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Investor Presentation Result 01-03/2019

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Investor Presentation Result 01-03/2019 Lenzing Investor Presentation Results 01-03/2019 May 8, 2019 www.lenzing.com 08.05.2019 - 1 Disclaimer ● The information contained in this document has not been independently verified and no representation or warranty expressed or implied is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of this information or opinions contained herein. ● Certain statements contained in this document may be statements of future expectations and other forward looking statements that are based on management‘s current view and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. ● None of Lenzing AG or any of its affiliates, advisors or representatives shall have any liability whatsoever (for negligence or otherwise) for any loss howsoever arising from any use of this document or its content or otherwise arising in connection with this document. ● Certain figures in this presentation have been rounded in accordance with commercial principles and practice. Such figures that have been rounded in various tables may not necessarily add up to the exact total given in the respective table. ● Definition and further details on the calculation of financial key indicators can be derived from the Half-Year Report and the Annual Report. These reports are also available online on the website of the Lenzing Group www.lenzing.com in the section “Investors”. www.lenzing.com 08.05.2019 - 2 Highlights Q1/2019 ● Group revenue up 1.8 % to EUR 560.0 mn (EUR 550.3 mn in Q1/2018) in a challenging market environment ● Specialty ratio increased to 47.3 % (Q1/2018: 42.1 %) ● Favorable FX rates ● EBITDA at EUR 92 mn (EUR 101.6 mn in Q1/2018) ● sCore TEN execution ● Pulp and lyocell expansion projects progressing well ● Opening of TENCEL™ design center in Singapore ● Innovation center for nonwovens in cooperation with University Hof, Germany ● Sustainable packaging innovation with leading retailers in DACH region ● AGM1 approved dividend of EUR 3.00 per share and special dividend of EUR 2.00 per share 1) AGM on 17 April 2019 www.lenzing.com 08.05.2019 - 3 Q1/2019 Fiber Market www.lenzing.com 08.05.2019 - 4 Wood-based fibers outgrow market Expected growth of global fiber demand until 2023 Million metric tons 130 120 Wood-based fibers CAGR Synthetic fibers 106 mn tons 2 110 (2018e – 2023p ) Cotton 100 Other natural fibers & wool 90 Wood-based fibers1 80 5-6 % p.a. 70 (6 %) 60 50 Synthetic fibers 4-5 % p.a. 40 (62 %) 30 20 Cotton 1-2 % p.a. 10 (26 %) 0 2000 2005 2010 2015 2020e 2023e Total fiber market 3-4 % p.a. 1) Wood-based and cotton linter-based cellulose fibers (Viscose, Modal, Lyocell and other (acetate, cupro) both staple fiber and filament) 2) Projected Sources: ICAC April 1, 2019, The Fiber Year, Lenzing data www.lenzing.com 08.05.2019 - 5 Cotton market Cotton market mn tons 30 27.6 ● Current season 2018/19 26.7 27.0 26.1 26.9 27.3 ● Cotlook A-Index price projection: 88 cts/lb 25 18.3 20 Production ● Good harvest in autumn 2018 led to an 17.4 17.7 15 Consumption oversupply and decreasing prices despite 10 Ending Stocks historical high consumption 5 0 ● Projection season 2019/20 2017/18e 2018/19p 2019/20p ● Cotlook A-Index price at 81 cts/lb Cotton stocks and China's share ● Record high cotton consumption mn tons ● Higher production due to increase in area and 25 70% 60% 20 yield therefore also slight increase in stocks 50% World excl. China 15 40% ● Still solid fundamentals as production to be China 30% likely effected by climate calamities and insect 10 Chinese Share 20% 5 pests 10% 0 0% 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018p Sources: Cotton Outlook, ICAC April, 2019 percentage-changes based on exact figures www.lenzing.com 08.05.2019 - 6 Chinese viscose staple fiber market 1 ● Q1/19: Standard viscose prices declined, hitting VSF price trend and inventory of China RMB/MT a 3-years-low at 12.160 RMB/to at end of March (incl. VAT) days 18,000 35 ● Additional capacities came on stream 17,000 30 16,000 ● Seasonal weaker demand due to Chinese New Year 25 15,000 20 14,000 15 ● Utilization rate dropped to appr. 72 % 13,000 10 12,000 ● Dissolving wood pulp price decreased from 930 USD/to 11,000 5 10,000 0 to 878 USD/to at the end of Q1 01/2015 11/2015 09/2016 07/2017 05/2018 03/2019 CCF inventory index Medium-grade VSF (incl. VAT) ● Caustic soda prices softened in April 2019 in Europe IHS index2 (Caustic soda, IHS Europe low) EUR/to following the trend in Asia which already started 800 in Q4/2018 700 600 500 400 300 01/2015 08/2015 03/2016 11/2016 06/2017 01/2018 09/2018 04/2019 1) Viscose staple fibers, price development until April 15th, 2019 Caustic Soda 2) Caustic Soda, price development until April, 2019 Sources: China Chemical Fiber Group, IHS Markit www.lenzing.com 08.05.2019 - 7 Q1/2019 Lenzing www.lenzing.com 08.05.2019 - 8 Specialty fiber performance increases resilience % 120 115 Lenzing Specialties (China) 1,2 110 Cotton Index (China) 105 100 95 90 VSF (TX) CCF high 85 80 0 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 1) 6M average in % from 01/2017 excluding FX-effect 2) Lenzing‘s specialties: LENZING™ Lyocell, LENZING™ Modal, LENZING™ Specialty Viscose www.lenzing.com 08.05.2019 - 9 Expansion projects – current status ● Brazil in full swing ● Public hearing and environmental assessment successfully finished Brazil ● JV secured biomass, water and land ● Ground leveling started Rio de São Janeiro Paulo ● Final decision expected end of H2/2019 ● Thailand progressing well ● Preparation of production site started ● Approvals of authorities in place ● Basic engineering in plan ● Final decision expected beginning of H2/2019 Source: Lenzing team www.lenzing.com 08.05.2019 - 10 Q1/2019 Financials www.lenzing.com 08.05.2019 - 11 Financials – Revenue EUR mn Share of specialty fibers +1.8 % in Q1/2019 560.9 560.0 550.3 15.9% 539.8 47.3% 525.0 36.8% Specialty fibers1 Standard fibers Q1/2018 Q2/2018 Q3/2018 Q4/2018 Q1/2019 Other business areas Group revenue 1) LENZING™ Lyocell, LENZING™ Modal, LENZING™ Specialty Viscose www.lenzing.com 08.05.2019 - 12 Financials – Earnings per quarter EBITDA margin EBIT margin 18.5 % 17.7 % 17.1 % 16.9 % 16.4 % 12.5 % 11.4 % 11.0 % 8.8 % 9.7 % EUR mn EUR mn (9.5)% (21.1)% 101.6 68.9 95.8 59.8 61.6 93.2 91.4 92.0 54.4 47.3 Q1/2018 Q2/2018 Q3/2018 Q4/2018 Q1/2019 Q1/2018 Q2/2018 Q3/2018 Q4/2018 Q1/2019 EBITDA EBIT www.lenzing.com 08.05.2019 - 13 Financials – Earnings per quarter (2/2) EPS1 (EUR) 1.89 1.55 1.62 0.56 1.65 EUR mn (14.5)% EUR 5.50 2 1.50 5.00 5.00 50.0 1.30 4.50 4.20 1.10 41.2 42.5 42.8 2.00 2.00 3.50 1.20 0.90 3.00 3.00 3.00 2.50 0.70 2.0 4.7% 6.3% 0.50 1.50 3.7% 14.4 1.0 3.8% 0.30 0.50 2.9% 2.8% 1.9% 2.6% 0.10 2014 2015 2016 2017 2018 Q1/2018 Q2/2018 Q3/2018 Q4/2018 Q1/2019 -0.50 -0.10 Dividend Special dividend Dividend yield (%)3 Group net profit 1) Attributable to Lenzing AG shareholders 2) Approved at AGM on April 17, 2019 3) Dividend yield based on last share price of the year www.lenzing.com 08.05.2019 - 14 Financials Q1/2019 – Key figures EUR mn Change 900 According to IFRS (EUR mn) 31 March 2019 31 Dec. 2018 in % 800 (730) Total assets 2,749.8 2,630.9 4.5 (683) 1 700 Liquid assets 276.8 254.4 8,8 thereof liquid funds 261.5 243.9 7.2 600 (577) 570 1,162.1 1,097.0 5.9 (474) (495) Total liabilities 500 450 thereof financial liabilities 494.9 473.8 4.5 (383) 400 355 2 316 Adjusted equity 1,611.6 1,553.0 3.8 280 277 300 328 254 Adjusted equity ratio (%) 58.6 59.0 - 13.5 14.1 - 200 218 Net gearing (%) 67 219 Net financial debt 218.1 219.4 (0,6) 100 7 0 Change 2014 2015 2016 2017 2018 Q1/2019 According to IFRS (EUR mn) 31 March 2019 31 Dec. 2018 in % Total liquidity cushion 632.6 596.0 6.1 Interest bearing financial debt Liquid assets Net financial debt thereof liquid assets1 276.8 254.4 8.8 thereof unused credit facilities 355.8 341.6 4.2 1) Including cash and cash equivalents, liquid securities and liquid bills of exchange 2) Including government grants less proportional share of deferred taxes on government grants www.lenzing.com 08.05.2019 - 15 Cash flow development and trading working capital (1.7) % Gross CF (32.2) % Operating CF EUR mn EUR mn (0.7) % Trading Working Capital (44.5) % Free CF adj. 108.6 450 444.4 441.1 29.0% 89.6 85.1 83.7 440 80.6 27.0% 73.6 427.3 72.7 430 65.6 421.8 25.0% 420 50.4 49.1 23.0% 407.3 410 20.3% 20.6% 32.9 32.8 19.7% 21.0% 28.0 18.5% 18.8% 400 19.0% 390 17.0% 380 15.0% Q1/2018 Q2/2018 Q3/2018 Q4/2018 Q1/2019 Q1/2018 Q2/2018 Q3/2018 Q4/2018 Q1/2019 (9.0) Trading working capital Trading working capital in % of annualized Group revenue (50.8) Gross cash flow Operating cash flow Free cash flow adj.
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