Interim Report First Six Months of Fiscal 2013
|
|
- Martin Daniels
- 8 years ago
- Views:
Transcription
1 Interim Report First Six Months of Fiscal 2013
2 High-high-end. Loewe Reference ID.
3 Contents Letter to Shareholders 5 Interim Group Management Report 7 Key Performance Indicators 8 Opportunities and Risks 13 Outlook for 2013 as a Whole 14 Condensed Consolidated Interim Financial Statements 15 Consolidated Income Statement 16 Consolidated Statement of Comprehensive Income 16 Consolidated Balance Sheet 17 Consolidated Cash Flow Statement 18 Consolidated Statement of Changes in Equity 19 Selected Explanatory Notes 20 Responsibility Statement 25 Review Report 26 Further Information 27 Financial Calendar 27 Contacts 27 Publication Credits 27
4 Matthias Harsch CEO Dr. Detlef Teichner CTO Rolf Rickmeyer CFO / CRO
5 As you have most probably learned from the press, the Local Court of Coburg approved the applications filed by Loewe AG and Loewe Opta GmbH to initiate creditors protection proceedings under its own administration on July 16, This is a clear and systematic new method under which a company can be thoroughly restructured and reorganized within a few months. At the time of the filing, Loewe continued to be solvent, thus ensuring that one of the most important prerequisites for creditors protection proceedings was fulfilled. The corporate responsibility continues to reside with the existing Executive Board. However, you will surely want to know why Loewe has taken this step. We deliberately decided on the creditors protection proceedings because this offers the Company, in its present difficult situation, the best instruments for successfully implementing the reorganization in the interest of all stakeholders and thus securing Loewe s future. In addition, the sales of the Loewe Group declined significantly in the first six months of 2013 due to the persistent weakness in the European market for LCD TVs. At EUR 76.5 million, sales were 39 % lower than in the first six months of The low sales and production volume and the resulting under-utilization of production capacity as well as a changed product mix caused the Company to generate an EBIT loss of EUR 24.2 million in the first six months of 2013, compared to an EBIT loss of 2.1 million in the first half of Under the creditors protection proceedings, we will consistently work together with our creditors in moving ahead with a comprehensive restructuring plan. The increasingly intense international competition will make it necessary to significantly expand the existing restructuring concept once more. Concurrent with this, we are continuing the comprehensive strategic realignment by performing a thorough review of the value creation and positioning strategy. It is generally our goal to realign Loewe together with a strategic partner and investor. At the same time, we want to expand our market shares in the national and international premium segment again. Furthermore, synergies with a strategic partner are to be used in purchasing, production, development and sales to enable us to, among other things, offer high-quality TV sets in the premium entry level segment. But what are we doing specifically? In order to reposition our Company for a successful future, Loewe is strengthening the premium entry level segment. To that end, a new line of TV sets will be presented at IFA We will also have more appealing entry level sets in the audio segment, which will especially entice younger target groups. Moreover, we will open up new distribution channels going beyond qualified retailers, for example, in large retail outlets within and outside of Germany. Another step toward restructuring will be a capital increase to include existing and new investors. This should again strengthen our Company s capital resources. Sincerely yours, Matthias Harsch Chief Executive Officer of Loewe AG Letter to Shareholders 5
6 Style icon. Loewe Individual. 6 Loewe AG Interim Report First Six Months of Fiscal 2013
7 First Six Months of 2013 Interim Group Management Report Interim Group Management Report 7
8 Interim Group Management Report for the First Six Months 2013 Key Performance Indicators * The Loewe Group EUR million 2 nd quarter nd quarter in % 1st half st half in % Sales EBIT *** Restructuring expenses included therein Net income for the period *** Earnings per share in euros ** / *** Free cash flow Number of employees (average) * The percentage amounts are based on the unrounded quarterly figures. ** Relating to a total of 13,009,229 shares (previous year: 13,009,229 shares). *** The prior-year figures have been adjusted. Effects from first-time application of revised IAS 19. Loewe sales and earnings significantly lower than in previous year Compared to the previous year, Loewe recorded a drop in sales of 39 % in the first six months of In the period under review, the Loewe Group generated EUR 76.5 million in sales. This figure thus fell short of sales in the first half of 2012 by EUR 49.1 million. In the second quarter of 2013, the sales of EUR 33.0 million were 44 % lower than in the comparable period of the previous year. The primary factor contributing to the very negative trend was the sharp decline in the markets all over Europe. Accordingly, the market for LCD TV in Germany declined by 24 % in the first six months. The decline in sales even came to 39 % in the distribution channel qualified retailers, which is of importance for Loewe. In contrast, the comparable first half of 2012 was favored by the shutdown of analog satellite TV in Germany. Due to the significant reduction in sales and production volume, Loewe posted an EBIT loss of EUR 24.2 million in the first six months, compared to an EBIT loss of EUR 2.1 million in the first six months of Net income after taxes came to a loss of EUR 26.7 million in the period from January to June Negative free cash flow Due to the high EBIT loss and severance payments in connection with the restructuring, Loewe generated negative free cash flow of EUR 8.7 million in the first six months. On the other hand, a significant reduction in working capital made it possible to achieve an improvement of EUR 0.5 million compared to the previous year. 8 Loewe AG Interim Report First Six Months of Fiscal 2013
9 Number of employees lower Compared to the first six months of 2012, the average number of employees decreased further from 997 to 912 persons. As of the balance sheet date of June 30, 2013, the active workforce at 682 employees (excluding trainees, persons permanently absent and part-time retirees) was lower than in the year before by 141 persons. In connection with the announced restructuring measures, a total of 180 positions were eliminated as of April 1, 2013 across all areas of the Company. The greatest impact was felt in production with a decrease of approximately 130 employees. In conjunction with other measures such as consensual contract terminations and part-time work agreements, the Company has managed to keep the number of redundancies within bounds. Market for LCD TVs significantly below previous year s level In the first six months of 2013, the European market for LCD TVs decreased by 18 % year-on-year. The severe decline is primarily attributable to the persistently difficult market environment in large parts of Europe, which has a negative impact on the buying habits of consumers. This negative trend had a particular impact on Germany, since the market trend in the first six months of 2012 was favored by the shutdown of analog satellite TV at the end of April. Generally, the LCD TV market showed weak performance throughout Europe in the first six months of The sharpest declines in sales of LCD TVs were recorded in Germany ( 24 %), Belgium ( 22 %) and Italy ( 19 %). Despite the significant market decline, 30 % of European LCD TV sales were still realized in Germany in the period under review. At 3.5 %, Loewe s value-based market share for LCD TVs among European retailers in the period under review was below the 2012 figure of 4.3 %. The cause of this negative market share trend in Europe was primarily Germany, Loewe s most important market. In Germany, the Company was unable to maintain its 9.3 % market share of the first six months of 2012 and fell to 6.7 % in the first six months of Loewe sales significantly lower than in previous year In the first six months of 2013, the sales of the Loewe Group fell year-on-year by 39 % to EUR 76.5 million. In the LCD TV segment, they decreased by EUR 41.8 million or 41 %. The cause for this was the absence of buying incentives. Moreover, the second quarter of 2012 was still favored by initial stocking effects resulting from the market launch of the Connect ID. In Audio/DVD, Loewe recorded a decline of EUR 4.0 million to EUR 8.1 million. The first three months of the comparable period of the previous year had benefited from initial stocking volumes primarily in the area of Audiodesign. The innovations 3D Orchestra and Speaker 2go, which were launched successfully at the end of the second quarter, have so far been unable to compensate for the decline. In the case of traditional speakers, the reasons for the lost sales were related to the low volume of LCD TV. Other sales, which primarily include the business with accessories and individual placement solutions, were lower than the level of the previous year by EUR 3.3 million or 28 %. 1) Source of market data: GfK, January - June 2013 Interim Group Management Report 9
10 Sales structure by product area EUR million 2 nd quarter nd quarter in % 1st half st half in % TV Audio/DVD Other Total sales In its most important market, Germany, Loewe recorded a 47 % decline in sales to EUR 43.0 million in the first six months of This figure fell short of sales in the first six months of 2012 at EUR 80.9 million by EUR 37.9 million. Sales in the export markets declined by 25 % to EUR 33.5 million, thus falling short of the previous year s figure of EUR 44.7 million by EUR 11.2 million. In addition to the elimination of the strong purchasing stimuli brought by the shutdown of analog satellite TV in the first quarter of 2012, the significant declines in Germany (47 %) and Austria (45 %) are due to a general buying restraint for TV sets. Moreover, the negative press reports concerning Loewe s financial situation caused feelings of uncertainty to arise among end consumers, especially in Germanspeaking regions. In Austria, Belgium, France, Italy and the UK, sales and service are performed by subsidiaries. The sales trend in all of these countries was similar in the first six months of Sales declined by 25 % in Belgium and by 32 % in the United Kingdom. Sales in France (16 %) and Italy (15 %) were also significantly lower year-on-year. In the other countries, sales were reduced by 23 %. Only in Australia was it possible to increase sales by 11 % in the period under review. This was, however, at a low level. EBIT loss The significant decrease in sales volume caused the Loewe Group s EBIT to show a loss of EUR 24.2 million in the first six months of 2013 compared to a loss of EUR 2.1 million in the first half of In addition to the significant decline in sales, this reduction in earnings is primarily attributable to the lower gross margin. The low sales and the resulting under-utilization of production capacity as well as a changed product mix are the major reasons for this. Furthermore, the disposal of inventory units had a negative impact on the gross margin. Selling expenses decreased year-on-year by EUR 3.7 million to EUR 26.8 million. Primarily sales-dependent direct costs and the reductions in personnel costs negotiated in the collective restructuring agreement contributed positively to this result. At EUR 5.1 million, administrative expenses exceeded the previous year s level by EUR 0.9 million. At EUR 0.4 million, the other operating result was EUR 0.6 million higher than in the first six months of Loewe AG Interim Report First Six Months of Fiscal 2013
11 The interest result amounted to a net interest expense of EUR 2.5 million in the period under review and was thus significantly lower than in the first six months of the previous year. This was primarily caused by the expenses for the syndicate loan agreement concluded as of July 1, Capital expenditure At EUR 8.7 million, capital expenditure in the first six months of 2013 was lower than in the first half of 2012 by the amount of EUR 0.4 million. Capital expenditure chiefly relates to development costs subject to mandatory capitalization and external development services in connection with software development. In property, plant and equipment, reduced amounts were invested in presentation systems for retailers within and outside of Germany and in tools for production. Capital expenditure/depreciation and amortization EUR million 1 st half st half 2012 Capital expenditure Depreciation/ amortization Capital expenditure Depreciation/ amortization Intangible assets Property, plant and equipment Financial assets Total Net current assets Net current assets decreased by EUR 21.6 million compared to June 30, The reduction is primarily due to targeted working capital management, in particular in connection with reduced inventory. Net current assets EUR million June 30, 2013 Dec. 31, 2012 June 30, 2012 Inventories Trade accounts receivable and other assets * Other current provisions Trade accounts payable and other liabilities * Total * excluding income taxes and derivatives Interim Group Management Report 11
12 Development and production As part of the restructuring work, the production in Kronach is being adjusted to the changed strategy. A lean and compact factory concept will better take into account the requirements for the manufacture of high-quality products and also make it possible to safeguard the many manual processes efficiently and in maximum quality. At the same time, the processes within the plant will continue to be optimized in order to effectively counteract the current crisis situation in the consumer electronics industry and especially at Loewe. The organizational improvements in the project and supply chain management allow direct integration with partners, suppliers and external service providers and, despite a greatly expanded complexity, have led to the result that development periods and product launches were met on schedule. This was accomplished with simultaneous cost efficiency and fulfilling all quality requirements. The cooperation with external developer teams and partner companies has become significantly more intense in the Loewe development department as well. This procedure made it possible to manage the high expenses for the constant enhancements and improvements of the mbrix middleware and the new operating concept for the Loewe TV sets. The requirements for the software are continuously coordinated with the Loewe retailers and directly reconciled with suggestions from customers. Regular software updates are announced to the retailers and provided on schedule. Another innovation is that the software for connecting wireless sound systems is already integrated into every television set of the Reference and Individual lines. In the future, it will also be available as a standard feature in the facelift version of the Connect ID. Orchestra 3D is the first wireless multichannel system to use this software control for surround sound. Orchestra 3D was launched on schedule and presented to retailers in the second quarter. The trade press has extensively analyzed this globally unique system and given it outstanding marks. As planned, Loewe s first portable speaker system, Speaker 2Go, was brought to market in May and has completely fulfilled expectations. The compact construction and attractive design were developed by the audio experts in Kronach in close cooperation with the new Loewe team in China. It immediately measures up to sets from established manufacturers. Concurrent with the launch of the Speaker 2Go, Loewe s first audio app was also released. This app makes it possible to connect portable devices to Loewe Audiodesign sets and control them via Bluetooth. An attractive design and a clear and user-friendly operating concept add to its appeal. The app is available for both Android and Apple devices. The Loewe Smart Audio App will be an integral component of all audio products planned for the future. Marketing and sales In the first six months of 2013, Loewe further expanded its competence as a system provider for smart home entertainment. Accordingly, the software platform of the product lines Loewe Individual and Loewe Reference ID have been systematically developed further since the beginning of the year and equipped with new functions. Furthermore, the new wireless audio system 3D Orchestra was brought to market a few weeks ago. In the area of Audiodesign, the portable speaker system Loewe Speaker 2go, which enables connection with mobile devices, has been available in the market for a few weeks. In summer, Loewe will launch a new television family on the market. Its revolutionary user interface will make the fascinating world of smart home entertainment even more perfectly accessible. 12 Loewe AG Interim Report First Six Months of Fiscal 2013
13 Moreover, Loewe concentrated on the expansion of national and international distribution in the second quarter. As a result, 20 new partners were gained in Germany; the international distribution was expanded to include almost 120 more retail partners. Furthermore, Loewe presented its products at various international fairs such as, for example, the Consumer Electronics & Photo Expo in Moscow and the 21st Shanghai International High-End Hi-Fi Show in China. This fair is directed to retailers in the area of hi-fi and home theater and offered Loewe a first platform for expanding distribution in China. For the Company s 90th anniversary, Loewe started the largest, integrated brand campaign to date in the second quarter under the motto: my perfect entertainment. The core of the high-circulation campaign was a TV spot which was placed starting in mid-may with the broadcasters ARD, ZDF, RTL, ProSieben, Sat1 and Kabel eins for prime time showing. In support of this, Loewe was represented on the websites of the large nationwide daily newspapers FAZ, Handelsblatt, SZ and Zeit with fixed placement banners. At the same time, Loewe also started a social media and PR campaign. In the first six months of 2013, the high quality of the entire Loewe product portfolio was again demonstrated impressively by numerous test awards, including one in the current issue of HDTV Magazin (award for Loewe Reference ID 55). However, all of these measures have not yet produced stimuli for an upturn in demand. Opportunities and risks of future development The serious drop in sales which occurred in the first six months of 2013 and the significantly deteriorated liquidity situation puts the continued existence of Loewe at acute risk. At the end of May 2013, more than half of the share capital of Loewe AG was consumed by incurred losses. In the Annual Shareholders Meeting held on July 31, 2013, a simplified capital reduction to EUR 3,252,307 was adopted for compensating the incurred losses and impairments. Furthermore, Loewe is in the process of implementing a capital increase. Due to excess indebtedness and the extremely strained liquidity situation, an application for creditors protection proceedings was submitted to the Local Court Coburg on July 16, 2013 and it was approved. In close coordination with the court-appointed trustee, the business operations will be maintained under own administration. It will be of decisive importance for a successful future for Loewe to convince customers, suppliers and financiers of the currently developed restructuring concept. Loewe s continued existence is to a significant degree dependent on the successful inclusion of a strategic partner and new investors. Overall estimation of the risk situation In the estimation of the Executive Board, the risks have increased in intensity. As described above, the continued existence of the Loewe Group is at risk at the time of the present reporting. Without a convincing restructuring concept including a strategic partner and new investors, it will no longer be possible to secure the continued existence of the Company. Moreover, on July 19, 2013, as a result of the initiation of the creditors protection proceedings, the banking syndicate terminated the standstill agreement concluded on March 8, 2013 and scheduled to expire on March 31, Negotiations are currently in progress regarding the continuation of the existing factoring procedure as well as the issuance of a debtor-in-possession financing by the previous syndicate banks to provide funds during the search for investors. Interim Group Management Report 13
14 With respect to the principal opportunities and risks associated with future development, which come to the fore due to the present threat to the Company s existence, please also refer to the 2012 Annual Report. The risks described here also have the potential of having a significant adverse impact on the financial position and financial performance of the Loewe Group. Outlook for the year 2013 as a whole The Local Court of Coburg approved the applications filed by Loewe AG and Loewe Opta GmbH to initiate creditors protection proceedings under its own administration on July 16, This is a clear and systematic new method under which a company can be thoroughly restructured and reorganized within a few months. At the time of the application, Loewe continued to be solvent, thus ensuring that one of the most important prerequisites for creditors protection proceedings was fulfilled. The corporate responsibility continues to reside with the existing Executive Board. Under the creditors protection proceedings, Loewe will work together with its creditors in moving ahead with a comprehensive restructuring plan. The increasingly intense international competition will make it necessary to significantly expand the existing restructuring concept once more. Concurrent with this, a comprehensive strategic realignment will be carried out by performing a thorough review of the value creation and positioning strategy. Generally, Loewe s goal is still to realign the Company jointly with a strategic partner and investor. At the same time, Loewe will again expand its market shares in the national and international premium segment. Furthermore, synergies with a strategic partner are to be used in purchasing, production, development and sales to enable the Company to, among other things, offer high-quality TV sets in the entry level segment. Another step toward restructuring will be a capital increase to include existing and new investors. This should again strengthen the Company s capital resources. In light of the operating trend in the first half of 2013 and the persistent market weakness, the Executive Board of Loewe AG continues to expect a decline in sales and an EBIT loss for the current 2013 fiscal year. Kronach, August 1, 2013 The Executive Board Matthias Harsch Rolf Rickmeyer Dr. Detlef Teichner 14 Loewe AG Interim Report First Six Months of Fiscal 2013
15 Condensed Consolidated Interim Financial Statements Condensed Consolidated Interim Financial Statements 15
16 Consolidated Income Statement April June 2013 April June 2012* Jan. June 2013 Jan. June 2012* EUR million % EUR million % EUR million % EUR million % Sales Cost of sales* Gross margin Selling expenses* General and administrative expenses* Other operating income Income from investments EBIT Restructuring expenses included therein Adjusted earnings before interest and taxes (adjusted EBIT) Interest income Interest expenses Profit / loss from ordinary activities (EBT) Income taxes Profit / loss after tax thereof: attributable to shareholders of Loewe AG minority interests Basic earnings per share (in EUR)* Diluted earnings per share (in EUR)* Statement of Comprehensive Income April June 2013 April June 2012* Jan. June 2013 Jan. June 2012* EUR million Profit / loss after tax* Items of other comprehensive income that may be reclassified to profit or loss Market valuation of hedges Tax effects Items of other comprehensive income that may not be reclassified to profit or loss Actuarial gains and losses* Gains and losses recognized directly in equity Comprehensive income / loss thereof: attributable to shareholders of Loewe AG minority interests *Comparative figures for the previous year were adjusted. Effects from first-time application of the revised IAS Loewe AG Interim Report First Six Months of Fiscal 2013
17 Consolidated Balance Sheet EUR million Assets June 30, 2013 December 31, 2012* June 30, 2012* Non-current assets Intangible assets Property, plant and equipment Financial assets Income tax assets Miscellaneous non-current financial assets Deferred taxes Current assets Inventories Trade accounts receivable Income tax assets Miscellaneous current financial assets Cash and cash equivalents Total assets Liabilities and shareholders equity Shareholders equity Equity attributable to equity holders of the parent Subscribed capital Capital reserve Retained earnings Other reserve* Accumulated profit/loss* Minority interests Non-current liabilities Provisions for pensions and similar obligations Other non-current provisions Current liabilities Income tax provisions Other current provisions Current financial liabilities Trade accounts payable Miscellaneous current financial liabilities Total liabilities and shareholders equity *Comparative figures for the previous year were adjusted. Effects from first-time application of the revised IAS 19. Condensed Consolidated Interim Financial Statements 17
18 Consolidated Cash Flow Statement EUR million January June 2013 January June 2012* Operating activities EBIT* Interest paid Interest payments received Depreciation and amortization of non-current assets Other non-cash items* Increase (+)/decrease ( ) in pension provisions Decrease ( ) in other non-current provisions Income taxes paid Cash flow before changes in net current assets Change in net current assets Decrease (+)/increase ( ) in inventory Decrease (+) in trade accounts receivable and other assets Decrease ( ) in other current provisions Decrease ( ) in trade accounts payable and other liabilities Change in net current assets Net cash from operating activities Investing activities Payments for purchases of intangible assets and property, plant and equipment Net payments for purchases of financial assets Net cash from investing activities Free cash flow, total Financing activities Borrowings (+) Net cash from financing activities Cash effective change in liquidity Composition of liquidity June 30, 2013 Dec. 31, 2012 Change Cash and cash equivalents Use of factoring Liquidity *Comparative figures for the previous year were adjusted. Effects from first-time application of the revised IAS Loewe AG Interim Report First Six Months of Fiscal 2013
19 Consolidated Statement of Changes in Equity Number of shares Subscribed capital Capital reserve Retained earnings Other reserve* Accumulatetributable Equity at- profit/ to equity loss* holders of the parent Minority interests Total equity units EUR million EUR million EUR million EUR million EUR million EUR million EUR million EUR million Balance as of Dec. 31, ,009, Market valuation of hedges Actuarial gains and losses* Profit/loss after tax for the period ended June 30, 2012* Balance as of June 30, ,009, Market valuation of hedges Actuarial gains and losses* Profit/loss after tax for the period from July 1 to Dec. 31, Balance as of Dec. 31, ,009, Market valuation of hedges Actuarial gains and losses* Profit/loss after tax for the period ended June 30, Reversal of the capital reserve Reversal of retained earnings Balance as of June 30, ,009, *Comparative figures for the previous year were adjusted. Effects from first-time application of the revised IAS 19. Condensed Consolidated Interim Financial Statements 19
20 Selected Explanatory Notes About Loewe The Loewe Group develops, produces and distributes electronic, electrotechnical and mechanical products and systems of every type as well as parts of the same, in particular in the field of consumer electronics and communications technology (home entertainment systems). The Company s main products are TV sets, home cinema solutions and standalone audio equipment. The parent company is recorded under the name of Loewe AG in the Commercial Register (HRB 3004) of the Local Court Coburg, Germany. The Company s registered offices are located at Industriestrasse 11, Kronach, Germany. The condensed consolidated interim financial statements for the first half of 2013 were released for publication by a management decision on August 1, Basis of presentation and accounting policies The condensed consolidated interim financial statements of Loewe AG as of June 30, 2013 were prepared in accordance with the International Financial Reporting Standards (IFRS) for interim reporting as adopted in the European Union (EU) and in accordance with the provisions of the German Securities Trading Act (WpHG) applicable to consolidated interim financial reports. These interim financial statements refer only to the Group and contain all information and disclosures in the Notes that are required by IFRS and WpHG for interim financial statements. As of the date of the present report, it is expected that the restructuring within the context of the creditors protection proceedings will be successful and that the Loewe Group s operations will continue. The same basis of presentation used for the consolidated financial statements for fiscal year 2012 was applied to the interim consolidated financial statements, therefore using the going concern principle. The discount rate for pension provisions was reduced from 4.25 % as of December 31, 2012 to 3.75 % as of June 30, The actuarial losses of EUR 1.0 million resulting from this were recognized in other income. Revised IAS 19 Employee Benefits was applied retrospectively starting in fiscal In departure from the practice of previous years, actuarial gains and losses are now recognized within other reserves with no effect on income. Accordingly, the relevant figures from previous years had to be adjusted in the present interim financial statements (identified in each case by * ). The amendments to IAS 1 Presentation of Financial Statements made in June 2011 had an impact on the presentation of other comprehensive income to the effect that the components of the other comprehensive income must be presented as a function of whether they can possibly be reclassified into the income statement in the future. Loewe AG already applied this change early as of December 31, The following changes of the IFRSs had no impact on the Group s accounting methods or financial position and financial performance. Offsetting financial assets and financial liabilities (Amendments to IAS 32 and IFRS 7) IFRS 13 - Fair Value Measurement 20 Loewe AG Interim Report First Six Months of Fiscal 2013
21 IFRIC 20 - Stripping Costs in the Production Phase of a Surface Mine The Group did not opt for early application of other new or amended published standards and interpretations not requiring mandatory application. These interim consolidated financial statements contain all necessary information for a true and fair view of the financial position and financial performance as of June 30, However, they do not include all the information and disclosures required in the consolidated annual financial statements and should therefore be read in conjunction with the consolidated annual financial statements for the year ended December 31, 2012 and the additional information contained in them. In preparing the interim consolidated financial statements, management must make estimates and assumptions. These influence the level of the amounts indicated for the assets and liabilities as of the balance sheet date as well as the amount of reported income and expenses. The actual amounts can deviate from these estimations. Scope of consolidation The scope of consolidation has not changed in relation to the consolidated financial statements as of December 31, Currency translation The currency translation for the subsidiary in London (United Kingdom) and Hong Kong (China) was based on the reference rate of the European Central Bank (ECB) as of June 30, 2013; currency translation in the income statement was based on the average rate of the first half of 2013 and 2012 respectively. All other consolidated companies are in the eurozone. Financial position EUR million June 30, 2013 December 31, 2012 June 30, 2012 Non-current assets Current assets Total assets Shareholders equity including minority interests Non-current liabilities Current liabilities Total liabilities and shareholders equity The slight decline in non-current assets compared to the end of the year by EUR 2.5 million is largely attributable to the reduction in property, plant and equipment (down EUR 2.4 million) due to depreciation. Condensed Consolidated Interim Financial Statements 21
22 Deferred tax assets from loss carryforwards are not recognized in accordance with IAS 12 with no change from December 31, The decline in current assets compared to the end of the year resulted primarily from the reduction of inventories (down EUR 12.3 million) as well as the reduction in trade accounts receivable (down EUR 33.8 million). Shareholders equity declined compared to year-end 2012 as a result of the after-tax loss of EUR 26.8 million and amounted to a deficit of EUR 2.2 million as of the reporting date (June 30, 2013). The Group s net loss was offset and the accumulated loss was reduced thanks to the reversal of capital reserves in the amount of EUR 47.9 million and of retained earnings in the amount of EUR 16.2 million. Other comprehensive loss of EUR 0.2 million for the reporting period was reported in equity and reflects the change in the market value of forward exchange transactions concluded by Loewe to hedge future purchases of merchandise less the recognition with no effect on income of the actuarial losses in accordance with the revision of IAS 19. Deferred tax liabilities are not recognized due to the presence of tax assets from loss carryforwards. The forward exchange transactions were concluded in conformity with the underlying contractual purchase obligations. Every forward transaction is subject to a corresponding underlying transaction (hedged item). The relationship between the hedging transaction and the hedged item is continuously reviewed for effectiveness. In the first half of 2013, earnings per share were EUR The number of shares is unchanged at 13,009,229. Diluted earnings per share are not calculated as no rights have been associated with the available 2010 authorized capital. Compared to year-end 2012, current liabilities were down by EUR 27.3 million. This decline is largely attributable to the decrease in other current provisions (down EUR 14.0 million) as a result of the payments of contractually fixed bonus entitlements to our contract dealers. In addition, trade accounts payable decreased by EUR 9.7 million to EUR 10.5 million due to the lower purchasing volume, down from EUR 20.2 million at year-end. Cash flow and financing Cash flow EUR million January June 2013 January June 2012 Net cash from operating activities Investing activities Free cash flow Net cash from financing activities Cash-effective change in liquidity Loewe AG Interim Report First Six Months of Fiscal 2013
23 In the first half of 2013, Loewe AG recorded negative free cash flow of EUR 7.3 million. Despite the reduced earnings and the severance payments made in connection with the restructuring, free cash flow was improved compared to the previous year. This is mainly due to higher cash inflows from the reduction of inventories and trade accounts receivable. Further details related to the change in liquidity can be seen in the cash flow statement. Financing EUR million June 30, 2013 Dec. 31, 2012 June 30, 2012 Cash and cash equivalents Current financial liabilities Factoring Balance The year-on-year decline in cash and cash equivalents is primarily attributable to the negative cash flow in the second half of 2012 and the outflows of liquidity incurred in the first half of 2013 in connection with the restructuring. As a result of the initiation of creditors protection proceedings on July 16, 2013, the previously existing financing agreements were terminated as expected. We are currently engaging in constructive negotiations regarding the continuation of the existing factoring procedure as well as the issuance of a debtor-in-possession financing by the previous syndicate banks to provide funds during the search for investors. Income statement Revenue by region is broken down as follows: EUR million 2 nd quarter nd quarter st half st half 2012 Germany Europe (excluding Germany) Rest of world Total The significant items of the income statement for the first half of 2013 are explained in the interim group management report. Condensed Consolidated Interim Financial Statements 23
24 Contingent liabilities The contingencies and other financial obligations have not changed substantially as compared with disclosures as of December 31, Transactions with shareholders Apart from the delivery of spare parts, Loewe and the Sharp Group cooperate in the field of software development. In addition, starting in autumn 2013, the Sharp Group will take over production of entry-level sets for Loewe in one of Sharp s European facilities. All agreements are concluded on an arm s length basis. Sharp, as a shareholder, has no influence over Loewe management, is not represented on the Loewe Supervisory Board and does not participate in any decision-making processes at Loewe. Therefore, it cannot be classified as a related party. Other disclosures Number of employees Compared to the first half of 2012, the average number of employees decreased by 85 from 997 to 912 persons. As part of the announced restructuring measures, a total of 180 positions were eliminated as of April 1, 2013 across all areas of the Company. The greatest impact was felt in production with a decrease of approximately 130 employees. In conjunction with other measures such as consensual contract terminations and part-time work agreements, the Company has managed to keep the number of redundancies within bounds. Acquisition of treasury shares At the Annual Shareholders Meeting on May 20, 2010, the Company was authorized to acquire treasury shares in an amount of up to 10 % of the share capital. The authorization is valid until May 19, 2015 and no such activities have been undertaken to date. Shares held by the Executive Board and Supervisory Board on June 30, 2013 As of June 30, 2013, the Executive Board no longer held any shares (December 31, 2012: 6,600) in Loewe AG. The members of the Supervisory Board as well no longer hold any Loewe shares directly (as of December 31, 2012: 550,000 shares / indirectly: 1,264,420 shares). Events after the balance sheet date of June 30, 2013 On July 16, 2013, the Coburg Local Court agreed to the applications filed by Loewe AG and Loewe Opta GmbH to complete a restructuring process under their own administration using creditors protection proceedings. This clear and systematic new method may be employed by companies to carry out fundamental restructuring within only a few months. 24 Loewe AG Interim Report First Six Months of Fiscal 2013
25 At the time of the application, Loewe continued to be solvent. Therefore, one of the most important requirements for creditors protection proceedings was met. The existing Executive Board remains responsible for the Company s business activities. Within the framework of the creditors protection proceedings, Loewe will implement the comprehensive restructuring plan in cooperation with the creditors. In this context, the existing restructuring concept will be expanded significantly due to the intensified international competition. In the meantime, the Company will drive an extensive strategic reorientation through a substantial revision of its value creation and positioning strategy. On July 19, 2013, as a result of the initiation of the creditors protection proceedings, the banking syndicate terminated the standstill agreement, which had been concluded on March 8, 2013 for a term originally ending on March 31, We are currently engaging in negotiations regarding the continuation of the existing factoring procedure as well as the issuance of a debtor-in-possession financing by the previous syndicate banks to provide funds during the search for investors. Responsibility Statement To the best of our knowledge, and in accordance with the applicable reporting principles for interim financial reporting, the interim consolidated financial statements as of June 30, 2013 give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group, and the interim management report of the Group includes a fair review of the development and performance of the business and the position of the Group, together with a description of the principal opportunities and risks associated with the expected development of the Group for the remaining months of the fiscal year. Kronach, August 1, 2013 The Executive Board Matthias Harsch Rolf Rickmeyer Dr. Detlef Teichner Condensed Consolidated Interim Financial Statements 25
26 Review report to Loewe AG, Kronach We have reviewed the condensed interim consolidated financial statements comprising the consolidated balance sheet, consolidated income statement, consolidated statement of comprehensive income, consolidated statement of changes in equity, consolidated statement of cash flows, and selected notes to the financial statements and the interim group management report of Loewe AG, Kronach, for the period January 1 to June 30, These form part of the half-year financial report pursuant to Section 37w of the German Securities Trading Act (WpHG). The preparation of the condensed interim consolidated financial statements in accordance with those International Financial Reporting Standards (IFRS) applicable to interim reporting, as adopted by the European Union (EU), and of the interim group management report in accordance with the provisions of the WpHG applicable to interim group management reports is the responsibility of the Company s legal representatives. Our responsibility is to issue a report on the condensed interim consolidated financial statements and the interim group management report based on our review. We have conducted our review of the condensed interim consolidated financial statements and the interim group management report in accordance with the German generally accepted standards for the review of financial statements promulgated by the German Institute of Auditors (IDW). Those standards require that we plan and perform our review so that we can preclude through critical evaluation, with a certain level of assurance, that these condensed interim consolidated financial statements have in material respects not been prepared in accordance with IFRS for interim financial reporting, as adopted by the EU, and that the interim group management report has in material respects not been prepared in accordance with the applicable provisions of the WpHG regarding interim group management reports. A review is essentially restricted to interviews of the Company s staff and to analytical assessments, and therefore does not afford the assurance attainable in a financial statement audit. Since, in accordance with our engagement, we have not performed a financial statement audit, we cannot issue an auditor s report. Based on our review, no matters have come to our attention that cause us to believe that the condensed interim consolidated financial statements have not been prepared, in material respects, in accordance with the IFRS applicable to interim financial reporting as adopted by the EU, or that the interim group management report has not been prepared, in material respects, in accordance with the regulations of the WpHG applicable to interim group management reports. It is our duty to draw attention to the fact that the continued existence of the Group is threatened by the risks described in the section Opportunities and risks of future development of the risk report contained in the interim group management report. That report states that the Group s ability to continue as a going concern depends on the successful implementation of the restructuring plan as part of its creditors protection proceedings. In addition to other measures, the restructuring program provides in particular for the inclusion of a strategic partner and new investors as significant prerequisites to safeguarding the continued existence of the Group. We would also point out the additional risk situation that has arisen from the termination of the standstill agreement by the banking syndicate as of July 19, Mönchengladbach, August 1, 2013 Abstoß & Wolters OHG Wirtschaftsprüfungsgesellschaft Steuerberatungsgesellschaft Straaten Wirtschaftsprüfer (German Public Auditor) Braun Wirtschaftsprüferin (German Public Auditor) 26 Loewe AG Interim Report First Six Months of Fiscal 2013
27 Financial Calendar Publication of the Q3 Report ( ) Conference call on Tuesday, November 5, 2013, 10:00 a.m. Contacts / Publication Credits Loewe AG Industriestrasse 11 D Kronach Germany PO Box 1554 D Kronach Germany Ticker symbol: LOE WKN: ISIN: DE Loewe shares are traded in the Prime Standard segment of the German Stock Exchange. Classic All share Prime All share CDAX Investor Relations: +49 (0) 9261 / ir@loewe.de Telefax: +49 (0) 9261 / Public Relations: +49 (0) 9261 / presse@loewe.de Telefax: +49 (0) 9261 / Customer Care Center: +49 (0) 1801 / ccc@loewe.de Telefax: +49 (0) 1801 / Telephone switchboard: +49 (0) 9261 / 99-0 Internet: follow: like: Published by: Loewe AG Industriestrasse 11 D Kronach Germany Further Information 27
28 Loewe AG Industriestrasse Kronach Germany Loewe Stock: Ticker symbol: LOE ISIN Code: DE Phone: +49 (0)
Review of Loewe Group - A Quick Guide to 2012
Interim Report First Three Months of Fiscal 2013 High-high-end. Loewe Reference ID. Contents Letter to Shareholders 5 Interim Group Management Report 7 Key Performance Indicators 8 Opportunities and Risks
More informationInterim Report. First Three Months of Fiscal 2010
Interim Report First Three Months of Fiscal 2010 Sales of EUR 73.4 million moderately higher than in Q1 2009 EBIT at EUR 0.8 million exceeds prior year level Export sales grow by 7%; Germany 3% lower than
More informationA question of character. Loewe Connect ID.
A question of character. Loewe Connect ID. 56 Loewe AG Annual Report 2012 Consolidated Financial Statements, Notes Consolidated Income Statement 58 Consolidated Balance Sheet 59 Consolidated Cash Flow
More informationOverview of the key figures for the first half of the year
Half-Year Report 2015 Q2 Revenues increase in the first half of the year by 23% EBIT increased by 1.5 million euros compared to the previous year Order book is growing Overall annual forecast remains unchanged
More informationFirst Three Months of Fiscal 2008
First Three Months of Fiscal 2008 Interim Report Sales increase by 10% to EUR 90.2 million Sales of large-screen LCD TVs rise by 44% EBIT improves by 30% to EUR 6.3 million EBIT margin rises from 6.0%
More informationSix Months Financial Report
Six Months Financial Report as of June 30, 2010 Sales increase by 3% to EUR 147.4 million Percentage of sales of large-screen LCD TVs rises from 57% to 66% of total TV sales Significantly lower gross margin
More informationLogwin AG. Interim Financial Report as of 31 March 2015
Logwin AG Interim Financial Report as of 31 March 2015 Key Figures 1 January 31 March 2015 Earnings position In thousand EUR 2015 2014 Revenues Group 274,433 278,533 Change on 2014-1.5% Solutions 101,821
More informationConsolidated Interim Report
Consolidated Interim Report as of 31 March 2015 UNIWHEELS AG CONTENTS 1. Key performance data 2. Condensed group management report as of 31 March 2015 3. Condensed consolidated financial statements as
More information2015 Quarterly Report II
2015 Quarterly Report II 2 Key data Eckert & Ziegler 01 06/2015 01 06/2014 Change Sales million 69.0 61.9 + 11 % Return on revenue before tax % 16 % 9 % + 87 % EBITDA million 15.6 9.7 + 61 % EBIT million
More informationAhlers AG, Herford. ISIN DE0005009708 and DE0005009732 INTERIM REPORT
Ahlers AG, Herford ISIN DE0005009708 and DE0005009732 I N T E R I M R E P O R T for the first six months of the 2006/07 financial year (December 1, 2006 to May 31, 2007) BUSINESS DEVELOPMENT IN THE FIRST
More informationDEUFOL SE JOHANNES-GUTENBERG-STR. 3 5 65719 HOFHEIM (WALLAU), GERMANY PHONE: + 49 (61 22) 50-00 FAX: + 49 (61 22) 50-13 00 WWW.
SEMI-ANNUAL REPORT 5 Key Figures for the Deufol Group figures in thousand 6M 2015 6M 2014 Results of operations Revenue (total) 152,088 141,450 Germany 83,770 77,730 Rest of the World 68,318 63,720 International
More informationUNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED JUNE 30, 2015
BE SEMICONDUCTOR INDUSTRIES N.V. DUIVEN, THE NETHERLANDS UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED JUNE 30, 2015 Contents Unaudited Condensed Interim Consolidated
More informationUnaudited Financial Report
RECRUITING SERVICES Amadeus FiRe AG Unaudited Financial Report Quarter I - 2015 Temporary Staffing. Permanent Placement Interim Management. Training www.amadeus-fire.de Unaudited Amadeus FiRe Group Financial
More informationLetter from the Management Board 3. Key Financial Figures 4. Management Report 5. Consolidated Income Statement (IFRS) 9
3-Months Report 2015 Content Letter from the Management Board 3 Key Financial Figures 4 Management Report 5 Consolidated Income Statement (IFRS) 9 Consolidated Statement of Comprehensive Income (IFRS)
More informationConsolidated Financial Statements Notes to the Consolidated Financial Statements for Fiscal Year 2014
171 The most important exchange rates applied in the consolidated financial statements developed as follows in relation to the euro: Currency Average rate Closing rate Country 1 EUR = 2014 2013 2014 2013
More informationFINANCIAL REPORT H1 2014
FINANCIAL REPORT H1 2014 HIGH SPEED BY PASSION 02_Key Figures 03_Group Status Report 05_Consolidated Financial Statements 10_Notes 11_Declaration of the Legal Representatives 02 PANKL KEY FIGURES EARNING
More informationCONSOLIDATED STATEMENT OF INCOME
CONSOLIDATED STATEMENT OF INCOME Notes Sales 1) 5,429,574 5,169,545 Cost of Goods Sold 2) 3,041,622 2,824,771 Gross Profit 2,387,952 2,344,774 Selling Expenses 3) 1,437,010 1,381,132 General and Administrative
More informationKey figures as of June 30, 2013 1st half
Never standing still. Interim Report as of June 30, 2013 Contents 2 Key figures as of June 30, 2013 1st half 3 Key figures as of June 30, 2013 2nd quarter 6 Strong revenue growth 12 Consolidated interim
More informationAbbey plc ( Abbey or the Company ) Interim Statement for the six months ended 31 October 2007
Abbey plc ( Abbey or the Company ) Interim Statement for the six months ended 31 October 2007 The Board of Abbey plc reports a profit before taxation of 18.20m which compares with a profit of 22.57m for
More informationUnaudited Nine Months Financial Report
RECRUITING SERVICES Amadeus FiRe AG Unaudited Nine Months Financial Report January to September 2015 Temporary Staffing. Permanent Placement Interim Management. Training www.amadeus-fire.de Unaudited Nine
More informationTravel24.com AG. Quarterly Report Q1 2015
Travel24.com AG Quarterly Report Q1 2015 2 Selected Key Group Data January 1 - March 31 Change In thousands of euro 2015 2014 % Revenue 4,494 7,810-42 % EBIT 806 1,231-35 % Net profit 66 518-87 % Earnings
More informationNedSense enterprises n.v. Condensed consolidated Interim financial statements
NED NEDSENSE enterprises n.v. NedSense enterprises n.v. Condensed consolidated Interim financial statements 30 June 2012 NedSense enterprises n.v. Half-year Report 2012 (unaudited) Report of the Board
More information3-month report January - March 2007 Published on August 10, 2007
3-month report January - March 2007 Published on August 10, 2007 3-month report January March 2007 1. Group management report for the first quarter of 2007 Overview of the first quarter in 2007 Continued
More informationHALF YEAR REPORT AS OF JUNE 30
2 0 1 4 HALF YEAR REPORT AS OF JUNE 30 T O O U R S H A R E H O L D E R S Dear shareholders, ladies and gentlemen, The Nemetschek Group continued its successful development in the second quarter of 2014
More information2014/2015 The IndusTrIal Group
Q2 2014/2015 Half-Year Interim Report 2014/2015 1 April to 30 September 2014 The Industrial Group The first six months of financial year 2014/2015 at a glance Incoming orders increased in the first half
More informationTO OUR SHAREHOLDERS DYNAMIC FIRST HALF YEAR
HALF YEAR REPORT AS OF JUNE 30, 2015 TO OUR SHAREHOLDERS Patrik Heider, Spokesman of the Executive Board and CFOO The Nemetschek Group maintained its dynamic development from the first quarter of 2015
More informationTO OUR SHAREHOLDERS PROFITABLE GROWTH COURSE INTERNATIONALIZATION FURTHER EXTENDED US MARKET IN FOCUS
QUARTERLY STATEMENT AS OF MARCH 31, 2015 TO OUR SHAREHOLDERS Patrik Heider, Spokesman of the Executive Board and CFOO The Nemetschek Group has made a dynamic start in the 2015 financial year and continues
More informationInterim consolidated financial statements as of September 30, 2007
1 Interim consolidated financial statements as of September 30, 2007 January 1 through September 30, 2007 MeVis Medical Solutions AG laying the foundation for further dynamic growth: Sales plus other operating
More informationcondensed consolidated interim financial statements 2015
January march 2015 condensed consolidated interim financial statements 2015 (unaudited) contents 1. Income Statement 1 2. Statement of Comprehensive Income 2 3. Balance Sheet 3 4. Statement of Changes
More informationNote 2 SIGNIFICANT ACCOUNTING
Note 2 SIGNIFICANT ACCOUNTING POLICIES BASIS FOR THE PREPARATION OF THE FINANCIAL STATEMENTS The consolidated financial statements have been prepared in accordance with International Financial Reporting
More informationHalf Year 2015 Results
Half Year 2015 Results Letter to shareholders LifeWatch First Half Highlights Revenue growth of 9.1% to USD 52.5 million Above-market growth of over 12% in core monitoring services resulting in market
More informationPONSSE PLC, STOCK EXCHANGE RELEASE, 26 OCTOBER 2010, 9:00 a.m. PONSSE S INTERIM REPORT FOR 1 JANUARY 30 SEPTEMBER 2010
PONSSE PLC, STOCK EXCHANGE RELEASE, 26 OCTOBER 2010, 9:00 a.m. PONSSE S INTERIM REPORT FOR 1 JANUARY 30 SEPTEMBER 2010 - Net sales were EUR 171.8 (Q1-Q3/2009 EUR 98.9) million. - Q3 net sales were EUR
More informationRegulated information
Regulated information JENSEN-GROUP Half Year Results 2012 1 Consolidated, not audited key figures: Income Statement 30/06/2012-30/06/2011 Non-audited, consolidated key figures (million euro) June 30, 2012
More information2014/2015 The IndusTrIal Group
Q1 2014/2015 Interim Report 1 April to 30 june 2014 The Industrial Group The essentials at a glance in the first quarter Big increase in incoming orders, sales on par with previous year, earnings considerably
More informationInterim Report 201. Celesio AG. report as of 30 September 2015
Interim Report 201 Celesio AG H1 Half-year financial report as of 30 September 2015 The Celesio Group Celesio is a leading international wholesale and retail company and provider of logistics and services
More informationLogwin AG. Interim Financial Report as of 30 September 2015
Logwin AG Interim Financial Report as of 30 September 2015 Key Figures 1 January 30 September 2015 Earnings position In thousand EUR 2015 2014 Revenues Group 805,065 842,390 Change on 2014-4.4% Solutions
More informationInterim Report HORNBACH HOLDING AG GROUP. 1st QUARTER 2004/2005 (March 1 to May 31, 2004)
Interim Report HORNBACH HOLDING AG GROUP 1st QUARTER 2004/2005 (March 1 to May 31, 2004) page 2 HORNBACH HOLDING AG Group Interim Report (IFRS) for the First Quarter of 2004/2005 (March 1 to May 31, 2004)
More informationQuarterly Financial Report. as of March 31, 2010. Qarterly Financial Report. as of March 31, 2010
Quarterly Financial Report as of March 31, 2010 Qarterly Financial Report as of March 31, 2010 PULSION Quarterly Financial Report as at March 31, 2010 1 PULSION at a glance PULSION (Group) according to
More informationFinancial Results. siemens.com
s Financial Results Fourth Quarter and Fiscal 2015 siemens.com Key figures (in millions of, except where otherwise stated) Volume Q4 % Change Fiscal Year % Change FY 2015 FY 2014 Actual Comp. 1 2015 2014
More informationOverview of the key figures for the first nine months
Continued revenue growth: up 12% on previous year Results impacted by revenue structure and one-off effects High volume of orders: outlook remains optimistic Q3 Overview of the key figures for the first
More informationAhlers AG, Herford. ISIN DE0005009708 and DE0005009732 INTERIM REPORT
Ahlers AG, Herford ISIN DE0005009708 and DE0005009732 on the first nine months of fiscal 2005/06 (December 1, 2005, to August 31, 2006) BUSINESS DEVELOPMENT IN THE FIRST NINE MONTHS OF FISCAL 2005/06 According
More informationQuarterly Financial Report March 31, 2009. MBB Industries AG. Berlin
Quarterly Financial Report March 31, 2009 MBB Industries AG. Berlin Quarterly Financial Report March 31, 2009 MBB Industries AG MBB Industries in Numbers 03 MBB Industries in Numbers Three Month (Jan.
More informationFinancial Report 9M 2014
Financial Report 9M 2014 1 von 10 12.11.14 13:19 1. Financial Summary Income (in TEUR) 9M 2014 9M 2013 Revenues 9,485 9,992 Software & Subscriptions 8,668 8,127 Services 817 1,865 EBIT 2,926 1,051 as a
More informationTHREE MONTHS REPORT2015
THREE MONTHS REPORT2015 JANUARY MARCH 2015 1/4 2015 ZALANDO AT A GLANCE KEY FIGURES mar 31, 2015 mar 31, 2014 changes Group key performance indicators Site visits (in millions) 392.8 331.8 18.4% Mobile
More informationInVision AG Workforce Management Cloud Services Call Center Training. Financial Report 9M 2014
Financial Report 9M 2014 Seite 1 von 7 1. Financial Summary Income (in TEUR) 9M 2014 9M 2013 Revenues 9,485 9,992-5% Software & Subscriptions 8,668 8,127 +7% Services 817 1,865-56% EBIT 2,926 1,051 +178%
More informationHow To Calculate Earnings In Euro
3 MONTH REPORT AS AT 31 DECEMBER 2014 KEY FIGURES IFRS in KEUR 10/2014 12/2014 10/2013 12/2013 Difference in % Earnings situation Sales revenues 61,403 56,296 5,107 9% EBITDA 7,159 5,901 1,258 21% EBITDA
More informationSAF-HOLLAND Annual Financial Statements 2012. Detlef Borghardt, CEO Wilfried Trepels, CFO. March 14, 2013
SAF-HOLLAND Annual Financial Statements 212 Detlef Borghardt, CEO Wilfried Trepels, CFO March 14, 213 Executive Summary business volume successfully expanded in 212 1 Group sales increased yoy by 3.4%
More informationGroup 9-month report Bastei Lübbe AG 1 Apr - 31 Dec 2015
Group 9-month report Bastei Lübbe AG 1 Apr - 31 Dec 2015 At a Glance Key figures (IFRS) 01/04/2015-2015 01/04/- Change in % Business development in million Group turnover 79.4 86.8-8.5 % EBITDA 14.0 11.5
More informationContact 6-Month Report 2005
Contact 6-Month Report 2005 Security Networks AG Kronprinzenstrasse 30 45128 ssen Germany Phone: +49 (0) 201 54 54-0 Fax: +49 (0) 201 54 54-456 Internet: www..com -mail: investor.relations@.com Key figures
More informationNOMAD FOODS LIMITED ANNOUNCES FINANCIAL RESULTS FOR THE THREE MONTHS ENDED MARCH 31, 2016
NOMAD FOODS LIMITED ANNOUNCES FINANCIAL RESULTS FOR THE THREE MONTHS ENDED MARCH 31, 2016 FELTHAM, United Kingdom, May 25, 2016 /PRNewswire/ Nomad Foods Limited ( Nomad or the Company ) (NYSE: NOMD), today
More informationHalf-year Financial Report as of June 30, 2008
Half-year Financial Report as of June 30, 2008 PULSION Half-year Financial Report as of June 30, 2008 PULSION at a glance PULSION (Group) according to IFRS H1 H1 Deviation 2008 2007 in % Revenues KEUR
More informationATS AUTOMATION TOOLING SYSTEMS INC.
Interim Consolidated Financial Statements For the period ended June 29, 2014 (Unaudited) (Condensed) Interim Consolidated Statements of Financial Position (in thousands of Canadian dollars unaudited) June
More informationAt a glance in figures... 4. At a glance in words... 4. Foreword (by the Management Board)... 5. Group management interim report (IFRS)...
INTERIM FINANCIAL REPORT AS AT MARCH 31, 2014 FIRST SENSOR AG 3 Consolidated interim financial report as at March 31, 2014 CONTENT At a glance in figures... 4 At a glance in words... 4 Foreword (by the
More information2014 Quarterly Report II
2014 Quarterly Report II 2 Key data Eckert & Ziegler 01 06/2014 01 06/2013 Change Sales million 61.9 55.3 12% Return on revenue before tax % 9 % 12 % 26 % EBITDA million 9.7 10.2 5 % EBIT million 6.2 6.9
More informationwww.voestalpine.com Consolidated Financial Statements 2014/15
www.voestalpine.com Consolidated Financial Statements 2014/15 Report of the Supervisory Board on the business year 2014/15 During the business year 2014/15, the Supervisory Board fulfilled its responsibilities
More informationQuarter Report 2014 ESSANELLE HAIR GROUP AG
Quarter Report 2014 ESSANELLE HAIR GROUP AG Q1 2 Q1/2014 ESSANELLE HAIR GROUP KEY FIGURES for 1 January to 31 March 2014/2013 (IFRS) million 2014 2013 Change* Consolidated sales 32.3 30.8 +4.7% essanelle
More informationSemi-Annual Financial Statements 1/2012 of TELES Group
Semi-Annual Financial Statements 1/ of TELES Group (IFRS, unaudited) Key Figures January 1 through June 30, - Semi-annual figures confirm consolidation measures initiated during the preceding year - Significant
More informationINTERIM REPORT Q3 FY2015
REVENUE +23.2 % YOY [TO 160.4 M IN Q3 FY15 ] INTERIM REPORT Q3 FY2015 ADJUSTED EBIT +10.6 % YOY [TO 19.8 M IN Q3 FY15 ] ADJUSTED PROFIT 9.5 M [ Q3 FY14: 11.3 M ] CONTENT 01 KEY FIGURES 02 HIGHLIGHTS 03
More informationUnaudited Half Year Financial Report January June 2013. Creating career prospects and deploying targeted professional skills.
Creating career prospects and deploying targeted professional skills Amadeus FiRe AG Unaudited Half Year Financial Report January June 2013 Unaudited Half Year Financial Report, January June 2013 1 Unaudited
More informationCondensed Interim Financial Statements of MANITOU GOLD INC. Three months ended March 31, 2011 (Unaudited prepared by management)
Condensed Interim Financial Statements of MANITOU GOLD INC. (Unaudited prepared by management) NOTICE TO READER The condensed interim balance sheets of Manitou Gold Inc. as at March 31, 2011 and December
More informationOPTION REPORTS FULL YEAR 2013 RESULTS
OPTION REPORTS FULL YEAR 2013 RESULTS Leuven, Belgium March 13, 2014 Option N.V. (EURONEXT Brussels: OPTI; OTC: OPNVY), a global leader in wireless connectivity, security and experience, today announced
More informationInterim Report Period: 01-01-2007 to 30-06-2007
Interim Report TABLE OF CONTENTS At a glance Key figures 3 Letter by the Management Board 4 Group Management Report 5 Focus on high-margin segments 5 International network a key success factor 6 Development
More informationQuarterly Financial report
Quarterly Financial report Q1 2007/2008 Technology AG Steinbeisstraße 2-5 D-72510 Stetten a. k. M. Germany Phone: +49 75 73 / 9 52-0 Fax: +49 75 73 / 9 20 34 info@.de www..eu Integrated Security Technology
More informationConsolidated Financial Results for the First Two Quarters of the Fiscal Year Ending March 31, 2016 (Japan GAAP)
Consolidated Financial Results for the First Two Quarters of the Fiscal Year Ending March 31, 2016 (Japan GAAP) Name of Listed Company: Yokogawa Electric Corporation (the Company herein) Stock Exchanges
More informationCondensed Interim Financial Statements Fiscal 2013 First Quarter (Unaudited) For the three months ended July 31, 2012 and 2011
Condensed Interim Financial Statements Fiscal 2013 First Quarter (Unaudited) CRITICAL OUTCOME TECHNOLOGIES INC Page 2 Condensed Interim Financial Statements Table of Contents Notice of No Audit or Review
More informationIn addition, Outokumpu has adopted the following amended standards as of January 1, 2009:
1. Corporate information Outokumpu Oyj is a Finnish public limited liability company organised under the laws of Finland and domiciled in Espoo. The parent company, Outokumpu Oyj, has been listed on the
More informationLogwin AG. Interim Financial Report as of 30 June 2015
Logwin AG Interim Financial Report as of 30 June 2015 Key Figures 1 January 30 June 2015 Earnings position In thousand EUR 2015 2014 Revenues Group 532,027 543,168 Change on 2014-2.1% Solutions 190,467
More informationKey Figures for the Deufol Group
IN Q1 T E 2 R I M 14 R DE EP UF OR OL T SE #4 Key Figures for the Deufol Group Q1 214 Q1 213 Revenue (total) 7,959 76,443 Germany 39,75 43,286 Rest of the World 31,254 33,157 figures in thousand Results
More informationARM Holdings plc Consolidated balance sheet - IFRS
ARM Holdings plc Consolidated balance sheet - IFRS 30 June 31 December 2010 2009 Unaudited Audited 000 000 Assets Current assets: Financial assets: Cash and cash equivalents 53,746 34,489 Short-term investments
More information1 st QUARTER 2015/2016
INTERIM REPORT HORNBACH-BAUMARKT-AG GROUP 1 st QUARTER 2015/2016 (MARCH 1 MAY 31, 2015) 2 HORNBACH-BAUMARKT-AG GROUP INTERIM REPORT: 1 ST QUARTER OF 2015/2016 HORNBACH-BAUMARKT-AG GROUP Interim Report:
More information9-MONTHS REPORT. Stable development of business in Q3 Lila Logistik confirms full-year forecast
/08 9-MONTHS REPORT Stable development of business in Q3 Lila Logistik confirms full-year forecast Key figures for the first three quarters of 2008 in accordance with IFRS 01.01. 01.01. Change in Change
More information5N PLUS INC. Condensed Interim Consolidated Financial Statements (Unaudited) For the three month periods ended March 31, 2016 and 2015 (in thousands
Condensed Interim Consolidated Financial Statements (Unaudited) (in thousands of United States dollars) Condensed Interim Consolidated Statements of Financial Position (in thousands of United States dollars)
More informationConsolidated Statement of Financial Position
INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 30 JUNE 2014 Consolidated Statement of Financial Position in CHF 1,000 Note 30 June 2014 31 December 2013 (unaudited) (audited) Assets Non-current assets
More informationWE ARE DEFINED BY OUR VALUES
Q1 DATA GROUP LTD. Quarter One ended March 31, 2014 WE ARE DEFINED BY OUR VALUES Our success owes much to a set of corporate values which define and drive our culture. We will be innovative, indeed visionary,
More informationD.E MASTER BLENDERS 1753 N.V.
UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS For the six months periods ended 31 December 2012 and 31 December 2011 TABLE OF CONTENTS UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL
More informationSummary of significant accounting policies
1 (14) Summary of significant accounting policies The principal accounting policies applied in the preparation of Neste's consolidated financial statements are set out below. These policies have been consistently
More informationService Tax Planning - Expected Revenue Growth in FY 2015
Munich, Germany, May 7, 2015 Earnings Release FY 2015 January 1 to March 31, 2015 Portfolio gains drive income»for business volume, we performed well in our markets. The profitability of our Industrial
More informationBIOMARK DIAGNOSTICS INC. CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS. June 30, 2015. (Stated in Canadian Dollars)
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (Unaudited Prepared by Management) NOTICE OF NO AUDITOR REVIEW OF CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS Under National Instrument 51-102,
More informationSymbility Solutions Inc. Interim Condensed Consolidated Financial Statements (Unaudited) Quarter ended June 30, 2015
Interim Condensed Consolidated Financial Statements (Unaudited) Quarter ended Interim Consolidated Statements of Financial Position (Unaudited - In thousands of Canadian dollars) 2015 As at December 31,
More informationReport on the 1 st quarter of 2009/10
Report on the st quarter of 009/0 BRAIN FORCE Key Data Earnings Data ) 0-/009 0-/008 Chg. in % 008/09 ) Revenues in million.0 7.5-4 89.0 EBITDA in million.5.5 +56.05 Operating EBITDA ) in million..5-5.44
More informationH1 2013 INTERIM REPORT JANUARY JUNE
H1 2013 INTERIM REPORT JANUARY JUNE 2 Contents GENERAL Business Developments Overview 3 Beiersdorf s Shares 4 INTERIM MANAGEMENT REPORT GROUP Results of Operations Group 5 Results of Operations Business
More informationTHE WALT DISNEY COMPANY REPORTS RECORD QUARTERLY EARNINGS FOR THE FIRST QUARTER OF FISCAL 2016
FOR IMMEDIATE RELEASE February 9, THE WALT DISNEY COMPANY REPORTS RECORD QUARTERLY EARNINGS FOR THE FIRST QUARTER OF FISCAL Global success of Star Wars: The Force Awakens drove record quarterly operating
More informationN Brown Group plc Interim Report 2013
N Brown Group plc Interim Report 2013 2013 4CUSTOMER CENTRIC SEGMENTS FINANCIAL SUMMARY Financial Highlights 2013 2012 Revenue 409.6m 379.3m Operating profit 48.4m 45.7m Adjusted profit before taxation*
More informationExpressed in Canadian Dollars - Unaudited
Hatch Interactive Technologies Corp. (Formerly Tosca Resources Corp.) Consolidated Interim Financial Report For the three and nine month periods ended August 31, 2015 Expressed in Canadian Dollars - Unaudited
More informationDATA GROUP LTD. ANNOUNCES SECOND QUARTER FINANCIAL RESULTS FOR 2015
For Immediate Release DATA GROUP LTD. ANNOUNCES SECOND QUARTER FINANCIAL RESULTS FOR 2015 SECOND QUARTER HIGHLIGHTS Second quarter 2015 ( Q2 ) Revenues of $73.4 million, a decrease of 4.3% year over year
More informationReport on the nine-month period ended July 31, 2004 WKN: 330 410 ISIN: DE0003304101
GERRY WEBER International AG Report on the first nine months of 2003/2004 Report on the nine-month period ended July 31, 2004 WKN: 330 410 ISIN: DE0003304101 The GERRY WEBER share: While the stock market
More informationEarnings Release Q1 FY 2016 October 1 to December 31, 2015
Munich, Germany, January 25, 2016 Earnings Release FY 2016 October 1 to December 31, 2015 Strong start into the fiscal year earnings outlook raised»we delivered a strong quarter and are well underway in
More informationCONSOLIDATED FINANCIAL STATEMENTS AND NOTES
CONSOLIDATED FINANCIAL STATEMENTS AND NOTES Consolidated Income Statements p.2 Statements of profit or loss and other comprehensive Income p.3 Statements of financial position p.4 Consolidated Cash Flow
More informationHOMAG Group AG. Interim Report Q2 2015
AG Interim Report Q2 2 Key Figures FIGURES IN EUR MILLION H1 H1 H1 2013 H1 2012 Total sales revenue 504.1 430.5 372.0 376.0 Central Europe 1 113.2 96.4 133.2 141.7 Western Europe 1 89.0 75.6 49.8 56.3
More informationASM INTERNATIONAL N.V. REPORTS THIRD QUARTER 2015 RESULTS
Almere, The Netherlands October 28, 2015 ASM INTERNATIONAL N.V. REPORTS THIRD QUARTER 2015 RESULTS ASM International N.V. (Euronext Amsterdam: ASM) today reports its third quarter 2015 operating results
More informationInterim report as at 30 September 2014
Interim report as at 30 September 2014 Fielmann increases unit sales, revenue and profit Result registers significant growth in the 3 rd quarter of 2014 Fielmann trains more than 2,900 opticians Fielmann
More informationFinancial Summary. as a % of balance sheet total
InVision AG Financial Report 6M 2015 Consolidated Interim Financial Statements of InVision AG as of 30 June 2015 in accordance with IFRS and 315a of the German Commercial Code as well as the Group management
More informationInterim report as at 31 March 2015
Interim report as at 31 March 2015 Increase of unit sales, revenue and profit Dividend raises to 1.60 per share Fielmann expects continuation of positive business performance Fielmann Aktiengesellschaft
More informationManagement s Discussion and Analysis
Management s Discussion and Analysis of Financial Conditions and Results of Operations For the quarter and six months ended June 30, 2012 All figures in US dollars This Interim Management s Discussion
More informationResidual carrying amounts and expected useful lives are reviewed at each reporting date and adjusted if necessary.
87 Accounting Policies Intangible assets a) Goodwill Goodwill represents the excess of the cost of an acquisition over the fair value of identifiable net assets and liabilities of the acquired company
More informationFOR IMMEDIATE RELEASE
FOR IMMEDIATE RELEASE O-I REPORTS FULL YEAR AND FOURTH QUARTER 2014 RESULTS O-I generates second highest free cash flow in the Company s history PERRYSBURG, Ohio (February 2, 2015) Owens-Illinois, Inc.
More informationCORNING INCORPORATED AND SUBSIDIARY COMPANIES CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited; in millions, except per share amounts)
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited; in millions, except per share amounts) Three months ended March 31, 2006 2005 As Restated Net sales $ 1,262 $ 1,050 Cost of sales 689 621 Gross margin
More informationCONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL STATEMENTS 2010 Consolidated statement of income Note 2010 2009 Revenue 3 9 104 8 529 Other income from operations 45 61 Cost of sales (7 824) (7 508) Gross margin 1 326 1 082 Research
More informationStatutory Financial Statements
Statutory Financial Statements for the year ended December 31, 2007 by Kardan NV, Amsterdam, the Netherlands Consolidated IFRS Financial Statements Consolidated IFRS Balance Sheet 54 Consolidated IFRS
More informationSummary of Consolidated Financial Statements for the Second Quarter of Fiscal Year Ending March 31, 2012 (Japanese GAAP)
This document is a translation of the Japanese financial statements and is not in conformity with accounting principles of the United States. Summary of Consolidated Financial Statements for the Second
More information