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Lanxess Q1 Profit Down; Cuts 2020 Adj. EBITDA Outlook

Specialty chemicals company Lanxess AG (LNXSF.PK) reported that its first-quarter net income from continuing operation declined by 27.6 percent to 63 million euros from 87 million euros last year.

Group sales were 1.704 billion euros, down only slightly on the previous year's figure of 1.738 billion euros.

In the second and third quarters, LANXESS expects the impact of the coronavirus pandemic to intensify. The company expects EBITDA pre exceptionals for the second quarter to be between 200 million euros and 250 million euros.

For 2020, LANXESS now anticipates EBITDA pre exceptionals of 800 million euros to 900 million euros. The company was previously expecting annual earnings of between 900 million euros and 1 billion euros.

The Supervisory Board, the Board of Management and top management of the company have decided to waive parts of their compensation, in response to the major challenges posed by the corona crisis.

The members of the Supervisory Board will waive 20 percent of their compensation. For the members of the Board of Management and top management level the reduction relates to their bonus. Members of the Board of Management will receive a maximum payout rate of 50 percent, for the top management level the rate will be reduced by up to 25 percent.

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