029 Group SE

Earnings Release • Feb 7, 2002

News Details

Ad-hoc | 7 February 2002 07:59

Celanese AG english

Celanese reports key financial data for 2001 Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Sales decrease 2 percent to Euro 5.1 billion in weaker economic environment EBITDA excluding special charges declines 16 percent to Euro 420 million, in line with previously announced revised expectations Net loss per share of Euro 7.65 reflects the impact of significant special charges Net financial debt and trade working capital reduced by about 30 percent Asset impairments in Celanese AG statutory accounts preclude dividend for 2001 Celanese AG reported a net loss of Euro 385 million or Euro 7.65 per share in 2001 versus net earnings of Euro 58 million or Euro 1.09 per share in 2000. Following the company-wide implementation of initiatives, trade working capital was lowered by 31 percent, or Euro 306 million. Cash flow from operating activities improved by Euro 462 million to Euro 520 million and net financial debt was reduced by 27 percent, or Euro 309 million, to Euro 832 million. In 2001, Celanese recorded a total of Euro 530 million in net special charges relating largely to major restructuring initiatives. Shareholders’ equity decreased by Euro 633 million to Euro 2,210 million, primarily due to the net loss, a decline in the fair value of pension assets and payments for dividends, which were partly offset by currency fluctuations. The Celanese AG parent company has also substantially lowered the carrying value of certain of its subsidiaries on its statutory books as of December 31, 2001. Under German law, dividends and share buy-backs can be paid for only out of parent company distributable reserves or net income and the 2001 reserves were depleted by these adjustments. Lack of such reserves precludes the company from proposing to its shareholders a dividend for the year 2001. Tough market conditions are expected to persist during the next several months. As a result, Celanese now anticipates unsatisfactory earnings in the first half of 2002 – at about the level of the second half of last year. end of ad-hoc-announcement (c)DGAP 07.02.2002 ——————————————————————————– WKN: 575300; ISIN: DE0005753008; Index: MDAX Listed: Amtlicher Handel in Frankfurt; Freiverkehr in Berlin, Bremen, Düsseldorf, Hamburg, München und Stuttgart; NYSE 070759 Feb 02