Brief: Lenzing EBITDA Of EUR 136.5 Mln In H1 2023

Lenzing AG

02/08/2023 06:38

Aug 2 (Reuters) - LENZING AG  LENV.VI :
    * REVENUE OF EUR 1.25 BN AND EBITDA OF EUR 136.5 MN IN FIRST
HALF
OF 2023
    * H1 EBITDA AND NET RESULT FOR PERIOD SIGNIFICANTLY IMPROVED
COMPARED WITH Q1 OF 2023
    * COST-CUTTING PROGRAM AND MEASURES TO STRENGTHEN SALES
ACTIVITIES
BEING IMPLEMENTED AS PLANNED
    * LIQUIDITY POSITION STRENGTHENED BY SUCCESSFUL CAPITAL
INCREASE
AND EXTENSION OF CREDIT TERMS
    * EBITDA IN FIRST HALF OF 2023 DECREASED BY 27.7 PERCENT
YEAR-ON-YEAR TO EUR 136.5 MN
    * NET RESULT AMOUNTED TO MINUS EUR 65.8 MN (COMPARED WITH
EUR 72.3
MN IN FIRST HALF OF 2022)
    * EARNINGS PER SHARE AMOUNTED TO MINUS EUR 3.92 MN (COMPARED
WITH
EUR 2.36 MN IN FIRST HALF OF 2022)
    * REVENUE INCREASED BY 0.6 PERCENT COMPARED TO PREVIOUS
QUARTER TO
EUR 627.1 MN.
    * EBITDA AMOUNTED TO EUR 106.8 MN (COMPARED WITH EUR 29.7
MN),
WHILE NET RESULT FOR PERIOD AMOUNTED TO MINUS EUR 0.8 MN
(COMPARED WITH MINUS EUR 64.9 MN IN Q1 OF 2023)
    * MORE THAN EUR 70 MN IN ANNUAL COST SAVINGS ARE TARGETED
ONCE
PROGRAM HAS BEEN FULLY IMPLEMENTED
    * OUTLOOK - SUCCESSFUL IMPLEMENTATION OF KEY PROJECTS IN
THAILAND
AND BRAZIL AS WELL AS INVESTMENT PROJECTS IN CHINA AND INDONESIA
WILL FURTHER STRENGTHEN LENZING'S POSITIONING IN THIS RESPECT
    * OUTLOOK - TAKING INTO CONSIDERATION AFOREMENTIONED FACTORS
AND
ASSUMING A FURTHER MARKET RECOVERY IN CURRENT FINANCIAL YEAR,
LENZING GROUP CONTINUES TO EXPECT EBITDA IN A RANGE BETWEEN EUR
320 MN AND EUR 420 MN FOR 2023.
    * OUTLOOK - IN TREND-SETTING MARKET FOR COTTON, SIGNS ARE
EMERGING
OF A FURTHER BUILDUP OF STOCKS IN CURRENT 2022/23 CROP SEASON.
INITIAL FORECASTS ALSO SEE A FURTHER BUILDUP OF STOCKS IN
2023/24, ALBEIT TO A LESSER EXTENT
    * GROSS ISSUE PROCEEDS OF APPROXIMATELY EUR 400 MN WILL BE
DEPLOYED TO STRENGTHEN BALANCE SHEET AND LIQUIDITY POSITION, TO
CREATE ADDITIONAL FLEXIBILITY IN RELATION TO FINANCING STRATEGY
AND TO SUPPORT BETTER GROWTH STRATEGY

Source text for Eikon:  ID:nEQC1N5Pa 
Further company coverage:  LENV.VI 

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