Loewe AG / Preliminary Results
26.01.2010
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, January 26, 2010 - Despite the lower sales and production volume
compared to the year before and continued expenses for the premium
positioning, preliminary figures show that the Loewe Group's value-based
marketing enabled it to generate positive EBIT of about EUR 13.5 million in
fiscal year 2009 (previous year: EUR 28.5 million). Loewe thus clearly
exceeded its previous EBIT forecast of approximately EUR 12 million for
fiscal year 2009 by 13% or EUR 1.5 million.
The sales of the Loewe Group in fiscal year 2009, at about EUR 325 million
(previous year: EUR 374 million), were 7.5% lower than the current sales
forecast of about EUR 350 million. In its key market Germany, Loewe was
able to maintain the high sales level of the previous year in entertainment
electronics. Export sales of EUR 132 million reflected a significant
decline of approx. EUR 43 million.
In particular, the persisting difficult economic conditions in parts of
Europe put a severe strain on Loewe's export business in 2009. This applies
primarily to the important Spanish and Dutch markets. Compared to the
previous year, sales in these two countries alone declined by almost EUR 30
million in fiscal year 2009. Principal causes for the negative business
development are the repercussions of the global financial and real estate
crisis. These factors had a particularly severe impact in Spain and the
Netherlands. The propensity to purchase durable goods was thus
significantly below the level for Germany in 2009. This is also reflected
in the especially negative market trend for LDC TVs.
In an improved economic environment, the LCD TV market will continue to
grow in Europe in the next few years, due in particular to the high
replacement demand and increasing ownership of more than one set. From
today's perspective, this market will grow by approximately 10% in 2010
(2009: 4%) due to the FIFA World Cup in South Africa, the market launch of
HDTV in Germany and new technological innovations. The dynamic growth
engines will continue to be large-screen TV sets, which are of particular
importance for Loewe.
On this basis, the company anticipates moderate growth in sales for fiscal
year 2010. Loewe's innovative home entertainment solutions put it in an
extremely good position for repeating its high level of sales in Germany in
2010. Profitable sales growth in the double-digit range will be realized in
the remaining key European markets. As a premium brand, Loewe will continue
to focus systematically on results with cost discipline and value-based
marketing. Moreover, Loewe's sound capital structure and wide-ranging
financing agreements put the Company in an optimum position for future
growth.
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Information and Explaination of the Issuer to this News:
Further to this ad-hoc-announcement we will offer a conference call with
the Loewe management today, on TUE Jan 26, 2010 at 10:00 a.m.
Please register for the call at Loewe Investor Relations (+49 9261 99-984;
ir@loewe.de) to receive the dial in details. Please pay attention that the
originally announced publication date Jan 28, 2010 and the planned
conference call will be canceled.
Investor Relations, Axel Gentzsch
Phone: +49 (0)9261 99.240
Fax: +49 (0)9261 99.994
Mobile: +49 (0)170 7.667.212
Email: axel.gentzsch@loewe.de
Public Relations, Dr. Roland Raithel
Phone: +49 (0)9261 99.217
Fax: +49 (0)9261 99.444
Mobile: +49 (0)171 2.005.476
Email: roland.raithel@loewe.de
26.01.2010 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv at |[![CDATA[|[a href="http://www.dgap-medientreff.de"|]www.dgap-medientreff.de|[/a|]]]|] and |[![CDATA[|[a href="http://www.dgap.de"|]www.dgap.de|[/a|]]]|]
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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
Indices: SDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Düsseldorf, München, Hamburg, Stuttgart
End of News DGAP News-Service
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DGAP-Adhoc: Loewe AG: Preliminary key figures for 2009 - Loewe exceeds EBIT forecast despite drop in sales
| Source: EQS Group AG