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Lenzing AG

EANS-Adhoc: Lenzing AG /

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3-month report

10.05.2012

Lenzing Group:
Good results in line with expectations in the first quarter of 2012

New record fiber shipment volumes
Weaker prices - Earnings below the prior-year quarter
Unchanged outlook for 2012

The performance of the Lenzing Group in the first quarter of 2012 was in line
with expectations. Average fiber selling prices, which were down 11% on average
compared to the first quarter of 2011 (minus 5.6% from the fourth quarter of
2011), could be largely compensated on the revenue side by a new record level
of fiber shipment volumes. As a result of the lower average fiber prices,
quarterly earnings did not match the particularly good results achieved in the
prior-year quarter.

Consolidated sales amounted to EUR 528.2 mn, and were at about the same level
as in the prior-year period, decreasing by 0.7% from EUR 532.1 mn in the first
quarter of 2011. Earnings before interest, tax, depreciation and amortization
(EBITDA) in the first quarter of 2012 was down by 19.0% to EUR 93.1 mn (Q1
2011: EUR 114.9 mn), thus at a satisfactory level and in line with the
company's guidance. The EBITDA margin thus amounted to 17.6% (Q1 2011: 21.6%).
In addition to the lower average fiber selling prices, slightly higher
depreciation led to a decline in the earnings before interest and tax (EBIT) of
25.9% to EUR 67.2 mn (Q1 2011: EUR 90.7 mn). This corresponds to an EBIT margin
of 12.7% in the first quarter of 2012 (Q1 2011: 17.0%).

"As expected, the market environment for the global fiber industry in the first
quarter was more difficult than in the first quarter of 2011, and similar to
the situation prevailing in the fourth quarter of 2011", says Lenzing CEO Peter
Untersperger, explaining the business development. "At present the global fiber
market is facing a consolidation phase at a higher level. In the first three
months of 2012 Lenzing succeeded in maintaining the capacity utilization of its
production plants at over 95%, whereas volume demand on the market for fibers
adapted to the weak economic situation", Untersperger continued. This
development once again underscores the market and quality leadership of the
Lenzing Group.

The Lenzing Group is determinedly continuing with its strategic capacity
expansion program. Investments in intangible assets and property, plant and
equipment totaled EUR 52.9 mn in the first quarter of 2012, up from the
comparable prior-year level of EUR 41.9 mn. These investments primarily focused
on construction of the fifth fiber production line at the Indonesian subsidiary
PT. South Pacific Viscose (SPV) as well as ongoing capacity expansion efforts
and remodeling measures related to fiber and pulp production. The Lenzing Group
will invest a total of approx. EUR 1.6 bn by 2015, in order to achieve annual
production of about 1.2 mn tons of cellulose fibers.

Adjusted equity at the end of March 2012 rose by 4.9% to EUR 1,099.5 mn. This
corresponded to an adjusted equity ratio of 46.8% of total assets. In spite of
the extensive investments being made, net financial debt could be reduced to
EUR 125.6 mn (end of 2011: 159.1 mn), confirming the high self-financing
capacity of the Lenzing Group. Accordingly, net gearing further declined to a
new record low of only 11.4% (End of 2011: 15.2%).

Outlook
Lenzing confirms its guidance for the 2012 fiscal year announced at its annual
results press conference. Accordingly, 2012 should be a good year, but will not
be able to match the record results posted in 2011. Quarterly business could
develop in a mirror-inverted manner compared to 2011, with second-quarter
EBITDA likely to total about EUR 100 mn.

A further increase in volume demand and accompanying higher fiber prices
compared to the first quarter are anticipated in the second half of 2012
against the backdrop of an improved global economic situation. Most recently
there were positive signals relating to private consumption in China and the
moderate recovery of the U.S. economy. In addition, market experts see positive
price impetus arising as a result of lower harvest expectations for cotton in
the coming cotton marketing year.

Fiber shipment volumes on the part of the Lenzing Group are likely to increase
to about 810,000 tons for the entire 2012 fiscal year, serving as the basis for
consolidated sales to climb to a level between EUR 2.2 bn and EUR 2.3 bn,
despite the lower average fiber selling prices. Depending on the development of
fiber and raw material prices as well as the global economy, Lenzing confirms
its original outlook of an EBITDA between EUR
400 mn and EUR 480 mn, and an EBIT ranging between EUR 285 mn and EUR 365 mn in
2012.


Key Group indicators (IFRS)
in EUR mn                              1-3/2012             1-3/2011
Consolidated sales                        528.2               532.1
EBITDA                                     93.1               114.9
Earnings before interest and tax (EBIT)    67.2                90.7
Earnings before tax and minority
interest (EBT)                             66.6                84.8
Profit for the period                      48.4                66.9
EBITDA margin in %                         17.6                21.6
EBIT margin in %                           12.7                17.0
Gross cash flow                            73.9                89.7
Investments in intangible assets and
property, plant and equipment (CAPEX)      52.9                41.9

                                         31/03/2012          31/12/2011
Adjusted equity ratio* in %                46.8                 44.8
Employees**                               6,678                6,444


*Equity incl. government grants less prop. deferred taxes
** FTE's


Segment reporting in EUR mn               1-3/2012            1-3/2011
Segment Fibers
Sales                                        474.4               481.4
EBITDA                                        87.2               109.7
Earnings before interest and tax (EBIT)       62.5                86.9
Segment Plastics Products
Sales                                         43.4                44.9
EBITDA                                         3.9                 3.3
Earnings before interest and tax (EBIT)        2.5                 1.6
Segment Engineering
Sales                                         30.0                30.8
EBITDA                                         2.5                 2.6
Earnings before interest and tax (EBIT)        2.1                 2.2



Further inquiry note:
Lenzing AG
Mag. Angelika Guldt
Tel.: +43 (0) 7672-701-2713
Fax: +43 (0) 07672-96301
mailto:a.guldt@lenzing.com

end of announcement                               euro adhoc 
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issuer:      Lenzing AG
               
             A-A-4860 Lenzing
phone:       +43 7672-701-0
FAX:         +43 7672-96301
mail:     a.guldt@lenzing.com
WWW:      http://www.lenzing.com
sector:      Chemicals
ISIN:        AT0000644505
indexes:     WBI, ATX, Prime Market
stockmarkets: free trade: Berlin, official market: Wien 
language:   English
 



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