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    LNZ   AT0000644505

LENZING AG

(LNZ)
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PRESS RELEASE : Lenzing AG / Earnings more than -2-

08/04/2021 | 01:31am EDT
period, most notably in the field of sustainability: The Corporate Social 
Responsibility rating by EcoVadis deserves particular mention. Lenzing achieved 
Platinum status for the first time and now ranks among the world's top one 
percent of the companies evaluated with regard to the environment, fair working 
conditions and human rights as well as ethics and sustainable procurement. The 
non-profit environmental organization CDP once again recognized Lenzing's 
efforts to tackle climate change. Lenzing earned a place on CDP's Supplier 
Engagement Leaderboard for its role as a supplier engagement leader. 
 
Zwtl.: New divisional structure 
 
To prepare the Lenzing Group for the challenges and opportunities arising from 
the investment projects and the changed market environment, the Managing Board 
presented a new organizational structure, which supports the goals of the sCore 
TEN strategy focusing on profitable, organic specialty fiber growth and will 
further increase efficiency and transparency. The organization of business was 
consequently adjusted and structured in two new divisions, "Fiber" and "Pulp", 
as well as "Others"[2] [#_ftn2]. 
 
Zwtl.: Guidance for 2021 
 
The International Monetary Fund expects global growth of 6 percent for 2021. 
However, the economic recovery after the deep recession caused by COVID-19 is 
subject to risks and largely depends on the vaccination progress and successful 
containment of the pandemic. The currency environment is expected to remain 
volatile in the regions relevant to Lenzing. 
 
The global fiber and pulp markets came under considerable pressure as a result 
of the COVID-19 crisis. The significant recovery of demand from the third 
quarter of 2020 onwards, starting in China, continued into the first quarter of 
2021. In February/March of this year, the market turned again and has since 
moved sideways. In the cotton market, a shortage in production volume is 
anticipated in the current 2020/2021 harvest and, consequently, a slight decline 
in inventory levels. The prices for dissolving wood pulp remain at a high level. 
 
Lenzing expects a continued increase in demand for sustainably produced fibers 
for the textile and apparel industry as well as for the hygiene and medical 
industry. This trend is likely to continue unabated after the COVID-19 pandemic, 
not least due to a number of legislative initiatives. 
 
With the prospect of a progressing active immunization of a broad population 
against COVID-19, optimism and confidence in an early return to normality are 
also growing within the textile value chain. However, the currently positive 
environment is still characterized by a high level of uncertainty, also due to 
the increased occurrence of virus mutations and the extreme occurrence of 
infections in countries such as Brazil and India. Therefore, the visibility 
remains limited. 
 
Taking into account the above factors and due to the very positive development 
of the first half of the year, the Lenzing Group expects the EBITDA in 2021 to 
reach at least a level of EUR 360 mn. 
 
In view of these developments, Lenzing considers itself well-positioned with its 
sCore TEN corporate strategy, and will continue to drive the completion of the 
major strategic projects, which will make a significant contribution to earnings 
from 2022. In addition to its targets for EBITDA (EUR 800 mn) and ROCE (>10 %[3] 
[#_ftn3]), Lenzing also confirms its four other medium-term targets for 2024: 
net debt/EBITDA (<2.5 x), share of specialty fibers (>75 % of fiber revenue), 
internal production of dissolving wood pulp (>75 %), decarbonization (>40 % 
fewer CO2 emissions per ton of product). 
 
 
Selected indicators of the 
Lenzing Group                              01-06/2021                 01-06/2020 
EUR mn 
Revenue                                       1,033.3                      810.2 
EBITDA (Earnings before 
interest, tax,                                  217.8                    95.6[1] 
depreciation and 
amortization) 
EBITDA margin                                  21.1 %                  11.8 %[1] 
Net profit/loss for the                          96.1                     (14.4) 
period 
Earnings per share in EUR                        3.06                       0.06 
Cash flow from operating                        199.8                     (17.7) 
activities 
CAPEX[2]                                        426.0                      268.7 
 
 
 
                                          30/06/2021                  31/12/2020 
Net financial debt                             705.8                       471.4 
Adjusted equity ratio[3]                      44.3 %                      45.8 % 
Number of employees                            7,633                       7,358 
(headcount) 
 
1) As of the beginning of the 2021 financial year, the Lenzing Group prepares 
the consolidated income statement according to the cost-of-sales method rather 
than the total cost method, thus increasing international comparability with 
peer group companies. Some amounts previously recognized in EBIT/EBITDA are 
reclassified to the financial result (see note 1 of the consolidated interim 
financial statements of the Half-Year Report 01-06/2021) 
2) Capital expenditures: expenditures for intangible assets, property, plant and 
equipment and biological assets as per consolidated statement of cash flows 
3) Ratio of adjusted equity to total assets in percent 
 
Photo download [https://bit.ly/3rRMCk7] 
PIN: IzOT4dExai68 
 
[1] [#_ftnref1] Directive (EU) 2019/904 of the European Parliament and of the 
Council of June 5, 2019 on the reduction of the impact of certain plastic 
products on the environment 
[2] [#_ftnref2] Note 3 to the condensed interim consolidated financial 
statements as at June 30, 2021 
[3] [#_ftnref3] To be adjusted for assets under construction 
 
 
 
Further inquiry note: 
Dominic Köfner 
Vice President Corporate Communications & Public Affairs 
Lenzing AG 
Phone: +43 7672 701 2743 
E-mail: media@lenzing.com 
 
end of announcement                         euro adhoc 
=------------------------------------------------------------------------------- 
 
 
 
 

(END) Dow Jones Newswires

August 04, 2021 01:30 ET (05:30 GMT)

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Financials
Sales 2021 2 216 M 2 618 M 2 618 M
Net income 2021 130 M 153 M 153 M
Net Debt 2021 1 269 M 1 498 M 1 498 M
P/E ratio 2021 21,2x
Yield 2021 0,72%
Capitalization 2 756 M 3 257 M 3 255 M
EV / Sales 2021 1,82x
EV / Sales 2022 1,49x
Nbr of Employees 7 633
Free-Float 50,0%
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Mean consensus BUY
Number of Analysts 5
Last Close Price 103,80 €
Average target price 122,58 €
Spread / Average Target 18,1%
EPS Revisions
Managers and Directors
Stefan Doboczky Chief Executive Officer
Thomas Obendrauf Chief Financial Officer
Peter Edelmann Chairman-Supervisory Board
Stephan Sielaff Chief Technology Officer
Helmut Bernkopf Member-Supervisory Board