029 Group SE

Earnings Release • Jul 31, 2001

News Details

Ad-hoc | 31 July 2001 08:25

Celanese AG english

Ad hoc announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Celanese AG today reported that second quarter net sales increased 7% to Euro 1.4 billion versus the comparable period mainly due to favorable developments in the Acetyl Products segment, positive currency movements and the addition of the polyvinyl alcohol business (PVOH), acquired in September 2000. EBITDA excluding special charges rose 20% in the quarter to Euro 132 million, reflecting successful cost pass through in the Acetyl Products segment, which more than offset lower earnings in the Technical Polymers Ticona segment. Celanese’s Singapore acetic acid plant has operating at full capacity since the end of May, following a planned maintenance turnaround at a key supplier facility. Ticona earnings dropped sharply mainly as a result of lower volumes. Operating profit of Euro 26 million declined 13% from the same quarter last year. Net earnings per share declined to Euro 0.24, compared to Euro 0.47 per share, in the same quarter last year. The decline in net earnings per share in the second quarter resulted from slightly lower operating results, higher interest expense and lower interest and other income due to unfavorable currency movements. Earnings per share for the first six month increased from Euro 0.67 to Euro 0.76. Based on recent developments in our markets, we do not expect that the economy will pick up this year. Although raw material costs may continue below their recent peaks, we also anticipate increasing pressure on product prices and volumes. We, therefore, believe that for the full year 2001, we may generate EBITDA excluding special charges slightly below last year level. This could result in about one third lower earnings per share from continuing operations excluding special charges in 2001. We will reinforce our efforts to increase productivity, reduce expenses and keep investments under strict control. We will continue to increase our efficiency. Our Focus initiative along with other efforts will mitigate some effects of the weak environment. end of ad hoc announcement (c) DGAP 31.07.2001 ——————————————————————————– WKN: 575300; Index: MDAX Listed: Amtlicher Handel in Frankfurt; Freiverkehr in Berlin, Bremen, Düsseldorf, Hamburg, München und Stuttgart; NYSE 310825 Jul 01