Quarterly Report • Nov 5, 2015
Quarterly Report
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ISIN DE0006042708 Reuters HAWG.DE, Bloomberg HAW GR
Hamburg, 5 November 2015
| Highlights in € (millions) |
Nine months (1.1.–30.9.) | 3rd quarter (1.7.–30.9.) | ||||
|---|---|---|---|---|---|---|
| 2015 | 2014 | +/– | 2015 | 2014 | +/– | |
| Consolidated sales | 322.7 | 322.4 | 0.1% | 105.4 | 103.4 | 2.0% |
| Result from operations (EBIT) |
6.8 | 9.6 | –28.8% | 4.6 | 2.5 | 85.9% |
| – Adjusted for non recurring expenditures |
13.6 | 11.3 | 20.0% | 4.6 | 3.2 | 45.5% |
| Consolidated net income excluding non-controlling interests |
3.9 | 6.6 | –40.2% | 2.8 | 1.6 | 74.1% |
Dear shareholders,
We are pleased to report a successful start into a new phase of development in the Hawesko Group! Business performance is very satisfactory and the focus on profitable sales is already bearing fruit. This new orientation has become necessary because the Hawesko Group has now reached a size that requires us to focus even more intensively on developing the Group's structures further in a strategic sense. We are currently in the process of finding better solutions, more appropriate to the size of the Group, to increase internal efficiency, to ensure that collaboration within the Group is even more effective than before and to strengthen the cross-group activities. Overall, by implementing the concepts we are developing, we will increase the clout of the company and free up resources with which we can further strengthen our market presence.
Particularly with regard to earnings, business performance in the year to date has been very satisfactory: On a like-for-like basis, EBIT rose by 20.0% after the first nine months of the year, and in the quarter under review it soared by 45.5%. It is especially noteworthy that all business segments increased their results from operations in both periods disproportionately compared to sales. In the quarter under review, consolidated sales rose by 2.0%. After the decline of 2% in the first quarter and
the slightly positive figure of 0.4% in the second quarter, this is a noticeable acceleration. Overall, after nine months our figures are just above the previous year's level and within expectations.
The specialist wine-shop segment at Jacques' posted its usual solid and consistent growth. Moreover, we opened two new outlets in Berlin in the quarter under review, in order to reflect the high population growth of the German capital. In the wholesale segment, domestic business proceeded apace at a high level. In Switzerland, on the other hand, the appreciation of the Swiss franc continued to depress demand and put noticeable pressure on earnings. In the year after its anniversary, the distanceselling segment is continuing to focus consistently on more profitable sales and posted significantly higher profitability.
In summary, we can say that the new orientation is proceeding at full speed and that a mood of excitement and optimism prevails throughout the Group. In line with this, our future colleague and chief executive officer Thorsten Hermelink will join us and complete the management board on 1 December 2015. Even with the great willingness of everyone involved to rethink and optimise structures and workflows in the Hawesko Group and thus to strengthen our competitiveness even more, the foundation of success for our company will remain unchanged: as in the past, we are committed in the future to offer our customers top-quality wines and outstanding service. Moreover, we will do everything further to refine our keen instinct, developed over decades, for the needs of our customers. Accordingly, we will continue to optimise the entire organisation – from purchasing to sales – on a continuous basis. And we will continuously review our work to see how we can meet these needs as effectively and efficiently as possible. With this attitude we enter into the fourth quarter and thus the important holiday business.
We wish you all a very merry Christmas and a good start to the new year! Enjoy the festive season – preferably with premium wines from your Hawesko Group.
Best regards
Your Management Board
| Alexander | Nikolas | Bernd G. | Ulrich |
|---|---|---|---|
| Borwitzky | von Haugwitz | Siebdrat | Zimmermann |
• • • • • • • • • • •
The federal government expects stable continuation of the current positive economic situation in Germany. In its current autumn forecast, it assumes that the real gross domestic product will increase by 1.7% in 2015 and 1.8% in 2016. According to the report, the German economy is still in good shape despite muted global economic perspectives, due primarily to positive development in the job market together with increasing income and moderately rising prices. Thus, the main driver of the positive development is private consumption, which is expected to rise by an annual average of 1.8% in both years (adjusted for inflation).
The Gesellschaft für Konsumforschung (GfK) comes to the same conclusion: despite another slight decline in its consumption index for Germany in September, it noted that consumers still assume that the German economy will grow this year and that their personal financial situations will continue to
improve. This optimism is based on the robust employment market, which also offers room for considerable increases in employees' income. The extremely low inflation rate also contributes to the real growth in income.
These general conditions remain favourable to the Hawesko Group. With this in mind, the Hawesko management board expects the consumer mood to remain positive and the dynamics of the economy to be favourable over the course of the current year, which should also benefit the wine market and in particular the important holiday business.
During the period from July to September 2015, sales of the Hawesko Group amounted to € 105.4 million, up by 2.0% over the same quarter of the previous year (€ 103.4 million). In the quarter under review, sales developed in the individual business segments as follows: The specialist wine-shop segment (Jacques' Wein-Depot) increased its sales by 1.6% to € 31.3 million (previous year: € 30.8 million). Sales in the wholesale segment rose by 6.8% to 39.7 million (previous year: € 37.2 million). In the distance-selling segment, sales amounted to € 34.5 million, a decline of 2.8% from the figure for the strong quarter in the previous year (€ 35.5 million). The consolidated operating result (EBIT) in the third quarter of 2015 amounted to € 4.6 million (previous year: € 2.5 million). The EBIT margin thereby improved from 2.4% (adjusted for extraordinary costs: 3.1%) in the previous year to 4.4% in the quarter under review.
The specialist wine-shop segment (Jacques' Wein-Depot) posted a sales increase of 1.6%, after an increase of 5.4% over the comparable period of 2013 was achieved in this quarter in 2014, due primarily to the anniversary activities. In the quarter under review, two new outlets were opened in Berlin, so that at 30 September 2015 there were 290 Jacques' Wein-Depots in operation, all of them in Germany (same date in the previous year: 286, of which 283 were in Germany). New-customer acquisition improved once again in the quarter under review compared to the previous year. On a likefor-like basis, sales in the stationary specialist retail segment rose by 0.9% compared to the third quarter of 2014. This development was the result of an increase in the average sales receipt. EBIT in this segment rose from € 2.7 million to € 2.9 million, by 9.2%, and thus proportionately higher than sales.
Thanks to the continuing strong performance in its core business in Germany, sales in the wholesale segment increased by 6.8% compared to the same quarter in the previous year. In contrast, the appreciation of the Swiss franc put pressure on the domestic demand in Switzerland. In addition, a decline in sales resulted from the planned sale of the unprofitable wine bars operated by Vogel Vins in the French-speaking part of the country. The EBIT in the wholesale segment doubled thanks to improved profitability at home and abroad, rising from € 0.4 million in the same quarter of the previous year to € 1.0 million in the quarter under review.
Quarterly sales in the distance-selling segment were –2.8% below the level of the previous year. This is explained by the high basis for comparison: in the third quarter of 2014 the anniversary activities of Hanseatisches Wein- und Sekt-Kontor hawesko.de generated an increase of 14.2% compared to the third quarter of 2013. In contrast, sales growth at Wein & Vinos, The Wine Company (distance selling to Sweden) and Carl Tesdorpf – Weinhandel zu Lübeck had a positive impact. The number of active customers in the distance-selling segment rose once again to the reference date. In the third quarter, 44% of segment sales were achieved online, compared to 43% in the previous quarter. The EBIT in
the distance-selling segment increased by more than one third to € 2.1 million (same quarter in the previous year: € 1.5 million). This is due primarily to the increase in the results at Wein & Vinos and Hanseatisches Wein- und Sekt-Kontor hawesko.de.
Compared to the previous year, consolidated gross profit rose by € 0.5 million to € 44.0 million, corresponding to a margin of 41.7% (same quarter in the previous year: 42.0%). The lower trading margin for the Group was due to a higher share of sales of the wholesale segment and the decline in the trading margin there. The other operating income of € 5.0 million (same quarter of the previous year: € 4.1 million) consisted for the most part of rental and leasing income at Jacques' as well advertising allowances. Personnel expenses decreased in absolute terms by € 0.2 million to € 12.6 million in the second quarter; as a share of sales they fell by 0.5 percentage points to 12.0%. As in the second quarter, the decline was due mainly to the sale of the wine bars in Switzerland and the termination of the wholesale operations in Bordeaux.
Other operating expenses and other taxes compared to those of the previous year as follows:
| In € millions Rounding differences are possible |
1.7.– 30.9.2015 |
1.7.– 30.9.2014 |
|---|---|---|
| Advertising | 8.7 | 9.2 |
| Commissions to partners | 8.0 | 7.5 |
| Delivery costs | 4.7 | 4.9 |
| Rental and leasing | 2.8 | 2.9 |
| Other | 6.4 | 6.4 |
| 30.6 | 30.9 |
Advertising expenses in terms of sales fell to 8.3%; in the previous year this figure was 8.9% due to the anniversary activities. Expenses for commissions rose from 7.3% to 7.6%, while expenses for shipping declined from 4.8% to 4.4%. Overall, other operating expenses and other taxes amounted to € 30.6 million. In the previous year, this figure was € 30.9 million (including non-recurring expenses for consulting services of € 0.7 million). These expenses thus accounted for 29.0% of sales in the quarter under review, compared to 29.9% in the third quarter of 2014.
The consolidated result of operations (EBIT) amounted to € 4.6 million in the third quarter (previous year: € 2.5 million and adjusted for non-recurring expenditures: € 3.2 million). At 4.4%, the EBIT margin was up from the previous year's level of 3.1% on the adjusted basis.
As in the same quarter of the previous year, the financial result amounted to € –0.3 million, including expense from the subsequent measurement of a financial liability as per IAS 39 and income from investments. The result before taxes on income amounted to € 4.4 million (previous year: € 2.2 million). The anticipated rate of tax expenditures in the quarter under review is 33.6%. Consolidated net income after deductions for non-controlling interests amounted to €2.8 million (previous year: € 1.6 million). The profit per share amounted to € 0.31, after € 0.18 in the previous year. This is based on the number of 8,983,403 shares for the period under review, as in the previous year.
In the first nine months of fiscal year 2015, the Group achieved sales of € 322.7 million, which corresponds to the level of the previous year (€ 322.4 million). The consolidated gross profit margin rose by 0.1 percentage points from 41.5% to 41.6% of sales.
Personnel expenses amounted to € 44.8 million and accounted for 13.9% of sales (previous year: € 38.4 million and 11.9%): in the reporting period, this included non-recurring charges from a personnel provision for the fulfilment of contractual obligations in conjunction with the departure of the former chief executive officer in the amount of approximately € 6 million. During the nine-month period, other operating expenses and other taxes compared to those of the previous year as follows:
| In € millions Rounding differences are possible |
1.1.– 30.9.2015 |
1.1.– 30.9.2014 |
|---|---|---|
| Advertising | 26.6 | 28.5 |
| Commissions to partners | 24.0 | 23.3 |
| Delivery costs | 14.4 | 14.7 |
| Rental and leasing | 8.5 | 8.5 |
| Other | 19.9 | 19.4 |
| 93.5 | 94.5 |
In the first nine months of 2014 the operating result (EBIT) amounted to 2.1% (previous year: 3.0%) of sales or € 6.8 million (previous year: € 9.6 million). Adjusted for non-recurring costs in both periods, an EBIT margin of 4.2% was achieved, up from 3.5% in the previous year.
On inspection of the individual segments, it is to be stated that EBIT at Jacques' rose proportionately higher than sales, namely by 5.5% to € 9.3 million. In the wholesale segment, the rise of 21.6% to € 2.5 million resulted from domestic business as well as the elimination of the charges from the former French subsidiary. The EBIT in the distance-selling segment rose by 35.5% to € 6.1 million thanks to improved profitability. The item "Miscellaneous/Consolidation" includes non-recurring charges in the reporting period from the aforementioned personnel provision in conjunction with the release of the former chief executive officer as well as follow-on costs of € 0.3 million from the takeover process. In the previous year, non-recurring costs of €1.8 million for consulting services were incurred.
The financial result amounted to € –0.8 million (previous year: € –0.4 million); in the result for the same period in the previous year, € 0.5 million was realised in the subsequent measure of a financial instrument as per IAS 39. The result before taxes on income amounted to € 6.0 million (previous year: € 9.1 million). Consolidated net income after deductions for non-controlling interests amounted to € 3.9 million, compared to € 6.6 million in the same period of the previous year. The profit per share amounted to € 0.44, compared to € 0.73 for the same period in the previous year. The number of shares in the reporting period was 8,983,403 (as in the previous year).
sheet in € millions, rounding differences are possible
| Assets | 30.9.2015 | 31.12.2014 | 30.9.2014 | |||
|---|---|---|---|---|---|---|
| Long-term assets | 57.2 | 28% | 60.3 | 28% | 59.9 | 29% |
| Short-term assets | 150.3 | 72% | 156.9 | 72% | 149.8 | 71% |
| Balance sheet total | 207.5 | 100% | 217.2 | 100% | 209.8 | 100% |
| Liabilities and shareholders' equity | ||||||
| Equity | 83.0 | 40% | 91.1 | 42% | 82.7 | 39% |
| Long-term provisions and liabilities | 21.7 | 10% | 17.1 | 8% | 21.7 | 10% |
| Short-term liabilities | 102.8 | 50% | 109.0 | 50% | 105.4 | 50% |
| Balance sheet total | 207.5 | 100% | 217.2 | 100% | 209.8 | 100% |
The balance sheet total at 30 June 2015 was € 207.5 million, corresponding to a reduction of € 9.7 million compared to the total at 31 December 2014. Long-term assets declined by €3.2 million, while the short-term assets fell by € 6.5 million. Their share of the balance sheet total did not change. With regard to short-term assets, a reduction in trade receivables was noted (trade receivables typically reach their highest level at 31 December).
Total equity capital declined by € 8.2 million compared to the total at 31 December 2014 after payment of the dividend. Long-term provisions and liabilities amounted to € 21.7 million and rose by € 4.6 million. The deviation is due primarily to the formation of a provision to meet contractual obligations to the former chief executive officer. The short-term liabilities were reduced by € 6.2 million. The primary reason for this was a reduction in trade receivables (trade receivables typically reach their highest level at 31 December) and the other receivables. In contrast, short-term borrowings rose.
Compared to the previous year's reference date (30 September 2014), the balance sheet total declined by € 2.3 million. With regard to long-term assets, the intangible and tangible assets declined due to depreciations and the sale of tangible assets in conjunction with the sale of the wine bars in Switzerland. Short-term assets at € 150.3 million increased only slightly compared to the reference date of the previous year (€ 149.8 million).
With regard to the long-term provisions and liabilities, primarily the long-term borrowings were reduced due to the scheduled repayments of the bank loan for the acquisition of the majority interest in Wein & Vinos. In contrast, the other long-term liabilities increased due to the aforementioned provision for the fulfilment of contractual obligations. Short-term liabilities declined by € 2.5 million, particularly due to a reduction in trade accounts payable.
The working capital requirement at 30 September 2015 remained at the level of the reference date in the previous year and remained nearly unchanged in terms of sales.
Cash flow from current operations amounted to € –6.4 million in the first nine months (previous year: € –10.5 million). This was due mainly to the smaller build-up of inventories and the higher adjusted result before taxes on income. Due to the seasonal nature of the business, cash flow from ongoing business activity is usually negative in the first nine months of the fiscal year.
| Consolidated cash flow in € millions, rounding differences are possible |
1.1.– 30.9.2015 |
1.1.– 30.9.2014 |
|---|---|---|
| Cash flow from current operations | –6.4 | –10.5 |
| Cash flow from investment activity | –3.3 | –3.5 |
| Cash flow from financing activities | 7.5 | –0.6 |
At € 3.3 million, the net funds employed for investment activities declined slightly in the first nine months from the previous year's figure (€ 3.5 million) due to proceeds from the sale of the tangible assets of the Swiss wine bars.
At € –10.1 million, free cash flow improved over the comparable period in the previous year (€–14.9 million), and was calculated from the net outflow of payments from current operations (€ –6.4 million), less funds employed for investment activities (€ –3.3 million) and interest paid out (€ –0.4 million).
Investments in tangible and intangible assets in the first nine months of 2015 amounted to € 4.1 million (same period in the previous year: € 3.7 million). The investments in intangible assets of € 1.3 million (previous year: € 1.2 million) were related primarily to software in the distance-selling segment. The investments in tangible assets of € 2.8 million (previous year: € 2.5 million) related primarily to the modernisation of the depots in the specialist wine-shop segment and replacement and expansion investments in the wholesale segment as well as such investments in the distance-selling segment.
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 2014 annual report, except for one factor: with regard to one of the highvolume suppliers, the probability that an existing contract might not be extended increased from class B to class A. The management board emphasises that the Hawesko Group is not dependent on specific suppliers and refers to the risk report in the 2014 annual report, pages 49 et seq. in this regard.
There were no significant changes in the forecast for fiscal year 2015 of the Hawesko management board compared to the situation described in the 2014 annual report. Overall, the board anticipates a slight increase in sales of roughly 1% compared to the previous year. 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 nine months of 2015 are within expectations. Consolidated EBIT for 2015 should be on the order of € 26–27 million (previous year: €20.1 million) on an adjusted basis after non-recurring charges resulting from the takeover process (unadjusted: € 19–20 million). In the previous year, an EBIT – adjusted for non-recurring expenditures – of € 24.6 million was achieved. The financial result will presumably be lower than in the previous year and consolidated net income after deductions for interests of non-controlling partners is expected to be in a bandwidth between € 12–13 million (2014: € 14.8 million). The management board expects free cash flow to be on the order of € 17–20 million for 2015; in 2014 this figure was € 13 million.
| Hawesko Holding AG | |||
|---|---|---|---|
| Profit and loss statement for the first nine months of 2015 (as per IFRS) | |||
| (in € millions, unaudited, rounding differences possible) | 1.1.–30.9. 2015 |
1.1.–30.9. 2014 |
|
| Sales revenues | 322.7 | 322.4 | |
| Increase (decrease) in finished goods inventories | 0.6 | 0.7 | |
| Other production for own assets capitalised | 0.1 | 0.1 | |
| Other operating income | 15.5 | 13.0 | |
| Cost of purchased goods | –188.5 | –188.6 | |
| Personnel expenses | –44.8 | –38.4 | |
| Depreciation and amortisation | –5.3 | –5.1 | |
| Other operating expenses and other taxes | –93.5 | –94.5 | |
| Result from operations (EBIT) | 6.8 | 9.6 | |
| Financial result | |||
| Interest earnings/expenditures | –0.5 | –1.0 | |
| Other financial result | –0.3 | 0.5 | |
| Income from long-term equity investments | 0.1 | 0.1 | |
| Result before taxes on income | 6.0 | 9.1 | |
| Taxes on income and deferred tax expenses | –2.0 | –2.8 | |
| Consolidated net income | 4.0 | 6.3 | |
| of which | |||
| — shareholders' equity in Hawesko Holding AG | 3.9 | 6.6 | |
| — allocable to non-controlling interests | 0.1 | –0.3 | |
| Earnings per share(in €, undiluted = diluted) | 0.44 | 0.73 | |
| Average number of shares in circulation (Numbers in thousands, undiluted = diluted) |
8,983 | 8,983 | |
| Hawesko Holding AG | |||
|---|---|---|---|
| Profit and loss statement for the third quarter of 2015 (as per IFRS) | |||
| (in € millions, unaudited, rounding differences possible) | 1.7.–30.9. 2015 |
1.7.–30.9. 2014 |
|
| Sales revenues | 105.4 | 103.4 | |
| Increase in finished goods inventories | 0.6 | 0.5 | |
| Other production for own assets capitalised | 0.0 | 0.1 | |
| Other operating income | 5.0 | 4.1 | |
| Cost of purchased goods | –61.5 | –60.0 | |
| Personnel expenses | –12.6 | –12.9 | |
| Depreciation and amortisation | –1.8 | –1.7 | |
| Other operating expenses and other taxes | –30.6 | –30.9 | |
| Result from operations (EBIT) | 4.6 | 2.5 | |
| Financial result | |||
| Interest earnings/expenditures | –0.2 | –0.6 | |
| Other financial result | –0.1 | 0.2 | |
| Income from long-term equity investments | 0.0 | 0.0 | |
| Result before taxes on income | 4.4 | 2.2 | |
| Taxes on income and deferred tax expenses | –1.5 | –0.7 | |
| Consolidated net income | 2.9 | 1.5 | |
| of which | |||
| — shareholders' equity in Hawesko Holding AG | 2.8 | 1.6 | |
| allocable to non-controlling interests — |
0.1 | –0.2 | |
| Earnings per share (in €, undiluted = diluted) | 0.31 | 0.18 | |
| Average number of shares in circulation (Numbers in thousands, undiluted = diluted) |
8,983 | 8,983 |
| Hawesko Holding AG | |||
|---|---|---|---|
| Consolidated statement of comprehensive income for the period from 1 January to 30 September | |||
| (in € millions, unaudited, rounding differences are possible) |
1.1.–30.9. 2015 |
1.1.–30.9. 2014 |
|
| Consolidated net income | 4.0 | 6.3 | |
| 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 |
0.2 | 0.1 | |
| Effective portion of profits/losses from cash flow hedges including deferred tax liabilities |
0.0 | 0.0 | |
| Currency translation differences | 0.2 | 0.0 | |
| Other comprehensive income | 0.2 | 0.1 | |
| Total comprehensive income | 4.3 | 6.4 | |
| of which | |||
| – shareholders' equity in Hawesko Holding AG | 4.0 | 6.6 | |
| – allocable to non-controlling interests | 0.3 | –0.3 |
| (in € millions, unaudited, rounding differences are possible) |
1.7.–30.9. 2015 |
1.7.–30.9. 2014 |
|---|---|---|
| Consolidated net income | 2.9 | 1.5 |
| 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 |
–0.0 | 0.0 |
| Effective portion of profits/losses from cash flow hedges including deferred tax liabilities |
0.0 | 0.0 |
| Currency translation differences | –0.1 | 0.0 |
| Other comprehensive income | –0.0 | 0.0 |
| Total comprehensive income | 2.9 | 1.5 |
| of which | ||
| – shareholders' equity in Hawesko Holding AG | 2.9 | 1.6 |
| – allocable to non-controlling interests | –0.0 | –0.1 |
| Hawesko Holding AG | |||
|---|---|---|---|
| Consolidated balance sheet (as per IFRS) (in € millions, unaudited, |
30.9.2015 | 31.12.2014 | 30.9.2014 |
| rounding differences are possible) | |||
| Assets | |||
| Long-term assets Intangible assets |
32.0 | 33.0 | 33.1 |
| Tangible assets | 20.6 | 21.3 | 21.3 |
| Investments accounted for using the equity method | 0.5 | 0.5 | 0.6 |
| Other financial assets | 0.2 | 0.2 | 0.2 |
| Advance payments on stocks Receivables and other assets |
1.1 1.1 |
2.4 1.2 |
1.7 1.1 |
| Deferred tax liabilities | 1.6 | 1.7 | 1.9 |
| 57.2 | 60.3 | 59.9 | |
| Short-term assets | |||
| Inventories | 101.2 | 95.4 | 106.2 |
| Trade receivables Receivables and other assets |
31.8 6.5 |
44.5 3.7 |
32.0 6.5 |
| Receivables from taxes on income | 2.1 | 2.4 | 1.0 |
| Cash in banking accounts and cash on hand | 8.7 | 10.9 | 4.2 |
| 150.3 | 156.9 | 149.8 | |
| 207.5 | 217.2 | 209.8 | |
| 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 | 53.3 | 61.0 | 52.8 |
| Other reserves Shareholders' equity in Hawesko Holding AG |
–0.1 76.9 |
–0.1 84.7 |
–0.0 76.5 |
| Non-controlling interests | 6.0 | 6.5 | 6.2 |
| 83.0 | 91.1 | 82.7 | |
| Long-term provisions and liabilities | |||
| Provisions for pensions | 1.1 | 1.1 | 0.9 |
| Other long-term provisions | 1.5 | 1.4 | 1.2 |
| Borrowings | 1.5 | 2.5 | 5.0 |
| Advances received Other liabilities |
2.3 14.6 |
1.2 10.2 |
1.5 12.2 |
| Deferred tax liabilities | 0.8 | 0.7 | 1.0 |
| 21.7 | 17.1 | 21.7 | |
| Short-term provisions and liabilities | |||
| Non-controlling interests in the capital of unincorporated | |||
| subsidiaries | 0.1 | 0.1 | 0.0 |
| Borrowings | 35.7 | 14.5 | 33.3 |
| Advances received Trade accounts payable |
5.1 44.5 |
5.4 65.8 |
5.6 49.4 |
| Income taxes payable | 0.3 | 0.5 | 1.0 |
| Other liabilities | 17.1 | 22.8 | 16.1 |
| 102.8 | 109.0 | 105.4 | |
| 207.5 | 217.2 | 209.8 |
| (in € millions, unaudited, rounding differences are possible) |
1.1.–30.9. 2015 |
1.1.–30.9. 2014 |
|
|---|---|---|---|
| Result before taxes on income | 6.0 | 9.1 | |
| Depreciation and amortisation of intangible and tangible assets | 5.3 | 5.1 | |
| Interest result | 0.8 | 0.5 | |
| Result from the disposal of intangible and tangible assets | –0.0 | — | |
| Result from the companies reported using the equity method | |||
| –0.1 | –0.1 | ||
| Dividend payments received from investments | 0.1 | 0.0 | |
| Change in inventories | –4.5 | –7.2 | |
| Change in borrowings and other assets | 14.0 | 15.2 | |
| Change in provisions | 0.1 | -0.5 | |
| Change in liabilities (excluding borrowings) |
–22.3 | –29.7 | |
| Taxes on income paid out | –5.9 | –3.1 | |
| Net outflow of payments from current operations | –6.4 | –10.5 | |
| Outpayments for tangible and intangible assets | –4.1 | –3.7 | |
| Inpayments from the disposal of intangible and tangible assets |
0.9 | 0.2 | |
| Inpayments from the disposal of financial assets | 0.0 | 0.0 | |
| Net funds employed for investing activities | –3.3 | –3.5 | |
| Outpayments for dividends | –11.7 | –14.8 | |
| Outpayments to non-controlling interests | –0.8 | –1.0 | |
| Payment of finance lease liabilities | –0.3 | –0.3 | |
| Change in short-term borrowings | 22.9 | 18.7 | |
| Repayment of medium- and long-term borrowings | –2.3 | –2.3 | |
| Interest received | 0.0 | 0.1 | |
| Interest paid out | –0.4 | –1.0 | |
| Net decrease/increase of funds from financing activities | |||
| 7.5 | –0.6 | ||
| Net decrease of funds | –2.2 | –14.6 | |
| Funds at start of period | 10.9 | 18.8 | |
| Funds at end of period | 8.7 | 4.2 |
| Other reserves | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Subscribed capital |
Capital reserve | Retained earnings | Balancing items from currency translation |
Revaluation components of pension obligations |
Reserve for cash flow hedge |
Ownership of interest of Hawesko Holding AG shareholders |
Non-controlling interests |
Total | |
| Status at 1 January 2014 | 13.7 | 10.1 | 61.0 | 0.0 | 0.0 | –0.1 | 84.7 | 7.4 | 92.1 |
| Dividends | — | — | –14.8 | — | — | — | –14.8 | –1.0 | –15.8 |
| Consolidated net income | — | — | 6.6 | — | — | — | 6.6 | –0.3 | 6.3 |
| Other result | — | — | — | 0.0 | — | 0.1 | 0.1 | 0.0 | 0.1 |
| Deferred tax on other result | — | — | — | — | — | –0.0 | –0.0 | — | –0.0 |
| Status at 30 September 2014 |
13.7 | 10.1 | 52.8 | 0.0 | 0.0 | –0.1 | 76.5 | 6.2 | 82.7 |
| Status at 1 January 2015 | 13.7 | 10.1 | 61.0 | 0.0 | –0.1 | –0.1 | 84.7 | 6.5 | 91.1 |
| Dividends | — | — | –11.7 | — | — | — | –11.7 | –0.8 | –12.4 |
| Consolidated net income | — | — | 3.9 | — | — | — | 3.9 | 0.1 | 4.0 |
| Other result | — | — | — | –0.0 | — | 0.1 | 0.0 | 0.2 | 0.3 |
| Deferred tax on other result | — | — | — | — | — | –0.0 | –0.0 | — | –0.0 |
| Status at 30 September 2015 |
13.7 | 10.1 | 53.3 | 0.0 | –0.1 | –0.0 | 76.9 | 6.0 | 83.0 |
Quarterly financial report to 30 September 2015 • 14
| Segment results for the 3rd quarter (in € millions, rounding differences are possible) |
|||||
|---|---|---|---|---|---|
| Wine-shop | Miscellaneous/ | ||||
| 1.7.–30.9.2015 | retail | Wholesale | Distance selling | Consolidation | Group |
| External sales | 31.3 | 39.7 | 34.5 | 0.0 | 105.4 |
| Operating result (EBIT) | 2.9 | 1.0 | 2.1 | –1.4 | 4.6 |
| Wine-shop | Miscellaneous/ | ||||
| 1.7.–30.9.2014 | retail | Wholesale | Distance selling | Consolidation | Group |
| External sales | 30.8 | 37.2 | 35.5 | 0.0 | 103.4 |
| Operating result (EBIT) | 2.7 | 0.4 | 1.5 | –2.1 | 2.5 |
| Nine-month segment results (in € millions, rounding differences are possible) |
|||||
|---|---|---|---|---|---|
| Wine-shop | Miscellaneous/ | ||||
| 1.1.–30.9.2015 | retail | Wholesale | Distance selling | Consolidation | Group |
| External sales | 95.1 | 122.2 | 105.4 | 0.0 | 322.7 |
| Operating result (EBIT) | 9.3 | 2.5 | 6.1 | –11.1 | 6.8 |
| Wine-shop | Miscellaneous/ | ||||
| 1.1.–30.9.2014 | retail | Wholesale | Distance selling | Consolidation | Group |
| External sales | 93.3 | 121.4 | 107.6 | 0.0 | 322.4 |
| Operating result (EBIT) | 8.8 | 2.0 | 4.5 | –5.8 | 9.6 |
General principles: This 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 2015 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 2014.
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 2014 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 2014. (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 72 to 73 in the 2014 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 2014: The annual general meeting of shareholders on 15 June 2015 decided to appropriate the unappropriated earnings reported in the annual accounts of Hawesko Holding AG of € 12,044,472.02 as follows: (a) payout of an ordinary 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 € 366,048.12 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) The following changes have occurred in the composition of the management board and the supervisory board to the date of the writing of this report. Alexander Borwitzky and Nikolas von Haugwitz were appointed to the management board effective 1 January 2015. Alexander Margaritoff (on 30 April 2015) and Bernd Hoolmans (on 31 July 2015) retired from the management board. The supervisory board chairman Dr. Joh. Christian Jacobs resigned his office effective 26 March 2015; Detlev Meyer was elected as the new chairman of the supervisory board. The Hamburg Municipal Court appointed Dr. Franz Jürgen Säcker as a new member of the supervisory board on 27 March 2015. (6) Business with closely associated persons: As disclosed in the Notes to the financial statements for 2014 under point 45, 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 6,682,376, 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.–30.9. 2015 |
1.1.–30.9. 2014 |
|
|---|---|---|---|
| Employees (average during the period) | 922 | 917 |
Calendar:
Preliminary report on fiscal year 2015 Early February 2016
Published by: Hawesko Holding AG – Investor Relations – 20247 Hamburg
Phone +49 40 / 30 39 21 00 Fax +49 40 / 30 39 21 05 Internet: http://www.hawesko-holding.com
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