Lenzing Group, an Austrian leader in sustainable specialty fibres, reported its results for fiscal 2020. Revenue during FY20 ended on December 31, 2020 declined 22.4 per cent to €1.63 billion compared to revenue of €2.1 billion in previous fiscal. Company incurred a net loss for the year of €10.6 million compared to the net profit of €114.9 million in FY19.
Lenzing Group, an Austrian leader in sustainable specialty fibres, reported its results for fiscal 2020. Revenue during FY20 ended on December 31, 2020 declined 22.4 per cent to €1.63 billion compared to revenue of €2.1 billion in previous fiscal. Company incurred a net loss for the year of €10.6 million compared to the net profit of €114.9 million in FY19.#
“2020 was largely dominated by the Covid-19 pandemic, also at Lenzing. Lenzing responded quickly and with determination to the increased pressure on prices and volumes. In the second half of the year, we saw a broad recovery of the fibre market, in particular, demand for our sustainably produced specialty fibres increased significantly,” Stefan Doboczky, CEO of the Lenzing Group, said in a press release.
EBITDA (earnings before interest, tax, depreciation and amortisation) for FY20 fell 39.9 per cent to €196.6 million (€326.9 million). CAPEX (expenditures for intangible assets and property, plant and equipment and biological assets) was €668.8 million (€244.0 million).
The group in its outlook stated that it expects a continued increase in demand for sustainably produced fibres for the textile and apparel industry as well as for the hygiene and medical industry.
“Strategically, we remain fully on track and the implementation of our key projects in Brazil and Thailand continues to proceed according to plan. With our corporate priorities, we are consistently pursuing a major goal, namely to make a zero-carbon future come true,” Doboczky said.
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