the financial figures for the first quarter of 2018 are within its expectations.
The management board of Hawesko Holding AG will continue to pursue sustainable, long-term and profitable growth. The following assessments do not take into account the potential acquisition of shares in subsidiaries. For fiscal year 2018, the board expects consolidated sales growth of approximately 3%. Consolidated EBIT is expected to be around € 32-33 million in 2018, corresponding to an EBIT margin of approximately 6.2% (2017: 6.0%). For the financial result, the management board expects a net expenditure of between € 0.2–0.5 million (2017: € 1.6 million). Profit due to noncontrolling interests is expected to be between € 0.8–1.2 million (2017: € 0.7 million). Consolidated earnings after deductions for taxes and non-controlling interests are currently expected to be in the range of € 19–20 million (2017: € 18.5 million). The management board expects free cash flow to be on the order of € 16–18 million (2017: € 2,8 million), while the ROCE is expected to be on the order of 20%, as in the previous year.
| Hawesko Holding AG | ||
|---|---|---|
| -------------------- | -- | -- |
| 1.1.–31.3. | 1.1.–31.3. |
|---|---|
| 2018 | 2017 |
| 112.2 | 109.7 |
| 0.0 | 0.0 |
| 0.1 | 0.2 |
| 5.5 | 5.0 |
| –64.2 | –63.6 |
| –13.7 | –13.6 |
| –2.1 | –2.1 |
| –32.7 | –30.7 |
| 5.0 | 4.9 |
| –0.1 | –0.0 |
| 0.1 | –0.2 |
| – | 0.1 |
| 5.0 | 4.8 |
| –1.7 | –1.5 |
| 3.3 | 3.3 |
| 3.1 | 3.1 |
| 0.2 | 0.2 |
| 0.35 | 0.34 |
| 8,983 | 8,983 |
| Consolidated comprehensive income statement for the period from 1 January to 31 March (in €millions, unaudited, 1.1.–31.3. 1.1.–31.3. rounding differences are possible) 2018 2017 Consolidated net income 3.3 3.3 Amounts that may not be rebooked in the profit and loss statement in the future Actuarial gains and losses resulting from remeasurements of defined-benefit pension plans including deferred tax liabilities — — Amounts that may be rebooked in the profit and loss statement in the future Effective portion of losses from cash flow hedges including deferred tax liabilities 0.0 –0.0 Currency translation differences –0.0 0.1 Other comprehensive income 0.0 0.1 |
|---|
| Total comprehensive income 3.3 3.3 |
| of which is |
| – shareholders' equity in Hawesko Holding AG 3.1 3.2 |
| – allocable to non-controlling interests 0.2 0.2 |
| Hawesko Holding AG Consolidated balance sheet (as per IFRS) (in € millions, unaudited, |
31.3.2018 | 31.12.2017 | 31.3.2017 |
|---|---|---|---|
| rounding differences are possible) Assets |
|||
| Long-term assets Intangible assets |
41.0 | 41.9 | 41.4 |
| Tangible assets | 20.2 | 20.5 | 20.4 |
| Investments accounted for using the equity method Other financial assets |
3.4 0.1 |
3.4 0.1 |
3.5 0.2 |
| Advance payments on stocks | 7.9 | 6.3 | 8.5 |
| Receivables and other assets Deferred tax liabilities |
0.8 2.4 |
1.2 2.2 |
1.1 2.4 |
| 75.9 | 75.6 | 77.5 | |
| Short-term assets | |||
| Inventories Trade receivables |
113.8 33.0 |
110.8 52.0 |
102.6 31.5 |
| Receivables and other assets | 5.0 | 4.7 | 4.3 |
| Receivables from taxes on income | 6.1 | 6.0 | 4.2 |
| Cash in banking accounts and cash on hand | 8.6 | 10.7 | 9.1 |
| 166.5 | 184.1 | 151.6 | |
| 242.3 | 259.7 | 229.1 | |
| Liabilities Shareholders' equity |
|||
| Subscribed capital of Hawesko Holding AG | 13.7 | 13.7 | 13.7 |
| Capital reserve | 10.1 | 10.1 | 10.1 |
| Retained earnings Other reserves |
62.6 –0.1 |
71.2 –0.1 |
55.7 –0.1 |
| Shareholders' equity in Hawesko Holding AG | 86.3 | 94.8 | 79.3 |
| Non-controlling interests | 10.2 | 9.9 | 10.0 |
| 96.5 | 104.8 | 89.4 | |
| Long-term provisions and liabilities | |||
| Provisions for pensions | 1.1 | 1.1 | 1.1 |
| Other long-term provisions Borrowings |
0.7 0.5 |
0.6 0.5 |
0.8 0.8 |
| Advances received | 5.3 | 4.7 | 3.8 |
| Other liabilities | 4.8 | 5.0 | 17.3 |
| Deferred tax liabilities | 2.7 15.0 |
2.7 14.8 |
2.9 26.7 |
| Short-term provisions and liabilities | |||
| Non-controlling interests in the capital of unincorporated subsidiaries |
0.2 | 0.2 | 0.1 |
| Borrowings | 30.3 | 20.1 | 27.3 |
| Advances received | 7.6 | 8.4 | 5.4 |
| Trade accounts payable Income taxes payable |
48.7 1.6 |
64.4 2.6 |
47.0 1.4 |
| Other liabilities | 42,6 | 44.5 | 31.9 |
| 130.9 | 140.2 | 113.1 | |
| 242.3 | 259.7 | 229.1 | |
| (in € millions, unaudited, rounding differences are possible) |
1.1.–31.3. 2018 |
1.1.–31.3. 2017 |
|
|---|---|---|---|
| Result before taxes on income | 5.0 | 4.8 | |
| Depreciation and amortisation of intangible and tangible assets tangible and intangible assets |
2.1 | 2.1 | |
| Other non-cash expenses and income | –0.1 | – | |
| Interest result | 0.0 | 0.2 | |
| Result from the disposal of intangible and tangible assets | –0.0 | –0.0 | |
| Income from companies reported at equity | – | –0.1 | |
| Dividend payments received from investments | – | 0.3 | |
| Change in inventories | –4.7 | –6.5 | |
| Change in borrowings and other assets | 18.6 | 17.2 | |
| Change in provisions | 0.0 | 0.5 | |
| Change in liabilities (excluding borrowings) |
–29.7 | –20.2 | |
| Taxes on income paid out | –2.6 | -1.6 | |
| Net outflow of payments from current operations | –11.4 | –3.3 | |
| Acquisition of subsidiaries net of funds acquired | – | –3.4 | |
| Outpayments for tangible and intangible assets Other assets |
–0.9 | –1.2 | |
| Inpayments from the disposal of financial assets intangible and tangible assets |
0.0 | 0.1 | |
| Inpayments from the disposal of financial assets | — | — | |
| Net funds employed for investing activities | –0.8 | –4.4 | |
| Outpayments for dividends | — | — | |
| Outpayments to non-controlling interests | — | — | |
| Payment of finance lease liabilities | –0.0 | –0.0 | |
| Change in short-term borrowings | 10.2 | 3.3 | |
| Repayment of medium- and long-term borrowings | –– | –– | |
| Interest received | 0.1 | 0.1 | |
| Interest paid out | –0.1 | –0.2 | |
| Inflow of net funds from financing activities | 10.1 | 3.2 | |
| Effects of changes in foreign exchange rates on funds (period of up to three months) |
–0.0 | 0.0 | |
| Net decrease of funds | –2.1 | –4.5 | |
| Funds at start of period | 10.7 | 13.6 | |
| Funds at end of period | 8.6 | 9.1 |
| Ha ko Ho l d in A G, Co l i da d f c ha in i te ta te t o ty we s g ns o s m en ng es eq u |
|||||||||
|---|---|---|---|---|---|---|---|---|---|
| Oth er res erv es |
|||||||||
| Su bsc ribe d ital cap |
Ca ital p res erv e |
Ret ain ed nin ear gs |
Ba lan cin item g s from cu rre ncy nsl atio tra n |
Rev alu atio n f ent com pon s o sio pen n obl iga tion s |
Re for ser ve h fl cas ow hed ge |
Ow shi f ner p o inte t of res Ha sko we AG Ho ldin g sha reh old ers |
No ont roll ing n-c inte ts res |
Tot al |
|
| Sta Ja 20 tus at 1 17 nu ary |
13 .7 |
10 .1 |
64 | –0 | –0 | 87 | 94 | ||
| C ha in t he lida ion t ng e co nso g rou p |
— | — | .1 — |
0.0 — |
.2 — |
.0 — |
.7 0.2 |
6.7 3.2 |
.4 3.3 |
| Div ide nd s |
— | — | –1 1.7 |
— | — | — | –1 1.7 |
— | –1 1.7 |
| Co lida d n inc te et nso om e |
— | — | 3.1 | — | — | — | 3.1 | 0.2 | 3.3 |
| Ot he lt r re su |
— | — | — | 0.1 | — | –0 .0 |
0.1 | 0.0 | 0.0 |
| fer De d t he lt ot re ax on r re su |
— | — | — | — | — | –0 .0 |
–0 .0 |
— | –0 .0 |
| Sta 31 M h 2 01 7 tus at arc |
13 .7 |
10 .1 |
55 .5 |
0.1 | –0 .2 |
–0 .0 |
79 .3 |
10 .0 |
89 .4 |
| Sta 1 Ja 20 18 tus at nu ary C ha in t he lida ion t ng e co nso |
13 .7 |
10 .1 |
71 .2 |
0.1 | –0 .2 |
0.0 | 94 .8 |
9.9 | 104 .8 |
| g rou p |
— | — | — | — | — | — | — | — | — |
| Div ide nd s |
— | — | –1 1.7 |
— | — | — | –1 1.7 |
— | –1 1.7 |
| Co lida d n inc te et nso om e |
— | — | 3.1 | — | — | — | 3.1 | 0.2 | 3.3 |
| Ot he lt r re su |
— | — | — | 0.0 | — | 0.0 | 0.0 | –0 .0 |
0.0 |
| De fer d t he lt ot re ax on r re su |
— | — | — | — | — | –0 .0 |
–0 .0 |
— | –0 .0 |
| Sta 31 M h 2 01 8 tus at arc |
13 .7 |
10 .1 |
62 .6 |
0.1 | –0 .2 |
0.1 | 86 .3 |
10 .2 |
96 .4 |
(in € millions, unaudited, rounding differences possible)
| 1.1.–31.3.2018 | Omni | Miscellaneous/ | |||
|---|---|---|---|---|---|
| channel1 | B2B1 | Digital1 | Consolidation | Group | |
| External sales | 34.8 | 40.2 | 37.2 | 0.0 | 112.2 |
| Operating result (EBIT) | 2.7 | 1.9 | 1.6 | –1.3 | 5.0 |
| 1.1.–31.3.2017 | Omni | Miscellaneous/ | |||
|---|---|---|---|---|---|
| channel1 | B2B1 | Digital1 | Consolidation | Group | |
| External sales | 31.9 | 40.7 | 37.0 | 0.0 | 109.7 |
| Operating result (EBIT) | 2.5 | 1.3 | 2.2 | –1.1 | 4.9 |
(1) New designation (as of 2017; until 2016 omni-channel = specialist wine retail, B2B = wholesale, digital = distance selling)
General principles: This interim report was written in accordance with International Accounting Standard (IAS) 34 according to the requirements of the current guidelines of the International Accounting Standards Board (IASB), London and the German Accounting Standard (DRS) 16. The standards and interpretations valid from 1 January 2018 have been applied to the interim financial statement.
The present quarterly financial report does not contain all of the information and data required for a consolidated financial statement and is therefore to be read in conjunction with the consolidated financial statement for 2017.
The interim financial statement and interim management report have neither been audited in accordance with section 317 of the German Commercial Code (HGB) nor reviewed by an auditor.
Consolidation: The consolidation group of Hawesko Holding AG remains unchanged from that listed in the 2017 balance sheet.
Balance sheet and valuation principles: (1) The balance sheet and valuation methods used correspond as a rule to those applied in the last consolidated balance sheet at the end of the fiscal year. A detailed discussion of these methods was published in the annual report for 2017. (2) With respect to the content regarding new standards and interpretations as well as changes in existing standards, please refer to the comments on pages 87 to 88 in the 2017 annual report. The application of the revised standards and interpretations has no significant influence on the net worth, financial situation, earnings or cash flow of the Hawesko Group. (3) Cyclical events which occur during the year, insofar as they are important, are delimited based on corporate planning.
Other information: (1) Events after the conclusion of the reporting period: Events of particular significance for the evaluation of the assets, finances and earnings of Hawesko Holding AG and the Group - as defined in IAS 10 - did not occur after the conclusion of the period under review. (2) Resolution for the appropriation of earnings for 2017: The proposal will be made to the annual general meeting of shareholders on 11 June 2018 that the unappropriated earnings reported in the annual accounts of Hawesko Holding AG of € 12,431,636.12 should be appropriated as follows: (a) Payout of a dividend of €1.30 per entitled share. With a total number of 8,983,403 shares entitled to dividends, this amounts to a total of € 11,678,423.90. b) The remaining amount of € 753,212.22 will be carried forward to new account. (3) No unforeseen development costs were incurred during the period under review. (4) The order situation remains satisfactory. (5) No changes have occurred in the composition of the management board and the supervisory board to the date of the writing of this report. (6) Business with closely associated persons: As disclosed in the Notes to the financial statements for 2017 under point 46, the management board and the supervisory board are considered to be closely associated persons in the sense of IAS 24.5.
Material changes since the closing date of the annual accounts have not taken place. Important business transactions were not conducted with closely associated persons in the reporting period. The number of shares and/or the number of votes held by members of the supervisory board is 6,522,376, all of them held by the supervisory board chairman Detlev Meyer. The members of the management board hold no shares and have no votes. (7) Treasury shares: Hawesko Holding AG holds no treasury shares as of the date of writing of this report.
| Other information | 1.1.–31.3. 2018 |
1.1.–31.3. 2017 |
|
|---|---|---|---|
| Employees (average during the period) | 925 | 960 |
Annual shareholders' meeting 2018 11 June 2018 Six-month report to 30 June 2018 2 August 2018 Nine-month report to 30 September 2018 8 November 2018 Preliminary report on fiscal year 2018 Early February 2019
Published by: Hawesko Holding AG – Investor Relations – Elbkaihaus Grosse Elbstrasse 145d 22767 Hamburg
Phone +49 40 / 30 39 21 00 Fax +49 40 / 30 39 21 05 www.hawesko-holding.com
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