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Lenzing AG

euro adhoc: Lenzing AG
Financial Figures/Balance Sheet
Good Semi-Annual Result Despite Weak Market

  Disclosure announcement transmitted by euro adhoc.
  The issuer is responsible for the content of this announcement.
25.08.2005
Global pricing pressure on fibers - weaker second half expected
The Lenzing Group again succeeded in obtaining a satisfactory result
for the first half of 2005, despite significantly declined general
conditions.
Consolidated sales of the Lenzing Group rose by 14.0% to EUR 464.4
mill. (as compared to EUR 407.3 mill. for the same period last year)
due to the first-time consolidation of Tencel and increased
production. Caused by higher depreciation, EBIT (Income from
operations) according to IFRS increased by only 4.4% to EUR 50.2
mill., compared to EUR 48.0 mill. for the first half of 2004. An
improved financial result allowed raising the result before taxes by
11.7% to EUR 51.3 mill after EUR 45.9 mill. Net income reached EUR
38.4 mill. (compared to EUR 33.5 mill.), a plus of 14.5%.
The EBIT margin came to 10.8% for the first half of 2005 (compared to
11.8% for the first half of 2004), the EBITDA margin to 17.5% (after
18.0%). The mid-year balance sheet shows an equity ratio* of 47.6%
(after 48.5% on 31 December 2004).
Cotton prices fell sharply and new production capacities went
operational in China, causing a decline in prices and demand for
viscose fibers. The Lenzing Group production reacted to these weak
market conditions by diverting production capacity from Business Unit
Textile Fibers to Business Unit Nonwoven Fibers. Simultaneously, the
product mix of Textile Fibers was enhanced further in favor of
high-end products. This enabled Lenzing in the first half of 2005 to
operate all its fiber production units at full capacity, opposing the
market trend, to maintain its cost advantage and to even
significantly increase fiber production.
Lenzing Plastics and Lenzing Technik exhibit good development
Lenzing Plastics was able to increase sales and to again raise the
semi-annual result for 2005 slightly. Excellent development of order
bookings from within the Lenzing Group as well as from external
constituents was the reason for stable earnings development on a high
level at Lenzing Technik. The paper division of Lenzing AG had to
face losses for the first half of 2005, despite cost savings.
Outlook: Difficult market situation to continue
The generally difficult world market situation for viscose fibers
will continue in the second half of 2005. This situation will be
significantly accentuated by rising costs for raw materials (pulp,
caustic soda) in Europe and Asia. Lenzing will counter this trend by
continued enhancement of its Textile Fiber product mix with an
increasing focus on specialties and by continued high production of
nonwovens. For the Lenzing Group as a whole, weaker earnings are to
be expected for the second half of 2005. The year 2005 as a whole
will therefore not be able to match the previous record year.
Key data according to IFRS (in EUR mill.)
1-6/ 2005 1-6/ 2004
Consolidated sales 464.4     407.3
EBITDA              81.3      73.5
EBIT                50.2      48.0
EBT                 51.3      45.9
Net income          38.4      33.5
end of announcement                               euro adhoc 25.08.2005 08:01:26

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

Plus de actualités: Lenzing AG
Plus de actualités: Lenzing AG