Loewe AG / Key word(s): Quarter Results/Change in Forecast
21.04.2011 07:52
Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Kronach, April 21, 2011 - At EUR 61.5 million, Loewe Group sales in the
first quarter of 2011 were 16% lower than the 2010 figure of EUR 73.4
million. The reduced sales and production volume led to an EBIT loss for
Loewe of EUR 2.9 million in the first quarter of 2011 compared to positive
EBIT of EUR 0.8 million in the year before. Generally, the first quarter of
2011 was still burdened by the necessary streamlining of the Loewe TV
product line and intense price competition. Significant market participants
started targeted retail sales campaigns particularly in the early weeks of
the current fiscal year to compensate for the 2010 Christmas shopping
season which failed to meet market expectations. For 2011 as a whole, Loewe
nonetheless expects moderate growth in sales and positive EBIT.
For the current year, Loewe will press ahead in protecting its future
viability within the framework of 'Fast Forward.' The focus will be on
systematically continuing the themes initiated in 2010. Specific plans
include continuing the current product offensive with new 3D TV sets,
further optimization of product costs in line with the platform strategy
and the long-range brand strategy. In the current fiscal year, Loewe will
also optimize the premium-based marketing of its top-quality products both
within and outside of Germany through even closer cooperation with
qualified retailers. Another focus of marketing and sales activities will
be on expanding qualitative and quantitative distribution.
The market offers good medium-range opportunities for Loewe. In addition to
the continued replacement demand and the increasing ownership of more than
one LCD TV in Europe, new technologies like 3D television, HbbTV (the
connection of television and the Internet) will provide Loewe with stimuli
that will last beyond the current fiscal year. Although Loewe is not
directly affected at present, the risk does exist that the current
situation in Japan might have an impact on the availability of production
material. For the current fiscal year, the Loewe Group expects moderate
growth in sales and positive EBIT. Moreover, Loewe's sound capital
structure and wide-ranging financing agreements continue to put the company
in a strong position for future growth.
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Information and Explaination of the Issuer to this News:
ATTENTION PLEASE: In this connection Loewe is announcing a conference call
with Mr. Oliver Seidl, CEO, and Manfred L. Fitzgerald, Member of the Board,
for April 21 at 10:00 a.m. Kronach time. Please register for this call by
phone at +49 9261 99-984 or by e-mail to ir@loewe.de to receive the access
number. The conference call originally planned for May 4, 2011, will be
cancelled accordingly.
Loewe AG
Industriestrasse 11
96317 Kronach, Germany
Investor Relations, Axel Gentzsch
Phone: +49 9261 99-240
Fax: +49 9261 99-994
Email: axel.gentzsch@loewe.de
Public Relations, Dr. Roland Raithel
Phone: +49 9261 99-217
Fax: +49 9261 99-444
Email: roland.raithel@loewe.de
21.04.2011 DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: Loewe AG
Industriestrasse 11
96317 Kronach
Deutschland
Phone: +49 (0)9261 99-984
Fax: +49 (0)9261 99-994
E-mail: ir@loewe.de
Internet: www.loewe.de
ISIN: DE0006494107
WKN: 649410
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Düsseldorf, Hamburg, München, Stuttgart
End of Announcement DGAP News-Service
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DGAP-Adhoc: Loewe AG: 1st quarter 2011
| Source: EQS Group AG