16.11.2016,
5620 Zeichen
Corporate news transmitted by euro adhoc. The issuer/originator is solely
responsible for the content of this announcement.
9-month report
Revenue up 8.2 percent to EUR 1,578.4 mn\nEBITDA improvement of 52.2 percent to EUR 320.6 mn\nOperating cash flow doubled to EUR 374.9 mn\nInvestment programs for pulp and specialty fibers gain momentum\nLenzing, November 16, 2016 - The Lenzing Group generated a substantial increase
in revenue and earnings in the first nine months of 2016, compared to the first
nine months of 2015. Significant improvements of cash flow and thus reduction
of net debt provide the basis for further investments and the implementation of
the sCore TEN strategy.
Consolidated revenue rose by 8.2 percent in the first nine months of 2016 to
EUR 1,578.4 mn year-on-year. Next to slightly higher sales volumes it was
primarily higher selling prices of all three fiber generations - Viscose, Modal
and TENCEL® - and a more attractive product mix that contributed to higher
revenues. In the third quarter it was specifically the sharp increase in
viscose prices that fueled the results.
Consolidated earnings before interest, tax, depreciation and amortization
(EBITDA) rose by 52.2 percent to EUR 320.6 mn. This corresponds to an EBITDA
margin of 20.3 percent, up from 14.4 year-on-year. Earnings before interest and
tax (EBIT) of the Lenzing Group almost doubled to EUR 221.7 mn. Accordingly,
the EBIT margin increased to 14 percent from 7.7 percent previously. Earnings
before tax (EBT) totaled EUR 207.1 mn, up 84.2 percent. The net profit for the
period at EUR 162.1 mn was 91.1 percent higher than in the first three quarters
of
2015. As a result, earnings per share increased 84.6 percent to EUR 5.98.
In the first nine months of 2016, the good business development resulted in a
twofold increase in the operating cash flow to EUR 374.9 mn. Next to the very
strong operational performance it was particularly good working capital
management that fueled cash generation. As a consequence key balance sheet
indicators further improved. At the end of September 2016, net financial debt
fell to EUR 64.2 mn (December 31, 2015: EUR 327.9 mn). Net gearing was down to
4.9 percent from 26.9 percent previously.
The strong balance sheet supports the investment program already initiated: The
expansion of specialty fiber production by 35,000 tons per year at the
Heiligenkreuz, Lenzing and Grimsby sites is already underway. Investment volume
will total about EUR 100 mn. In addition, pulp production will be modernized in
Lenzing and Paskov by 2019, also at a cost of around EUR 100 mn. This will lead
to additional capacities of approximately 35,000 tons annually.
"The Lenzing Group continues to implement the sCore TEN strategy with great
discipline and the excellent business performance further helped our already
strong balance sheet," says
Stefan Doboczky, Chief Executive Officer of Lenzing
AG. "These nine months underpin our confidence and are an excellent basis for
the implementation of our ambitious growth program."
Outlook The macroeconomic environment remains volatile especially given the
recent political events. Against this background the fundamentals of the
wood-based cellulosic fiber industry should stay favorable in the mid-term.
Lenzing expects however viscose prices to be notably lower than the high peaks
of the third quarter due to seasonality effects. Under the assumption of
unchanged positive fiber market conditions and foreign exchange rates Lenzing
will deliver excellent business results in the financial year 2016.
Key Group indicators
(IFRS)
(in EUR mn) 01-09/2016 01-09/2015(1)
Revenue 1,578.4 1,458.9
Earnings before interest,
tax, depreciation and 320.6 210.6
amortization (EBITDA)
EBITDA marginin % 20.3 14.4
Earnings before interest 221.7 112.0
and tax (EBIT)
EBIT marginin % 14.0 7.7
Net profit/loss for the 162.1 84.8
period
CAPEX(2) 64.2 44.3
30/09/2016 31/12/2015(1)
Adjusted equity Ratio(3)in % 51,3 50.6
Trading working capital(4) 382,5 447.4
Number of employees at 6,140 6,127
period-end
1) The figures were partially adjusted (for further details please refer to the
"Notes on the Financial Performance Indicators of the Lenzing Group",
available
at the following link:
http://www.lenzing.com/Notes-Financial-Performance-Indicators-Lenzing-Group-2016-Q3).
2) Capital expenditures: Equals acquisition of intangible assets, property,
plant and equipment as per statement of cash flows.
3) Ratio of adjusted equity to total assets as a percentage.
4) Inventories plus trade receivables less trade payables.
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end of announcement euro adhoc
company: Lenzing AG
A-A-4860 Lenzing
phone: +43 7672-701-0
FAX: +43 7672-96301
mail: office@lenzing.com
WWW: http://www.lenzing.com
sector: Chemicals
ISIN: AT0000644505
indexes: WBI, ATX, Prime Market
stockmarkets: official market: Wien
language: English
Digital press kit: http://www.ots.at/pressemappe/1597/aom
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Akt. Indikation: 35.55 / 35.95
Uhrzeit: 20:29:08
Veränderung zu letztem SK: -0.28%
Letzter SK: 35.85 ( 0.00%)
Bildnachweis
1.
Lenzing investiert in Österreich über 100 Mio. Euro, Seite 1/2, komplettes Dokument unter http://boerse-social.com/static/uploads/file_1554_lenzing_investiert_in_osterreich_uber_100_mio_euro.pdf
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