PRESS RELEASE
from LANXESS Aktiengesellschaft (isin : DE0005470405)
EQS-Adhoc: LANXESS Aktiengesellschaft: LANXESS adjusts expectations for FY 2023; Board of Management proposes dividend reduction
EQS-Ad-hoc: LANXESS Aktiengesellschaft / Key word(s): Change in Forecast/Dividend
LANXESS Aktiengesellschaft: LANXESS adjusts expectations for FY 2023; Board of Management proposes dividend reduction
06-Nov-2023 / 11:42 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
Ad hoc according to Art. 17 paragraph 1 MMVO
LANXESS adjusts expectations for FY 2023;
Board of Management proposes dividend reduction
Demand in the fourth quarter for specialty chemical products of LANXESS is expected to be lower than estimated. Initiated destocking of customers in the agroindustry and a supplier-related production limitation for the Business Unit Flavors & Fragrances at its production site in Botlek (NL) impact results additionally.
LANXESS now expects FY 2023 EBITDA pre exceptionals to amount to between EUR 500 and 550 million.
The adjusted outlook is below the level of market expectations of currently EUR 571 million (Vara Consensus). LANXESS had formerly expected FY 2023 EBITDA pre exceptionals to amount to between EUR 600 and 650 million.
Given the weak business development, the Board of Management intends to propose a reduction of the FY 2023 dividend to EUR 0.10. The hereby avoided cash outflow would result in a further reduction of net financial debt. Expected proceeds from the now initiated sale of the Business Unit Urethane Systems would contribute as well.
EBITDA pre exceptionals for the third quarter 2023 is expected to amount to EUR 119 million being in line with the market expectations of currently EUR 120 million.
LANXESS will release its results for the third quarter 2023 on November 8, 2023.
Cologne, 6 November 2023
Forward-Looking Statements
This company release contains certain forward-looking statements, including assumptions, opinions, expectations and views of the company or cited from third party sources. Various known and unknown risks, uncertainties and other factors could cause the actual results, financial position, development or performance of LANXESS AG to differ materially from the estimations expressed or implied herein. LANXESS AG does not guarantee that the assumptions underlying such forward-looking statements are free from errors nor does it accept any responsibility for the future accuracy of the opinions expressed in this presentation or the actual occurrence of the forecast developments. No representation or warranty (expressed or implied) is made as to, and no reliance should be placed on, any information, estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein, and accordingly, no representative of LANXESS AG or any of its affiliated companies or any of such person's officers, directors or employees accept any liability whatsoever arising directly or indirectly from the use of this document.
Contact:
Eva Frerker
LANXESS AG
Head of Investor Relations
Kennedyplatz 1
50569 Köln, Deutschland
Telefon: +49 221 8885-5249
Fax: +49 221 8885-4944
E-Mail: eva.frerker@lanxess.com
LANXESS adjusts expectations for FY 2023;
Board of Management proposes dividend reduction
Demand in the fourth quarter for specialty chemical products of LANXESS is expected to be lower than estimated. Initiated destocking of customers in the agroindustry and a supplier-related production limitation for the Business Unit Flavors & Fragrances at its production site in Botlek (NL) impact results additionally.
LANXESS now expects FY 2023 EBITDA pre exceptionals to amount to between EUR 500 and 550 million.
The adjusted outlook is below the level of market expectations of currently EUR 571 million (Vara Consensus). LANXESS had formerly expected FY 2023 EBITDA pre exceptionals to amount to between EUR 600 and 650 million.
Given the weak business development, the Board of Management intends to propose a reduction of the FY 2023 dividend to EUR 0.10. The hereby avoided cash outflow would result in a further reduction of net financial debt. Expected proceeds from the now initiated sale of the Business Unit Urethane Systems would contribute as well.
EBITDA pre exceptionals for the third quarter 2023 is expected to amount to EUR 119 million being in line with the market expectations of currently EUR 120 million.
LANXESS will release its results for the third quarter 2023 on November 8, 2023.
Cologne, 6 November 2023
Forward-Looking Statements
This company release contains certain forward-looking statements, including assumptions, opinions, expectations and views of the company or cited from third party sources. Various known and unknown risks, uncertainties and other factors could cause the actual results, financial position, development or performance of LANXESS AG to differ materially from the estimations expressed or implied herein. LANXESS AG does not guarantee that the assumptions underlying such forward-looking statements are free from errors nor does it accept any responsibility for the future accuracy of the opinions expressed in this presentation or the actual occurrence of the forecast developments. No representation or warranty (expressed or implied) is made as to, and no reliance should be placed on, any information, estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein, and accordingly, no representative of LANXESS AG or any of its affiliated companies or any of such person's officers, directors or employees accept any liability whatsoever arising directly or indirectly from the use of this document.
Contact:
Eva Frerker
LANXESS AG
Head of Investor Relations
Kennedyplatz 1
50569 Köln, Deutschland
Telefon: +49 221 8885-5249
Fax: +49 221 8885-4944
E-Mail: eva.frerker@lanxess.com
End of Inside Information
06-Nov-2023 CET/CEST The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com
Language: | English |
Company: | LANXESS Aktiengesellschaft |
Kennedyplatz 1 | |
50569 Cologne | |
Germany | |
Phone: | +49 (0)221 8885-3494 |
Fax: | +49 (0)221 8885-4944 |
E-mail: | ir@lanxess.com |
Internet: | www.lanxess.com |
ISIN: | DE0005470405 |
WKN: | 547040 |
Indices: | MDAX |
Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange |
EQS News ID: | 1765857 |
End of Announcement | EQS News Service |
1765857 06-Nov-2023 CET/CEST