Quarterly Report • Aug 2, 2017
Quarterly Report
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ISIN DE0006042708 Reuters HAWG.DE, Bloomberg HAW GR
Hamburg, 2 August 2017
| Highlights in € (millions) |
Six months (1.1.–30.6.) | Second quarter (1.4.–30.6.) | ||||
|---|---|---|---|---|---|---|
| 2017 | 2016 | +/– | 2017 | 2016 | +/– | |
| Consolidated sales | 231.2 | 217.8 | +6.1 % | 121.5 | 113.0 | +7.5 % |
| – organic, excluding acquisitions |
+2.9 % | +4.4 % | ||||
| Result from operations (EBIT, adjusted)* |
11.4 | 11.0 | +4.4 % | 6.6 | 6.2 | +6.9 % |
| —(reported) | 11.4 | 13.2 | –13.1 % | 6.6 | 8.4 | –21.3 % |
| Consolidated net income excluding non-controlling |
7.7 | 7.1 | +7.6 % | 4.4 | 4.0 | +10.3 % |
| interests (adjusted)* —(reported) |
7.3 | 8.4 | –12.9 % | 4.3 | 5.4 | –21.3 % |
*) EBIT: Adjusted for special effects in the previous year – with a positive overall result – particularly for the reversal of personnel provisions Net income: Adjusted additionally for changes in value of put options (cf. Note 26 in the Consolidated Accounts)
Dear friends of the Hawesko Group,
The first six months of fiscal year 2017 are behind us, the results are positive and we are on the right course: with sales growth of a good 6%, we grew faster than in the comparable periods of the past five years and were able to generate it in equal portions from acquisitions and from organic growth. Moreover, despite expansion costs, we kept profitability stable, while growth in the second quarter accelerated once more with an increase of 7.5%. Our new omnichannel strategy with high rates of online growth was instrumental in this achievement.
The sales of our distance-selling brands and thus those of the digital brand unit rose by 6.3% during the first six months, and in the second quarter by 10.8%, due primarily to the contributions of WirWinzer and Vinos.de. Sales at Jacques' Wein-Depot (the omnichannel brand unit) rose by 2.1% in the first six months and by 4.0% in the second quarter. The B2B brand unit grew by 9.5% in the six-month period, and by 7.4% in the second quarter, with a substantial contribution from our new acquisitions WeinArt and Grand Cru Select, which have been consolidated since the beginning of the year.
The B2B segment also set the pace with its result from operations – the EBIT here increased by 74.2% compared to the first six months of the previous year and by 24.0% compared to the second quarter of the previous year. Our B2B specialist for Italian wines in Germany, Weinland Ariane Abayan, played a key role in this. Due to the investments in the accelerated expansion at Jacques' and in the digital transformation of the distance-selling brands, EBIT for the half-year in both areas was below the comparable figures of the previous year.
These investments are essential to the future of the Hawesko Group and to make the product and service offer of our Group companies more attractive to a younger target group and to adapt it to customers' changing habits of getting information, consuming and buying.
However, we do not want to focus our portfolio of brands exclusively on organic growth, but monitor the market at home and particularly in German-speaking foreign countries to identify possible concepts that enable external growth. However, we will only become active in this area when we are firmly convinced – as in the cases of WirWinzer, Weinart and Grand Cru Select – that these concepts will take us further on a sustainable basis.
Finally, we'd like to take a brief look at the current fiscal year 2017: we expect consolidated sales growth of around 5% this year. We assume that the acquisitions of WirWinzer, WeinArt and Grand Cru Select will make a noticeable contribution. We expect the consolidated EBIT to be on the order of magnitude of just over € 30 million, which corresponds to an unchanged EBIT margin. This is linked to the aforementioned investments that we are pursuing in order to maximize the Group's potential for growth. With regard to the other important financial indicators such as the net result, return on capital employed and free cash flow, we likewise expect figures at the respective levels of the previous year.
Dear shareholders, in the past eighteen months we have given the Group new direction and pointed it with even more focus towards growth and sustainability – things that we continue to work on constantly. We thank you for your trust in the Hawesko Group and look forward to traveling with you on the exciting path to the future of wine trading!
Best regards,
| Thorsten Hermelink |
Alexander Borwitzky |
Raimund Hackenberger |
Nikolas von Haugwitz |
Bernd G. Siebdrat |
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|---|---|---|---|---|---|---|---|---|---|---|
| • | • | • | • | • | • | • | • | • | • | • |
In the first six months of 2017, the general economic conditions in Europe were still characterized by a climate of uncertainty due to the lack of clarity regarding the intentions of the new American administration and the initiation of Brexit by the UK. The International Monetary Fund revised its expectations for the growth of the global economy in 2017 slightly upwards overall in its latest update. An increase of about 2.0% is now anticipated in the developed countries. The forecast for Germany is also slightly higher than before, predicting growth of 1.6%. The expectations of the German federal government are on a similar order of magnitude, with a 1.5% rise in GDP projected for in 2017 in its spring forecast, while seasonally adjusted growth in GDP is expected to be slightly lower. According to the federal government, the sustained rise in employment with strong wage increases will play a key role here.
The consumer climate in Germany was excellent at the half-year point. The Gesellschaft für Konsumforschung (GfK) reported that the upswing in the mood of German consumers is continuing. Both the economic and income-related expectations as well as the propensity for consumption increased. German consumers considered the domestic economy to be in excellent shape at the beginning of the summer. Economic expectations reached a three-year high in June. Income expectations rose moderately, even climbing to the highest level since reunification. If Germany is spared major external shocks, such as possible global economic risks due primarily to a change in the direction of American trade policies, private consumption could benefit from moderate growth.
In the period from April to June 2017, consolidated sales rose from € 113.0 million to € 121.5 million, i.e. by 7.5%. Excluding the acquisitions WirWinzer, WeinArt and Grand Cru Select, the Hawesko Group achieved sales growth of 4.4%. In the quarter under review, sales rose at all three brand units (business segments). In the omnichannel brand unit (Jacques' Wein-Depot), they rose by 4.0% to € 36.4 million (previous year: € 35.0 million), while in the B2B brand unit (wholesale) sales increased by 7.4% to € 43.1 million previous year: € 40.1 million) and in the digital brand unit (distance selling) they rose by 10.8% over the previous year to € 42.0 million (previous year: € 37.9 million). The consolidated operating result (EBIT) in the second quarter of 2017 was € 6.6 million (in the previous year, this figure was € 6.2 million, adjusted for changes in the provisions; the unadjusted, reported figure is € 8.4 million). In the quarter under review, the EBIT margin remained stable at the level of the previous year at 5.4% (5.5%, adjusted).
Sales at Jacques' Wein-Depot (the omnichannel brand unit) rose by 4.0% compared to the same quarter of the previous year. Online sales via the website jacques.de rose by 39.1% compared to the same quarter in the previous year, or about 3% in terms of sales. At the reference date at the end of the quarter, Jacques' was operating 300 depots, all of them in Germany (previous year: 293). On a like-for-like basis, sales rose by 2.4% compared to the second quarter of 2016. Average sales receipts and customer frequency were slightly higher than in the same quarter of the previous year, and the number of active customers increased once again. At a strong € 4.0 million, the segment EBIT remained at the level of the previous year (€ 4.1 million).
With a sales increase of 7.4%, the B2B brand unit was able to build upon a very successful first quarter. More than half of this rise in the second quarter was due to the initial consolidation (from 1 January 2017) of WeinArt and Grand Cru Select; organic growth was 1.8%. The deliveries of the pre-sold Bordeaux subscription wines of the 2014 vintage had a slight dampening effect on sales (approximately 2 percentage points), as these were not as popular as the wines of the 2013 vintage delivered in the previous year. In contrast, the subsidiary Weinland Ariane Abayan with its range of premium Italian wines was once again a growth driver. Foreign operations (Switzerland and Austria) experienced
positive development. The EBIT of the B2B brands rose to € 2.0 million, up by 24.0% over the same quarter of the previous year (€ 1.6 million). Here as well, Weinland Ariane Abayan made the strongest contribution to the result.
The digital brand unit achieved growth of 10.8% in the quarter under review. Even excluding the initial consolidation of WirWinzer (as of 1 October 2016), sales rose by 7.3% over the previous year. Hawesko.de, Carl Tesdorpf Weinhandel andVinos, the subsidiary specializing in Spanish wines, all posted a sales increases – Vinos of 16.9%. Sales of The Wine Company, the subsidiary focused on the Swedish market, were below the level of the same quarter in the previous year. As of 30 June 2017, the number of active customers in the distance-selling segment increased both including and excluding WirWinzer. In the second quarter of 2017, online sales in the digital brand units increased by 22.2% (15.0% excluding WirWinzer) compared to the same quarter in the previous year, thus accounting for 53% (52% excluding WirWinzer) of segment sales (previous year: 48%). The segment EBIT in the brand unit was maintained at € 2.2 million at the previous year's level (€ 2.1 million) – despite the initial consolidation of the online marketplace WirWinzer, which, with its characteristically rapid growth in the start-up phase is not yet profitable.
Consolidated gross profit rose by € 2.9 million to € 51.1 million in the second quarter, corresponding to a margin of 42.1% (previous year: 42.7%). The slight reduction of the trading margin resulted primarily from a change in the product mix. The other operating income of € 5.8 million consisted for the most part of rental and leasing income at Jacques' as well as advertising allowances (in the same quarter of the previous year the figure was € 8.3 million, including income resulting from the dissolution of a provision for personnel). Personnel expenses, at just under € 13.8 million in the second quarter, remained at the level of the previous year (€ 13.7 million including a negative non-recurring effect of € 0.8 million) and accounted for 11.3% of sales (previous year: 12.1%, and 11.5% when adjusted for the non-recurring effect).
| In € millions Rounding differences are possible |
1.4.– 30.6.2017 |
1.4.– 30.6.2016 |
|---|---|---|
| Advertising | 10.0 | 9.2 |
| Commissions to partners | 9.2 | 8.9 |
| Delivery costs | 5.6 | 5.3 |
| Rental and leasing | 3.2 | 3.0 |
| Other | 6.7 | 6.3 |
| 34.7 | 32.7 |
Other operating expenses and other taxes compared to those in the same period of the previous year as follows:
Advertising expenditures amounted to 8.2% of sales, and thus at the level of the previous year. Expenses for commissions declined from 7.9% to 7.5% in the previous year, while expenses for shipping amounted to 4.6% (previous year: 4.7%). Overall, other operating expenses and other taxes amounted to € 34.7 million. In the previous year, this figure was € 32.7 million. These expenses thus accounted for 28.5% of sales in the quarter under review, compared to 28.9% in the second quarter of 2016.
The consolidated operating result (EBIT) in the second quarter of 2017 was € 6.6 million. (previous year, adjusted for non-recurring charges, € 6.2 million, reported figure: € 8.4 million). At 5.4%, the EBIT margin was at the previous year's level of 5.5% on a comparable basis.
The financial result amounted to € –0.1 million, compared to € –0.1 million in the previous year. The result before taxes on income amounted to € 6.5 million (previous year: € 8.2 million). The anticipated rate of tax expenditures in the quarter under review is 31.9% (previous year: 31.3%). Consolidated net income after deductions for non-controlling interests amounted to € 4.3 million (previous year: € 5.4 million). The profit per share amounted to € 0.47, after € 0.60 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 six months of fiscal year 2017 (1 January to 30 June), sales rose compared to the previous year (€ 217.8 million) by 6.1% to € 231.2 million. The consolidated gross profit margin decreased from 42.8% in the previous year to 42.1% of sales. Other income and expenditures added up to 37.1% (previous year: 36.8%) of sales; the previous year's figure included non-recurring effects from changes in provisions. Adjusted for the non-recurring effects, this figure was 37.8% for the previous year. In the first half of the year, the operating result (EBIT) amounted to € 11.4 million and 5.0% of sales (previous year, adjusted: € 11.0 million and 5.0% of sales; reported figures: € 13.2 million and 6.0% of sales).
The financial result amounted to € –0.2 million, compared to € –0.3 million in the previous year. The result before taxes on income amounted to € 11.2 million (same period in the previous year: € 12.9 million). Consolidated net income for the first six months after deductions for non-controlling interests amounted to € 7.3 million, compared to € 8.4 million in the same period of the previous year. The profit per share amounted to € 0.82 compared to € 0.94 for the first six months of 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 | 30.6.2017 | 31.12.2016 | 30.6.2016 | |||
|---|---|---|---|---|---|---|
| Long-term assets | 69.7 | 30% | 73.4 | 32% | 57.8 | 29% |
| Short-term assets | 165.8 | 70% | 157.9 | 68% | 142.1 | 71% |
| Balance sheet total | 235.5 | 100% | 231.3 | 100% | 199.9 | 100% |
| Liabilities and shareholders' equity | ||||||
| Shareholders' equity | 92.2 | 39% | 94.4 | 41% | 87.6 | 44% |
| Long-term provisions and liabilities | 11.9 | 5 % | 26.0 | 11% | 18.0 | 9% |
| Short-term liabilities | 131.4 | 56% | 110.9 | 48% | 94.3 | 47% |
| Balance sheet total | 235.5 | 100% | 231.3 | 100% | 199.9 | 100% |
The balance sheet total at 30 June 2017 was € 235.5 million, corresponding to a rise of € 4.2 million compared to the total at 31 December 2016. Long-term assets declined by € 3.7 million, while the short-term assets rose by € 7.9 million. The main reason for this development was the reclassification of the advance payments for the Bordeaux subscription wines of the 2015 vintage. In addition to this, the increase in inventories from € 91.0 million to € 115.1 million was due to the enlargement of the consolidation group. With regard to short-term assets, a reduction in trade receivables must also be noted (trade receivables typically reach their highest level at 31 December).
Total equity capital declined by € 2.2 million compared to the total at 31 December 2016; this figure includes the payment of the dividend of € 11.7 million. Long-term provisions and liabilities amounted to € 11.9 million and decreased due to a reclassification of the liability that could arise from the exercise of the option to sell by the former partners of Wein & Vinos GmbH to short-term liabilities. These also rose due to the expansion of the consolidation group. In contrast, trade payables were reduced due to seasonality (trade payables typically reach their highest level at 31 December.)
Compared to the previous year's reference date (30 June 2016), the balance sheet total rose by € 35.6 million, due primarily to the enlargement of the consolidation group. This applies to the rise in both long-term and short-term assets.
The reasons for the changes on the liabilities side compared to the reference date in the previous year are the same as those for the changes compared to 31 December 2016.
Due to acquisitions, the working capital requirement at 30 June 2017 increased by 23% in comparison to the reference date in the previous year, and rose from 29.7% to 34.5% in terms of sales for the half-year period.
Cash flow from current operations amounted to € –14.2 million in the first six months (previous year: € –3.1 million). The difference is due primarily to a higher build-up of inventories. Due to the seasonal nature of the business, cash flow from ongoing business activity is usually negative in the first six months of the fiscal year. The funds employed for investment activities increased to € 6.6 million in the first six months (previous year: € 4.0 million).
| Consolidated cash flow in € millions, rounding differences are possible |
1.1.– 30.6.2017 |
1.1.– 30.6.2016 |
|---|---|---|
| Cash flow from current operations | –14.2 | –3.1 |
| Cash flow from investment activity | –6.6 | –4.0 |
| Cash flow from financing activities | 15.5 | –0.5 |
Free cash flow amounted to € –20.9 million in the first half of 2017, compared to € –7.3 million in the same period of the previous year. It was calculated from the net outflow of payments from current operations (€ –14.2 million), less funds of € 6.6 million employed for investment activities as well as the net of interest received and paid out (€ –0.2 million). Free cash flow excluding investments in acquisitional growth amounted to € –17.6 million in the quarter under review (previous year: € –7.3 million).
In addition to investments in the acquisition of subsidiaries, investments were divided into those in intangible assets (€ 1.6 million; previous year: € 2.4 million), which were related primarily to software in the omnichannel brand unit (Jacques'), and those in tangible assets of € 1.8 million (previous year: likewise € 1.8 million). The latter were related to the expansion and modernization of the depots in the omnichannel brand unit (Jacques') as well as the investments for expansion and replacement equipment in the digital and B2B brand units.
There were no significant changes in the risks and opportunities of Hawesko Holding AG compared to the situation described in the 2016 annual report.
There were no significant changes in the forecast for fiscal year 2017 of the Hawesko management board compared to the situation described in the 2016 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 six months of 2017 are within expectations.
The management board of Hawesko Holding AG will continue to pursue sustainable, long-term and profitable growth. For fiscal year 2017, we expect consolidated sales growth of approximately 5%, whereby the acquisitions of WirWinzer, WeinArt and Grand Cru Select are included in this target. We expect the consolidated EBIT to be on the order of magnitude of just over € 30 million. Consolidated earnings after deductions for taxes and non-controlling interests are currently expected to be in the range of € 19–20 million (2016: € 18.5 million). The management board expects free cash flow to be in the range of € 16–18 million, while the ROCE is expected to be on the order of 2016 (21%).
| Hawesko Holding AG | ||
|---|---|---|
| Profit and loss statement for the first six months of 2017 (as per IFRS) | ||
| (in € millions, unaudited, rounding differences possible) | 1.1.–30.6. 2017 |
1.1.–30.6. 2016 |
| Sales revenues | 231.2 | 217.8 |
| Increase (decrease) in finished goods inventories | 0.1 | 0.0 |
| Other production for own assets capitalized | 0.3 | 0.2 |
| Other operating income | 10.8 | 12.5 |
| Cost of purchased goods | –133.9 | –124.6 |
| Personnel expenses | –27.4 | –26.2 |
| Depreciation and amortization | –4.2 | –3.7 |
| Other operating expenses and other taxes | –65.4 | –62.9 |
| Result from operations (EBIT) | 11.4 | 13.2 |
| Financial result | ||
| Interest earnings/expenditures | –0.2 | –0.1 |
| Other financial result | –0.4 | –0.2 |
| Income from long-term equity investments | 0.3 | 0.1 |
| Result before taxes on income | 11.2 | 12.9 |
| Taxes on income and deferred tax expenses | –3.6 | –4.0 |
| Consolidated net income | 7.7 | 8.9 |
| of which | ||
| — shareholders' equity in Hawesko Holding AG | 7.3 | 8.4 |
| — allocable to non-controlling interests | 0.3 | 0.4 |
| Earnings per share (in €, undiluted = diluted) | 0.82 | 0.94 |
| Average number of shares in circulation (Numbers in thousands, undiluted = diluted) |
8,983 | 8,983 |
| Hawesko Holding AG | ||
|---|---|---|
| Profit and loss statement for the second quarter of 2017 (as per IFRS) | ||
| (in € millions, unaudited, rounding differences possible) | 1.4.–30.6. 2017 |
1.4.–30.6. 2016 |
| Sales revenues | 121.5 | 113.0 |
| Increase in finished goods inventories | 0.1 | 0.0 |
| Other production for own assets capitalized | 0.1 | 0.1 |
| Other operating income | 5.8 | 8.3 |
| Cost of purchased goods | –70.4 | –64.7 |
| Personnel expenses | –13.8 | –13.7 |
| Depreciation and amortization | –2.1 | –1.9 |
| Other operating expenses and other taxes | –34.7 | –32.7 |
| Result from operations (EBIT) | 6.6 | 8.4 |
| Financial result | ||
| Interest earnings/expenditures | –0.1 | –0.1 |
| Other financial result | –0.2 | –0.1 |
| Income from long-term equity investments | 0.2 | 0.1 |
| Result before taxes on income | 6.5 | 8.2 |
| Taxes on income and deferred tax expenses | –2.1 | –2.6 |
| Consolidated net income | 4.4 | 5.7 |
| of which is | ||
| — allocable to shareholders' equity in Hawesko Holding AG |
4.3 | 5.4 |
| allocable to non-controlling interests — |
0.1 | 0.3 |
| Earnings per share (in €, undiluted = diluted) | 0,47 | 0.60 |
| 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 June |
||
|---|---|---|
| (in € millions, unaudited, rounding differences are possible) |
1.1.–30.6.2017 | 1.1.–30.6.2016 |
| Consolidated net income | 7.7 | 8.9 |
| 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 | 0.1 |
| Effective portion of profits/losses from cash flow hedges including deferred tax liabilities |
0.0 | 0.1 |
| Currency translation differences | –0.0 | –0.0 |
| Other comprehensive income | 0.0 | 0.1 |
| Total comprehensive income | 7.7 | 8.9 |
| of which | ||
| – shareholders' equity in Hawesko Holding AG | 7.4 | 8.5 |
| – allocable to non-controlling interests | 0.3 | 0.4 |
| Consolidated statement of comprehensive income for the period from 1 April to 30 June | ||
|---|---|---|
| --------------------------------------------------------------------------------------- | -- | -- |
| (in € millions, unaudited, rounding differences are possible) |
1.4.–30.6.2017 | 1.4.–30.6.2016 |
|---|---|---|
| Consolidated net income | 4.4 | 5.7 |
| 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 |
–0.1 | 0.1 |
| Effective portion of profits/losses from cash flow hedges including deferred tax liabilities |
0.0 | 0.1 |
| Currency translation differences | –0.1 | 0.0 |
| Other comprehensive income | –0.1 | 0.1 |
| Total comprehensive income | 4.3 | 5.8 |
| of which | ||
| – shareholders' equity in Hawesko Holding AG | 4.2 | 5.5 |
| – allocable to non-controlling interests | 0.1 | 0.3 |
| Hawesko Holding AG Consolidated balance sheet (as per IFRS) |
|||
|---|---|---|---|
| (in € millions, unaudited, rounding differences are possible) |
30.6.2017 | 31.12.2016 | 30.6.2016 |
| Assets | |||
| Long-term assets Intangible assets |
41.4 | 39.0 | 32.4 |
| Tangible assets | 20.2 | 20.9 | 20.6 |
| Investments accounted for using the equity method | 3.6 | 3.3 | 0.6 |
| Other financial assets Advance payments on stocks |
0.2 1.4 |
0.2 6.3 |
0.2 1.4 |
| Receivables and other assets | 1.2 | 1.2 | 0.9 |
| Deferred tax liabilities | 1.8 69.7 |
2.5 73.4 |
1.7 57.8 |
| Short-term assets | |||
| Inventories | 115.1 | 91.0 | 99.5 |
| Trade receivables Receivables and other assets |
33.4 3.7 |
46.5 4.0 |
29.3 3.6 |
| Receivables from taxes on income | 5.3 | 2.8 | 2.9 |
| Cash in banking accounts and cash on hand | 8.3 | 13.6 | 6.8 |
| 165.8 | 157.9 | 142.1 | |
| 235.5 | 231.3 | 199.9 | |
| 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 |
59.8 –0.1 |
64.1 –0.2 |
58.3 –0.1 |
| Shareholders' equity in Hawesko Holding AG | 83.4 | 87.7 | 82.0 |
| Non-controlling interests | 8.8 | 6.7 | 5.6 |
| 92.2 | 94.4 | 87.6 | |
| Long-term provisions and liabilities | |||
| Provisions for pensions Other long-term provisions |
1.1 0.8 |
1.1 0.8 |
1.1 1.7 |
| Borrowings | 0.7 | 0.9 | 1.1 |
| Advances received | 1.7 | 3.9 | 2.2 |
| Other liabilities Deferred tax liabilities |
4.7 2.8 |
17.1 2.3 |
11.3 0.7 |
| 11.9 | 26.0 | 18.0 | |
| Short-term provisions and liabilities | |||
| Non-controlling interests in the capital of unincorporated | |||
| subsidiaries Borrowings |
0.1 41.0 |
0.2 11.1 |
0.1 24.4 |
| Advances received | 8.6 | 5.2 | 5.0 |
| Trade accounts payable Income taxes payable |
47.3 1.2 |
58.3 1.5 |
46.8 0.9 |
| Other liabilities | 33.2 | 34.6 | 17.1 |
| 131.4 | 110.9 | 94.3 | |
| 235.5 | 231.3 | 199.9 | |
| Hawesko Holding AG | |||
|---|---|---|---|
| Consolidated Cash Flow Statement (as per IFRS) | |||
| (in € millions, unaudited, rounding differences are possible) |
1.1.–30.6. 2017 |
1.1.–30.6. 2016 |
|
| Result before taxes on income | 11.2 | 12.9 | |
| Depreciation and amortization of intangible and tangible assets | 4.2 | 3.7 | |
| Other non-cash expenses and income | –0.3 | 0.0 | |
| Interest result | 0.5 | 0.4 | |
| Result from the disposal of intangible and tangible assets | –0.1 | –0.0 | |
| Income from companies reported at equity | –0.3 | –0.1 | |
| Dividend payments received from investments | 0.3 | 0.1 | |
| Change in inventories | –12.0 | –5.5 | |
| Change in borrowings and other assets | 14.4 | 16.9 | |
| Change in provisions | 0.6 | –0.2 | |
| Change in liabilities (excluding borrowings) |
–28.9 | –27.8 | |
| Taxes on income paid out | –3.9 | –3.4 | |
| Net outflow of payments from current operations | –14.2 | –3.1 | |
| Acquisition of subsidiaries net of funds acquired | –3.4 | — | |
| Outpayments for tangible and intangible assets Other assets |
–3.4 | –4.2 | |
| Inpayments from the disposal of financial assets intangible and tangible assets |
0.2 | 0.1 | |
| Net funds employed for investing activities | –6.6 | –4.0 | |
| Outpayments for dividends | –11.7 | –11.7 | |
| Outpayments to non-controlling interests | –1.2 | –1.0 | |
| Payment of finance lease liabilities | –0.0 | –0.2 | |
| Change in short-term borrowings | 28.6 | 12.4 | |
| Interest received | 0.1 | 0.1 | |
| Interest paid out | –0.3 | –0.2 | |
| In-/outflow of net funds from financing activities | 15.5 | –0.5 | |
| Effects of changes in foreign exchange rates on funds (period of up to three months) |
0.0 | –0.0 | |
| Net decrease of funds | –5.3 | –7.7 | |
| Funds at start of period | 13.6 | 14.5 | |
| Funds at end of period | 8.3 | 6.8 |
| Oth er res erv es |
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Re for ser ve h fl cas ow hed ge |
Ow shi f ner p o inte t of res Ha sko we Ho ldin AG g sha reh old ers |
No roll ing ont n-c inte ts res |
Tot al |
|
| Sta Ja 20 16 tus at 1 nu ary |
13 .7 |
10 .1 |
61 .6 |
0.0 | –0 .1 |
–0 .0 |
85 .2 |
6.2 | 91 .3 |
| Div ide nd s |
— | — | –1 1.7 |
— | — | — | –1 1.7 |
–1 .0 |
–1 2.6 |
| Co lida d n inc te et nso om e |
— | — | 8.4 | — | — | — | 8.4 | 0.4 | 8.9 |
| 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 3 0 Ju 20 16 tus at ne |
13 .7 |
10 .1 |
58 .3 |
0.0 | –0 .1 |
0.0 | 82 .0 |
5.6 | 87 .6 |
| Sta 1 Ja 20 17 tus at nu ary C ha in t he lida ion t |
13 .7 |
10 .1 |
64 .1 |
0.0 | –0 .2 |
–0 .0 |
87 .7 |
6.7 | 94 .4 |
| ng e co nso g rou p |
— | — | — | — | — | — | 0.1 | 3.0 | 3.0 |
| Div ide nd s |
— | — | –1 1.7 |
— | — | — | –1 1.7 |
–1 .2 |
–1 2.9 |
| Co lida d n inc te et nso om e |
— | — | 6.2 | — | — | — | 6.2 | 0.3 | 6.5 |
| Ot he lt r re su |
— | — | — | 0.0 | — | 0.0 | 0.1 | –0 .0 |
0.0 |
| De fer d t he lt ot re ax on r re su |
— | — | — | — | — | –0 .0 |
–0 .0 |
— | –0 .0 |
| Sta 3 0 Ju 20 17 tus at ne |
13 .7 |
10 .1 |
58 .6 |
0.1 | –0 .2 |
0.0 | 82 .3 |
8.8 | 91 .1 |
Six-month financial report to 30 June 2017 • 13
(in € millions, unaudited, rounding differences possible)
| 1.4.–30.6.2017 | Omni | Miscellaneous/ | |||
|---|---|---|---|---|---|
| channel1 | B2B1 | Digital1 | Consolidation | Group | |
| External sales | 36.4 | 43.1 | 42.0 | 0.0 | 121.5 |
| Operating result (EBIT) | 4.0 | 2.0 | 2.2 | -1.6 | 6.6 |
| 1.4.–30.6.2016 | Specialist | Distance Miscellaneous/ |
|||
| retail² | Wholesale² | selling² | Consolidation | Group | |
| External sales | 35.0 | 40.1 | 37.9 | 0.0 | 113.0 |
| Operating result (EBIT) | 4.1 | 1.6 | 2.1 | 0.6 | 8.4 |
(1) New designation (as of 2017)
(2) Previous designation (until 2016)
| Six-month results of the segments (in € millions, rounding differences are possible) |
|||||
|---|---|---|---|---|---|
| 1.1.–30.6.2017 | Omni | Miscellaneous/ | |||
| channel1 | B2B1 | Digital1 | Consolidation | Group | |
| External sales | 66.3 | 83.8 | 79.1 | 0.0 | 231.2 |
| Operating result (EBIT) | 6.5 | 3.2 | 4.3 | –2.6 | 11.4 |
| 1.1.–30.6.2016 | Specialist retail² |
Wholesale² | Distance selling² |
Miscellaneous/ Consolidation |
Group |
| External sales | 66.8 | 76.6 | 74.4 | 0.0 | 217.8 |
| Operating result (EBIT) | 6.9 | 1.9 | 5.2 | –0.7 | 13.2 |
(1) New designation (as of 2017)
(2) Previous designation (until 2016)
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 2017 have been applied to the interim financial statement.
The present six-month 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 2016.
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: Compared to the consolidated balance sheet for 2016, the consolidation group of Hawesko Holding AG was enlarged to include Weinart Handelsgesellschaft mbH, Geisenheim, and Grand Cru Select Weinhandelsgesellschaft mbH, Rüdesheim.
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 2016. (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 74 in the 2016 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 2016: The annual general meeting of shareholders on 19 June 2017 decided to appropriate the unappropriated earnings reported in the annual accounts of Hawesko Holding AG of € 12,572,260.86 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 € 893,836.96 was 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: With effect from 1 March 2017, Raimund Hackenberger was appointed to the management board. At the end of the annual general shareholders' meeting am 19 June 2017 Dr. Wolfgang Reitzle resigned from the supervisory board. On the same day, Wilhelm Weil was elected to the supervisory board by the annual general meeting. (6) Business with closely associated persons: As disclosed in the Notes to the financial statements for 2016 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.–30.6. 2017 |
1.1.–30.6. 2016 |
|---|---|---|
| Employees (average during the period) of which in newly acquired companies: |
945 27 |
924 |
To the best of our knowledge, we affirm that, in accordance with the applied principles of proper consolidated interim reporting, the consolidated interim financial statement conveys an overview of the actual earnings and financial situation of the Group, the consolidated interim management report accurately depicts the course of business including the net operating profit and situation of the Group and that the significant opportunities and risks of the anticipated development of the Group in the remaining fiscal year are described.
Hamburg, 1 August 2017
Nine-month report to 30 September 2017 7 November 2017 Preliminary report on fiscal year 2017 Early February 2018
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 Internet: http://www.hawesko-holding.com
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