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