Leoni generates better-than-expected EBIT in 2016

The earnings before interest and taxes (EBIT) of approx. EUR 78 million exceed the projected figure of EUR 65 million. Fiscal 2015 EBIT benefited from the proceeds of EUR 19.6 million on a disposal. By contrast, the comparable figure for fiscal 2016 includes charges in the amount of approx. EUR 30 million due to restructuring and about EUR 40 million stemming from the fraud case. Adjusted for these exceptional factors, operating profit improved considerably compared with the previous year. Based on preliminary calculations, particularly valuation allowances on deferred tax assets and the tax consequences of the fraud case will result in net income of about EUR 10 million (2015: EUR 77.3 million).