DGAP-Adhoc: Loewe AG: Loewe AG closes first quarter of 2013 with a loss

Loewe AG / Key word(s): Quarter Results/Change in Forecast

25.04.2013 17:48

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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Loewe AG closes first quarter of 2013 with a loss / decline of 50% of the
share capital as defined in Section 92 (1) German Stock Corporation Act
(AktG) expected for the end of May

Kronach, April 25, 2013 - Sales of the Loewe Group amounted to EUR 43.5
million in the first quarter of 2013, as measured on a preliminary basis;
this reflects a decline of 35% compared to the same period of the prior
year (EUR 66.6 million), which, however, had been favored by the shutdown
of analog satellite TV in Germany. The lower sales and production volume as
well as capital spending on new products and marketing initiatives led to
an EBIT loss for the company of EUR 9.9 million in the first quarter of
2013 (previous year: EBIT loss of EUR 0.9 million).

Loewe's business was primarily influenced by a very negative market trend
in the first quarter of 2013. Accordingly, the value of the market for LCD
TV in Germany alone declined by 19% in the first three months. Among
Loewe's key distribution partners, the qualified retailers, the decline was
even significantly worse at 37%. Certain export markets showed even sharper
declines.

The current market weakness will cause a further consumption of capital in
the Loewe Group and Loewe AG, resulting in a decline of 50% of the share
capital as defined in Section 92 (1) of the German Stock Corporation Act
anticipated by the end of May 2013, should the trend continue as before.
Against this backdrop, the Executive Board of Loewe AG has decided to move
the Annual Shareholders' Meeting of Loewe AG, initially scheduled for June
11, 2013, to a later date, in order to be able to include the notification
- as required under the German Stock Corporation Act - as agenda item of
the Annual Shareholders' Meeting in the event of the loss of 50% of the
share capital. Should the loss of 50% of the share capital occur at the end
of May, it is currently expected that the Annual Shareholders' Meeting will
be held in late July. Loewe will announce the exact date of the Annual
Shareholders' Meeting as soon as it is known.

The company has begun a process for the evaluation and implementation of
several strategic options, including the option of a capital increase with
the inclusion of existing shareholders as well as new investors.

In light of the trend in the first quarter of 2013 and the current market
weakness, the Executive Board of Loewe AG now expects a decline in sales
and an EBIT loss for the current 2013 fiscal year.

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Information and Explaination of the Issuer to this News:

Please note that the initially scheduled conference call for May 7th, 2013
will be canceled due to today's announcement.

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

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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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