029 Group SE

Earnings Release • Aug 31, 2001

News Details

Ad-hoc | 31 August 2001 08:30

Celanese AG english

Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Celanese AG today announced that it is taking further action to restructure and refocus its businesses in order to reduce costs and increase efficiency. The company has also lowered its earnings outlook for 2001. On July 31, Celanese told shareholders that tough economic conditions were affecting its businesses and emphasized it was redoubling efforts to improve profitability. Today, Claudio Sonder, CEO of Celanese AG, says: Third and fourth quarter business prospects are going to be much more difficult than we expected, and therefore our outlook for 2001 has changed. We now expect EBITDA excluding special charges of around Euro 400 million and negative earnings per share from continuing operations excluding special charges of up to Euro 1.00. This performance level is not acceptable, and we are rapidly accelerating our efficiency plans to improve returns. In the Chemicals businesses, the company is facing softening demand and pressure on selling prices. Ticona Technical Polymers is suffering from the ongoing slowdown in the US economy. Markets in Europe are weakening more quickly than expected, and demand from the global telecommunications and electronics sectors is at an historic low. The restructuring will involve the elimination of around 850 positions by the end of 2002. These measures will mainly affect Chemicals, Ticona, Acetate Products and administrative centers. This will lead to special charges of about Euro 260 million in the third and fourth quarters of this year, including approximately Euro 70 million of non-cash asset write-downs. Associated cash outlays will occur in 2002. The restructuring will phase out operations with marginal performance and will remove costs. end of ad-hoc-announcement (c)DGAP 31.08.2001 ——————————————————————————– WKN: 575300; Index: MDAX Listed: Amtlicher Handel in Frankfurt; Freiverkehr in Berlin, Bremen, Düsseldorf, Hamburg, München und Stuttgart; NYSE 310830 Aug 01