LANXESS adjusts expectations for FY 2023; Board of Management proposes dividend reduction 

 

Ad hoc according to Art. 17 paragraph 1 MMVO
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
 

Information for editors:
All global LANXESS news releases and their accompanying photos can be found at http://press.lanxess.com.
Recent photos of the Board of Management and other LANXESS image material are available at http://photos.lanxess.com.

 

MORE ABOUT THIS TOPIC

INVESTOR NEWS

LANXESS signs contract to sell Urethane Systems business to UBE Corporation

October 03, 2024
AD HOC

LANXESS signs contract to sell Urethane Systems business for an enterprise value of €460 m to UBE Corporation - proceeds will be used to reduce net financial debt

October 03, 2024
INVESTOR NEWS

LANXESS signs new sustainable credit line for EUR 800 million

September 26, 2024
INVESTOR NEWS

LANXESS with strong cash flow and significant earnings growth in the second quarter of 2024

August 09, 2024
INVESTOR NEWS

LANXESS EBITDA pre exceptionals for second quarter 2024 significantly above market expectation

July 17, 2024