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Lenzing AG

euro adhoc: Lenzing AG
Quarterly or Semiannual Financial Statements / The Lenzing Group: Sales and Income Grew During the First Nine Months of 2004

Disclosure announcement transmitted by euro adhoc.
  The issuer is responsible for the content of this announcement.
More Difficult Overall Conditions Expected for 2005
During the first nine months of 2004, the Lenzing Group succeeded in
increasing its consolidated sales by 16.9% to EUR 526.7 mill., as
compared to the same period of the previous year. Income from
operations (EBIT), which amounted to EUR 59.0 mill., grew by 14.6%,
compared to the nine-month result of the previous year. Net income
after minority interest went up by 22.3%, i.e. from EUR 39.7 mill. to
EUR 48.5 mill. The EBIT margin was 11.2% for the first nine months of
2004 (2003: 11.4%), while the EBITDA margin was 18.7% (2003: 18.6%).
"Larger production volumes, particularly for special fibers, the full
consolidation of the Tencel group of companies since May 2004, as
well as the sustained vigorous demand for fibers worldwide were the
reasons for this satisfactory development," comments Thomas
Fahnemann, Chairman of the Management Board, on the nine-month
result. Lenzing succeeded in obtaining equally satisfactory results
for both textile and nonwoven fibers, which are the two most
important business sectors. While the textile segment benefited from
the strong economic activities in Asia, Lenzing's nonwovens business
developed particularly well in Europe and recently also in the USA.
As a result, all fiber production lines of the Lenzing Group worked
to full capacity. "We made adjustments for the vigorous demand for
fiber quantities in good time and invested into capacity expansions
at our sites at Lenzing, Heiligenkreuz and Indonesia. As a result, we
were also able to firmly secure our market position regarding
high-quality special fibers on the fast growing markets in Asia,"
says Thomas Fahnemann.
Another Strong Year for Lenzing Plastics and Lenzing Technik
Lenzing Technik, the engineering and systems-construction company,
recorded a positive result, thanks to the positive cyclical
activities of the viscose and pulp industries during the first nine
months of 2004. For Lenzing Plastics, the 2004 business year is
taking an equally successful course. There, sales of thermoplastic
materials and PTFE special yarns recently developed just as well as
for the building and insulating materials segments. In the wake of
the slack economic activities in the paper industry, with prices not
covering costs, Lenzing Paper obtained a less than satisfactory
result. Work is under way to cut costs and to optimize production, so
as to improve the earnings situation.
More Difficult Overall Conditions Expected
We anticipate the satisfactory development of the two core business
sectors, i.e. textile and nonwoven fibers, to continue at least until
year-end. Provided that the global overall conditions do not change,
2004 will be another good year for the Lenzing Group. However, the
recent development of the dollar exchange rate, as well as the
strongly declining cotton prices, are first signs that the global
economic framework conditions have clearly deteriorated for Lenzing.
~
Important Key Data according to US GAAP, 
on a Group basis (in EUR mill.)         1-9/2004   1-9/2003
Sales                                     526.7     450.4
EBITDA                                     98.6      83.9
Income from operations (EBIT)              59.0      51.5
Net income before taxes and 
minority interest (EBT)                    63.0      56.3
Net income after minority interest                                  
48.5      39.7
Investments                                45.3      85.9
Stockholders' equity as at 30 September                              
   428.2    379.4
Staff on 30 September 2004                 3,431    3,062
~
end of announcement                    euro adhoc 25.11.2004 08:24:00 

Further inquiry note:

Angelika Guldt

Branche: Chemicals
ISIN: AT0000644505
WKN: 064450
Index: WBI
Börsen: Berliner Wertpapierbörse / free trade
Baden-Württembergische Wertpapierbörse / free trade
Bayerische Börse / free trade
Wiener Börse AG / official dealing

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