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Lenzing AG

EANS-Adhoc: Lenzing AG
Lenzing Achieves a Significant Leap in Earnings

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Financial Figures/Balance Sheet/Company Information
23.03.2016


* Revenue rose by 6% to EUR 1.98 bn
* EBITDA increase of 20.7% to EUR 290.1 mn
* Dividend proposal: doubling to EUR 2.00 per share
* Share of specialty fibers up to 40.5%
* Further earnings improvement expected in 2016
 
Thanks to a strong operational performance, the Lenzing group significantly
improved just about all relevant economic and balance sheet indicators in the
2015 financial year compared to its business results in 2014.
 
Consolidated revenue climbed by 6.0% to EUR 1.98 bn. This increase is
particularly due to higher fiber selling prices, the growing share of specialty
fibers in its product mix and positive exchange rate effects. EBITDA (Earnings
before interest, tax, depreciation and amortization improved by 20.7% to EUR
290.1 mn, up from the prior-year figure of EUR 240.3 mn. Lenzing's performance
in 2015 corresponded to an EBITDA margin of 14.7% (2014: 12.9%). EBIT (Earnings
before interest and tax) of the Lenzing group amounted increased to EUR 151.1
from EUR 21.9 mn, corresponding to an EBIT margin of 7.6% (2014: 1.2%). Earnings
before tax (EBT) amounted to 149.1 mn, substantially higher than EUR 7.3 mn in
2014. The group net profit for the year totaled EUR 124 mn, compared to a loss
of EUR 14.2 mn in the previous year. Earnings per share in the 2015 financial
year rose to EUR 4.63, up from minus EUR 0.51 per share in 2014. On the basis of
this good financial performance, the Management Board and Supervisory Board will
propose that the upcoming Annual General Meeting approve the distribution of a
dividend of EUR 2.00 per share for the 2015 financial year, double the dividend
for 2014.
 
"We made substantial progress in 2015, and delivered the promised improvements
to our business operations," says Stefan Doboczky, Chief Executive Officer of
Lenzing AG. "We strategically realigned the company, improved the earnings and
cost structure and enhanced our financial strength. We also expect a
considerable rise in earnings once again in 2016 provided that the underlying
business framework does not significantly change."
 
Solid balance sheet structure, clear improvement of ROCE to 8%
Lenzing boasts a solid balance sheet structure which was further optimized in
the course of the 2015 financial year. Adjusted equity increased by 15% to EUR
1.23 bn (2014: EUR 1.07 bn). The adjusted equity ratio amounted to 50.6%, the
highest level since the year 2006 (2014: 44.9%). Net financial debt was sharply
reduced by 27.0% to EUR 327.9 mn (December 31, 2014: EUR 449.5 mn). Accordingly,
the ratio of net financial debt to EBITDA declined from 1.9 at the end of 2014
to 1.1 at the end of 2015. The return on capital generated by the Lenzing group
improved thanks to the positive earnings development. As a result, the return on
capital employed (ROCE) increased to 8.0%, compared to minus 0.1% in the
previous year. At the same time, the return on equity (ROE) rose to 13.0% (2014:
0.7%).  
 
Investments in intangible assets, property, plant and equipment (CAPEX) of the
Lenzing group totaled EUR 70.9 mn in the 2015 financial year, compared to the
prior-year level of EUR 104.3 mn.  Following completion of the TENCEL® fiber
production plant at the Lenzing site in 2014, the focus of Lenzing's capital
expenditures in 2015 was on maintenance work as well as the implementation of
quality and optimization measures. The excelLENZ cost optimization initiative
was concluded in 2015. The new strategy sCore TEN was developed by the Lenzing
team and is already in implementation.
 
Share of specialty fibers up to 40.5% of group revenue
Demand for high-quality Lenzing fibers was strong in 2015, encompassing all
regions and product groups. For this reason, the pulp and fiber production
capacities of the Lenzing group were well utilized against the backdrop of high
production output. In particular, sales of the specialty fiber TENCEL® increased
significantly. The share of specialty fibers as a percentage of total group
revenue was 40.5% in the 2015 financial year, compared to the 35.0% in the
previous year. Expenditures for research and development were increased by 47%
to EUR 29.8 mn, in line with the company's strategy of focusing on the
development, production and marketing of innovative specialty fibers.
 
Outlook for 2016
The volatile development prevailing on the global fiber market is expected to
continue. High cotton inventories and low polyester selling prices intensify
price competition on the market i.e. inter-fiber competition. However, the
market segment of wood-based cellulose fibers, which is of relevance to Lenzing,
is showing signs of developing more positively than the overall fiber market.
Demand for cellulose fibers remains strong, and the ratio of supply to demand is
favorable. Assuming unchanged conditions on the fiber market and currency
exchange rates, Lenzing expects further improvements in earnings in the current
2016 financial year compared to 2015.
 

Key group indicators
(IFRS)

in EUR mn                                  1-12/2015                   1-12/2014
Revenue                                      1,976.8                     1,864.2
Earnings before interest,                      290.1                       240.3
tax, depreciation and
amortization (EBITDA)
EBITDA margin in %                              14.7                        12.9
Earnings before interest                       151.1                        21.9
and tax (EBIT)
EBIT marginin %                                  7.6                         1.2
Net profit/loss for the                        124.0                       -14.2
period
CAPEX(1)                                        70.9                       104.3

 

                                        Dec. 31, 2015              Dec. 31, 2014
Adjusted equity ratio(2) in %                    50.6                       44.9
Number of employees at                          6,127                      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
 
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Further inquiry note:
Lenzing AG
Mag. Waltraud Kaserer
Tel.: +43 (0) 7672-701-2713
Fax: +43 (0) 7672-918-2713
mailto:w.kaserer@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:         office@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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    EANS-Adhoc: Lenzing AG / Change in the Management Board

    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 ...