- Prachi Singh |
Revenues at Lenzing declined by 22.4 percent to 1.63 billion euros in 2020. The company said, earnings development essentially reflects the decline in revenue, but was supported by measures for structural earnings improvements in all regions. EBITDA fell by 39.9 percent to 196.6 million euros and the EBITDA margin decreased from 15.5 percent to 12 percent. Net profit/loss for the year amounted to minus 10.6 million euros and earnings per share attributable to Lenzing shareholders to 0.24 euros compared to 4.63 euros in 2019.
“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 fiber market; in particular, demand for our sustainably produced specialty fibers increased significantly”, says Stefan Doboczky, CEO of the Lenzing Group.
Lenzing expects a continued increase in demand for sustainably produced fibers for the textile and apparel industry as well as for the hygiene and medical industry. The company added that the trend is likely to continue unabated after the Covid-19 pandemic, not least due to a number of legislative initiatives.