According to the official press release of the Lenzing Group, in 2021, the Lenzing Group recorded a significantly improved sales and earnings development compared to the previous year due to its strategic focus on wood-based specialty fibers and the predominantly positive market environment. The increasing optimism in the textile and clothing industry due to the vaccination progress and the ongoing recovery in the retail sector caused demand and prices to rise sharply on the global fiber market, especially at the beginning of the reporting year. Sales increased by 34.4 percent to EUR 2.19 billion.
Gross cash flow almost tripled in 2021 to EUR 372 million (after EUR 126.
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8 million in 2020). This increase is primarily due to the development of earnings. The cash flow from operating activities was EUR 394 million (after EUR 48.9 million in 2020).
Cord Prinzhorn, Chief Executive Officer of the Lenzing Group, said, “Lenzing can look forward to a strong financial year. Demand for our wood-based, biodegradable specialty fibers from the TENCEL™, LENZING™ ECOVERO™, and VEOCEL™ brands also developed very positively in 2021.
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Strategically, Lenzing remains on course despite the challenges of the global pandemic.
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With the start of production at the state-of-the-art lyocell plant in Thailand a few days ago, we are further strengthening our leading position as a supplier of environmentally friendly specialty fibers. In Brazil, the completion of our pulp mill is imminent.
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We are very proud to be able to realize these projects, which are so important for Lenzing, on schedule and budget.”
Key highlights of the report include:
- Sales and earnings development significantly improved despite significant cost increases.
- Successful start of production at the world’s largest lyocell plant in Thailand.
- Commissioning of the world’s largest pulp mill of its kind in Brazil is imminent.
- Lenzing has been recognized several times as a “Sustainability Champion” worldwide – one of only 14 companies with an “AAA” rating by CDP.
- New, innovative ways of reporting – Lenzing presents its online annual report for the first time.
Future Goals
- By 2024, more than 75 % of fiber sales are expected to come from the wood-based specialty fiber business.
- The goal of reducing its CO2 emissions by 50% by 2030 and being climate-neutral by 2050
- Becoming the replacement of the petroleum-based fibers
