029 Group SE

Earnings Release • Apr 30, 2003

News Details

Ad-hoc | 30 April 2003 08:30

Celanese AG english

Operating profit increased by 93% to EUR 58 million in the first quarter 2003 Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Kronberg/Germany, April 30, 2003 (CZZ: FSE; CZ: NYSE) – In the first quarter, Celanese increased its profitability amid challenging economic conditions. Operating profit increased by 93% to EUR 58 million and diluted earnings per share increased by 39% to EUR 1.00 compared to the same period last year. Net sales increased 1% to EUR 1.1 billion as higher pricing, increased volumes, and the contribution from the emulsions business were mostly offset by the effects of a weaker dollar. Pricing improved in the Acetyl Products, Chemical Intermediates and Acetate Products segments and volumes rose in the Performance Products, Technical Polymers Ticona and Acetyl Products segments. Operating profit benefited from a change in accruals relating to stock appreciation rights in the quarter, which resulted in EUR 17 million of income compared to EUR 13 million of expense in the same quarter last year. Success in raising prices in an effort to offset escalating raw material and energy costs also contributed to the profit improvement. The recently acquired emulsions business and ongoing efforts to shrink the cost base and raise productivity also helped to increase profitability. Earnings from continuing operations before tax and minority interests more than doubled, reflecting higher operating profit, increased earnings from Ticona’s Asian joint ventures, higher dividends from Acetyl Products’ methanol joint venture in Saudi Arabia, and lower interest expense. Celanese is pleased with first quarter 2003 results. Macroeconomic visibility, however, remains limited. The company expects raw material and energy costs to remain at high levels and a strong euro exchange rate versus the dollar to continue. Considering the prospect of an uneven economic recovery Celanese remains cautious in its outlook. Given the solid first quarter 2003 results and the first quarter benefit from stock appreciation rights, Celanese continues to expect first half 2003 operating profit to be above the comparable period last year. This outlook corresponds to the February EBITDA guidance. end of ad-hoc-announcement (c)DGAP 30.04.2003 Issuer’s information/explanatory remarks concerning this ad-hoc-announcement: Contact – Media Relations: Michael Kraft, Tel. +49 (0)69 305 14072 Phillip Elliott, Tel. +49 (0)69 305 33480 Contact – Investor Relations: Todd Elliott, Tel. +49 (0)69 305 83199 Oliver Stratmann, Tel. +49 (0)69 305 4139 Andrea Stine (USA), Tel. +1 908 522 7784 More information about Celanese including the report on the first quarter 2003 is available in the internet under http://www.celanese.com ——————————————————————————– WKN: 575300; ISIN: DE0005753008; Index: MDAX Listed: Amtlicher Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin- Bremen, Düsseldorf, Hamburg, München und Stuttgart; NYSE 300830 Apr 03