2023-09-14 20:16:14
EQS-News: Lenzing AG / Key word(s): Profit Warning
Lenzing AG: Lenzing with new outlook for 2023
14.09.2023 / 20:15 CET/CEST
The issuer is solely responsible for the content of this announcement.
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Lenzing Group lowers its forecast for earnings development in the 2023
financial year.
Lenzing – The continued weak development of the markets relevant to
Lenzing, coupled with very cautious market expectations in 2023, requires
a reassessment of Lenzing AG’s macroeconomic environment.
Taking into account the current lack of market recovery, the previous
earnings forecast is not expected to be achieved. The Lenzing Group is
therefore adjusting its forecast for earnings development and is assuming
EBITDA in a range of EUR 270 mn to EUR 330 mn for the 2023 financial year.
CEO Stephan Sielaff: “The recovery expected for the second half of the
year in the markets relevant to us has not yet occurred. This makes the
early measures we took all the more correct. We launched an ambitious cost
reduction program back in November 2022, which delivered the expected
results ahead of schedule. Building on this, we are implementing a
holistic and consistent value creation program with a focus on measures to
strengthen profitability and cash flow generation and to exploit the
growth potential in the fiber markets through targeted sales activities.”
CFO Nico Reiner: “With this value creation program, we will powerfully
overcome the current economic challenges and make Lenzing more resilient
in difficult market situations in the future.”
The Lenzing Group will announce further details regarding the value creation
program when it publishes its quarterly results on November 3, 2023.
Your contact for
Public Relations: Investor Relations:
Dominic Köfner Sébastien Knus
Vice President Corporate Communications & Vice President Capital Markets
Public Affairs Lenzing Aktiengesellschaft
Lenzing Aktiengesellschaft Werkstraße 2, 4860 Lenzing,
Werkstraße 2, 4860 Lenzing, Austria Austria
Phone +43 7672 701 2743 Phone +43 7672 701 3599
E-mail [1]media@lenzing.com E-mail [3]s.cozy@lenzing.com
Web [2] www.lenzing.com Web [4] www.lenzing.com
About the Lenzing Group
The Lenzing Group stands for ecologically responsible production of
specialty fibers made from the renewable raw material wood. As an
innovation leader, Lenzing is a partner of global textile and nonwoven
manufacturers and drives many new technological developments.
The Lenzing Group’s high-quality fibers form the basis for a variety of
textile applications ranging from elegant clothing to versatile denims and
high-performance sports clothing. Due to their consistent high quality,
their biodegradability and compostability Lenzing fibers are also highly
suitable for hygiene products and agricultural applications.
The business model of the Lenzing Group goes far beyond that of a
traditional fiber producer. Together with its customers and partners,
Lenzing develops innovative products along the value chain, creating added
value for consumers. The Lenzing Group strives for the efficient
utilization and processing of all raw materials and offers solutions to
help redirect the textile sector towards a closed-loop economy. In order
to reduce the speed of global warming and to accomplish the targets of the
Paris Climate Agreement and the “Green Deal” of the EU Commission, Lenzing
has a clear vision: namely to make a zero-carbon future come true.
Key Facts & Figures Lenzing Group 2022
Revenue: EUR 2.57 bn
Nominal capacity: 1,145,000 tonnes
Number of employees (headcount): 8,301
TENCEL™, VEOCEL™, LENZING™, REFIBRA™, ECOVERO™, LENZING MODAL™, LENZING
VISCOSE™, MICROMODAL™ and PROMODAL™ are trademarks of Lenzing AG.
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14.09.2023 CET/CEST This Corporate News was distributed by EQS Group AG.
www.eqs.com
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Language: English
Company: Lenzing AG
4860 Lenzing
Austria
Phone: +43 7672-701-0
Fax: +43 7672-96301
E-mail: office@lenzing.com
Internet: www.lenzing.com
ISIN: AT0000644505
Indices: ATX
Listed: Vienna Stock Exchange (Official Market)
EQS News ID: 1726769
1726769 14.09.2023 CET/CEST
References
1694746450
#EQSNews #Lenzing #Lenzing #outlook
