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. --------------------------------------------------------------------------- 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. --------------------------------------------------------------------------- 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 --------------------------------------------------------------------------- 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 ---------------------------------------------------------------------------
DGAP-Adhoc: Loewe AG: preliminary key figures for 2012
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