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Lenzing AG

euro adhoc: Lenzing AG
Annual Reports
The Lenzing Group: Preliminary Results 2002 Best Year in the Company's History (E)

Disclosure announcement transmitted by euro adhoc. The issuer is
responsible for the content of this announcement.
EBIT rose by 21.2% to EUR 78.4 mill.
Board of Management proposes a dividend of EUR 4.0 per share
Since 1 March 2003 Thomas M. Fahnemann is the new Chairman of the
Board of Management
In spite of a difficult cyclical environment during fiscal 2002, the
Lenzing Group succeeded in achieving the best result in the company's
history. With sales amounting to EUR 625.5 mill. (after EUR 622.7
mill. in 2001) all key data on earnings were clearly improved. The
result before interest, taxes, depreciation and amortization (EBITDA)
went up by 19% and amounted to EUR 121.3 mill., while the income from
operations (EBIT) rose by 21% and totaled EUR 78.4 mill. On account
of the good results, the Board of Management will propose a higher
dividend to the shareholders' meeting, i.e. EUR 4.0 per share, for
fiscal 2002.
These results became possible because the Lenzing Group took up its
strategic position - as quality supplier with consistent customer
orientation - and dynamically expanded its program of special fibers.
Another reason was that the sectors engineering and
systems-construction, as well as paper and plastics provided such
good contributions to the result.
Further Improvements in Liquidity and the Balance Sheet Structure
The good earnings situation and the high free cash flow were also the
basis for a further major improvement of the balance sheet structure.
It was possible, for example, to reduce the Group's net indebtedness
from approximately EUR 110.4 mill. to the current low of EUR 33.3
mill. by year-end 2002. Net Gearing decreased to under 10%
Success in a Difficult Economic Environment
After the consumption of viscose fibers in Europe had gone down by
about 15% in 2001, the market stagnated throughout 2002. More demand
was only seen in the fields of nonwovens and special fibers, where
Lenzing has built up a strong position.
In Asia, especially in China, the demand for fibers was on the
increase. By specific action to develop the market, Lenzing was able
to profit from this development. In the USA, business activities
continued to be difficult.
The total production of all Lenzing sites rose by 10% and amounted to
approximately 366,000 tons. At Lenzing, the share of special fibers
experienced a  further considerable increase. The Lyocell site at
Heiligenkreuz also developed very positively during the past year. A
siginificant expension of sales led to a clearly improved result.
Outlook for 2003
In view of the current situation in world politics and the slack
business activities worldwide, no major revival of markets can be
expected. Rather, it could be noticed in recent months that demand is
slowing down. 2003 will be a more difficult year for fibers. Demand
for Lenzing special fibers continues to be lively, so that once again
a decent result can be expected.
New Chairman for the Board of Management
Thomas M. Fahnemann assumed his new function as Chairman of the Board
of Management on 1 March 2003.
Preliminary Key Data for Fiscal 2002                       
The Lenzing Group according to US GAAP *                       
                                2002    2001    Change 1)
Sales                EUR mill.   626     623     +0.5%
EBITDA               EUR mill.   121     102     +18.9%
EBIT                 EUR mill.   78      65      +21.2%
EBIT margin          %           12.4%   10.4%   +20.7%
Operative cash flow  EUR mill.   127     82      +56%
ROCE                 %           13.1%   11.7%   +12%
Net indebtedness     EUR mill.   33      110     -70%
Earnings per share*  EUR         13.37   12.39   +7.9%
* for continued operations
1) Percentages may differ due to rounded figures
end of announcement        euro adhoc 03.03.2003

Further inquiry note:

Lenzing AG, Angelika Guldt, +43-7672-701-2713, e-mail: a.guldt@lenzing.com

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

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