Lenzing AG

euro adhoc: Lenzing AG
Quarterly or Semiannual Financial Statements / The Lenzing Group: Preliminary Result for 2004

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The Lenzing Group: Preliminary Result for 2004

Lenzing Experienced a Positive Development in 2004

? Asia continues to be the growth engine ? Proposed dividend: EUR 8 (after EUR 6)

Based on preliminary figures, the Lenzing Group improved all of its key figures regarding sales and income by double-digit percentages during the last business year 2004. Compared to the previous year, profit from ordinary activities before interest and income taxes (EBIT) according to IFRS increased to a record level of EUR 104.3 mill. (+ 16.3%). For the first time in its history, the company exceeded the EUR 100-million mark. The IFRS net profit before minority interests rose to EUR 78.0 mill. i.e. a 22.4% increase. With regard to sales, the Lenzing Group achieved an increase of 16.6%, to EUR 871.1 mill. The Management Board will propose a dividend increase to EUR 8 per share (from EUR 6 for 2003) to the Shareholders’ Meeting.

Significantly better production volumes in the fiber sector, the inclusion of the Tencel group of companies (which began in the second quarter), higher sales by Lenzing Technik, as well as an improved price level for fibers were the main factors contributing to the good development of the Group. Due to strong demand, it was possible to adjust prices in order to accommodate the  higher raw-material costs.

Lenzing Technik, the systems-construction and engineering company, benefited from the favorable cyclical environment in the viscose and pulp industries and scored new record sales figures. The development at Lenzing Plastics also took a clearly positive direction.

Due to the weak cyclical situation of the industry, the unfavorable development of the paper sector’s result could not be prevented, although intensive improvement measures were taken.

The Lenzing Group expects an extremely difficult market environment in 2005: Cotton prices are anticipated to go down, raw material costs will remain high, and the dollar/euro ratio will continue to be unfavorable - these are the key adverse factors that the fiber industry will face.

In EUR mill.
Lenzing Group         2004 preliminary         2003
Sales                      871,1                         747,2
EBITDA                    160,4                         134,8
EBIT                        104,3                          89,7
Net profit              78,0                            63,7
EBITDA margin in % 18,4                            18,0
EBIT margin in %    12,0                            12,0
Equity ratio in %  48,5                            45,3

end of announcement                                euro adhoc 15.03.2005 08:04:15

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:  Berliner Wertpapierbörse / free trade
              Baden-Württembergische Wertpapierbörse / free trade
              Bayerische Börse / free trade
              Wiener Börse AG / official dealing

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