Brief: Lenzing Ebitda Decreased By 66.2% YoY To EUR 29.7 Mln in Q1 of 2023
03/05/2023 06:39
May 3 (Reuters) - LENZING AG LENV.VI :
* Q1 - REVENUE GROWS TO EUR 623.1 MN
* Q1 - EBITDA AND NET RESULT FOR PERIOD DOWN COMPARED WITH
Q1 OF
2022
* Q1 - COST REDUCTION PROGRAM OF MORE THAN EUR 70 MN BEING
IMPLEMENTED ACCORDING TO PLAN
* CONFIRMS GUIDANCE FOR 2023
* EARNINGS BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTIZATION
(EBITDA) DECREASED BY 66.2 PERCENT YEAR-ON-YEAR TO EUR 29.7 MN
IN Q1 OF 2023
* MORE THAN EUR 70 MN IN ANNUAL COST SAVINGS ARE TARGETED
ONCE
PROGRAM HAS BEEN FULLY IMPLEMENTED
* Q1 - SOLID LIQUIDITY RESERVE OF EUR 639.5 MN.
* EBITDA DECREASED BY 66.2 PERCENT YEAR-ON-YEAR TO EUR 29.7
MN IN
Q1 OF 2023
* CEO - WE NOTED SIGNS OF RECOVERY IN TERMS OF DEMAND AS
WELL AS
ENERGY AND RAW MATERIAL COSTS DURING QUARTER
* OUTLOOK - IMF WARNS THAT RISKS REMAIN ELEVATED OVERALL AND
FORECASTS GROWTH OF 2.8 AND 3 PERCENT FOR 2023 AND 2024
RESPECTIVELY.
* OUTLOOK - CURRENCY ENVIRONMENT IS EXPECTED TO REMAIN
VOLATILE IN
REGIONS RELEVANT TO LENZING
* OUTLOOK - IN TREND-SETTING MARKET FOR COTTON, SIGNS ARE
EMERGING OF A FURTHER BUILDUP OF STOCKS IN CURRENT 2022/23 CROP
SEASON. INITIAL FORECASTS FOR 2023/24 ANTICIPATE A MORE BALANCED
RELATIONSHIP BETWEEN SUPPLY AND DEMAND.
* OUTLOOK - LENZING TO EXPECT EBITDA IN A RANGE BETWEEN EUR
320 MN
AND EUR 420 MN FOR 2023
Source text for Eikon: ID:nEQyPpy5a
Further company coverage: LENV.VI
(Gdansk Newsroom)
((gdansk.newsroom@thomsonreuters.com; +48 58 772 0920;))