Lenzing AG

EANS-Adhoc: Lenzing AG
Substantial Earnings Improvement in the First Three Quarters of 2015

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Financial Figures/Balance Sheet/quarterly report
12.11.2015


In the third quarter of 2015, the Lenzing Group continued the positive
development of the first two quarters of the year. Earnings improved
substantially compared to the first nine months of the previous year.
 
Consolidated revenue amounted to EUR 1,458.9 mn, a 7.4% increase versus the
first three quarters of 2014 (EUR 1,357.7 mn). Earnings before interest, taxes,
depreciation and amortization (EBITDA) of EUR 210.6 mn improved by 31.7%
compared to the EUR 159.8 mn in Q1-3 2014.). The corresponding EBITDA margin was
14.4%, compared to 11.8% in the first three quarters of 2014. Earnings before
interest and taxes (EBIT) of the Lenzing Group rose to EUR 112.0 mn in the first
three quarters of 2015, up 61.1% from EUR 69.5 mn in the previous year. This
corresponded to an EBIT margin of 7.7% (Q1-3 2014: EUR 5.1%). Net profit for the
period amounted to EUR 84.4 mn, comprising an increase of 90.6% from EUR 44.3 mn
in the first three quarters of 2014.
 
"In the first three quarters of the year we came close to doubling our net
profit for the period compared to the same period last year", says Lenzing CEO
Stefan Doboczky. "This very good performance was a result of positive exchange
rate effects, increasing fiber price and the improved cost structure of the
Lenzing Group. We continue to progress well in our profit improvement measures
and currently benefit from the somewhat more positive business environment."
 
Ongoing strong demand for Lenzing fibers
Despite higher market prices, demand for Lenzing fibers remained strong across
all regions and all product groups. The fiber and pulp production capacities of
the Lenzing Group were operating at high utilization rates in the first nine
months of 2015.
 
Reorganization of the technical services completed
After the successful disposal of three business units of Segment Lenzing Technik
in mid-2015 Lenzing decided to initiate the sales process of the unit Lenzing
Technik Fertigung, thus finally concluding the reorganization of the technical
services units.
 
Outlook
The fiber processing companies face increasing difficulties to pass on the
higher material costs in the cellulosic fiber value chain. To some extent, this
could lead to the substitution of cellulosic fibers, especially by polyester in
low-end applications over the medium term. In China some of the first previously
closed down viscose fiber production capacities are starting operation once
again.
 
The Lenzing Group expects fourth quarter 2015 earnings to show a similar
development as in the third quarter of the year. Positive currency effects,
higher fiber selling prices and a good cost position in the light of ongoing
strong demand for Lenzing products will enable a significant earnings
improvement for the year 2015 compared to the previous year.
 

Key Group indicators
(IFRS)

In EUR mn                                   1-9/2015                    1-9/2014
Revenue                                      1,458.9                     1,357.7
EBITDA (earnings before
interest, taxes,                               210.6                       159.8
depreciation and
amortization)
EBITDA marginin %                               14.4                        11.8
EBIT (earnings before                          112.0                        69.5
interest and taxes)
EBIT marginin %                                  7.7                         5.1
Net profit for the period                       84.4                        44.3
CAPEX(1)                                        44.3                        84.8

 

                                       Sept. 30, 2015              Dec. 31, 2014
Adjusted equity ratio(2)in %                     48.4                       44.9
Number of employees at                          6,130                      6,356
period-end

 

1) Capital expenditures: Investments in intangible assets, property, plant and
equipment
2) Ratio of adjusted equity to total assets as a percentage


Further inquiry note:
Lenzing AG
Mag. Angelika Guldt
Tel.: +43 (0) 7672-701-2713
Fax: +43 (0) 7672-918-2713
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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