Projected EBIT for 2006 increased by 20%.
Kronach, November 2, 2006 – Thanks to the ongoing dynamic trend in the market for large-screen flat-panel TVs in Europe, sales of the Loewe Group in the first nine months of 2006 increased by 23% to EUR 241.5 million from the previous year according to preliminary data. In the first three quarters of 2006, earnings before interest and taxes (EBIT) improved by EUR 13.5 million to EUR 9.2 million from the previous year. The significant growth in earnings is primarily a result of the increased sales and production volume and the better product mix.
Against this background and under the assumption that the favorable market projections for the fourth quarter are accurate, the Executive Board of Loewe AG is raising its EBIT forecast for the current fiscal year 2006 by 20% from approx. EUR 10 million to approx. EUR 12 million. Loewe continues to expect sales revenues to grow to the range of EUR 340 and 350 million.
Loewe’s report for the first to third quarter of 2006 with consolidated figures and commentary will be published on Tuesday, November 7, 2006 as announced.
For further details, please contact:
Investor Relations
Axel Gentzsch
Phone: +49 (0)9261 99.240
Fax: +49 (0)9261 99.994
Mobile: +49 (0)170 7667212
Email: axel.gentzsch(at)loewe.de
Public Relations
Dr. Roland Raithel
Phone: +49 (0)9261 99.217
Fax: +49 (0)9261 99.444
Mobile: +49 (0)171 2005476
Email: roland.raithel(at)loewe.de