PRESSEPORTAL Presseportal Logo
All Stories
Follow
Subscribe to Lenzing AG

26.11.2003 – 08:56

Lenzing AG

euro adhoc: Lenzing AG
Quarterly or Semiannual Financial Statements / The Lenzing Group 1- 9/2003 Satisfactory Development in Spite of Difficult Overall Conditions (E)

  Disclosure announcement transmitted by euro adhoc.
  The issuer is responsible for the content of this announcement.
The challenging environment continued during the third quarter 2003 -
First signs of recovery - Sales 1-9/2003, amounting to EUR 450.4
mill., were about on previous-year level - Incident at Lenzing
Lyocell without major consequences - Good result expected for 2003
Important Key Data 1-9/2003
US-GAAP on a Group Basis
EUR mill.
	      1-9/2003 	1-9/2002 	  7-9/2003     7-9/2002 
Sales	       450.4	4 66.9	    149.0	        155.9
EBITDA	        83.9	  91.2	     26.0	         31.0
EBIT	        51.5	  60.3	     15.4	         20.8
Income before 
taxes and minority 
interest (EBT)   56.3	  56.0	     16.2	         21.0
Net income for 
the period after 
minority interest	39.7       36.5	     11.7	         13.4
~
Good Result for the Fiber Business
Lenzing AG's fibers business division held its ground against the
unfavorable overall conditions on the fiber markets and obtained a
good result for the first nine months of 2003. The production
facilities worked to full capacity, and the expansion of the fiber
capacities at Lenzing will be completed on schedule by the end of the
year.
An incident that occurred on 23 September 2003 at Lenzing
Lyocell/Heiligenkreuz caused considerable damage of about EUR 5 to 7
mill., for which there is insurance coverage. By the end of November,
the plant will re-commence its operation. The incident will not have
any major consequences, on account of the good demand from Asia,
although income from sales and the result for fiscal 2003 will fall
short of expectations.
South Pacific Viscose (SPV), the Indonesian associate, obtained a
very good result, thanks to record production quantities and good
export activities.
As was reported, the US-minority holding Lenzing Fibers Corporation 
was transferred to the majority shareholder of the company, a private
equity group, with 21 November 2003 being the effective date.
Positive Contributions to the Result from Lenzing's Engineering and
Systems Construction, Plastics and Paper Sectors
All three business sectors in the non-fiber specific fields, obtained
positive contributions to the result. For Lenzing Technik, the
engineering and systems construction company, in particular, the very
good development continued during the third quarter.
The market environment of Lenzing Plastics has clearly improved.
After it had recently been possible to obtain major sales increases
regarding composite materials for the building and
insulating-material industries, business with the high-quality
Lenzing Profilen® fibers was clearly off to a good start during the
third quarter.
Due to cyclical reasons, demand for special papers continued to be
slack. However, it was once again possible to obtain a positive
result, which was supported by all necessary measures.
Outlook for 2003 as a Whole
The Lenzing Group expects once again to obtain an altogether good
result for fiscal 2003. In Asia, especially in China, there are
already first signs for an improvement of the fiber demand. In
Europe, the cyclical environment has not yet shown a clear upswing,
and the weak dollar exchange rate continues to burden the European
textile industry.
For the fibers sector, Lenzing therefore expects a favorable course
of business for the rest of the year regarding special fibers, with
the focus of sales being in Asia. In Europe, the Group expects demand
for textile fibers and nonwovens to pick up. Lenzing Technik will end
fiscal 2003 with a very good result, and for Lenzing Plastics
business will develop better than was originally expected.
~
end of announcement        euro adhoc 26.11.2003

Further inquiry note:

Mag. Angelika Guldt

Branche: Chemicals
ISIN: AT0000644505
WKN: 064450
Index: WBI
Börsen: Wiener Börse AG / official dealing
Berliner Wertpapierbörse / free trade
Bayerische Börse / free trade
Baden-Württembergische Wertpapierbörse / free trade

Original content of: Lenzing AG, transmitted by news aktuell

More stories: Lenzing AG
More stories: Lenzing AG