Following severe financial problems, Leica shareholders met yesterday to discuss the future of the company. The company aims to reorient its corporate structure to achieve a sales volume of around €100 million in the near future. It aims to simplify capital reduction, increase the share capital against contributions in cash and a creation of authorized capital. Dr. Josef Spichtig, chairman of the board of management of Leica Camera AG, described these measures as being “indispensable for the existence of the Company”. Leica Camera Group recorded a 21% sales decline from €119.1 million to €93.7 million, year ending March 31. The measures take into account operating losses of around €13 million for the next financial year (2005/2006). For the subsequent fiscal year, 2006/2007, the company aims to break even. Dr Spichtig, said he intended to continue the photo and sports optic units as well as Leica M and Leica R camera systems and compact cameras as 'co-operation products'.