EQS-News: Lenzing AG / Key word(s): Annual Results
Lenzing AG: Impairment requirements (EBIT) for the financial year 2023;
confirmation and specification of earnings forecast (EBITDA)
23.01.2024 / 18:15 CET/CEST
The issuer is solely responsible for the content of this announcement.
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• EBITDA of around EUR 300 million expected for 2023
• Non-cash impairment losses of up to EUR 480 million
• Implementation of the performance program fully on track
Lenzing – The annual valuation of assets in accordance with IFRS for the
entire Lenzing Group, a leading global supplier of specialty fibers for
the textile and nonwovens industries, both nationally in Austria and
internationally, has resulted in a projected asset impairment of up to EUR
480 million for the 2023 financial year.(1)^(1) The reasons for the
impairment requirements are, on the one hand, continued uncertainties in
the economic environment and, on the other hand, still increased raw
material and energy costs as well as a higher interest rate environment.
The impairment losses are non-cash effective and have no impact on the
full-year EBITDA for 2023, but do affect EBIT for the 2023 financial year.
The Managing Board is specifying the previous earnings forecast for the
2023 financial year (EBITDA: EUR 270 – 330 million) and expects an EBITDA
of around EUR 300 million.
Stephan Sielaff, Chief Executive Officer of the Lenzing Group: “In the
third quarter of 2023, we responded to the persistently difficult market
environment and launched a comprehensive performance program, which we
have been consistently implementing since then with a focus on positive
free cash flow and stronger sales and margin growth. We can therefore
confirm our earnings forecast with an EBITDA of around EUR 300 million.
The valuation adjustment in accordance with IFRS does not change the
strategic orientation of the Lenzing Group.”
Nico Reiner, Chief Financial Officer, adds: “The implementation of the
performance program is going according to plan. In the future, cost
measures alone are expected to contribute more than EUR 100 million to
earnings annually, of which more than EUR 50 million will already be
effective for the 2024 financial year. We are on target, particularly in
terms of strengthening free cash flow, and we also achieved positive free
cash flow in the fourth quarter. The revaluation of assets is now
consistent and the right step for the future direction.”
The 2023 annual results will be presented on March 15, 2024.
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Your contact for
Public Relations: Investor Relations:
Dominic Köfner Sébastien Knus
Vice President Corporate Communications & Vice President Capital Markets
Public Affairs Lenzing Aktiengesellschaft
Lenzing Aktiengesellschaft Werkstraße 2, 4860 Lenzing,
Werkstraße 2, 4860 Lenzing, Austria Austria
Phone +43 7672 701 2743 Phone +43 7672 701 3599
E-mail (3)media@lenzing.com E-mail (5)p.knus@lenzing.com
Web (4) www.lenzing.com Web (6) www.lenzing.com
About the Lenzing Group
The Lenzing Group stands for ecologically responsible production of
specialty fibers made from the renewable raw material wood. As an
innovation leader, Lenzing is a partner of global textile and nonwoven
manufacturers and drives many new technological developments.
The Lenzing Group’s high-quality fibers form the basis for a variety of
textile applications ranging from elegant clothing to versatile denims and
high-performance sports clothing. Due to their consistent high quality,
their biodegradability and compostability Lenzing fibers are also highly
suitable for hygiene products and agricultural applications.
The business model of the Lenzing Group goes far beyond that of a
traditional fiber producer. Together with its customers and partners,
Lenzing develops innovative products along the value chain, creating added
value for consumers. The Lenzing Group strives for the efficient
utilization and processing of all raw materials and offers solutions to
help redirect the textile sector towards a closed-loop economy. In order
to reduce the speed of global warming and to accomplish the targets of the
Paris Climate Agreement and the “Green Deal” of the EU Commission, Lenzing
has a clear vision: namely to make a zero-carbon future come true.
Key Facts & Figures Lenzing Group 2022
Revenue: EUR 2.57 bn
Nominal capacity: 1,145,000 tonnes
Number of employees (headcount): 8,301
TENCEL™, VEOCEL™, LENZING™, REFIBRA™, ECOVERO™, LENZING MODAL™, LENZING
VISCOSE™, MICROMODAL™ and PROMODAL™ are trademarks of Lenzing AG.
(7)^(1) Subject to potential changes resulting from the ongoing financial
audit
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23.01.2024 CET/CEST This Corporate News was distributed by EQS Group AG.
www.eqs.com
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Language: English
Company: Lenzing AG
4860 Lenzing
Austria
Phone: +43 7672-701-0
Fax: +43 7672-96301
E-mail: office@lenzing.com
Internet: www.lenzing.com
ISIN: AT0000644505
Indices: ATX
Listed: Vienna Stock Exchange (Official Market)
EQS News ID: 1821355
End of News EQS News Service
1821355 23.01.2024 CET/CEST
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