Loewe AG / Key word(s): Preliminary Results
28.01.2013 16:03
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 - Monday, January 28, 2013 - On a preliminary basis, sales of the
Loewe Group in fiscal year 2012 (January 1 to December 31, 2012) at
approximately EUR 250 million were 9% lower than the 2011 figure of EUR
274.3 million. Particularly the reduced sales volume, and non-recurring
expenses for restructuring, including provisions for severance payments to
Loewe employees, caused the Company to generate a preliminary EBIT loss of
approximately EUR 29 million in fiscal 2012 (previous year: EBIT loss of
EUR 10.5 million), thus surpassing the EBIT loss of about EUR 20 million
predicted in early December 2012.
This is mainly accounted for by provisions for the staff reduction that has
already been initiated at the Kronach location. In this instance, in
accordance with accounting standards, Loewe reported expenditures in the
2012 financial statements that will not be effected until 2013.
To regain the Company's profitability, the costs are currently being
systematically adjusted to the lower business volume. As already announced
in December 2012, the measures were taken to reduce overhead and staff
costs across all divisions. In this regard, Loewe is currently engaged in
constructive discussions with the works council and the IG Metall labor
union. It is planned to conclude the staff reduction in the first quarter
of 2013. To make the job cuts as socially responsible as possible, the
creation of a transfer company is planned.
By taking these sustainable actions, Loewe has made good preparations for
the future. As part of the strategic realignment, the Company is especially
investing in new markets and products. The focus is on the Loewe product
line in the premium segment. In line with this focus, the new home
entertainment system 'Loewe Individual' was successfully introduced into
the market a few weeks ago. The 'Loewe Reference ID' was also presented to
retailers for the first time as a new high-end TV family. Moreover, the
strategically important product group Loewe Audiodesign will be expanded in
2013 to include numerous new sets of great appeal.
To start the new fiscal year of 2013, Loewe events were set up in more than
150 retail stores. Besides the customizable home entertainment solutions,
Loewe put its technological competence at the center of extensive
communication activities. Generally, Loewe will pursue the goal of
recapturing retail market share in Germany in close collaboration with its
retail partners. In the export markets, framework agreements were signed
with retail cooperative partnerships and country-specific marketing
concepts were devised.
Based on the actions taken, the Executive Board's continued objective in
the current fiscal year 2013 is to again achieve a break-even operating
result and a slight increase in sales. However, the overall result will
still be burdened by restructuring charges in 2013.
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Information and Explaination of the Issuer to this News:
Explanatory additional information:
PLEASE NOTE: In this regard, Loewe will be offering a conference call with
Rolf Rickmeyer, CFO; Matthias Harsch, CMO and designated CEO; and Dr.
Detlef Teichner, CTO, on January 28, 2013 at 5:00 p.m., Kronach time.
Please register to participate by calling Investor Relations at +49 (0)9261
99-984 or by email at ir@loewe.de, to obtain the number to call. The
original date scheduled for publishing the Loewe key figures for 2012 on
January 29, 2013 is thus canceled.
For further details, please contact:
Loewe AG
Industriestrasse 11
96317 Kronach, Germany
Investor Relations, Axel Gentzsch
Phone: +49 (0)9261 99-240
Fax: +49 (0)9261 99-994
Email: axel.gentzsch@loewe.de
Public Relations, Dr. Roland Raithel
Phone: +49 (0)9261 99-217
Fax: +49 (0)9261 99-444
Email: roland.raithel@loewe.de
28.01.2013 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
Germany
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: preliminary key figures for 2012
| Source: EQS Group AG