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5 results
18.03.2024

Lenzing: Combined annual and sustainability report 2023

  • Combination of financial and non-financial reporting as evidence of the central role of sustainability
  • Measurable progress in achieving sustainability and climate targets
  • Recognized for sustainability and prepares for the European Green Deal

The Lenzing Group has published a combined annual and sustainability report for the first time, reaffirming the strategic importance of social and environmental responsibility for the company. With the title “Ready to join?”, Lenzing would like to extend an invitation to all customers and partners to join forces to renew the textile and nonwovens industries and bring about positive change.

“This annual and sustainability report is also an invitation to find answers together. Lenzing is working tirelessly to make the industries in which it operates even more sustainable and to drive the transformation of the textile business model from linear to circular. For this transformation to be successful, further efforts by the entire industry and a policy designed to ensure a level playing field for sustainability pioneers are needed,” says Stephan Sielaff, CEO of the Lenzing Group.

  • Combination of financial and non-financial reporting as evidence of the central role of sustainability
  • Measurable progress in achieving sustainability and climate targets
  • Recognized for sustainability and prepares for the European Green Deal

The Lenzing Group has published a combined annual and sustainability report for the first time, reaffirming the strategic importance of social and environmental responsibility for the company. With the title “Ready to join?”, Lenzing would like to extend an invitation to all customers and partners to join forces to renew the textile and nonwovens industries and bring about positive change.

“This annual and sustainability report is also an invitation to find answers together. Lenzing is working tirelessly to make the industries in which it operates even more sustainable and to drive the transformation of the textile business model from linear to circular. For this transformation to be successful, further efforts by the entire industry and a policy designed to ensure a level playing field for sustainability pioneers are needed,” says Stephan Sielaff, CEO of the Lenzing Group.

The results for the 2023 financial year were already published. The report was once again prepared in digital form and is now available.

More information:
Lenzing Gruppe Sustainability Report financial year 2023
Source:

Lenzing AG

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26.01.2024

Lenzing: Impairment requirements (EBIT) for the financial year 2023

  • EBITDA of around EUR 300 million expected for 2023
  • Non-cash impairment losses of up to EUR 480 million
  • Implementation of the performance program fully on track

The annual valuation of assets in accordance with IFRS for the entire Lenzing Group both nationally in Austria and internationally, has resulted in a projected asset impairment of up to EUR 480 million for the 2023 financial year.1 The reasons for the impairment requirements are, on the one hand, continued uncertainties in the economic environment and, on the other hand, still increased raw material and energy costs as well as a higher interest rate environment.

The impairment losses are non-cash effective and have no impact on the full-year EBITDA for 2023, but do affect EBIT for the 2023 financial year. The Managing Board is specifying the previous earnings forecast for the 2023 financial year (EBITDA: EUR 270 – 330 million) and expects an EBITDA of around EUR 300 million.

  • EBITDA of around EUR 300 million expected for 2023
  • Non-cash impairment losses of up to EUR 480 million
  • Implementation of the performance program fully on track

The annual valuation of assets in accordance with IFRS for the entire Lenzing Group both nationally in Austria and internationally, has resulted in a projected asset impairment of up to EUR 480 million for the 2023 financial year.1 The reasons for the impairment requirements are, on the one hand, continued uncertainties in the economic environment and, on the other hand, still increased raw material and energy costs as well as a higher interest rate environment.

The impairment losses are non-cash effective and have no impact on the full-year EBITDA for 2023, but do affect EBIT for the 2023 financial year. The Managing Board is specifying the previous earnings forecast for the 2023 financial year (EBITDA: EUR 270 – 330 million) and expects an EBITDA of around EUR 300 million.

Stephan Sielaff, Chief Executive Officer of the Lenzing Group: “In the third quarter of 2023, we responded to the persistently difficult market environment and launched a comprehensive performance program, which we have been consistently implementing since then with a focus on positive free cash flow and stronger sales and margin growth. We can therefore confirm our earnings forecast with an EBITDA of around EUR 300 million. The valuation adjustment in accordance with IFRS does not change the strategic orientation of the Lenzing Group.”

Nico Reiner, Chief Financial Officer, adds: “The implementation of the performance program is going according to plan. In the future, cost measures alone are expected to contribute more than EUR 100 million to earnings annually, of which more than EUR 50 million will already be effective for the 2024 financial year. We are on target, particularly in terms of strengthening free cash flow, and we also achieved positive free cash flow in the fourth quarter. The revaluation of assets is now consistent and the right step for the future direction.”

The 2023 annual results will be presented on March 15, 2024.
 

1 Subject to potential changes resulting from the ongoing financial audit

More information:
Lenzing financial year 2023 financing
Source:

Lenzing AG

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22.09.2023

Lenzing with new outlook for 2023

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.”

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.”

The Lenzing Group will announce further details about the value creation program when it publishes its quarterly results on November 3, 2023.

More information:
Lenzing Gruppe financial year 2023
Source:

Lenzing Group

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02.11.2022

Nico Reiner as new Chief Financial Officer of Lenzing AG

The Supervisory Board of Lenzing AG, a world-leading provider of sustainably produced specialty fibers for the textile and nonwoven industries, has appointed Nico Reiner as its new Chief Financial Officer. Mr. Reiner will join Lenzing’s Managing Board led by Chief Executive Officer Stephan Sielaff on January 1, 2023. He will succeed Chief Financial Officer Thomas Obendrauf, who is leaving the company of his own volition after seven years.

Nico Reiner has held several positions in his professional career to date, including CFO at globally operating companies such as Schüco Group, AL-KO Group and Pfleiderer Group, as well as management consultant roles. His most recent appointment was as CFO of Vacuumschmelze GmbH & Co. KG, a global player with headquarters in Hanau that specializes in the development, production and marketing of magnetic materials.

The Supervisory Board of Lenzing AG, a world-leading provider of sustainably produced specialty fibers for the textile and nonwoven industries, has appointed Nico Reiner as its new Chief Financial Officer. Mr. Reiner will join Lenzing’s Managing Board led by Chief Executive Officer Stephan Sielaff on January 1, 2023. He will succeed Chief Financial Officer Thomas Obendrauf, who is leaving the company of his own volition after seven years.

Nico Reiner has held several positions in his professional career to date, including CFO at globally operating companies such as Schüco Group, AL-KO Group and Pfleiderer Group, as well as management consultant roles. His most recent appointment was as CFO of Vacuumschmelze GmbH & Co. KG, a global player with headquarters in Hanau that specializes in the development, production and marketing of magnetic materials.

More information:
Lenzing Gruppe Supervisory Board Fibers specialty fibers
Source:

Lenzing AG

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Lenzing rides out significant cost pressure to report solid first quarter
04.05.2022

Lenzing rides out significant cost pressure to report solid first quarter

Lenzing – In the first quarter of 2022, the Lenzing Group, like the entire manufacturing industry, was significantly affected by the extreme developments in global energy and commodity markets. A predominantly positive market environment and the strategic focus on specialty fibers such as those of the TENCEL™, LENZING™ ECOVERO™ and VEOCEL™ brands nevertheless ensured a solid revenue and earnings trend, with the effect of higher costs being largely offset.

•    Solid revenue and earnings performance despite extremely tight cost situation
•    Personnel changes on the Managing and Supervisory Boards – Stephan Sielaff appointed as the new CEO
•    Successful production start at world’s largest lyocell plant in Thailand
•    World’s largest pulp mill of its kind successfully started-up in Brazil
•    Premium textile brand TENCEL™ celebrates 30 years of sustainable fiber innovation

The Lenzing Interim Report 01-03/2022 is available on the company website.

Lenzing – In the first quarter of 2022, the Lenzing Group, like the entire manufacturing industry, was significantly affected by the extreme developments in global energy and commodity markets. A predominantly positive market environment and the strategic focus on specialty fibers such as those of the TENCEL™, LENZING™ ECOVERO™ and VEOCEL™ brands nevertheless ensured a solid revenue and earnings trend, with the effect of higher costs being largely offset.

•    Solid revenue and earnings performance despite extremely tight cost situation
•    Personnel changes on the Managing and Supervisory Boards – Stephan Sielaff appointed as the new CEO
•    Successful production start at world’s largest lyocell plant in Thailand
•    World’s largest pulp mill of its kind successfully started-up in Brazil
•    Premium textile brand TENCEL™ celebrates 30 years of sustainable fiber innovation

The Lenzing Interim Report 01-03/2022 is available on the company website.

More information:
Lenzing Group TENCEL™ LENZING™ ECOVERO™ VEOCEL™
Source:

Lenzing AG

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