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Lenzing AG

euro adhoc: Lenzing AG
The Lenzing Group Confirms 2003 Figures (E)

  Disclosure announcement transmitted by euro adhoc.
  The issuer is responsible for the content of this announcement.
Dividend Proposal: EUR 6 per Share 
2004 - Off to a Good Start
The Lenzing Group confirmed the previously disclosed preliminary
figures for 2003 on the occasion of a press conference, at which it
presented its balance-sheet results. Accordingly, the operating
result of the Group (EBIT) amounted to EUR 74.0 million, which is
below last year's value of EUR 78.4 mill. The Group's sales decreased
slightly by about 0.6% and amounted to EUR 621.9 mill. (after EUR
625.6 mill.). Thanks to an improved financial result, the net income
from continuing operation rose to EUR 60.5 mill. (after EUR 49.2
mill.). The Management Board will therefore propose to the General
Shareholders' Meeting a higher dividend, namely EUR 6 per share
(after EUR 4).
The slight decline in Group sales by 0.6%, to EUR 621.9 mill., is due
to fewer trading revenues as well as the decline of the dollar rate.
The decrease in the operating result (EBIT down by 5.6% to EUR 74.0
million) is a reflection of the difficult overall conditions during
the first semester 2003, as well as of the impact of the dollar rate.
It was possible to achieve an increase of 7.5% to EUR 77.5 mill. in
2003 regarding the result before taxes. The primary reasons were a
financial result that was improved to plus EUR 3.5 mill. (after minus
EUR 6.2 mill.), due to a higher income from affiliates, as well as
positive one-off effects from the sale of the LFC, the US affiliate.
In addition, it was possible to decrease expenses for interest. The
profit per share from continuing operation went up by 23.1% and
amounted to EUR 16.46.
Good Results for the Non-Fiber Business Sectors
Although 70% of the sales of the Lenzing Group in 2003 were achieved
in the fiber and pulp sectors, the non-fiber-specific business
sectors also provided major contributions to the business result.
Outlook for 2004
Fiscal 2004 is off to a good start. An expansion of activities in
China is currently being examined; definite decisions should be taken
before year-end 2004. Altogether, the Lenzing Group is looking
forward to another good year. However, there are several factors that
account for uncertainties: the international political situation, the
dollar rate, the discussion of Austria and Europe as locations and,
finally, the further development of cotton prices. These factors make
it difficult to give a precise forecast for 2004.
~
Corporate Key Data in EUR mill.
                      2003      2002       Change  in %
Sales                 621.9     625.6      -0.6
EBITDA                115.8     121.3      -4.6
EBIT                   74.0      78.4      -5.6
Net income from
continuing operation    60.5      49.2    +23.2
EBITDA margin in %      18.6      19.4     -4.1
EBIT margin in %        11.9      12.5     -5.0
Equity ratio in %       49.6      51.1     -2.9
Profit in EUR/share
(continuing operation)  16.46     13.37    +23.1
~
end of announcement        euro adhoc 19.04.2004

Further inquiry note:

Angelika Guldt

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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