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Lenzing AG

euro adhoc: Lenzing AG
Lenzing Group: Preliminary Results (E)

  Disclosure announcement transmitted by euro adhoc.
  The issuer is responsible for the content of this announcement.
Lenzing Group: Preliminary Results
Lenzing's Operating Result for 2003 below Last Year's Record Result
According to preliminary figures, the operating result (EBIT) of  the
Lenzing Group for 2003, which amounts to EUR 74.0 million, was below
previous year's value (EUR 78.4 million). The reasons for this
decrease of about 5.6% were the development of the dollar exchange
rate and a highly volatile fiber market. Currency fluctuations and
the absence of trading revenues also had repercussions on the sales
of the Lenzing Group, which slightly went down by about 0.6% and
amounted to EUR 621.9 million (after EUR 625.6 million).
While the margins of the operating result are below the comparable
values for fiscal 2002, according to preliminary results, the Group
succeeded in turning the preliminary financial result from EUR -6.2
million (2002) to EUR +3.5 million for 2003. The decisive factors
behind this development were a higher income from affiliates,
one-time effects from selling the remaining shares in Lenzing Fibers
Corporation, the US holding, as well as lower interest expenses.
After taxes, this ultimately resulted in an increase in the
preliminary surplus for the year for continued operations, which
amounted to EUR 60.5 million, compared to EUR 49.2 million for the
year 2002.
In spite of implementing the most comprehensive investment program to
date, in order to expand production capacities at the Lenzing and
Heiligenkreuz locations, it was possible to maintain the sound
balance-sheet structure of the Lenzing Group, which can boast an
equity ratio of 49.6% (after 51.1%).
The final figures, as well as a forecast regarding the course of
business in 2004 will be announced on 19 April 2004, when the
balance-sheet results will be presented at a press conference.
~
Figures in EUR mill.
The Lenzing Group        2003 preliminary figures         2002
Sales                            621.9                    625.6
EBITA                            115.8                    121.3
EBIT                              74.0                     78.4
Surplus for the year
 from continued operations        60.5                     49.2
EBITA margin in %                 18.6                     19.4
EBIT margin in %                  11.9                     12.5
Equity ratio in %                 49.6                     51.1
~
end of announcement        euro adhoc 12.03.2004

Further inquiry note:

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

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

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