Brief: Lenzing AG FY EBITDA At EUR 241.9 Mln

Lenzing AG

09/03/2023 06:34

March 9 (Reuters) - LENZING AG  LENV.VI :
    * FY REVENUE ROSE TO EUR 2.57 BN, WHILE EBITDA DECLINED TO
EUR
241.9 MN
    * IMPLEMENTATION OF EUR 70 MN COST REDUCTION PROGRAM
PROCEEDING
ACCORDING TO PLAN
    * OUTLOOK: LENZING EXPECTS EBITDA IN 2023 TO BE IN A RANGE
OF EUR
320 MN TO EUR 420 MN
    * REVENUE INCREASED BY 16.9 PERCENT YEAR-ON-YEAR TO REACH
EUR 2.57
BN, PRIMARILY AS A  RESULT OF HIGHER FIBER PRICES
    * ADDITIONAL MEASURES WILL BE ADOPTED TO STRENGTHEN FREE
CASH
FLOW, WHICH STANDS AT MINUS EUR  740.7 MN FOR THE 2022 FINANCIAL
YEAR
    * IN ADDITION TO THE COST REDUCTION PROGRAM OF EUR 70 MN,
FURTHER
STEPS WILL BE TAKEN IN THE MONTHS AHEAD TO REDUCE  WORKING
CAPITAL AND REPOSITION CURRENCY AND ENERGY PRICE HEDGING
    * A DECLINE IN CROPS IS FORESEEABLE IN THE CURRENT 2022/2023
HARVEST SEASON
    * OUTLOOK: THE SHARP RISE IN PRICES ON THE  ENERGY AND RAW
MATERIAL MARKETS WILL CONTINUE TO POSE SIGNIFICANT CHALLENGES
FOR THE MARKET
    * OUTLOOK 2023: IN LIGHT OF THESE FACTORS AND ASSUMING A
FURTHER
MARKET RECOVERY IN THE CURRENT FINANCIAL YEAR, THE LENZING GROUP
 EXPECTS EBITDA IN 2023 TO BE IN A RANGE OF EUR 320 MN TO EUR
420 MN

Further company coverage:  LENV.VI 

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