Brief: Lenzing 9M Revenue At EUR 1.87 Bln

Lenzing AG

03/11/2023 06:46

Nov 3 (Reuters) - LENZING AG  LENV.VI :
    * POSITIVE FREE CASH FLOW OF EUR 27.3 MN IN Q3
    * MODERNIZATION AND CONVERSION OF INDONESIAN SITE
SUCCESSFULLY
COMPLETED - EU ECOLABEL RECEIVED
    * REVENUE IN FIRST THREE QUARTERS OF 2023 DECREASED BY 5.3
PERCENT
YEAR-ON-YEAR TO EUR 1.87 BN
    * CURRENCY ENVIRONMENT IS EXPECTED TO REMAIN VOLATILE IN
REGIONS
OF RELEVANCE TO LENZING
    * IN TREND-SETTING MARKET FOR COTTON, CURRENT 2023/24 CROP
SEASON
IS EMERGING AS A FURTHER 1.7 MN TONNES OF INVENTORY BUILD-UP,
FOLLOWING 1.8 MN TONNES OF INVENTORY BUILD-UP IN PREVIOUS SEASON
    * ACCORDING TO IMF, A FULL RETURN OF GLOBAL ECONOMY TO
PRE-PANDEMIC GROWTH RATES APPEARS INCREASINGLY OUT OF REACH IN
COMING QUARTER
    * EARNINGS VISIBILITY REMAINS SEVERELY LIMITED OVERALL
    * IMF WARNS OF GREATER RISKS TO GLOBAL FINANCIAL STABILITY,
AND
EXPECTS GROWTH RATE TO DECREASE TO 3 PERCENT THIS YEAR AND TO
2.9 PERCENT NEXT YEAR
    * LENZING GROUP CONTINUES TO EXPECT THAT EBITDA FOR 2023
FINANCIAL
YEAR WILL LIE IN A RANGE BETWEEN EUR 270 MN AND EUR 330 MN

Source text for Eikon:  ID:nEQ8GYRBPa 
Further company coverage:  LENV.VI 

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