029 Group SE

Earnings Release • Oct 29, 2002

News Details

Ad-hoc | 29 October 2002 08:30

Celanese AG english

Celanese reports significant improvements in Q3 and better Outlook for 2002 Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Celanese reports significant improvements in Q3 and better Outlook for 2002 Kronberg/Germany, October 29, 2002 (CZZ: FSE; CZ: NYSE) – During the third quarter of 2002, profitability at Celanese AG improved significantly compared to the same period of 2001 as a result of lower raw material and energy costs and savings from restructuring and operational excellence initiatives. EBITDA excluding special charges increased to EUR 142 million from EUR 88 million a year earlier. In the third quarter of 2002, net sales decreased 9% from EUR 1.2 billion to EUR 1.1 billion, compared to the same period in 2001, largely as a result of unfavorable currency movements. Operating profit increased to EUR 67 million compared to a loss of EUR 16 million in the same quarter last year primarily due to lower raw material and energy costs and successful cost reduction throughout the company. Net earnings excluding special charges and adjusted for intangible amortization in the third quarter of 2002 increased to EUR 39 million, or EUR 0.79 per share, from EUR 20 million, or EUR 0.40 per share, in the third quarter of 2001. The Forward initiative contributed EUR 51 million in the first nine months of this year. Net financial debt was reduced to EUR 656 million at the end of the quarter. As of September 30, 2002, compensation expense of around EUR 1 million, or EUR 0.02 per share, was recognized for about 1.11 million stock options. Economic recovery has been uneven during the year. In this uncertain and volatile economic environment the results through the first nine months were better than anticipated, positively influenced by continued cost reductions and efficiency improvement. The company now believes full-year EBITDA excluding special charges will be slightly above last year’s level. Celanese anticipates favorable performance to continue for the rest of the year in our acetyl business, where a number of temporary maintenance shutdowns in the industry have contributed to an improvement in the supply demand situation. At the same time, weaker consumer confidence could dampen demand for engineering plastics. For the beginning of 2003, visibility remains limited. The company assumes that economic uncertainty, volatility in raw material prices and weak U.S. dollar trends will continue. In the present environment emphasis on productivity, cost reduction, and financial soundness remain top priorities. end of ad-hoc-announcement (c)DGAP 29.10.2002 Issuer’s information/explanatory remarks concerning this ad-hoc-announcement: Contact – Media Relations: Phillip Elliott, Tel. +49 (0)69 305 33480 Contact – Investor Relations: Michael Oberste-Wilms, 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 third quarter 2002 is available in the internet under http://www.celanese.com ——————————————————————————– WKN: 575300; ISIN: DE0005753008; Index: MDAX Listed: Amtlicher Markt in Frankfurt; Freiverkehr in Berlin, Bremen, Düsseldorf, Hamburg, München und Stuttgart; NYSE 290830 Okt 02