23.03.2016,
6685 Zeichen
ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide
distribution. The issuer is solely responsible for the content of this
announcement.
Financial Figures/Balance Sheet/Company Information 23.03.2016
Revenue rose by 6% to EUR 1.98 bn\nEBITDA increase of 20.7% to EUR 290.1 mn\nDividend proposal: doubling to EUR 2.00 per share\nShare of specialty fibers up to 40.5%\nFurther earnings improvement expected in 2016\n Thanks to a strong operational performance, the Lenzing group significantly
improved just about all relevant economic and balance sheet indicators in the
2015 financial year compared to its business results in 2014.
Consolidated revenue climbed by 6.0% to EUR 1.98 bn. This increase is
particularly due to higher fiber selling prices, the growing share of specialty
fibers in its product mix and positive exchange rate effects. EBITDA (Earnings
before interest, tax, depreciation and amortization improved by 20.7% to EUR
290.1 mn, up from the prior-year figure of EUR 240.3 mn. Lenzing's performance
in 2015 corresponded to an EBITDA margin of 14.7% (2014: 12.9%). EBIT (Earnings
before interest and tax) of the Lenzing group amounted increased to EUR 151.1
from EUR 21.9 mn, corresponding to an EBIT margin of 7.6% (2014: 1.2%).
Earnings before tax (EBT) amounted to 149.1 mn, substantially higher than EUR
7.3 mn in 2014. The group net profit for the year totaled EUR 124 mn, compared
to a loss of EUR 14.2 mn in the previous year. Earnings per share in the 2015
financial year rose to EUR 4.63, up from minus EUR 0.51 per share in 2014. On
the basis of this good financial performance, the Management Board and
Supervisory Board will propose that the upcoming Annual General Meeting approve
the distribution of a dividend of EUR 2.00 per share for the 2015 financial
year, double the dividend for 2014.
"We made substantial progress in 2015, and delivered the promised
improvements to our business operations," says Stefan Doboczky, Chief Executive
Officer of Lenzing AG. "We strategically realigned the company, improved the
earnings and cost structure and enhanced our financial strength. We also expect
a considerable rise in earnings once again in 2016 provided that the underlying
business framework does not significantly change."
Solid balance sheet structure, clear improvement of ROCE to 8% Lenzing
boasts a solid balance sheet structure which was further optimized in the
course of the 2015 financial year. Adjusted equity increased by 15% to EUR 1.23
bn (2014: EUR 1.07 bn). The adjusted equity ratio amounted to 50.6%, the
highest level since the year 2006 (2014: 44.9%). Net financial debt was sharply
reduced by 27.0% to EUR 327.9 mn (December 31, 2014: EUR 449.5 mn).
Accordingly, the ratio of net financial debt to EBITDA declined from 1.9 at the
end of 2014 to 1.1 at the end of 2015. The return on capital generated by the
Lenzing group improved thanks to the positive earnings development. As a
result, the return on capital employed (ROCE) increased to 8.0%, compared to
minus 0.1% in the previous year. At the same time, the return on equity (ROE)
rose to 13.0% (2014: 0.7%).
Investments in intangible assets, property, plant and equipment (CAPEX) of
the Lenzing group totaled EUR 70.9 mn in the 2015 financial year, compared to
the prior-year level of EUR 104.3 mn. Following completion of the TENCEL® fiber
production plant at the Lenzing site in 2014, the focus of Lenzing's capital
expenditures in 2015 was on maintenance work as well as the implementation of
quality and optimization measures. The excelLENZ cost optimization initiative
was concluded in 2015. The new strategy sCore TEN was developed by the Lenzing
team and is already in implementation.
Share of specialty fibers up to 40.5% of group revenue Demand for
high-quality Lenzing fibers was strong in 2015, encompassing all regions and
product groups. For this reason, the pulp and fiber production capacities of
the Lenzing group were well utilized against the backdrop of high production
output. In particular, sales of the specialty fiber TENCEL® increased
significantly. The share of specialty fibers as a percentage of total group
revenue was 40.5% in the 2015 financial year, compared to the 35.0% in the
previous year. Expenditures for research and development were increased by 47%
to EUR 29.8 mn, in line with the company's strategy of focusing on the
development, production and marketing of innovative specialty fibers.
Outlook for 2016 The volatile development prevailing on the global fiber
market is expected to continue. High cotton inventories and low polyester
selling prices intensify price competition on the market i.e. inter-fiber
competition. However, the market segment of wood-based cellulose fibers, which
is of relevance to Lenzing, is showing signs of developing more positively than
the overall fiber market. Demand for cellulose fibers remains strong, and the
ratio of supply to demand is favorable. Assuming unchanged conditions on the
fiber market and currency exchange rates, Lenzing expects further improvements
in earnings in the current 2016 financial year compared to 2015.
Key group indicators
(IFRS)
in EUR mn 1-12/2015 1-12/2014
Revenue 1,976.8 1,864.2
Earnings before interest, 290.1 240.3
tax, depreciation and
amortization (EBITDA)
EBITDA margin in % 14.7 12.9
Earnings before interest 151.1 21.9
and tax (EBIT)
EBIT marginin % 7.6 1.2
Net profit/loss for the 124.0 -14.2
period CAPEX(1) 70.9 104.3
Dec. 31, 2015 Dec. 31, 2014
Adjusted equity ratio(2) in % 50.6 44.9
Number of employees at 6,127 6,356
period-end
1) Capital expenditures: Investments in intangible assets, property, plant
and equipment 2) Ratio of adjusted equity to total assets as a percentage
Photo download:
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PIN: DPFLR
end of announcement euro adhoc
issuer: Lenzing AG
A-A-4860 Lenzing
phone: +43 7672-701-0
FAX: +43 7672-96301
mail: office@lenzing.com
WWW:
http://www.lenzing.com
sector: Chemicals
ISIN: AT0000644505
indexes: WBI, ATX, Prime Market
stockmarkets: free trade: Berlin, official market: Wien language: English
Digital press kit:
http://www.ots.at/pressemappe/1597/aom
BSN Podcasts
Christian Drastil: Wiener Börse Plausch
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Lenzing
Akt. Indikation: 25.10 / 25.25
Uhrzeit: 11:46:24
Veränderung zu letztem SK: 1.10%
Letzter SK: 24.90 ( 1.22%)
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