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Lenzing AG

euro adhoc: Lenzing AG
Quarterly or Semiannual Financial Statements / LENZING OBTAINS A SATISFACTORY RESULT FOR THE FIRST SEMESTER (E)

  Disclosure announcement transmitted by euro adhoc.
  The issuer is responsible for the content of this announcement.
- Demand from Asia ensures full utilization of capacities and a good
product mix 
- A good second quarter
The Lenzing Group looks back on a satisfactory first semester 2004.
While the first quarter 2004 was slacker than the first quarter of
last year, the second quarter 2004 made it possible to improve all
relevant key data on earnings over the second quarter 2003. The
positive demand from Asia was the basis for the full utilization of
capacities and a good product mix of the Group.
During the first semester 2004 the Lenzing Group succeeded in
increasing its consolidated corporate sales by 11.5%, to EUR 336.1
mill., as compared to the same period of the previous year. The main
reasons for this increase in sales were higher production quantities
at the Lenzing site, as well as the take-over of the Tencel group of
companies as of 4 May.
Business with Asia made it possible to offset the continuing slack
demand from Europe.
At the Lyocell production site at Heiligenkreuz, the second
production line went into operation on schedule during the first six
months of the year. One-off expenses in the amount of EUR 4.1 mill.
were already entered in the accounts for the first semester 2004.
The first semester 2004 took a good course for Lenzing Plastics and
Lenzing Technik, the non-fiber-specific business sectors. The paper
sector took a less positive development, since the slack business
activities in Europe affected sales, as well as the result.
A STABLE OUTLOOK
For the second semester, Lenzing expects a satisfactory demand for
fibers resulting in stable earnings. Considerable uncertainties will
result from the further development of cotton prices, which the
market always uses as a benchmark for all fibers. Since a record
cotton harvest is expected, prices have shown a clear downward trend
recently. The dollar exchange rate, too, may have considerable
influence on the further development of the business result.
~
Important key data according to US GAAP,
on a Group basis (in EUR mill.)        1st sem. 2004   1st sem. 2003
Sales                                    336.1    301.4
EBITDA                                    60.8     57.9
EBIT                                      35.4     36.1
Net income before taxes and
minority interest (EBT)                    38.8    40.1
Net income                                 31.7    28.0
Investments                                31.3    46.1
Stockholders equity                       412.6   368.0
Staff*                                    3,438   3,022
* 2003 without Lenzing Fibers Corporation (LFC), for 2004 incl.
Tencel
~
end of announcement        euro adhoc 26.08.2004

Further inquiry note:

Angelika Guldt
a.guldt@lenzing.com
0043 7672 701 2713

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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