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Lenzing: Best Financial Year In Company's History

According to the Austria-based Lenzing Group, preliminary results show 2002 was the company's best fiscal year in its history.

Sales totaled 625.5 million euros compared with 622.7 million euros in 2001. Before interest, taxes, depreciation and amortization (EBItdA), the result, 121.3 million euros, was a 19-percent improvement over the previous year. Income from operations totaled 78.4 million euros, a rise of 21 percent over 2001 figures.

In 2002, despite a leveling off in European viscose fiber demand, Lenzing expanded its market position with a fiber production increase of 10 percent, or approximately 366,000 tons. Demand for fiber was high in Asia, especially in China. Lenzing reports it did everything possible to capitalize on that demand.

These results became possible because the Lenzing Group took up its strategic position as quality supplier with consistent customer orientation and dynamically expanded its program of special fibers, said the Board of Management.

Positive results also were seen in Lenzing's engineering and systems construction, paper and plastics sectors.

In related company news, Thomas M. Fahnemann was named chairman of the Board of Management. "My task will be to contribute my experience in the international fiber business and, together with my fellow board members, to reinforce and further expand the outstanding position of the Lenzing Group," said Fahnemann.

April 2003