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Lenzing AG

EANS-Adhoc: Lenzing AG
Lenzing Group: Satisfactory result despite global economic crisis

  ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide
  distribution. The issuer is solely responsible for the content of this
  announcement.
04.03.2010
Lenzing Group: Satisfactory result despite global economic crisis
?       Cautious optimism for 2010
?       Expansion continues
The Lenzing Group managed to achieve a comparatively satisfactory 
result in business year 2009 despite the difficult global economic 
situation. This was made possible by timely countermeasures taken and
also by reviving demand in core business fibers from the second 
quarter on. According to preliminary figures consolidated sales 
declined to EUR 1.25 bill. (2008: EUR 1.33 bill.) above all due to 
weaker fiber prices. EBITDA of EUR 182.0 mill (2008: EUR 200.8 mill.)
shrank by 9.3 %. EBIT fell by 22,7 % to EUR 100.7 mill. (2008:130.3 
mill.). Lenzing therefore managed to achieve a result similar to 
those of 2005 and 2006.
Peter Untersperger, chairman of the management board, summing up 
2009: "Our policy of supplying our customers with fibers even at 
temporarily unsatisfactory profit margins, of counting on an early 
recovery and of making optimum use of this recovery right from the 
start fully paid off in 2009. We gained share of supply, launched 
innovative product applications and set the course for further 
expansion. Simultaneously we successfully implemented a cost 
reduction program and still managed to expand the budget for research
and development to almost EUR 20 mill." And commenting on 2010: "We 
therefore take a confident view of 2010 and intend to enhance our 
position as the world market leader in cellulose fibers by 
introducing a number of innovative fiber products and with our 
program of dynamic expansion".
Despite the crisis the Group's balance sheet structure and financial 
position actually improved as compared to 2008. Peter Untersperger 
comments. Peter Untersperger comments: "The well-being of the Lenzing
Group and sustainably protected expansion are at the focus of our 
attention." At the reporting date equity came to EUR 606.1 mill. 
(2008: 579.7 mill.). With an adjusted equity ratio of 43.5 % (2008: 
42.7 %) Lenzing continues to show a solid balance sheet structure. 
Net debt was reduced to EUR 315.7 mill. (2008: EUR 365.4 mill.) which
enabled continued expansion and  made it possible to make the most of
market opportunities. Net gearing, too, improved from 60.4 % to 50.2 
%.
Upward trend in segment Fibers from second quarter of 2009 on As in 
previous years segment Fibers dominated sales: in 2009 with a share 
of 85.9 % or EUR 1,090.2 mill. (2008: EUR 1,107.9 mill.). Segment 
EBIT declined to EUR 109.8 mill. (2008: EUR 118.1 mill.). Total fiber
production amounted to 568,600 tons (2008: 540,300 tons).
Management board member Friedrich Weninger on the current fiber 
business situation: "After the price collapse at the end of 2008 we 
were able to implement price increases again from the second quarter 
2009 on. In addition, our special product segment had not been 
affected that severely by the decline in prices and quantity demand. 
And we were successful with innovative products and partnerships with
leading textile suppliers, as well as in the nonwovens sector." 
Friedrich Weninger names major textile retailers and the US infant 
care retailer Costco and emphasizes the successful placement of 
Lenzing fibers as eco-friendly products made from renewable 
resources. The ecological advantages of Lenzing fibers have become 
important sales arguments throughout the whole value creation chain.
After successful test runs Lenzing's Indonesian subsidiary PT. South 
Pacific Viscose will take up regular production of 60,000 tons of 
viscose fibers annually in the first half of 2010. Subsequently 
further debottlenecking will increase capacity by another 18,000 
tons. Further current investment programs in segment Fibers focus on 
the expansion of pulp production at the Lenzing site, the TENCEL® 
fiber production site at Heiligenkreuz (Burgenland) and the 
modification of the TENCEL® plant in Grimsby (Great Britain). 
Preparations for a new viscose fiber plant in India and the further 
expansion in China are being promoted.
Plastics Products hit by the crisis The very poor economic situation 
in the construction and automotive industries and in industrial and 
infrastructural investment caused perceptible decline in order 
bookings and results for segment Plastics Products (11.7 % of sales).
However, the development of the market for special products in other 
world regions, especially in the Near East, was positive. The focus 
of attention in 2009 was accordingly placed on securing operative 
business and on adapting production capacity to current demand.
Segment sales declined to EUR 147.8 mill (2008: EUR 182.2 mill.) due 
to lower sales volumes at lower prices. Segment EBIT came to EUR 
minus 9.8 mill (2008: EUR 7.3 mill). The negative result reflects the
very difficult business development on one hand and the non-cash 
write-off of goodwill relating to business unit Filaments on the 
other. EBITDA of EUR 2.0 mill. were positive.
Engineering weaker due to general economic situation In segment 
Engineering (2.3 % of sales) Lenzing Technik did not escape the 
negative economic situation of 2009. Intra-group and external order 
bookings declined significantly. Sales came to EUR 81.5 mill. (2008: 
EUR 110.9 mill.) of which EUR 29.5 mill. (2008: EUR 51.3 mill.) were 
generated by sales to customers outside the Lenzing Group. EBIT 
according to segment reporting came to EUR 2.2 mill. (2008: EUR 10.0 
mill.).
Confident outlook In 2010 segment Fibers is expected to enjoy 
production at full capacity and positive results due to continuing 
good demand especially from the emerging markets. Innovative fiber 
applications and fiber blends, as well as rising demand for fibers 
made from renewable resources are expected to power sales. The market
environment of segment Plastics Products is expected to remain 
difficult. However, numerous optimization measures are intended to 
improve results over those of 2009. Improving order bookings point to
a positive development for segment Engineering in 2010. All in all, a
positive result can be expected for the Lenzing Group in 2010 due to 
the good prospects of core business fibers.
Consolidated key figures (IFRS)
in EUR mill.                          2009 (prelim.)             2008
Sales                                  1,254.7                1,329.1
EBITDA                                   182.0                  200.8
EBIT                                     100.7                  130.3
EBT                                       89.0                  114.7
Profit for the year attributable to
shareholders of Lenzing AG                64.4                   77.7
EBITDA margin in %                        14.5                   15.1
EBIT margin in %                           8.0                    9.8
Operating cash flow                      140.9                  157.8
Capital expenditure (intangible assets,
property, plant and equipment)           151.7                  158.6
31/12/2009            31/12/2008
Adjusted equity ratio* in %               43.5                   42.7
Staff                                  6,021                  5,945
*Equity incl. government grants less prop. deferred taxes.
end of announcement                               euro adhoc

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: 852927
Index: WBI
Börsen: Berlin / free trade
Wien / official dealing

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