Annual Report • Mar 25, 2016
Annual Report
Open in ViewerOpens in native device viewer
ANNUAL FINANCIAL REPORT 2015
www.lenzing.com
| A. Group | 1 |
|---|---|
| Contents | 2 |
| Management Report 2015 | 4 |
| General Market Environment | 4 |
| Development of the Lenzing Group | 7 |
| Segment Fibers | 11 |
| General development | 11 |
| Textile Fibers | 12 |
| Nonwoven Fibers | 13 |
| Global Technical Customer Service | 13 |
| Chemicals | 15 |
| Energy | 15 |
| Operational Excellence (OPEX) | 17 |
| Segment Lenzing Technik | 18 |
| Risk Report | 19 |
| Report on Essential Elements of the Internal Control System (Section 243a para 2 of the Austrian Stock Corporation Act) |
26 |
| Balance Sheet Structure and Liquidity | 28 |
| Research and Development | 28 |
| Environment and Sustainability | 30 |
| Human Resources | 35 |
| Safety, Health and Environment | 38 |
| Corporate Communications | 39 |
| Investor Relations | 41 |
| Outlook Lenzing Group 2016 | 45 |
| Events after the Reporting Period | 46 |
| Appendix: Notes on the Financial Performance Indicators of the Lenzing Group |
47 |
| Corporate Governance Report 2015 | 52 |
| Report of the Supervisory Board 2015 | 64 |
| Consolidated Financial Statements 2015 | 66 |
|---|---|
| Contents | 66 |
| Consolidated Income Statement | 67 |
| Consolidated Statement of Comprehensive Income | 68 |
| Consolidated Statement of Financial Position as at December 31, 2015 |
69 |
| Consolidated Statement of Changes in Equity | 70 |
| Consolidated Statement of Cash Flows | 72 |
| Notes to the Consolidated Financial Statements | 73 |
| Auditor´s Report | 174 |
| Lenzing Group Five-Year Overview | 176 |
| Financial Calendar 2016 | 177 |
| B. Einzelabschluss | 178 |
|---|---|
| Inhalt | 179 |
| Lagebericht 2015 | 181 |
| Allgemeines Marktumfeld | 181 |
| Entwicklung der Lenzing AG | 184 |
| Bilanzstruktur und Liquidität | 185 |
| Kennzahlen der Lenzing AG | 186 |
| Die Lenzing Aktie | 196 |
| Risikobericht | 199 |
| Bericht über wesentliche Merkmale des Internen Kontrollsystems (§ 243a Abs. 2 AktG) |
206 |
| Forschung und Entwicklung | 208 |
| Umwelt und Nachhaltigkeit | 209 |
| Mitarbeiter/innen | 209 |
| Ausblick | 210 |
| Ereignisse nach dem Bilanzstichtag | 211 |
| Jahresabschluss 2015 | 213 |
|---|---|
| Bilanz zum 31. Dezember 2015 | 215 |
| Gewinn- und Verlustrechnung für den Zeitraum 01. Jänner 2015 bis 31. Dezember 2015 |
217 |
| Anhang zum Jahresabschluss für das Geschäftsjahr 2015 |
219 |
| Anwendung der unternehmensrechtlichen Vorschriften und allgemeine Angaben |
219 |
| Bilanzierungs- und Bewertungsmethoden | 220 |
| Erläuterungen zur Bilanz | 224 |
| Aktiva | 224 |
| Passiva | 228 |
| Haftungsverhältnisse | 236 |
| Erläuterungen zur Gewinn- und Verlustrechnung | 237 |
| Sonstige Angaben | 241 |
| Organe der Gesellschaft | 253 |
| Entwicklung des Anlagevermögens für den Zeitraum 01. Jänner 2015 bis 31. Dezember 2015 |
255 |
| Entwicklung der Zuschüsse der öffentlichen Hand und der Unversteuerten Rücklagen für den Zeitraum 01. Jänner 2015 bis 31. Dezember 2015 |
257 |
| Bestätigungsvermerk | 259 |
| C. Declaration of the Management Board |
262 |
|---|---|
| Declaration of the Management Board | 262 |
In 2015, the global economy grew at a slower pace than in the previous year in the light of a weaker economic development in the developing and emerging markets. According to the latest estimates of the International Monetary Fund (IMF), global economic growth reached a level of 3.1% in 2015, compared to 3.4% in 2014. The industrialized nations continued their moderate recovery, generating average growth of 1.9% (2014: 1.8%), whereas the developing and emerging markets posted growth of 4.0% in a year-on-year comparison, considerably lower than the 4.6% growth rate in 2014.
| 2013 | 2014 | 2015 | |
|---|---|---|---|
| Worldwide | 3.3% | 3.4% | 3.1% |
| Industrialized countries | 1.1% | 1.8% | 1.9% |
| Eurozone | (0.3%) | 0.9% | 1.5% |
| Emerging and developing countries | 5.0% | 4.6% | 4.0% |
The IMF reported that the Chinese economy expanded by 6.9% in 2015, down from the prioryear level of 7.3%. Brazil and Russia slid into a recession, with their economies contracting by 3.8% and 3.7% respectively. India was the only one of the BRIC countries (Brazil, Russia, India and China) whose economic growth rate of 7.3% matched its performance of the previous year (2014: 7.3%). The US economy expanded by 2.5% in 2015 (2014: 2.4%). GDP in the eurozone increased by 1.5%, an improvement from 0.9% growth in the year 2014.
According to initial estimates, for the first time in many years world fiber production actually declined in the 2015 financial year, falling slightly by 0.9% to 94.0 mn tons, compared to 2.1% growth in 2014. This drop was in contrast to the expected 2.7% rise in fiber consumption in 2015 (2014: 2.8%) to 95.6 mn tons.
The main reason for the production decline was the sharp drop in worldwide cotton production, which contracted by 14.0% in 2015 to 22.5 mn tons. This can be attributed to the fact that cotton production lost some of its attractiveness compared to other crops due to shrinking margins. Production decreases were also reported for wool (minus 0.6% to 1.2 mn tons) and other natural fibers (minus 3.7% to 4.9 mn tons).
1) Source: IMF, World Economic Outlook Update, January 19, 2016 2) All production figures in this section were updated to the currently accepted values in comparison to the estimates published in Lenzing's Annual Report 2014. Sources: International Cotton Advisory Committee (ICAC), IMF, Cotton Outlook, CCF Group (China Chemical Fibers and Textiles Consulting), Food and Agriculture Organization (FAO)
| Fibers | |||||||
|---|---|---|---|---|---|---|---|
| Protein-based | Cellulose-based | From synthetic polymers |
From anorganic substances |
||||
| Wool Silk |
Cotton and bast fibers |
Wood based |
Polyester Polyamide |
Carbon Ceramics |
|||
| Angora Cashmere Casein Collagen Ardein Zein etc. |
Cotton Flax Hemp Jute etc. |
Viscose Modal Lyocell Cupro Acetate etc. |
Polypropylene Polyurethane (Elastan) Acrylic Polytetrafluor ethylene |
Glass Metal |
In contrast, production of the group of synthetic and anorganic fi bers as well as wood-based and cotton linter-based cellulose fi bers continued to expand in line with the upward trend prevailing in recent years. Output increased by 4.8% in 2015 to an estimated 65.5 mn tons in comparison to 3.8% growth in 2014. Production of synthetic fi bers rose 5.1% from the prioryear level, whereas the production of cellulose fi bers was up 1.5% according to preliminary forecasts.
1) Wood-based and cotton linter-based cellulose fi bers Source: ICAC, CIFRS, TFY, FEB, Lenzing estimates
Demand for cotton exceeds production, inventories remain high3
Based on the latest market assessments, demand is expected to exceed supply in the current 2015/16 cotton season (as of the end of July) for the first time in five years. Accordingly, cotton production volumes will fall significantly due to a reduction in the land under cultivation in China, the USA and Pakistan. The area devoted to growing cotton around the world is expected to decline by 8.7%. However, demand for cotton is predicted to remain constant at about 24 mn tons.
Worldwide cotton inventories of more than 20 mn tons continue to cover a good 80% of current annual consumption. More than half of all cotton reserves are in China, which triggers a certain degree of uncertainty with respect to sales markets. Little is known at the present time about the quality of these stored quantities and the attainable sales prices for the stockpiled cotton.
The average on the Cotton A Index in 2015 was 70.4 US cents/pound, or 15.1% below the comparable prior-year level. The difference between the highest and lowest selling prices for cotton was as minimal as at any time since the year 2006.
Market prices for viscose fibers significantly recovered in 2015, rising by an annual average of about 5%, whereas cotton and polyester selling prices each dropped by more than 20% on average. Starting in the middle of July 2015, viscose fibers were once again more expensive than cotton, the first time this has been the case since 2010.
In the first half of 2015, considerable production capacities in China were temporarily shut down due to more stringent environmental regulations. In turn, this led to a scarcity of viscose fibers and a steady rise in prices on the Chinese spot market. Once these production facilities gradually came on stream again, a strong downswing in prices was evident as of the beginning of November 2015.
In contrast, selling prices for polyester, which competes with viscose on the marketplace, continuously declined in 2015 due to the sharp drop in crude oil prices.
Source: CCFG, Cotton Outlook
In the 2015 fi nancial year, the Lenzing Group succeeded in improving just about all relevant economic and balance sheet indicators compared to its performance in 2014. In addition to the general recovery of viscose fi ber selling prices, the Lenzing Group especially profi ted from the increasing share of high-quality specialty fi bers in its product mix and the ongoing strong demand for Lenzing products. In particular, sales of the specialty fi ber TENCEL® increased signifi cantly.
EBITDA* (consolidated earnings before interest, tax, depreciation and amortization) increased by 20.7% to EuR 290.1 mn. The EBITDA margin* improved from 12.9% in the 2014 fi nancial year to 14.7% in the year under review. Earnings before interest and tax (EBIT)* of the Lenzing Group rose almost seven-fold in a year-on-year comparison to EuR 151.1 mn. The EBIT margin* correspondingly improved to 7.6% (2014: 1.2%).
In summary, the financial performance of the Lenzing Group in the 2015 financial year compared to 2014 developed as follows:
| Change | |||||
|---|---|---|---|---|---|
| 2015 | 2014 | Nominal | Relative | ||
| Revenue | 1,976.8 | 1,864.2 | 112.6 | 6.0% | |
| Changes in inventories of finished goods, own work capitalized and other operating income |
67.7 | 80.6 | (12.9) | (16.1%) | |
| Cost of material and other purchased services | (1,218.3) | (1,199.2) | (19.0) | 1.6% | |
| Personnel expenses | (300.2) | (292.0) | (8.2) | 2.8% | |
| Other operating expenses | (235.9) | (213.3) | (22.6) | 10.6% | |
| EBITDA | 290.1 | 240.3 | 49.8 | 20.7% | |
| Amortization of intangible assets and depreciation of property, plant and equipment |
(142.2) | (221.5) | 79.3 | (35.8%) | |
| Income from the release of investment grants | 3.2 | 3.2 | 0.1 | 2.1% | |
| EBIT | 151.1 | 21.9 | 129.2 | 589.1% | |
| Financial result | (3.5) | (23.4) | 19.9 | (84.9%) | |
| Allocation of profit or loss to puttable non-controlling interests | 1.5 | 8.8 | (7.3) | (82.6%) | |
| EBT | 149.1 | 7.3 | 141.8 | 1,940.9% | |
| Income tax expense | (25.1) | (21.5) | (3.6) | 16.8% | |
| Net profit/loss for the year | 124.0 | (14.2) | 138.2 | n/a |
In particular, the increase in revenue can be attributed to higher fiber selling prices, the substantial improvement in the product mix and positive exchange rate effects. The share of specialty fibers as a percentage of total group revenue was 40.5% (2014: 35.0%), and the share of standard fibers equaled 59.5% (2014: 65.0%).
Total fiber sales volumes rose by 0.4% to approximately 965,000 tons (2014: 960,000 tons). The year-on-year rise was mainly the result of the year-round availability of the production output generated by the TENCEL® fiber production facility in Lenzing and the good sales development of Lenzing Modal®.
The core Segment Fibers accounted for 97.4% of group revenue, whereas the Segment Lenzing Technik generated 1.5% of revenue and the Segment Other 1.1% (only external revenue).
The cost of material and other purchased services was impacted by the higher material and energy costs as a result of the first-time, full-year operation of the TENCEL® fiber production plant at the Lenzing site, as well as negative exchange rate effects relating to raw materials invoiced in USD. At the same time, efficiency improvements along with the discontinuation of raw material procurement in connection with the divestment of Dolan GmbH, European Carbon Fiber GmbH and several technical business units tended to reduce expenses.
On balance, the cost of material and other purchased services comprised 61.6% of group revenue in the 2015 financial year (2014: 64.3%).
The rise in personnel expenses was primarily due to salary increases in Austria as mandated by collective wage agreements. This was in contrast to positive effects arising from the completed excelLENZ cost optimization program. The ratio of personnel expenses to group revenue declined slightly to 15.2% in the 2015 financial year from the prior-year figure of 15.7%.
The increase in other operating expenses is mainly attributable to expenses relating to the sale of group companies and business units of Lenzing Technik as well as one-off costs within the context of the structural and strategic realignment of the Lenzing Group.
The decline in depreciation of property, plant and equipment and the amortization of intangible assets is primarily the consequence of impairment losses on goodwill and property, plant and equipment of the subsidiaries PT. South Pacific Viscose (Indonesia) and Lenzing (Nanjing) Fibers Co., Ltd (China), which had been recognized in the 2014 financial year. A much lower impairment on property, plant and equipment in the amount of EUR 7.9 mn was recognized in the 2015 financial year for Lenzing (Nanjing) Fibers Co., Ltd.
The financial result showed a substantial improvement as a result of dividends of an equity investment to be recognized in profit or loss as well as lower financing costs.
As a consequence of the above-mentioned developments, earnings before tax (EBT)5 of the Lenzing Group were significantly higher, rising to EUR 149.1 mn in 2015 from the prior-year level of EUR 7.3 mn. The income tax expense amounted to EUR 25.1 mn (2014: EUR 21.5 mn). As a result, the income tax rate6 equaled 16.8% in the reporting period. This relatively low figure was mainly due to a previously claimed and future tax credit from abroad. Accordingly, the net profit for the year totaled EUR 124.0 mn, in comparison to a loss of minus EUR 14.2 mn in the 2014 financial year. Earnings per share7 were at EUR 4.63 (2014: minus EUR 0.51).
5) EBT = earnings before tax; Net profit/loss for the year before income tax expense; the precise calculation can be derived from the consolidated income statement.
6) The income tax expense in relation to earnings before tax (EBT).
7) The net profit attributable to Lenzing AG shareholders in relation to the average weighted number of issued shares calculated pursuant to IFRS (IAS 33 Earnings Per Share); the precise calculation can be seen in Note 18 of the notes to the consolidated financial statements.
There was an improvement in the return on investment of the Lenzing Group thanks to the positive earnings development. Accordingly, the return on capital employed (ROCE)* increased substantially during the year under review, rising to 8.0% from minus 0.1% in the previous year.
Similarly, the return on equity (ROE)* also rose significantly from 0.7% in 2014 to 13.0% in the 2015 financial year. The return on investment (ROI)* of the Lenzing Group climbed to 6.3% (2014: 0.9%).
Lenzing took advantage of the good business development and favorable interest rate environment to further optimize its balance sheet structure in the 2015 financial year.
Total assets of the Lenzing Group at the reporting date December 31, 2015 were up 2.0% to EUR 2,421.8 mn (December 31, 2014: EUR 2,375.1 mn). Adjusted equity* correspondingly rose by 15.0% to EUR 1,226.4 mn (December 31, 2014: EUR 1,066.1 mn). As a result, the adjusted equity ratio* improved to 50.6% (December 31, 2014: 44.9%), the highest equity level since the end of 2006.
Net financial debt* declined by 27.0% to EUR 327.9 mn (December 31, 2014: EUR 449.5 mn). Accordingly, the ratio of net financial debt to EBITDA* declined from 1.9 at the end of 2014 to 1.1 at the end of 2015. Net gearing* also clearly decreased to 26.7% from the comparable prior-year figure of 42.2%.
The ratio of trading working capital to annualized group revenue* rose slightly to 21.6% (December 31, 2014: 19.5%).
The free cash flow* increased by 26.2% to EUR 145.0 mn, compared to EUR 114.8 mn in the previous year. After completion of the TENCEL® fiber production plant at the Lenzing site, investments in intangible assets, property, plant and equipment (CAPEX) fell by 32.0% in the reporting period to EUR 70.9 mn (2014: EUR 104.3 mn).
The liquid assets8 of the Lenzing Group as at the reporting date December 31, 2015 increased by 26.8% to EUR 355.3 mn (December 31, 2014: EUR 280.3 mn). The reason for this rise was the issuing of a new private placement in May 2015. Moreover, the Lenzing Group had EUR 190.9 mn in free credit facilities available for its use at the end of 2015 (December 31, 2014: EUR 198.5 mn).
In the 2015 financial year, the Segment Fibers focused on steadily increasing the production and sale of high-quality fiber products, developing and expanding its market presence in attractive areas of application and further optimizing production processes. Very good capacity utilization of Lenzing's pulp and fiber production facilities prevailed throughout the entire year thanks to the good level of demand for Lenzing fibers.
Revenue of the Segment Fibers rose to EUR 1,924.7 mn in 2015, an increase of 9.6% from the prior-year figure of EUR 1,755.6 mn (only external sales). Segment EBITDA improved by 28.4% to EUR 286.5 mn (2014: EUR 223.2 mn). Segment EBIT in the 2015 financial year was up 56.3% to EUR 154.0 mn, compared to EUR 98.5 mn in the previous year.
Textile fibers accounted for 70% of the total fiber sales of EUR 1,730.9 mn, whereas nonwoven applications comprised a 30% share. Asia was the most important sales region for the Lenzing Group, generating 63% of total fiber sales.
The Lenzing Group pursues a resolute customer-oriented specialty strategy to further develop its business areas. This approach enabled Lenzing to make substantial progress with existing applications in 2015 and open up new market segments. In this way, Lenzing succeeded in safeguarding its leading market position against the backdrop of a competitive market environment.
In the Apparel business area, which generates the highest revenue in the Lenzing Group, the share of specialty fibers rose significantly once again in the year under review. This development is primarily attributable to the increased use of TENCEL® fibers. The decisive factors underlying this success were intensified marketing activities and the clear orientation to customer requirements.
In its marketing for apparel, the Lenzing Group focuses on three subsegments: denim (jeans), innerwear (underwear, nightwear, T-shirts and tops) and outerwear (sportswear, shirts, dresses etc.) These globally-oriented areas are managed from the regions which are most relevant for the respective product groups.
TENCEL® achieved substantial gains in the denim market during the year under review. The share of denim producers featuring TENCEL® in their fashion collections increased once again in 2015. TENCEL® fibers enjoy growing popularity in this segment, especially because they improve wearing comfort and make a contribution to the environmentally compatible production of denim products.
With respect to innerwear, the specialty fiber MicroModal® secured an increasingly high level of acceptance in sensitive, close-to-the-skin applications (i.e. lingerie, linen, socks, pajamas). In the outerwear business, new customers were acquired for TENCEL® fibers used in producing work clothing and shirts.
A growing number of sporting goods manufacturers offer sportswear and functional wear with blends consisting of TENCEL® and wool. In particular, the microfiber version of TENCEL® A100 recently launched on the marketplace opens up promising opportunities for applications in these segments.
Furthermore, a finishing process was developed to make knitted fabrics smooth and soft, enabling them to retain their look even after repeated washing and wearing.
The business with specialty fibers expanded considerably in the Home & Interiors business area. Lenzing made good progress in the linen segment, intensifying marketing work and increasing sales of TENCEL® MICRO in the USA, China and Southeast Asia, amongst other activities. Sales successes were achieved with American retail chain stores for bath products (e.g. towels and bathmats) made of Lenzing Modal® and TENCEL®.
With respect to technical textile applications, Lenzing attracted attention with its presentation of the botanic shoe concept. The "botanic shoe" foresees the use of TENCEL® fibers for different components of the shoe. Numerous components used in commercial products have already been developed. This was achieved on the company's own initiative but also based on the strong product development interest displayed by shoe manufacturers. The objective is to introduce a shoe in which all components contain TENCEL®.
The nonwovens business of the Lenzing Group once again generated attractive growth rates in the 2015 financial year which surpassed growth of the overall market for wood-based cellulose fibers.
In particular, there was increasing demand for TENCEL® fibers. Due to their wet strength, skin compatibility and odor resistance, the TENCEL® fibers are particularly suited for hygiene products. Moreover, the fibers boast sustainability-related advantages such as the environmentallyfriendly origin of the raw material and the compostability of the fibers.
With TENCEL® Short Cut fibers, Lenzing also supplies the basic material for hygienic products (especially wipes and care wipes) which are easily disposed of with the wastewater. This "flushability" is becoming an increasingly important aspect for the nonwovens industry.
In the cosmetics segment, the caring facial masks made of TENCEL® Skin are enjoying growing popularity, especially in Asia. Lenzing will intensively press ahead with this development on all continents.
During the 2015 financial year, the regional customer service teams of Lenzing's Global Technical Customer Service (GTCS) were strengthened in order to further enhance the customer proximity of the Lenzing Group. The company's presence in Asia was increased thanks to the opening of a new Customer Service Center in Hong Kong. The main focal points of the new Lenzing Customer Service Centers are technical consulting, education and training, product and process development, quality management and fabric certification for the fiber brand license program of Lenzing.
The "Pulp Operations" functional area ensures the supply of high-quality dissolving wood pulp to the production sites of the Lenzing Group. Dissolving wood pulp is the most important raw material used in the production of Lenzing's botanic cellulose fibers, and is derived from the renewable raw material wood. The Lenzing Group operates its own pulp production plants at the Lenzing site in Upper Austria and in Paskov, Czech Republic. A high level of profitability and the sustainability of pulp production are ensured at both sites.
The annual pulp production volume of the Lenzing Group amounted to 560,000 tons9 in the 2015 financial year. At the beginning of 2014, spot market prices were subject to a steady downward spiral against the backdrop of a weak viscose fiber market. This erosion in prices lasted until the end of the first quarter of 2015. Starting in the second quarter of 2015, dissolving wood pulp selling prices rose again in line with the rebound in demand for viscose fibers. The average market price for dissolving wood pulp was USD 845/ton in the 2015 financial year (2014: USD 839/ton; 2013: USD 892/ton).
The supply of wood increased considerably in 2015 due to the extraordinary weather conditions. The mild winter reduced the need for firewood throughout Central Europe, and a series of capricious weather events resulted in significant damage to forests in Central Europe as well as extensive additional quantities on the market and low prices for soft wood.
Lenzing's Wood Purchasing Department substantially reduced imports for the Paskov plant from distant sources, thus supporting established suppliers in the Czech Republic and Slovakia by increasing purchases of wood infested by beetles.
The supply of beech wood to the pulp plant in Lenzing was not characterized by a surplus supply, in light of the fact that foresters made it their priority to process beetle-infested spruce wood. Nevertheless, Lenzing succeeded in filling its storage facilities in November, ensuring a sufficient supply for the winter months.
The wood purchased by Lenzing is exclusively derived from sources which are certified in accordance with PEFC or FSC standards or are from controlled sources.10 In this way, controversial sources of wood are certainly excluded from the procurement process.
Lenzing Co-Products markets the by-products arising from fiber and pulp production. In line with the company's mission statement, Lenzing sees itself as a bio-refinery, in which CO2 and sunlight are converted into high-performance materials. High-quality co-products – acetic acid, furfural, sodium sulfate and soda – are derived in this process. They are sold to customers in the food, animal feed, pharmaceutical, detergent and construction industries.
Earnings increased for the co-products of acetic acid, furfural and soda in the 2015 financial year. Lenzing's business with sodium sulfate was negatively impacted by the decline in selling prices at Asian sites.
Chemical prices around the world climbed slightly in 2015. In Europe, the main reason was the weakness of the euro compared to the US dollar, as well as the rising supply power of suppliers. Prices rose in Asia, primarily due to production plant downtimes and the resulting scarcity of supply.
Caustic soda is an important primary product for the production of viscose fibers, and arises as a by-product from chlorine production. In the first half of the 2015 financial year, the price of caustic soda in Europe and Asia increased, hovering at a high level in the second half of the year.
Sulfur is a key basic product for the company's own production of carbon disulfide and sulfuric acid used in viscose fiber production.
The rise in sulfur prices commencing in the second half of 2014 continued until the end of the first quarter of 2015. Prices started to fall as of the second quarter of the year, and price volatility substantially diminished. The driving force behind both developments was a change in regulations for import duties imposed by the Chinese government. Sulfur prices in Europe showed a sideward movement in 2015.
The Energy business area is responsible for ensuring the optimal availability of electricity, process water, steam and cooling energy to all global production sites of the Lenzing Group. The prudent use of energy has a long tradition in the Lenzing Group for both economic and ecological reasons. Due to the fact that pulp and fiber production are extremely energy-intensive processes, the Energy business area plays a very important role with respect to optimizing costs and safeguarding production.
In 2015, the European electricity market was characterized by declining spot and forward market prices. In some cases there were considerable price reductions in spot prices for
natural gas in Europe during the year under review. The Lenzing Group procures natural gas and electricity in line with a pre-determined purchasing strategy. Part of the required energy is procured via base contracts with fixed prices on forward markets. For this reason, Lenzing was largely unaffected by developments on spot markets.
The energy production facilities of the Lenzing Group operated normally for the most part in 2015, with only short downtimes.
Thanks to its optimal structure of the facility, the Lenzing site traditionally uses renewable fuels as its most important source of energy. Renewable fuels accounted for 82.9% of the entire energy consumption in 2015 thanks to the optimal plant structure.
Projects to improve the energy supply and energy efficiency were continuously implemented during the year under review. Energy consumption declined perceptibly, largely compensating for the higher level of energy consumption relating to the new TENCEL® fiber production plant.
Energy efficiency optimization measures for three boilers were implemented in Heiligenkreuz during the reporting period. The process heat and peak load supply for the production plant were upgraded to state of the art technologies.
Further optimization work at the Paskov site enabled the complete substitution of natural gas by biogas arising from the plant's own wastewater treatment facility. In this way, fossil fuels are no longer used at this site during normal operations.
The Purwakarta site's own electricity production was maintained at a high level thanks to the optimized plant operations. This helped counteract the higher electricity prices imposed by the parastatal utility company.
Energy savings projects were implemented in Nanjing, and the specific steam and electricity consumption could be further reduced during the period under review.
Under the heading "Operational Excellence" (OPEX), the Lenzing Group launched a groupwide program in the 2014 financial year designed to implement the ongoing optimization of in-house processes. The objective of the program is to transform the Lenzing Group into a sustainable self-learning and optimizing company, embedding all employees in the initiative.
One core element of OPEX is the structured continuous improvement program on all levels of the company, i.e. applying so-called "World Class Operations Management" (WCOM). This was rolled out to all production areas and sites in 2015. The most important issues covered by WCOM are safety, quality and efficiency. One key aspect of the program is learning from one another within the Lenzing Group. In this regard, initial steps were taken on the basis of a cross-learning platform to be introduced at all production sites in 2016. Moreover, the WCOM program will be expanded to encompass the fields of safety, health and the environment (SHE), quality management and human resources.
The Quality Consistency Program (QCP) was launched for all viscose fiber production sites in 2015. The underlying aim is to ensure more stable product quality on the basis of improved process management. Multi-site teams are working on optimizing all process steps, engaging in intensive learning with and from one another.
In the 2015 financial year, the Lenzing Group pressed ahead with the strategic realignment of the Segment Lenzing Technik initiated in 2014. A series of services and employees involved in performing these services were integrated into the parent company Lenzing AG. Three business units were sold, namely Mechatronics, Automation/Robotics and Sheet Metal.
Accordingly, Lenzing Technik now focuses on the business areas of Filtration & Separation, Pulp Technology as well as Mechanical Construction and Industrial Services. These business areas in 2015 implemented projects and services on a global basis for both the Lenzing Group and external customers.
In the 2015 financial year, the Segment Lenzing Technik reported a structurally-related revenue and earnings decline, which is also due to lower investments inside and outside the Lenzing Group. Lenzing Technik revenue amounted to EUR 70.6 mn in 2015, compared to EUR 90.8 mn in 2014. Revenue generated with external customers totaled EUR 29.6 mn (2014: EUR 43.6 mn). EBITDA by segment reporting amounted to EUR 0.07 mn, down from EUR 3.1 mn in the previous year. The number of employees at Lenzing Technik including trainees declined to 294 people as at December 31, 2015 (December 31, 2014: 646). This decrease is related to the sale of the Mechatronics, Automation/Robotics and Sheet Metal business units, as well as the related integration of employees in Lenzing AG due to the restructuring. Moreover, the deployment of temporary staff was more drastically cut back.
The Pulp Technology business area is the pulp competence center for the Lenzing Group, offering solutions for the global pulp industry and implementing projects for the Group's own pulp plants.
The Filtration and Separation Technology business area was able to further consolidate its strong market position over the past financial year, and successfully expanded its worldwide sales network. New applications for its products, for example in the crude oil, sugar and pulp industries, underline the potential of this business area.
The Mechanical Construction and Industrial Services business area was adjusted to reflect specific market requirements on the basis of implementing restructuring and repositioning measures. The result was a streamlining of the organizational structure and an increase in production efficiency.
Mechanical Construction and Industrial Services is a contract manufacturer for sophisticated applications. The sales focus of this business area in 2015 was on the external market. Within the Lenzing Group, this business area made a major contribution to the successful construction and completion of the new Lenzing Modal® fiber production plant at the Lenzing site.
Refer to the section "General Market Environment" for a more detailed analysis of the latest developments on the world fiber market and the related risks for the Lenzing Group.
In the fourth quarter of 2015, viscose fiber selling prices which had previously recovered moved downwards once again, driven by developments in China. For this reason, existing surplus production capacities for viscose fibers along with the low price levels for polyester and cotton remain the biggest risks to the upward development of fiber selling prices.
The pulp supply for Lenzing's fiber production facilities remains well secured. However, there is an increasing risk of losing cost advantages due to backward integration on the part of competitors, and the continued threat of potential import duties imposed in China on pulp from Europe and South Africa.
Raw material prices for chemicals and energy prices are at a cyclically-related low level. Strong price increases are not expected in the short term.
In terms of foreign currencies, Lenzing continues to profit from the strength of the US dollar and Chinese yuan compared to the euro. Liquidity risks in 2016 are considered to be low due to the positive cash flow development of the Lenzing Group and the cutbacks in the company's investment activity.
With respect to operational risks as well as environmental damage and product liability risks, which are all potential causes of extensive damage to the Group, there were once again no significant incidents of damage in 2015.
The Management Board of Lenzing AG and the corporate centers assigned to it carry out extensive coordination and controlling operations in collaboration with the heads of these departments. This is done within the framework of a comprehensive integrated internal control system covering all sites. The timely identification, evaluation and response to strategic and operational risks are essential components of the management activities. A unified, groupwide reporting system functioning on a monthly basis and ongoing monitoring of strategic and operational plans comprise the basis of this approach.
Lenzing also operates a group-wide risk management system which is responsible for the central coordination and monitoring of risk management processes throughout the Group. The central risk management team identifies and analyzes the main risks in cooperation with the operating units and directly conveys its findings to the Management Board and the top management of the business units. This includes anticipatory analyses of potential events or near-misses as well. Another task is to actively work to mitigate risks and to implement appropriate countermeasures in cooperation with the affected business entities, or to purchase additional external coverage on the insurance market as required.
As part of its risk management strategy, Lenzing pursues a four-step approach in dealing with risks:
Central risk management conducts biannual risk assessments at all of Lenzing's production sites and functional units. In this case, the risks are evaluated according to the likelihood of occurrence and financial impact pursuant to the international COSO® standards. In this regard the financial impact of potential damage to group EBITDA is taken into account.
An attempt is made to minimize, avoid or intentionally accept risks in certain cases on the basis of appropriate measures, depending on the potential impact of the identified risk.
The assignment of responsibility for dealing with a particular risk is carried out on the basis of the existing organization.
During the year under review, Deloitte Austria once again evaluated the effectiveness of Lenzing AG's risk management system within the framework of an audit in accordance with Rule 83 of the Austrian Corporate Governance Code. The corresponding confirmation is available on the Website of Lenzing AG at http://www.lenzing.com/nc/konzern/investor-center/corporate-governance.html.
In addition to fulfilling legal requirements, the main objective of the group-wide risk management system is to increase the overall awareness of risk and to integrate subsequent findings into everyday business operations and strategic corporate development. The risk management system only presents major risks which are not included in regular financial accounting (i.e. the statement of financial position, income statement).
Strategic market risks are assessed on the basis of market reports and internal market analyses. The risks are evaluated jointly by the internal Market Research Department and Sales Department at monthly meetings.
On balance, Lenzing's risk management identified a total of 29 risks and bundled them in four main areas, as described below.
The globally operating Lenzing Group is exposed to a multitude of macroeconomic risks. Price and volume developments for textile fibers are cyclically dependent for textile fibers and to a lesser extent for nonwoven fibers. In turn, this is related to economic conditions on both a global and regional basis. Lenzing fibers compete with cotton and synthetic fibers on many submarkets. Their price development also affects Lenzing's fiber sales revenues and volumes.
Lenzing counteracts this risk by the high share of specialty fibers in its global product portfolio. This share was further increased on the basis of the first-time full-year production of TENCEL® fibers at the Lenzing site. High-quality standards combined with value-added services in the standard viscose fiber business are also designed to safeguard Lenzing's market leadership.
In addition, Lenzing relies on a strong international market presence, especially in Asia, combined with a top-notch regional customer service and support network as well as a high level of customer-oriented product diversification.
Substitution risk for cellulose fibers is counteracted by Lenzing's technological competence and a solid sales basis.
Lenzing derives about half of its fiber revenue from a comparatively small number of major customers. Sales losses caused by major clients or the loss of one or more major customers combined with the failure to attract new customers constitute a risk which Lenzing counteracts by way of its global presence and the continuous broadening of its client base and sales segments. The probability of default on trade receivables is counteracted by stringent receivables management and global credit insurance.
Innovation and competition risk
As the world's leading manufacturer of botanic cellulose fibers and the global technology leader, Lenzing is exposed to the risk of losing its position on the fiber market due to increasing competition or new technologies developed by competitors. The loss of its market position could especially take place if Lenzing is no longer capable of offering its products at competitive prices, if the products do not fulfill customer specifications or quality standards, or if its customer service fails to meet customer expectations.
Lenzing counteracts this risk by carrying out research and development activities surpassing the average in the cellulose fiber industry as well as a high level of product innovation and ongoing cost optimization measures. The Lenzing Group and other producers of wood-based cellulose fibers face the risk that acceptable or even superior alternative products may become available and obtainable at more favorable prices than wood-based cellulose fibers.
Lenzing is confronted with different legal systems and regulations in its global markets. A change in laws or other regulations, such as import duties, more stringent environmental requirements etc. as well as a stricter interpretation of existing laws could lead to considerable additional costs or competitive disadvantages. Lenzing has its own Legal Management and Compliance Department which carries out corresponding consulting services and risk assessments pertaining to the legal situation.
Lenzing purchases large amounts of raw materials (wood, pulp, chemicals) and energy in order to manufacture wood-based cellulose fibers. Fiber production and its margins are subject to risks related to raw material availability and the price development of these resources, which can fluctuate to the detriment of the Lenzing Group. Lenzing counteracts these risks by carefully selecting its suppliers according to specified criteria such as price, reliability and quality, but also focuses on establishing longstanding, stable supplier-customer partnerships, in some cases with supply agreements over a period of several years. Lenzing has also established long-term contractual relationships with several raw material suppliers and service partners (but with only a few customers). These agreements require Lenzing to purchase specified quantities of raw materials at standardized terms and conditions, which may also include price adjustment clauses. As a consequence, Lenzing may not be able to change prices, quantities purchased or other contractual terms in the short term as a means of appropriately responding to changed economic conditions. This risk is aggravated by the fact that the lion's share of group revenue is derived from short-term contractual relationships with customers.
Lenzing's pulp and energy strategy focuses on maintaining a maximum degree of self-sufficiency. Lenzing also compensates for price fluctuations by concluding long-term supply contracts, including gas forward delivery contracts.
The production of cellulose fibers requires a complex series of chemical and physical processes which entail certain environmental risks. These risks are well managed thanks to special, proactive and sustainable environmental management efforts, closed production cycles and the continuous monitoring of emissions on the basis of modern-day production technologies. For decades the Lenzing Group has operated production facilities for industrial purposes at several locations. For this reason, risks related to environmental damage caused in the past cannot be fully excluded.
Although the Lenzing Group sets high technological and safety standards in the construction, operation and maintenance of its production sites, the risk of breakdowns, disruptions and accidents cannot be fully excluded. In particular, such difficulties can also be caused by external factors over which the Lenzing Group has no control. There are no direct means of safeguarding against certain natural dangers (e.g. cyclones, earthquakes, floods). In addition, there is the risk of personal injury, material and environmental damage which could result in considerable claims for damages and even criminal liability.
The Lenzing Group has concentrated its production operations at just a small number of sites. Any disruption at one of these facilities would impact a substantial part of the company's business operations.
Lenzing markets and sells its products and services to customers throughout the world. In this regard, customers could potentially suffer from damage attributable to the delivery of a defective product from Lenzing or one of its subsidiaries. Lenzing is also subject to the prevailing local laws in the countries in which it delivers the products, and is exposed to a high level of liability risk, in particular in the USA. Lenzing counteracts this risk with a special department exclusively focusing on problems experienced by customers in processing Lenzing products and on dealing with complaints. Liability claims and losses caused by Lenzing are insured within the context of a separate liability insurance program.
Due to its international business relationships, the Lenzing Group is exposed to currency risks, in particular with respect to the USD, CNY and CZK. Clearly-defined, written guidelines exist for dealing with financial risks, which are continually monitored by the Global Treasury Department. The objective of foreign currency management is to safeguard payment flows from business operations against exchange rate fluctuations. Lenzing uses forward exchange contracts for this purpose. Hedging activity as well as the correlation between the risk and the hedging instruments are continuously monitored and reported. Currency translation risks are generally not hedged, but are subject to ongoing observation.
The risk of loss relating to these derivative financial instruments is regularly evaluated. It is considered to be relatively low due to the good creditworthiness of the contractual partners.
Default risks relating to primary financial instruments (loans, securities, receivables and cash held at banks) are limited by spreading the liquid assets of the Group over a number of different banks. In addition, Lenzing AG has accepted liability for other companies. The risk of subsidiary liability is considered to be small as the concerned companies can be expected to meet their payment obligations.
The risk of changes in the market value of primary and derivative financial instruments is also rated as relatively small. No increased volatility until maturity is expected for short-term financial instruments. 38.2% of the company's non-current liabilities are linked to variable interest rates.
Liquidity risk, namely the risk of insufficient funds to meet obligations resulting from primary financial instruments and their derivatives, does not exist. The derivative financial instruments are exclusively employed for hedging purposes. The resulting obligations are accordingly covered by the hedged business operations. Obligations resulting from primary financial instruments are covered by available liquid funds and if needed by internal financing.
Payment flows resulting from financial instruments can be subject to fluctuations. These cash flow risks are essentially limited to variable interest rate liabilities.
The Lenzing Group requires financial resources to implement its business plan and strategy. Tighter credit markets and the resulting difficulty in obtaining credit could adversely affect the availability, terms and conditions and costs of procuring capital. In addition, declining demand or a fall in selling prices could also negatively impact business operations and thus the financial situation and earnings of the Lenzing Group. From today's perspective, the risk is considered to be immaterial.
Lenzing's production facilities are subject to local tax regulations in the respective countries, and are required to pay both income taxes as well as other taxes. Changes in tax laws or differing interpretations of prevailing regulations could lead to subsequent tax liabilities.
The ongoing tightening of international codes of conduct and legal regulations increases the demands imposed upon Lenzing to comply with and monitor compliance to these regulations. Insufficient controls in business processes or a lack of adequate documentation could potentially result in violations of relevant statutory provisions. Lenzing addresses this risk through its group-wide compliance organization, a code of conduct which is binding throughout the Group, and implementing an anti-bribery and corruption policy as well as an antitrust policy.
Personnel risks may arise as a consequence of the fluctuation of employees serving in key positions, as well as recruiting of new staff at all global sites. Lenzing operates a globally operating Human Resources Department which continuously coordinates personnel planning with the respective sites, and centrally manages and monitors all personnel-related issues. This includes global management and training programs for potential executives which are organized by the Human Resources Department.
The internal control system of the Lenzing Group is designed to ensure the reliability of financial reporting, compliance with legal regulations and internal guidelines and the presentation of offbalance sheet and income statement risks.
The organizational structure and process organization of the Lenzing Group comprise the main basis for the overall control environment and the internal control system of the company.
With respect to the organizational structure, competencies and responsibilities are clearly assigned to the different management levels and hierarchies of the Group, encompassing its Austrian sites and all international subsidiaries. Essential corporate functions are centralized in corporate centers, which reflect the Lenzing Group's global market presence as well as its decentralized business and site organization. The respective management is responsible for coordinating and monitoring business operations on a national level.
The process organization of the company is characterized by a clearly-defined and comprehensive set of guidelines which provide an appropriate basis for a strong control environment and control system. The "Lenzing Group Mandates" define essential group-wide approval processes and competencies. The respective management of the business area or department is responsible for monitoring compliance with the respective regulations and controls.
Global Accounting & Controlling is centrally responsible for financial reporting, thus ensuring a clearly-defined structure and designated responsibilities for this area. A comprehensive set of regulations and guidelines detailing the way control functions are exercised has been developed and implemented.
Lenzing has an internal control and risk management system for the accounting process aiming to ensure the uniform implementation of legal standards, generally accepted accounting principles, the accounting principles contained in the Austrian Commercial Code and for group accounting purposes, the accounting principles laid out in the International Financial Reporting Standards (IFRS) as well as internal group accounting guidelines, especially the accounting handbook and timetable applicable throughout the entire Group.
The accounting-related internal control system is designed to ensure the timely, uniform and accurate recording of information on all business processes and transactions in order to make reliable data and reports available with respect to the financial position and financial performance of the Lenzing Group.
The subsidiaries included in the consolidated financial statements of the Lenzing Group prepare individual financial statements and IFRS financial statements on a company level in a timely manner. They are responsible for ensuring the decentralized implementation of existing rules with the support of the Corporate Consolidation team. The consolidated financial statements are prepared on the basis of the data supplied by the group companies. Corporate Consolidation is responsible for consolidation entries, reconciliations and monitoring compliance with reporting guidelines with respect to contents and deadlines.
Due to its direct access to the company's assets, the Global Treasury and Payment Department is considered to be a highly sensitive area. Correspondingly, comprehensive regulations and instructions have been developed to take account of the enhanced need for security in the relevant processes.
These clear guidelines stipulate the strict application of the four-eyes principle for implementing transactions as well as ongoing report to the Global Treasury and Payment Department. The Internal Audit Department is responsible for monitoring the application of and compliance with controls of business operations.
Global Tax Management is in charge of handling tax issues in the Group.
The Legal Management & Compliance Department of Lenzing AG is responsible for dealing with legal issues. This centralized function is in charge of handling all legal issues within the Lenzing Group and in particular for those matters which go beyond standard business processes.
The Legal Management & Compliance Department is responsible for the further development of a compliance management system (CMS) for processes regulating compliance with statutory law and internal guidelines or preventing violations of the law or improper behavior. Legal Management & Compliance reports directly to the Chief Executive Officer. The compliance management system is responsible for the following tasks: continually identifying compliancerelevant risks, taking measures to minimize risks, developing compliance-relevant guidelines and monitoring adherence to them, training employees, providing assistance on compliance issues, dealing with and correcting cases of improper behavior and preparing regular reports to the Management Board and Supervisory Board or to the Audit Committee.
Lenzing AG has declared its commitment to adhering to the rules contained in the Austrian Code of Corporate Governance (ACCG), and prepares a corresponding public Corporate Governance Report within the context of Lenzing's Annual Report. The Corporate Governance Report requires the participation of the Supervisory Board, which for this purpose delegates responsibility to the Audit Committee for monitoring compliance with the obligations stipulated in the report.
The Internal Audit Department is independent of organizational units and business processes and reports directly to the Chief Executive Officer as at December 31, 2015. Internal Audit evaluates whether the deployed resources are used legally, sparingly, economically and properly in the spirit of sustainable development. Internal Audit orients its activities to the international standards laid down by the Institute of Internal Auditors (IIA). Regular reporting to the Management Board and the Audit Committee ensure the proper functioning of the internal control system.
The Risk Management Department identifies and presents risks outside of the consolidated statement of financial position and consolidated income statement by preparing a semi-annual Risk Report. The main risks contained in the Risk Report are also mentioned in the Annual Report. The Risk Report is prepared according to the internationally recognized standards of the Committee of Sponsoring Organizations of the Treadway Commission (COSO®).
The Lenzing Group meets its obligations in a timely manner. The Group boasts a solid liquidity and equity basis as well as a sound balance sheet structure. Moreover, sufficient credit facilities which can be used for financing at any time have already been granted by various banks.
On balance, the Management Board of Lenzing AG in its capacity as the management of the Lenzing Group is not aware of any risks as at the reporting date December 31, 2015 that could endanger the continued existence of the company in the 2016 financial year.
The commitment to be and remain the innovation leader in the industry is a central part of the Lenzing Group's strategy. Lenzing has been a pioneer for ecologically responsible and profitable cellulose fiber production for decades on the basis of its systematic research and development (R&D) activities.
R&D work at Lenzing covers the entire value chain, beginning with the raw material of wood to the fibers and the different applications in the apparel, nonwovens, technical textiles and chemicals segments. Numerous innovations are continuously being developed in collaboration with customers, but also with partners from external research facilities or university institutes.
R&D activities at the Lenzing site are bundled in a centralized Innovation and Strategic R&D Department reporting directly to the Management Board. Central research is closely linked to other business areas such as Production, Business Development, Application Technology, Customer Services and Sales.
At the end of 2015, a team of specialists consisting of about 170 employees conducted research in Lenzing. Their achievements are reflected in Lenzing's approximately 1,500 patent applications (from 250 patent families) in 63 countries across the globe.
In the 2015 financial year, research and development expenditures calculated according to the Frascati method amounted to EUR 29.8 mn (2014: EUR 20.6 mn). Lenzing's investments in R&D comprise a peak value compared with the rest of the industry, both as a percentage of revenue and in absolute terms. Lenzing intends to further increase these expenditures in the coming years to sustainably retain and expand its innovation leadership in cellulose fiber production.
With respect to pulp, the R&D focus was on optimization measures (i.e. further closing cycles, enhancing quality) at the Paskov and Lenzing pulp production plants. In addition, work was done on a concept to further increase the utilization rate of the raw material wood with respect to existing and new co-products (in the spirit of Lenzing's role as a biorefinery).
The priority in fiber technology research was on further developing the entire TENCEL® technology. Additional improvements were implemented in the production process.
Special processes to manufacture nonwovens were developed and tested, including wet laying processes or the use of special short-cut fibers. Moreover, several new TENCEL® specialty fibers were developed, in particular for wipes.
The Innovation and Strategic R&D Department intensively participated in the development of the new sCore TEN strategy during the year under review. In the years to come, the focus of Lenzing's R&D activities will mainly be on implementing sCore TEN. In this regard, the key driving forces underlying innovations are quality and technological leadership, customer needs and sustainability. The systematic integration of sustainability aspects in R&D already begins before the raw material reaches the factory gates, and requires a holistic approach.
At Lenzing, sustainability is a fundamental value embedded in strategic business management, and simultaneously an important differentiating factor for the Lenzing brand. Sustainable thinking and action are the basis for innovation, laying the foundation for the future success of the Lenzing Group. Lenzing attaches the same importance to profi table business operations as achieving social equity and safeguarding the ecological basis of life.
The commitment to sustainability is a basic value fi rmly anchored in the mission statement of the Lenzing Group:
The principles of sustainable business development are embedded at Lenzing due to its raw material basis, and are thus practiced on all levels of the cellulose cycle throughout the entire Lenzing Group. As a globally operating company, Lenzing is consistently committed to a sustainable and transparent supply chain along the textile and nonwovens value chains. Accordingly, Lenzing works closely with all stakeholders, thus fulfilling the growing demands of consumers with respect to sustainability and quality.
The deeply felt commitment of the Lenzing Group to sustainability is an integral part of the new group strategy "sCore TEN" and thus of crucial importance in implementing strategic measures. For this reason, Lenzing is currently working on a new sustainability strategy taking future megatrends and stakeholder demands into account. The updated sustainability strategy will define sustainability targets and specific implementation measures.
The Lenzing Group operates globally. Principles such as tolerance, openness and respect for all people regardless of their origin are applied equally by Lenzing everywhere.
During the reporting period, central values of the Lenzing Group such as diversity and appreciation for different countries and nationalities were increasingly made visible. Issues of relevance to employees were communicated via various employee media, and were lived and practiced within the context of action days such as the Indonesian Independence Day and the United Nations Week.
Lenzing fibers are an indispensable input factor for the textile industry, healthcare as well as personal hygiene and body care. The explicit aim of the Lenzing Group is to contribute to the production of goods with a minimal environmental impact along the entire value chain, including the final product.
In the past, the viscose fiber industry was considered as environmentally harmful and resource-intensive. Over the past few decades, Lenzing has demonstrated the possibility of sustainably producing wood-based cellulose fibers. For more than a quarter of a century, Lenzing has set international standards in manufacturing wood-based cellulose fibers on the basis of ongoing process improvements, closed chemical cycles and state of the art exhaust air and wastewater treatment systems. In addition, Lenzing is committed to a strict procurement policy for wood and pulp to ensure that no wood from controversial sources is used to produce pulp and fibers.
By defining valid group-wide environment standards, Lenzing has voluntarily committed itself to complying with specified environmental criteria. The basis for Lenzing's commitment is its orientation to strict benchmarks stipulated in various international standards such as the EU Ecolabel.
Policy for Wood and Pulp
The supply of wood and pulp of the right quality and quantity to all of the Lenzing Group's pulp and fiber production sites is an important aspect of the Lenzing Group's core business. In order to ensure adherence of its wood and pulp sourcing to sustainability principles, the Lenzing Group developed a clearly-defined "Policy for Wood and Pulp" applicable throughout the entire Group, which was updated during the year under review.
The "Policy for Wood and Pulp" of the Lenzing Group aims to procure wood and pulp exclusively from non-controversial sources. In addition, suppliers participating in credible forest certification programs are preferred.
Controversial sources include wood which has been harvested:
Regular risk-assessments, audits and on-site visits as well as independent third-party certification of the sustainable forest management programs help to ensure compliance with the policy.
If Lenzing discovers that wood or pulp is sourced from controversial sources, the respective supplier will be eliminated from the supply chain with a reasonable lead time.
Lenzing strives to establish long-term partnerships with its wood and pulp suppliers, and seeks to do business personally and directly with forest owners and pulp mills.
Back in 2002, Lenzing became the first fiber producer in the world to be awarded the EU Ecolabel. The EU Ecolabel has been an important benchmark for the Lenzing Group ever since due to the strict criteria for awarding it and the high level of public recognition it enjoys.
On the basis of new, even stricter criteria, the Grimsby (GB) site became yet another production facility of the Lenzing Group to be given the EU Ecolabel.
The United States Department for Agriculture (USDA) grants the Certified Biobased Product Label to promote environmentally compatible products. After successfully concluding the certification process, all Lenzing Modal® and TENCEL® fiber types are authorized to bear the USDA Biobased Product Label. Accordingly, Lenzing fibers are designated as biobased and environmentally compatible products for consumers and public procurement bodies in the USA.
Two Lenzing Group products were given sustainability awards in May 2015. Lenzing developed shoe laces made of 100% TENCEL® which received the CSR Newcomer Trophy from TRIGOS, the most well-known sustainability award in Austria. This award recognized the outstanding ecological balance and complete compostability of the TENCEL® shoe laces, qualitatively on par with conventional laces. In addition, Lenzing was granted the prominent environmental prize ENERGY GLOBE Award Austria in the Category Earth for Lenzing Modal® COLOR. The decisive factor was that these Lenzing fibers made of beech wood reduce the typically high environmental burden in dyeing textiles by up to 80%.
Lenzing bears considerable responsibility as an employer, borrower of capital, customer and supplier, as well as a company actively shaping global value chains, especially in economically challenging times. After two very difficult years, Lenzing proved its ability during the year under review to successfully manage even longer crisis periods without threatening the intrinsic value of the company and its stakeholders. By implementing suitable measures in a timely manner, Lenzing safeguarded its economic viability and created the pre-requisites to remain a reliable partner in the future.
In spite of the extremely tense market environment, the Lenzing Group punctually met all its financial obligations, and continued to pursue a consistent dividend policy. The ongoing high equity ratio of the Lenzing Group underlines its economic strength and financial autonomy.
In its role as a technology leader, Lenzing is aware of its responsibility along the entire value chain. Lenzing sees itself as a driving force for innovative solutions, especially with respect to the growing importance of sustainable products in the textile and nonwovens industry. The Lenzing Group closely orients its business operations to customer needs, intensively working with all partners along the entire value chain within the context of its push-pull market strategy.
Accordingly, Lenzing is strongly committed to the development of global sustainability standards in collaboration with industrial, retail and political institutions and interest groups as well as NGOs. As an active member of the Sustainable Apparel Coalition (SAC), Lenzing was intensively involved in the development of the global standard Higg Index. This index serves as the basis for a standardized evaluation of the sustainability of textile products along the entire value chain. In addition, Lenzing takes part in various sustainability projects within the context of its SAC membership, for example the development of recycling technologies for clothing.
As a leading company in the fields of pulp and botanic cellulose fibers, Lenzing also bears a particular responsibility in procuring wood and pulp. In this regard, Lenzing is working on a certification process entitled "Man Made Cellulosic Fibre Solution Pathway" in cooperation with the Canadian non-profit organization Canopy as well as leading brands and retailers. This certification is designed to ensure that the only apparel made of cellulose fibers which can demonstrate a transparent supply chain boasting unobjectionable practices will be sold in their shops. In particular, products which are potentially made of wood or pulp from old-growth or endangered forests are to be excluded.
Since 2005, some 60 publicly listed Austrian companies have been analyzed each year on the basis of about 100 environmental and social criteria. The best companies are accepted for listing in the VÖNIX index (VBV Austrian Sustainability Index) for a period of one year. In 2015, Lenzing was accepted for listing in the VÖNIX index for the tenth straight time, and was honored as an "All Time Index Member" along with eight other companies.
Certifications provide important information about the status of an organization with respect to its systems and products. Accordingly, business partners and customers can be assured of adherence to the corresponding quality, environmental and safety standards.
| ISO 9001 | ISO 14001 | OHSAS 18001 | |
|---|---|---|---|
| Lenzing (Austria) | |||
| Heiligenkreuz (Austria) | |||
| Grimsby (UK) | |||
| Mobile (USA) | |||
| Purwakarta (Indonesia) | |||
| Nanjing (China) | |||
| Paskov (Czech Republic) |
The most valuable asset of a performance-driven, competitive organization are its committed, motivated and highly qualified employees. For this reason, the Lenzing Group constantly implements measures to enhance the qualifications of its employees, based on a broad range of global and regional personnel development programs.
Following a difficult, market-related working environment characterized by cost savings and declining earnings, a substantial improvement in earnings was reported for the 2015 financial year, giving employees a motivational boost. The strategy formulation process for sCore TEN also made a positive contribution during the year under review. Within the context of this project, teams spanning all Lenzing sites, hierarchies and departments successfully collaborated on developing the Lenzing Group's new strategic orientation.
A global employee survey was carried out within the strategy formulation process focusing on key issues relating to the employer branding of Lenzing®. This was designed to help the company better understand the expectations held by employees at all sites concerning their employer. As a follow-up, the results of the survey were qualitatively deepened in focus groups within the context of the prevailing local culture. Executives and human resources teams are now doing their share to further tackle relevant issues.
The results of this employee survey on Lenzing's corporate culture will be integrated in the new sCore TEN strategy, ensuring that respect, diversity, professional cooperation, pride in excellent achievements and shared values will already have a prominent place in the implementation of sCore TEN. In particular, a focal point for Lenzing in 2015 and beyond is embedding the new leadership model, a top priority alongside implementation of the new group strategy, in the hearts and minds of executives.
The conference series entitled "Management Time Out" which was launched in 2014 continued to be an important platform in 2015 for the mutual exchange of ideas and orientation of top management on issues relating to strategy, leadership, corporate culture and change. The objective of Management Time Out is to help the top management level reach a consensus, develop a shared understanding and awareness of their joint responsibility and embed it all in the organization. The conference took place on a quarterly basis, and involves 50 participants from the different global sites of the Lenzing Group.
The 16-month executive development program "Springboard", which was also initiated in the previous year and includes close to 30 participants from Asia, USA and Europe, was successfully continued in 2015. "Springboard" focuses on the issues of culture and change, decisionmaking, leadership, international communications as well as virtual and practical cooperation. The first cycle of the program concludes in March 2016, with other groups planned in subsequent years. Several Springboard participants have also been attending the Management Time Out meetings since June 2015.
The employee performance review is an important leadership instrument which has been used in the past, and is planned to be rolled out as an annual tool on a broader basis. Based on the strategy and department objectives, performance targets are set for the employees, conduct and leadership styles are discussed within the context of the new strategy, and professional development needs of the individual employees are identified. Furthermore, employees and their supervisors reflect on and evaluate performance, and relevant objectives and measures for the coming year are agreed upon. A global process was defined during the year under review as a means of further strengthening the performance and feedback culture in the company.
For Lenzing as an expert organization, the protection and targeted internal transfer of knowhow is a critical factor of success. Pilot projects on know-how transfer were launched in order to promote the sharing of knowledge in the spirit of a true learning organization. Specific reasons for focusing on this issue include the planned retirement of an employee, the handing over of responsibilities from predecessors to successors, or the necessity of new employees to familiarize themselves with the company and their jobs. A structured process was defined to ensure the attendance of an expert to moderate job handover meetings. In this way, less documented but implicit practical knowledge can be more effectively passed on.
In order to further expand sales competencies, concepts were developed in 2015 to establish a new "Commercial Academy." It will serve as a platform to deepen competencies in sales, a general understanding of the business, product know-how, adding value in the value chain and legal knowledge. The first phase of the program is scheduled to begin in the spring of 2016.
In addition to global personnel development initiatives, a large number of regional programs and measures take place, targeting the professional development of employees as well as specialist and apprenticeship training.
At the reporting date December 31, 2015, the total number of employees working for the Lenzing Group comprised 6,127 people around the world (December 31, 2014: 6,356), thereof 182 apprentices. This 3.6% reduction of the Lenzing staff was mainly due to the sale of subsidiaries or business units.
A total of 2,662 employees were working at the corporate headquarters in Lenzing, Austria at the reporting date December 31, 2015, employed at the companies Lenzing AG, Lenzing Technik and Lenzing's educational center, BZL – Bildungszentrum Lenzing GmbH (December 31, 2014: 2,739): This figure includes 166 apprentices (December 31, 2014: 173). In addition, 16 apprentices received vocational instruction and training at the Lenzing sites in Heiligenkreuz, Austria and Grimsby, Great Britain.
Number of Lenzing Group employees as at December 31, 2015: 6,127*
*) Headcount incl. trainees, excl. leased labor
The Corporate Center "Global Safety, Health and Environment" (Global SHE) is responsible for overseeing the Lenzing Group's efforts with respect to occupational safety, health and the environment. Measures were implemented in the 2015 financial year to increase occupational safety and further develop group-wide healthcare management.
The primary goal of Global SHE is to raise awareness in the workforce about the importance of safety and take appropriate measures to minimize the risk of accidents at work.
For this purpose, the "Lenzing Heartbeat" program was launched during the year under review as a consequence of the sCore TEN strategy development process. Its objective is to promote a safety culture in the Lenzing Group. In the first phase, the initial situation was evaluated on the basis of a group-wide survey and analysis process. Interviews were conducted with global executives and regional management teams alongside an assessment of facilities, systems and processes. The top ten safety risks within the Lenzing Group were identified on the basis of this review, and specific measures to enhance safety were developed.
Following a rise in the 2014 financial year, the accident rate declined once again in 2015. The Grimsby (GB) and Mobile (USA) sites did not report any accidents, and the number of accidents also decreased at the Nanjing plant (China).
The Lenzing Group has established industry-specific healthcare standards at all its sites such as regular health checks for all employees and regularly held trainings in how to properly deal with chemicals. In addition, various health promotion programs are implemented at the production facilities of the Lenzing Group. The offering ranges from health recommendations, cost-free vaccinations and smoking cessation programs to balanced nutrition in the company canteens, fitness courses and sporting events.
For example, the "iHealthy Wellness" program initiated at Lenzing's production facility in Mobile, USA showed initial successes in 2015. Its primary focus is on prevention. For example, it encompasses annual healthcare checks designed to identify existing health risks in a timely manner or prevent risks by promoting a healthy lifestyle.
An emergency hospital with state-of-the-art equipment was set up at the Purwakarta site in Indonesia during the reporting period.
Transparent and open internal and external communications is a central pillar of Lenzing's corporate culture, and an important factor in positioning the Lenzing Group with all its stakeholders.
The Corporate Center Corporate Communications is responsible for coordinating all communications processes on a group level. The objective is to optimally inform all stakeholders of the Lenzing Group on the basis of high-quality public relations and internal communications. The close cooperation with Investor Relations ensures a holistic approach to communications.
In the past financial year, the Lenzing Group provided comprehensive and timely information about its ongoing development and current issues relating to its core pulp and fiber business to the public and Lenzing employees. In this regard, Lenzing made use of a variety of different information channels.
Information for external stakeholders was disseminated, amongst other means, via regular press releases, media events and a large number of individual talks with journalists. This took place on the basis of the personal involvement and appropriate preparatory work of the Management Board as well as directly via Corporate Communications.
The Website www.lenzing.com was relaunched during the year under review and is being further developed, also focusing on the more product-focused Web and social media applications.
The most important information channels were recently adjusted to reflect the trend towards increased digital communications and the reduction of printed materials. Appealingly designed employee and customer magazines, digital newsletters and Lenzing's own TV format are the primary information platforms. Employee magazines with a local focus offer relevant information for the staff at the respective sites. The bilingual online magazine "Lenzing Life" (www.lenzinglife.com) also provides timely information to employees, customers and other stakeholders about news from the world of Lenzing.
At the end of November 2015, Lenzing joined together with longstanding Lenzing Modal® customers to celebrate the 50th anniversary of the production and marketing of this specialty fiber developed by Lenzing. Other events with customers were held at all subsequent international textile trade fairs.
In October 2015, the world's largest TENCEL® fiber plant located at the Lenzing site marked its first anniversary. On this occasion, the celebration in Lenzing attended by prominent guests thanked all those who were involved in the successful realization of the project. Members of the Supervisory Board as well as representatives of the B&C Group, the core shareholder of Lenzing, avowed their clear commitment to further growth of the Lenzing Group with TENCEL®.
The Lenzing share is publicly listed on the Prime Market of the Vienna Stock Exchange, and in its role as one of the 20 largest listed companies is also traded on the benchmark ATX index (Austrian Traded Index), the Vienna Stock Exchange Share Index WBI and uninterruptedly in the VÖNIX Sustainability Index since 2005.
Average daily turnover of the Lenzing share in 2015 was close to EUR 3.0 mn. Market capitalization at the end of 2015 (December 30, 2015) totaled EUR 1.85 bn.
| ISIN | AT 0000644505 |
|---|---|
| Ticker symbol | LNZ |
| Initial listing | September 19, 1985 |
| Indices | ATX Prime, VÖNIX, WBI |
| Number of shares | 26,550,000 |
| Nominal capital | EUR 27,574,071.43 |
| Trading volume | 11,782,076 |
| Total turnover | EUR 746,252,947.80 |
| Average daily turnover | EUR 2.997 mn |
| Year's high | EUR 75.65 |
| Year's low | EUR 52.39 |
| Closing price Dec. 30 | EUR 69.55 |
| Annual performance | +31.87% |
| Market capitalization on Dec. 30 | EUR 1,846,552,500.00 |
In 2015, global stock markets were characterized by extreme share price fluctuations, and differed substantially in terms of their regional development. The Vienna benchmark index ATX closed out 2015 at 2,396.94 points, a gain of about 11% for the year. The value of the Lenzing share increased by close to 32% during the year under review, thus ranking among the biggest winners on the Prime Market of the Vienna Stock Exchange. The good business development, successful implementation of the cost reduction program launched in 2013 and the new strategy sCore TEN presented in November 2015 were well received by the capital market. The year's low of EUR 52.39 was reached in January 2015, whereas the highest share price of EUR 75.65 was recorded in November 2015.
The nominal capital of Lenzing AG amounts to EUR 27,574,071.43 and is divided into 26,550,000 individual shares. The majority owner remains the B&C Group, which holds a 67.6% stake of the voting rights, and sees itself as the long-term oriented Austrian core shareholder of Lenzing AG. Another 5% of the voting rights are held by Oberbank AG, a leading Austrian regional bank. The remaining 27.4% of the shares are in free float with international and Austrian investors. The company does not have any treasury stock.
The geographical breakdown of the identifiable share ownership as per January 31, 2015 is as follows:
There are no shares that confer special rights to control. Each no-par value share grants the shareholder one vote at the Lenzing AG Annual General Meeting. Unless mandatory provisions of the Stock Corporation Act provide otherwise, the Annual General Meeting passes resolutions by a simple majority of the votes cast and – if a majority of the nominal capital is required – by a simple majority of the nominal capital represented at the Annual General Meeting.
A resolution passed by the Annual General Meeting held on April 28, 2014 authorized the Management Board, contingent upon consent granted by the Supervisory Board, to purchase own no-par-value shares on the stock market of up to 10% of the company's share capital valid for a period of up to 30 months starting on April 28, 2014. The purchase may not be for the purpose of trading in own shares.
If necessary, the Management Board was also authorized to reduce the share capital by redeeming such own shares without any further resolution by the Annual General Meeting. The Supervisory Board is authorized to adopt any amendments to the Articles of Association resulting from the redemption of shares.
A resolution passed by the Annual General Meeting on April 22, 2015 authorized the Management Board, pending the approval of the Supervisory Board, to raise the share capital of the company within a period of five years – if need be in several tranches – by up to EUR 13,778,412 by way of issuing up to 13,274,000 new no-par share certificates against cash and/or payment in kind ("authorized capital"). This authorization has not yet been entered into the Austrian Commercial Register and is not effective as yet. Moreover, another resolution approved at the Annual General Meeting of April 22, 2015 authorized the Management Board, provided the Supervisory Board grants its approval, to issue, by no later than April 22, 2020, convertible bonds granting subscription rights or conversion rights for up to 13,274,000 shares, if need be in several tranches ("contingent capital"). These rights may be exercised by means of the contingent capital and/or via the company's own shares.
As of December 31, 2015, the Management Board had not yet exercised its existing authorization to raise the share capital, issue convertible bonds and to buyback own shares.
In the light of the difficult market environment, the objective of Lenzing's investor relations activities was the transparent presentation of the implemented measures, e.g. the cost reduction program and the strong, proactive orientation of business operations to fiber specialties. In addition, Lenzing's investor relations team worked on increasing recognition on international stock markets. On November 17, 2015, the management led by the new CEO Stefan Doboczky presented the new sCore TEN strategy at the Capital Markets Day held in Lenzing.
In addition to regular publications (e.g. interim reports, ad-hoc announcements, corporate news), Lenzing also provided information to investors at numerous road shows and confer-
ences in Europe. Lenzing took part in information days for stock markets, and also conducted tours of the plant grounds at its headquarters. Analysts and investors were regularly provided with an overview of the current strategic and corporate business development of the company within the context of conference calls and individual telephone conversations. On balance, the number of personal one-on-one contacts amounted to far more than 600 in 2015.
In the year 2015, Lenzing was monitored by the following equity research companies:
The latest information on analyst research can be viewed on the Lenzing Website at: http://www.lenzing.com/en/investors/the-lenzing-share/analysts-consensus.html
The 71st Annual General Meeting of Lenzing AG took place on April 22, 2015 in Lenzing, Upper Austria. All of the proposed resolutions received more than 90% of the votes cast. The Annual General Meeting resolved to distribute a dividend of EUR 1.00 per no-par-value share for the 2014 financial year. Based on 26,550,000 shares, this corresponded to a total dividend payout of EUR 26,550,000.00.
The Management Board and Supervisory Board will propose to the 72nd Annual General Meeting that a dividend of EUR 2.00 per no-par-value share be distributed for the 2015 financial year.
There are no provisions other than those stipulated by law with respect to the appointment or dismissal of members of the Management Board and Supervisory Board. There are no significant contractual agreements to which the company is a party, which would take effect, cause major changes or expire in the event of a change in ownership resulting from a takeover bid. No compensation agreements exist between the members of the Management Board and Supervisory Board or with employees in case of a public takeover offer.
No economic tailwinds continue to be expected again in the 2016 financial year. The International Monetary Fund (IMF) anticipates a slight increase in global economic growth to 3.4% compared to 3.1% in 2015. A moderate economic recovery is emerging in the industrialized countries against the backdrop of low raw material costs, whereas the IMF forecasts a further weakening of growth in China.
A continuation of the global fiber market's volatile development is expected. High cotton inventories still burden the market. Polyester fiber selling prices will remain at a low level as long as oil prices stay low. In turn, this intensifies price competition among the various fibers (inter-fiber competition).
However, the market segment of wood-based cellulose fibers, which is of relevance to Lenzing, is showing signs of developing more favorably than the overall fiber market. Demand for these cellulose fibers was good at the beginning of 2016. The long-term trend is towards the increased use of viscose fibers, and in particular cellulose-based specialty fibers. On the supply side, no significant new production capacities will apparently be moving into the market in the short term.
Lenzing is very well positioned in this business environment. Within the context of its new group strategy sCore TEN, Lenzing is striving to increase its EBITDA by about 10% annually and to raise the return on capital employed (ROCE) to more than 10% by 2020. Moreover, Lenzing will even more strongly position itself as a premium supplier in the attractive specialty fiber segment, enabling the company to increasingly detach itself from the commodity price cycle.
The Lenzing Group reported strong demand for its products in the first weeks of 2016. This served as the basis for a high level of capacity utilization, especially for its specialty fibers. Assuming unchanged conditions on the fiber market and currency exchange rates, Lenzing expects a substantial improvement of its business results in the 2016 financial year compared to 2015.
The Lenzing Group is not aware of any further events significant to it after the reporting date December 31, 2015 that would have resulted in a different presentation of its financial position and financial performance.
Lenzing, March 9, 2016
Lenzing Aktiengesellschaft
The Management Board
Stefan Doboczky Chief Executive Officer Chairman of the Management Board Robert van de Kerkhof Chief Commercial Officer Member of the Management Board Thomas Obendrauf Chief Financial Officer Member of the Management Board
Key financial performance indicators for the Lenzing Group will be described here in detail. They are largely derived from the consolidated financial statements of the Lenzing Group according to IFRS. These figures are particularly shown in the sections "Selected Indicators of the Lenzing Group" and "Five-Year Overview of the Lenzing Group" of the annual report. The definitions of these financial indicators are included in the glossary of the annual report. The Management Board is of the opinion that these financial performance indicators provide useful information about the financial position of the Lenzing Group since they are used in-house, and are usually of considerable importance to external stakeholders (in particular investors, banks and analysts).
In the Lenzing Group, EBITDA and EBIT are considered to be the benchmarks for operating earnings strength and profitability (performance) before and after depreciation and amortization. Due to their significance, also for external stakeholders, these indicators are presented in the consolidated income statement and, in order to provide a comparison of margins, in relation to group revenue (as the EBITDA margin and EBIT margin).
| EUR mn | 2015 | 2014 | 2013 | 2012 | 2011 |
|---|---|---|---|---|---|
| Earnings before interest, tax, depreciation and amortization (EBITDA) | 290.1 | 240.3 | 225.4 | 352.4 | 480.3 |
| /Revenue | 1,976.8 | 1,864.2 | 1,908.9 | 2,090.4 | 2,140.0 |
| EBITDA margin | 14.7% | 12.9% | 11.8% | 16.9% | 22.4% |
| EUR mn | 2015 | 2014 | 2013 | 2012 | 2011 |
| Earnings before interest and tax (EBIT) | 151.1 | 21.9 | 86.4 | 231.5 | 364.0 |
| /Revenue | 1,976.8 | 1,864.2 | 1,908.9 | 2,090.4 | 2,140.0 |
| EBIT margin | 7.6% | 1.2% | 4.5% | 11.1% | 17.0% |
EBT measures the earnings strength of the Lenzing Group before tax. It is presented in the consolidated income statement.
In the Lenzing Group, the gross cash flow serves as the benchmark for the company's ability to convert gains/losses from operating activities (before changes in working capital) into cash and cash equivalents. It is presented in the consolidated statement of cash flows.
The free cash flow generated by the Lenzing Group serves as the benchmark for the readily available cash flow generated from operating business activities after deducting investments used to service debt capital providers and equity investors. Moreover, it is of importance to external stakeholders.
| EUR mn | 2015 | 2014 | 2013 | 2012 | 2011 |
|---|---|---|---|---|---|
| Cash flow from operating activities | 215.6 | 218.8 | 82.3 | 209.4 | 309.7 |
| - Cash flow from investing activities | (56.5) | (102.8) | (152.2) | (281.8) | (216.2) |
| - Net inflow from the sale and disposal of subsidiaries and other business areas | (13.4) | 0.0 | (61.7) | 0.0 | 0.0 |
| + Acquisition of financial assets | 4.9 | 2.3 | 8.3 | 4.3 | 49.5 |
| - Proceeds from the sale/repayment of financial assets | (5.6) | (3.5) | (40.7) | (41.0) | (23.8)* |
| Free cash flow | 145.0 | 114.8 | (163.9) | (109.1) | 119.2* |
In the Lenzing Group, CAPEX serves as a measure for capital expenditures in intangible assets and property, plant and equipment. It is presented in the consolidated statement of cash flows.
Liquid assets in the Lenzing Group are the benchmark for the ability to meet payment obligations falling due through immediately available liquidity. It is also used to calculate other financial indicators (e.g. net financial debt; see below).
| EUR mn as at Dec. 31 | 2015 | 2014 | 2013 | 2012 | 2011 |
|---|---|---|---|---|---|
| Cash and cash equivalents | 347.3 | 271.8 | 287.9 | 481.7 | 410.5 |
| + Liquid bills of exchange (in trade receivables) | 8.1 | 8.5 | 8.1 | 8.5 | 5.8 |
| + Liquid securities (in financial assets) | 0.0 | 0.0 | 0.0 | 38.6 | 76.5 |
| + Current securities | 0.0 | 0.0 | 0.0 | 0.0 | 6.7 |
| Liquid assets | 355.3 | 280.3 | 296.0 | 528.8 | 499.6 |
Trading working capital in the Lenzing Group is a measure for potential liquidity and capital efficiency. It is used to compare capital turnover by relating it to group revenue.
| EUR mn as at Dec. 31 | 2015 | 2014 | 2013 | 2012 | 2011 |
|---|---|---|---|---|---|
| Inventories | 338.5 | 344.1 | 311.5 | 299.6 | 284.6 |
| + Trade receivables | 258.9 | 232.8 | 258.8 | 264.5 | 236.8 |
| - Trade payables | (150.0) | (181.1) | (176.6) | (200.3) | (148.5) |
| Trading working capital | 447.4 | 395.7 | 393.7 | 363.8 | 372.8 |
| EUR mn | 2015 | 2014 | 2013 | 2012 | 2011 |
| Most recent quarterly group revenue reported (= 4th quarter respectively) | 518.0 | 506.5 | 461.9 | 522.9 | 547.8 |
| x 4 (= annualized group revenue) | 2,071.8 | 2,026.0 | 1,847.5 | 2,091.5 | 2,191.4 |
In the Lenzing Group, adjusted equity measures the independence from providers of debt capital and the ability to raise new capital (financial strength). In addition to equity in accordance with IFRS, it also includes government grants less proportionate deferred taxes. Adjusted equity is used to compare equity and borrowed capital by relating it to total assets. This (or similar indicators) is occasionally used as a financial covenant with debt capital providers.
| EUR mn as at Dec. 31 | 2015 | 2014 | 2013 | 2012 | 2011 |
|---|---|---|---|---|---|
| Equity | 1,206.7 | 1,045.6 | 1,089.5 | 1,130.7 | 1,023.7 |
| + Non-current government grants | 17.8 | 22.0 | 23.0 | 24.5 | 23.1 |
| + Current government grants | 8.0 | 4.6 | 3.0 | 4.5 | 8.2 |
| - Proportionate deferred taxes on government grants | (6.1) | (6.1) | (5.9) | (6.5) | (6.8) |
| Adjusted equity | 1,226.4 | 1,066.1 | 1,109.6 | 1,153.1 | 1,048.1 |
| /Total assets | 2,421.8 | 2,375.1 | 2,439.9 | 2,632.7 | 2,340.5 |
| Adjusted equity ratio | 50.6% | 44.9% | 45.5% | 43.8% | 44.8% |
Net financial debt is used as the benchmark for the financial debt burden and capital structure of the Lenzing Group, and is also an important indicator for external stakeholders. Net financial debt is related to EBITDA and thus provides an indication of how many periods the same EBITDA will have to be generated in order to cover net financial debt. The relation of net financial debt and adjusted equity (net gearing) illustrates the relation of net debt to adjusted equity. This (or similar indicators) is occasionally used as a financial covenant with debt capital providers. Net debt in the Lenzing Group measures the financial debt burden, taking account of provisions for severance payments and pensions.
| EUR mn as at Dec. 31 | 2015 | 2014 | 2013 | 2012 | 2011 |
|---|---|---|---|---|---|
| Current financial liabilities | 172.3 | 192.7 | 191.1 | 173.6 | 134.4 |
| + Non-current financial liabilities | 510.9 | 537.0 | 609.6 | 701.6 | 518.5 |
| - Liquid assets | (355.3) | (280.3) | (296.0) | (528.8) | (499.6) |
| Net financial debt | 327.9 | 449.5 | 504.7 | 346.3 | 153.3 |
| /Earnings before interest, tax, depreciation and amortization (EBITDA) | 290.1 | 240.3 | 225.4 | 352.4 | 480.3 |
| Net financial debt/EBITDA | 1.1 | 1.9 | 2.2 | 1.0 | 0.3 |
| EUR mn as at Dec. 31 | 2015 | 2014 | 2013 | 2012 | 2011 |
| Net financial debt | 327.9 | 449.5 | 504.7 | 346.3 | 153.3 |
| /Adjusted equity | 1,226.4 | 1,066.1 | 1,109.6 | 1,153.1 | 1,048.1 |
| Net gearing | 26.7% | 42.2% | 45.5% | 30.0% | 14.6% |
| EUR mn as at Dec. 31 | 2015 | 2014 | 2013 | 2012 | 2011 |
| Net financial debt | 327.9 | 449.5 | 504.7 | 346.3 | 153.3 |
| + Provisions for severance payments and pensions | 96.5 | 102.9 | 77.4 | 99.2 | 85.9 |
| Net debt | 424.5 | 552.5 | 582.0 | 445.5 | 239.3 |
Return on capital employed (ROCE) is the Lenzing Group's benchmark for the yield (return) on the capital employed for the operating business. It is also of importance to external stakeholders. Return on capital (ROE) and return on investment (ROI) are profitability indicators designed to measure the earnings strength of the Lenzing Group.
| EUR mn as at Dec. 31 | 2015 | 2014 | 2013 | 2012 | 2011 |
|---|---|---|---|---|---|
| Earnings before interest and tax (EBIT) | 151.1 | 21.9 | 86.4 | 231.5 | 364.0 |
| - Proportionate current tax expense (on EBIT) | (23.8) | (23.4) | (26.3) | (39.0) | (89.6) |
| Earnings before interest and tax less proportionate current income tax expense (NOPAT) | (1.5) | 60.1 | 192.5 | 274.3 | |
| /Average capital employed | 1,588.2 | 1,601.7 | 1,605.7 | 1,409.8 | 1,193.4* |
| ROCE (Return on capital employed) | (0.1%) | 3.7% | 13.7% | 23.0%* | |
| Proportionate current income tax expense (on EBIT) | (23.8) | (23.4) | (26.3) | (39.0) | (89.6) |
| Proportionate other current tax expense | 3.4 | 2.7 | 5.6 | (0.8) | 3.0 |
| Current income tax expense | (20.7) | (20.7) | (39.8) | (86.7) |
| EUR mn as at Dec. 31 | 2015 | 2014 | 2013 | 2012 | 2011 |
|---|---|---|---|---|---|
| Total assets | 2,421.8 | 2,375.1 | 2,439.9 | 2,632.7 | 2,340.5 |
| - Trade payables | (150.0) | (181.1) | (176.6) | (200.3) | (148.5) |
| - Non-current puttable non-controlling interests | (11.7) | (12.4) | (19.5) | (29.0) | (32.1) |
| - Current puttable non-controlling interests | 0.0 | 0.0 | 0.0 | 0.0 | (1.8) |
| - Other non-current liabilities | (3.1) | (7.6) | (2.3) | (1.7) | (19.6) |
| - Other current liabilities | (85.3) | (90.5) | (35.5) | (41.9) | (70.2) |
| - Current tax liabilities | (10.6) | (25.2) | (14.8) | (43.7) | (74.9) |
| - Deferred tax liabilities | (52.9) | (44.8) | (41.8) | (41.0) | (28.2) |
| - Proportionate deferred taxes on government grants | (6.1) | (6.1) | (5.9) | (6.5) | (6.8) |
| - Current provisions | (69.9) | (81.4) | (126.4) | (81.6) | (144.5) |
| - Non-current provisions | (122.7) | (130.0) | (106.8) | (140.0) | (112.9) |
| + Provisions for severance payments and pensions (post employment benefits) | 96.5 | 102.9 | 77.4 | 99.2 | 85.9 |
| EUR mn as at Dec. 31 | 2015 | 2014 | 2013 | 2012 | 2011 |
|---|---|---|---|---|---|
| Adjusted equity as at Dec. 31 | 1,226.4 | 1,066.1 | 1,109.6 | 1,153.1 | 1,048.1 |
| Adjusted equity as at Jan. 1 | 1,066.1 | 1,109.6 | 1,153.1 | 1,048.1 | 758.8 |
| Average adjusted equity | 1,146.2 | 1,087.8 | 1,131.4 | 1,100.6 | 903.5 |
| EUR mn | 2015 | 2014 | 2013 | 2012 | 2011 |
| Earnings before tax (EBT) | 149.1 | 7.3 | 68.1 | 236.0 | 351.9 |
|---|---|---|---|---|---|
| /Average adjusted equity as at Dec. 31 | 1,146.2 | 1,087.8 | 1,131.4 | 1,100.6 | 903.5 |
| Return on equity (ROE) | 13.0% | 0.7% | 6.0% | 21.4% | 39.0% |
| EUR mn | 2015 | 2014 | 2013 | 2012 | 2011 |
|---|---|---|---|---|---|
| Total assets as at Dec. 31 | 2,421.8 | 2,375.1 | 2,439.9 | 2,632.7 | 2,340.5 |
| Total assets as at Jan. 1 | 2,375.1 | 2,439.9 | 2,632.7 | 2,340.5 | 1,963.4 |
| Average total assets | 2,398.4 | 2,407.5 | 2,536.3 | 2,486.6 | 2,152.0 |
| EUR mn | 2015 | 2014 | 2013 | 2012 | 2011 |
|---|---|---|---|---|---|
| Earnings before interest and tax (EBIT) | 151.1 | 21.9 | 86.4 | 231.5 | 364.0 |
| /Average total assets as at Dec. 31 | 2,398.4 | 2,407.5 | 2,536.3 | 2,486.6 | 2,152.0 |
| Return on capital (ROI) | 6.3% | 0.9% | 3.4% | 9.3% | 16.9% |
The Austrian Code of Corporate Governance (ACCG) provides Austrian stock corporations with a framework for the management and supervision of companies. This framework includes internationally recognized standards for good corporate governance as well as relevant regulations of Austrian stock corporation law.
The code aims to ensure a responsible management and control of companies and corporate groups oriented towards the sustainable and long-term value creation. It is intended to create a high degree of transparency for all stakeholders of the company.
Lenzing Aktiengesellschaft respects the Austrian Code of Corporate Governance (ACCG). For the first time, the company committed itself in 2010 to complying with the stipulations contained in the code. The Supervisory Board also unanimously resolved to fully adhere to the ACCG. The code is available on the Internet at www.corporate-governance.at in the currently valid version (January 2015). Lenzing Aktiengesellschaft is required to prepare and publish a Corporate Governance Report in accordance with Rule 60 of the ACCG.
This Corporate Governance Report is publicly available on the Website of Lenzing Aktiengesellschaft in accordance with C-Rule 61 ACCG (http://www.lenzing.com/investors/ Corporate governance/Reports.html).
The division of responsibilities of the members of Lenzing's Management Board during the 2015 financial year was as follows:
Stefan Doboczky (born 1967) Chairman of the Management Board, Chief Executive Officer First appointed: June 1, 2015 Current mandate expires: May 31, 2018 Responsibilities (up to December 10, 2015): Strategy & Projects, Global Strategy, Global Human Resources, Internal Audit, Corporate Communications, Investor Relations, Legal Management & Compliance, Wood Procurement, Works Council, TENCEL® Fiber Operations, Viscose/Modal Operations, Pulp Operations, Technical Services, Operational Excellence, Site Service Management, Company Secretary
Supervisory Board mandates in other companies: Economic Development Board, Singapore
Member of the Management Board, Chief Commercial Officer First appointed: May 1, 2014 Current mandate expires April 30, 2017
Responsibilities (up to December 10, 2015): Global Sales, Marketing & Business Development, Technical Customer Service & Quality Management, Innovation & Strategic R&D, Strategic Price Management, Market Intelligence, Global Logistics, Corporate Sustainability, Global Safety, Health & Environment
Member of the Management Board, Chief Financial Officer First appointed: June 1, 2014 Responsibilities (up to December 1, 2015): Global Accounting & Controlling, Global Treasury, Finance Purwakarta, Finance Nanjing, Global Purchasing, Pulp Trading Management, Global IT, Global Risk Management
Mr. Riegler resigned from his position on the Management Board effective December 1, 2015.
Chairman of the Management Board First appointed: January 1, 1999. Mr. Untersperger resigned from his position on the Management Board effective May 31, 2015.
At the Supervisory Board meeting of Lenzing Aktiengesellschaft held on December 10, 2015, Mr. Thomas Obendrauf was appointed to serve as a Member of the Management Board and Chief Financial Officer for a period of three years starting on March 1, 2016. The duties of the Chief Financial Officer were performed by Stefan Doboczky on an interim basis until February 29, 2016.
Furthermore, the Supervisory Board meeting held on December 10, 2015 also resolved upon a new division of responsibilities among the Management Board members as follows:
Chief Executive Officer: Regional Area AMEA, Regional Area North Asia, Global Pulp & Wood, Global Operations, Global HR, Global R&D, Strategy & Projects, Legal IP & Compliance, Corporate Communications & Investor Relations, Emerging Business Areas, Corporate Secretary
Chief Commercial Officer: Regional Area Europe and Americas, Global Business Management Textiles and Nonwovens, Global Sustainability, Global Brand Management, Global S&OP
Chief Financial Officer: Global Accounting, Global Controlling, Global IT & Process Management, Global Purchasing, Global Treasury, Internal Audit, Minority Participations, Risk Management
The Management Board manages the business operations of Lenzing Aktiengesellschaft in accordance with prevailing legal regulations, the Articles of Association and the internal rules of procedure applying to the Management Board. The distribution of responsibilities among
the members of the Management Board is determined based upon the organizational plan stipulated in the internal rules of procedure, which also regulates the mode of cooperation among the Management Board members. Furthermore, the Management Board is required to fully comply with the rules stipulated in the Austrian Code of Corporate Governance.
First appointed: April 28, 2014: Chairman since April 22, 2015 Current mandate expires at the Annual General Meeting resolving upon the 2016 financial year. Supervisory Board mandates in other companies: AMAG Austria Metall AG, VA Intertrading Aktiengesellschaft (Chairman), B&C Industrieholding GmbH
Since April 22, 2015: Deputy Chairman First appointed: April 22, 2015 Current mandate expires at the Annual General Meeting resolving upon the 2018 financial year. Supervisory Board mandates in other companies: Semperit Aktiengesellschaft Holding
Since March 29, 2011: Deputy Chairman
First appointed: June 4, 2004
Current mandate expires at the Annual General Meeting resolving upon the 2018 financial year. Supervisory Board mandates in other companies: Mondi AG (Chairman), Semperit Aktiengesellschaft Holding (Chairman), Constantia Industries AG (Chairman), Binder+Co AG, GrECo International Holding AG
First appointed: April 23, 2009
Current mandate expires at the Annual General Meeting resolving upon the 2018 financial year. Supervisory Board mandates in other companies: Schoellerbank Aktiengesellschaft, Oesterreichische Kontrollbank Aktiengesellschaft, card complete Service Bank AG (Chairman), Bausparkasse Wüstenrot Aktiengesellschaft, BWA Beteiligungs- und Verwaltungs-Aktiengesellschaft
First appointed: April 24, 2013
Current mandate expires at the Annual General Meeting resolving upon the 2015 financial year. Supervisory Board mandates in other companies: Bank für Tirol und Vorarlberg Aktiengesellschaft (Chairman), BKS Bank AG, voestalpine AG, AMAG Austria Metall AG
Josef Krenner (born 1952) First appointed: April 23, 2009 Current mandate expires at the Annual General Meeting resolving upon the 2018 financial year. Supervisory Board mandates in other companies: B&C Industrieholding GmbH, AMAG Austria Metall AG (Chairman)
Patrick Prügger (born 1975) First appointed: March 29, 2011 Current mandate expires at the Annual General Meeting resolving upon the 2015 financial year. Supervisory Board mandates in other companies: Semperit Aktiengesellschaft Holding, AMAG Austria Metall AG
Andreas Schmidradner (born 1961) First appointed: June 12, 2008 Current mandate expires at the Annual General Meeting resolving upon the 2016 financial year. Supervisory Board mandates in other companies: Semperit Aktiengesellschaft Holding, VAMED Aktiengesellschaft
Astrid Skala-Kuhmann (born 1953) First appointed: April 19, 2012 Current mandate expires at the Annual General Meeting resolving upon the 2018 financial year. Supervisory Board mandates in other companies: Semperit Aktiengesellschaft Holding
Michael Junghans (born 1967) First appointed: April 30, 2010 As of March 29, 2011: Chairman (Up to March 29, 2011: Deputy Chairman) Supervisory Board mandates in other companies: Stadtwerke Klagenfurt (Public Utility Company of Klagenfurt) Mr. Junghans resigned from his position on the Supervisory Board effective April 22, 2015.
Supervisory Board members designated by the Works Council:
Helmut Kirchmair (born 1968) Georg Liftinger (born 1961) First appointed 2015 First appointed 2008
First appointed 2014 First appointed 2001
Franz Berlanda (born 1961) First appointed 2014
Rudolf Baldinger (born 1954) First appointed 1998 (resigned on September 01, 2015)
Daniela Födinger (born 1964) Johann Schernberger (born 1964)
2.2. Independence (C-Rules 53 and 54 ACCG)
The Supervisory Board has adopted the guidelines relating to the independence of its members pursuant to Appendix 1 of the Austrian Code of Corporate Governance.
All members of the Supervisory Board have declared themselves to be independent from the company and the Management Board.
Pursuant to C-Rule 54 of the ACCG, the Supervisory Board members Veit Sorger, Helmut Bernkopf, Franz Gasselsberger and Astrid Skala-Kuhmann declared in the 2015 financial year that they were neither shareholders with a stake of more than 10% in the company nor did they represent such a shareholder's interests.
To fulfill its responsibility of overseeing the work of the Management Board, the Supervisory Board of Lenzing Aktiengesellschaft convenes at least once every quarterly period for a meeting. A total of six Supervisory Board meetings took place during the year under review (C-Rule 36 ACCG).
In the 2015 financial year the Supervisory Board of Lenzing Aktiengesellschaft constituted six committees consisting of its own members (C-Rules 34 and 39 ACCG):
The Audit Committee carries out the responsibilities assigned to it pursuant to Section 92 Para. 4a Austrian Stock Corporation Act. This stipulates that these responsibilities are primarily in auditing and preparing the adoption of the annual financial statements and the evaluation of the proposal made by the Management Board on the distribution of profits as well as the Management Report. The Audit Committee also examines the consolidated financial statements of the Group and the Group Management Report and makes a recommendation for the selection of the auditors. Furthermore, the Audit Committee examines the effectiveness of the internal control system (ICS), internal auditing and the risk management system of the company. The committee is required to report to the Supervisory Board about its activities. In the 2015 financial year the Audit Committee convened three times.
Members: Patrick Prügger (financial expert, Chairman as of April 22, 2015), Hanno M. Bästlein, Felix Strohbichler (as of April 22, 2015), Andreas Schmidradner, Michael Junghans (resigned on April 22, 2015), Rudolf Baldinger (resigned on April 22, 2015), Johann Schernberger (as of April 22, 2015), Georg Liftinger
The Supervisory Board has established a Nomination Committee which makes recommendations to the Supervisory Board on filling new or vacant positions on the Management Board, and also deals with issues relating to succession planning. In the 2015 financial year the committee prepared the appointment of two Management Board members. Moreover, the committee makes proposals to the Annual General Meeting for filling vacant positions on the Supervisory Board. Two meetings of the Nomination Committee were held in the course of the 2015 financial year.
Members: Hanno M. Bästlein (Chairman), Felix Strohbichler (as of April 22, 2015), Veit Sorger, Andreas Schmidradner, Michael Junghans (resigned on April 22, 2015), Rudolf Baldinger (resigned on April 22, 2015), Johann Schernberger (as of April 22, 2015), Georg Liftinger
The Supervisory Board has set up a Remuneration Committee which deals with the terms and conditions of employment contracts with Management Board members, ensures compliance with C-Rules 27, 27a and 28 ACCG and also assesses the remuneration policy with respect to Management Board members in regular intervals. The Remuneration Committee convened seven times during the 2015 financial year, focusing in particular on evaluating the performance of the Management Board and performance targets for 2015, as well as general remuneration issues relating to the Management Board. Furthermore, the Remuneration Committee negotiated, approved and concluded agreements in connection with the resignations of two Management Board members as well as the employment contracts for two members of the Management Board on behalf of Lenzing Aktiengesellschaft.
Members: Hanno M. Bästlein (Chairman), Felix Strohbichler (as of April 22, 2015), Veit Sorger, Andreas Schmidradner, Michael Junghans (resigned on April 22, 2015)
The Supervisory Board established a Strategy Committee concerning itself with evaluating the strategic positioning of the company and monitoring the implementation of the business strategy. In 2015 the Management Board developed strategic options for the Lenzing Group on the basis of a market and competition analysis, which was discussed with the Strategy Committee. The "sCore TEN" strategy proposed by the Management Board was approved by the Supervisory Board. Three meetings of the Strategy Committee were held in the 2015 financial year.
Members: Hanno M. Bästlein (Chairman), Astrid Skala-Kuhmann, Veit Sorger, Felix Strohbichler (as of April 22, 2015), Michael Junghans (resigned on April 22, 2015), Rudolf Baldinger (resigned on April 22, 2015), Johann Schernberger (as of April 22, 2015), Georg Liftinger
The Supervisory Board established an excelLENZ Committee. This committee dealt with the ongoing monitoring and control of the operational measures relating to the global cost savings and improvement program "excelLENZ 2.0". The focal points included savings designed to improve margins, reduce costs and optimize cash flows. Three meetings of the excelLENZ
Committee took place in the 2015 financial year. The excelLENZ Committee was dissolved by the Supervisory Board on December 10, 2015. The excelLENZ 2.0 program was integrated by the Management Board into a continuous improvement program. The Supervisory Board is provided with regular reports about the continuous improvement program.
Members: Hanno M. Bästlein (Chairman), Felix Strohbichler (as of April 22, 2015), Veit Sorger, Andreas Schmidradner, Michael Junghans (resigned on April 22, 2015), Rudolf Baldinger (resigned on April 22, 2015), Johann Schernberger (as of April 22, 2015), Georg Liftinger
The Supervisory Board set up a Committee for Urgent Matters. No meetings of the committee were held in the course of the 2015 financial year.
Members: Hanno M. Bästlein (Chairman), Felix Strohbichler (as of April 22, 2015), Johann Schernberger (as of April 22, 2015)
The Share Buyback Committee was dissolved on April 22, 2015. No meetings of the committee were held in the course of the 2015 financial year.
The Management Board reports to the Supervisory Board on fundamental issues relating to the future business policies of the company and the Group, as well as the future development of the financial position and financial performance of the Lenzing Group. In addition, the Management Board regularly informs the Supervisory Board about business developments and the current situation of the company and the Group in comparison to forecasts, taking the future development into account. The Management Board and Supervisory Board also discuss the long-term growth objectives of the Lenzing Group in a separate strategy meeting.
The Supervisory Board carried out a self-evaluation in the 2015 financial year in accordance with C-Rule 36 ACCG in the form of a questionnaire which focused on issues such as the controlling function of the Supervisory Board with respect to the Management Board as well as the compliance with the Management Board's obligations to provide information to the Supervisory Board. The results of the self-evaluation show that the activities of the Supervisory Board of Lenzing Aktiengesellschaft are given an overall rating of good. The Supervisory Board decided to follow up on several suggestions which were made during the self-evaluation process. Furthermore, a list of measures designed to enhance the efficiency of the Supervisory Board's work was prepared.
The remuneration models for the Management Board employment contracts were largely harmonized in recent years, and the variable salary components in these contracts were expanded. The remuneration of the Management Board members in the 2015 financial year consists of a fixed and a variable performance-oriented salary component as well as a long-term bonus component.
The variable salary components are particularly linked to the performance criteria described below.
Current variable (performance-related) component:
The current variable (performance-related) component is oriented to the following criteria: return on capital employed (ROCE: Doboczky, Obendrauf), or the group net profit for the year combined with ROCE (van de Kerkhof, Riegler, Untersperger) as well as individual qualitative targets.
Long-term bonus model:
Starting in the financial year 2015, the long-term increase of the equity values of the Lenzing Group to be calculated over a period of several years according to an agreed formula will apply as the target value for the long-term bonus model of Mr. Doboczky. Payment will take place when the employment contract expires in 2018, and depends on exceeding a threshold value as well as the extension of the Management Board contract. 50% of the bonus will be paid in cash and the other 50% in shares of Lenzing Aktiengesellschaft. A retention period for shares in Lenzing Aktiengesellschaft of at least one year applies for the first half of the bonus program, and at least two years for the second half.
The targets used to determine the long-term bonus model for other Management Board members are as follows: 50% of the bonus for Mr. Riegler and Mr. van de Kerkhof and 2/3 of the bonus for Mr. Untersperger are calculated on the basis of performance criteria of the Lenzing Group (revenue, EBIT margin, total shareholder return) evaluated over a period of several years and compared to a peer group. Qualitative targets account for 50% of the bonus for Mr. Riegler and Mr. van de Kerkhof and 1/3 of the bonus for Mr. Untersperger. Payment will be distributed over a three-year period for Mr. van de Kerkhof.
The amounts presented below for the 2015 financial year totaling EUR 5.470 thousand (2014: EUR 2.325 thousand) include EUR 2.644 thousand (2014: EUR 2.325 mn) for current employee benefits and EUR 2.826 thousand for payments relating to the termination of employment contracts.
Amount expensed for salaries of the active Management Board members of Lenzing Aktiengesellschaft:
| Stefan Doboczky1 |
van de Kerkhof | Robert | Riegler2 | Thomas | Peter Untersperger3 |
Friedrich Weninger4 |
Total | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | |
| Fixed current remuneration | 412 | 0 | 453 | 292 | 457 | 259 | 244 | 585 | 0 | 435 | 1,566 | 1,571 |
| Variable current remuneration | 644 | 0 | 209 | 133 | 0 | 116 | 225 | 190 | 0 | 315 | 1,077 | 754 |
| Termination payments | 0 | 0 | 0 | 0 | 874 | 0 | 1,953 | 0 | 0 | 0 | 2,826 | 0 |
| Total | 1,056 | 0 | 662 | 425 | 1,330 | 376 | 2,422 | 774 | 0 | 750 | 5,470 | 2,325 |
A total of EUR 40 thousand (2014: EUR 171 thousand) was recognized as an expense to cover payments to which retired members of the Management Board were entitled. This also includes claims for compensation for unused vacation time.
In addition, a total of EUR 731 thousand was recognized as an expense in the 2015 financial year (2014: EUR 47 thousand) for entitlements derived from long-term bonus models (other non-current employee benefits and share-based payments). Remuneration for former members of the Lenzing Management Board or their surviving dependants amounted to EUR 973 in the 2015 financial year (2014: EUR 952 thousand).
Members of the Management Board of Lenzing Aktiengesellschaft received a total of EUR 0 in remuneration in the 2015 financial year for consulting services rendered before their Management Board mandates (2014: EUR 102 thousand).
The principles underlying the remuneration paid to members of the Supervisory Board are laid down in the Articles of Association of Lenzing Aktiengesellschaft (Section 13), which are published on the Website of the company. In accordance with the Articles of Association, the members of the Supervisory Board are granted an annual remuneration corresponding to their responsibilities as well as the overall situation and financial position of the company.
The remuneration of the Supervisory Board members for the 2014 financial year as resolved upon by the Annual General Meeting of Lenzing Aktiengesellschaft held on April 22, 2015 amounted to the following:
In addition, each Supervisory Board member receives an attendance fee for each Supervisory Board meeting amounting to EUR 1,000, and each member of a Supervisory Board committee is granted an attendance fee of EUR 500 for each committee meeting attended.
Accordingly, the total remuneration paid to the members of the Supervisory Board during the 2015 financial year amounted to EUR 326,430 thousand. The remuneration for the individual members is listed below:
| Hanno M. Bästlein | EUR | 37,170 |
|---|---|---|
| Michael Junghans (resigned in 2015) | EUR | 55,160 |
| Veit Sorger | EUR | 43,830 |
| Helmut Bernkopf | EUR | 26,000 |
| Josef Krenner | EUR | 26,000 |
| Franz Gasselsberger | EUR | 25,000 |
| Martin Payer | EUR | 8,670 |
| Patrick Prügger | EUR | 32,500 |
| Andreas Schmidradner | EUR | 34,000 |
| Astrid Skala-Kuhmann | EUR | 30,000 |
| Rudolf Baldinger | EUR | 900 |
| Georg Liftinger | EUR | 1,800 |
| Helmut Kirchmair | EUR | 600 |
| Johann Schernberger | EUR | 1,950 |
| Daniela Födinger | EUR | 1,800 |
| Franz Berlanda | EUR | 1,050 |
Lenzing Aktiengesellschaft observes a strict equal opportunity policy and actively promotes the career development of women in management positions in all business areas.
In recent years, the percentage of women holding qualified positions in the company has steadily increased. This includes Ms. Astrid Skala-Kuhmann and Daniela Födinger, who serve on the Supervisory Board. Moreover, inasmuch as it is made possible by the respective position, the company promotes the compatibility of career and family life on the basis of flexible working time models and the possibility to work at home.
The "Group Compliance Office" staff unit was integrated into the Legal Department. It developed important compliance guidelines in 2015 which were presented to more than 150 employees in training courses. The Code of Conduct developed was adopted as binding rules of behavior by all operating units and subsidiaries. Furthermore, the Issuers' Compliance Directive was revised and published. The group-wide compliance management system (CMS) was further developed, communicated and implemented within the context of the Lenzing Group Portal (Intranet). In addition to a help platform and various information systems, employees also have the opportunity to report suspected violations of compliance rules. The focus of the classroom-based instruction was CMS as well as anti-corruption issues and competition law. A report on compliance activities at Lenzing Aktiengesellschaft is submitted once a year to the Audit Committee in accordance with Section 18a ACCG.
The disclosure of share purchases and sales by members of the Management Board and Supervisory Board is carried out in accordance with valid provisions contained in the Austrian Stock Exchange Act. A link to the Website of the Financial Market Authority can be found on the Website of Lenzing Aktiengesellschaft and is conveyed to the Issuers Compliance Officer.
The effectiveness of Lenzing's risk management system was evaluated by the auditor Deloitte Audit Wirtschaftsprüfungs GmbH in accordance with Rule 83 ACCG and issued an unqualified opinion. The Management Board was informed about the results. Furthermore, the Head of Risk Management annually reports about current risks during a meeting of the Audit Committee.
The Internal Audit Department reports directly to the Management Board. The annual auditing plan is determined in close collaboration with the Management Board and the Audit Committee. Similarly, the Head of Internal Audit regularly reports to the Audit Committee about the key audit findings.
In accordance with Rule 62 ACCG, Lenzing submits to an external evaluation of its compliance with the C-Rules and R-Rules of the Austrian Code of Corporate Governance on a regular basis, but at least every third year. Lenzing contracted PwC Oberösterreich Wirtschaftsprüfung und Steuerberatung GmbH to evaluate its Corporate Governance Report 2015. The external evaluation concluded that the declaration provided by Lenzing Aktiengesellschaft committing the company to complying with the Austrian Code of Corporate Governance (January 2015 version) gives a true and fair view of the actual situation. All external evaluation reports can be viewed on the company's Website at www.lenzing.com
Lenzing Aktiengesellschaft Lenzing, March 9, 2016
The Management Board
Stefan Doboczky
Robert van de Kerkhof
Thomas Obendrauf
The year 2015 was characterized by volatility and uncertainty. Following the financial crisis, in which a large number of countries and financial institutions were subject to considerable pressure in some cases, new challenges emerged, such as refugee flows which are unlikely to stop in the foreseeable future, along with digitalization, cybercrime and falling commodity prices.
All these issues and their effects are to be adequately addressed by Lenzing AG. In addition to external factors, 2015 was still shaped by the company's restructuring efforts, as continued from the previous year. For the most part, these measures were implemented as planned.
In addition to the reorganization, the strategy process initiated in 2014 involving a large number of employees was continued in 2015, and ended up as a future-oriented program entitled "sCore TEN". At the same time, consistent with the global nature of our business, we also attracted highly qualified and internationally experienced colleagues to strengthen our leadership team, starting with a new Chief Executive Officer, Chief Financial Officer and several top executives of different nationalities. Combined with in-house personnel developments, a strong management team has arisen, striving to align and intensify the spirit of the company to reflect the tasks ahead of us. We are increasingly changing from an Austrian company with foreign business activities to a globally operating company with strong Austrian roots. This is mirrored by the clear commitment to Austria as the corporate headquarters of the Lenzing Group, as well as maintaining major research and development centers and production facilities in the country.
In the light of these multifaceted activities, the Supervisory Board fulfilled its monitoring obligations and provided professional advice to the company. For this purpose, the Supervisory Board of Lenzing AG convened a total of eight times, and was informed by the Management Board about the company's business development, discussed major business transactions and measures and passed the required resolutions.
In particular, the Supervisory Board supported the proposed strategy project sCore TEN, and with its approval laid the foundation for a realignment of the organization in December 2015 as the basis for the further strategic development of the company. The comprehensive cost savings program excel-LENZ 2.0 initiated in 2013 to safeguard the competitiveness of the Lenzing Group was a further focal point of the Supervisory Board's work in the 2015 financial year. The excelLENZ 2.0 program was integrated by the Management Board into a continuous improvement program, which the Supervisory Board will receive impending regular reports.
The Management Board submitted a detailed written report to the Supervisory Board at each meeting about all relevant issues relating to the business development, the financial position and financial performance of Lenzing AG and the Lenzing Group. In addition, the Chairman and Deputy Chairmen of the Supervisory Board were provided with information on a regular basis by the Management Board.
The Audit Committee of the Supervisory Board convened three times, and in addition to examining and preparing the annual and the consolidated financial statements, also fulfilled its duties and responsibilities as stipulated in Section 92 Para. 4a Austrian Stock Corporation Act. In particular, the Supervisory Board monitored the financial reporting processes as well as the effectiveness of the internal control, audit and risk management systems.
The Supervisory Board set up a Remuneration Committee which focuses on the employment contracts of Management Board members, ensures adherence to C-Rules 27, 27a and 28 and regularly reviews the remuneration policies for Management Board members. Seven meetings of the Remuneration Committee took place during the 2015 financial year, particularly dealing with the evaluation of the Management Board with respect to the 2014 financial year, defining performance targets for 2015 and discussing other general remuneration issues pertaining to the Management Board. Furthermore, the Remuneration Committee negotiated, approved and concluded agreements in connection with the resignation of two Management Board members and the employment contracts for two Management Board members on behalf of Lenzing AG.
The Supervisory Board established a Strategy Committee which deals with assessing the strategic positioning of the company and monitoring the corporate strategy. In 2015, the Management Board developed strategic options for the Lenzing Group on the basis of a market and competition analysis, and discussed these options with the Strategy Committee. The proposed sCore TEN strategy was approved by the Supervisory Board. Three meetings of the Strategy Committee were held in 2015.
The excelLENZ Committee established by the Supervisory Board in April 2014 dealt with the ongoing monitoring and control of the operational measures relating to the future cost savings and improvement program "excelLENZ 2.0". After a total of six meetings, including three in the 2015 financial year, the excelLENZ Committee was dissolved by the Supervisory Board on December 10, 2015.
The Share Buyback Committee authorized by the Annual General Meeting in April 2014 did not convene in the 2015 financial year and was dissolved on April 22, 2015.
Further information pertaining to the composition and mode of operation of the Supervisory Board and its remuneration are available in the Corporate Governance Report.
The separate financial statements including the Management Report of Lenzing AG as well as the consolidated financial statements and the Group Management Report of the Lenzing Group as at December 31, 2015 were audited by Deloitte Audit Wirtschaftsprüfungs GmbH, Vienna, and granted an unqualified auditor's opinion. The Corporate Governance Report was evaluated by PwC Oberösterreich Wirtschaftsprüfung und Steuerberatung GmbH, Linz, which concluded that the declaration provided by Lenzing AG committing the company to complying with the Austrian Code of Corporate Governance (January 2015 version) gives a true and fair view of the actual situation.
The Audit Committee of the Supervisory Board reviewed the separate and the consolidated financial statements, the Management Report and Group Management Report, the proposal of the Management Board for the appropriation of the total accumulated profit along with the Corporate Governance Report. The Audit Committee also intensively focused on the auditor's reports and meticulously discussed the results of the audit in detail with the auditor. On the basis of its own review, the Audit Committee concurred with the results of the auditor's report. The Audit Committee dutifully reported to the Supervisory Board on this matter and recommended that the Supervisory Board propose the appointment of Deloitte Audit Wirtschaftsprüfungs GmbH, Vienna, again to the Annual General Meeting to serve as the auditors for the 2016 financial year.
Following its own detailed review, the Supervisory Board declared its formal approval of the Management Report and Corporate Governance Report, and thus hereby adopted the separate annual financial statements for 2015 pursuant to Section 96 Para. 4 Austrian Stock Corporation Act. Furthermore, it declared its approval of the consolidated financial statements and Group Management Report in accordance with Section 244 and Section 245a Austrian Commercial Code. The Supervisory Board concurred with the Management Board's proposal on the distribution of the total accumulated profit. Accordingly, a dividend of EUR 53,100,000 or EUR 2.00 per share is to be distributed.
The Supervisory Board agrees with the recommendation of the Audit Committee and will thus propose to the 72nd Annual General Meeting to appoint Deloitte Audit Wirtschaftsprüfungs GmbH, Vienna, as the auditors for the annual financial statements of the 2016 financial year.
No conflicts of interest on the part of Management Board and Supervisory Board members which require disclosure were reported to the Supervisory Board during the year under review.
The Supervisory Board would like to thank the Management Board and all employees and employee representatives for their high level of continued commitment and the satisfactory results achieved in the past financial year.
Vienna, March 16, 2016
Chairman of the Supervisory Board
| Consolidated Financial Statements 2015 | 66 | |
|---|---|---|
| Contents | 66 | |
| Consolidated Income Statement | 67 | |
| Consolidated Statement of Comprehensive Income | 68 | |
| Consolidated Statement of Financial Position | 69 | |
| Consolidated Statement of Changes in Equity | 70 | |
| Consolidated Statement of Cash Flows | 72 | |
| Notes to the Consolidated Financial Statements | 73 | |
| General Information | 73 | |
| Note 1. | Basic information | 73 |
| Note 2. | Changes in accounting policies | 76 |
| Note 3. | Accounting policies | 78 |
| Note 4. | Changes in entities included in consolidation and business combinations |
89 |
| Note 5. | Non-current assets and liabilities held for sale, disposal groups and discontinued operations |
89 |
| Note 6. | Segment reporting | 91 |
| Notes to the Consolidated Income Statement | 96 | |
| Note 7. | Revenue | 96 |
| Note 8. | Other operating income | 96 |
| Note 9. | Cost of material and other purchased services | 96 |
| Note 10. Personnel expenses | 97 | |
| Note 11. Amortization of intangible assets and depreciation of property, plant and equipment |
97 | |
| Note 12. Other operating expenses | 97 | |
| Note 13. Auditors' fees | 98 | |
| Note 14. Income from investments accounted for using the equity method |
98 | |
| Note 15. Income from non-current and current financial assets | 99 | |
| Note 16. Financing costs | 99 | |
| Note 17. Income tax expense | 99 | |
| Note 18. Earnings per share | 100 | |
| Notes on the Consolidated Statement of Financial Position, the Consolidated Statement of Comprehensive Income and the Consolidated Statement of Changes in Equity |
101 | |
| Note 19. Intangible assets | 101 | |
| Note 20. Property, plant and equipment | 105 |
Note 21. Investments accounted for using the equity method 107
| Note 22. Financial assets | 109 | |
|---|---|---|
| Note 23. Other non-current assets | 110 | |
| Note 24. Inventories | 110 | |
| Note 25. Trade receivables | 110 | |
| Note 26. Construction contracts | 111 | |
| Note 27. Other current assets | 111 | |
| Note 28. Current securities | 111 | |
| Note 29. Equity | 112 | |
| Note 30. Government grants | 116 | |
| Note 31. Financial liabilities | 117 | |
| Note 32. Deferred taxes (deferred tax assets and liabilities) | 118 | |
| Note 33. Provisions | 121 | |
| Note 34. Puttable non-controlling interests | 135 | |
| Note 35. Other liabilities and trade payables | 135 | |
| Notes on the Consolidated Statement of Cash Flows | 136 | |
| Note 36. Liquid funds | 136 | |
| Note 37. Other disclosures on the consolidated statement of cash flow |
136 | |
| Notes on Capital Risk Management and Financial Instruments |
137 | |
| Note 38. Capital risk management | 137 | |
| Note 39. Classes and categories of financial instruments | 139 | |
| Note 40. Net interest and net result from financial instruments and net foreign currency profit/loss |
146 | |
| Note 41. Management of financial risks and derivative financial instruments |
147 | |
| Notes on Leases | 163 | |
| Note 42. Finance leases | 163 | |
| Note 43. Operating leases | 164 | |
| Disclosures on Related Parties and Executive Bodies | 165 | |
| Note 44. Related party disclosures | 165 | |
| Note 45. Executive bodies of the company | 169 | |
| Other Notes | 170 | |
| Note 46. Financial guarantee contracts, contingent assets and liabilities, other financial obligations and legal risks |
170 | |
| Note 47. Group companies | 171 | |
| Note 48. Significant events after the end of the reporting period | 173 | |
| Note 49. Authorization of the consolidated financial statements | 173 | |
Lenzing AG Consolidated Income Statement
for the period January 1 to December 31, 2015
| EUR '000 | ||
|---|---|---|
| Note | 2015 | 2014 | |
|---|---|---|---|
| Revenue | (7) | 1,976,806 | 1,864,222 |
| Change in inventories of finished goods and work in progress | (7,298) | (2,561) | |
| Own work capitalized | 29,230 | 34,631 | |
| Other operating income | (8) | 45,727 | 48,530 |
| Cost of material and other purchased services | (9) | (1,218,260) | (1,199,241) |
| Personnel expenses | (10) | (300,207) | (292,000) |
| Other operating expenses | (12) | (235,885) | (213,279) |
| Earnings before interest, tax, depreciation and amortization (EBITDA)1 | 290,114 | 240,302 | |
| Amortization of intangible assets and depreciation of property, plant and equipment | (11) | (142,248) | (221,546) |
| Income from the release of investment grants | 3,236 | 3,170 | |
| Earnings before interest and tax (EBIT)1 | 151,102 | 21,926 | |
| Income from investments accounted for using the equity method | (14) | 17,726 | (541) |
| Income from non-current and current financial assets | (15) | 5,652 | 4,519 |
| Financing costs | (16) | (26,913) | (27,416) |
| Financial result | (3,535) | (23,439) | |
| Allocation of profit or loss to puttable non-controlling interests | (34) | 1,531 | 8,818 |
| Earnings before tax (EBT)1 | 149,098 | 7,305 | |
| Income tax expense | (17) | (25,064) | (21,466) |
| Net profit/loss for the year | 124,034 | (14,160) | |
| Net profit/loss for the year attributable to shareholders of Lenzing AG | 122,947 | (13,478) | |
| Attributable to non-controlling interests | 1,087 | (682) | |
| Earnings per share | (18) | EUR | EUR |
| Diluted = undiluted | 4.63 | (0.51) |
1) EBITDA: Operating result before depreciation and amortization or accordingly earnings before interest, tax, depreciation on property,
plant and equipment and amortization of intangible assets and before income from the release of investment grants.
EBIT: Operating result or accordingly earnings before interest and tax.
EBT: Earnings before tax.
Lenzing AG
for the period January 1 to December 31, 2015
| EUR '000 | |||
|---|---|---|---|
| Note | 2015 | 2014 | |
| Net profit/loss for the year as per consolidated income statement | 124,034 | (14,160) | |
| Items that will not be reclassified subsequently to profit or loss | |||
| Remeasurement of defined benefit liability (thereof from investments accounted for using the equity method: 2015: EUR -30 thousand, 2014: EUR -718 thousand) |
(33) | 5,204 | (14,614) |
| Income tax relating to these components of other comprehensive income | (29) | (1,360) | 3,496 |
| 3,844 | (11,118) | ||
| Items that may be reclassified to profit or loss | |||
| Foreign operations – foreign currency translation differences arising during the reporting period (thereof from investments accounted for using the equity method: |
|||
| 2015: EUR 3 thousand, 2014: EUR 178 thousand) Foreign operations – reclassification of foreign currency translation differences on loss of control |
(29) | 41,548 (164) |
48,618 0 |
| Available-for-sale financial assets – net fair value gain/loss on remeasurement recognized in the reporting period |
(29) | 163 | 790 |
| Available-for-sale financial assets – reclassification of amounts relating to financial assets disposed of in the reporting period |
(29) | 0 | 0 |
| Cash flow hedges – effective portion of changes in fair value recognized in the reporting period (thereof from investments accounted for using the equity method: 2015: EUR 1 thousand, 2014: EUR -23 thousand) |
(29) | (38,956) | (35,107) |
| Cash flow hedges – reclassification to profit or loss (thereof from investments accounted for using the equity method: |
|||
| 2015: EUR 4 thousand, 2014: EUR 18 thousand) Income tax relating to these components of other comprehensive income |
(29) (29) |
62,762 (5,709) |
7,653 6,057 |
| 59,645 | 28,012 | ||
| Other comprehensive income - net of tax | 63,489 | 16,893 | |
| Total comprehensive income | 187,523 | 2,733 | |
| Attributable to shareholders of Lenzing AG | 183,840 | 602 | |
| Attributable to non-controlling interests | 3,683 | 2,131 |
as at December 31, 2015
| Assets Note |
31/12/2015 | 31/12/2014 |
|---|---|---|
| Intangible assets (19) |
18,234 | 21,931 |
| Property, plant and equipment (20) |
1,294,451 | 1,322,490 |
| Investments accounted for using the equity method (21) |
25,568 | 37,956 |
| Financial assets (22) |
22,847 | 23,194 |
| Deferred tax assets (32) |
17,253 | 21,534 |
| Current tax assets | 9,335 | 6,865 |
| Other non-current assets (23) |
5,369 | 9,003 |
| Non-current assets | 1,393,057 | 1,442,975 |
| Inventories (24) |
338,464 | 344,092 |
| Trade receivables (25. 26) |
258,939 | 232,769 |
| Current tax assets | 251 | 13,785 |
| Other current assets (27) |
83,846 | 69,640 |
| Cash and cash equivalents (36) |
347,254 | 271,791 |
| Current assets | 1,028,753 | 932,076 |
| Total assets | 2,421,810 | 2,375,051 |
| Equity and liabilities Note |
31/12/2015 | 31/12/2014 |
| Share capital | 27,574 | 27,574 |
| Capital reserves | 133,919 | 133,919 |
| Other reserves | 31,147 | (30,153) |
| Retained earnings | 986,799 | 890,376 |
| Equity attributable to shareholders of Lenzing AG | 1,179,439 | 1,021,716 |
| Non-controlling interests | 27,255 | 23,919 |
| Equity (29) |
1,206,694 | 1,045,634 |
| Financial liabilities (31) |
510,910 | 537,033 |
| Government grants (30) |
17,807 | 21,994 |
| Deferred tax liabilities (32) |
52,934 | 44,830 |
| Provisions (33) |
122,653 | 130,007 |
| Puttable non-controlling interests (34) |
11,686 | 12,410 |
| Other liabilities (35) |
3,075 | 7,640 |
| Non-current liabilities | 719,065 | 753,914 |
| Financial liabilities (31) |
172,337 | 192,745 |
| Trade payables (35) |
149,987 | 181,130 |
| Government grants (30) |
7,995 | 4,565 |
| Current tax liabilities | 10,571 | 25,186 |
| Provisions (33) |
69,895 | 81,382 |
| Other liabilities (35) |
85,266 | 90,493 |
| Current liabilities | 496,051 | 575,502 |
| Total equity and liabilities | 2,421,810 | 2,375,051 |
for the period January 1 to December 31, 2015
| Note | Share capital |
Capital reserves | Foreign cur rency translation reserve |
||
|---|---|---|---|---|---|
| As at 01/01/2014 | 27,574 | 133,919 | (18,932) | ||
| Net profit/loss for the year as per consolidated income statement | 0 | 0 | 0 | ||
| Other comprehensive income - net of tax | 0 | 0 | 45,842 | ||
| Total comprehensive income | 0 | 0 | 45,842 | ||
| Acquisition/disposal of non-controlling interests and other changes in consolidated group |
(4, 29) | 0 | 0 | 0 | |
| Dividends | 0 | 0 | 0 | ||
| As at 31/12/2014 | 27,574 | 133,919 | 26,909 | ||
| As at 01/01/2015 | 27,574 | 133,919 | 26,909 | ||
| Net profit/loss for the year as per consolidated income statement | 0 | 0 | 0 | ||
| Other comprehensive income - net of tax | 0 | 0 | 38,522 | ||
| Total comprehensive income | 0 | 0 | 38,522 | ||
| Acquisition/disposal of non-controlling interests and other changes in consolidated group |
(4, 29) | 0 | 0 | 0 | |
| Share-based payments | (44) | 0 | 0 | 0 | |
| Dividends | 0 | 0 | 0 | ||
| Reclassification due to settlement or disposal of defined benefit plans | 0 | 0 | 0 | ||
| As at 31/12/2015 | (29) | 27,574 | 133,919 | 65,431 |
| EUR '000 | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| losses | Actuarial gains/ | Retained earnings |
Equity attributable to shareholders of Lenzing AG |
Non-controlling interests |
Equity | |||||||||
| (26,441) | 950,390 | 1,067,649 | 21,813 | 1,089,462 | ||||||||||
| 0 | (13,478) | (13,478) | (682) | (14,160) | ||||||||||
| (11,064) | 0 | 14,080 | 2,813 | 16,893 | ||||||||||
| (11,064) | (13,478) | 602 | 2,131 | 2,733 | ||||||||||
| 0 | (73) | (73) | 75 | 2 | ||||||||||
| 0 | (46,463) | (46,463) | (100) | (46,563) | ||||||||||
| (37,505) | 890,376 | 1,021,716 | 23,919 | 1,045,634 | ||||||||||
| (37,505) | 890,376 | 1,021,716 | 23,919 | 1,045,634 | ||||||||||
| 0 | 122,947 | 122,947 | 1,087 | 124,034 | ||||||||||
| 3,885 | 0 | 60,893 | 2,596 | 63,489 | ||||||||||
| 3,885 | 122,947 | 183,840 | 3,683 | 187,523 | ||||||||||
| 0 | 0 | 0 | (222) | (222) | ||||||||||
| 0 | 433 | 433 | 0 | 433 | ||||||||||
| 0 | (26,550) | (26,550) | (125) | (26,675) | ||||||||||
| 407 | (407) | 0 | 0 | 0 | ||||||||||
| (33,212) | 986,799 | 1,179,439 | 27,255 | 1,206,694 |
Lenzing AG
for the period January 1 to December 31, 2015
| EUR '000 | ||||
|---|---|---|---|---|
| Note | 2015 | 2014 | |
|---|---|---|---|
| Net profit/loss for the year | 124,034 | (14,160) | |
| + Amortization of intangible assets and depreciation of property, plant and equipment |
(11) | 142,248 | 221,546 |
| - Income from the release of investment grants |
(3,236) | (3,170) | |
| +/- Change in non-current provisions | (2,029) | 531 | |
| - Income/+ expenses from deferred taxes |
4,745 | 783 | |
| +/- Change in current tax assets and liabilities | 2,160 | 20,418 | |
| +/- Income from investments accounted for using the equity method | (37) | 12,366 | 581 |
| - Other non-cash income/+ expenses |
(37) | 4,174 | 4,277 |
| Gross cash flow | 284,463 | 230,806 | |
| +/- Change in inventories | 8,956 | (18,435) | |
| +/- Change in accounts receivable | (27,690) | 25,887 | |
| +/- Change in accounts payable | (50,149) | (19,444) | |
| Change in working capital | (68,883) | (11,992) | |
| Cash flow from operating activities | 215,580 | 218,814 | |
| - Acquisition of intangible assets, property, plant and equipment (Capex ) |
(70,914) | (104,311) | |
| - Acquisition of financial assets |
(4,938) | (2,307) | |
| + Proceeds from the sale of intangible assets, property, plant and equipment |
320 | 337 | |
| + Proceeds from the sale/repayment of financial assets |
5,604 | 3,468 | |
| + Net inflow from the sale and disposal of subsidiaries and other business areas |
(5) | 13,385 | 0 |
| Cash flow from investing activities | (56,543) | (102,812) | |
| - Distribution to shareholders |
(26,675) | (46,563) | |
| + Disposal of non-controlling interests |
(4) | 0 | 2 |
| + Investment grants |
1,033 | 1,027 | |
| +/- Change in current financial liabilities | (21,408) | (3,487) | |
| + Proceeds from the issue of private placements |
(31) | 150,000 | 0 |
| - Repayment of private placements |
(31) | (89,500) | 0 |
| + Proceeds from non-current financial liabilities |
43,083 | 10,721 | |
| - Repayment on non-current financial liabilities |
(147,630) | (100,493) | |
| Cash flow from financing activities | (91,098) | (138,792) | |
| Total change in liquid funds | 67,939 | (22,791) | |
| Liquid funds at beginning of the year | 271,791 | 287,882 | |
| Currency translation adjustment relating to liquid funds | 7,523 | 6,700 | |
| Liquid funds at the end of the year | (36) | 347,254 | 271,791 |
| Additional information on payments in cash flow from operating activities: | |||
| Interest payments received | 1,428 | 1,714 | |
| Interest payments made | 21,131 | 23,805 | |
| Income taxes paid | 17,654 | 370 | |
| Distributions received from investments accounted for using the equity method | 30,093 | 40 |
as at December 31, 2015
Basic information
The Lenzing Group (the "Group") consists of Lenzing Aktiengesellschaft (Lenzing AG) and its consolidated companies. Lenzing AG is a listed stock corporation under Austrian law. It is entered in the Commercial Register of the Wels Commercial and Regional Court, Austria, under FN 96499k. Its registered office is Werkstrasse 2, 4860 Lenzing, Austria. The shares of Lenzing AG are listed on the Prime Market (since April 18, 2011) and in the ATX benchmark index (since September 19, 2011) of the Vienna Stock Exchange in Vienna, Austria.
The main shareholder of Lenzing AG as at December 31, 2015 was the B&C Group, which directly and indirectly held 67.60% (December 31, 2014: 67.60%) of the share capital of Lenzing AG. The direct majority shareholder of Lenzing AG is B&C Lenzing Holding GmbH, Vienna. In addition, B&C Iota GmbH & Co. KG, Vienna, also holds shares in Lenzing AG. The indirect majority shareholder of Lenzing AG is B&C Industrieholding GmbH, Vienna. In turn, its majority shareholder is B&C Holding Österreich GmbH, Vienna, which prepares and publishes consolidated financial statements which include the Lenzing Group. The ultimate parent company of the B&C Group, and therefore also of Lenzing AG, is B&C Privatstiftung, Vienna.
The core business of the Lenzing Group is the production and marketing of botanic cellulose fibers. A significant portion of the pulp needed for production purposes is manufactured in the Group's own plants or partially bought in. The most important raw material for the manufacture of pulp is wood, which is bought in. The Lenzing Group also operates in mechanical and plant engineering and offers engineering services. The Lenzing Group has production locations in Austria (Lenzing and Heiligenkreuz), the Czech Republic (Paskov), the UK (Grimsby), the United States (Mobile), Indonesia (Purwakarta) and China (Nanjing). The sales network comprises sales companies in China (Hong Kong and Shanghai) and sales offices in Indonesia (Jakarta), India (Coimbatore) and the United States (New York).
The consolidated financial statements for the period from January 1 to December 31, 2015 were prepared in accordance with all International Financial Reporting Standards (IFRSs) and interpretations effective as at the reporting date, as endorsed in the EU. The additional requirements of section 245a(1) of the Unternehmensgesetzbuch (öUGB – Austrian Commercial Code) have been complied with.
The reporting currency is euro (EUR), which is also the functional currency of Lenzing AG and a majority of its subsidiaries. The figures shown in these consolidated financial statements and in the notes, unless stated otherwise, have been rounded up to the next thousand. Arithmetic differences due to rounding effects can occur when adding up rounded amounts and percentages using automatic tools.
In preparing the IFRS consolidated financial statements, the Management Board of Lenzing AG uses estimates, assumptions and judgments. These estimates, assumptions and judgments are based on the circumstances assumed as at the reporting date and can have a significant effect on the presentation of the financial position and financial performance of the Group. They concern the recognition and value of assets and liabilities, contingent assets and liabilities, the reporting of cash flows and income and expenses (including other comprehensive income) and the presentation of disclosures in the notes to the consolidated financial statements.
In the case of the following assumptions about the future and other major sources of estimation uncertainty at the reporting date, there is a considerable risk in the Lenzing Group that they could lead to a material adjustment of the financial position and financial performance – in particular the carrying amounts of assets and liabilities – in the subsequent reporting period:
The recognition of (other) provisions is based on estimates concerning the probability of the future outflow of benefits. In measuring these items, assumptions are also made with regard to the expected amount required to settle the obligations. These uncertainties relate in particular to provisions for restructuring measures – especially severance payments and settlements because of the headcount reduction (such as the number of jobs to be cut in the future and costs to be incurred), provisions for guarantees and warranties (such as when the risks for which provisions have been recognized will take effect and their amount), provisions for anticipated losses and other risks (such as the future volume of sales or procurement and future prices or costs) and other provisions for legal disputes, which depend largely on the estimate of the outcome of the process and the costs then incurred. Further detailed information is given in notes 33 and 3 (under "Provisions").
Assumptions and estimates are based on experience and other considerations that the Management Board considers appropriate. However, the amounts that ultimately arise can deviate from these assumptions and estimates if the general conditions assumed develop differently from expectations as at the reporting date. Changes are taken into account when better information is learned and the assumptions are adjusted accordingly.
When applying the accounting policies, the following significant judgments were made in the Lenzing Group that had a material influence on the amounts in the consolidated financial statements:
The consolidated financial statements of the Lenzing Group include Lenzing AG as the parent company and its subsidiaries, each on the basis of financial statements as at December 31, 2015. If the financial years of consolidated subsidiaries do not end at the reporting date for Lenzing AG on December 31, interim financial statements are prepared for the purposes of consolidation. This is the case for one subsidiary (December 31, 2014: one subsidiary), which has a different reporting date because of local legal requirements (see note 47).
Investments in associates and joint ventures are accounted for using the equity method.
The number of companies included in the consolidated financial statements developed as follows:
| Development in number of companies included in consolidation (incl. parent company) |
2015 | 2014 | ||||
|---|---|---|---|---|---|---|
| Full consolidation |
At equity consolidation |
Full consolidation |
At equity consolidation |
|||
| As at 01/01 | 33 | 8 | 32 | 8 | ||
| Included in consolidation for the first time in reporting period | 0 | 0 | 1 | 0 | ||
| Deconsolidated in reporting period | (4) | 0 | 0 | 0 | ||
| As at 31/12 | 29 | 8 | 33 | 8 | ||
| Thereof in Austria | 13 | 4 | 14 | 4 | ||
| Thereof abroad | 16 | 4 | 19 | 4 |
Changes in the consolidated group are described in note 4. A list of all group companies as at December 31, 2015 can be found in note 47. The main group companies operate in the production and marketing of botanic cellulose fibers and, in some cases, of pulp (Segment Fibers).
On the basis of its comprehensive co-determination rights, Lenzing AG controls assets in the wholesale fund GF 82, a special fund under section 20a of the österreichisches Investmentfondsgesetz (öInvFG – Austrian Investment Fund Act). The fund is therefore classified as a structured entity and included in consolidation. The securities held in the fund serve to fulfill the fiscal securities coverage of the pension provisions from Austrian pension plans as required under section 14 of the österreichisches Einkommensteuergesetz (öEStG – Austrian Income Tax Act). The material, unchanged risks of the fund are traditional investment risks (especially default and market price risks). At present, the Lenzing Group does not intend to grant the fund financial or other aid or to assist in the procurement of financial aid.
In the 2015 financial year, the Lenzing Group maintained the accounting policies applied in the previous financial year, with the exception of the changes described in this section. The accounting policies are described in detail in note 3.
The following new and amended standards and interpretations were adopted into EU law and became mandatory for the Lenzing Group for the first time in the 2015 financial year:
| Standards/interpretations | Publication by the IASB |
Mandatory application according to IASB for financial years from |
Adoption by the EU as at 31/12/2015 |
|
|---|---|---|---|---|
| IFRIC 21 | Levies (mandatory application according to the European Commission as of June 17, 2014) |
20/05/2013 | 01/01/2014 | Yes |
| Various | Amendment of a number of IFRSs as a result of the 2011-2013 improvement process (mandatory application according to the European Commission as of January 1, 2015) |
12/12/2013 | 01/07/2014 | Yes |
The above new or amended standards and interpretations that are applicable as of January 1, 2015 do not result in any significant changes in the financial statements of the Lenzing Group. The accounting policies and measurement and presentation methods applied in the consolidated financial statements therefore remained largely unchanged in comparison to the last consolidated annual financial statements of the Lenzing Group as at December 31, 2014.
The following new and amended standards and interpretations that had already been published by the IASB when the consolidated financial statements were prepared were not yet mandatory for the Lenzing Group for financial years beginning on or before January 1, 2015:
| Publication by | Mandatory application according to IASB for financial |
Adoption by the EU as at |
||
|---|---|---|---|---|
| Standards/interpretations | the IASB | years from | 31/12/2015 | |
| IAS 19 | Defined Benefit Plans: Employee Contributions (mandatory application according to the European Commission as of February 1, 2015) |
21/11/2013 | 01/07/2014 | Yes |
| Various | Amendment of a number of IFRSs as a result of the 2010-2012 improvement process (mandatory application according to the European Commission as of February 1, 2015) |
12/12/2013 | 01/07/2014 | Yes |
| IFRS 14 | Regulatory Deferral Accounts | 30/01/2014 | 01/01/2016 | No1 |
| IFRS 11 | Joint Arrangements: Accounting for Acquisitions of Interests in Joint Operations |
06/05/2014 | 01/01/2016 | Yes |
| IAS 16, 38 | Property, Plant and Equipment, Intangible Assets: Clarification of Acceptable Methods of Depreciation and Amortization |
12/05/2014 | 01/01/2016 | Yes |
| IFRS 15 | Revenue from Contracts with Customers | 28/05/2014 | 01/01/2018 | No |
| IAS 16, 41 | Property, Plant and Equipment, Agriculture: Bearer Plants | 30/06/2014 | 01/01/2016 | Yes |
| IFRS 9 | Financial Instruments | 24/07/2014 | 01/01/2018 | No |
| IAS 27 | Separate Financial Statements: Equity Method in Separate Financial Statements |
12/08/2014 | 01/01/2016 | Yes |
| IFRS 10, IAS 28 | Sale or Contribution of Assets between an Investor and its Associate or Joint Venture |
11/09/2014 | Unknown2 | No |
| Various | Amendment of a number of IFRSs as a result of the 2012-2014 improvement process |
25/09/2014 | 01/01/2016 | Yes |
| IFRS 10, 12, IAS 28 | Investment Entities: Application of the Investment Entities Exceptions |
18/12/2014 | 01/01/2016 | No |
| IAS 1 | Disclosure Initiative | 18/12/2014 | 01/01/2016 | Yes |
| IFRS 16 | Leases | 13/01/2016 | 01/01/2019 | No |
| IAS 12 | Income Taxes: Recognition of Deferred Tax Assets for Unrealized Losses |
19/01/2016 | 01/01/2017 | No |
| IAS 7 | Statement of Cash Flows: Disclosure Initiative | 29/01/2016 | 01/01/2017 | No |
1) The European Commission proposes to currently not endorse the interim standard IFRS 14 for adoption into EU law.
2) Effective date was deferred indefinitely by the IASB.
The new and amended standards and interpretations shown above were not adopted early by the Lenzing Group; they are expected to have the following effects on the financial position and financial performance of the Lenzing Group in future financial years:
IFRS 9 (and IFRS 7): IFRS 9 (Financial Instruments) contains amendments to the categorization and measurement of financial instruments, impairment of financial assets and regulations on hedge accounting. As things stand, the Lenzing Group expects the application of IFRS 9 to mainly affect financial assets (especially their categorization and in isolated cases their measurement). Due to the conversion to the uniform expected credit loss model, bad debt provisions for financial instruments
(especially for trade receivables) will tend to be recognized earlier in future. Simplifications in hedge accounting are also expected. IFRS 7 (Financial Instruments: Disclosures), revised in the course of the release of IFRS 9, will result in changed or expanded disclosures in the notes, specifically regarding defaults of receivables, hedge accounting and the presentation of financial instrument categories.
IFRS 16: IFRS 16 (Leases) leads to changes in the accounting for leases by the lessee. In future, the lessee will be required to capitalize a right of use for an asset arising from a lease, carry lease liabilities as a liability and roll over both values. Relief is granted for terms no longer than 12 months and for low-value assets. Accounting on the part of the lessor remains virtually unchanged. The Lenzing Group is currently analyzing which changes will ensue as a result of IFRS 16. As things stand, the Lenzing Group expects the application of IFRS 16 in particular to result in the increased recognition of rights of use (rise in non-current assets) and of lease liabilities (rise in financial liabilities) from leases previously classified as operating leases in which the Lenzing Group is the lessee. In particular, changed or expanded disclosures in the notes concerning leases will also be required. In addition, it is anticipated that EBITDA, EBIT and cash flow from operating activities will improve as a result of the amended reporting requirements.
IAS 7: Due to the amendments to IAS 7 (statement of cash flows) the Lenzing Group will particularly incorporate additional information on changes to financial liabilities in the notes to the consolidated financial statements.
The application of these standards and interpretations is planned following their endorsement by the EU in each case.
There were no voluntary changes to accounting policies in the 2015 financial year.
The consolidated income statement has been prepared in line with the nature of expense method. The consolidated statement of cash flows has been prepared using the indirect method. In the consolidated statement of cash flows, interest paid and received, income taxes paid and dividends received are allocated to cash flow from operating activities. Dividends paid are reported in the cash flow from financing activities.
In the case of intangible assets, property, plant and equipment, loans granted, inventories, receivables and liabilities, historical cost represents the fundamental basis for measurement. In the case of available-for-sale financial assets and derivative financial instruments, the basis for measurement is the fair value as at the reporting date. Plan assets in the context of defined benefit pension obligations are also measured at fair value as at the reporting date. Assets and liabilities from company acquisitions are measured at fair value as at the acquisition date. Assets classified as held for sale are measured at the lower of their carrying amount and their fair value less costs to sell.
Subsidiaries are companies under the control of the parent company. Control is assumed when Lenzing AG holds more than 50% of the voting rights and there are no indications to the contrary. Subsidiaries are included in the consolidated financial statements by way of consolidation.
The acquisition of subsidiaries is accounted for using the acquisition method. For every acquisition, the Lenzing Group makes an individual decision as to whether the non-controlling interests in the acquiree shall be recognized at fair value or on the basis of the proportionate share in the net assets of the acquired subsidiary. On addition, non-controlling interests are measured either at fair value or at the corresponding share of the recognized carrying amounts of net assets. They are reported in equity and in income as "Non-controlling interests".
The capital shares attributable to the non-controlling shareholders of certain companies are reported outside equity. These capital shares do not constitute equity under IFRS because of the limitation of the companies under company law. Initial measurement is at fair value, which generally corresponds to the fair value of the non-controlling shareholder's contribution at the time of the contribution. In subsequent measurement, the amount recognized in liabilities on initial measurement is increased by the gain accrued/reduced by the loss incurred up to the measurement date. In the statement of financial position, these third-party capital shares are reported in the "Puttable non-controlling interests" item under liabilities or in the "Other current assets" item under assets. The change in net assets attributable to those noncontrolling interests that is recognized in profit or loss is reported in the item "Allocation of profit or loss to puttable noncontrolling interests" in the income statement. In addition, any amounts recognized directly in equity are included in the measurement of the liability/receivable. Distributions of profits to non-controlling shareholders reduce the liability/increase the receivable.
The reporting currency of Lenzing AG and the Lenzing Group is the euro. The subsidiaries prepare their annual financial statements in their respective functional currency. Except for PT. South Pacific Viscose, the functional currency is the currency of the country or region where the respective subsidiary is based. The functional currency for PT. South Pacific Viscose is the US dollar. Exchange rate gains or losses from transactions by consolidated companies in a currency other than the functional currency are recognized in profit or loss. Monetary items of consolidated companies that are not denominated in the functional currency are converted using the closing rate at the reporting date.
The following key exchange rates were used for currency translation into the reporting currency euro:
| Exchange rates for key currencies | 2015 | 2014 | |||
|---|---|---|---|---|---|
| Unit | Currency | End of reporting period |
Average | End of reporting period |
Average |
| 1 EUR | USD US Dollar | 1.0926 | 1.1018 | 1.2160 | 1.3285 |
| 1 EUR | GBP British Pound | 0.7380 | 0.7205 | 0.7823 | 0.8061 |
| 1 EUR | CZK Czech Koruna |
27.0290 | 27.1917 | 27.7280 | 27.5360 |
| 1 EUR | CNY Renminbi Yuan | 7.0910 | 6.9353 | 7.5442 | 8.1857 |
| 1 EUR | HKD Hong Kong Dollar | 8.4685 | 8.5415 | 9.4340 | 10.3025 |
| 1 EUR | INR Indian Rupee |
72.5350 | 71.1453 | 77.1686 | 81.0406 |
Acquired intangible assets are reported at cost less accumulated amortization as at the reporting date if they have a limited useful life. The option to apply the revaluation model is not exercised. The cost of production comprises all costs attributable to the production process (direct costs and overheads) and pro rata borrowing costs in the case of qualifying assets. Amortization, depreciation, impairment and reversals of impairment losses attributable to the financial year are reported under the item "Amortization of intangible assets and depreciation of property, plant and equipment" in the income statement. Development costs from internally generated intangible assets are capitalized if they fulfill the criteria of IAS 38. Otherwise, the development costs concerned are recognized as an expense. Research costs are generally recognized as an expense.
Depreciation is calculated using the straight-line method on the basis of the estimated useful lives. The estimated useful lives of the most important assets are as follows:
| Years | |
|---|---|
| Software/computer programs | 3 to 4 |
| Licenses and other intangible assets | |
| Purchased | 4 to 20 |
| Internally generated | 7 to 15 |
Goodwill, trademark rights and other intangible assets with indefinite useful lives are amortized only if they are impaired.
Property, plant and equipment is reported at cost less accumulated depreciation as at the reporting date. The option to apply the revaluation model is not exercised. The cost of production comprises all costs attributable to the production process (direct costs and overheads) and pro rata borrowing costs in the case of qualifying assets. Amortization, depreciation, impairment and reversals of impairment losses attributable to the financial year are reported under the item "Amortization of intangible assets and depreciation of property, plant and equipment" in the income statement.
Depreciation is calculated using the straight-line method on the basis of the estimated useful lives. The estimated useful lives of the most important assets are as follows:
| Years | |
|---|---|
| Land use rights | 30 to 99 |
| Buildings | 10 to 50 |
| Fiber production lines | 10 to 15 |
| Energy production facilities | 10 to 25 |
| Other mechanical equipment | 4 to 20 |
| Vehicles | 4 to 20 |
| Office equipment and other fixtures and fittings | 4 to 15 |
| IT hardware | 3 to 10 |
Assets acquired second-hand are depreciated over their remaining useful lives. Land is depreciated only if it is impaired. Major conversions are capitalized, whereas regular maintenance work, repairs and minor conversions are recognized as expenses at the time they are incurred.
If all material risks and rewards associated with ownership of a leased asset are transferred to the lessee, then the lease involved is a finance lease. All other leases are classified as operating leases.
In the case of finance leases in which the Lenzing Group is the lessee, the leased assets are capitalized at the fair value of the asset or, if lower, the present value of the future minimum lease payments. Depreciation is recognized over the economic life of the relevant item of property, plant and equipment or over the term of the lease if this is shorter. The Lenzing Group does not currently recognize any finance leases as a lessor.
In the case of operating leases, the agreed lease payments are recognized on a straight-line basis over the lease term as expenses (if the Lenzing Group is the lessee) or income (if the Lenzing Group is the lessor) in the income statement.
Cash-generating units to which goodwill is allocated and intangible assets with indefinite useful lives are tested for impairment at least once a year, or more frequently if appropriate. The annual impairment tests are performed in the fourth quarter of each financial year. All other intangible assets, property, plant and equipment and investments accounted for using the equity method are tested for impairment if there is evidence to suggest that they are impaired. An asset or cash-generating unit is impaired if its recoverable amount is lower than its carrying amount. The recoverable amount is the higher of the value in use and the fair value less costs of disposal. The value in use corresponds to the present value of estimated future cash flows assuming a market interest rate that is adjusted for the specific risks of the asset. The cash flows are derived from current planning.
When determining the recoverable amount, assumptions about future developments are made, particularly with regard to the development of production and sales volumes, which may not actually materialize. Furthermore, estimates are made with regard to the conditions of a potential sale of these assets on the market. If the recoverable amount for an asset cannot be determined, the asset is included in a cashgenerating unit. Cash-generating units are the groups of assets at the lowest level that generate cash flows independently of other assets. Goodwill and trademark rights with indefinite useful lives are allocated to the cash-generating units that are expected to benefit from synergies resulting from the relevant company acquisition and that represent the lowest level of management control of cash flows within the Group. In the Lenzing Group, these are individual production sites in particular.
In the case of cash-generating units to which goodwill has been allocated and cash-generating units with trademark rights that have an indefinite useful life, the Lenzing Group initially calculates the recoverable amount on the basis of fair value less costs of disposal. The fair value less costs of disposal of cash-generating units to which goodwill has been allocated and cash-generating units with trademark rights that have an indefinite useful life is derived based on budgets and cash flow projections approved by the Management Board for the next four years on a post-tax basis. In justified exceptions, the cash flow projections are extended to up to five years. This is the case for cash-generating units where there are plans for increased capital investments whose cash flow potential will not be fully reflected in the cash flows and who therefore will not reach the "steady state" until after four years. Based on the assumptions of the past year, perpetuals taking account of a sustainable long-term growth rate of 0.6% to 0.9% (2014: 0.7% to 1.1%) are anticipated after the detailed planning period. The estimate used for the sustainable long-term growth rate is half of the inflation rate for the next few years in the relevant country that is expected by an international economic research center. This value usually tends to offset general inflation. The planned/projected cash flows are discounted to their present value using a discounted cash flow method. Fair value measurement is classified in full as level 3 of the fair value hierarchy, since key input factors (particularly cash flows) cannot be observed on the market. The discount rate used is a composite rate (weighted average cost of capital – WACC) combining the average interest rate for debt capital and the anticipated return on the equity employed and calculated on an individual basis using the capital asset pricing model (CAPM). The risk premium is calculated on the basis of CAPM by multiplying the market risk premium by the beta factor. The market risk premium is the yield differential between a broadly diversified portfolio ("market portfolio") and yields on risk-free securities. The beta factor reflects the systemic risk of a company in relation to the equities market as a whole. The discount rate reflects current market assessments and the risks specific to the cash-generating units concerned. For the fourth quarter of 2015 WACCs after taxes of between 7.5% and 8.2% (2014: between 7.0% and 10.4%) were used.
The WACCs were mainly determined based on externally available capital market data from comparable companies (particularly for determining the risk premium). Planning and projections of free cash flows (freely available cash flows) are based in particular on internal assumptions with regard to anticipated future sales prices and volumes (revenue development) and the costs required for this (particularly commodities and energy in addition to labor and taxes), taking into account the expected market environment and market positioning. In addition, anticipated investments and the changes in working capital (inventories plus operating receivables less operating liabilities) also play a role. These internal assumptions are based on past experience, current operating results and the assessment of future developments. They are supplemented by external market assumptions such as sectorspecific market studies and economic outlooks.
Impairment losses – and reversals of impairment losses – are recognized in the income statement under the item "Amortization of intangible assets and depreciation of property, plant and equipment". Impairment losses on cash-generating units to which goodwill is allocated firstly reduce the carrying amount of goodwill. Any further impairment losses reduce the carrying amounts of the cash-generating unit's assets. If the impairment ceases to apply, it is reversed (written up) to fair value but at most to the value derived by applying the amortization/depreciation schedule to the original cost.
Investments accounted for using the equity method relate to investments in associates and joint ventures. Investments in associates relate to shares in companies at which the Lenzing Group can exert significant influence over financial and operating policies. Significant influence is assumed when the share of capital is between 20% and 50%. Joint ventures are joint arrangements managed by the Lenzing Group together with one or more partners whereby the Lenzing Group has rights to the net assets of the arrangement. Investments in associates and joint ventures are accounted for using the equity method.
The securities essentially consist of bonds. Securities also include equity shares and investment funds. The fair values of bonds are derived from their current quoted prices and change in particular because of changes in market interest rates and the credit rating of the bond's debtors. The fair values of shares are derived from the current quoted prices. The fair values of investment funds are derived from their current notional values. All securities are assigned to the "availablefor-sale financial assets" category. The change in unrealized fair value measurement, less deferred taxes, can therefore be seen in other comprehensive income. Non-current securities are not intended to be sold within one year.
A significant or prolonged decline in the fair value of an available-for-sale equity instrument below its cost is objective evidence of impairment. Any existing impairment is recognized in profit or loss. Reversals of impairment losses are recognized in other comprehensive income for equity instruments and in profit or loss for debt instruments.
If there is no market price on an active market and their market price cannot be measured reliably due in particular to a lack of reliable future cash flows or is of minor importance, investments in unconsolidated affiliated companies, other equity investments and related derivative financial instruments are measured at the lower of cost and cost less impairment.
Loans are recognized at amortized cost or, if they are impaired, at their lower fair value.
Current taxes and deferred tax assets and liabilities relate to income taxes. Current taxes are the expected tax liabilities or tax receivables on the taxable income of group companies for the financial year on the basis of the applicable tax rates in the relevant country and all adjustments of tax liabilities for earlier years.
Deferred tax assets and liabilities are calculated for the respective assets and liabilities on the basis of temporary differences between the values in the consolidated financial statements and the values used for calculating tax. In addition, the tax benefit from tax loss carryforwards and unused tax credits must be taken into account in the context of deferred taxes if it is likely to be used. If it is likely that deferred tax assets – particularly on loss carryforwards – will be recovered, the values are maintained; otherwise they are written down. No deferred taxes are accrued on permanent differences. Deferred tax assets and liabilities are reported on a net basis in the Group if there is a right to offset the taxes and the taxes relate to taxable entities within the same tax group.
Lenzing AG and the subsidiaries included in the tax group agreement are members of the tax group concluded on September 25, 2009 between B&C Industrieholding GmbH as the group parent and Lenzing AG and other subsidiaries of Lenzing AG as group members in accordance with section 9 of the österreichisches Körperschaftsteuergesetz (öKStG – Austrian Corporation Tax Act). As part of group taxation, taxable profits and tax losses are offset between group members. On the basis of their joint tax assessment, deferred tax assets and liabilities of group members are offset. Future tax liabilities from offsetting losses of foreign subsidiaries are recognized in the consolidated financial statements without being discounted. The group and tax equalization agreement requires Lenzing AG to pay a tax allocation in the amount of the corporation tax attributable to the taxable profit of the company and the subsidiaries included in the tax group. Any domestic and foreign withholding taxes deductible from the overall group result at the group parent and minimum corporation taxes passed on reduce the tax allocation to be paid by Lenzing AG. If current losses/loss carryforwards caused by the group parent B&C Industrieholding GmbH itself can be offset against positive earnings of Lenzing AG's tax group in the year of assessment, then the tax allocation to be paid by Lenzing AG is reduced. The reduction of the tax allocation is equivalent to 50% of the applicable corporation tax rate (therefore currently 12.5%) for the group parent's own current losses/loss carryforwards offset against positive earnings in a year of assessment of B&C Industrieholding GmbH. Tax losses of Lenzing AG including the subsidiaries involved are kept on record and offset against future tax gains. An equalization payment is agreed for losses that are not offset on termination of the contract.
The Lenzing Group includes the effects of uncertain tax positions in the calculation of current and deferred taxes. Affected tax claims are recognized at the expected amount of reimbursement in cases in which the claim is sufficiently certain. The tax returns of the Lenzing Group subsidiaries are regularly reviewed by the tax authorities. Taking account of a number of factors, including interpretations, commentaries and legal decisions relating to the respective tax jurisdiction and past experience, appropriate provisions have been recognized for possible future tax obligations as far as can be seen. Uncertain tax positions are assessed on the basis of estimates and assumptions of future events. In future, new information can become available that causes the Group to change its assumptions regarding the appropriateness of the tax positions. Such changes will affect tax expense in the period in which they are discovered.
With the exception of derivative financial instruments, which are accounted for at market value, trade receivables and other assets are measured at amortized cost. Bad debt provisions are recognized for those items likely to be deemed uncollectible or only partly collectible. Receivables denominated in a foreign currency are converted using the closing rate. All trade receivables are classified as current assets.
If the result of a construction contract can be reliably estimated, the revenue and costs are recognized in line with the stage of completion at the reporting date (percentage-ofcompletion method). The percentage of completion is calculated on an input-oriented basis from the ratio of the contract costs incurred to date to the estimated total contract costs (cost-to-cost method). The progress of projects is monitored on an ongoing basis. Changes in contractual work, claims and performance bonuses are included to the extent that their amount can be measured reliably and it is likely that they will be received. If the result of a construction contract cannot be reliably estimated, contract revenue is recognized only in the amount of the contract costs incurred that are likely to be collectible. Contract costs are recognized as an expense in the period in which they are incurred. If it is probable that total contract costs will exceed total contract revenue, the expected loss is recognized immediately in profit or loss.
Receivables from contract customers from construction contracts are reported under "Trade receivables". Pro rate contract revenue in profit or loss is recognized as "Revenue". If an excess of advance payments arises, this is reported under "Other liabilities".
Inventories are measured at the lower of cost and net realizable value at the reporting date. The cost of production comprises all costs attributable to the production process (direct costs and overheads). Net realizable value corresponds to the expected selling price less attributable costs to sell incurred prior to the sale, plus any costs of completion yet to be incurred. When the reasons for a write-down have ceased to exist, the write-down is reversed accordingly.
The cost of raw materials and supplies is calculated using the weighted average cost method. The change in inventories of finished goods and work in progress is shown in the item of the same name in the income statement.
Cash and cash equivalents consist of cash in hand, amounts payable on demand, checks and short-term time deposits with banks. They are measured at their nominal amounts. In addition to cash and cash equivalents, the item "Liquid funds" as per the statement of cash flows also includes liquid marketable securities with a remaining term of less than three months that are subject to minor fluctuations in value.
Financial instruments issued by the Lenzing Group are classified as financial liabilities or as equity depending on the economic substance of the contractual agreement. The "Equity" item subsumes the equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting the liabilities.
Emission certificates are capitalized at fair value as at the date when they are allocated. The difference between the fair value and the amount spent by the company to acquire the emission certificates is reported in the "Government grants" items. At each reporting date, a provision is recognized for the certificates used by this date. If the used certificates are covered by the certificates held by the company at this reporting date, the provision is measured at the asset value recognized for these certificates. If the used certificates exceed the certificates held, the provision is measured at the fair value of the certificates (to be purchased subsequently) as at the relevant reporting date. The deferred income item attributable to the certificates used by this date is reversed in profit or loss.
Investment grants are reported as liability items and recognized in profit or loss as "Income from the release of investment grants", distributed on a straight-line basis in line with the useful lives of the subsidized investments. The recognition and measurement of grants relating to emission certificates are described in the section "Emission certificates".
Government grants for reimbursements are recognized as other income in the period in which the relevant costs are incurred, except if the inflow of the grant depends on conditions that are not yet sufficiently likely to occur.
Obligations from pensions and severance payments
Obligations from employee pensions and severance payments – "old severance payment" system and similar systems – are considered post-employment benefits under IFRS. A distinction is made between defined benefit plans and defined contribution plans.
Under defined benefit plans, the Lenzing Group's obligation is to provide the agreed benefits. In this case, actuarial risk and investment risk are chiefly assumed by the Lenzing Group. Obligations from defined benefit plans are calculated using the projected unit credit method. An actuarial valuation is performed at the end of each reporting period, with the anticipated benefits distributed over the entire period of employment. Future increases in salaries and pensions are taken into account. Remeasurements of the net liability (actuarial gains and losses) are recognized in full in other comprehensive income in the period in which they arise. Past service cost is recognized immediately in profit or loss.
The obligations from defined benefit plans recognized in the consolidated statement of financial position represent the present value of the defined benefit obligation. The fair value of existing plan assets is deducted from this. The remaining obligations after deducting plan assets are reported under provisions. Net interest expense from defined benefit plans (expenses from the interest accruing on the obligations and the return on plan assets) is recognized under personnel expenses. All other gains and losses, with the exception of remeasurements of the net liability, are also recognized in personnel expenses. Remeasurements of the net liability (relating to actuarial gains and losses and the return on plan assets not included in net interest expense, excluding amounts included in interest income) are included in other comprehensive income.
The main obligations from defined benefit plans consist of obligations for pensions and severance payments at Austrian companies of the Lenzing Group. A discount rate derived from high-quality fixed-income corporate bonds with at least an AA rating according to the standard of an international actuary was used for these obligations. Bonds with significantly higher or lower interest rates than the other bonds in their risk class ("statistical outliers") were not included here. The currency and terms of the bonds from which the rate is derived are based on the currency and expected terms of the obligations to be settled. The estimated salary and pension increases that are also considered realistic for the future were derived from an examination of the averages over the past years. Rates of employee turnover were recognized for each company depending on the composition of the workforce and employees' length of service. The retirement age used for the calculation is based on the respective legal provisions. In the other countries, country-specific assumptions are used in determining the discount rate, salary increases, employee turnover rates and the retirement age.
Obligations from jubilee benefits for employees (long-service bonuses) are considered other long-term employee benefits under IFRS. Obligations from jubilee benefits are calculated using the projected unit credit method, with the anticipated benefits distributed over the entire period of employment. Future salary increases are taken into account. Remeasurements of the net liability (actuarial gains and losses) and past service cost are recognized immediately in profit or loss.
The obligations from jubilee benefits recognized in the consolidated statement of financial position represent the present value of the obligation and are reported under provisions. Net interest expense from jubilee benefits (expenses from the interest accruing on the obligations) is recognized under personnel expenses. All other gains and losses, including remeasurements of the net liability (relating to actuarial gains and losses), are also recognized in personnel expenses.
The main obligations from jubilee benefits are at Austrian companies of the Lenzing Group. A discount rate derived from high-quality fixed-income corporate bonds with an AA rating according to the standard of an international actuary was used for these obligations. Bonds with significantly higher or lower interest rates than the other bonds in their risk class ("statistical outliers") were not included here. The currency and terms of the bonds from which the rate is derived are based on the currency and expected terms of the obligations to be settled. The estimated salary increases that are also considered realistic for the future were derived from an examination of the averages over the past years. Rates of employee turnover were recognized for each company depending on the composition of the workforce and employees' length of service. In the other countries, country-specific assumptions are used in determining the discount rate, employee turnover rates and salary increases.
Provisions are recognized if there are legal or constructive obligations to third parties that are based on past business transactions or events and are likely to result in an outflow of cash or other assets that can be reliably determined. They are stated at the anticipated settlement amount with due regard to all identifiable risks. The amount of a provision corresponds to the best estimate of the settlement amount of the present obligation as at the reporting date. The measurement of provisions is based on historical data, current cost and price information and estimates/appraisals by internal and external experts. Restructuring provisions are recognized if there is a detailed formal restructuring plan and a valid expectation that the restructuring will be implemented has been raised in those affected.
The assumptions on which the provisions are based are reviewed on an ongoing basis. The actual values may deviate from the assumptions made if the general conditions develop differently from expectations as at the reporting date. Changes are taken into account in profit or loss when better information is learned and the premises are adjusted accordingly. Reversals of provisions are reported as income in the expense items that were originally debited when the provision was recognized.
The "Provisions" item also includes accruals. Compared to provisions in a narrower sense, accruals are generally certain in terms of their existence and involve only an insignificant level of risk with regard to the amount and timing. Accruals are reported separately in the development of provisions. If they constitute financial instruments, they are treated as financial liabilities accounted for at amortized cost.
With the exception of derivative financial instruments, which are accounted for at market value, liabilities are measured at amortized cost. Liabilities denominated in a foreign currency are converted using the closing rate.
Contingent liabilities are possible obligations or present obligations that arise from past events for which an outflow of resources is not considered probable. If, in extremely rare cases, an existing liability cannot be recognized as a provision in the consolidated statement of financial position because a reliable estimate of the liability is not possible, this also constitutes a contingent liability. Contingent liabilities are not recognized in the consolidated statement of financial position, but are disclosed in the notes to the consolidated financial statements.
Revenue comprises all income resulting from the typical business activities of the Lenzing Group. This includes income from product sales (particularly sales of botanic cellulose fibers in the Segment Fibers) and services provided (particularly from mechanical and plant engineering in Segment Engineering), less trade discounts granted or expected and other sales deductions, and not including VAT. Any other operating income is recognized as other operating income.
The Segment Fibers mainly sells botanic cellulose fibers and products such as sodium sulfate, black liquor and pulp. Income is recognized when ownership of the products has been transferred to the customer (thus at transfer of risks), the amount of the income/the associated costs can be reliably determined and it is probable that the economic benefits from the transaction will flow to the Group.
Segment Lenzing Technik operates in the field of mechanical and plant engineering and performs engineering services. A significant portion of its income results from construction contracts. Income from construction contracts is recognized based on the stage of completion in line with the cost-to-cost method (see the section "Construction contracts" above).
The change in inventories of finished goods and work in progress serves to neutralize expenses for goods that were still held in inventory as at the reporting date. Own work capitalized serves to neutralize expenses to be capitalized as part of the cost of non-current assets. Operating expenses are recognized at the time when the related service is utilized or when they are caused. Dividends are taken into account once the legal claim to payment has arisen. Interest and other financial expenses and income are recognized as income or expenses on an accrual basis using the effective interest method.
Earnings figures
EBITDA (earnings before interest, tax, depreciation on property, plant and equipment and amortization of intangible assets and before income from the release of investment grants or "earnings before interest, tax, depreciation, and amortization") and, particularly, EBITDA before restructuring are important key figures for measuring performance in the Lenzing Group. One-off effects from restructuring are significant income or expenses that do not regularly recur in terms of their type or amount, particularly in connection with business combinations, impairment and restructuring and similar measures. EBITDA (after restructuring) is reported separately in the consolidated income statement and therefore defined and calculated in detail there. EBITDA before restructuring is used as the segment result in the context of segment reporting (see note 6). In addition, EBIT (earnings before interest and tax) is also of particular interest. EBIT (after restructuring) is reported separately in the consolidated income statement and therefore defined and calculated in detail there.
Borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset are capitalized as part of the cost. The Lenzing Group defines qualifying assets as construction projects or other assets that require at least twelve months to be ready for their intended use or sale. They are capitalized in the item "Own work capitalized" and the associated asset account and are written down in the item "Amortization of intangible assets and depreciation of property, plant and equipment". All other borrowing costs are recognized in the financial result in the period in which they are incurred.
Earnings per share are calculated by dividing the net profit/ loss for the year attributable to ordinary shareholders (net profit/loss for the year attributable to shareholders of Lenzing AG) by the average number of ordinary shares outstanding during the financial year (see note 18 for more detail).
Financial instruments comprise financial assets and financial liabilities. Initial recognition of a financial asset is at fair value taking into account transaction costs incurred. Initial recognition of a financial liability is at fair value less transaction costs incurred. Transaction costs incurred in the acquisition of financial assets and liabilities at fair value through profit or loss are recognized immediately in profit or loss.
Depending on their classification/measurement category, financial instruments are recognized either at (amortized) cost or at fair value on subsequent measurement. The Lenzing Group uses the measurement categories "Loans and receivables", "Available-for-sale financial assets" and "Financial liabilities at amortized cost". The category "Financial instruments at fair value through profit or loss" is used for trading derivatives only. The fair value option is not currently exercised. The Lenzing Group does not have any held-to-maturity investments. The item measured is the relevant individual financial instrument.
If there is evidence to suggest impairment (particularly significant financial difficulties of the debtor, default or delay in making payments, an increased probability that the debtor will become bankrupt), non-collateralized financial assets are written down in profit or loss. Bad debt provisions are recognized via an allowance account. Financial assets are derecognized directly only if the contractual rights to payments from the financial assets finally no longer exist (particularly in the event of bankruptcy). If the reasons for the impairment loss cease to apply, it is reversed up to cost.
Financial assets and liabilities are recognized in the consolidated statement of financial position when the Group becomes a contractual party to a financial instrument. Financial assets are derecognized when the contractual rights to payments from the financial assets no longer exist or the financial assets are transferred together with all material risks and rewards. Financial liabilities are derecognized when the contractual obligations are settled, canceled or have expired. For liabilities that are part of reverse factoring agreements, it is considered whether the original trade payable still has to be reported or whether it must be derecognized on the basis of the agreement and a new financial liability recognized. In doing so it is considered whether the Lenzing Group was released from its original obligation. If the Lenzing Group was not released from its original obligation, it is then considered whether the Lenzing Group, under the reverse factoring
agreement, entered into a new obligation that must be recognized in addition to the trade payable. If this is also not the case, there is a present value test to determine whether the reverse factoring agreement has resulted in significant changes to the contractual terms of the trade payable, leading to a derecognition of the trade payable and the recognition of a new financial liability. Financial instruments are recognized/ derecognized as at the settlement date for all transactions.
The Lenzing Group uses derivative financial instruments to hedge against currency risks from operating business and to manage commodity price risks. These derivative financial instruments serve to compensate for the variability of cash flows from future transactions. Hedges are determined in advance on the basis of the expected revenue and planned consumption of commodities in the relevant foreign currency.
The Lenzing Group applies the hedge accounting regulations under IAS 39 with respect to these derivative financial instruments. The use of hedge accounting is subject to the requirements that the hedge must be documented and the effectiveness of the hedge must be measured on a regular basis and must be between 80% and 125%. Effective offsetting between unrealized losses and gains is demonstrated by means of effectiveness tests. In measuring effectiveness, the hedged items and the hedging instruments are grouped together in at least quarterly maturity ranges for each hedged risk. The prospective hedging effect of the hedges is demonstrated by comparing the main conditions. The planned hedged items are compared against the hedging instruments concluded. The retrospective hedging effect is assessed using the dollar-offset method, which compares periodic changes in the fair value of the hedged items with periodic changes in the fair value of the hedges in line with the compensation method.
If the criteria for using hedge accounting are fulfilled, the profit or loss from changes in the fair value of the derivative financial instruments is recognized either in profit or loss or in other comprehensive income, depending on whether the hedge is a fair value hedge or a cash flow hedge. In the case of fair value hedges, the results of the fair value measurement of the hedges and of the related hedged items are offset in profit or loss. Unrealized gains and losses from changes in the fair value of cash flow hedges are initially reported in other comprehensive income and do not impact profit or loss until the underlying hedged items are recognized. In hedging future cash flows in foreign currencies (cash flow hedges), the Lenzing Group typically hedges the risk until the time that the payment in the foreign currency is made. Reclassification from other comprehensive income to profit or loss takes place when the foreign-currency revenue is generated or when the foreign-currency cost of material is incurred. From the point in time when foreign-currency receivables and payables are recognized, changes in the fair value of the derivatives are recognized in profit or loss. From this point on, changes in fair value are shown alongside the foreign currency measurement of the foreign-currency trade receivables/payables as at the reporting date. Ineffective portions of changes in the fair values of cash flow hedges and the measurement of derivatives for which no hedge can be established (trading derivatives) are recognized immediately in the income statement.
Derivatives embedded in other financial instruments or other host contracts are treated as stand-alone derivatives if their economic characteristics and risks are not closely related to the host contract and the entire contract is not measured at fair value through profit or loss.
Derivatives are measured at fair value. Their fair value is equal to their market value, if available, or calculated using standard methods on the basis of the market data available on the measurement date (particularly exchange rates, commodity prices and interest rates). The fair value of derivatives reflects the estimated value that would be payable or receivable by the Lenzing Group if the deal were closed at the reporting date. Currency and commodity forwards are measured using the respective forward rate or price at the reporting date. The forward rates or prices are based on the spot rates or prices taking into account forward premiums and discounts. Valuations by banks and other parties are used in addition to the Group's own models to estimate measurement.
In measuring derivatives, the counterparty risk (credit risk/ counterparty risk/non-performance risk) that a market participant would recognize when setting prices is also taken into account in the form of discounts from the fair value. Framework netting agreements are not taken into account here. The future exposure is considered to be constant and the creditworthiness of the counterparty and of the company itself are derived from historical probabilities of default. This is mainly done on the basis of externally available capital market data. On the basis of the counterparties' consistently good creditworthiness according to experience, the company's own good creditworthiness and the predominantly short remaining terms of the derivatives, the given nominal values were only subject to low levels of discounts.
Contracts that are entered into and continue to be held for the purpose of the receipt or delivery of non-financial items in accordance with the expected purchase, sale or usage requirements (internal consumption contracts) are not accounted for as derivative financial instruments, but rather as open transactions.
NOTE 4
In the 2014 financial year, three non-proportional capital increases totaling EUR 385 thousand were carried out at Lenzing Modi Fibers India Private Limited, with the result that the Lenzing Group's equity interest rose from 96.31% to 96.41%. As a result of these transactions, non-controlling interests increased by EUR 7 thousand. The difference offset against retained earnings amounted to EUR 7 thousand.
In April 2014, Lenzing Land Holding LLC, Dover, USA, was founded. The Lenzing Group's share in this company is 100%. The company was included in the group of consolidated subsidiaries of the Lenzing Group.
In October 2014, shares in European Carbon Fiber GmbH, Kelheim, Germany were sold for EUR 2 thousand, with the result that the Lenzing Group's equity interest in this company fell from 100% to 91.07%. As a result of this transaction, non-controlling interests increased by EUR 68 thousand. The difference offset against retained earnings amounted to EUR 66 thousand.
In April 2015, the sale of the subsidiaries Dolan GmbH, Kelheim, Germany, and European Carbon Fiber GmbH, Kelheim, Germany, was closed. The closing led to the loss of control over and deconsolidation of these subsidiaries. Details of this can be found in note 5.
In July 2015, the sale of the subsidiary LENO Electronics GmbH, Schörfling, was closed. The closing led to the loss of control over and deconsolidation of this subsidiary. Details of this can be found in note 5.
In December 2015, the previously consolidated subsidiary Lenzing Engineering and Technical Services (Nanjing) Co., Ltd, Nanjing, China, was deconsolidated as its liquidation was economically largely complete. Details of this can be found in note 5.
Otherwise there were no business combinations or changes in the entities included in consolidation.
Non-current assets and liabilities held for sale, disposal groups and discontinued operations
Dolan GmbH, Kelheim, Germany, and European Carbon Fiber GmbH, Kelheim, Germany, were consolidated companies of the Lenzing Group belonging to the Segment Other. In April 2015, the Lenzing Group reached an agreement on the sale of both companies. This led to the loss of control by the Lenzing Group and to the deconsolidation of these companies.
The following net assets were deconsolidated as a result of the loss of control:
| Deconsolidated net assets | EUR '000 |
|---|---|
| Intangible assets and property, plant and equipment | 7,760 |
| Other current assets | 18,203 |
| Cash and cash equivalents | 8,646 |
| Deconsolidated assets | 34,609 |
| Trade payables | 3,424 |
| Provisions | 11,114 |
| Other current liabilities | 134 |
| Deconsolidated liabilities | 14,671 |
| Deconsolidated net assets | 19,938 |
The consideration received for the sale of shares amounted to EUR 24,864 thousand in total. There was a gain on disposal of EUR 5,148 thousand reported under other operating income.
The net cash inflow from the disposal is reported in the cash flow from investing activities and breaks down as follows:
Non-controlling interests in the amount of EUR 222 thousand were derecognized due to the loss of control.
In the course of the restructuring of the technical operations the Lenzing Group reached an agreement in June 2015 on the sale of three business units of Segment Lenzing Technik (the Mechatronics business area incl. the consolidated subsidiary LENO Electronics GmbH, Schörfling, the Automation/Robotics unit and the Sheet Metal business operations). The closing took place in July and September 2015. This led to the loss of control by the Lenzing Group and to the disposal of these business units. Non-current assets in the amount of EUR 336 thousand, current assets (without cash and cash equivalents) in the amount of EUR 2,658 thousand, cash and cash equivalents in the amount of EUR 510 thousand, provisions in the amount of EUR 1,648 thousand and other current liabilities in the amount of EUR 1,708 thousand were derecognized. The amounts quoted above are the carrying amounts after the recognition of impairment due to the measurement at fair value less costs to sell which had to be done in the course of the intra-year reclassification of these business units as disposal groups held for sale. The fair value less costs to sell was derived from actual purchase bids and, overall, is assigned to level 2 of the measurement hierarchy.
The consideration received for the sale of shares and assets and liabilities amounted to EUR 501 thousand in total. There was a total loss on deconsolidation of EUR 6,585 thousand, EUR 309 thousand of which is reported as other operating income and EUR 6,894 thousand as other operating expenses. These amounts quoted above include the recognition of intrayear impairment resulting from the measurement at fair value less costs to sell. In tax write-downs on investments carried out in this transaction, deductible sevenths in the amount of EUR 1,329 thousand were recognized as deferred tax assets.
The net cash inflow from these disposals in the amount of EUR -54 thousand is reported in the cash flow from investing activities in "Net inflow from the sale and disposal of subsidiaries and other business areas". It consists of the consideration of EUR 456 thousand received in cash less the holdings of cash and cash equivalents sold in the amount of EUR 510 thousand.
Furthermore, the previously consolidated subsidiary Lenzing Engineering and Technical Services (Nanjing) Co., Ltd, Nanjing, China, was deconsolidated in December 2015, as the liquidation of this company in Segment Lenzing Technik was initiated and this was economically largely complete. The deconsolidation resulted in a loss of EUR 2 thousand that was reported in other operating income. There were no cash flows. In deconsolidation – with the exception of the offset intra-group assets and liabilities – assets of EUR 387 thousand (thereof cash and cash equivalents: EUR 348 thousand) and liabilities of EUR 572 thousand were derecognized. The amounts quoted above are the carrying amounts after the recognition of impairment due to the measurement at fair value less costs to sell which was necessary owing to the intra-year reclassification of these business units as a disposal group held for sale. A total impairment loss of EUR 864 thousand was recognized in this context. EUR 164 thousand of this was recognized in cost of material and other purchased services, EUR 618 thousand in amortization of intangible assets and depreciation of property, plant and equipment and EUR 82 thousand in other operating expenses. The fair value less costs to sell was derived from current estimates of forecast liquidation values and, overall, is assigned to level 3 of the measurement hierarchy.
In the process for the measurement of fair values less costs to sell, the necessary observable market data were collected and the input factors not observable were tested based on internally available information and updated as necessary.
In the 2015 financial year, expenses in the amount of EUR 1,691 thousand before income tax in connection with former discontinued operations were recognized because of the resolution of uncertainties or changes in estimates. The income tax revenue from these amendments amounts to EUR 423 thousand; earnings after tax therefore amount to EUR -1,268 thousand.
The amounts are entirely attributable to the shareholders of the parent company. All amounts mentioned above did not affect cash flows in the 2015 financial year.
In the 2014 financial year, expenses in the amount of EUR 878 thousand before income tax in connection with former discontinued operations were recognized because of the dissolution of uncertainties or changes in estimates. This resulted in income tax revenue of EUR 220 thousand; earnings after tax therefore amount to EUR -659 thousand.
The amounts are entirely attributable to the shareholders of the parent company. All amounts mentioned above did not affect cash flows in the 2014 financial year.
In the Lenzing Group the segments are classified on the basis of the differences between their products and services; they require different technologies and market strategies. Each segment is managed based on the responsibilities of the different members of the Management Board. The chief operating decision maker relevant to segment reporting is the Management Board of Lenzing AG as a whole. The following segments are presented separately in the internal reporting of the Lenzing Group to the Management Board:
The Segment Fibers manufactures botanic cellulose fibers and markets them under the umbrella brands Lenzing Viscose®, Lenzing Modal® (including Lenzing FR®) and TEN-CEL®. A significant portion of the pulp needed for production purposes is manufactured in the Group's own plants or partially bought in. The most important raw material for the manufacture of pulp is wood, which is bought in. The Fibers segment represents the core business of the Lenzing Group.
The Segment Fibers comprises the business areas Textile Fibers (fibers for textiles), Nonwoven Fibers (fibers for nonwoven fabrics) and Pulp (pulp and wood), as these are comparable with regard to the key business characteristics of the cellulose fiber industry (products, production process, customers and distribution methods). These business areas are part of an integrated value chain (from the raw material wood via the pre-product pulp to the finished product fiber) with comparable risks and opportunities. Moreover, the business area Energy is assigned to the Segment Fibers as the Segment Fibers has by far the highest energy requirements in the Lenzing Group because of the energy-intensive nature of the fiber and pulp production process.
The Segment Lenzing Technik operates in the field of mechanical and plant engineering and offers engineering services. It comprises the business area Lenzing Technik.
Until April 2015, the residual Segment Other comprised the business activities of Dolan GmbH, Kelheim, Germany (manufacture of specialty products from plastic polymers, particularly acrylic fibers) and European Carbon Fiber GmbH, Kelheim, Germany (production of precursor for carbon fibers). It also includes the business activities of BZL-Bildungszentrum Lenzing GmbH, Lenzing (training and personnel development).
The residual Segment Other does not contain any business segments that would exceed the quantitative thresholds for reportable segments.
| 1-12/2015 and 31/12/2015 | Fibers | Lenzing Technik |
Other | Segment total |
Reconcili ation |
Group |
|---|---|---|---|---|---|---|
| Revenue from external customers | 1,924,707 | 29,620 | 22,479 | 1,976,806 | 0 | 1,976,806 |
| Inter-segment revenue | 9,892 | 41,029 | 1,770 | 52,691 | (52,691) | 0 |
| Total revenue | 1,934,599 | 70,648 | 24,250 | 2,029,497 | (52,691) | 1,976,806 |
| EBITDA (segment result) | 286,467 | 68 | 3,978 | 290,513 | (398) | 290,114 |
| EBIT | 153,975 | (1,243) | 3,840 | 156,572 | (5,470) | 151,102 |
| Amortization of intangible assets and depreciation of property, plant and equipment |
135,724 | 1,315 | 137 | 137,176 | 5,071 | 142,248 |
| Thereof impairment | 156 | 0 | 0 | 156 | 8,532 | 8,688 |
| Share of income from investments accounted for using the equity method |
17,646 | 0 | 80 | 17,726 | 0 | 17,726 |
| Other material non-cash income and expenses | 52,992 | (3,509) | 2,243 | 51,727 | 0 | 51,727 |
| Acquisition of intangible assets, property, plant and equipment (Capex ) |
70,403 | 399 | 112 | 70,914 | 0 | 70,914 |
| EBITDA margin1 | 14.8% | 0.1% | 16.4% | 14.3% | 14.7% | |
| EBIT margin2 | 8.0% | -1.8% | 15.8% | 7.7% | 7.6% | |
| Segment assets | 2,007,238 | 21,873 | 1,200 | 2,030,311 | 391,499 | 2,421,810 |
| Segment liabilities | 428,047 | 19,356 | 1,565 | 448,968 | 766,148 | 1,215,116 |
| Investments accounted for using the equity method | 23,702 | 0 | 1,866 | 25,568 | 0 | 25,568 |
| 1-12/2014 and 31/12/2014 | Fibers | Lenzing Technik |
Other | Segment total |
Reconcili ation |
Group |
|---|---|---|---|---|---|---|
| Revenue from external customers | 1,755,599 | 43,565 | 65,058 | 1,864,222 | 0 | 1,864,222 |
| Inter-segment revenue | 8,414 | 47,218 | 1,783 | 57,415 | (57,415) | 0 |
| Total revenue | 1,764,014 | 90,782 | 66,841 | 1,921,638 | (57,415) | 1,864,222 |
| EBITDA (segment result) | 223,153 | 3,083 | 12,487 | 238,724 | 1,578 | 240,302 |
| EBIT | 98,499 | 1,248 | 11,542 | 111,289 | (89,363) | 21,926 |
| Amortization of intangible assets and depreciation of property, | ||||||
| plant and equipment | 127,820 | 1,839 | 946 | 130,605 | 90,941 | 221,546 |
| Thereof impairment | 608 | 0 | 0 | 608 | 93,956 | 94,564 |
| Share of income from investments accounted for | ||||||
| using the equity method | (580) | 0 | 39 | (541) | 0 | (541) |
| Other material non-cash income and expenses | 40,930 | 11,479 | 1,748 | 54,157 | (1,280) | 52,877 |
| Acquisition of intangible assets, property, plant and equipment (Capex ) |
102,954 | 778 | 578 | 104,311 | 0 | 104,311 |
| EBITDA margin1 | 12.7% | 3.4% | 18.7% | 12.4% | 12.9% | |
| EBIT margin2 | 5.6% | 1.4% | 17.3% | 5.8% | 1.2% | |
| Segment assets | 1,966,051 | 39,152 | 27,210 | 2,032,413 | 342,638 | 2,375,051 |
| Segment liabilities | 462,390 | 35,428 | 11,758 | 509,576 | 819,841 | 1,329,417 |
| Investments accounted for using the equity method | 36,078 | 0 | 1,878 | 37,956 | 0 | 37,956 |
1) EBITDA margin = EBITDA (operating result before depreciation and amortization) in relation to total revenue (here: according to segment reporting).
2) EBIT margin = EBIT (operating result) in relation to total revenue (here: according to segment reporting).
Other material non-cash income and expenses relate to non-cash measurement effects from provisions and accruals.
The same principles were applied in the presentation of segment reporting as in the consolidated financial statements as at December 31, 2014.
The performance of the segments is measured using EBITDA before restructuring (earnings before interest, tax, depreciation on property, plant and equipment and amortization of intangible assets, before income from the release of investment grants and before restructuring). The reconciliation of segment result to operating result (EBIT) to earnings before tax (EBT) is as follows:
| Reconciliation of segment result (EBITDA) to the earnings before tax (EBT) | EUR '000 | |
|---|---|---|
| 2015 | 2014 | |
| Segment result (EBITDA) | 290,513 | 238,724 |
| Consolidation | (4,079) | (452) |
| Restructuring | 3,681 | 2,030 |
| Group result (EBITDA) | 290,114 | 240,302 |
| Segment amortization of intangible assets and depreciation of property, plant and equipment | (137,176) | (130,605) |
| Consolidation | 3,461 | 3,015 |
| Income from the release of investment grants | 3,236 | 3,170 |
| Impairment of intangible assets and property, plant and equipment | (8,532) | (93,956) |
| Earnings before interest and tax (EBIT) | 151,102 | 21,926 |
| Financial result | (3,535) | (23,439) |
| Allocation of profit or loss to puttable non-controlling interests | 1,531 | 8,818 |
| Earnings before tax (EBT) | 149,098 | 7,305 |
The reconciliation from earnings before tax (EBT) to net profit/loss for the year (profit/loss after tax; net profit/loss) can be viewed in the consolidated income statement.
Restructuring breaks down as follows:
| Restructuring | EUR '000 | |
|---|---|---|
| 2015 | 2014 | |
| Restructuring measures | ||
| Other operating income | 326 | 0 |
| Cost of material and other purchased services | (164) | 0 |
| Personnel expenses | 5,336 | 1,174 |
| Other operating expenses | (6,890) | 135 |
| Sale of subsidiaries | ||
| Other operating income | 5,148 | 0 |
| Liquidation of EPG | ||
| Other operating income | 0 | 921 |
| Other operating expenses | (75) | (200) |
| Total | 3,681 | 2,030 |
The line "Impairment of intangible assets and property, plant and equipment" shown above includes impairment on goodwill, other intangible assets and property, plant and equipment of EUR 8,532 thousand in 2015 (2014: EUR 93,956 thousand).
The reconciliation of segment EBIT to operating result (EBIT) after restructuring is as follows:
Reconciliation of segment EBIT to earnings before interest
| and tax (EBIT) | EUR '000 | |
|---|---|---|
| 2015 | 2014 | |
| Segment EBIT | 156,572 | 111,289 |
| Result from restructuring and impairment |
(4,851) | (91,926) |
| Consolidation | (619) | 2,563 |
| Earnings before interest and tax (EBIT) |
151,102 | 21,926 |
The reconciliation of segment amortization and depreciation to consolidated amortization and depreciation is as follows:
| 2015 | 2014 | |
|---|---|---|
| Segment amortization of intangible assets and depreciation of property, |
||
| plant and equipment | 137,176 | 130,605 |
| Consolidation | (3,461) | (3,015) |
| Amortization of intangible assets and depreciation of property, plant and equipment |
133,716 | 127,590 |
| Impairment of intangible assets and property, plant and equipment |
8,532 | 93,956 |
| Consolidated amortization and depreciation |
142,248 | 221,546 |
Segment liabilities chiefly relate to trade payables, provisions and other liabilities, except for current tax liabilities. The reconciliation of segment liabilities to consolidated liabilities is as follows:
| 31/12/2015 | 31/12/2014 | |
|---|---|---|
| Segment liabilities | 448,968 | 509,576 |
| Liabilities not allocated to the segments |
||
| Financial liabilities | 683,247 | 729,778 |
| Deferred tax liabilities and current tax liabilities |
63,504 | 70,017 |
| Government grants | 25,802 | 26,559 |
| Consolidation | (6,406) | (6,514) |
| Consolidated liabilities | 1,215,116 | 1,329,417 |
The reconciliations of segment items to consolidated items that are not described in more detail above (revenue and investments) comprise consolidation effects only. The valuations for segment reporting are in line with the accounting policies applied to the IFRS consolidated financial statements.
Revenue from external customers breaks down by products and services as follows:
2015 2014 Botanic cellulose fibers 1,669,979 1,504,174 Sodium sulfate and black liquor 52,795 54,002 Pulp, wood, energy and other 211,825 205,838 Segment Fibers 1,934,599 1,764,014 Mechanical and plant engineering and engineering services - Segment Lenzing Technik 70,648 90,782 Specialty products from plastic polymers 20,548 63,037 Other and consolidation (48,989) (53,611) Revenue according to consolidated income statement 1,976,806 1,864,222
There is no single external customer that accounts for more than 10% of external revenue.
Revenue from external customers by sales market and total assets, non-current assets (not including financial instruments and tax assets; reconciled to consolidated figures for total non-current assets) and expenditures for intangible assets and property, plant and equipment (investments) break down by geographic areas as follows:
| Revenue | Non-current assets | Total assets | Investments | |||||
|---|---|---|---|---|---|---|---|---|
| 2015 | 2014 | 31/12/2015 | 31/12/2014 | 31/12/2015 | 31/12/2014 | 2015 | 2014 | |
| Austria | 134,030 | 143,264 | 751,421 | 782,941 | 989,146 | 982,951 | 51,555 | 78,504 |
| Europe (without Austria including Turkey) |
522,332 | 551,208 | 197,646 | 208,996 | 263,405 | 292,545 | 8,844 | 16,911 |
| Asia | 1,115,989 | 961,751 | 341,489 | 347,405 | 704,705 | 691,711 | 6,884 | 7,366 |
| America | 169,320 | 173,525 | 47,855 | 43,399 | 73,054 | 65,205 | 3,632 | 1,530 |
| Rest of the world | 35,135 | 34,474 | 0 | 0 | 0 | 0 | 0 | 0 |
| Subtotal | 1,976,806 | 1,864,222 | 1,338,412 | 1,382,742 | 2,030,311 | 2,032,413 | 70,914 | 104,311 |
| Reconciliation to consolidated figures |
0 | 0 | 54,645 | 60,233 | 391,499 | 342,638 | 0 | 0 |
| Consolidated total | 1,976,806 | 1,864,222 | 1,393,057 | 1,442,975 | 2,421,810 | 2,375,051 | 70,914 | 104,311 |
Revenue is allocated based on the geographic region of the customer, while assets and investments are allocated depending on the geographic location of the asset. The figures above comprise all segments of the Lenzing Group. Further information on the segments can be derived from the management report of the Lenzing Group as at December 31, 2015.
| NOTE 7 | |
|---|---|
Revenue
Revenue breaks down as follows:
| Revenue | EUR '000 | |
|---|---|---|
| 2015 | 2014 | |
| Revenue from the sale of botanic cellulose fibers |
1,669,979 | 1,504,174 |
| Revenue from the sale of other products and services |
289,689 | 336,389 |
| Revenue invoiced | 1,959,668 | 1,840,563 |
| Revenue from long-term construction contracts |
17,138 | 23,660 |
| Total | 1,976,806 | 1,864,222 |
Further breakdowns of revenue are shown in the segment report (see note 6, particularly the information about products and services and about geographic areas).
Other operating income breaks down as follows:
| Other operating income | EUR '000 | |
|---|---|---|
| 2015 | 2014 | |
| Income from internal cost allocation, other products and energy |
29,549 | 30,575 |
| Income from the release of the deferred income item for emission certificates and from subsidies |
5,189 | 6,490 |
| Gain on disposal from the sale of subsidiaries and other business areas |
5,459 | 0 |
| Various other income | 5,529 | 11,465 |
| Total | 45,727 | 48,530 |
Income from energy includes income from remuneration for green electricity in the amount of EUR 18,726 thousand (2014: EUR 17,837 thousand). The gain on disposal from the sale of subsidiaries in 2015 results from the sale/deconsolidation of Dolan GmbH, Kelheim, Germany, European Carbon Fiber GmbH, Kelheim, Germany, Lenzing Engineering and Technical Services Co., Ltd, Nanjing, China and the three business units in Segment Lenzing Technik (see note 5). Miscellaneous other income includes rental income of EUR 3,731 thousand (2014: EUR 3,698 thousand), income from the disposal of assets in the amount of EUR 172 thousand (2014: EUR 91 thousand), insurance compensation from third parties for property, plant and equipment in the amount of EUR 253 thousand (2014: EUR 206 thousand) and exchange rate gains of EUR 0 thousand (2014: EUR 4,676 thousand).
The cost of material and other purchased services breaks down as follows:
| 2015 | 2014 | |
|---|---|---|
| Material | 1,059,205 | 1,040,050 |
| Other purchased services | 159,055 | 159,191 |
| Total | 1,218,260 | 1,199,241 |
The cost of material primarily relates to the input factors consumed, namely pulp (and wood for internal production of pulp), key chemicals (sodium hydroxide, carbon disulfide and sulfuric acid) and merchandise. The cost of other purchased services mainly relates to energy consumed.
The item for amortization of intangible assets and depreciation of property, plant and equipment breaks down as follows:
Personnel expenses
Personnel expenses break down as follows:
| Personnel expenses | EUR '000 | |
|---|---|---|
| 2015 | 2014 | |
| Wages and salaries | 233,160 | 223,120 |
| Severance payment expenses | 1,096 | 4,689 |
| Retirement benefit expenses | 6,089 | 6,026 |
| Statutory social security expenses | 55,305 | 54,080 |
| Other social costs | 4,558 | 4,085 |
| Total | 300,207 | 292,000 |
Severance payment expenses chiefly include expenses for the statutory obligations of Lenzing AG and its Austrian subsidiaries towards their employees, as well as gratuities and severance pay in the course of restructuring (see note 33).
The number of employees in the Lenzing Group breaks down as follows:
| 2015 | 2014 | |
|---|---|---|
| Average | 6,242 | 6,516 |
| As at December 31 | 6,127 | 6,356 |
The number of employees at Lenzing AG and the Austrian subsidiaries of the Lenzing Group breaks down as follows:
| 2015 | 2014 | |
|---|---|---|
| Hourly workers | 1,778 | 1,790 |
| Salaried employees | 1,082 | 1,138 |
| Total | 2,860 | 2,928 |
| 2015 | 2014 | |
|---|---|---|
| Depreciation | 133,560 | 126,982 |
| Impairment | 8,688 | 94,564 |
| Total | 142,248 | 221,546 |
In the 2015 financial year, impairment contains EUR 618 thousand (2014: EUR 0 thousand) from fair value measurement of non-current assets held for sale less costs to sell (see note 5). The other impairment and reversals of impairment losses are explained in notes 19 and 20.
Other operating expenses break down as follows:
| 2015 | 2014 | |
|---|---|---|
| Selling expenses | 97,182 | 100,320 |
| Expenses for maintenance, repairs and other third-party services |
43,637 | 39,325 |
| Legal, consulting and audit expenses | 21,486 | 12,288 |
| Insurance expenses | 8,904 | 9,378 |
| Travel expenses | 7,021 | 5,958 |
| Waste disposal expenses | 6,383 | 6,861 |
| Loss on disposal from the sale of subsidiaries and other business |
||
| areas | 6,894 | 0 |
| Other | 44,377 | 39,148 |
| Total | 235,885 | 213,279 |
Selling expenses include expenses for outgoing freight in the amount of EUR 78,459 thousand (2014: EUR 83,357 thou-
sand) and for commissions and advertising in the amount of EUR 18,723 thousand (2014: EUR 16,964 thousand). The loss on disposal from the sale of subsidiaries and other business areas in the 2015 financial year results from the sale of the three business units in Segment Lenzing Technik (see note 5). Miscellaneous other operating expenses include rental and lease expenses of EUR 10,982 thousand (2014: EUR 7,513 thousand), exchange rate losses of EUR 276 thousand (2014: EUR 0 thousand), property tax and similar taxes of EUR 3,051 thousand (2014: EUR 4,455 thousand), loss on receivables of EUR 1,295 thousand (2014: EUR 4,000 thousand), expenses for patents and trademarks of EUR 3,617 thousand (2014: EUR 2,736 thousand), expenses for food and drink of EUR 2,554 thousand (2014: EUR 2,546 thousand) and expenses from emission certificates in the amount of EUR 1,831 thousand (2014: EUR 1,590 thousand). In addition, the item comprises losses on the disposal of fixed assets in the amount of EUR 557 thousand (2014: EUR 123 thousand).
| 2014 | Lenzing AG |
Austrian subsidiaries |
Total |
|---|---|---|---|
| Audit of the annual financial statements (incl. consolidated financial statements) |
259 | 0 | 259 |
| Other assurance services | 42 | 61 | 103 |
| Other services | 10 | 0 | 10 |
| Tax advisory | 294 | 39 | 332 |
| Total | 604 | 99 | 704 |
Fees for other assurance services chiefly consist of fees for the review of the consolidated half-year financial statements and the audit of the annual financial statements of Lenzing Group subsidiaries.
The fees expensed for services of Deloitte Audit Wirtschaftsprüfungs GmbH, Vienna, and Deloitte Tax Wirtschaftsprüfungs GmbH, Vienna, break down as follows:
| 2015 | Lenzing AG |
Austrian subsidiaries |
Total |
|---|---|---|---|
| Audit of the annual financial statements (incl. consolidated financial statements) |
234 | 0 | 234 |
| Other assurance services | 45 | 52 | 96 |
| Other services | 58 | 0 | 58 |
| Tax advisory | 595 | 34 | 629 |
| Total | 932 | 86 | 1,018 |
The result of EUR 17,726 thousand (2014: EUR -541 thousand) is due to the Group's share in the current earnings of associates and joint ventures and to a distribution to be recognized in profit or loss in the amount of EUR 15,645 thousand in the 2015 financial year. The total distribution amounted to EUR 30,000 thousand and was cash-effective.
Income from non-current and current financial assets
Income from non-current and current financial assets breaks down as follows:
| and current financial assets | EUR '000 | ||
|---|---|---|---|
| 2015 | 2014 | ||
| Income from non-current and current financial assets |
|||
| Interest income from bank balances, loans, receivables and income from available-for-sale securities |
1,570 | 1,924 | |
| Measurement of long-term financial assets |
908 | 0 | |
| Net foreign currency gains from financial assets |
5,034 | 4,077 | |
| 7,512 | 6,001 | ||
| Expenses from non-current and current financial assets |
|||
| Measurement of loans | (269) | (10) | |
| Measurement of non-current financial assets |
(1,591) | (1,430) | |
| Loss on the disposal of available for-sale securities |
0 | (43) | |
| (1,860) | (1,482) | ||
| Total | 5,652 | 4,519 |
Financing costs break down as follows:
| 2015 | 2014 | |
|---|---|---|
| Net foreign currency gains/losses from financial liabilities |
(3,606) | (1,556) |
| Interest expense from bonds and private placements |
(6,832) | (5,892) |
| Interest expense from bank loans, other interest and similar expenses |
(16,476) | (19,969) |
| Total | (26,913) | (27,416) |
Current income tax expense and income/expense from deferred taxes (changes in deferred tax assets and liabilities) of the companies included in the consolidated financial statements are reported as income tax expense.
Income tax expense breaks down as follows:
| 2015 | 2014 | |
|---|---|---|
| Current income tax expense | ||
| Austria | 12,155 | 16,276 |
| Abroad | 8,163 | 4,407 |
| 20,319 | 20,683 | |
| Income/expense | ||
| from deferred taxes | 4,745 | 783 |
| Total | 25,064 | 21,466 |
| 2015 | 2014 | |
|---|---|---|
| Current income tax expense | ||
| Current tax expense for current year | 30,861 | 23,612 |
| Reduction because of use of tax losses |
(6,565) | (369) |
| Reduction because of use of tax credits |
(3,080) | 0 |
| Adjustment for prior-period income tax | (897) | (2,560) |
| 20,319 | 20,683 | |
| Income/expense from deferred taxes |
||
| Recognition and reversal of | ||
| temporary differences | 6,749 | (1,326) |
| Effects of changes in tax rates | (116) | (1) |
| Change in capitalized loss carryforwards |
9,142 | (496) |
| Change in capitalized tax credits | (14,006) | 0 |
| Effects of previously unrecognized temporary differences from prior periods |
(825) | (137) |
| Changes in write-downs on deferred tax assets (not including loss |
||
| carryforwards) | 3,801 | 2,742 |
| 4,745 | 783 | |
| Total | 25,064 | 21,466 |
In the 2015 financial year, a tax credit (EUR 3,080 thousand) was claimed for the first time in the Czech Republic. A deferred tax asset for the tax credit to be claimed in future years of EUR 14,006 thousand was recognized for the first time in profit or loss as its utilization is now sufficiently certain.
The reconciliation from the calculated income tax expense in line with the Austrian corporation tax rate of 25% (December 31, 2014: 25%) to the effective income tax expense is as follows:
| Tax reconciliation | EUR '000 | |
|---|---|---|
| 2015 | 2014 | |
| Earnings before tax | 149,098 | 7,305 |
| Calculated income tax expense (25% of earnings before tax) |
37,275 | 1,826 |
| Tax-free income and tax allowances (particularly research allowance) |
(1,958) | (1,056) |
| Impairment of goodwill | 0 | 18,116 |
| Non-deductible expenses, withholding taxes and similar permanent differences |
4,214 | 1,533 |
| Income from investments accounted for using the equity method |
(4,431) | 135 |
| Effect of different tax rates | (1,235) | (354) |
| Changes of tax rates | (116) | (1) |
| Tax income from prior periods | (1,722) | (2,697) |
| Exchange rate differences due to the translation of deferred tax items from local into functional currency |
4,126 | 2,066 |
| Change in unrecognized deferred tax assets from loss carryforwards, tax credits and other temporary differences |
(9,871) | 3,974 |
| Tax portion of puttable non controlling interests |
(383) | (2,204) |
| Other | (834) | 127 |
| Income tax expense | 25,064 | 21,466 |
The item "Tax income from prior periods" includes a tax credit of EUR 1,487 thousand (2014: EUR 3,000 thousand) from the tax group with B&C Industrieholding GmbH (see also note 44). The item "Impairment of goodwill" comprises the impairment loss on CGU Fiber Site Indonesia in the 2014 financial year (see note 19).
Lenzing AG and the Austrian subsidiaries of the Lenzing Group are subject to an income tax rate of 25% (December 31, 2014: 25%). The income tax rates applied to foreign companies range between 16.5% and 36.08% (December 31, 2014: between 16.5% and 36.08%).
In comparison to the previous financial year, there was a change in the applicable tax rate in the UK from 21% to 20% in 2015. As of April 1, 2020, a tax rate of 18% is applicable there.
Earnings per share are calculated as follows:
| Earnings per share | EUR '000 | |
|---|---|---|
| 2015 | 2014 | |
| Net profit/loss for the year attributable to shareholders of Lenzing AG used in the calculation of earnings per share |
122,947 | (13,478) |
| Weighted average number of shares |
26,550,000 | 26,550,000 |
| EUR | EUR | |
| Diluted = undiluted | 4.63 | (0.51) |
The share-based remuneration agreement (see note 44) contains performance-tied conditions that are not deemed to be fulfilled as at December 31, 2015 for the calculation of diluted earnings per share. As a result, diluted earnings per share correspond to basic earnings per share.
| NOTE 19 | |||
|---|---|---|---|
| Intangible assets |
Intangible assets developed as follows:
| Concessions, industrial property rights, licenses and |
Internally generated | |||
|---|---|---|---|---|
| 2015 | Goodwill | similar rights | intangible assets | Total |
| Cost | ||||
| As at 01/01/2015 | 86,929 | 18,640 | 14,458 | 120,027 |
| Currency translation adjustment | 8,843 | 45 | 0 | 8,888 |
| Changes in scope of consolidation and disposal of other business areas |
(223) | (3,340) | (267) | (3,829) |
| Additions | 0 | 505 | 485 | 990 |
| Disposals | 0 | (148) | 0 | (148) |
| As at 31/12/2015 | 95,549 | 15,701 | 14,677 | 125,927 |
| Accumulated amortization | ||||
| As at 01/01/2015 | (73,597) | (13,415) | (11,083) | (98,095) |
| Currency translation adjustment | (8,312) | (35) | 0 | (8,347) |
| Changes in scope of consolidation and disposal of other business areas |
0 | 180 | 19 | 199 |
| Amortization | 0 | (830) | (563) | (1,393) |
| Impairment | 0 | (13) | (156) | (169) |
| Disposals | 0 | 113 | 0 | 113 |
| As at 31/12/2015 | (81,909) | (14,000) | (11,783) | (107,693) |
| Carrying amount 01/01/2015 | 13,332 | 5,225 | 3,375 | 21,931 |
| Carrying amount 31/12/2015 | 13,640 | 1,701 | 2,894 | 18,234 |
| Concessions, industrial property rights, licenses and |
Internally generated | |||
|---|---|---|---|---|
| 2014 | Goodwill | similar rights | intangible assets | Total |
| Cost | ||||
| As at 01/01/2014 | 78,255 | 17,898 | 13,854 | 110,007 |
| Currency translation adjustment | 8,673 | 51 | 0 | 8,725 |
| Additions | 0 | 709 | 604 | 1,313 |
| Disposals | 0 | (18) | 0 | (18) |
| As at 31/12/2014 | 86,929 | 18,640 | 14,458 | 120,027 |
| Accumulated amortization | ||||
| As at 01/01/2014 | (208) | (12,535) | (9,853) | (22,597) |
| Currency translation adjustment | (814) | (38) | 0 | (852) |
| Amortization | 0 | (818) | (622) | (1,440) |
| Impairment | (72,574) | (29) | (608) | (73,212) |
| Disposals | 0 | 5 | 0 | 5 |
| As at 31/12/2014 | (73,597) | (13,415) | (11,083) | (98,095) |
| Carrying amount 01/01/2014 | 78,047 | 5,362 | 4,001 | 87,411 |
| Carrying amount 31/12/2014 | 13,332 | 5,225 | 3,375 | 21,931 |
The additions to internally generated intangible assets shown above in the amount of EUR 485 thousand (2014: EUR 604 thousand) relate to additions from internal development. All other additions relate to additions from separate acquisition.
Research and development expenses in accordance with IFRS totaling EUR 20,074 thousand (2014: EUR 18,776 thousand) were incurred in the Lenzing Group in the 2015 financial year.
On the basis of the impairment tests performed, impairment losses relating to intangible assets in the amount of EUR 169 thousand are recognized in the 2015 financial year (2014: EUR 73,212 thousand) under "Amortization of intangible assets and depreciation of property, plant and equipment" and in the development of intangible assets above.
In the 2014 financial year, the impairment of goodwill in the amount of EUR 72,574 thousand related to an Indonesian production site (a fiber production plant) of the Indonesia Fiber Site CGU in the Segment Fibers. The impairment losses were required on the basis of reduced economic performance due to altered expectations in the fiber market and altered medium-term price expectations in particular. More details can be seen further down (see section "Goodwill and trademark rights with indefinite useful lives").
Under concessions, industrial property rights, licenses and similar rights, there were impairment losses of EUR 13 thousand (2014: EUR 29 thousand) in the 2015 financial year. At EUR 8 thousand, the impairments relate to a Chinese production site in the Segment Fibers (for more details, see note 20) and at EUR 5 thousand they relate to impairments resulting from fair value measurement less costs to sell, which were necessary owing to the intra-year classification of a Chinese subsidiary in the Segment Lenzing Technik (for more details, see note 5) as a disposal group held for sale. In the process for the measurement of fair values less costs to sell, the necessary observable market data were collected and the input factors not observable were tested based on internally available information and updated as necessary.
Trademark rights with indefinite useful lives were derecognized as a result of the disposal of the subsidiary Dolan GmbH, Kelheim, Germany, in April 2015. In 2014, there was no need for the impairment of trademark rights with indefinite useful lives on the basis of the impairment tests performed.
Under internally generated intangible assets, there were impairment losses of EUR 156 thousand on development costs in the Fibers segment in the 2015 financial year (2014: EUR 608 thousand). They were required due to a lack of technical and commercial usability.
There were no reversals of impairment losses in either of the periods presented.
Goodwill and trademark rights with indefinite useful lives are allocated to the following segments/cash-generating units (CGUs) as at the reporting date:
| 31/12/2015 | 31/12/2014 | |
|---|---|---|
| Segment Fibers | ||
| CGU Fiber Site Indonesia | 0 | 0 |
| CGU Pulp Site Czech Republic | 9,771 | 9,525 |
| CGU Fiber Site UK | 2,415 | 2,278 |
| CGU Fiber Site USA | 1,454 | 1,307 |
| 13,640 | 13,109 | |
| Segment Other | 0 | 3,313 |
| Total | 13,640 | 16,422 |
Trademark rights with indefinite useful lives in the amount of EUR 3,090 thousand and goodwill in the amount of EUR 223 thousand included in the table above in Segment Others as at the reporting date December 31, 2014 were derecognized in April 2015 due to the sale of the subsidiary Dolan GmbH, Kelheim, Germany. No changes in the value of these trademark rights had been recognized, meaning that the carrying amount disposed of corresponded to cost. These trademark rights were classified as having indefinite useful lives because there was no foreseeable end to their economic use.
The recoverable amount for the largest CGUs with goodwill in the 2015 financial year – CGU Pulp Site Czech Republic, CGU Fiber Site UK and CGU Fiber Site USA – is determined on the basis of the fair value less costs of disposal on the basis of a discounted cash flow method (for detailed information see note 3, under "Impairment"). Fair value measurement is classified in full as level 3 of the fair value hierarchy, since key input factors (particularly cash flows) cannot be observed on the market.
The recoverable amount (before consideration of net financial debt) of the Indonesia Fiber Site CGU that was impaired in the 2014 financial year was EUR 313,517 thousand as at December 31, 2014 and was determined on the basis of the fair value less costs of disposal.
The following individual assumptions from the most recent impairment tests are or were also relevant to the CGUs Czech Republic Pulp Site, Fiber Site UK and Fiber Site USA; the amounts assigned to the significant assumptions represent the assessment of the future development by the Management Board. The individual assumptions for the CGU Fiber Site Indonesia in Goodwill and trademark rights the 2014 financial year are also shown in the table below:
| 2015 financial year |
2014 financial year |
|
|---|---|---|
| CGU Fiber Site Indonesia | ||
| Average operating margin in planning period p.a. |
n/a | 6.5% |
| Long-term growth rate of perpetuals | n/a | 1.0% |
| Discount rate (WACC) after taxes | n/a | 10.0% |
| CGU Pulp Site Czech Republic | ||
| Average operating margin in planning period p.a. |
19.2% | 13.8% |
| Long-term growth rate of perpetuals | 0.8% | 0.9% |
| Discount rate (WACC) after taxes | 7.5% | 7.9% |
| 2015 financial year |
2014 financial year |
|
|---|---|---|
| CGU Fiber Site UK | ||
| Average operating margin in planning period p.a. |
19.7% | 18.9% |
| Long-term growth rate of perpetuals | 0.6% | 1.0% |
| Discount rate (WACC) after taxes | 7.9% | 8.0% |
| CGU Fiber Site USA | ||
| Average operating margin in planning period p.a. |
13.7% | 13.3% |
| Long-term growth rate of perpetuals | 0.9% | 1.0% |
| Discount rate (WACC) after taxes | 8.2% | 7.8% |
Planning and projections of free cash flows of the Czech Republic Pulp Site CGU are based in particular on internal assumptions with regard to anticipated future sales prices and volumes as well as pulp production volumes and the costs required for this (particularly for wood and energy), taking into account the expected market environment and market positioning. The detailed planning period is four years (2014 financial year: four years). Average revenue growth in the detailed planning period is 0.8% p.a. (2014: -1.4% p.a.).
Planning and projections of free cash flows of the CGUs Fiber Site UK and Fiber Site USA are based in particular on internal assumptions with regard to anticipated future sales prices and volumes as well as fiber production volumes and the costs required for this (particularly for pulp and energy), taking into account the expected market environment and market positioning. The detailed planning period for both CGUs is four years (2014 financial year: four years). In the detailed planning period the average revenue growth of the CGU Fiber Site UK was -0.3% p.a. (2014: 6.8% p.a.) and that of the CGU Fiber Site USA -1.8% p.a. (2014: 3.7% p.a.).
Planning and projections of free cash flows of the Indonesia Fiber Site CGU in the 2014 financial year were based in particular on internal assumptions with regard to anticipated future sales prices and volumes as well as fiber production volumes and the costs required for this (particularly for pulp and energy), taking into account the expected market environment and market positioning. The detailed planning period in the 2014 financial year was five years. Average revenue growth in the detailed planning period in 2014 was 2.2% p.a.
As a result of the goodwill impairment on the CGU Fiber Site Indonesia in the 2014 financial year, its fair value less costs of disposal was equal to its carrying amount as at December 31, 2014. The estimates made for the fair value less costs of disposal of the Czech Republic Pulp Site CGU exceed its carrying amount by EUR 103.366 thousand (2014 financial year: EUR 57,373 thousand). The estimates are considered appropriate. However, corrections may be required in the event of changes in assumptions or circumstances. As part of a sensitivity analysis, the following table shows hypothetical scenarios for key assumptions and the possible changes in value as at the reporting date for which, if they occurred, the recoverable amount would be equal to the carrying amount of the CGU plus goodwill.
| Values relating to key assump tions |
Change in values relating to key assump tions for which the recoverable amount would be equal to the carrying amount |
|
|---|---|---|
| CGU Pulp Site Czech Republic |
||
| Operating margin | 100% | minus 29.8% |
| Long-term growth rate of perpetuals |
0.8% | minus 6.5 percentage points |
| Discount rate (WACC) after taxes |
7.5% | plus 4.1 percentage points |
| Values relating to key assump tions |
Change in values relating to key assump tions for which the recoverable amount would be equal to the carrying amount |
|
|---|---|---|
| CGU Pulp Site Czech Republic |
||
| Operating margin | 100% | minus 20.2% |
| Long-term growth rate of perpetuals |
0.9% | minus 3.0 percentage points |
| Discount rate (WACC) after taxes |
7.9% | plus 2.2 percentage points |
Property, plant and equipment developed as follows:
| Land and | Technical equipment and machinery, factory and |
Prepayments and assets under |
||
|---|---|---|---|---|
| 2015 | buildings | office equipment | construction | Total |
| Cost | ||||
| As at 01/01/2015 | 503,530 | 2,337,904 | 30,573 | 2,872,007 |
| Currency translation adjustment | 16,154 | 62,641 | 1,121 | 79,916 |
| Changes in scope of consolidation and disposal | ||||
| of other business areas | (92) | (16,934) | (314) | (17,340) |
| Additions | 2,391 | 48,438 | 24,560 | 75,388 |
| Disposals | (15) | (10,888) | (2) | (10,906) |
| Reclassifications | 2,337 | 16,700 | (19,037) | 0 |
| As at 31/12/2015 | 524,305 | 2,437,860 | 36,901 | 2,999,065 |
| Accumulated depreciation | ||||
| As at 01/01/2015 | (222,300) | (1,323,699) | (3,518) | (1,549,517) |
| Currency translation adjustment | (4,712) | (29,621) | (263) | (34,596) |
| Changes in scope of consolidation and disposal of other business areas |
42 | 9,906 | 0 | 9,948 |
| Depreciation | (15,331) | (116,836) | 0 | (132,166) |
| Impairment | (2,188) | (6,331) | 0 | (8,519) |
| Disposals | 11 | 10,225 | 0 | 10,236 |
| As at 31/12/2015 | (244,478) | (1,456,356) | (3,781) | (1,704,615) |
| Carrying amount 01/01/2015 | 281,230 | 1,014,205 | 27,056 | 1,322,490 |
| Carrying amount 31/12/2015 | 279,827 | 981,504 | 33,120 | 1,294,451 |
| 2014 | Land and buildings |
Technical equipment and machinery, factory and office equipment |
Prepayments and assets under construction |
Total |
|---|---|---|---|---|
| Cost | ||||
| As at 01/01/2014 | 428,337 | 2,071,477 | 214,455 | 2,714,269 |
| Currency translation adjustment | 15,936 | 64,308 | 1,319 | 81,563 |
| Additions | 14,559 | 70,588 | 13,023 | 98,169 |
| Disposals | (92) | (21,902) | 0 | (21,994) |
| Reclassifications | 44,791 | 153,432 | (198,223) | 0 |
| As at 31/12/2014 | 503,530 | 2,337,904 | 30,573 | 2,872,007 |
| Accumulated depreciation | ||||
| As at 01/01/2014 | (197,430) | (1,189,078) | (3,251) | (1,389,760) |
| Currency translation adjustment | (4,546) | (29,689) | (266) | (34,501) |
| Depreciation | (14,714) | (110,828) | 0 | (125,542) |
| Impairment | (5,625) | (15,728) | 0 | (21,353) |
| Disposals | 16 | 21,623 | 0 | 21,639 |
| As at 31/12/2014 | (222,300) | (1,323,699) | (3,518) | (1,549,517) |
| Carrying amount 01/01/2014 | 230,906 | 882,399 | 211,204 | 1,324,509 |
| Carrying amount 31/12/2014 | 281,230 | 1,014,205 | 27,056 | 1,322,490 |
Property, plant and equipment also includes assets from finance leases (see note 42). In addition, there is physical security in the form of property, plant and equipment for loans borrowed by the Group. Please refer to the information in note 31. The carrying amount of property, plant and equipment pledged to secure financial liabilities is EUR 273,107 thousand (December 31, 2014: EUR 268,178 thousand).
In the 2015 financial year, borrowing costs for property, plant and equipment were capitalized in the amount of EUR 550 thousand (2014: EUR 3,025 thousand), using a borrowing cost rate of 2.4% (2014: 2.8% to 3.0%).
On the basis of the impairment tests performed, impairment losses relating to property, plant and equipment in the amount of EUR 8,519 thousand are recognized for the 2015 financial year (2014: EUR 21,353 thousand) under "Amortization of intangible assets and depreciation of property, plant and equipment" and in the development of property, plant and equipment above.
In the 2015 financial year, EUR 7,907 thousand (2014: EUR 21,353 thousand) of the impairment of property, plant and equipment related to a Chinese production site (a fiber production plant) in the Segment Fibers with EUR 2,179 thousand (2014: EUR 5,625 thousand) of this impairment relating to land and buildings and EUR 5,728 thousand (2014: EUR 15,728 thousand) relating to technical equipment and machinery (particularly fiber production facilities) in addition to operating and office equipment. The recoverability of property, plant and equipment was assessed in light of developments on financial markets in China as at year-end/the turn of 2015/2016. The impairment losses are necessary because of the decline in economic performance.
The recoverable amount (before consideration of net financial debt) of the Chinese production site is EUR 96,527 thousand (December 31, 2014: EUR 105,839 thousand). The recoverable amount is determined on the basis of the fair value less costs of disposal using a discounted cash flow method (for detailed information see note 3, under "Impairment"). Fair value measurement is classified in full as level 3 of the fair value hierarchy, since key input factors (particularly cash flows) cannot be observed on the market. The following individual assumptions are also relevant to this Chinese production site; the amounts assigned to the significant assumptions represent the assessment of the future development by the Management Board:
| 2015 financial year |
2014 financial year |
|
|---|---|---|
| Average operating margin in planning period p.a. |
2.5% | 0.7% |
| Long-term growth rate of perpetuals | 1.0% | 1.4% |
| Discount rate (WACC) after taxes | 7.9% | 8.6% |
Planning and projections of free cash flows of the Chinese production site are based in particular on internal assumptions with regard to anticipated future sales prices and volumes as well as fiber production volumes and the costs required for this (particularly for pulp and energy), taking into account the expected market environment and market positioning. The detailed planning period is four years (2014 financial year: five years). Average revenue growth in the detailed planning period is 1.8% p.a. (2014: 3.5% p.a.).
In the 2015 financial year, further impairments of property, plant and equipment relate to impairments of land and buildings in the amount of EUR 9 thousand and, in the amount of EUR 603 thousand, to impairments of technical equipment and machinery as well as operating and office equipment to fair value less costs of disposal, which were necessary owing to the intra-year classification of a Chinese subsidiary in the Segment Lenzing Technik (for more details, see note 5) as a disposal group held for sale. In the process for the measurement of fair values less costs of dispoal, the necessary observable market data were collected and the input factors not observable were tested based on internally available information and updated as necessary.
There were no reversals of impairment losses in either of the periods presented.
Investments accounted for using the equity method relate to investments in associates and joint ventures, especially in EQUI-Fibres Beteiligungsgesellschaft mbH (EFB), Kelheim, Germany, which is assigned to the Segment Fibers. Investments accounted for using the equity method break down as follows:
| method | EUR '000 | |
|---|---|---|
| 31/12/2015 | 31/12/2014 | |
| Associates | ||
| EQUI-Fibres Beteiligungsgesellschaft mbH (EFB) |
19,972 | 32,470 |
| Other associates | 5,523 | 5,422 |
| Joint ventures | 73 | 65 |
| Total | 25,568 | 37,956 |
Investments accounted for using the equity method developed as follows:
| 2015 | EFB | Other associates | Joint ventures | Total |
|---|---|---|---|---|
| As at 01/01 | 32,470 | 5,422 | 65 | 37,956 |
| Income from investments accounted for using the equity method | 17,528 | 191 | 7 | 17,726 |
| Other comprehensive income - remeasurement of defined benefit liability and other |
(25) | 0 | 0 | (25) |
| Other comprehensive income – foreign currency translation differences arising during the reporting period |
0 | 2 | 1 | 3 |
| Total comprehensive income | 17,503 | 193 | 8 | 17,704 |
| Distributions | (30,000) | (93) | 0 | (30,093) |
| As at 31/12 | 19,972 | 5,523 | 73 | 25,568 |
The above total comprehensive income figures result only from continuing operations.
As at December 31, 2015, the Lenzing Group held 45% (December 31, 2014: 45%) of the capital and the voting rights of EFB, which is not listed on the stock exchange. The core business of EFB is the production and sale of botanic cellulose fibers. The Lenzing Group's relations with this company are described in note 44. The table below summarizes EFB's financial information in accordance with IFRS (100% in each case, i.e. not adapted to the interest held by the Lenzing Group and before intra-group eliminations or adjustments):
| 31/12/2015 | 31/12/2014 | |
|---|---|---|
| Non-current assets | 79,537 | 80,307 |
| Current assets | 55,834 | 56,433 |
| Equity | 44,122 | 71,893 |
| Non-current liabilities | 21,694 | 21,982 |
| Current liabilities | 69,555 | 42,865 |
| 2015 | 2014 | |
| Revenue | 162,004 | 163,236 |
| Earnings before tax (EBT) | 6,306 | (184) |
| Total comprehensive income | 4,128 | (968) |
| Thereof net profit for the year (of continued operations) |
4,184 | 638 |
| Thereof other comprehensive income (of continued operations) |
(56) | (1,607) |
The reconciliation of equity to the carrying amount of the investment in EFB is as follows:
| 31/12/2015 | 31/12/2014 | |
|---|---|---|
| Equity | 44,122 | 71,893 |
| Thereof: | ||
| Group's interest (45%; previous year: 45%) |
19,855 | 32,352 |
| Consolidation and other effects | 117 | 118 |
| Carrying amount | 19,972 | 32,470 |
Financial assets break down as follows:
| 31/12/2015 | 31/12/2014 | |
|---|---|---|
| Non-current securities | 16,274 | 14,369 |
| Other equity investments | 1,562 | 1,564 |
| Loans | 5,011 | 7,261 |
| Total | 22,847 | 23,194 |
Non-current securities are measured at their current quoted prices or other market prices (particularly notional values for investment funds) and break down as follows:
| 2015 | Market value 31/12 |
Average effective yield in % |
Income for the finan cial year |
|---|---|---|---|
| Government bonds | 6,869 | ||
| Bonds from other issuers |
0 | ||
| Other securities and book-entry securities |
9,405 | ||
| Total | 16,274 | 4.37 | 205 |
| 2014 | Market value 31/12 |
Average effective yield in % |
Income for the finan cial year |
|---|---|---|---|
| Government bonds | 5,944 | ||
| Bonds from other issuers |
100 | ||
| Other securities and book-entry securities |
8,325 | ||
| Total | 14,369 | 6.61 | 235 |
Government bonds mainly comprise bonds issued by the Federal Republic of Germany in the amount of EUR 2,879 thousand (December 31, 2014: EUR 2,683 thousand), by the Republic of France in the amount of EUR 2,110 thousand (December 31, 2014: EUR 837 thousand) and bonds issued by the Republic of Austria in the amount of EUR 0 thousand (December 31, 2014: EUR 358 thousand). The bonds from other issuers relate to bank bonds and were sold in 2015 (December 31, 2014: EUR 100 thousand). Other securities and book-entry securities chiefly relate to shares. Other equity investments as at December 31, 2015 mainly include the equity investment in LP Beteiligungs & Management GmbH, Linz, of EUR 1,050 thousand (December 31, 2014: EUR 1,050 thousand). Loans totaling EUR 5,011 thousand (December 31, 2014: EUR 7,261 thousand) relate entirely to loans to third parties.
Other non-current assets break down as follows:
| 31/12/2015 | 31/12/2014 | |
|---|---|---|
| Other non-current financial assets |
||
| Derivatives not yet settled (open positions) |
838 | 71 |
| Non-current receivables | 3,134 | 7,112 |
| 3,972 | 7,183 | |
| Other non-current assets (non-financial) |
||
| Receivables from other taxes | 1,237 | 1,457 |
| Prepaid expenses | 159 | 363 |
| 1,397 | 1,820 | |
| Total | 5,369 | 9,003 |
Trade receivables break down as follows:
| Trade receivables | EUR '000 | |
|---|---|---|
| 31/12/2015 | 31/12/2014 | |
| Trade receivables (gross) | 269,794 | 243,270 |
| Bad debt provisions | (10,856) | (10,501) |
| Total | 258,939 | 232,769 |
Inventories break down as follows:
| Inventories | EUR '000 | |
|---|---|---|
| 31/12/2015 | 31/12/2014 | |
| Raw materials and supplies | 226,103 | 224,756 |
| Work in progress | 2,323 | 3,756 |
| Finished goods and merchandise | 104,974 | 109,101 |
| Prepayments | 5,064 | 6,478 |
| Total | 338,464 | 344,092 |
Raw materials and supplies primarily include wood for pulp production, pulp and chemicals for cellulose fiber production and various incidentals. Finished goods and work in progress include cellulose fibers, sodium sulfate, acetic acid, furfural and products of the Segment Lenzing Technik.
The carrying amount of receivables pledged to secure financial liabilities or assigned as collateral is EUR 0 thousand (December 31, 2014: EUR 0 thousand). Further information on trade receivables can be found in notes 39 and 41 (under "Factoring" and "Credit risk").
| Construction contracts | EUR '000 | |
|---|---|---|
| 31/12/2015 | 31/12/2014 | |
| Contract costs incurred by the reporting date | 7,047 | 3,189 |
| Profits accrued by the reporting date | 210 | 287 |
| Losses incurred by the reporting date | (2,212) | (164) |
| Balance from contract manufacturing (gross) | 5,044 | 3,313 |
| Less advances received (total) | (4,614) | (3,217) |
| Balance from contract manufacturing (net) | 430 | 96 |
| Thereof gross amount due from customers for contract work (trade receivables) |
960 | 2,032 |
| Thereof gross amount due to customers for contract work (other current liabilities) |
(530) | (1,936) |
| Retentions included therein | 0 | 0 |
| Provisions for expected losses from construction contracts |
0 | 13 |
Revenue of EUR 17,138 thousand (2014: EUR 23,660 thousand) was generated from construction contracts in the 2015 financial year.
Other current assets break down as follows:
| Other current assets | EUR '000 | |
|---|---|---|
| 31/12/2015 | 31/12/2014 | |
| Other current financial assets | ||
| Derivatives not yet settled (open positions) |
1,718 | 453 |
| Creditors with debit balances | 2,461 | 1,845 |
| Offset maintenance | 3,700 | 4,390 |
| Other | 14,572 | 14,690 |
| Carrying amount as at 31/12 | 22,451 | 21,377 |
| Other current assets (non-financial) |
||
| Receivables from other taxes (particularly receivables from tax authorities – VAT) |
49,769 | 37,444 |
| Prepayments | 1,774 | 1,869 |
| Emission certificates | 6,441 | 5,280 |
| Prepaid expenses | 3,386 | 3,544 |
| Other | 26 | 126 |
| Carrying amount as at 31/12 | 61,395 | 48,262 |
| Total | 83,846 | 69,640 |
There were no current securities at the end of either reporting period presented in these financial statements.
Equity
The amount of and changes in group equity are presented in the consolidated statement of changes in equity.
The share capital of Lenzing AG amounts to EUR 27,574,071.43 as at December 31, 2015 (December 31, 2014: EUR 27,574,071.43) and is divided into 26,550,000 no-parvalue shares (December 31, 2014: 26,550,000). The proportion of the share capital attributable to one share amounts to roughly EUR 1.04. Each ordinary share represents an equal interest in the capital and conveys the same rights and obligations, particularly the right to a resolved dividend and the right to vote at the Shareholders' Meeting. The issuing amount of the shares is fully paid up. No other classes of shares have been issued.
By resolution of the Shareholders' Meeting on December 10, 2010, the Management Board was authorized, subject to the approval of the Supervisory Board, to raise the share capital by a maximum of EUR 13,358,625.00 (equivalent to 12,862,500 shares or 50% of the share capital as at December 31, 2010) within five years – possibly in tranches – against cash and contributions in kind ("authorized capital").
Effective June 17, 2011 (the first trading day of the new shares), Lenzing AG implemented a capital increase as authorized in the extraordinary Shareholders' Meeting on December 10, 2010. A total of 825,000 new shares were issued. The share capital was fully paid up.
In addition, the Management Board was authorized by resolution of the Shareholders' Meeting on December 10, 2010, subject to the approval of the Supervisory Board, to issue convertible bonds granting a subscription right or specifying a conversion obligation for up to 12,862,500 ordinary shares (equivalent to 50% of the share capital as at December 31, 2010) by no later than December 9, 2015 ("contingent capital").
After the implementation of the capital increase in the 2011 financial year, the number of new shares to be issued and convertible bonds decreased to 12,037,500.
By resolution of the Shareholders' Meeting on April 28, 2014, the Management Board was authorized to purchase via the stock exchange, with the consent by the Supervisory Board, treasury shares of up to 10% of the company's share capital during a period of 30 months from April 28, 2014, with the lowest equivalent of not more than 20% below and the highest equivalent of not more than 10% above the average closing price of the last three stock exchange days prior to the purchase of the shares. The purchase must not be for the purpose of trading in treasury shares. The authorization can be exercised in whole or in part or in several partial amounts and in pursuit of one or several purposes by the company, by a subsidiary (section 228(3) of the Austrian Commercial Code) or by third parties for the company's account. In addition, the Management Board was also authorized to reduce the share capital, if necessary, by redeeming such treasury shares without any further resolution by the Shareholders' Meeting. The Supervisory Board was authorized to adopt any amendments to the articles of association resulting from the redemption of shares.
By resolution of the Shareholders' Meeting on April 22, 2015, the Management Board was authorized, subject to the approval of the Supervisory Board, to raise the share capital within five years – if need be in several tranches – against cash and/or contributions in kind by up to EUR 13,778,412 by way of issuing up to 13,274,000 no-par share certificates ("authorized capital"). This authorization has not yet been entered into the commercial register and is therefore not yet valid.
In addition, the Management Board, by resolution of the Shareholders' Meeting on April 22, 2015, was also authorized to issue by April 22, 2020 convertible bonds – if need be in several tranches – which provide or allow for subscription or conversion rights to up to 13,274,000 shares ("contingent capital"). The issue may be realized by means of the contingent capital to be approved and/or by means of owned shares.
The Management Board did not exercise the authorizations in place on or until December 31, 2015 to increase the share capital, issue convertible bonds and repurchase treasury shares in the reporting period.
The capital reserves constitute restricted reserves of Lenzing AG that may only be used to offset an accumulated loss of
Lenzing AG. They were recognized based on the inflow of funds that Lenzing AG received from the shareholders above and beyond the share capital.
Other reserves include all accumulated other comprehensive income and consist of the foreign currency translation reserve, the reserve for available-for-sale financial assets, the hedging reserve and actuarial gains/losses. The foreign currency translation reserve comprises all exchange rate differences resulting from the translation of annual financial statements of consolidated subsidiaries prepared in foreign currencies into the group currency (euro). This item also includes exchange differences on receivables that represent a part of the net investment in a foreign operation. The reserve for available-for-sale financial assets consists of measurements recognized directly in equity of the assets concerned, less deferred taxes. The hedging reserve comprises the effective portion of cash flow hedges until the hedged items are recognized in profit or loss, less deferred taxes. Actuarial gains/losses comprise the effects recognized directly in equity from remeasurement of pensions and similar obligations, less deferred taxes.
The amounts attributable to components of other comprehensive income for the financial year break down as follows:
| 2015 | 2014 | ||||||
|---|---|---|---|---|---|---|---|
| Before tax | Tax effect | After tax | Before tax | Tax effect | After tax | ||
| Consolidated subsidiaries | 41,381 | (225) | 41,157 | 48,440 | 87 | 48,527 | |
| Investments accounted for using the equity method |
3 | 0 | 3 | 178 | 0 | 178 | |
| Foreign currency translation reserve | 41,384 | (225) | 41,159 | 48,618 | 87 | 48,705 | |
| Available-for-sale financial assets | 163 | (41) | 123 | 790 | (198) | 593 | |
| Consolidated subsidiaries | 23,801 | (5,443) | 18,358 | (27,449) | 6,168 | (21,281) | |
| Investements accounted for using the equity method |
5 | 0 | 5 | (5) | 0 | (5) | |
| Hedging reserve | 23,806 | (5,443) | 18,363 | (27,454) | 6,168 | (21,286) | |
| Consolidated subsidiaries | 5,234 | (1,360) | 3,874 | (13,896) | 3,496 | (10,400) | |
| Investements accounted for using the equity method |
(30) | 0 | (30) | (718) | 0 | (718) | |
| Actuarial gains/losses | 5,204 | (1,360) | 3,844 | (14,614) | 3,496 | (11,118) | |
| Total | 70,557 | (7,068) | 63,489 | 7,341 | 9,553 | 16,893 |
The reserve for hedging cash flows (hedging reserve) developed as follows:
| Changes in the hedging reserve | EUR '000 | |
|---|---|---|
| 2015 | 2014 | |
| Gains/losses recognized in the report ing period from the valuation of cash flow hedges |
||
| From gas swaps | (1,184) | (3,548) |
| From forward foreign exchange contracts | (37,773) | (31,537) |
| From other derivatives | 1 | (23) |
| (38,956) | (35,107) | |
| Reclassification to profit or loss of amounts relating to cash flow hedges |
||
| From gas swaps | 1,876 | 2,558 |
| From forward foreign exchange contracts | 60,696 | 4,892 |
| From other derivatives | 190 | 203 |
| 62,762 | 7,653 | |
| Total | 23,806 | (27,454) |
The above amounts from the reclassification to profit or loss of cash flow hedges from gas swaps are reported under cost of material. The above amounts from the reclassification to profit or loss of cash flow hedges from forward foreign exchange contracts are mainly reported under revenue in earnings before interest and tax (EBIT). The above amounts from the reclassification to profit or loss of cash flow hedges from other derivatives are reported in the financial result.
Retained earnings break down as follows:
| 31/12/2015 | 31/12/2014 | |
|---|---|---|
| Unappropriated revenue reserves of Lenzing AG | 393,769 | 380,441 |
| Share-based payments | 433 | 0 |
| Accumulated profits of Lenzing AG under Austrian law (Austrian Commercial Code - öUGB) |
53,100 | 26,550 |
| Retained earnings of the subsidiaries including the effect of adjusting the financial statements of Lenzing AG and its subsidiaries from local regulations to IFRS |
539,497 | 483,385 |
| Total (not including other reserves) | 986,799 | 890,376 |
The unappropriated revenue reserves of Lenzing AG can be released at any time and distributed to the shareholders as part of the accumulated profits. Under Austrian law, dividends can only be distributed from the accumulated profits according to the approved annual financial statements of the parent company in accordance with the Austrian Commercial Code.
The following dividends were resolved and paid out to the shareholders of Lenzing AG:
Number of
Dividend
| resolved and paid | Total | shares | per share |
|---|---|---|---|
| EUR '000 | EUR | ||
| Dividend for the financial year 2014 resolved at the Ordinary Shareholders' Meeting on April 22, 2015 (payment as of April 29, 2015) |
26,550 | 26,550,000 | 1.00 |
| Dividend for the financial year 2013 resolved at the Ordinary Shareholders' Meeting on April 28, 2014 (payment as of April 30, 2014) |
46,463 | 26,550,000 | 1.75 |
The Management Board makes the following proposal for the appropriation of the net retained profits for 2015 in the annual financial statements of Lenzing AG in accordance with the Austrian Commercial Code:
| Lenzing AG closed financial year 2015 with a profit under Austrian law (öUGB) of |
66,428 |
|---|---|
| Allocation to (unappropriated) revenue reserves of | (13,328) |
| and adding the profit carried forward from 2014 of | 0 |
| results in accumulated profits of | 53,100 |
| The Management Board proposes the following appropriation of the accumulated profits: |
|
| Distribution of a dividend in line with an amount of EUR 2,00 per share for the share capital entitled to dividend |
|
| payments of EUR 27,574,071.43 or 26,550,000 shares | 53,100 |
| Amount carried forward to new account | 0 |
The dividend from the above proposal is subject to approval by the shareholders at the Shareholders' Meeting and is therefore recognized in equity as at the reporting date. From January 1, 2016, the dividends are subject to a capital gains tax deduction of 27.5% in Austria (see the table above for the amounts). Until December 31, 2015 the capital gains tax deduction had amounted to 25% of gross dividends. In the case of individuals with unlimited tax liability, the income tax in Austria is thereby settled (final taxation). For corporations with unlimited tax liability, the profit shares distributed by Lenzing AG constitute tax-free investment income. Corporations with unlimited tax liability that hold at least 10% of the share capital are exempt from capital gains tax in Austria. For corporations with unlimited tax liability that hold less than 10% of the share capital, the capital gains tax retained can be offset in the corporation tax returns. If foreign EU companies with unlimited tax liability have held at least 10% of the share capital for at least one year without interruption, the capital gains tax deduction can be waived if additional requirements are satisfied. Non-distributed profits are not taxed for shareholders in Austria. In the case of entities with limited tax liability, the relevant double taxation agreements must also be taken into account.
Non-controlling interests comprise the shareholdings of third parties in consolidated group companies (non-controlling interests or shareholders). Companies with non-controlling interests are shown in note 47 under "Consolidated companies" and there comprise those companies in which the Lenzing Group holds a share less than 100% and that are not reported under puttable non-controlling interests (the latter relates to Lenzing (Nanjing) Fibers Co., Ltd., Nanjing, China, which is assigned to the Segment Fibers).
As at December 31, 2015, non-controlling interests in equity amounted to EUR 26,787 thousand (December 31, 2014: EUR 23,291 thousand), in particular in PT. South Pacific Viscose (SPV), Purwakarta, Indonesia, which is assigned to the Segment Fibers. As at December 31, 2015, the non-controlling shareholders held 11.92% (December 31, 2014: 11.92%) of the capital and voting rights of SPV, which is not listed on the stock exchange. The core business of SPV is the production and sale of botanic cellulose fibers.
The table below summarizes SPV's financial information in accordance with IFRS (100% in each case, i.e. not adapted to the interest held by the Lenzing Group and before intra-group eliminations or adjustments):
| 31/12/2015 | 31/12/2014 | |
|---|---|---|
| Non-current assets | 274,066 | 266,892 |
| Current assets | 160,462 | 166,412 |
| Equity | 224,723 | 195,395 |
| Thereof equity attributable to shareholders of Lenzing AG |
197,936 | 172,104 |
| Thereof equity attributable to non controlling interests |
26,787 | 23,291 |
| Non-current liabilities | 95,481 | 106,207 |
| Current liabilities | 114,324 | 131,702 |
| 2015 | 2014 | |
| Revenue | 463,964 | 416,692 |
| Earnings before tax (EBT) | 16,617 | (6,660) |
| Total comprehensive income | 29,328 | 15,818 |
| Thereof net profit for the year (of continued operations) |
7,669 | (7,607) |
| Net profit for the year attributable to shareholders of Lenzing AG |
6,754 | (6,700) |
| Net profit for the year attributable to non-controlling interests |
914 | (907) |
| Thereof other comprehensive income (of continued operations) |
21,659 | 23,425 |
| Other comprehensive income attributable to shareholders of Lenzing AG |
19,077 | 20,633 |
| Other comprehensive income attributable to non-controlling interests |
2,582 | 2,792 |
| Cash flow from operating activities | 28,638 | 41,859 |
| Cash flow from investing activities | (3,325) | (4,649) |
| Cash flow from financing activities | (34,649) | (36,535) |
| Change in cash and cash equivalents | (9,337) | 676 |
| Dividends paid to non-controlling interests |
0 | 0 |
Changes in non-controlling interests in subsidiaries already controlled due to changes in ownership interests because of the Lenzing Group acquiring or selling shares without losing control are reported in the consolidated statement of changes in equity and had the following effects on non-controlling interests:
| 2015 | 2014 | |
|---|---|---|
| European Carbon Fiber GmbH (2015: n.a., 2014: - 8.93%) |
0 | 68 |
| Lenzing Modi Fibers India Private Limited (2015: n.a., 2014: + 0.1%) |
0 | 7 |
| Decrease (+)/increase (-) of non-controlling interests in equity |
0 | 75 |
Due to the sale and the associated loss of control over the previously fully consolidated subsidiary European Carbon Fiber GmbH, Kelheim, Germany, in April 2015, non-controlling interests in the amount of EUR 222 thousand were derecognized.
In total, the following shares of other comprehensive income are attributable to non-controlling interests of subsidiaries of Lenzing AG:
| 2015 | 2014 | |
|---|---|---|
| Items that will not be reclassified subse quently to profit or loss |
||
| Remeasurement of defined benefit liability | (55) | (72) |
| Income tax relating to these components of other comprehensive income |
14 | 18 |
| Items that may be reclassified to profit or loss |
||
| Foreign operations - foreign currency translation differences arising during the reporting period |
2,638 | 2,863 |
| Net fair value gains/losses on remeasurement of available-for-sale financial assets recognized in the reporting period |
0 | 5 |
| Income tax relating to these components of other comprehensive income |
0 | (1) |
| Other comprehensive income - net of tax | 2,596 | 2,813 |
The amount accrued in this item primarily results from grants provided for promoting investments in economically underdeveloped regions and investments in environmental protection and from grants provided for promoting investments in general.
In the reporting period, government grants amounting to EUR 4,177 thousand (2014: EUR 5,599 thousand), mainly resulting from the promotion of research activities, were recognized in profit or loss. Any conditions attached to these grants were fulfilled, meaning that it is considered unlikely that they will have to be repaid, even just in part.
Government grants also include emission certificates as at December 31, 2015 in the amount of EUR 5,030 thousand (December 31, 2014: EUR 3,749 thousand). Based on Directive 2003/87/EC of the European Parliament and the European Council on a system for trading greenhouse gas emission certificates, a total of 419,540 emission certificates were allocated free of charge to the relevant companies in the Lenzing Group for 2015 through national allocation plans (2014: 812,851 emission certificates). Emission certificates developed as follows:
| Development of emission certificates | Number | |
|---|---|---|
| 2015 | 2014 | |
| As at 01/01 | 847,423 | 313,948 |
| Allocation for the year | 419,540 | 812,851 |
| Returned for actual emissions in the previous year |
(301,317) | (266,261) |
| Net purchases and sales during the year |
(20,070) | (13,115) |
| As at 31/12 | 945,576 | 847,423 |
As at December 31, 2015, a provision of EUR 376 thousand (December 31, 2014: EUR 168 thousand) was set aside to cover the shortfall of emission certificates.
NOTE 31
Financial liabilities break down as follows as at December 31:
| 31/12/2015 | Currency | Nominal value |
Carrying amount |
Average effective interest in % |
|---|---|---|---|---|
| Bond | ||||
| Fixed interest | EUR | 120,000 | 119,817 | 3.9 |
| 119,817 | ||||
| Private placements | ||||
| Fixed interest | EUR | 214,000 | 213,511 | 2.5 |
| Floating-rate interest | EUR | 75,500 | 75,310 | 1.5 |
| 288,821 | ||||
| Liabilities to banks | ||||
| Loans: | ||||
| Fixed interest | EUR | 2,570 | 2,570 | 2.2 |
| Floating-rate interest | EUR | 103,364 | 103,131 | 1.6 |
| Floating-rate interest | USD | 73,333 | 66,451 | 2.5 |
| Floating-rate interest | CNY | 0 | 0 | n/a |
| Operating loans1 : |
||||
| Floating-rate interest | USD | 21,034 | 19,262 | 3.0 |
| Floating-rate interest | CNY | 340,000 | 47,948 | 5.0 |
| Floating-rate interest | EUR | 0 | 0 | n/a |
| 239,361 | ||||
| Lease liabilities | ||||
| Fixed interest | EUR | 4,299 | 4,299 | 4.0 |
| Floating-rate interest | EUR | 1,996 | 1,996 | 1.5 |
| 6,295 | ||||
| Liabilities to other lenders (miscellaneous) | ||||
| Fixed interest | EUR | 6,606 | 6,606 | 1.2 |
| Fixed and floating | ||||
| rate interest | EUR | 19,837 | 19,837 | 0.9 |
| Floating-rate interest | USD | 2,741 | 2,509 | 3.7 |
| 28,952 | ||||
| Total | 683,247 | |||
| Thereof current | 172,337 | |||
| Thereof non-current | 510,910 |
| Average | ||||
|---|---|---|---|---|
| Nominal | Carrying | effective interest |
||
| 31/12/2014 | Currency | value | amount | in % |
| Bond | ||||
| Fixed interest | EUR | 120,000 | 119,713 | 3.9 |
| 119,713 | ||||
| Private placements | ||||
| Fixed interest | EUR | 139,500 | 139,128 | 3.0 |
| Floating-rate interest | EUR | 89,500 | 89,341 | 1.9 |
| 228,468 | ||||
| Liabilities to banks | ||||
| Loans: | ||||
| Fixed interest | EUR | 44,668 | 44,668 | 3.2 |
| Floating-rate interest | EUR | 122,474 | 122,147 | 1.8 |
| Floating-rate interest | USD | 113,333 | 92,150 | 2.4 |
| Floating-rate interest | CNY | 50,480 | 6,691 | 6.3 |
| Operating loans1 : |
||||
| Floating-rate interest | USD | 26,577 | 21,612 | 3.4 |
| Floating-rate interest | CNY | 400,000 | 53,021 | 6.1 |
| Floating-rate interest | EUR | 6,500 | 6,500 | 0.9 |
| 346,790 | ||||
| Lease liabilities | ||||
| Fixed interest | EUR | 1,938 | 1,938 | 4.0 |
| Floating-rate interest | EUR | 2,544 | 2,544 | 2.3 |
| 4,482 | ||||
| Liabilities to other lenders (miscellaneous) | ||||
| Fixed interest | EUR | 6,149 | 6,149 | 1.3 |
| Fixed and floating | ||||
| rate interest | EUR | 21,983 | 21,983 | 1.2 |
| Floating-rate interest | USD | 2,668 | 2,194 | 3.6 |
| 30,326 | ||||
| Total | 729,778 | |||
| Thereof current | 192,745 | |||
| Thereof non-current | 537,033 |
In the 2010 financial year, the Lenzing Group issued a sevenyear bond with a fixed interest rate of 3.875% and a nominal value of EUR 120,000 thousand. It matures on September 27, 2017.
In the 2012 financial year, the Lenzing Group issued a private placement. The issue volume amounts to EUR 200,000 thousand. Terms of four and seven years with fixed and floatingrate interest respectively and a term of ten years with fixed interest only were agreed. The average term is around six years. In the 2013 financial year, the Lenzing Group issued another private placement. The issue volume amounts to EUR 29,000 thousand. A term of five years with fixed interest was agreed.
In the 2015 financial year the Lenzing Group agreed the refinancing of its private placements and a corresponding volume increase. Existing private placements in the amount of EUR 89,500 thousand were terminated and re-issued at extended terms. Furthermore, additional private placements in the amount of EUR 60,500 thousand were issued. In total, EUR 150,000 thousand private placements with an average term of seven years were therefore issued.
The average effective interest rates of all private placements are shown in the table above. The next interest rate adjustment for the floating-rate loans and partially fixed-rate loans will take place within the next six months, depending on the loan agreement. The conditions for loans that can be utilized multiple times (revolving loans) are fixed for a certain period and bear floating-rate interest.
Others loans primarily relate to obligations to the Forschungsförderungsfonds der gewerblichen Wirtschaft (Austrian fund for the promotion of research in industry) and the ERP fund and loans from non-controlling shareholders.
EUR 68,093 thousand (December 31, 2014: EUR 105,452 thousand) of the reported financial liabilities is collateralized with land charges and other security and EUR 8,016 thousand (December 31, 2014: EUR 7,578 thousand) is collateralized with receivables. Shares in Biocel Paskov a.s. were pledged to finance the purchase price for the interest in this company and to finance investments.
Deferred tax assets and liabilities relate to the following items of the statement of financial position:
| 31/12/2015 | 31/12/2014 | |
|---|---|---|
| Intangible assets | 13 | 19 |
| Property, plant and equipment | 11,984 | 10,749 |
| Financial assets | 7,882 | 7,692 |
| Other assets | 6,112 | 6,455 |
| Provisions | 16,415 | 17,784 |
| Investment grants | 171 | 176 |
| Other liabilities | 4,949 | 9,934 |
| Tax loss carryforwards | 12,352 | 18,605 |
| Tax credits | 13,921 | 0 |
| Gross deferred tax assets - before valuation adjustment |
73,800 | 71,413 |
| Valuation adjustment on deferred | ||
| tax assets | (16,124) | (10,025) |
| Thereof relating to tax loss carryforwards | (8,911) | (6,835) |
| Gross deferred tax assets | 57,676 | 61,388 |
| Offsettable against deferred tax liabilities |
(40,423) | (39,855) |
| Net deferred tax assets | 17,253 | 21,534 |
| 31/12/2015 | 31/12/2014 | |
|---|---|---|
| Intangible assets | 314 | 1,400 |
| Property, plant and equipment | 76,494 | 68,830 |
| Financial assets | 1,894 | 842 |
| Other assets | 6,069 | 4,609 |
| Special depreciation/amortization | ||
| for tax purposes | 5,883 | 6,004 |
| Provisions | 21 | 216 |
| Investment grants | 433 | 321 |
| Other liabilities | 2,250 | 2,463 |
| Gross deferred tax liabilities | 93,357 | 84,685 |
| Offsettable against deferred tax assets | (40,423) | (39,855) |
| Net deferred tax liabilities | 52,934 | 44,830 |
Please refer to note 17 for information on tax credits.
EUR 17,913 thousand (December 31, 2014: EUR 21,742 thousand) of the gross deferred tax assets is due within one year. EUR 5,864 thousand (December 31, 2014: EUR 4,390 thousand) of the gross deferred tax liabilities is due within one year. The remaining amounts are due in more than one year.
Deferred taxes developed as follows:
| As at 01/01/2014 |
Recog nized in profit or loss |
Recog nized in other com pre hensive income |
Cur rency trans lation adjust ment |
As at 31/12/2014 = 01/01/2015 |
Recog nized in profit or loss |
Recog nized in other com pre hensive income |
Changes in scope of consolida tion and disposal of other busi ness areas |
Cur rency trans lation adjust ment |
As at 31/12/2015 |
|
|---|---|---|---|---|---|---|---|---|---|---|
| Intangible assets | (1,537) | 155 | 0 | 1 | (1,382) | (24) | 0 | 1,104 | 1 | (301) |
| Property, plant and equipment |
(55,417) | 213 | 0 | (2,877) | (58,081) | (3,496) | 0 | 314 | (3,247) | (64,510) |
| Financial assets | 9,599 | (2,552) | (198) | 0 | 6,850 | (820) | (41) | 0 | 0 | 5,988 |
| Other assets | 1,176 | (491) | 960 | 201 | 1,846 | (1,667) | (440) | 98 | 206 | 43 |
| Special depreciation/ amortization for tax |
||||||||||
| purposes | (6,087) | 83 | 0 | 0 | (6,004) | 120 | 0 | 0 | 0 | (5,883) |
| Provisions | 13,724 | (63) | 3,496 | 411 | 17,568 | 233 | (1,359) | (416) | 368 | 16,395 |
| Investment grants | (81) | (86) | 0 | 22 | (145) | (135) | 0 | 0 | 20 | (261) |
| Other liabilities | (2,379) | 4,514 | 5,208 | 127 | 7,471 | (18) | (5,003) | (21) | 271 | 2,700 |
| Tax loss carryforwards |
15,730 | 1,571 | 0 | 1,304 | 18,605 | (6,478) | 0 | (980) | 1,206 | 12,352 |
| Tax credits | 0 | 0 | 0 | 0 | 0 | 14,006 | 0 | 0 | (85) | 13,921 |
| Valuation adjustment | (5,254) | (4,127) | 0 | (644) | (10,025) | (6,465) | 0 | 910 | (544) | (16,124) |
| Total | (30,526) | (783) | 9,466 | (1,454) | (23,297) | (4,745) | (6,844) | 1,009 | (1,804) | (35,681) |
As at December 31, 2015, there were tax loss carryforwards of EUR 53,577 thousand in the Group (December 31, 2014: EUR 80,199 thousand). The existing tax loss carryforwards can be utilized as follows:
| Loss carryforwards (measurement basis) | EUR '000 | ||
|---|---|---|---|
| 31/12/2015 | 31/12/2014 | ||
| Total | 53,577 | 80,199 | |
| Thereof capitalized loss carryforwards | 13,780 | 49,895 | |
| Thereof non-capitalized loss carryforwards | 39,797 | 30,304 | |
| Possible expiration of non-capitalized loss carryforwards | |||
| Within 1 year | 36 | 36 | |
| Within 2 years | 7,277 | 35 | |
| Within 3 years | 6,414 | 9,525 | |
| Within 4 years | 11,684 | 4,805 | |
| Within 5 years | 0 | 2,336 | |
| Can be carried forward without restriction | 14,387 | 13,567 |
The recoverability of deferred tax assets is assessed – after deducting the negative temporary differences – on the basis of the future positive tax results according to the planning approved by the Management Board. This planning is also used in the impairment tests (see in particular note 3 under "Impairment" for details). The assessment of unused tax loss carryforwards and tax credits also takes utilization requirements into account.
As at December 31, 2015, net deferred tax assets totaling EUR 17,253 thousand (December 31, 2014: EUR 21,534 thousand) were capitalized, thereof mostly at group entities that generated losses in the past year or in the previous year at EUR 14,194 thousand (December 31, 2014: EUR 21,512 thousand). In turn, these related mainly to a Chinese production site at EUR 11,176 thousand (December 31, 2014: EUR 15,877 thousand) and a Chinese sales location at EUR 3,018 thousand (December 31, 2014: EUR 5,154 thousand). At the Chinese production site, there are net deferred tax assets totaling EUR 24,683 thousand (December 31, 2014: EUR 23,162 thousand) that have only partially been capitalized. In the past, there was a disadvantageous local cost structure and pricing policy that caused losses. The planning assumes an improvement in the market environment and market positioning (in particular an improvement of the cost structures and of the sales prices; see note 20 for further details of the planning assumptions). In the carryforward period of five years (December 31, 2014: five years), the expected positive tax results lead to a utilization of loss carryforwards to the extent of the capitalized amounts. The excess deferred tax assets are written down. The tax loss carryforwards of the Chinese sales location could be entirely utilized in 2015. The deferred tax assets existing as at the reporting date relate to other temporary differences.
There are restrictions with regard to the utilization of the non-capitalized loss carryforwards. If it had been possible to utilize all tax loss carryforwards in full, the deferred tax assets from loss carryforwards would have amounted to EUR 12,352 thousand (December 31, 2014: EUR 18,605 thousand) instead of EUR 3,441 thousand (December 31, 2014: EUR 11,769 thousand).
Under deferred tax assets, the financial assets item includes amounts for outstanding sevenths from tax write-downs on investments in accordance with section 12(3) no. 2 of the Austrian Corporation Tax Act totaling EUR 32,443 thousand (December 31, 2014: EUR 30,781 thousand). Sevenths from write-downs were utilized for tax purposes in the amount of EUR 3,475 thousand in the current year (2014: EUR 2,722 thousand).
With regard to shares in subsidiaries, joint ventures, associates and the pro-rata net assets of these investments held by group companies, no deferred tax liabilities were recognized in relation to temporary differences of EUR 218,539 thousand (December 31, 2014: EUR 135,509 thousand) which could be realized as a result of a sale. Moreover, no deferred tax liabilities were recognized for other differences whose reversal may be caused by a distribution with withholding taxes; the Group's share in net retained profit of the affected subsidiaries amounts to EUR 202,456 thousand (2014: EUR 183,597 thousand). In both cases, the differences will probably not reverse in the foreseeable future.
The provisions item of the Lenzing Group breaks down as follows:
| Total | Thereof current | Thereof non-current | ||||
|---|---|---|---|---|---|---|
| 31/12/2015 | 31/12/2014 | 31/12/2015 | 31/12/2014 | 31/12/2015 | 31/12/2014 | |
| Provisions for pensions and similar obligations | ||||||
| Pensions and severance payments | 96,538 | 102,944 | 4,421 | 4,472 | 92,117 | 98,473 |
| Jubilee benefits | 13,432 | 13,858 | 592 | 871 | 12,840 | 12,987 |
| 109,970 | 116,802 | 5,014 | 5,342 | 104,957 | 111,460 | |
| Other provisions | ||||||
| Restructuring measures | 983 | 11,243 | 983 | 11,243 | 0 | 0 |
| Guarantees and warranties | 1,824 | 2,808 | 974 | 1,208 | 850 | 1,600 |
| Anticipated losses and other risks | 13,919 | 15,384 | 3,503 | 4,437 | 10,415 | 10,947 |
| Emission certificates | 1,787 | 1,698 | 1,787 | 1,698 | 0 | 0 |
| Other | 8,804 | 6,056 | 2,789 | 56 | 6,015 | 6,000 |
| 27,317 | 37,189 | 10,037 | 18,642 | 17,280 | 18,547 | |
| Accruals | ||||||
| Personnel expenses (non-financial) | 31,842 | 34,715 | 31,425 | 34,715 | 416 | 0 |
| Other (financial) | 23,419 | 22,682 | 23,419 | 22,682 | 0 | 0 |
| 55,261 | 57,397 | 54,844 | 57,397 | 416 | 0 | |
| Total | 192,548 | 211,389 | 69,895 | 81,382 | 122,653 | 130,007 |
The Lenzing Group has entered into obligations for pensions and severance payments from defined benefit plans, which are reported under provisions for pensions and severance payments, and from defined contribution plans.
In the case of defined benefit plans for pensions and severance payments, the benefits are based on the final salary and length of service. They do not require any contributions by the employees.
The defined benefit pension plans are based on contractual obligations. The Lenzing Group's most significant defined benefit pension plan is in Austria. This defined benefit pension plan applies to employees who joined the Group before January 1, 2000 and decided to remain in the plan. The claims generally arose after a vesting period of at least 10 or 15 years of service. A retirement age of 58 to 63 years is assumed for the beneficiaries, depending on their gender. At
present, the plan mainly covers employees who have already retired. In some cases, there are qualifying insurance policies recognized as plan assets and part of obligations are covered by securities that do not qualify as plan assets.
There are also pension plans in Hong Kong. This defined benefit pension plan applies to employees who joined the Group before January 1, 2000 and decided to remain in the plan. It is chiefly financed by employer contributions to an external pension fund. The level of the employer contributions is redefined every three years after an evaluation of the plan's financial position. The claims are settled with a lump sum payment immediately on occurrence of the insured event.
The defined benefit severance plans are based on statutory obligations and obligations under collective agreements. The Lenzing Group's most significant defined benefit severance plan is in Austria. Under this plan, employees whose employment is subject to Austrian law and started before January 1, 2003 are legally entitled to a severance payment in specific cases, in particular when they reach the statutory retirement age and in the event of termination by the employer ("old severance payment system"). The amount of the severance payment depends on the amount of the employee's salary at the time the employment relationship is terminated and on the length of the employment relationship.
There are also significant similar defined benefit severance plans in Indonesia and the Czech Republic. Here they apply to all employees irrespective of when they joined the Group. There are no assets covering the defined benefit severance plans; they are financed entirely with provisions.
The defined benefit pension and severance plans primarily involve the following risks that influence the amount of the obligations to be recognized:
actual development is higher than the currently assumed trend, this will result in an increase in the obligations.
The Lenzing Group is also exposed to currency risks in connection with these plans.
The Lenzing Group takes various measures to reduce the risks from defined benefit plans. These include in particular financing the defined benefit plans externally with plan assets or covering the obligations with securities that do not qualify as plan assets and settling existing defined benefit plans with installments. In addition, pensions and similar obligations are now only concluded in the form of defined contribution commitments, where possible and legally permissible.
The objectives of the investment policy are to create an optimized composition of the plan assets and ensure that they cover the existing claims of the employees concerned. The investment strategies (asset allocations) for the plan assets are contractually regulated. A reinsurance policy has been concluded for part of the claims from the Austrian pension plan and is shown under plan assets. This policy is a conventional life insurance policy that chiefly invests in debt instruments in line with the maturity profile of the underlying claims with the aim of high investment security. To a lesser extent, the insurance policy's premium reserve fund also includes real property assets and equity instruments. The policy offers a guaranteed minimum return. The Lenzing Group no longer pays contributions to the insurance. The pension fund for covering the defined benefit plans as plan assets in Hong Kong invests with the goal of a medium-term to long-term performance that exceeds the inflation rate. To achieve this goal, it primarily invests in equity instruments. Details of the breakdown of plan assets as at the reporting date can be found in the table further below.
The main actuarial parameters applied for defined benefit pension and severance plans are as follows:
| Discount rate p.a. in % | 31/12/2015 | 31/12/2014 |
|---|---|---|
| Austria - pensions | 2.1 | 1.7 |
| Austria - severance payments | 2.2 | 1.8 |
| Other countries: | ||
| Germany | N/A | 2.5 |
| Indonesia | 9.0 | 7.8 |
| Hong Kong | 1.5 | 1.8 |
| Czech Republic | 1.8 | 1.2 |
| Salary increases p.a. in % | ||
| Austria - pensions | 3.0 | 3.0 |
| Austria - severance payments | 3.0 | 3.0 |
| Other countries: | ||
| Germany | N/A | 2.3 |
| Indonesia | 8.0 | 8.0 |
| Hong Kong | 4.5 | 4.5 |
| Czech Republic | 2.5 | 2.5 |
| Pension increases p.a. in % | ||
| Austria - pensions | 0.0-3.0 | 0.0-3.0 |
| Austria - severance payments | N/A | N/A |
| Other countries: | ||
| Germany | N/A | 1.8 |
| Indonesia | N/A | N/A |
| Hong Kong | N/A | N/A |
| Czech Republic | N/A | N/A |
| Staff turnover deductions p.a. in % | ||
| Austria - pensions | 0.0 | 0.0 |
| Austria - severance payments | 0.0-4.0 | 0.0-4.4 |
| Other countries: | ||
| Germany | N/A | 0.0-12.5 |
| Indonesia | 1.0-7.5 | 2.0-10.0 |
| Hong Kong | 0.0 | 0.0 |
| Czech Republic | 1.0 | 1.0 |
In both financial years, the defined benefit pension plans in Austria were calculated using the biometric data from Pagler & Pagler AVÖ 2008 P – bases for calculating pension insurance for salaried employees. The defined benefit severance plans in Austria were calculated in both financial years using a personnel turnover rate that includes all reasons for departure without entitlement to severance payments.
In the other countries, the following biometric data and assumptions are used:
The obligations (carrying amounts) from defined benefit pension and severance plans (incl. restructuring measures) reported in the consolidated statement of financial position break down as follows:
| 31/12/2015 | Pensions in Austria |
Severance payments in Austria |
Pensions and severance payments in other countries |
Total |
|---|---|---|---|---|
| Present value of obligations covered by plan assets (DBO) - gross | 27,140 | 0 | 1,790 | 28,931 |
| Fair value of plan assets | (3,407) | 0 | (1,314) | (4,721) |
| Present value of obligations covered by plan assets (DBO) - net | 23,733 | 0 | 476 | 24,209 |
| Present value of obligations not covered by plan assets (DBO) | 0 | 60,883 | 11,534 | 72,417 |
| Amounts recognized in statement of financial position1 | 23,733 | 60,883 | 12,010 | 96,626 |
| Thereof reported under: | ||||
| Pensions and severance payments - non-current | 21,662 | 59,076 | 11,378 | 92,117 |
| Pensions and severance payments - current | 2,071 | 1,718 | 632 | 4,421 |
| Restructuring measures - current | 0 | 88 | 0 | 88 |
| Total | 23,733 | 60,883 | 12,010 | 96,626 |
| 31/12/2014 | Pensions in Austria |
Severance payments in Austria |
Pensions and severance payments in other countries |
Total |
|---|---|---|---|---|
| Present value of obligations covered by plan assets (DBO) - gross | 29,156 | 0 | 1,469 | 30,625 |
| Fair value of plan assets | (3,531) | 0 | (1,243) | (4,774) |
| Present value of obligations covered by plan assets (DBO) - net | 25,626 | 0 | 225 | 25,851 |
| Present value of obligations not covered by plan assets (DBO) | 0 | 68,197 | 11,595 | 79,792 |
| Amounts recognized in statement of financial position2 | 25,626 | 68,197 | 11,821 | 105,643 |
| Thereof reported under: | ||||
| Pensions and severance payments - non-current | 23,556 | 63,588 | 11,328 | 98,473 |
| Pensions and severance payments - current | 2,070 | 1,910 | 492 | 4,472 |
| Restructuring measures - current | 0 | 2,699 | 0 | 2,699 |
| Total | 25,626 | 68,197 | 11,821 | 105,643 |
The net liability (provision) for defined benefit pension and severance plans (incl. restructuring measures) developed as follows:
| 2015 | Pensions in Austria |
Severance payments in Austria |
Pensions and severance payments in other countries |
Total |
|---|---|---|---|---|
| Net liability (provision) as at 01/011 | 25,626 | 68,197 | 11,821 | 105,643 |
| Expense for the period (profit or loss): | ||||
| Current service cost | 10 | 2,681 | 807 | 3,498 |
| Past service cost | 0 | 0 | 411 | 411 |
| Gain/loss on settlement of plans² | 0 | (30) | 0 | (30) |
| Net interest | 413 | 1,174 | 628 | 2,216 |
| Administrative and other costs | 0 | 0 | 1 | 1 |
| Remeasurement of period (other comprehensive income) | (396) | (5,560) | 722 | (5,234) |
| Changes in scope of consolidation and disposal of other business areas |
0 | (573) | (1,767) | (2,340) |
| Cash flows | (1,920) | (5,006) | (672) | (7,598) |
| Currency translation adjustment | 0 | 0 | 58 | 58 |
| Net liability (provision) as at 31/123 | 23,733 | 60,883 | 12,010 | 96,626 |
| Thereof pensions and severance payments | 23,733 | 60,795 | 12,010 | 96,538 |
| Thereof restructuring measures | 0 | 88 | 0 | 88 |
1) Incl. other provisions for restructuring measures of EUR 2,699 thousand. 2) The gain/loss on settlement of plans was already recognized in profit or loss in connection with the other provision for restructuring measures in the previous year, and thus does not affect profit or loss in the 2015 financial year. 3) Incl. other provisions for restructuring measures of EUR 88 thousand.
| 2014 | Pensions in Austria |
Severance payments in Austria |
Pensions and severance payments in other countries |
Total |
|---|---|---|---|---|
| Net liability (provision) as at 01/014 | 23,549 | 61,196 | 10,091 | 94,836 |
| Expense for the period (profit or loss): | ||||
| Current service cost | 9 | 2,528 | 748 | 3,285 |
| Past service cost | 0 | 0 | 422 | 422 |
| Gain/loss on settlement of plans5 | 0 | 1,073 | 290 | 1,363 |
| Net interest | 679 | 1,968 | 780 | 3,427 |
| Administrative and other costs | 0 | 0 | 1 | 1 |
| Remeasurement of period (other comprehensive income) | 3,260 | 9,936 | 700 | 13,896 |
| Cash flows | (1,871) | (8,505) | (2,031) | (12,407) |
| Currency translation adjustment | 0 | 0 | 820 | 820 |
| Net liability (provision) as at 31/126 | 25,626 | 68,197 | 11,821 | 105,643 |
| Thereof pensions and severance payments | 25,626 | 65,498 | 11,821 | 102,944 |
| Thereof restructuring measures | 0 | 2,699 | 0 | 2,699 |
4) Incl. other provisions for restructuring measures of EUR 17,472 thousand. 5) The gain/loss on settlement of plans was already recognized in profit or loss in connection with the other provision for restructuring measures in the previous year, and thus does not affect profit or loss in the 2014 financial year. 6) Incl. other provisions for restructuring measures of EUR 2,699 thousand.
Plan settlements in the 2015 and 2014 financial years are linked to the group-wide headcount reductions and the resulting payments (refer to the notes on other provisions for restructuring measures further down in this chapter).
The net liability (provision) of the defined benefit pension and severance plans shown above comprises the present value of the pension and severance payment obligation (incl. restructuring measures) (defined benefit obligation/DBO) less the fair value of the plan assets. These two components of the net liability developed as follows:
| 2015 | Pensions in Austria |
Severance payments in Austria |
Pensions and severance payments in other countries |
Total |
|---|---|---|---|---|
| Present value of obligation (DBO) as at 01/011 | 29,156 | 68,197 | 13,064 | 110,417 |
| Changes in scope of consolidation and disposal of other business areas | 0 | (573) | (1,767) | (2,340) |
| Service cost (profit or loss): | ||||
| Current service cost | 10 | 2,681 | 807 | 3,498 |
| Past service cost | 0 | 0 | 411 | 411 |
| Gain/loss on settlement of plans² | 0 | (30) | 0 | (30) |
| Interest expense (profit or loss) | 478 | 1,174 | 653 | 2,305 |
| Cash flows: | ||||
| Payments made from the plan | (282) | 0 | 0 | (282) |
| Direct payments of employer | (1,920) | (3,795) | (634) | (6,350) |
| Settlement payments | 0 | (1,211) | 0 | (1,211) |
| Remeasurement of period (other comprehensive income): | ||||
| On the basis of demographic assumptions | 0 | 0 | 841 | 841 |
| On the basis of financial assumptions | (905) | (2,635) | (1,032) | (4,571) |
| Due to experience adjustments | 603 | (2,926) | 780 | (1,542) |
| Currency translation adjustment | 0 | 0 | 202 | 202 |
| Present value of obligation (DBO) as at 31/123 | 27,140 | 60,883 | 13,324 | 101,348 |
| Thereof pensions and severance payments | 27,140 | 60,795 | 13,324 | 101,259 |
| Thereof restructuring measures | 0 | 88 | 0 | 88 |
1) Incl. other provisions for restructuring measures of EUR 2,699 thousand. 2) The gain/loss on settlement of plans was already recognized in profit or loss in connection with the other provision for restructuring measures in the previous year, and thus does not affect profit or loss in the 2015 financial year. 3) Incl. other provisions for restructuring measures of EUR 88 thousand.
| 2014 | Pensions in Austria |
Severance payments in Austria |
Pensions and severance payments in other countries |
Total |
|---|---|---|---|---|
| Present value of obligation (DBO) as at 01/014 | 27,197 | 61,196 | 11,127 | 99,520 |
| Service cost (profit or loss): | ||||
| Current service cost | 9 | 2,528 | 748 | 3,285 |
| Past service cost | 0 | 0 | 422 | 422 |
| Gain/loss on settlement of plans5 | 0 | 1,073 | 290 | 1,363 |
| Interest expense (profit or loss) | 784 | 1,968 | 805 | 3,557 |
| Cash flows: | ||||
| Payments made from the plan | (280) | 0 | 0 | (280) |
| Direct payments of employer | (1,871) | (1,736) | (804) | (4,411) |
| Settlement payments | 0 | (6,769) | (1,185) | (7,953) |
| Remeasurement of period (other comprehensive income): | 0 | 0 | 0 | 0 |
| On the basis of demographic assumptions | 0 | 0 | (158) | (158) |
| On the basis of financial assumptions | 3,338 | 10,213 | 1,359 | 14,910 |
| Due to experience adjustments | (20) | (277) | (504) | (801) |
| Currency translation adjustment | 0 | 0 | 964 | 964 |
| Present value of obligation (DBO) as at 31/126 | 29,156 | 68,197 | 13,064 | 110,417 |
| Thereof pensions and severance payments | 29,156 | 65,498 | 13,064 | 107,718 |
| Thereof restructuring measures | 0 | 2,699 | 0 | 2,699 |
4) Incl. other provisions for restructuring measures of EUR 17,472 thousand. 5) The gain/loss on settlement of plans was already recognized in profit or loss in connection with the other provision for restructuring measures in the previous year, and thus does not affect profit or loss in the 2014 financial year. 6) Incl. other provisions for restructuring measures of EUR 2,699 thousand.
| 2015 | Pensions in Austria |
Severance payments in Austria |
Pensions and severance payments in other countries |
Total |
|---|---|---|---|---|
| Fair value of plan assets as at 01/01 | 3,531 | 0 | 1,243 | 4,774 |
| Interest income (profit or loss) | 64 | 0 | 25 | 89 |
| Cash flows: | ||||
| Payments made to the plan (employer contributions) | 0 | 0 | 37 | 37 |
| Payments made from the plan | (282) | 0 | 0 | (282) |
| Administrative and other costs | 0 | 0 | (1) | (1) |
| Remeasurement of period on the basis of return on plan assets excluding amounts included in interest income |
||||
| (other comprehensive income) | 94 | 0 | (133) | (39) |
| Currency translation adjustment | 0 | 0 | 143 | 143 |
| Fair value of plan assets as at 31/12 | 3,407 | 0 | 1,314 | 4,721 |
The plan assets break down by asset class as follows:
| 31/12/2015 | Pensions in Austria |
Severance payments in Austria |
Pensions and severance payments in other countries |
Total |
|---|---|---|---|---|
| Cash and cash equivalents | 0 | 0 | 28 | 28 |
| Equity instruments | 0 | 0 | 1,007 | 1,007 |
| Debt instruments | 0 | 0 | 280 | 280 |
| Insurance policies qualifying as plan assets | 3,407 | 0 | 0 | 3,407 |
| Balance | 3,407 | 0 | 1,314 | 4,721 |
| 31/12/2014 | Pensions in Austria |
Severance payments in Austria |
Pensions and severance payments in other countries |
Total |
|---|---|---|---|---|
| Cash and cash equivalents | 0 | 0 | 98 | 98 |
| Equity instruments | 0 | 0 | 920 | 920 |
| Debt instruments | 0 | 0 | 225 | 225 |
| Insurance policies qualifying as plan assets | 3,531 | 0 | 0 | 3,531 |
| Balance | 3,531 | 0 | 1,243 | 4,774 |
The fair values of the equity and debt instruments shown above are determined based on price quotations on an active market. The fair value of the insurance policy is not determined on an active market; it corresponds to the cover funds reported in the statement of financial position of the insurance company. The insurance company chiefly invests in debt instruments and, to a lesser extent, in real property assets and equity instruments. The plan assets do not include any financial instruments issued by or assets used by the Lenzing Group. The fair value of cash and cash equivalents corresponds to the nominal value as at the reporting date.
The actual return on plan assets amounts to EUR 52 thousand (return in 2014: EUR 186 thousand).
Sensitivity analyses are performed for the risk of changes in actuarial parameters for measuring the present value of the obligations from defined benefit plans. The sensitivity analyses show the effects on the present value of the obligations from hypothetical changes in key parameters that could reasonably have changed at the end of the reporting period. This relates to the parameters of discount rates, salary increases and pension increases. In each case, one parameter was changed while the other parameters were kept constant. The sensitivity analyses are performed based on the present values of the obligations as at the reporting date before deducting plan assets (defined benefit obligation/DBO) and before reclassification to other provisions for restructuring measures. The sensitivities of the parameters are as follows as at the reporting dates:
| 31/12/2015 | Change in parameters (percentage points) |
Decrease in parameter/ change in present value of obligation in EUR '000 |
Increase in parameter/change in present value of obligation in EUR '000 |
|---|---|---|---|
| Discount rate | 1.0 | 10,718 | (9,153) |
| Salary increase | 1.0 | (6,781) | 7,764 |
| Pension increase | 1.0 | (2,222) | 2,555 |
| 31/12/2014 | Change in parameters (percentage points) |
Decrease in parameter/ change in present value of obligation in EUR '000 |
Increase in parameter/change in present value of obligation in EUR '000 |
|---|---|---|---|
| Discount rate | 1.0 | 12,669 | (10,756) |
| Salary increase | 1.0 | (7,747) | 8,917 |
| Pension increase | 1.0 | (2,759) | 3,169 |
The sensitivity analyses shown above represent hypothetical changes on the basis of the assumptions made. Actual deviations from the assumptions will result in other effects. In particular, the parameters altered on an isolated basis above may correlate with one another in reality. The deduction of plan assets will lead to a further reduction of the effects.
The weighted average terms (durations) of the defined benefit pension and severance payment obligations in years are as follows:
| 31/12/2015 | 31/12/2014 | |
|---|---|---|
| Austria - pensions | 10 | 10 |
| Austria - severance payments | 11-14 | 11-16 |
| Other countries | ||
| Germany | N/A | 21 |
| Indonesia | 8 | 8 |
| Hong Kong | 8 | 9 |
| Czech Republic | 9 | 10 |
The Lenzing Group expects contributions to plan assets for the pension and severance plans to amount to EUR 39 thousand in the coming year (2014: EUR 44 thousand).
The Lenzing Group makes payments to pension funds and similar external funds for defined contribution pension and severance plans. The Lenzing Group's most significant defined contribution pension and severance plans are in Austria. The defined contribution pension plan in Austria is based on contractual obligations. It applies to all employees who joined the Group after December 31, 1999, with the exception of apprentices, and to employees who joined before this date and decided to change from the defined benefit pension plan to this plan. Starting from the beginning of the employment relationship or from a certain length of service, a certain percentage that depends on the beneficiary's salary is paid into an external pension fund by the employer. Each beneficiary is entitled to make their own contribution, the maximum amount of which is equivalent to the amount that the employer makes for the beneficiary. The claims generally become vested five years after the employer begins paying contributions. The defined contribution severance plan in Austria is based on statutory obligations ("new severance payment system"). Under this plan, the Lenzing Group must pay 1.53% of the gross salary into an employee provision fund in the case of employees whose employment relationships are subject to Austrian law and started after December 31, 2002.
Most of the Lenzing Group's foreign locations also offer defined contribution pension plans, the majority of which are based on contractual obligations and cover almost all employees at the respective locations. Depending on the contractual arrangement, a certain percentage of the beneficiaries' remuneration is paid to an external fund or insurance company. The claims either become vested immediately or have a vesting period of up to several years, depending on the contract.
Under defined contribution plans, the Lenzing Group's obligation is only to pay agreed contributions into a fund. In this case, actuarial risk and investment risk are assumed by the employee. Therefore, no provisions or other accruals are recognized after the agreed contributions have been paid.
Expenses for defined contribution plans break down as follows:
| Expenses for defined contribution plans |
EUR '000 | |
|---|---|---|
| 2015 | 2014 | |
| Austria - pensions | 1,387 | 1,420 |
| Austria - severance payments | 1,276 | 1,134 |
| Other countries | 2,468 | 2,174 |
| Total | 5,132 | 4,728 |
On the basis of collective agreement regulations, Lenzing AG and a number of subsidiaries, particularly Austrian and Czech subsidiaries, are required to pay jubilee benefits to employees who have been with the company for a certain length of time. These payments are based on the amount of the salary at the time of the relevant employee anniversary and are payable as at the employee anniversary. No assets have been eliminated from the company and no contributions have been made to a pension fund or any other external fund to cover these obligations. The jubilee benefits do not require any contributions by the employees.
The main actuarial parameters applied for obligations for jubilee benefits are as follows:
| Discount rate p.a. in % | 31/12/2015 | 31/12/2014 |
|---|---|---|
| Austria | 2.1 | 1.7 |
| Germany | N/A | 1.8 |
| Czech Republic | 1.0 | 0.6 |
| Salary increases p.a. in % | ||
| Austria | 3.0 | 3.0 |
| Germany | N/A | 2.3 |
| Czech Republic | 2.5 | N/A |
| Staff turnover deductions p.a. in % | ||
| Austria | 1.3-6.7 | 1.2-7.5 |
| Germany | N/A | 0.0-12.5 |
| Czech Republic | 1.0 | 1.0 |
In both financial years, the obligations for jubilee benefits in Austria were calculated using a personnel turnover rate that depends on the length of service and includes all reasons for departure. In the other countries, there are country-specific assumptions regarding personnel turnover probabilities and biometric data.
The following table shows the development of the obligation (provision) for jubilee benefits:
| 2015 | 2014 | |
|---|---|---|
| Present value of obligation (DBO) as at 01/01 | 13,858 | 13,320 |
| Changes in scope of consolidation and disposal of other business areas | (482) | 0 |
| Current service cost (profit or loss) | 756 | 666 |
| Past service cost (profit or loss) | 271 | 15 |
| Interest expense (profit or loss) | 226 | 394 |
| Remeasurement of period (profit or loss): | ||
| On the basis of demographic assumptions | (67) | (2) |
| On the basis of financial assumptions | (336) | 1,774 |
| Due to experience adjustments | (8) | (1,246) |
| Direct payments of employer | (787) | (1,062) |
| Currency translation adjustment | 2 | (1) |
| Present value of obligation (DBO) as at 31/12 | 13,432 | 13,858 |
Other provisions and accruals developed as follows:
| Currency | Changes in scope of | Reclassification to liabilities held for sale, disposal |
|||
|---|---|---|---|---|---|
| 2015 | As at 01/01 | translation adjustment |
consolidation and disposal of other business areas |
groups and other reclassifications |
|
| Other provisions | |||||
| Restructuring measures | 11,243 | 11 | 0 | (1,434) | |
| Guarantees and warranties | 2,808 | 2 | (454) | 0 | |
| Anticipated losses and other risks | 15,384 | 27 | (9) | 0 | |
| Emission certificates | 1,698 | 2 | 0 | 0 | |
| Other | 6,056 | 55 | 0 | 0 | |
| 37,189 | 96 | (463) | (1,434) | ||
| Accruals | |||||
| Personnel expenses (non-financial) | 34,715 | 498 | (861) | 0 | |
| Other (financial) | 22,682 | 1,079 | (4,095) | 0 | |
| 57,397 | 1,577 | (4,956) | 0 | ||
| Total | 94,587 | 1,674 | (5,419) | (1,434) |
| Currency | Changes in scope of | Reclassification to liabilities held for sale, disposal |
|||
|---|---|---|---|---|---|
| 2014 | As at 01/01 | translation adjustment |
consolidation and disposal of other business areas |
groups and other reclassifications |
|
| Other provisions | |||||
| Restructuring measures | 37,211 | 220 | 0 | (8,556) | |
| Guarantees and warranties | 4,266 | 0 | 0 | 0 | |
| Anticipated losses and other risks | 25,262 | 130 | 0 | 0 | |
| Emission certificates | 1,754 | 0 | 0 | 0 | |
| Other | 8,846 | 81 | 0 | 0 | |
| 77,338 | 430 | 0 | (8,556) | ||
| Accruals | |||||
| Personnel expenses (non-financial) | 37,115 | 469 | 0 | 0 | |
| Other (financial) | 28,073 | 1,393 | 0 | 0 | |
| 65,187 | 1,863 | 0 | 0 | ||
| Total | 142,526 | 2,293 | 0 | (8,556) |
1) The utilization of the provision for restructuring measures includes the statutory severance payment of EUR 1,211 thousand (2014: EUR 6,769 thousand). 2) Incl. reclassification from severance or pension provisions of EUR 88 thousand (December 31, 2014: EUR 2,699 thousand)
| Thereof | |||||
|---|---|---|---|---|---|
| Thereof current non-current |
As at 31/12 | Accrued interest | Additions | Reversal | Utilization |
| 983 | 9832 | 0 | 10 | (5,433) | (3,415)1 |
| 974 | 1,824 | 0 | 615 | (983) | (164) |
| 3,503 | 13,919 | (263) | 4,773 | (4,556) | (1,437) |
| 1,787 | 1,787 | 0 | 1,784 | 0 | (1,697) |
| 2,789 | 8,804 | 0 | 2,693 | 0 | 0 |
| 10,037 | 27,317 | (263) | 9,875 | (10,972) | (6,712) |
| 31,425 | 31,842 | 0 | 28,674 | (403) | (30,782) |
| 23,419 | 23,419 | 0 | 19,341 | (1,594) | (13,994) |
| 54,844 | 55,261 | 0 | 48,015 | (1,996) | (44,777) |
| 64,881 17,697 |
82,578 | (263) | 57,891 | (12,968) | (51,488) |
| Thereof non-current |
Thereof current | As at 31/12 | Accrued interest | Additions | Reversal | Utilization |
|---|---|---|---|---|---|---|
| 11,243 | 11,2432 | 0 | 4,582 | (5,891) | (16,322)1 | |
| 1,208 | 2,808 | 0 | 583 | (1,774) | (267) | |
| 10,947 | 4,437 | 15,384 | 839 | 550 | (4,148) | (7,249) |
| 1,698 | 1,698 | 0 | 1,557 | 0 | (1,612) | |
| 56 | 6,056 | 0 | 0 | (1,327) | (1,544) | |
| 18,547 | 18,642 | 37,189 | 839 | 7,271 | (13,140) | (26,993) |
| 34,715 | 34,715 | 0 | 32,398 | (1,182) | (34,085) | |
| 22,682 | 22,682 | 0 | 19,750 | (6,270) | (20,265) | |
| 57,397 | 57,397 | 0 | 52,148 | (7,452) | (54,349) | |
| 18,547 | 76,040 | 94,587 | 839 | 59,419 | (20,592) | (81,342) |
Other provisions for restructuring measures particularly relate to provisioning because of the headcount reduction as part of the reorganization and the cost optimization program "excelLENZ" in the 2013 financial year. These measures were extended in the engineering and maintenance areas and Lenzing Technik in the 2014 financial year. As a result of the reorganization, the entire Lenzing Group was restructured in organizational terms. In addition, the focus of the organization was geared even more strongly towards the most important fiber markets. The engineering and maintenance areas and Lenzing Technik were reorganized to support the realignment of the technical functions and the other areas. As part of the accompanying cost optimization program, savings in material costs, operating expenses, overheads and personnel expenses and improvements in operating efficiency were planned or already implemented. Provisions have been recognized particularly for the resulting severance payments and settlements. In this context, provisions for regular severance payments in the amount of EUR 2,699 (see section on "Defined benefit plans" above) were reported in provisions for restructuring measures as at December 31, 2014. An amount not utilized of EUR 1,434 thousand was reclassified to the severance payment provision in the 2015 financial year. The rest in the amount of EUR 5,423 of the necessary provisions was released to/recognized in personnel expenses and other operating expenses (2014: EUR 1,309 thousand; each adjusted for minor currency translation differences).
Other provisions for guarantees and warranties mainly include provisions for warranty risks from the sale of defective products and guaranteed obligations for the benefit of third parties. Other provisions for anticipated losses and other risks mainly include provisions for obligations from infrastructure services to be performed and provisions for additional claims from procurement contracts and other onerous contracts. Other provisions for emission certificates comprise the equivalent value of the emission certificates used.
Miscellaneous other provisions primarily relate to obligations for legal disputes of EUR 6,000 thousand (December 31, 2014: EUR 6,000 thousand) and particularly include the provision for legal proceedings in which the Lenzing Group is taking action against patent infringements.
Accruals for personnel costs primarily include liabilities for short-term claims of existing and former employees (particularly for vacation and comp time not yet taken, overtime and performance bonuses).
Other accruals chiefly comprise anticipated losses from revenue reductions/increases in expenses from transactions with customers and suppliers (particularly discounts and rebates) and liabilities for goods deliveries and services already performed by third parties but not yet invoiced.
In the case of other short-term provisions and accruals, it is considered likely that the outflow of funds will take place within the next 12 months. In the case of the long-term portion of other provisions, the outflow of funds depends on various different factors (particularly guarantee and warranty periods, contract terms and other events):
| 31/12/2015 | 31/12/2014 | |
|---|---|---|
| In the 2nd year | 1,763 | 2,876 |
| In the 3rd to 5th year | 3,655 | 5,226 |
| In the 6th to 10th year | 3,204 | 1,685 |
| Thereafter | 1,794 | 1,161 |
| Total | 10,415 | 10,947 |
In the case of miscellaneous other provisions (the legal disputes), the exact timing of the outflow of funds is currently uncertain; previous developments indicate that the outflow of funds is probably not to be expected within the next 12 months.
Puttable non-controlling interests developed as follows:
| of puttable non-controlling interests | EUR '000 | |||
|---|---|---|---|---|
| 2015 | 2014 | |||
| Carrying amount as at 01/01 | 12,410 | 19,534 |
|---|---|---|
| Share of annual net profit/loss for the year |
(1,531) | (8,818) |
| Currency translation adjustment | 807 | 1,693 |
| Carrying amount as at 31/12 | 11,686 | 12,410 |
| Thereof recognized under: | ||
| Non-current liabilities | 11,686 | 12,410 |
Other liabilities break down as follows:
| Other liabilities | EUR '000 | |||
|---|---|---|---|---|
| 31/12/2015 | 31/12/2014 | |||
| Other non-current financial liabilities |
||||
| Derivatives not yet settled (open positions) |
282 | 4,494 | ||
| Deferred interest and other | 3 | 807 | ||
| 285 | 5,301 | |||
| Other non-current liabilities (non-financial) |
||||
| Partial retirement | 2,611 | 2,240 | ||
| Deferred income | 178 | 100 | ||
| 2,789 | 2,339 | |||
| Total other non-current liabilities |
3,075 | 7,640 | ||
| Other current financial liabilities | ||||
| Derivatives not yet settled (open positions) |
16,086 | 29,514 | ||
| Customer payments from factoring not yet forwarded |
21,261 | 17,211 | ||
| Liabilities from recourse on bills of | ||||
| exchange | 11,734 | 11,802 | ||
| Debtors with credit balances Other |
1,074 6,325 |
1,350 4,404 |
||
| 56,480 | 64,282 | |||
| Other current liabilities (non-financial) |
||||
| Liabilities from other taxes | 6,354 | 3,773 | ||
| Wage and salary liabilities | 5,764 | 6,070 | ||
| Social security liabilities | 4,656 | 4,743 | ||
| Partial retirement | 2,197 | 1,738 | ||
| Prepayments received | 9,413 | 9,799 | ||
| Deferred income and other | 402 | 88 | ||
| 28,786 | 26,212 | |||
| Total other current liabilities |
85,266 | 90,493 |
A supplier of the Lenzing Group finances its trade receivables from the Lenzing Group with a reverse factoring agreement. The supplier can commission its bank to pay the receivables early. The change did not result in significant amendments to the terms of the agreement on account of the present value test performed. From the Lenzing Group's perspective, this agreement does not result in a reclassification of the affected trade payables to another kind of liability according either to civil law or IFRS regulations. There is therefore no change of presentation in the consolidated statement of financial position (there under trade payables) or the consolidated statement of cash flows (there in the cash flow from operating activities). As at December 31, 2015, this potentially affected trade payables totaling EUR 48,679 thousand (December 31, 2014: EUR 67,389 thousand).
The statement of cash flows shows how liquid funds changed during the year under review as a result of cash inflows and outflows. Liquid funds break down as follows:
| Liquid funds | EUR '000 | |
|---|---|---|
| 31/12/2015 | 31/12/2014 | |
| Cash and cash equivalents | 347,254 | 271,791 |
| Total | 347,254 | 271,791 |
Gross cash flow equals cash flow from operating activities before changes in working capital. Working capital comprises inventories, trade receivables, other non-current and current assets, current provisions, trade payables and other non-current and current liabilities.
In the 2015 financial year, gross cash flow also includes cash inflow from the distribution of an investment accounted for using the equity method in the amount of EUR 30,000 thousand (see note 14). Other non-cash income/expenses include the allocation of profit or loss to puttable non-controlling interests of EUR -1,531 thousand (2014: EUR -8,818 thousand) and the impairment of financial assets and other non-current financial assets of EUR 1,860 thousand (2014: EUR 1,440 thousand). In addition, other non-cash income/expenses contain unrealized net exchange rate gains/losses and measurement effects from receivables and inventories.
Non-cash transactions from the acquisition of intangible assets and property, plant and equipment are not included in cash flow from investing activities of the current period. These are essentially payments not yet made to suppliers in the amount of EUR 3,578 thousand (2014: EUR 7,379 thousand) and additions from finance leases in the amount of EUR 1,969 thousand (2014: EUR 2,551 thousand).
The net cash inflow from the disposal of subsidiaries and other business areas is reported in the cash flow from investing activities (see also note 5).
In the sale of interests to non-controlling shareholders, payments of EUR 2 thousand were made to the Lenzing Group in 2014 (see also note 4).
Capital risk management
The Lenzing Group manages its equity and debt capital with the clear objective of optimizing the income, costs and assets of the individual operations/business units and of the Group as a whole so as to achieve a sustainably strong economic performance and a sound balance sheet structure. Important factors here include financial leverage capacity, sufficient liquidity at all times and a clear focus on cash-related key figures and performance indicators in view of the Group's strategic course and long-term goals.
This ensures that the group companies can operate on a going concern basis. In addition, the authorized capital and the contingent capital contribute to enabling Lenzing AG to raise additional equity flexibly in order to take advantage of market opportunities that arise in the future.
Lenzing AG is subject to the minimum capital requirements of Austrian company law. There are no minimum capital requirements stipulated in the Articles of Association. The Lenzing Group's equity management strategy is aimed at ensuring that Lenzing AG and the other group companies have capital resources that fulfill the local requirements. Some loan agreements with banks also include financial covenants, particularly in relation to the level of equity, the ratio of net financial debt to EBITDA (see below for definition and calculation) and other key financial indicators or financial criteria of the Group or individual, sometimes amalgamated group companies. This relates in particular to Lenzing AG, PT. South Pacific Viscose, Purwakarta, Indonesia, Pulp Trading GmbH, Lenzing, Austria, and Biocel Paskov a.s., Paskov, Czech Republic. If these financial covenants are breached, the banks can demand early repayment of the financial liabilities in some cases. Depending on the volume of the financial liabilities concerned and the refinancing options prevalent on the market at that time, this could lead to a refinancing risk and thus a liquidity risk for the Lenzing Group. In addition, future interest expenses could also increase because of higher credit risk spreads to be paid. For this reason, the financial covenants are monitored by the Treasury department on an ongoing basis and are taken into account when assessing distributions of the relevant group companies, because they limit or can limit potential distributions significantly.
In the year under review, all related capital requirements were fulfilled.
The management uses an adjusted equity ratio internally for control purposes. Adjusted equity is calculated in accordance with IFRS. In addition to equity, it also includes investment grants less the associated deferred taxes. The adjusted equity ratio (= adjusted equity in relation to total assets) was 50.6% as at December 31, 2015 (December 31, 2014: 44.9%).
Adjusted equity is as follows:
| 31/12/2015 | 31/12/2014 | |
|---|---|---|
| Equity | 1,206,694 | 1,045,634 |
| Government grants (+) | 25,802 | 26,559 |
| Proportionate deferred taxes on government grants (-) |
(6,068) | (6,133) |
| Total | 1,226,429 | 1,066,061 |
The dividend policy of Lenzing AG as the parent company of the Lenzing Group is based on the principles of continuity and a long-term focus with the aim of promoting the future development of the company, distributing dividends to the shareholders in line with the company's opportunity and risk situation, and also taking account appropriately of the interests of all other stakeholders crucial to the company's success. It is based on the Lenzing Group's net profit.
Together with the Supervisory Board, the Management Board of Lenzing AG regularly reviews the development of the capital structure and the performance indicators, key figures and influencing factors behind this development. Particular emphasis is placed on the development of net financial debt, as the two key figures of net financial debt and EBITDA are extremely important key performance indicators both in the Group's management and on the part of the financing
banks. The continued optimal development of the Lenzing Group is only possible with very strong self-financing capacity as the basis for increased debt capacity.
The interest-bearing financial liabilities break down as follows:
| in relation to EBITDA | EUR '000 | |
|---|---|---|
| 31/12/2015 | 31/12/2014 | |
| EBITDA (after restructuring and according to the consolidated income statement) |
290,114 | 240,302 |
|---|---|---|
| Restructuring (see Note 6) | (3,681) | (2,030) |
| EBITDA (before restructuring) | 286,433 | 238,272 |
| Net financial debt/EBITDA (after restructuring and accord ing to the consolidated income statement) |
1.1 | 1.9 |
| Net financial debt/EBITDA (before restructuring) |
1.1 | 1.9 |
Liquid assets consist of the following:
| Liquid assets | EUR '000 | |
|---|---|---|
| 31/12/2015 | 31/12/2014 | |
| Cash and cash equivalents | 347,254 | 271,791 |
| Liquid bills of exchange (in trade receivables) |
8,057 | 8,470 |
| Total | 355,311 | 280,261 |
The financial instruments under liquid assets are payable on demand or have a term of less than one year.
Net financial debt in absolute terms and in relation to EBITDA (after restructuring/according to the consolidated income statement and before restructuring) is as follows:
| 31/12/2015 | 31/12/2014 | |
|---|---|---|
| Interest bearing financial liabilities | 683,247 | 729,778 |
| Liquid assets (-) | (355,311) | (280,261) |
| Total | 327,936 | 449,517 |
Classes and categories of financial instruments
The carrying amounts and measurement categories of financial assets (asset financial instruments) broke down by class as follows as at December 31, 2015 and December 31, 2014:
| Carrying amount | Valuation pursuant to IAS 39 | ||||||
|---|---|---|---|---|---|---|---|
| 31/12/2015 | 31/12/2014 | At amortized cost |
At cost | At fair value through profit or loss |
At fair value directly in equity |
||
| Cash and cash equivalents (see note 36) | 347,254 | 271,791 | | ||||
| Trade receivables (see note 25) | 258,939 | 232,769 | | ||||
| Financial assets - loans (see note 22) | 5,011 | 7,261 | | ||||
| Other non-current financial assets – non-current receivables (see note 23) Other current financial assets (not including derivatives - |
3,134 | 7,112 | | ||||
| open positions) (see note 27) | 20,733 | 20,925 | | ||||
| Loans and receivables | 635,070 | 539,858 | |||||
| Financial assets - non-current securities (see note 22) | 16,274 | 14,369 | | ||||
| Financial assets - other equity investments (see note 22) | 1,562 | 1,564 | | ||||
| Available-for-sale financial assets | 17,836 | 15,933 | |||||
| Other financial assets - derivative financial instruments at positive fair value (cash flow hedges) (see notes 23, 27) |
2,138 | 317 | | ||||
| Other financial assets - derivative financial instruments at positive fair value (cash flow hedges with the underlying already recognized in profit or loss) (see notes 23, 27) |
418 | 207 | | ||||
| Other | 2,556 | 524 | |||||
| Total | 655,462 | 556,315 | |||||
| Thereof: | |||||||
| At amortized cost | 635,070 | 539,858 | |||||
| At cost | 1,562 | 1,564 | |||||
| At fair value through profit or loss | 418 | 207 | |||||
| At fair value directly in equity | 18,412 | 14,686 | |||||
| Total | 655,462 | 556,315 |
The carrying amounts and measurement categories of financial liabilities (liability financial instruments) broke down by class as follows as at December 31, 2015 and December 31, 2014:
| Carrying amount | Valuation pursuant to IAS 39 | ||||||
|---|---|---|---|---|---|---|---|
| 31/12/2015 | 31/12/2014 | At amor tized cost |
At cost | At fair value through profit or loss |
At fair value directly in equity |
Valu ation pursu ant to IAS 17 |
|
| Financial liabilities - bond (see note 31) | 119,817 | 119,713 | | ||||
| Financial liabilities - private placements (see note 31) | 288,821 | 228,468 | | ||||
| Financial liabilities - liabilities to banks (see note 31) | 239,361 | 346,790 | | ||||
| Financial liabilities - liabilities to other lenders (miscellaneous) (see note 31) |
28,952 | 30,326 | | ||||
| Trade payables | 149,987 | 181,130 | | ||||
| Other non-current financial liabilities (see note 35) | 3 | 807 | | ||||
| Other current financial liabilities (not including derivatives - open positions and financial guarantee contracts) (see notes 35, 46) |
40,245 | 34,609 | | ||||
| Provisions - accruals - other (financial) (see note 33) | 23,419 | 22,682 | | ||||
| Financial liabilities at amortized cost | 890,606 | 964,524 | |||||
| Financial liabilities - lease liabilities (see note 31) | 6,295 | 4,482 | | ||||
| Other financial liabilities - derivative financial instruments at negative fair value (cash flow hedges) (see note 35) |
5,263 | 26,522 | | ||||
| Other financial liabilities - derivative financial instruments at negative fair value (cash flow hedges with the underlying already recognized in profit or loss) (see note 35) |
11,106 | 7,485 | | ||||
| Other current financial liabilities (financial guarantee contracts) (see note 46) |
148 | 159 | |||||
| Puttable non-controlling interests (see note 34) | 11,686 | 12,410 | |||||
| Other | 34,499 | 51,059 | |||||
| Total | 925,105 | 1,015,583 | |||||
| Thereof: | |||||||
| At amortized cost | 890,606 | 964,524 | |||||
| At fair value through profit or loss | 11,106 | 7,485 | |||||
| At fair value directly in equity | 5,263 | 26,522 | |||||
| Valuation pursuant to IAS 17 | 6,295 | 4,482 | |||||
| Non-allocable | 11,835 | 12,569 | |||||
| Total | 925,105 | 1,015,583 |
The following breakdowns analyze the financial instruments according to the type of measurement method in the consolidated statement of financial position/in the notes. The item measured is the relevant individual financial instrument. Three levels of measurement methods have been defined:
Level 1: Prices for identical assets or liabilities on an active market (used without adjustment)
The following table shows the carrying amounts and fair values of financial assets and liabilities whose fair value is measured on a recurring basis in the consolidated statement of financial position by class of financial instrument and by the level of the fair value hierarchy to which the fair value measurement is to be allocated, as at December 31, 2015 and December 31, 2014:
31/12/2015 31/12/2014 Carrying amount Fair value Fair value hierarchy Carrying amount Fair value Fair value hierarchy Financial assets Financial assets - non-current securities (see note 22) 16,274 16,274 Level 1 14,369 14,369 Level 1 Available-for-sale financial assets 16,274 16,274 14,369 14,369 Other financial assets - derivative financial instruments at positive fair value (cash flow hedges) (see notes 23, 27) 2,138 2,138 Level 2 317 317 Level 2 Other financial assets - derivative financial instruments at positive fair value (cash flow hedges with the underlying already recognized in profit or loss) (see notes 23, 27) 418 418 Level 2 207 207 Level 2 Other 2,556 2,556 524 524 Total 18,830 18,830 14,893 14,893 Financial liabilities Other financial liabilities - derivative financial instruments at negative fair value (cash flow hedges) (see note 35) 5,263 5,263 Level 2 26,522 26,522 Level 2 Other financial liabilities - derivative financial instruments at negative fair value (cash flow hedges with the underlying already recognized in profit or loss) (see note 35) 11,106 11,106 Level 2 7,485 7,485 Level 2 Other 16,369 16,369 34,008 34,008 Total 16,369 16,369 34,008 34,008
The Lenzing Group accounts for transfers in the fair value hierarchy at the end of the reporting period when the changes occur. There were no transfers between the different levels of the fair value hierarchy of financial instruments that were held on December 31, 2015.
The following table shows the carrying amounts and fair values of financial assets and liabilities whose fair value is measured for disclosure in the notes only by class of financial instrument and by the level of the fair value hierarchy to which the fair value measurement is to be allocated, as at December 31, 2015 and December 31, 2014:
| 31/12/2015 | 31/12/2014 | ||||||
|---|---|---|---|---|---|---|---|
| Carrying amount |
Fair value | Fair value hierarchy |
Carrying amount |
Fair value | Fair value hierarchy |
||
| Financial liabilities | |||||||
| Financial liabilities - bond (see note 31) | 119,817 | 125,964 | Level 1 | 119,713 | 126,780 | Level 1 | |
| Financial liabilities - private placements (see note 31) | 288,821 | 301,449 | Level 3 | 228,468 | 234,249 | Level 3 | |
| Financial liabilities - liabilities to banks (see note 31) | 239,361 | 240,385 | Level 3 | 346,790 | 347,496 | Level 3 | |
| Financial liabilities - liabilities to other lenders (miscellaneous) (see note 31) |
28,952 | 28,790 | Level 3 | 30,326 | 29,964 | Level 3 | |
| Other current financial liabilities (financial guarantee contracts) (see note 46) |
148 | 148 | Level 3 | 159 | 159 | Level 3 | |
| Total | 677,100 | 696,736 | 725,456 | 738,648 |
For the following reasons, the management assumes that, with the exception of the fair values shown above, the carrying amount of the financial assets and financial liabilities represents a reasonable approximation of their fair value:
the amount of existing receivables no significant difference between the fair value and the carrying amount is to be expected and credit risk is taken into account by recognizing bad debt provisions.
In the Lenzing Group, the following financial instruments in particular are measured at fair value in the consolidated statement of financial position:
The fair value measurement methods are described in note 3 for securities (section on "Financial assets and securities") and currency and commodity futures (section on "Derivative financial instruments and hedges").
The majority of equity investments and related derivative financial instruments measured at cost (see note 3, section on "Financial assets and securities") – EUR 1,050 thousand (December 31, 2014: EUR 1,050 thousand) – relates to the equity investment in LP Beteiligungs & Management GmbH, Linz, an option that requires the Lenzing Group to sell this equity investment and an option that entitles the Lenzing Group to sell this equity investment. LP Beteiligungs & Management GmbH, Linz, is a mediumsized Austrian corporation. A fair value cannot be reliably determined due to an insufficient planning base. The Lenzing Group does not currently intend to sell these equity investments. No holdings were derecognized and no gains or losses on remeasurement were recognized for these equity investments in the reporting period.
In the Lenzing Group, fair value is calculated only for disclosure in the notes for the following financial instruments in particular:
The fair value of the issued bond is derived from its current quoted price and changes in particular on the basis of changes in market interest rates and the credit rating of Lenzing AG.
The fair values of the other financial liabilities are determined using generally accepted valuation methods based on the discounted cash flow method. The main input factor here is the discount rate, which takes account of the available market data (risk-free interest rates) and the credit quality of the Lenzing Group that is not observable on the market. The fair values of the financial guarantee contracts equal the estimated expected default arising from the maximum possible payment obligation and the expected loss.
In light of varying influencing factors, the fair values presented can only be considered as indicators of the values that could actually be generated on the market.
The Lenzing Group concludes framework netting agreements (in particular master netting arrangements) in the form of International Swaps and Derivatives Association (ISDA) and local master agreements. The amounts owed according to such agreements by each counterparty in the same currency on a single day with regard to all outstanding transactions are collated into a single net amount to be paid by one party to the other. In certain cases – for instance in the case of default – all outstanding transactions are terminated under the agreement, the value on termination is calculated and only one net amount must be paid to settle all transactions. No netting is shown in the Lenzing Group's statement of financial position, because such master agreements do not usually result in net settlements of several transactions.
The following tables contain information on offsetting financial assets and liabilities in the consolidated statement of financial position on the basis of framework netting agreements. The "Effect of framework netting agreements" column shows the amounts that are the subject of an agreement of this type but do not fulfill the criteria for offsetting in the IFRS consolidated statement of financial position.
| Financial assets as at 31/12/2015 | Financial assets (gross) |
Offset amounts recognized (gross) |
Recognized financial assets (net) |
Effect of framework netting agreements |
Net amounts |
|---|---|---|---|---|---|
| Cash and cash equivalents | 347,254 | 0 | 347,254 | 0 | 347,254 |
| Other financial assets - derivative financial instruments at positive fair value |
|||||
| Forward foreign exchange contracts | 2,556 | 0 | 2,556 | (2,424) | 132 |
| Total | 349,810 | 0 | 349,810 | (2,424) | 347,385 |
| Financial liabilities as at 31/12/2015 | Financial liabilities (gross) |
Offset amounts recognized (gross) |
Recognized financial liabilities (net) |
Effect of framework netting agreements |
Net amounts |
|---|---|---|---|---|---|
| Liabilities to banks | 239,361 | 0 | 239,361 | 0 | 239,361 |
| Other financial liabilities - derivative financial instruments at negative fair value |
|||||
| Forward foreign exchange contracts | 15,373 | 0 | 15,373 | (2,424) | 12,948 |
| Gas swaps | 996 | 0 | 996 | 0 | 996 |
| Total | 255,730 | 0 | 255,730 | (2,424) | 253,306 |
| Financial assets as at 31/12/2014 | Financial assets (gross) |
Offset amounts recognized (gross) |
Recognized financial assets (net) |
Effect of framework netting agreements |
Net amounts |
|---|---|---|---|---|---|
| Cash and cash equivalents | 271,827 | (36) | 271,791 | 0 | 271,791 |
| Other financial assets - derivative financial instruments at positive fair value |
|||||
| Forward foreign exchange contracts | 524 | 0 | 524 | (524) | 0 |
| Total | 272,351 | (36) | 272,315 | (524) | 271,791 |
| Financial liabilities as at 31/12/2014 | Financial liabilities (gross) |
Offset amounts recognized (gross) |
Recognized financial liabilities (net) |
Effect of framework netting agreements |
Net amounts |
|---|---|---|---|---|---|
| Liabilities to banks | 346,826 | (36) | 346,790 | 0 | 346,790 |
| Other financial liabilities - derivative financial instruments at negative fair value |
|||||
| Forward foreign exchange contracts | 32,431 | 0 | 32,431 | (524) | 31,907 |
| Gas swaps | 1,576 | 0 | 1,576 | 0 | 1,576 |
| Total | 380,833 | (36) | 380,798 | (524) | 380,274 |
Since the 2014 financial year, factoring agreements have been in place that oblige banks to purchase certain trade receivables from the Lenzing Group for a revolving monthly nominal amount. The Lenzing Group is entitled to sell these receivables. The agreements have indefinite terms; each party has the right to cancel the agreements with notice and then allow them to expire. The receivables sold are current receivables due within a year.
The risks involved in the sold receivables that are relevant for risk assessment are credit default risk, currency risk in the case of receivables in foreign currencies and the risk of delayed payments. Credit-risk defaults and, in the case of receivables in foreign currencies, exchange rate fluctuations are the major opportunities and risks associated with these receivables. The risk of delayed payments is borne by the Lenzing Group for all factoring agreements and is considered minor.
In the case of an agreement for the sale of receivables in the reporting currency (hereafter referred to as "Tranche 1"), the bank bears the entire credit default risk. This means that all opportunities and risks were largely transferred to the bank.
In the case of the other agreements (hereafter referred to as "Tranche 2"), the Lenzing Group assumes liability of 10% for each payment default. This amount, which cannot be reimbursed by another party, is not advanced by the bank. The remaining credit default risk (90% per payment default) and – in the case of receivables not in the reporting currency – the currency risk are assumed by the bank. The significant opportunities and risks were thereby shared between the Lenzing Group and the bank; however, the authority to dispose of the receivables was transferred to the bank. The Lenzing Group committed itself to concluding credit insurance for the sold receivables and to taking on accounts receivable management. In the event of a legal dispute, the participating banks have the right to return overdue receivables to the Lenzing Group for procedural reasons. However, this does not return the credit default risk to the Lenzing Group and there are no effects on the liquidity of the Lenzing Group.
As at December 31, 2015, the factoring agreements had a maximum usable nominal volume totaling EUR 86,936 thousand (31 December 2014: EUR 86,936 thousand). EUR 2,600 thousand (December 31, 2014: EUR 2,600 thousand) relates to Tranche 1 and EUR 84,336 thousand (December 31, 2014: EUR 84,336 thousand) to Tranche 2.
As at December 31, 2015, receivables totaling EUR 82,038 thousand (December 31, 2014: EUR 78,272 thousand) were sold on the basis of the factoring agreements and derecognized in the Lenzing Group's consolidated statement of financial position. EUR 1,850 thousand (December 31, 2014: EUR 1,636 thousand) relates to Tranche 1 and EUR 80,188 thousand (December 31, 2014: EUR 76,636 thousand) to Tranche 2. The amount of Tranche 2 that was not advanced of EUR 8,019 thousand (December 31, 2014: EUR 7,664 thousand) (prior to foreign currency measurement) is reported under other current assets (financial) as at December 31, 2015. The fair values are equal to the indicated carrying amounts, in particular because the remaining terms of the relevant receivables are short. In the 2014 financial year the Lenzing Group received the majority of the advances from the factoring agreements in March and May 2014 when the transactions began. In the 2015 financial year, advances were, for the most part, evenly spread over the period under review.
From the Lenzing Group's perspective, the above-mentioned amount of Tranche 2 that was not advanced corresponds to the theoretical maximum loss due to credit risk for the assumption of liability in the case of default. The fair value of this liability was EUR 148 thousand as at December 31, 2015 (December 31, 2014: EUR 159 thousand) (see also note 46). As at December 31, 2015, other current liabilities (financial) were recognized at EUR 326 thousand (December 31, 2014: EUR 316 thousand) for the assumed obligations and risks from the factoring agreements. A total of EUR 10 thousand was recognized for this in profit or loss in the 2015 financial year. A cumulative amount of EUR 326 thousand has been recognized in profit or loss since the start of the agreement in the 2014 financial year. On the date of the transfer of the receivables in 2015, a total of EUR 315 thousand was recognized in profit or loss.
Payments that were received from customers in the period between the last advance made by the bank and December 31, are accrued in other current liabilities (financial).
The banks have the right to sell receivables back to the Lenzing Group at nominal value. Such repurchases would have no effect on the allocation of credit risk defaults, as the default risk is not re-transferred. The cash outflows resulting from the repurchases would follow quickly, i.e. in 2016, if at all. Any utilization of the payment default guarantee would also follow quickly, i.e. in 2016. No utilization is expected for the receivables sold as at the reporting date.
Net interest and net result from financial instruments and net foreign currency result
Net interest and net result from financial instruments by class/measurement category in accordance with IAS 39 breaks down as follows:
| 2015 | From interest income |
From interest expense |
Net interest |
From subse quent measure ment at fair value through profit or loss |
From subse quent measure ment at fair value directly in equity |
From impair ment |
From result on disposal |
Net result (total) |
|---|---|---|---|---|---|---|---|---|
| Loans and receivables | 920 | 0 | 920 | 0 | 0 | (3,075)1 | 0 | (2,154) |
| Available-for-sale financial assets | 649 | 0 | 649 | 0 | 163 | 0 | 0 | 813 |
| Financial instruments measured at fair value through profit or loss |
0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Financial liabilities measured at amortized cost |
0 | (23,307) | (23,307) | 0 | 0 | 0 | 0 | (23,307) |
| Total | 1,570 | (23,307) | (21,737) | 0 | 163 | (3,075) | 0 | (24,648) |
| 2014 | From interest income |
From interest expense |
Net interest |
From subse quent measure ment at fair value through profit or loss |
From subse quent measure ment at fair value directly in equity |
From impair ment |
From result on disposal |
Net result (total) |
|---|---|---|---|---|---|---|---|---|
| Loans and receivables | 1,691 | 0 | 1,691 | 0 | 0 | (4,699)1 | 0 | (3,008) |
| Available-for-sale financial assets | 233 | 0 | 233 | 0 | 790 | 0 | (43) | 980 |
| Financial instruments measured at fair value through profit or loss |
0 | 0 | 0 | (124) | 0 | 0 | 0 | (124) |
| Financial liabilities measured at amortized cost |
0 | (25,861) | (25,861) | 0 | 0 | 0 | 0 | (25,861) |
| Total | 1,924 | (25,861) | (23,937) | (124) | 790 | (4,699) | (43) | (28,012) |
The net result from financial instruments comprises net interest (current interest income and expenses including amortization of premiums and discounts and dividends of companies that are not accounted for using the equity method), gains/losses on remeasurement from fair value measurement in profit or loss and directly in equity, the result from impairment (recognition and reversal of bad debt provisions/valuation adjustments) and disposals. Income from available-for-sale financial assets includes gains/losses from remeasurement and from the reclassification of the remeasurement gains/losses to profit or loss. Net result from financial instruments does not include exchange rate gains/losses (with the exception of financial instruments at fair value through profit or loss) and gains/losses from hedging instruments (cash flow hedges).
The change in bad debt provisions for "Receivables measured at amortized cost" is reported in "Other operating expenses". The portion recognized directly in equity from the subsequent measurement of available-for-sale financial assets at fair value is reported in the "Reserve for available-for-sale financial assets". The remaining components of net result are included in "Income from non-current and current financial assets" and in "Financing costs".
In the current financial year, expenses totaling EUR 2,051 thousand (2014: EUR 2,306 thousand) were recognized for the provision of loans.
Net foreign currency gains/losses are included in other operating income/expenses in the amount of EUR -276 thousand (2014: EUR +4,676 thousand), in income from non-current and current financial assets in the amount of EUR +5,034 thousand (2014: EUR +4,077 thousand) and in financing costs in the amount of EUR -3,606 thousand (2014: EUR -1,556 thousand).
Management of financial risks and derivative financial instruments
As an international company, the Group is exposed to financial risks and other market risks. Potential risks are identified and assessed at an early stage using a company-wide risk management system that is regulated comprehensively in guidelines. This aims to achieve maximum risk transparency and quality of information by quantifying all risk categories, with particular regard to risk concentration. The efficiency of group-wide risk management is evaluated and monitored on an ongoing basis by both the internal control system (ICS) and the internal audit department.
Financial risks from financial instruments – credit risk, liquidity risk, currency risk (particularly USD, CNY and CZK), commodity price risk and interest rate risk – are classified as relevant risks for the Lenzing Group. Corresponding hedging measures are used to attempt to minimize these risks. Shares acquired in external companies are classified as longterm investments and therefore are not seen as a relevant market price risk in the short to medium term.
Credit risk refers to the risk of losses of assets that may occur as a result of individual business partners failing to meet their contractual obligations. In the case of delivery transactions (particularly trade receivables), the credit risk inherent in the hedged item is secured against to a large extent by notable credit insurance and bankable security (guarantees, letters of credit, bills of exchange etc.). Accounts receivable and customer limits are monitored on an ongoing basis. The credit risk at banks from investments (particularly cash and cash equivalents) and asset derivatives is reduced by concluding transactions only with counterparties with a good credit rating.
Receivables are measured individually. Individual bad debt provisions are recognized for receivables if they are not expected to be fully collectible. This applies in particular if there are significant financial difficulties of the debtor, default or delay in making payments or an increased probability that the debtor will become bankrupt and the receivable concerned is not sufficiently collateralized. The historical default rates for receivables are low because of the Lenzing Group's comprehensive receivables management (extensive collateralization with credit insurance and bankable security and ongoing monitoring of accounts receivable and customer limits). Group (collective) bad debt provisions therefore are not recognized.
The Group tends to rate the risk concentration with regard to trade receivables as low, as its customers are based in various countries, belong to various sectors and are active on largely independent markets. In addition, a rather small amount of the receivables is overdue and not impaired (see table "Aging of receivables").
The bad debt provisions developed as follows:
Bad debt provisions for trade receivables include bad debt provisions relating to companies accounted for using the equity method in the amount of EUR 2,104 thousand (2014: EUR 2,134 thousand).
Bad debt provisions for trade receivables mainly relate to bad debt provisions for past due, uninsured receivables.
The carrying amount of the impaired receivables is as follows:
| Loans (non-current and current) |
Trade receivables | Other financial receivables (non current and current) |
|
|---|---|---|---|
| Before bad debt provision | 2,423 | 14,493 | 5,311 |
| After bad debt provision | 0 | 3,637 | 94 |
| Loans (non-current and current) |
Trade receivables | Other financial receivables (non current and current) |
|
|---|---|---|---|
| Before bad debt provision | 2,416 | 20,369 | 5,765 |
| After bad debt provision | 163 | 9,868 | 1,686 |
The aging of the financial receivables breaks down as follows:
| Loans (non-current and current) |
Trade receivables | Other financial receivables (non current and current) |
|
|---|---|---|---|
| Carrying amount as at 31/12/2015 | 5,011 | 258,939 | 26,423 |
| Thereof not impaired at the reporting date: | |||
| Not overdue | 5,011 | 239,176 | 26,329 |
| Overdue up to 30 days | 0 | 13,307 | 0 |
| Overdue for 31 to 90 days | 0 | 2,264 | 0 |
| Overdue for 91 to 365 days | 0 | 173 | 0 |
| Overdue for more than one year | 0 | 381 | 0 |
| Thereof impaired | 0 | 3,637 | 94 |
| Loans (non-current and current) |
Trade receivables | Other financial receivables (non current and current) |
|
|---|---|---|---|
| Carrying amount as at 31/12/2014 | 7,261 | 232,769 | 28,560 |
| Thereof not impaired at the reporting date: | 0 | ||
| Not overdue | 7,098 | 205,089 | 26,874 |
| Overdue up to 30 days | 0 | 13,939 | 0 |
| Overdue for 31 to 90 days | 0 | 1,761 | 0 |
| Overdue for 91 to 365 days | 0 | 2,099 | 0 |
| Overdue for more than one year | 0 | 12 | 0 |
| Thereof impaired | 163 | 9,868 | 1,686 |
The maximum exposure to credit risk from financial assets recognized is as follows:
| 31/12/2015 | 31/12/2014 | |
|---|---|---|
| Carrying amount of asset financial instruments (see note 39) | 655,462 | 556,315 |
| Less risk reduction in relation to receivables due to | ||
| Credit insurance received (not including deductibles) | (150,151) | (133,629) |
| Guarantees received | (6,710) | (3,436) |
| Total | 498,602 | 419,250 |
The maximum exposure to credit risk from financial guarantee contracts and contingent liabilities is shown in note 46.
From a current point of view, there are no doubts regarding the collectability of financial assets that are neither past due nor impaired.
There are no significant concentrations of risk from the investment of financial assets with only one business partner.
Liquidity risk refers to the risk of not being able to obtain funds at all times to settle the liabilities incurred. Management of liquidity risk is given high priority in the Lenzing Group. The company guidelines stipulate uniform, forward-looking liquidity planning and medium-term planning throughout the Group. The risk of a possible liquidity shortage is monitored continuously in the Lenzing Group.
The Lenzing Group has liquid assets totaling EUR 355,311 thousand (December 31, 2014: EUR 280,261 thousand) in the form of cash and cash equivalents, liquid securities and liquid bills of exchange (see note 38). To finance necessary operating resources and to cover any deficits caused by economic cycles, there were free credit facilities in the amount of EUR 190,918 thousand
| Measurement category pursuant to IAS 39 | 31/12/2015 | ||
|---|---|---|---|
| Carrying | |||
| amount | |||
| Bond | Financial liabilities at amortized cost (FLAC) | 119,817 | |
| Private placements | Financial liabilities at amortized cost (FLAC) | 288,821 | |
| Liabilities to banks | Financial liabilities at amortized cost (FLAC) | 239,361 | |
| Liabilities to other lenders | Financial liabilities at amortized cost (FLAC) | 28,952 | |
| Trade payables | Financial liabilities at amortized cost (FLAC) | 149,987 | |
| Puttable non-controlling interests | n/a (other) | 11,686 | |
| Other liabilities - other financial liabilities (not including financial guarantee contracts) | Financial liabilities at amortized cost (FLAC) | 40,248 | |
| Other current financial liabilities (financial guarantee contracts)1 | n/a (other) | 148 | |
| Accruals - other (financial) | Financial liabilities at amortized cost (FLAC) | 23,419 | |
| Finance lease liabilities | n/a (IAS 17) | 6,295 | |
| Total | 908,735 |
| Measurement category pursuant to IAS 39 | 31/12/2014 | ||
|---|---|---|---|
| Carrying | |||
| amount | |||
| Bond | Financial liabilities at amortized cost (FLAC) | 119,713 | |
| Private placements | Financial liabilities at amortized cost (FLAC) | 228,468 | |
| Liabilities to banks | Financial liabilities at amortized cost (FLAC) | 346,790 | |
| Liabilities to other lenders | Financial liabilities at amortized cost (FLAC) | 30,326 | |
| Trade payables | Financial liabilities at amortized cost (FLAC) | 181,130 | |
| Puttable non-controlling interests | n/a (other) | 12,410 | |
| Other liabilities - other financial liabilities (not including financial guarantee contracts) | Financial liabilities at amortized cost (FLAC) | 35,415 | |
| Other current financial liabilities (financial guarantee contracts)1 | n/a (other) | 159 | |
| Accruals - other (financial) | Financial liabilities at amortized cost (FLAC) | 22,682 | |
| Finance lease liabilities | n/a (IAS 17) | 4,482 | |
| Total | 981,575 |
as at December 31, 2015 (December 31, 2014: EUR 198,509 thousand). In the medium and long term, the Lenzing Group is financed with equity and financial liabilities, particularly bonds, private placements and bank loans. Current financial liabilities can regularly be extended or refinanced with other lenders. Trade payables serve the short-term financing of the goods and services purchased. The liabilities covered by reverse factoring agreements are settled in line with their agreed maturity; the associated outflows are taken into account in liquidity planning. For this reason, the Group tends to rate the risk concentration with regard to sufficient sources of financing as low.
The contractually agreed (undiscounted) interest and principal payments for primary financial liabilities (including financial guarantee contracts) break down as follows:
| Cash flows from 2021 | |||
|---|---|---|---|
| Float | |||
| ing-rate Repay interest ment |
|||
| 0 0 |
|||
| 1,802 148,500 |
|||
| 0 0 |
|||
| 0 700 |
|||
| 0 0 |
|||
| 0 11,686 |
|||
| 0 0 |
|||
| 0 0 |
|||
| 0 0 |
|||
| 0 4,007 |
|||
| 1,802 164,893 |
|||
| Cash flows 2015 | Cash flows 2016 to 2019 | Cash flows from 2020 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Fixed and |
Fixed and |
Fixed and |
|||||||||
| floating | Float | floating | Float | floating | Float | ||||||
| Fixed | rate | ing-rate | Repay | Fixed | rate | ing-rate | Repay | Fixed | rate | ing-rate | Repay |
| interest | interest | interest | ment | interest | interest | interest | ment | interest | interest | interest | ment |
| 4,650 | 0 0 |
0 | 9,300 | 0 | 0 | 120,000 | 0 | 0 | 0 | 0 | |
| 4,184 | 0 1,630 |
0 | 13,241 | 0 | 3,213 | 193,000 | 4,324 | 0 | 0 | 36,000 | |
| 699 | 0 7,722 |
185,117 | 27 | 0 | 5,831 | 161,673 | 0 | 0 | 0 | 0 | |
| 71 | 171 | 81 | 7,184 | 64 | 302 | 81 | 22,107 | 1 | 4 | 0 | 1,035 |
| 0 | 0 0 |
181,130 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| 0 | 0 0 |
0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 12,410 | |
| 0 | 0 0 |
34,609 | 0 | 0 | 0 | 807 | 0 | 0 | 0 | ||
| 0 | 0 0 |
159 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| 0 | 0 0 |
22,682 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| 23 | 0 0 |
389 | 60 | 0 | 0 | 2,115 | 4,623 | 0 | 0 | 1,978 | |
| 9,628 | 171 | 9,432 | 431,269 | 22,692 | 302 | 9,125 | 499,702 | 8,948 | 4 | 0 | 51,423 |
The tables above include all primary financial liabilities held at the reporting date. They do not include planned figures for future liabilities. Amounts in foreign currency were translated at the spot exchange rate as at the reporting date. Floating-rate interest payments were calculated based on the last interest rates set before the reporting date. Financial liabilities that are repayable at any time are always assigned to the earliest time period.
The contractually agreed (undiscounted) interest and principal payments for derivative financial instruments break down as follows:
| Measurement category pursuant to IAS 39 | 31/12/2015 | |||
|---|---|---|---|---|
| Carrying amount |
Fixed interest |
|||
| Currency derivatives | ||||
| Cash flow hedges | n/a | 2,138 | 0 | |
| Cash flow hedges with the underlying already recognized in profit or loss | n/a | 418 | ||
| Trading | At fair value through profit or loss (trading) | 0 | ||
| Positive fair value | 2,556 | 0 | ||
| Cash flow hedges | n/a | (4,267) | ||
| Cash flow hedges with the underlying already recognized in profit or loss | n/a | (11,106) | ||
| Trading | At fair value through profit or loss (trading) | 0 | ||
| Negative fair value | (15,373) | 0 | ||
| Total currency derivatives | (12,817) | 0 | ||
| Gas derivatives | ||||
| Cash flow hedges | n/a | (996) | ||
| Cash flow hedges with the underlying already recognized in profit or loss | n/a | 0 | ||
| Trading | At fair value through profit or loss (trading) | 0 | ||
| Negative fair value | (996) | 0 | ||
| Total gas derivatives | (996) | 0 | ||
| Total | (13,813) | 0 |
Fair value: + = receivable, - = liability from the Lenzing Group's perspective
| Cash flows from 2021 | Cash flows 2017 to 2020 | Cash flows 2016 | |||||
|---|---|---|---|---|---|---|---|
| Fixed and Floating Fixed floating-rate rate inter Repay interest interest est |
Repay ment |
Floating rate inter est |
Fixed and floating-rate interest |
Fixed interest |
Repay ment |
Floating rate inter est |
Fixed and floating rate interest |
| 838 | 0 | 0 | 0 | 1,300 | 0 | 0 | |
| 0 | 418 | ||||||
| 0 | 0 | ||||||
| 0 0 0 |
838 | 0 | 0 | 0 | 1,718 | 0 | 0 |
| (282) | (3,985) | ||||||
| 0 | (11,106) | ||||||
| 0 | 0 | ||||||
| 0 0 0 |
(282) | 0 | 0 | 0 | (15,090) | 0 | 0 |
| 0 0 0 |
556 | 0 | 0 | 0 | (13,373) | 0 | 0 |
| 0 | (996) | ||||||
| 0 | 0 | ||||||
| 0 | 0 | ||||||
| 0 0 0 |
0 | 0 | 0 | 0 | (996) | 0 | 0 |
| 0 0 0 |
0 | 0 | 0 | 0 | (996) | 0 | 0 |
| 0 0 0 |
556 | 0 | 0 | 0 | (14,369) | 0 | 0 |
| Measurement category pursuant to IAS 39 | 31/12/2014 | |||
|---|---|---|---|---|
| Carrying amount |
Fixed interest |
|||
| Currency derivatives | ||||
| Cash flow hedges | n/a | 317 | 0 | |
| Cash flow hedges with the underlying already recognized in profit or loss | n/a | 207 | ||
| Trading | At fair value through profit or loss (trading) | 0 | ||
| Positive fair value | 524 | 0 | ||
| Cash flow hedges | n/a | (24,946) | ||
| Cash flow hedges with the underlying already recognized in profit or loss | n/a | (7,485) | ||
| Trading | At fair value through profit or loss (trading) | 0 | ||
| Negative fair value | (32,431) | 0 | ||
| Total currency derivatives | (31,907) | 0 | ||
| Gas derivatives | ||||
| Cash flow hedges | n/a | (1,576) | ||
| Cash flow hedges with the underlying already recognized in profit or loss | n/a | 0 | ||
| Trading | At fair value through profit or loss (trading) | 0 | ||
| Negative fair value | (1,576) | 0 | ||
| Total gas derivatives | (1,576) | 0 | ||
| Total | (33,484) | 0 |
Fair value: + = receivable, - = liability from the Lenzing Group's perspective
Maturity analysis of derivative financial instruments (previous year) EUR '000
| Cash flows 2015 | Cash flows 2016 to 2019 | Cash flows from 2020 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Fixed and Floating |
Fixed and | Floating | Fixed and | Floating | |||||||
| floating rate inter Repay rate interest est ment |
Fixed interest |
floating-rate interest |
rate inter | Repay est ment |
Fixed interest |
floating-rate interest |
rate inter est |
Repay ment |
|||
| 0 0 246 |
0 | 0 | 0 71 |
||||||||
| 207 | 0 | ||||||||||
| 0 | 0 | ||||||||||
| 0 0 453 |
0 | 0 | 0 71 |
0 | 0 | 0 | |||||
| (21,103) | (3,843) | ||||||||||
| (7,485) 0 |
0 0 |
||||||||||
| 0 0 (28,588) |
0 | 0 | 0 (3,843) |
0 | 0 | 0 | |||||
| 0 0 (28,135) |
0 | 0 | 0 (3,772) |
0 | 0 | 0 | |||||
| (926) | (651) | ||||||||||
| 0 | 0 | ||||||||||
| 0 | 0 | ||||||||||
| 0 0 (926) |
0 | 0 | 0 (651) |
0 | 0 | 0 | |||||
| 0 0 (926) |
0 | 0 | 0 (651) |
0 | 0 | 0 | |||||
| 0 0 (29,061) |
0 0 |
0 (4,423) |
0 | 0 | 0 |
The companies of the Lenzing Group are exposed to currency risks on the basis of cash flows from capital expenditures and from operating business as well as from investments and financing in foreign currencies. Risks from foreign currencies are hedged as far as possible if they influence the Group's cash flows. In operating business, the individual group companies are exposed to currency risk in connection with planned incoming and outgoing payments in currencies other than their functional currency. The exchange rate risk arising from foreign-currency items from anticipated future transactions by group companies in foreign currencies is hedged with forward foreign exchange contracts, which are recognized at fair value.
For companies with the same functional currency, the respective net exposures in foreign currency are calculated for the following sales year as part of budgeting. Purchases in a particular foreign currency and sales in a particular foreign currency are each aggregated into groups. As at December 31, 2015, approximately 61% (December 31, 2014: approximately 59%) of the budgeted net exposure for the following financial year for the dominant currency pair in the Lenzing Group, EUR/USD, was hedged. In addition the CNY plays an important role. The level of the resulting risk concentration as at the reporting date can be seen in the tables below (especially the "Sensitivity analysis and risk exposure for foreign currency risks" tables).
At group level, translation risk is also regularly assessed and monitored. Translation risk refers to the risk that arises because of the consolidation of foreign investments whose functional currency is not the euro. The greatest risk exposure here is in relation to the USD.
Cash flow hedge derivatives are allocated to revenue from operating business in the subsequent financial years in the respective hedged currency. The resulting cash flows are planned on a monthly basis. The sum of incoming and outgoing payments for each month is balanced as at the end of the respective month. Cash flow hedge derivatives with the hedged item already recognized in profit or loss are used to hedge foreign-currency receivables/liabilities that are already recognized at the reporting period but do not impact cash until after the reporting date. In some cases, group companies use derivatives for hedging against currency risks to which no hedged items are allocated in accounting terms (trading derivatives), but which are used to hedge against currency risks in economic terms. For this reason, hedge accounting is not used for these derivatives.
The ineffective portion of the cash flow hedge derivatives amounted to EUR 0 thousand in the financial year (2014: EUR 43 thousand).
The nominal values and fair values of the cash flow hedge derivatives are as follows as at the reporting dates:
| 31/12/2015 | 31/12/2014 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Nominal value in '000 |
Positive fair value |
Negative fair value |
Net fair value |
Hedging period until |
Nominal value in '000 |
Positive fair value |
Negative fair value |
Net fair value |
Hedging period until |
|||
| Forward for eign exchange contracts |
||||||||||||
| CNY/CNH-sale/ EUR-buy |
CNY/CNH 533,490 | 1,671 | (157) | 1,514 | 09/2017 | CNY/CNH1,231,000 | 0 | (6,293) | (6,293) | 06/2016 | ||
| CNY/CNH-sale/ GBP-buy |
CNY/CNH 164,585 | 79 | (148) | (69) | 06/2017 | CNY/CNH 123,200 | 0 | (445) | (445) | 06/2016 | ||
| CZK-buy/ EUR-sale |
CZK | 48,000 | 11 | (4) | 7 | 08/2016 | CZK | 202,000 | 0 | (91) | (91) | 01/2016 |
| JPY-sale/ GBP-buy |
JPY | 0 | 0 | 0 | 0 | n/a | JPY | 261,000 | 106 | 0 | 106 | 01/2016 |
| USD-buy/ EUR-sale |
USD | 176 | 7 | 0 | 7 | 01/2016 | USD | 5,000 | 210 | 0 | 210 | 02/2016 |
| EUR sale/ GBP-buy |
EUR | 5,890 | 0 | (122) | (122) | 01/2017 | EUR | 0 | 0 | 0 | 0 | n/a |
| USD-sale/ CZK-buy |
USD | 70,700 | 120 | (1,332) | (1,211) | 01/2017 | USD | 81,600 | 0 | (5,451) | (5,451) | 01/2016 |
| USD-sale/ EUR-buy |
USD | 170,620 | 251 | (2,505) | (2,253) | 06/2017 | USD | 213,600 | 0 | (12,088) | (12,088) | 01/2016 |
| USD-sale/ GBP-buy |
USD | 0 | 0 | 0 | 0 | n/a | USD | 9,700 | 0 | (577) | (577) | 08/2015 |
| Total | 2,138 | (4,267) | (2,129) | 317 | (24,946) (24,629) |
Fair value: + = receivable, - = liability from the Lenzing Group's perspective
The hedging period stated is equivalent to the period of the expected cash flows and their recognition in profit or loss.
The nominal values and fair values of cash flow hedge derivatives with the hedged item already recognized in profit or loss are as follows as at the reporting dates:
| 31/12/2015 | 31/12/2014 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Nominal value in '000 |
Positive fair value |
Negative fair value |
Net fair value |
Nominal value in '000 |
Positive fair value |
Negative fair value |
Net fair value |
|||
| Forward foreign exchange contracts |
||||||||||
| CNY/CNH-sale/EUR-buy | CNY/CNH 635,600 | 105 | (8,126) | (8,021) | CNY/CNH 420,050 | 0 | (4,520) | (4,520) | ||
| CNY/CNH-sale/GBP-buy | CNY/CNH | 61,600 | 0 | (259) | (259) | CNY/CNH | 0 | 0 | 0 | 0 |
| CZK-buy/EUR-sale | CZK | 16,000 | 12 | 0 | 12 | CZK | 0 | 0 | 0 | 0 |
| JPY-sale/EUR-buy | JPY | 0 | 0 | 0 | 0 | JPY | 3,500 | 2 | 0 | 2 |
| JPY-sale/GBP-buy | JPY | 14,000 | 2 | 0 | 2 | JPY | 49,500 | 34 | 0 | 34 |
| EUR-sale/GBP-buy | EUR | 300 | 0 | (1) | (1) | EUR | 0 | 0 | 0 | 0 |
| USD-buy/EUR-sale | USD | 2,900 | 253 | 0 | 253 | USD | 2,143 | 171 | 0 | 171 |
| USD-sale/CZK-buy | USD | 7,000 | 0 | (923) | (923) | USD | 6,900 | 0 | (801) | (801) |
| USD-sale/EUR-buy | USD | 24,250 | 45 | (1,796) | (1,750) | USD | 22,818 | 0 | (1,938) | (1,938) |
| USD-sale/GBP-buy | USD | 0 | 0 | 0 | 0 | USD | 5,500 | 0 | (227) | (227) |
| Total | 418 | (11,106) | (10,688) | 207 | (7,485) | (7,278) |
Fair value: + = receivable, - = liability from the Lenzing Group's perspective
Sensitivity analyses are performed for currency risks. They show the effects of hypothetical changes in exchange rates on profit or loss/other comprehensive income/equity.
The Lenzing Group uses the following assumptions in its analysis:
The sensitivities and exposure for currency risk are as follows as at the reporting dates:
| 31/12/2015 | 31/12/2014 | |||||
|---|---|---|---|---|---|---|
| Group exposure in relation to EUR |
Sensitivity in the event of 10% devalu ation of the EUR |
Sensitivity in the event of 10% revalu ation of the EUR |
Group exposure in relation to EUR |
Sensitivity in the event of 10% devalu ation of the EUR |
Sensitivity in the event of 10% revalu ation of the EUR |
|
| EUR-USD | 77,498 | 8,611 | (7,045) | 74,379 | 8,264 | (6,762) |
| EUR-GBP | (2,170) | (241) | 197 | (2,674) | (297) | 243 |
| EUR-CNY/CNH | 10,944 | 1,216 | (995) | 50,407 | 5,601 | (4,582) |
| EUR-CZK | 53,939 | 5,993 | (4,904) | 90,955 | 10,106 | (8,269) |
| EUR-HKD | (3,182) | (354) | 289 | (2,536) | (282) | 231 |
| Sensitivity of profit or loss (due to receivables and liabilities) |
15,225 | (12,457) | 23,392 | (19,139) | ||
| Sensitivity of other comprehensive income (due to cash flow hedge derivatives) |
(25,902) | 23,637 | (35,857) | 31,473 | ||
| Sensitivity of equity | (10,677) | 11,180 | (12,465) | 12,333 |
Group exposure: + receivable, - liability; sensitivity: + increase in profit/in other comprehensive income, - decrease in profit/in other comprehensive income
| 31/12/2015 | 31/12/2014 | |||||
|---|---|---|---|---|---|---|
| Group exposure in relation to USD |
Sensitivity in the event of 10% devalu ation of the USD |
Sensitivity in the event of 10% revalu ation of the USD |
Group exposure in relation to USD |
Sensitivity in the event of 10% devalu ation of the USD |
Sensitivity in the event of 10% revalu ation of the USD |
|
| USD-IDR | 38,439 | 4,271 | (3,494) | 3,328 | 370 | (303) |
| USD-GBP | (7,415) | (824) | 674 | (6,019) | (669) | 547 |
| USD-HKD | 59 | 7 | (5) | 47 | 5 | (4) |
| USD-CNY/CNH | 26,329 | 2,925 | (2,394) | 30,933 | 3,437 | (2,812) |
| USD-CZK | (15,649) | (1,739) | 1,423 | (2,463) | (274) | 224 |
| Sensitivity of profit or loss (due to receivables and liabilities) |
4,640 | (3,797) | 2,870 | (2,348) | ||
| Sensitivity of other comprehensive income (due to cash flow hedge derivatives) |
12,006 | (14,674) | 12,495 | (15,271) | ||
| Sensitivity of equity | 16,646 | (18,471) | 15,364 | (17,619) |
Group exposure: + receivable, - liability; sensitivity: + increase in profit/in other comprehensive income, - decrease in profit/in other comprehensive income
As part of the optimization of energy costs, gas purchasing in the Lenzing Group was largely centralized. The Group uses OTC gas swaps as cash flow hedges to manage gas price risks. The hedging strategies are determined based on the planned gas consumption figures in the relevant currency and are compared with the current market prices on a monthly basis ("market to market" assessment). The Lenzing Group is exposed to accounting-related price risks because of the gas swaps. These risks particularly relate to the possibility that fair value measurement of the gas swaps may result in a negative impact on other comprehensive income/equity in the event of an adverse change in market prices.
Other than this, the Group is subject to the usual market price risks in connection with its business activities (particularly for wood, pulp and energy), which are not hedged with derivatives or financial instruments, but instead with other safeguarding measures (particularly long-term and short-term supply contracts with various suppliers).
The nominal values and fair values of the cash flow hedge derivatives are as follows as at the reporting dates:
| 31/12/2015 | 31/12/2014 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Contract value1 in '000 |
Positive fair value |
Negative fair value |
Net fair value |
Hedging period until |
Contract value1 in '000 |
Positive fair value |
Negative fair value |
Net fair value |
Hedging period until |
|
| Gas swaps | ||||||||||
| GBP 2,403 | 0 | (996) | (996) | 03/2016 | GBP 5,767 | 0 | (1,576) | (1,576) | 03/2016 | |
| Total | 0 | (996) | (996) | 0 | (1,576) | (1,576) |
Fair value: + = receivable, - = liability from the Lenzing Group's perspective (each shown as net position) The hedging period stated is equivalent to the period of the expected cash flows and their recognition in profit or loss.
Sensitivity analyses are performed for the price change risk from gas swaps. They show the effects of hypothetical changes in gas prices on profit or loss/other comprehensive income/equity.
The Lenzing Group uses the following assumptions in its analysis:
If the market price level for gas had been 10% higher/lower as at December 31, 2015, this would have changed other comprehensive income/equity before tax by EUR +/-238 thousand (December 31, 2014: EUR +/-581 thousand).
The Lenzing Group is exposed to interest rate risk because of its business-related financing and investment activities. Interest rate risks arise on the basis of potential changes in the market interest rate. They can lead to a change in fair value in the case of fixed-rate financial instruments and to fluctuations in the cash flows from interest payments in the case of floating-rate financial instruments. Interest rate risks and the resulting risk concentrations are managed by monitoring and adjusting the composition of fixed-rate and floating-rate primary financial instruments on an ongoing basis and occasionally by using derivative financial instruments. The level of the resulting risk concentration as at the reporting date can be seen in the "Risk exposure for interest rate risks" table below. The decisive factor for management is the effect of the interest rate risk on earnings. There were no outstanding interest rate derivatives as at the reporting dates.
As at the reporting dates, the exposure for interest rate risks in the form of the carrying amounts of interest-bearing primary financial instruments is as follows:
| 31/12/2015 | |||||
|---|---|---|---|---|---|
| Fixed interest | Fixed and floating rate interest |
Floating rate interest |
No interest | Total | |
| Cash and cash equivalents | 0 | 0 | 347,254 | 0 | 347,254 |
| Financial assets1 | 3,754 | 0 | 0 | 19,093 | 22,847 |
| Financial liabilities | (346,803) | (19,837) | (316,606) | 0 | (683,247) |
| Total | (343,050) | (19,837) | 30,647 | 19,093 | (313,146) |
| 31/12/2014 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Fixed interest | Fixed and floating rate interest |
Floating rate interest |
No interest | Total | ||||||
| Cash and cash equivalents | 0 | 0 | 271,791 | 0 | 271,791 | |||||
| Financial assets1 | 3,754 | 0 | 1,815 | 17,626 | 23,194 | |||||
| Financial liabilities | (311,595) | (21,983) | (396,200) | 0 | (729,778) | |||||
| Total | (307,841) | (21,983) | (122,594) | 17,626 | (434,793) |
Sensitivity analyses are performed for interest rate risks from floating-rate financial instruments. They show the effects of hypothetical changes in interest rates on profit or loss/other comprehensive income/equity.
The Lenzing Group uses the following assumptions in its analysis:
The sensitivities and exposure for interest rate risks from floating-rate financial instruments are as follows as at the reporting dates:
| 31/12/2015 | Exposure with floating-rate interest |
Sensitivity in the event of 100 bp increase in inter est rate level |
Sensitivity in the event of 100 bp decrease in inter est rate level1 |
|---|---|---|---|
| Cash and cash equivalents | 347,254 | 3,473 | (3,473) |
| Financial assets | 0 | 0 | 0 |
| Financial liabilities | (316,606) | (3,166) | 2,4012 |
| Sensitivity of profit or loss/of equity | 30,647 | 306 | (1,071) |
Further information on financial risk management and financial instruments can be found in the risk report of the Lenzing Group Management Report as at December 31, 2015 (particularly in the section on "Use of financial instruments").
162
1) Sensitivity decreases proportionately to reduction of basis points.
2) Liabilities at which no negative interest is calculated will not be included in the calculation.
Property, plant and equipment includes development rights and other assets from finance leases in which the Lenzing Group is the lessee. The finance lease for development rights relates to land handed over to Lenzing AG for use in exchange for an index-linked lease payment. After the end of the lease, Lenzing AG has the right to acquire the land at its market value. The lease has a term of 99 years.
The other finance leases include agreements on the modernization of small hydro power plants, in which the lessor undertakes to construct, operate and maintain power plants as part of the revitalization. All of the energy generated is purchased by Lenzing AG for a contractually agreed fee, part of which serves to cover the investment costs and which is considered a contingent lease payment. After the agreements expire, ownership of the power plants will be transferred to Lenzing AG in exchange for payment of a transfer fee. The lease has a term of 25 years. In addition, there are finance leases concerning agreements on an industrial primary clarifier and related expansion investments. After the agreements expire, the ownership of the plant including the land can be transferred to Lenzing AG in exchange for payment of a transfer fee. The lease has a term of up to 16 years.
The carrying amount of the leased assets is as follows:
| 2015 | Land and buildings |
Technical equip ment and machinery, factory and office equipment |
Prepayments and assets under construction |
Total |
|---|---|---|---|---|
| Cost | 668 | 2,145 | 3,373 | 6,185 |
| Accumulated depreciation | (85) | (549) | 0 | (634) |
| Carrying amount 31/12/2015 | 583 | 1,596 | 3,373 | 5,552 |
| 2014 | Land and buildings |
Technical equip ment and machinery, factory and office equipment |
Prepayments and assets under construction |
Total |
|---|---|---|---|---|
| Cost | 668 | 2,145 | 1,404 | 4,217 |
| Accumulated depreciation | (78) | (339) | 0 | (418) |
| Carrying amount 31/12/2014 | 589 | 1,805 | 1,404 | 3,799 |
The present value of minimum lease payments breaks down as follows:
| 31/12/2015 | 31/12/2014 | |||||||
|---|---|---|---|---|---|---|---|---|
| < 1 year | 1-5 years | > 5 years | Total | < 1 year | 1-5 years | > 5 years | Total | |
| Total future minimum lease payments | 705 | 1,816 | 8,643 | 11,164 | 412 | 2,176 | 6,601 | 9,188 |
| Thereof interest component | (59) | (173) | (4,636) | (4,869) | (23) | (60) | (4,623) | (4,707) |
| Total | 646 | 1,643 | 4,007 | 6,295 | 389 | 2,115 | 1,978 | 4,482 |
Finance lease obligations are included under "Financial liabilities" in the consolidated statement of financial position (see note 31).
There are obligations from rental and lease agreements for property, plant and equipment that is not reported in the consolidated statement of financial position. Earnings before interest and tax in 2015 include expenses from rental and lease agreements amounting to EUR 10,982 thousand (2014: EUR 7,513 thousand). They chiefly consist of minimum lease payments.
The future minimum lease payments during the non-cancellable term of these leases relating to IT equipment, vehicles, rail cars and office and storage premises break down as follows, classified by year:
| 31/12/2015 | 31/12/2014 | |
|---|---|---|
| In subsequent year | 5,554 | 5,704 |
| In the following 2-5 years | 8,268 | 12,337 |
| Thereafter | 12 | 1,507 |
| Total | 13,834 | 19,548 |
The conditions of the main operating leases can be summarized as follows:
The Lenzing Group as lessor
The future minimum lease payments during the non-cancellable term of the leases mainly relate to land and buildings and break down as follows, classified by year:
| 31/12/2015 | 31/12/2014 | |
|---|---|---|
| In subsequent year | 2,959 | 2,842 |
| In the following 2-5 years | 4,694 | 4,640 |
| Thereafter | 10,003 | 10,989 |
| Total | 17,656 | 18,471 |
The most significant lease relates to land where the recycling plant is operated by RVL Reststoffverwertung Lenzing GmbH. The lease payments are index-linked. The lease was concluded for an indefinite term and can be canceled at the earliest as at December 31, 2029, subject to a notice period of six years.
Related party disclosures
Related parties are companies and individuals who are related to the Lenzing Group according to the IFRS definition. In particular, the related parties of the Lenzing Group are the companies of the B&C Group including their subsidiaries, joint ventures and associates and their executive bodies (executive board/management and supervisory board, if any) plus the close relatives of the members of executive bodies and the companies they influence (see also note 1 "Description of the company and its business activities" and note 45). The amounts and transactions between Lenzing AG and its consolidated subsidiaries are eliminated on consolidation and are not discussed any further here.
B&C Privatstiftung is managed by a Board of Trustees. No member of the Lenzing AG Management Board is a member of the Board of Trustees or of the management/Management Boards of subsidiaries of B&C Privatstiftung, with the exception of subsidiaries of the Lenzing Group. The Lenzing Group has no influence on the business activities of B&C Privatstiftung.
In some cases, the members of the corporate bodies of Lenzing AG and the entities mentioned above are also members of corporate bodies or shareholders of other companies with which Lenzing AG maintains ordinary business relationships. There are ordinary business relationships with banks, including in the areas of financing, investment and derivatives.
Lenzing AG and the subsidiaries included in the tax group agreement are members of the tax group concluded on September 25, 2009 between B&C Industrieholding GmbH as the group parent and Lenzing AG and other subsidiaries of Lenzing AG as group members in accordance with section 9 of the Austrian Corporation Tax Act (for more information, see the section on "Current taxes and deferred taxes" under "Accounting policies", note 3).
The Lenzing Group recognized a tax credit from the tax group of EUR 1,487 thousand in profit or loss in the 2015 financial year (2014: EUR 3,000 thousand). In accordance with the contractual obligation, advances on the tax allocation were paid to B&C Industrieholding GmbH in the amount of EUR 19,328 thousand in 2015 (2014: EUR 9,605 thousand).
As at December 31, 2015, the Lenzing Group recognized a liability of EUR 6,954 thousand (December 31, 2014: EUR 16,591 thousand) to B&C Industrieholding GmbH from the tax allocation after deduction of the advances. This is reported in the "Current tax liabilities" item of the statement of financial position. In 2015, an income tax expense of EUR 11,682 thousand (2014: EUR 15,852 thousand) was recognized as a result of the tax allocation to B&C Industrieholding GmbH. In addition, B&C Industrieholding GmbH charged costs of EUR 15 thousand (2014: EUR 172 thousand) to Lenzing AG.
Transactions with companies accounted for using the equity method and their material subsidiaries mainly relate to:
| EQUI-Fibres Beteiligungsgesellschaft mbH and its subsidiaries (EFB): |
Distribution of fibers Delivery of pulp and of machinery and equipment |
|---|---|
| Lenzing Papier GmbH (LPP ): |
Provision of infrastructure and administrative services |
| RVL Reststoffverwertung Lenzing GmbH (RVL): | Operation of a recycling plant and purchase of the steam generated; rent of a plot of land |
| Gemeinnützige Siedlungsgesellschaft m.b.H. für den Bezirk Vöcklabruck (GSG): |
Provision of infrastructure and administrative services |
| PT. Pura Golden Lion (PGL): | Loan liability |
| Wood Paskov s.r.o. (LWP): | Purchase of wood |
The extent of material transactions and the amounts of outstanding balances with companies accounted for using the equity method and their material subsidiaries were as follows:
| 2015 | EFB | LPP | GSG | PGL | Total associates |
RVL | LWP | Total joint ventures |
|---|---|---|---|---|---|---|---|---|
| Revenue | 51,925 | 10,445 | 86 | 0 | 62,456 | 10,525 | 0 | 10,525 |
| Other operating income | 774 | 76 | 66 | 0 | 915 | 0 | 29 | 29 |
| Cost of material | (34,981) | (2) | 0 | 0 | (34,983) | 0 | (154) | (154) |
| Purchased services | (3,605) | 0 | 0 | 0 | (3,605) | (10,525) | 0 | (10,525) |
| Other operating expenses | (194) | (523) | (74) | 0 | (791) | (43) | 0 | (43) |
| Interest cost | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 31/12/2015 | ||||||||
| Trade receivables | 14,890 | 3,061 | 22 | 0 | 17,973 | 0 | 8 | 8 |
| Trade payables | 3,153 | 0 | 0 | 0 | 3,153 | 23 | 17 | 40 |
| Loan liabilities | 0 | 0 | 0 | 2,509 | 2,509 | 0 | 0 | 0 |
| Other liabilities | 0 | 20 | 0 | 0 | 20 | 0 | 0 | 0 |
| 2014 | EFB | LPP | GSG | PGL | Total associates |
RVL | LWP | Total joint ventures |
|---|---|---|---|---|---|---|---|---|
| Revenue | 51,164 | 11,377 | 70 | 0 | 62,610 | 11,017 | 0 | 11,017 |
| Other operating income | 1,074 | 216 | 74 | 0 | 1,364 | 0 | 29 | 29 |
| Cost of material | (44,300) | (3) | 0 | 0 | (44,303) | 0 | (154) | (154) |
| Purchased services | (12,497) | 1 | 0 | 0 | (12,496) | (11,017) | 0 | (11,017) |
| Other operating expenses | (167) | (45) | (68) | 0 | (280) | (15) | 0 | (15) |
| Interest cost | 0 | 0 | 0 | (67) | (67) | 0 | 0 | 0 |
| Interest income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 31/12/2014 | ||||||||
| Trade receivables | 4,835 | 4,953 | 8 | 0 | 9,796 | 0 | 6 | 6 |
| Trade payables | 4,064 | 6 | 0 | 0 | 4,070 | 0 | 28 | 28 |
| Loan liabilities | 0 | 0 | 0 | 2,194 | 2,194 | 0 | 0 | 0 |
| Other liabilities | 0 | 40 | 0 | 0 | 40 | 0 | 0 | 0 |
Bad debt provisions for trade receivables from companies accounted for using the equity method in the amount of EUR 523 thousand were recognized in profit or loss as an expense (2014: expense of EUR 24 thousand). There were no material transactions with non-consolidated subsidiaries in either of the two financial years.
The fixed and variable current remuneration and termination pay expensed by Lenzing AG for the active members of the Management Board break down as follows:
| Doboczky1 | Stefan | van de Kerkhof | Robert | Riegler2 | Thomas | Peter Untersperger3 |
Friedrich Weninger4 |
Total | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | |
| Fixed current remuneration | 412 | 0 | 453 | 292 | 457 | 259 | 244 | 585 | 0 | 435 | 1,566 | 1,571 |
| Variable current remuneration | 644 | 0 | 209 | 133 | 0 | 116 | 225 | 190 | 0 | 315 | 1,077 | 754 |
| Termination pay | 0 | 0 | 0 | 0 | 874 | 0 | 1,953 | 0 | 0 | 0 | 2,826 | 0 |
| Total | 1,056 | 0 | 662 | 425 | 1,330 | 376 | 2,422 | 774 | 0 | 750 | 5,470 | 2,325 |
1) Member of the Management Board since June 1, 2015. 2) Member of the Management Board until December 1, 2015. 3) Member of the Management Board until May 31, 2015. 4) Member of the Management Board until December 31, 2014.
Of the total amounts shown above of EUR 5,470 thousand in the 2015 financial year (2014: EUR 2,325 thousand), a total of EUR 2,644 thousand relates to current remuneration (fixed and variable current remuneration; 2014: EUR 2,325 thousand), and EUR 2,826 thousand to termination benefits (termination pay; 2014: EUR 0 thousand) in the 2015 financial year. In addition, provisions for entitlements of active Management Board members derived from long-term bonus models (other long-term employee benefits) increased
by EUR 298 thousand in the 2015 financial year (2014: decrease of EUR 47 thousand); another EUR 0 thousand (2014: EUR 309 thousand) was expensed for the settlement of entitlements. In addition, EUR 40 thousand was expenses in profit or loss for vacation compensation (short-term employee benefits), taking into account the amounts previously provided for (2014: EUR 138 thousand reversed to profit or loss). Moreover, the active members of the Management Board were granted post-employment benefits in the amount of EUR 273 thousand (2014: EUR 295 thousand) by providing for company pension and severance plans in the income statement and in other comprehensive income.
A long-term bonus agreement was concluded with Dr. Stefan Doboczky in the 2015 financial year. It has a term of three years with entitlement in 2018. The amount of the bonus is based on the increase achieved in enterprise value over this period. The agreement requires the achievement of a minimum return per year. A further additional condition is the prolongation of his contract as member of the Management Board. The bonus will be paid out 50% in cash and 50% in shares of Lenzing AG. The number of shares in Lenzing AG to be granted is variable and dependent on the amount of bonus entitlement and the average market price of the shares over the past twelve months. The settlement with equity instruments constitutes share-based payment in accordance with IFRS 2; cash settlement is classified as other non-current benefits in accordance with IAS 19 (see above; included in the amount of EUR 298 thousand). The measurement is based on a multiple calculation taking into account EBITDA and net debt. It also includes discount effects and the probability of utilization. For the first half of granted shares, a retention period of at least one year as of the acquisition date applies. For the second half of granted shares, a retention period of at least two years applies. There are no special agreements on the transferability of bonus entitlements. Forecast dividends are not taken into account in the calculation of fair value. An expense for the equity-settled bonus entitlement of EUR 433 thousand (2014: EUR 0 thousand) was recognized in personnel expenses in the 2015 financial year; offsetting this, retained earnings were increased by the same amount.
The expenses for the active Supervisory Board members (shortterm employee benefits in the form of remuneration for the Supervisory Board members including attendance fees) amounted to EUR 294 thousand for the 2015 financial year (2014: EUR 436 thousand).
Hence, remuneration expensed for key management personnel, which comprises active members of the Management Board and of the Supervisory Board of Lenzing AG, in line with their functions, is summarized below:
| 2015 | 2014 | |
|---|---|---|
| Remuneration for the Management Board |
||
| Short-term employee benefits | 2,684 | 2,186 |
| Other long-term employee benefits | 298 | 262 |
| Post-employment benefits | 273 | 295 |
| Share-based remuneration | 433 | 0 |
| Remuneration (without termination benefits) |
3,687 | 2,743 |
| Termination benefits | 2,826 | 0 |
| 6,514 | 2,743 | |
| Remuneration for the Supervisory Board |
||
| Short-term employee benefits | 294 | 436 |
| Total | 6,807 | 3,180 |
Prior to their appointment to the board, members of the Management Board provided services to the Lenzing Group in the 2014 financial year for which the Lenzing Group recognized an expense of EUR 102 thousand.
The present value of the provision for severance payments recognized for active members of the Management Board amounts to EUR 0 thousand (December 31, 2014: EUR 838 thousand) as at December 31, 2015.
In addition to the benefits above, the employee representatives on the Supervisory Board who were delegated by the Works Council are entitled to regular payment (wage or salary and severance and jubilee benefits) under their employment contracts. This payment represents appropriate remuneration for the role/activities performed in the company.
In line with usual market and corporate practice, Lenzing AG also grants additional benefits that are considered non-monetary benefits to the members of the Management Board, some senior executives and Supervisory Board members. For example, insurance coverage (D&O, accident, legal protection etc.) is provided, with the costs borne by the Lenzing Group. Overall premium payments are made to the insurers, meaning that there is no specific allocation to the Management Board and the Supervisory Board. In addition, the members of the Management Board and some senior executives are provided with company vehicles for their use. Moreover, expenses, especially travel expenses, incurred by members of the Management Board and the Supervisory Board are reimbursed. The principles of the remuneration system for the Management Board and the Supervisory Board are described in detail and published in the 2015 Corporate Governance Report of the Lenzing Group.
No advances, loans or guarantees have been granted to members of the Management Board and the Supervisory Board. The Lenzing Group has not entered into any contingencies for the benefit of the Management Board and the Supervisory Board. Directors' dealings reports regarding members of the Management Board and the Supervisory Board are published on the Austrian Financial Market Authority website (see http:// www.fma.gv.at).
Post-employment benefits for former members of the Management Board of Lenzing AG (who left before January 1, 2013) or their surviving dependents in the amount of EUR 74 thousand (2014: EUR 1,652 thousand) were recognized in the form of expenses in the income statement and allocations in other comprehensive income. The present value of the pension provision recognized in this context after deduction of the fair value of plan assets (net obligation) amounts to EUR 7,305 thousand (December 31, 2014: EUR 7,921 thousand) as at December 31, 2015.
Executive bodies of the company
Hanno Bästlein, Vienna Chairman (since April 22, 2015) Vice-Chairman (until April 22, 2015)
Michael Junghans, Vienna Chairman (until April 22, 2015)
Felix Strohbichler, Anthering Vice-Chairman (since April 22, 2015) Veit Sorger, Vienna Vice-Chairman
Franz Gasselsberger, Linz
Josef Krenner, Linz
Patrick Prügger, Vienna
Andreas Schmidradner, Vienna
Astrid Skala-Kuhmann, Icking (Germany)
Martin Payer, Leoben (until April 28, 2014)
Chairman of the Works Committee Chairman of the Works Council for Waged Employees (since September 1, 2015)
Rudolf Baldinger, Lenzing (until September 1, 2015) Chairman of the Works Committee Chairman of the Works Council for Waged Employees
Vice-Chairman of the Works Committee Chairman of the Works Council for Salaried Employees
Helmut Kirchmair, Timelkam (since September 1, 2015) Vice-Chairman of the Works Council for Waged Employees
Vice-Chairwoman of the Works Council for Salaried Employees (since April 28, 2014)
Vice-Chairman of the Works Council for Waged Employees (since April 28, 2014)
Vice-Chairman of the Works Council for Salaried Employees (until April 28, 2014)
Chief Executive Officer (CEO) Chairman of the Management Board (since June 1, 2015)
Chief Commercial Officer (CCO) Member of the Management Board (since May 1, 2014)
Chief Financial Officer (CFO) Member of the Management Board (since March 1, 2016)
Chief Executive Officer (CEO) Chairman of the Management Board (until May 31, 2015)
Chief Financial Officer (CFO) Member of the Management Board (until December 1, 2015)
Chief Operating Officer (COO) Member of the Management Board (until December 31, 2014)
There are contingent liabilities, in particular to secure the claims of certain sold equity investments and suppliers, as well as for possible default of payment related to receivables sold (see also note 39) and of third parties outside the Group in the amount of EUR 26,962 thousand (December 31, 2014: EUR 27,105 thousand) and, to a lesser extent, retentions granted, that have not yet been recognized as actual liabilities. The amounts shown represent the maximum payment obligation on the part of the Lenzing Group. The potential for recoveries exists to a limited extent only for the obligations and liabilities relating to the claims of certain sold equity investments. EUR 8,477 thousand (December 31, 2014: EUR 10,322 thousand) of the amount mentioned above relates to financial guarantee contracts. It is predominantly considered unlikely that the Group will be required to make payments under these financial guarantee contracts. Liabilities at the amount of the fair values of these financial guarantee contracts of EUR 148 thousand were recognized as at December 31, 2015 (December 31, 2014: EUR 159 thousand).
The Lenzing Group bears obligations for severance payments and anniversary benefits for former employees of certain sold equity investments up to the amount of the notional claims as at the date of the sale. Provisions have been recognized for these obligations as at the reporting date in the amount of the present value according to actuarial principles and reported according to their maturity.
As at December 31, 2015, obligations for outstanding orders of intangible assets and property, plant and equipment amounted to EUR 21,084 thousand (December 31, 2014: EUR 10,361 thousand).
In addition, Lenzing AG in particular has assumed contingent liabilities to secure third-party claims against consolidated companies that are considered unlikely to become effective. The Management Board is not aware of any other financial obligations with a significant impact on the financial position and financial performance of the Group.
As an international group, the Lenzing Group is exposed to a variety of legal and other risks. In particular, these include risks in the areas of product defects, competition and antitrust law, patent law, tax law, employees and environmental protection (particularly for environmental damage at production locations). The outcomes of currently pending proceedings or future proceedings cannot be predicted, hence expenses that are not fully covered by insurance and that can have a material impact on the future financial position and financial performance of the Group can arise as a result of court or official rulings or settlement agreements. Further information can be found in the risk report of the Group Management Report of the Lenzing Group as at December 31, 2015.
There are legal disputes pending in the Group as a result of its operating activities, particularly in the area of patent law. The Management Board is assuming at this time that the currently known proceedings will not have a significant impact on the current financial position and financial performance of the Group, or it has provided sufficiently for the corresponding risks. Regardless of this careful assessment, residual risks still remain.
In addition to Lenzing AG, the Lenzing Group includes the following group companies (list of group companies in accordance with section 245a(1) in conjunction with section 265(2) of the Austrian Commercial Code):
| Group companies | 31/12/2015 | 31/12/2014 | |||
|---|---|---|---|---|---|
| Currency | Share capital | Share | Share capital | Share | |
| Consolidated companies: | in % | in % | |||
| ASIA Fiber Engineering GmbH, Vienna, Austria | EUR | 36,336 | 100.00 | 36,336 | 100.00 |
| Avit Investments Limited, Providenciales, Turks and Caicos | USD | 2,201,000 | 100.00 | 2,201,000 | 100.00 |
| Beech Investment s.r.o., Zlaté Moravce, Slovakia | EUR | 6,639 | 100.00 | 6,639 | 100.00 |
| Biocel Paskov a.s., Paskov, Czech Republic | CZK | 280,000,000 | 100.00 | 280,000,000 | 100.00 |
| BZL - Bildungszentrum Lenzing GmbH, Lenzing, Austria | EUR | 43,604 | 75.00 | 43,604 | 75.00 |
| Cellulose Consulting GmbH, Vienna, Austria | EUR | 36,336 | 100.00 | 36,336 | 100.00 |
| Dolan GmbH, Kelheim, Germany | EUR | - | - | 1,000,000 | 100.00 |
| Energie- und Medienzentrale Heiligenkreuz GmbH, Heiligenkreuz, Austria | EUR | 72,673 | 100.00 | 72,673 | 100.00 |
| European Carbon Fiber GmbH, Kelheim, Germany | EUR | - | - | 25,000 | 91.07 |
| LENO Electronics GmbH, Lenzing, Austria | EUR | - | - | 40,000 | 100.00 |
| Lenzing Beteiligungs GmbH, Lenzing, Austria1 | EUR | 35,000 | 100.00 | 35,000 | 100.00 |
| Lenzing Fibers (Shanghai) Co., Ltd., Shanghai, China | USD | 200,000 | 100.00 | 200,000 | 100.00 |
| Lenzing Fibers GmbH, Heiligenkreuz, Austria | EUR | 363,364 | 100.00 | 363,364 | 100.00 |
| Lenzing Fibers Grimsby Limited, Grimsby, UK | GBP | 1 | 100.00 | 1 | 100.00 |
| Lenzing Fibers Holding GmbH, Lenzing, Austria | EUR | 35,000 | 100.00 | 35,000 | 100.00 |
| Lenzing Fibers (Hongkong) Ltd., Hong Kong, China | HKD | 16,000,000 | 100.00 | 16,000,000 | 100.00 |
| Lenzing Fibers Inc., Mobile, USA | USD | 10 | 100.00 | 10 | 100.00 |
| Lenzing Fibers Ltd., Manchester, UK | GBP | 1 | 100.00 | 1 | 100.00 |
| Lenzing Global Finance GmbH, Munich, Germany | EUR | 25,000 | 100.00 | 25,000 | 100.00 |
| Lenzing Holding GmbH, Lenzing, Austria | EUR | 35,000 | 100.00 | 35,000 | 100.00 |
| Lenzing Land Holding LLC., Dover, USA | USD | 10,000 | 100.00 | 10,000 | 100.00 |
| Lenzing Modi Fibers India Private Limited, Mumbai, India | INR | 1,148,681,290 | 96.41 | 1,148,681,290 | 96.41 |
| Lenzing (Nanjing) Fibers Co., Ltd., Nanjing, China | USD | 64,440,000 | 70.00 | 64,440,000 | 70.00 |
| LP Automotive GmbH, Lenzing, Austria | EUR | 35,000 | 100.00 | 35,000 | 100.00 |
| Lenzing Technik GmbH, Lenzing, Austria | EUR | 35,000 | 100.00 | 35,000 | 100.00 |
| Penique S.A., Panama, Panama | USD | 5,000 | 100.00 | 5,000 | 100.00 |
| PT. South Pacific Viscose, Purwakarta, Indonesia2 | IDR | 72,500,000,000 | 92.85 | 72,500,000,000 | 92.85 |
| Pulp Trading GmbH, Lenzing, Austria | EUR | 40,000 | 100.00 | 40,000 | 100.00 |
| Reality Paskov s.r.o., Paskov, Czech Republic | CZK | 900,000 | 100.00 | 900,000 | 100.00 |
| Tencel Holding Limited, Manchester, UK | GBP | 1 | 100.00 | 1 | 100.00 |
| Wasserreinhaltungsverband Lenzing – Lenzing AG, Lenzing, Austria3 | EUR | 0 | Member ship |
0 | Member ship |
| Group companies | 31/12/2015 | 31/12/2014 | |||
|---|---|---|---|---|---|
| Currency | Share capital | Share | Share capital | Share | |
| Companies accounted for using the equity method: | in % | in % | |||
| Associates: | |||||
| EQUI-Fibres Beteiligungsgesellschaft mbH, Kelheim, Germany4 | EUR | 2,000,000 | 45.00 | 2,000,000 | 45.00 |
| Gemeinnützige Siedlungsgesellschaft m.b.H. für den Bezirk Vöcklabruck, Lenzing, Austria5 |
EUR | 1,155,336 | 99.90 | 1,155,336 | 99.90 |
| Lenzing Papier GmbH, Lenzing, Austria | EUR | 35,000 | 40.00 | 35,000 | 40.00 |
| PT. Pura Golden Lion, Jakarta, Indonesia | IDR | 2,500,000,000 | 40.00 | 2,500,000,000 | 40.00 |
| WWE Wohn- und Wirtschaftspark Entwicklungsgesellschaft m.b.H., Vienna, Austria |
EUR | 36,336 | 25.00 | 36,336 | 25.00 |
| Joint ventures: | |||||
| LKF Tekstil Boya Sanayi ve Ticaret Anonim Sirketi, Istanbul, Turkey | TRY | 200,000 | 33.34 | 200,000 | 33.34 |
| RVL Reststoffverwertung Lenzing GmbH, Lenzing, Austria | EUR | 36,336 | 50.00 | 36,336 | 50.00 |
| Wood Paskov s.r.o., Paskov, Czech Republic | CZK | 2,000,000 | 50.00 | 2,000,000 | 50.00 |
| Unconsolidated companies: | |||||
| European Precursor GmbH, Kelheim, Germany6 | EUR | 25,000 | 95.00 | 25,000 | 95.00 |
| Lenzing Engineering and Technical Services (Nanjing) Co., Ltd., Nanjing, China7 | USD | 2,100,000 | 100.00 | 2,100,000 | 100.00 |
holds 99.9% of the voting rights in this company. According to the general circumstances, the Lenzing Group does not control this company because its power is limited and the returns hardly vary or can hardly be influenced by the Lenzing Group. In particular because of its representation in management bodies and its participation in decision-making processes, it exerts significant influence over the financial and operating policies of this company. This means the company is an associate accounted for using the equity method.
Significant events after the end of the reporting period
The Lenzing Group is not aware of any events significant to it after the reporting date December 31, 2015 that would have resulted in a different presentation of its financial position and financial performance.
These consolidated financial statements were approved on March 09, 2016 (December 31, 2014: March 12, 2015) by the Management Board for review by the Supervisory Board, presentation to the Shareholders' Meeting and subsequent publication. The Supervisory Board may have changes made to the consolidated financial statements as part of the review for which it is responsible.
Lenzing, March 09, 2016 Lenzing Aktiengesellschaft
Stefan Doboczky Robert van de Kerkhof Thomas Obendrauf Chief Executive Officer Chief Commercial Officer Chief Financial Officer Chairman of the Management Board Member of the Management Board Member of the Management Board
We have audited the accompanying consolidated financial statements of Lenzing Aktiengesellschaft, Lenzing, comprising the consolidated statement of financial position as at December 31, 2015, the consolidated income statement, the consolidated statement of comprehensive income, the consolidated statement of cash flows and the consolidated statement of changes in equity for the fiscal year ended December 31, 2015, and the notes.
The Company's management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with International Financial Reporting Standards (IFRSs) as adopted by the EU, and the additional requirements under section 245a UGB, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement whether due to fraud or error.
Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit in accordance with laws and regulations applicable in Austria and Austrian Standards on Auditing. These principles require the application of International Standards on Auditing (ISAs). Those standards require that we comply with the ethical requirements and plan and perform the audit to obtain reasonable assurance whether the consolidated financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Group's preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a reasonable basis for our audit opinion.
Our audit did not give rise to any objections. In our opinion the consolidated financial statements comply with legal requirements and give a true and fair view of the financial position of the Group as of December 31, 2015 and of its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRSs) as adopted by the EU, and the additional requirements under section 245a UGB.
Pursuant to statutory provisions, the management report for the Group is to be audited as to whether it is consistent with the consolidated financial statements and as to whether the other disclosures are not misleading with respect to the Group's position. The auditor's report also has to contain a statement as to whether the management report for the Group is consistent with the consolidated financial statements and whether the disclosures pursuant to section 243a UGB are appropriate.
In our opinion, the management report for the Group is consistent with the consolidated financial statements. The disclosures pursuant to section 243a UGB are appropriate.
Vienna, March 9, 2016
Deloitte Audit Wirtschaftsprüfungs GmbH
Walter Müller Ulrich Dollinger
Certified Public Accountant Certified Public Accountant
The report is a translation from the original auditor's report in German, which is solely valid. Publishing or transmitting of the consolidated financial statements including our audit opinion may only take place in conformity with the audit version above. This auditors' report refers only to the complete German version of the consolidated financial statements complete with the management report. Section 281, paragraph 2 of the Austrian Commercial Code applies to any other versions.
| EUR mn | 2015 | 2014 | 2013 | 2012 | 2011 |
|---|---|---|---|---|---|
| Revenue | 1,976.8 | 1,864.2 | 1,908.9 | 2,090.4 | 2,140.0 |
| EBITDA (earnings before interest, tax, depreciation and amortization) |
290.1 | 240.3 | 225.4 | 352.4 | 480.3 |
| EBITDA margin | 14.7% | 12.9% | 11.8% | 16.9% | 22.4% |
| EBIT (earnings before interest and tax) | 151.1 | 21.9 | 86.4 | 231.5 | 364.0 |
| EBIT margin | 7.6% | 1.2% | 4.5% | 11.1% | 17.0% |
| EBT (earnings before tax) | 149.1 | 7.3 | 68.1 | 236.0 | 351.9 |
| Net profit/loss for the year | 124.0 | (14.2) | 50.0 | 180.9 | 267.4 |
| Earnings per share in EUR | 4.63 | (0.51) | 1.89 | 6.61 | 9.88 |
| ROCE (return on capital employed) | 8.0% | (0.1%) | 3.7% | 13.7% | 23.0%1 |
| ROE (return on equity) | 13.0% | 0.7% | 6.0% | 21.4% | 39.0% |
| ROI (return on investment) | 6.3% | 0.9% | 3.4% | 9.3% | 16.9% |
| EUR mn | 2015 | 2014 | 2013 | 2012 | 2011 |
|---|---|---|---|---|---|
| Gross cash flow | 284.5 | 230.8 | 94.6 | 248.0 | 435.3 |
| Cash flow from operating activities | 215.6 | 218.8 | 82.3 | 209.4 | 309.7 |
| Free cash flow | 145.0 | 114.8 | (163.9) | (109.1) | 119.21 |
| CAPEX | 70.9 | 104.3 | 248.7 | 319.6 | 193.4 |
| Liquid assets as at 31/12 | 355.3 | 280.3 | 296.0 | 528.8 | 499.6 |
| Unused credit facilities as at 31/12 | 190.9 | 198.5 | 296.2 | 211.2 | 250.8 |
| EUR mn as at 31/12 | 2015 | 2014 | 2013 | 2012 | 2011 |
|---|---|---|---|---|---|
| Total assets | 2,421.8 | 2,375.1 | 2,439.9 | 2,632.7 | 2,340.5 |
| Adjusted equity | 1,226.4 | 1,066.1 | 1,109.6 | 1,153.1 | 1,048.1 |
| Adjusted equity in % | 50.6% | 44.9% | 45.5% | 43.8% | 44.8% |
| Net financial debt | 327.9 | 449.5 | 504.7 | 346.3 | 153.3 |
| Net financial debt / EBITDA | 1.1 | 1.9 | 2.2 | 1.0 | 0.3 |
| Net debt | 424.5 | 552.5 | 582.0 | 445.5 | 239.3 |
| Net gearing | 26.7% | 42.2% | 45.5% | 30.0% | 14.6% |
| Trading working capital | 447.4 | 395.7 | 393.7 | 363.8 | 372.8 |
| Trading working capital to annualized group revenue ratio | 21.6% | 19.5% | 21.3% | 17.4% | 17.0% |
| EUR | 2015 | 2014 | 2013 | 2012 | 2011 |
|---|---|---|---|---|---|
| Market capitalization in millions as at 31/12 | 1,846.6 | 1,400.2 | 1,105.4 | 1,811.2 | 1,697.6 |
| Share price as at 31/12 | 69.55 | 52.74 | 41.64 | 68.22 | 63.94 |
| Dividend per share | 2.002 | 1.00 | 1.75 | 2.00 | 2.50 |
| Headcount | 2015 | 2014 | 2013 | 2012 | 2011 |
|---|---|---|---|---|---|
| Employees as at 31/12 | 6,127 | 6,356 | 6,675 | 7,033 | 6,444 |
1) Adjusted compared with the annual reports of previous years. 2) On the basis of proposed distribution of profits.
The above financial indicators are largely derived from the Lenzing Group's consolidated financial statements according to IFRS. Further details on their calculation can be found in section "Notes on financial performance indicators of the Lenzing Group", in the glossary of the the Annual Report and the consolidated financial statements of the Lenzing Group.
Rounding differences can occur when presenting rounded amounts and percentages.
To improve the informative value and clarity, the presentation of key indicators was revised for this Annual Report.
| Publication Financial Calendar | 2016 |
|---|---|
| Final results 2015 | Wed, March 23 |
| Record Date "Annual General Meeting" | Su, April 10 |
| 72nd Annual General Meeting | Wed, April 20 |
| Quotation ex dividend | Fr, April 22 |
| Record Date "Dividends" | Mo, April 25 |
| Dividend distribution | Tu, April 26 |
| Results 1st quarter | Thu, May 12 |
| Half-year results | Wed, August 24 |
| Results 3rd quarter | Wed, November 16 |
This English translation of the financial statements was prepared for the company's convenience only. It is a non-binding translation of the German financial statements. In the event of discrepancies between this English translation and the German original the latter shall prevail.
This annual report also includes forward-looking statements based on current assumptions and estimates that are made to the best of its knowledge by Lenzing Group. Such forward-looking statements can be identified by the use of terms such as "should", "could", "will", "estimate", "expect", "assume", "predict", "intend", "believe" or similar items. The projections that are related to the future development of the Lenzing Group represent estimates that were made on the basis of the information available as at the date on which this annual report went to press. Actual results may differ from the forecast if the assumptions underlying the forecast fail to materialize or if risks arise at a level that was not anticipated.
Calculation differences may arise when rounded amounts and percentages are summed. The annual report was prepared with great accuracy in order to ensure that the information provided herein is correct and complete. Rounding, type-setting and printing errors can nevertheless not be completely ruled out.
GESCHÄFTSBERICHT 2015 Lenzing ag
www.lenzing.com
| Lagebericht 2015 | 181 |
|---|---|
| 1 Allgemeines Marktumfeld |
181 |
| 1.1 Weltwirtschaft | 181 |
| 1.2 Weltfasermarkt | 181 |
| 1.2.1 Rückgang der Weltfaserproduktion, Weltfaserverbrauch wächst um 2,7% | 181 |
| 1.2.2 Baumwollnachfrage übersteigt Produktion, Lagerbestände weiter auf hohem Niveau | 182 |
| 1.2.3 Viscosefasern mit positivem Preisverlauf 2015 | 183 |
| 2 Entwicklung der Lenzing AG |
184 |
| 3 Bilanzstruktur und Liquidität |
185 |
| 4 Kennzahlen der Lenzing AG |
186 |
| 4.1 Kennzahlen | 186 |
| 4.2 Definitionen der Finanzkennzahlen | 187 |
| 4.3 Erläuterungen zu den Finanzkennzahlen | 190 |
| 4.3.1 EBITDA, EBITDA-Marge, EBIT und EBIT-Marge | 190 |
| 4.3.2 CAPEX | 191 |
| 4.3.3 Bereinigtes Eigenkapital am Bilanzstichtag und bereinigte Eigenkapitalquote | 191 |
| 4.3.4 Kapitalrentabilität (ROE, ROI und ROCE) | 191 |
| 4.3.5 Nettofinanzverschuldung, Nettofinanzverschuldung/EBITDA, Net Gearing und Nettoverschuldung |
193 |
| 4.3.6 Trading Working Capital und Trading Working Capital zu Umsatzerlösen | 195 |
| 4.3.7 Cashflow | 195 |
| 5 Die Lenzing Aktie |
196 |
| 5.1 Aktienperformance | 197 |
| 5.2 Grundkapital und Aktionärsstruktur | 197 |
| 5.3 Stellung der Aktionäre | 198 |
| 5.4 Hauptversammlung 2015 und Dividende | 199 |
| 5.5 Weitere Offenlegung gemäß § 243a UGB | 199 |
| 6 Risikobericht |
199 |
| 6.1 Aktuelles Risikoumfeld | 199 |
| 6.2 Risikomanagement | 200 |
| 6.3 Risikomanagement-Strategie | 200 |
| 6.3.1 Risikoanalyse (nach COSO® Framework) | 200 |
| 6.3.2 Risikomitigation | 201 |
| 6.3.4 Risikoüberwachung/-kontrolle 6.4 Marktumfeldrisiken 6.4.1 Markt-/Substitutionsrisiko 6.4.2 Absatzrisiko 6.4.3 Innovationsrisiko und Wettbewerbsrisiko 6.4.4 Gesetze und Verordnungen 6.5 Operative Risiken 6.5.1 Beschaffungsrisiko (inkl. Zellstoffversorgung) 6.5.2 Betriebliche Risiken und Umweltrisiko 6.5.3 Produkthaftungsrisiko 6.6 Finanzrisiken 6.6.1 Währungsrisiko 6.6.2 Kontrahentenrisiko 6.6.3 Finanzierungsrisiko 6.6.4 Steuerrisiko |
201 201 201 202 202 202 203 |
|---|---|
| 203 | |
| 203 | |
| 204 | |
| 204 | |
| 204 | |
| 204 | |
| 205 | |
| 205 | |
| 6.6.5 Compliance | 205 |
| 6.7 Personelle Risiken | 205 |
| 6.7.1 Qualifizierte Arbeitskräfte | 205 |
| 7 Bericht über wesentliche Merkmale des I nternen Kontrollsystems (§ 243a Abs. 2 AktG) |
206 |
| 7.1 Finanzberichterstattung | 206 |
| 7.2 Einhaltung gesetzlicher und unternehmensinterner Vorschriften | 207 |
| 7.3 Abbildung von Risiken außerhalb der Bilanz und GuV | 208 |
| 8 Forschung und Entwicklung |
208 |
| 8.1 Schwerpunkte 2015 | |
| 9 U mwelt und Nachhaltigkeit |
208 |
| 9 U mwelt und Nachhaltigkeit |
209 |
|---|---|
| 10 Mitarbeiter/innen |
209 |
| 10.1 Aus- und Weiterbildung | 210 |
| 10.2 Sicherheit und Gesundheit | 210 |
| 11 Ausblick |
210 |
| 12 Ereignisse nach dem Bilanzstichtag |
211 |
Angesichts der schwächeren Konjunkturentwicklung in den Schwellen- und Entwicklungsländern wuchs die Weltwirtschaft 2015 langsamer als im Jahr zuvor. Nach den jüngsten Schätzungen des Internationalen Währungsfonds (IWF) lag das globale Wirtschaftswachstum 2015 bei 3,1%, nach 3,4% im Jahr 2014. Die Industriestaaten setzten mit einer durchschnittlichen Wachstumsrate von 1,9% (2014: 1,8%) ihren moderaten Erholungskurs fort, während das Wachstum der Schwellen- und Entwicklungsländer mit 4,0% im Jahresvergleich deutlich schwächer ausfiel (2014: 4,6%).
| 2013 | 2014 | 2015 | |
|---|---|---|---|
| Weltweit | 3,3% | 3,4% | 3,1% |
| Industriestaaten | 1,1% | 1,8% | 1,9% |
| Eurozone | -0,3% | 0,9% | 1,5% |
| Schwellen- und Entwicklungsländer | 5,0% | 4,6% | 4,0% |
Laut IWF wuchs Chinas Wirtschaft im Jahr 2015 um 6,9%, nach 7,3% im Jahr zuvor. Brasilien und Russland rutschten unterdessen in die Rezession und schrumpften um 3,8% bzw. 3,7%. Unter den BRIC-Staaten (Brasilien, Russland, Indien und China) konnte lediglich Indien mit einem Wirtschaftswachstum von 7,3% das Wachstumsniveau von 2014 (7,3%) halten. Die US-Wirtschaft wuchs 2015 um 2,5% (2014: 2,4%). In der Eurozone erhöhte sich das Bruttoinlandsprodukt um 1,5%, nach einem Plus von 0,9% im Jahr 2014.
Erstmals seit vielen Jahren zeigte die Weltfaserproduktion nach ersten Schätzungen im Kalenderjahr 2015 einen leichten Rückgang gegenüber dem Vorjahr um 0,9% auf 94,0 Mio Tonnen (nach einem Wachstum von 2,1% im Jahr 2014). Dem stand ein Verbrauchsanstieg um voraussichtlich 2,7% (nach plus 2,8% im Jahr 2014) auf 95,6 Mio Tonnen gegenüber.
Hauptursache für den Produktionsrückgang war ein Einbruch der weltweiten Baumwollproduktion um 14,0% auf 22,5 Mio Tonnen. Der Grund dafür war, dass der Baumwollanbau infolge gesunkener Margen im Vergleich zu anderen Feldprodukten an Attraktivität verloren hat. Auch bei Wolle (minus 0,6% auf 1,2 Mio Tonnen) und sonstigen Naturfasern (minus 3,7% auf 4,9 Mio Tonnen) waren Produktionsrückgänge feststellbar.
1) Quelle: IWF, World Economic Outlook Update, 19. Jänner 2016 2) Alle Produktionszahlen in diesem Kapitel wurden gegenüber den im Geschäftsbericht 2014 angeführten ersten Schätzungen aktualisiert. Quellen: International Cotton Advisory Committee (ICAC), IWF, Cotton Outlook, CCF Group (China Chemical Fibers and Textiles Consulting), Food and Agriculture Organization (FAO).
In der Gruppe der Synthesefasern und anorganischen Fasern sowie der holz- und cottonlinter-basierten Cellulosefasern setzte sich das Produktionswachstum der vergangenen Jahre auch 2015 mit einem Plus von 4,8% (nach plus 3,8% im Jahr 2014) auf voraussichtlich 65,5 Mio Tonnen fort. Im Detail stieg die Produktion von Synthesefasern im Vorjahresvergleich um 5,1% an, während bei Cellulosefasern der Produktionszuwachs nach vorläufi gen Schätzungen etwa 1,5% betrug.
| Fasern | |||||
|---|---|---|---|---|---|
| aus Eiweiß | aus Cellulose | aus synthetischen Polymeren |
aus anorganischen Substanzen |
||
| Wolle Seide Angora Kaschmir Kasein Kollagen Ardein Zein etc. |
Baumwolle und Bastfasern Baumwolle Leinen Hanf Jute etc. |
Holz basiert Viscose Modal Lyocell Cupro Acetat etc. |
Polyester Polyamid Polypropylen Polyurethan (Elastan) Acryl Polytetrafluor ethylen |
Carbon Keramik Glas Metall |
Die aktuelle Baumwollsaison 2015/16 (per Ende Juli) wird nach jüngsten Markteinschätzungen erstmals seit fünf Jahren von einem Nachfrageüberhang gekennzeichnet sein. Demnach soll die Baumwollproduktionsmenge deutlich fallen, da Anbaufl ächen in China, den uSA und Pakistan reduziert wurden. Weltweit wird ein Rückgang der Anbaufl ächen von 8,7% erwartet.
Die Nachfrage wird indessen gleichbleibend mit rund 24 Mio Tonnen prognostiziert.
Weiterhin decken die weltweiten Lagerbestände mit über 20 Mio Tonnen gut 80% des aktuellen Jahresbedarfs ab. Mehr als die Hälfte dieser Menge wird in China gehortet, was ein gewisses Maß an unsicherheit für den Absatzmarkt bedeutet. Die Qualität der gelagerten Mengen ist derzeit ebenso wenig bekannt wie die erzielbaren Verkaufspreise dieser Lagerbestände.
Der durchschnittliche Cotton-"A"-Index im Kalenderjahr 2015 belief sich auf 70,4 uS-Cents/ Pfund und lag damit 15,1% unter dem vergleichbaren Vorjahreswert. Die Differenz zwischen Höchst- und Tiefstpreisen war so gering wie seit dem Jahr 2006 nicht mehr.
Die Marktpreise für Viscosefasern haben sich im Kalenderjahr 2015 deutlich erholt und konnten im Jahresdurchschnitt um rund 5% zulegen, während Baumwolle und Polyester jeweils im Jahresdurchschnitt um mehr als 20% nachgaben. Erstmals seit 2010 waren Viscosefasern ab Mitte Juli wieder teurer als Baumwolle.
In China wurden im ersten Halbjahr 2015 erhebliche Produktionskapazitäten aufgrund verschärfter umweltaufl agen vorübergehend stillgelegt. Dadurch kam es zu einer Verknappung von Viscosefasern und zu einer kontinuierlichen Preissteigerung am chinesischen Spotmarkt. Nach der langsamen Wiederinbetriebnahme dieser Kapazitäten erfolgte ab Anfang November ein starker Preisabschwung.
Die Preise der Konkurrenzfaser Polyester gingen 2015 aufgrund des stark gesunkenen Rohölpreises hingegen stetig zurück.
Quelle: CCFG, Cotton Outlook
Der Geschäftsverlauf der Lenzing AG 2015 war gegenüber 2014 von einer Erholung der Faserpreise und einer anhaltend starken Nachfrage nach Lenzing Produkten gekennzeichnet. Vor allem der Absatz der hochwertigen Spezialfaser TENCEL® konnte deutlich gesteigert werden, da die im September 2014 in Betrieb gegangene neue TENCEL® Faseranlage 2015 ganzjährig operativ war.
Die Umsatzerlöse stiegen um 8,2% auf EUR 789,1 Mio, nach EUR 729,0 Mio im Geschäftsjahr 2014. Der Bestand an fertigen und unfertigen Erzeugnissen blieb im Vergleich zum Vorjahr praktisch unverändert. Die aktivierten Eigenleistungen sanken um 51,5% auf EUR 6,6 Mio gegenüber dem Vorjahr (2014: EUR 13,6 Mio), in dem die TENCEL® Faseranlage fertiggestellt wurde.
Die Aufwendungen für Material und sonstige bezogene Herstellungsleistungen stiegen um 6,2% von EUR 401,5 Mio auf EUR 426,2 Mio. Der Anstieg beruhte vor allem auf dem höheren Material- und Energieeinsatz der ganzjährig betriebenen TENCEL® Faseranlage sowie negativen Wechselkurseffekten bei in USD fakturierten Rohstoffen.
Der Personalaufwand erhöhte sich um 2,2% auf EUR 178,0 Mio (2014: EUR 174,3 Mio). Einsparungen im Zuge des Kostenoptimierungsprogrammes excelLENZ standen unter anderem höhere Aufwendungen aus der Kollektivvertragsrunde sowie die Eingliederung eines Teiles der früheren Lenzing Technik-Mannschaft gegenüber.
Das EBITDA verringerte sich um 8,4% auf EUR 108,1 Mio, nach EUR 118,0 Mio im Vorjahreszeitraum. Das entsprach infolge des deutlich höheren Umsatzes einer niedrigeren EBITDA-Marge von 13,7% (2014: 16,2%).
Der Anstieg der Abschreibungen auf EUR 57,9 Mio (2014: EUR 53,2 Mio) war Folge der nunmehr ganzjährig operativen TENCEL® Faseranlage. Die sonstigen betrieblichen Aufwendungen stiegen um 18,3% von EUR 109,2 Mio im Jahr 2014 auf EUR 129,2 Mio an. In dem Anstieg enthalten sind Einmalaufwendungen im Zuge der strukturellen und strategischen Neuausrichtung sowie Fremdwährungsverluste. Somit ergab sich ein um 22,4% niedrigeres EBIT von EUR 50,3 Mio (2014: EUR 64,8 Mio) und eine EBIT-Marge von 6,4% (2014: 8,9%).
Das Finanzergebnis verbesserte sich hingegen deutlich von minus EUR 5,9 Mio im Geschäftsjahr 2014 auf EUR 25,0 Mio im Berichtsjahr. Dieser Anstieg ist hauptsächlich auf die höheren Erträge aus Beteiligungen zurückzuführen, die 2015 EUR 30,5 Mio ausmachten (2014: EUR 0,3 Mio).
Das Ergebnis der gewöhnlichen Geschäftstätigkeit stieg folglich um 27,9% auf EUR 75,2 Mio, nach EUR 58,8 Mio im Vorjahreszeitraum. Der Jahresüberschuss stieg um 48,5% auf EUR 66,1 Mio (2014: EUR 44,5 Mio). Nach Auflösung unversteuerter Rücklagen und der Zuweisung zu Gewinnrücklagen ergab sich ein Bilanzgewinn der Lenzing AG von EUR 53,1 Mio (nach EUR 26,6 Mio).
4) Die dargestellten Finanzkennzahlen sind weitgehend aus dem Jahresabschluss der Lenzing AG nach UGB abgeleitet und werden in den folgenden Abschnitten 4.2 und 4.3 näher definiert und erläutert.
Die Investitionen in immaterielle Vermögensgegenstände und Sachanlagen (CAPEX) sanken 2015 um 34,3% auf EUR 49,6 Mio (2014: EUR 75,5 Mio aufgrund der Fertigstellung der TEN-CEL® Faseranlage). Größte Einzelinvestitionen waren u.a. die Erneuerung einer Faserstraße sowie die Beseitigung von Engpässen in der Zellstoffproduktion (Debottlenecking).
Die Eigenkapitalrentabilität (ROE) verbesserte sich von 10,0% auf 12,3%. Aufgrund des niedrigeren EBIT verringerte sich hingegen die Gesamtkapitalrentabilität (ROI) im Jahresvergleich von 5,0% auf 3,8% und das Ergebnis auf das eingesetzte Kapital (ROCE) sank von 7,8% auf 6,3%.
Das bereinigte Eigenkapital der Lenzing AG lag zum Bilanzstichtag 31. Dezember 2015 bei EUR 632,2 Mio und damit um 7,0% höher als im Jahr zuvor (EUR 590,8 Mio). Damit lag die bereinigte Eigenkapitalquote zu Jahresende 2015 bei 46,9% (zuvor 45,6%) der Bilanzsumme. Die Nettofinanzverschuldung konnte auf EUR 260,2 Mio reduziert werden (nach EUR 297,8 Mio Ende 2014). Das Verhältnis Nettofinanzverschuldung zu EBITDA sank damit von 2,5 Ende 2014 auf 2,4 Ende 2015. Die Verbindlichkeiten gegenüber Kreditinstituten verringerten sich substanziell von EUR 65,1 Mio auf EUR 24,9 Mio. Das Net Gearing sank ebenfalls deutlich auf 41,2% nach 50,4% Ende 2014.
Die Forderungen und sonstigen Vermögensgegenstände verringerten sich von EUR 173,3 Mio Ende 2014 auf EUR 172,4 Mio zum Bilanzstichtag 2015. Das Trading Working Capital sank auf EUR 143,1 Mio nach EUR 147,2 Mio Ende 2014. Das Verhältnis Trading Working Capital zu Umsatzerlösen fiel auf 18,1% (Ende 2014: 20,2%).
Der Cashflow aus der Geschäftstätigkeit sank auf EUR 94,6 Mio (2014: EUR 144,2 Mio), der Cashflow aus der Investitionstätigkeit belief sich auf minus EUR 31,5 Mio (2014: minus EUR 68,7 Mio) und der Cashflow aus der Finanzierungstätigkeit betrug minus EUR 4,1 Mio (2014: minus EUR 70,2 Mio). Damit stiegen die liquiden Mittel vor allem infolge der Aufnahme eines weiteren Schuldscheindarlehens auf EUR 201,4 Mio nach EUR 142,4 Mio Ende 2014. Zu Jahresende 2015 standen darüber hinaus offene, ungenutzte Kreditlinien in Höhe von EUR 190,9 Mio zur Verfügung (Ende 2014: EUR 198,0 Mio).
Die Lenzing AG kommt ihren Zahlungsverpflichtungen zeitgerecht nach. Die Gesellschaft verfügt über eine solide Liquiditäts- und Eigenkapitalbasis sowie eine ausgewogene Bilanzstruktur. Zusätzlich bestehen ausreichende Liquiditätslinien bei verschiedenen Banken, die jederzeit zur Finanzierung bereitstehen.
Insgesamt sind dem Vorstand der Lenzing AG zum Bilanzstichtag 31. Dezember 2015 keine Risiken bekannt, die den Bestand des Unternehmens im Geschäftsjahr 2016 gefährden könnten.
Die dargestellten Finanzkennzahlen sind weitgehend aus dem Jahresabschluss der Lenzing AG nach UGB abgeleitet und werden in den folgenden Abschnitten 4.2 und 4.3 näher definiert und erläutert.
Zur Verbesserung der Aussagekraft bzw. Lesbarkeit wurde die Darstellung der Kennzahlen für diesen Lagebericht überarbeitet. Bei der Darstellung von gerundeten Beträgen und Prozentangaben können Rundungsdifferenzen auftreten.
| 2015 | 2014 | 2013 | |
|---|---|---|---|
| Cashflow aus der Geschäftstätigkeit | 94,6 | 144,2 | 44,8 |
| Cashflow aus der Investitionstätigkeit | -31,5 | -68,7 | -120,3 |
| Cashflow aus der Finanzierungstätigkeit | -4,1 | -70,2 | -69,4 |
| Veränderung der liquiden Mittel | 59,0 | 5,2 | -144,8 |
| Anfangsbestand liquide Mittel | 142,4 | 137,1 | 282,0 |
| Endbestand liquide Mittel | 201,4 | 142,4 | 137,1 |
| Ungenutzte Kreditlinien per 31.12. | 190,9 | 198,0 | 289,2 |
| CAPEX | 49,6 | 75,5 | 159,3 |
| 2015 | 2014 | 2013 | |
|---|---|---|---|
| Grundkapital am Bilanzstichtag in EUR Mio | 27,6 | 27,6 | 27,6 |
| Anzahl der Aktien am Bilanzstichtag in Stk. | 26.550.000 | 26.550.000 | 26.550.000 |
| Börsenkapitalisierung in EUR Mio | 1.846,6 | 1.400,2 | 1.105,4 |
| Aktienkurs am Bilanzstichtag in EUR | 69,55 | 52,74 | 41,64 |
Definition und Ableitung von im Lagebericht verwendeten Finanzkennzahlen, die nicht direkt im Jahresabschluss nach österreichischem Unternehmensgesetzbuch (UGB) dargestellt sind:
Eigenkapital zuzüglich unversteuerte Rücklagen zuzüglich Zuschüsse der öffentlichen Hand abzüglich anteilige Ertragsteuern.
%-Verhältnis bereinigtes Eigenkapital zur Bilanzsumme.
Summe aus Anlage- und Umlaufvermögen sowie Rechnungsabgrenzungsposten bzw. Summe aus Eigenkapital, Zuschüsse der öffentlichen Hand, unversteuerte Rücklagen, Rückstellungen und Verbindlichkeiten sowie Rechnungsabgrenzungsposten. Die genaue Ableitung ist aus der Bilanz ersichtlich.
Gewichtete durchschnittliche Anzahl der Aktien multipliziert mit dem Aktienkurs zum Stichtag.
Capital expenditures; entspricht den Investitionen in immaterielle Vermögensgegenstände und Sachanlagen. Er wird im Cashflow dargestellt.
Bilanzsumme abzüglich nicht verzinsliches Fremdkapital abzüglich Kassenbestand, Guthaben bei Kreditinstituten, abzüglich Wertpapiere des Umlaufvermögens und abzüglich Finanzanlagen.
Berechnung erfolgt auf Basis des Fachgutachtens der Kammer der Wirtschaftstreuhänder KFS/BW2 über die Geldflussrechnung als Ergänzung des Jahresabschlusses und Bestandteil des Konzernabschlusses.
Earnings before interest and taxes; Zwischensumme aus Ziffer 1 bis 8 lt. Gewinn- und Verlustrechnung.
%-Verhältnis EBIT zu den Umsatzerlösen.
Earnings before interest, taxes, depreciation and amortization; EBIT (Betriebsergebnis) zuzüglich Abschreibungen auf immaterielle Gegenstände des Anlagevermögens und Sachanlagen abzüglich Erträge aus der Zuschreibung zum Anlagevermögen mit Ausnahme der Finanzanlagen abzüglich Auflösung Investitionszuschüsse der öffentlichen Hand.
%-Verhältnis EBITDA (Betriebsergebnis vor Abschreibungen) zu den Umsatzerlösen.
Zwischensumme aus Ziffer 10 bis 15 lt. Gewinn- und Verlustrechnung.
Kassenbestand, Guthaben bei Kreditinstituten.
Net financial debt; Verzinsliches Fremdkapital ohne Sozialkapital abzüglich Kassenbestand, Guthaben bei Kreditinstituten und Wertpapiere des Umlaufvermögens.
Nettofinanzverschuldung im Verhältnis zum EBITDA.
%-Verhältnis Nettofinanzverschuldung zum bereinigten Eigenkapital.
Net debt; Verzinsliches Fremdkapital abzüglich Kassenbestand, Guthaben bei Kreditinstituten und Wertpapiere des Umlaufvermögens.
Verbindlichkeiten aus Lieferungen und Leistungen zuzüglich Verbindlichkeiten gegenüber Unternehmen mit Beteiligungsverhältnis zuzüglich Verbindlichkeiten gegenüber verbundenen Unternehmen aus Lieferungen und Leistungsverrechnungen zuzüglich sonstiger Verbindlichkeiten zuzüglich anteiliger latenter Steuern auf Zuschüsse aus öffentlichen Mitteln und unversteuerte Rücklagen zuzüglich Rückstellungen ohne Sozialkapital zuzüglich Passive Rechnungsabgrenzung.
Net operating profit after tax; (EBIT) Betriebsergebnis abzüglich anteilige Steuern vom Einkommen und Ertrag (auf das EBIT).
Return on capital employed; %-Verhältnis NOPAT zum durchschnittlichen Capital Employed (Durchschnitt aus 01.01. und 31.12.).
Return on equity; %-Verhältnis Ergebnis der gewöhnlichen Geschäftstätigkeit (EGT) zum durchschnittlich bereinigten Eigenkapital (Durchschnitt aus 01.01. und 31.12.).
Return on investment; %-Verhältnis EBIT (Betriebsergebnis) zur durchschnittlichen Bilanzsumme (Durchschnitt aus 01.01. und 31.12.).
Rückstellungen für Pensionen und Abfertigungen.
Vorräte zuzüglich Forderungen aus Lieferungen und Leistungen, Forderungen gegenüber Unternehmen, mit denen ein Beteiligungsverhältnis besteht sowie Forderungen gegenüber verbundenen Unternehmen aus Lieferungen und Leistungsverrechnungen abzüglich Verbindlichkeiten aus Lieferungen und Leistungen, Verbindlichkeiten gegenüber Unternehmen, mit denen ein Beteiligungsverhältnis besteht sowie Verbindlichkeiten gegenüber verbundenen Unternehmen aus Lieferungen und Leistungsverrechnungen.
%-Verhältnis Trading Working Capital zu den Umsatzerlösen des Geschäftsjahres.
Anleihen, Verbindlichkeiten aus Schuldscheindarlehen, Verbindlichkeiten gegenüber Kreditinstituten, sonstige zinstragende Verbindlichkeiten, Verbindlichkeiten gegenüber verbundenen Unternehmen aus verzinslichen Darlehen und Rückstellungen für Sozialkapital.
Nachfolgend werden die zentralen Finanzkennzahlen der Lenzing AG näher erläutert. Sie sind weitgehend aus dem Jahresabschluss der Lenzing AG nach UGB abgeleitet.
Der Vorstand ist der Meinung, dass diese Finanzkennzahlen nützliche Informationen über die wirtschaftliche Lage der Lenzing AG vermitteln, da sie unternehmensintern verwendet werden und meist auch einen hohen Stellenwert bei externen Adressaten aufweisen (insbesondere bei Investoren, Banken und Analysten).
Das EBITDA und das EBIT werden in der Lenzing AG als Maßstäbe für die operative Ertragskraft und Profitabilität (Performance) vor Abschreibungen und nach Abschreibungen verwendet. Aufgrund ihrer Bedeutung – auch für die externen Adressaten – werden diese Kennzahlen ermittelt und zum Vergleich der Margen im Verhältnis zu den Umsatzerlösen (als EBITDA-Marge bzw. EBIT-Marge bezeichnet) dargestellt.
| EBITDA | EUR Mio | ||
|---|---|---|---|
| 2015 | 2014 | 2013 | |
| EBIT (Betriebsergebnis) | 50,3 | 64,8 | 25,6 |
| + Abschreibungen auf immaterielle Gegenstände des Anlagevermögens und Sachanlagen |
58,3 | 53,8 | 57,7 |
| - Auflösung Investitionszuschüsse der öffentlichen Hand | -0,4 | -0,6 | -0,6 |
| EBITDA | 108,1 | 118,0 | 82,7 |
| / Umsatzerlöse | 789,1 | 729,0 | 746,4 |
| EBITDA-Marge in % | 13,7% | 16,2% | 11,1% |
| EBIT | EUR Mio | ||
|---|---|---|---|
| 2015 | 2014 | 2013 | |
| EBIT (Betriebsergebnis) | 50,3 | 64,8 | 25,6 |
| / Umsatzerlöse | 789,1 | 729,0 | 746,4 |
| EBIT-Marge in % | 6,4% | 8,9% | 3,4% |
Der CAPEX wird in der Lenzing AG als Maßstab für die Höhe von Investitionen in immaterielle Vermögensgegenstände und Sachanlagen verwendet. Er wird im Cashflow dargestellt.
Das bereinigte Eigenkapital wird in der Lenzing AG als Maßstab für die Unabhängigkeit gegenüber Fremdkapitalgebern und die Fähigkeit, neues Kapital aufzunehmen, verwendet (Finanzkraft). Es enthält neben dem Eigenkapital nach UGB auch die Zuschüsse der öffentlichen Hand und die unversteuerten Rücklagen abzüglich anteiliger Ertragsteuern. Es wird zum Vergleich mit dem Eigen- und Fremdkapital in das Verhältnis zur Bilanzsumme gesetzt. Diese Kennzahl (bzw. ähnliche Kennzahlen) wird (werden) gelegentlich als Financial Covenant(s) mit Fremdkapitalgebern vereinbart.
| Bereinigtes Eigenkapital | EUR Mio | ||
|---|---|---|---|
| 2015 | 2014 | 2013 | |
| Eigenkapital | 613,5 | 573,2 | 574,9 |
| + Zuschüsse der öffentlichen Hand | 9,3 | 7,4 | 4,4 |
| + Unversteuerte Rücklagen | 15,7 | 16,1 | 16,4 |
| - 25 % anteilige Ertragsteuern | -6,2 | -5,9 | -5,2 |
| Bereinigtes Eigenkapital am Bilanzstichtag | 632,2 | 590,8 | 590,5 |
| / Bilanzsumme | 1.348,5 | 1.296,8 | 1.312,7 |
| Bereinigte Eigenkapitalquote in % | 46,9% | 45,6% | 45,0% |
Der ROCE (Ergebnis auf das eingesetzte Kapital) wird in der Lenzing AG als Maßstab für die Rendite (Verzinsung) auf das im Geschäftsbetrieb eingesetzte Kapital (das Capital Employed) verwendet. Sie ist zudem wichtig für externe Adressaten. Der ROE (Eigenkapitalrentabilität) und der ROI (Gesamtkapitalrentabilität) sind Rentabilitätskennzahlen, die die Ertragskraft der Lenzing AG messen sollen.
| Anteilige Steuern vom Einkommen und vom Ertrag | |||
|---|---|---|---|
| (auf das EBIT) | -11,1 | -16,1 | -9,2 |
| Anteilige Steuern vom Einkommen und vom Ertrag | |||
| (auf das Finanzergebnis) | 1,9 | 1,7 | 2,2 |
| Steuern vom Einkommen und vom Ertrag | -9,2 | -14,4 | -7,0 |
| Bilanzsumme | 1.348,5 | 1.296,8 | 1.312,6 |
|---|---|---|---|
| - Verbindlichkeiten aus Lieferungen und Leistungen | -44,3 | -46,0 | -49,9 |
| - Verbindlichkeiten geg. verbundenen Unternehmen (LuL) |
-11,8 | -8,1 | -10,5 |
| - Sonstige Verbindlichkeiten | -33,4 | -29,3 | -10,6 |
| - Anteilige Ertragssteuern auf Zuschüsse aus öffentl. Mitteln | -2,3 | -1,8 | -1,1 |
| - Anteilige Ertragssteuern auf unversteuerte Rücklagen | -3,9 | -4,0 | -4,1 |
| - Rückstellungen | -148,6 | -154,3 | -171,3 |
| + Rückstellungen für Abfertigungen und Pensionen (Sozialkapital) |
80,7 | 85,6 | 65,7 |
| - Passive Rechnungsabgrenzung | -0,5 | -0,2 | -0,1 |
| - Kassenbestand, Guthaben bei Kreditinstituten | -201,4 | -142,4 | -137,1 |
| - Finanzanlagen | -369,5 | -377,0 | -361,4 |
| Stand 31.12. | 613,5 | 619,3 | 632,2 |
| Stand 01.01. | 619,3 | 632,2 | 490,5 |
| Durchschnittliches Capital Employed | 616,4 | 625,8 | 561,4 |
| 2015 | 2014 | 2013 | |
|---|---|---|---|
| Bereinigtes Eigenkapital 31.12. | 632,2 | 590,8 | 590,5 |
| Bereinigtes Eigenkapital 01.01. | 590,8 | 590,5 | 587,3 |
| Durchschnittliches bereinigtes Eigenkapital | 611,5 | 590,6 | 588,9 |
| 2015 | 2014 | 2013 | |
|---|---|---|---|
| Ergebnis der gewöhnlichen Geschäftstätigkeit | 75,2 | 58,8 | 63,8 |
| / Durchschnittliches bereinigtes Eigenkapital | 611,5 | 590,6 | 588,9 |
| ROE (Eigenkapitalrentabilität) | 12,3% | 10,0% | 10,8% |
| ROI (Gesamtkapitalrentabilität) | EUR Mio | ||
|---|---|---|---|
| 2015 | 2014 | 2013 | |
| EBIT (Betriebsergebnis) | 50,3 | 64,8 | 25,6 |
| / Durchschnittliche Bilanzsumme | 1.322,6 | 1.304,7 | 1.334,6 |
| ROI (Gesamtkapitalrentabilität) | 3,8% | 5,0% | 1,9% |
Die Nettofinanzverschuldung wird in der Lenzing AG als Maßstab für die finanzielle Verschuldung und die Kapitalstruktur verwendet. Sie ist zudem wichtig für externe Adressaten. Diese Kennzahl wird in das Verhältnis zum EBITDA gesetzt und gibt dadurch einen Anhaltspunkt, wie viele Perioden das gleiche EBITDA erwirtschaftet werden müsste, um die Nettofinanzverschuldung abzudecken. Das Verhältnis zwischen Nettofinanzverschuldung und bereinigtem Eigenkapital (Net Gearing) veranschaulicht das Verhältnis von Netto-Fremdkapital zu bereinigtem Eigenkapital. Diese Kennzahl (bzw. ähnliche Kennzahlen) wird (werden) gelegentlich als Financial Covenant(s) mit Fremdkapitalgebern vereinbart. Die Nettoverschuldung wird in der Lenzing AG als Maßstab für die finanzielle Verschuldung unter Berücksichtigung von Rückstellungen für Abfertigungen und Pensionen verwendet.
| 2015 | 2014 | 2013 | |
|---|---|---|---|
| Anleihen | 120,0 | 120,0 | 120,0 |
| + Verbindlichkeiten aus Schuldscheindarlehen | 237,5 | 213,5 | 213,5 |
| + Verbindlichkeiten gegenüber Kreditinstituten | 24,9 | 65,1 | 90,2 |
| + Sonstige zinstragende Verbindlichkeiten | 27,2 | 26,0 | 24,7 |
| + Verbindlichkeiten gegenüber verbundenen Unternehmen (verzinsliche Darlehen) |
52,0 | 15,5 | 15,5 |
| - Kassenbestand, Guthaben bei Kreditinstituten | -201,4 | -142,4 | -137,2 |
| Nettofinanzverschuldung | 260,2 | 297,8 | 326,7 |
| Nettofinanzverschuldung | 260,2 | 297,8 | 326,7 |
| / EBITDA | 108,1 | 118,0 | 82,7 |
| Nettofinanzverschuldung / EBITDA | 2,4 | 2,5 | 4,0 |
| Nettofinanzverschuldung | 260,2 | 297,8 | 326,7 |
| / Bereinigtes Eigenkapital | 632,2 | 590,8 | 590,5 |
| Net Gearing in % am Bilanzstichtag | 41,2% | 50,4% | 55,3% |
| 2015 | 2014 | 2013 | |
|---|---|---|---|
| Nettofinanzverschuldung | 260,2 | 297,8 | 326,7 |
| + Rückstellungen für Abfertigungen | 53,5 | 56,4 | 38,5 |
| + Rückstellungen für Pensionen | 27,1 | 29,2 | 27,2 |
| Nettoverschuldung am Bilanzstichtag | 340,9 | 383,4 | 392,5 |
Das Trading Working Capital wird in der Lenzing AG als Maßstab für die potenzielle Liquidität und die Kapitaleffizienz verwendet.
| 2015 | 2014 | 2013 | |
|---|---|---|---|
| Vorräte | 82,6 | 76,6 | 56,4 |
| + Forderungen aus Lieferungen und Leistungen | 38,3 | 31,3 | 65,5 |
| + Forderungen gegenüber Unternehmen, mit denen ein Beteiligungsverhältnis besteht |
3,0 | 4,9 | 3,1 |
| + Forderungen gegenüber verbundenen Unternehmen (Lieferungen und Leistungsverrechnungen) |
75,3 | 88,5 | 82,9 |
| - Verbindlichkeiten aus Lieferungen und Leistungen | -44,3 | -46,0 | -49,9 |
| - Verbindlichkeiten gegenüber verbundenen Unternehmen (Lieferungen und Leistungsverrechnungen) |
-11,8 | -8,1 | -10,5 |
| Trading Working Capital | 143,1 | 147,2 | 147,5 |
| Umsatzerlöse | 789,1 | 729,0 | 746,4 |
| Trading Working Capital zu Umsatzerlösen | 18,1% | 20,2% | 19,8% |
Der Cashflow dient in der Lenzing AG zur Beurteilung der Finanzlage, insbesondere der Fähigkeit, Zahlungsüberschüsse zu erwirtschaften und Zahlungsverpflichtungen zu erfüllen.
| Cashflow | EUR Mio | ||
|---|---|---|---|
| 2015 | 2014 | 2013 | |
| Ergebnis der gewöhnlichen Geschäftstätigkeit | 75,2 | 58,8 | 63,8 |
| + Abschreibungen auf immaterielle Gegenstände des Anlagevermögens und Sachanlagen |
58,3 | 53,8 | 57,7 |
| +/- sonstige Überleitungen | -38,9 | 31,6 | -76,7 |
| Cashflow aus der Geschäftstätigkeit | 94,6 | 144,2 | 44,8 |
| - CAPEX | -49,6 | -75,5 | -159,3 |
| - Auszahlungen für Finanzanlagen | -61,6 | -140,1 | -95,8 |
| + Einzahlungen aus dem Abgang von Anlagevermögen | 79,7 | 146,8 | 134,8 |
| Cashflow aus der Investitionstätigkeit | -31,5 | -68,7 | -120,3 |
| - Dividende | -26,6 | -46,5 | -53,1 |
| + Investitionszuschüsse | 1,0 | 0,0 | 0,7 |
| +/- Einzahlungen/Auszahlungen von verzinslichem Fremdkapital (ohne Sozialkapital) |
21,5 | -23,7 | -17,0 |
| Cashflow aus der Finanzierungstätigkeit | -4,1 | -70,2 | -69,4 |
| Veränderung der liquiden Mittel | 59,0 | 5,2 | -144,8 |
| Anfangsbestand der liquiden Mittel | 142,4 | 137,1 | 282,0 |
| Endbestand der liquiden Mittel | 201,4 | 142,4 | 137,1 |
Die Lenzing Aktie notiert im Prime Market der Wiener Börse. Als eines der zwanzig größten börsennotierten Unternehmen Österreichs ist Lenzing im Leitindex ATX gelistet und außerdem im Wiener Börsenindex WBI sowie seit 2005 durchgehend im Nachhaltigkeitsindex VÖNIX enthalten.
2015 lag der durchschnittliche Tagesumsatz bei knapp EUR 3,0 Mio, die Marktkapitalisierung zum Jahresultimo (30.12.2015) belief sich auf EUR 1,85 Mrd.
| ISIN | AT 0000644505 |
|---|---|
| Börsenkürzel | LNZ |
| Erstnotiz | 19.09.1985 |
| Indizes | ATX Prime, VÖNIX, WBI |
| Anzahl Aktien | 26.550.000 |
| Grundkapital | EUR 27.574.071,43 |
| Stückumsatz gesamt | 11.782.076 |
| Geldumsatz gesamt | EUR 746.252.947,80 |
| Durchschnitt Tagesumsatz | EUR 2,997 Mio |
| Jahreshöchstkurs | EUR 75,65 |
| Jahrestiefstkurs | EUR 52,39 |
| Schlusskurs 30.12. | EUR 69,55 |
| Jahresperformance | +31,87% |
| Marktkapitalisierung 30.12. | EUR 1.846.552.500,00 |
Die Weltbörsen waren 2015 von hohen Kursschwankungen geprägt und entwickelten sich regional sehr unterschiedlich. Der Wiener Leitindex ATX beendete das Börsenjahr 2015 bei einem Indexstand von 2.396,94 Punkten und einer Jahresperformance von rund 11%. Die Lenzing Aktie erzielte im Berichtsjahr ein Kursplus von fast 32% und zählte damit zu den stärksten Gewinnern im prime market der Wiener Börse. Positiv vom Kapitalmarkt aufgenommen wurden die gute Geschäftsentwicklung, die erfolgreiche Umsetzung des 2013 gestarteten Kostensenkungsprogramms und die im November 2015 vorgestellte neue Strategie sCore TEN. Zum 30. Dezember 2015 betrug der Jahresschlusskurs der Lenzing Aktie EUR 69,55. Das Jahrestief lag im Jänner bei EUR 52,39, das Jahreshoch wurde im November bei EUR 75,65 erreicht.
Entwicklung der Lenzing Aktie 2015
Das Grundkapital der Lenzing AG beträgt EUR 27.574.071,43 und ist eingeteilt in 26.550.000 Stückaktien. Die B&C Gruppe ist mit 67,6% der Stimmrechte weiterhin Mehrheitseigentümer und versteht sich als langfristig orientierter österreichischer Kernaktionär der Lenzing AG. Weitere rund 5% der Stimmrechte hält die Oberbank AG, eine führende österreichische Regionalbank. Die restlichen Anteile befinden sich zu 27,4% im Streubesitz bei internationalen und österreichischen Investoren. Die Lenzing Gruppe hält keine eigenen Aktien. Die geografische Aufteilung des identifizierten Free Float-Aktienbesitzes gliedert sich folgendermaßen auf:
Es gibt keine Aktien mit besonderen Kontrollrechten. Jede Stückaktie gewährt dem Aktionär in der Hauptversammlung der Lenzing AG eine Stimme. Die Beschlüsse der Hauptversammlungen werden, soweit nicht zwingende Vorschriften des Aktiengesetzes etwas Abweichendes bestimmen, mit einfacher Mehrheit der abgegebenen Stimmen und in Fällen, in denen Kapitalmehrheit erforderlich ist, mit einfacher Mehrheit des bei der Beschlussfassung vertretenen Grundkapitals gefasst.
Mit Hauptversammlungsbeschluss vom 28. April 2014 wurde der Vorstand ermächtigt, mit Zustimmung des Aufsichtsrats auf den Inhaber lautende Stückaktien der Gesellschaft im Ausmaß von bis zu 10% des Grundkapitals der Gesellschaft während einer Geltungsdauer von 30 Monaten ab dem 28. April 2014 über die Börse zu erwerben. Der Handel in eigenen Aktien ist als Zweck des Erwerbs ausgeschlossen.
Darüber hinaus wurde der Vorstand ermächtigt, erforderlichenfalls das Grundkapital durch Einziehung dieser eigenen Aktien ohne weiteren Hauptversammlungsbeschluss herabzusetzen. Der Aufsichtsrat wurde ermächtigt, Änderungen der Satzung, die sich durch die Einziehung von Aktien ergeben, zu beschließen.
Mit Hauptversammlungsbeschluss vom 22. April 2015 wurde der Vorstand ermächtigt mit Zustimmung des Aufsichtsrats das Grundkapital innerhalb von fünf Jahren – allenfalls in Tranchen – gegen Bar- und/oder Sacheinlage um bis zu EUR 13.778.412 durch Ausgabe von bis zu 13.274.000 Stückaktien zu erhöhen ("genehmigtes Kapital"). Diese Ermächtigung wurde im Firmenbuch noch nicht eingetragen und ist daher noch nicht wirksam. Darüber hinaus wurde der Vorstand mit Hauptversammlungsbeschluss vom 22. April 2015 ermächtigt, mit Zustimmung des Aufsichtsrates bis spätestens 22. April 2020 Wandelschuldverschreibungen – auch in mehreren Tranchen – auszugeben, die ein Bezugs- oder Umtauschrecht bzw. eine Bezugsoder Umtauschpflicht auf bis zu 13.274.000 Aktien gewähren bzw. vorsehen ("bedingtes Kapital"). Die Bedienung kann über das bedingte Kapital und/oder über eigene Aktien erfolgen.
Der Vorstand hat von den am bzw. bis 31. Dezember 2015 bestehenden Ermächtigungen zur Erhöhung des Grundkapitals, zur Ausgabe von Wandelschuldverschreibungen und zum Rückkauf eigener Aktien in der Berichtsperiode keinen Gebrauch gemacht.
Die 71. ordentliche Hauptversammlung der Lenzing AG fand am 22. April 2015 in Lenzing (Oberösterreich) statt. Alle Beschlussfassungspunkte erhielten mehr als 90% Zustimmung. Die Hauptversammlung beschloss für das Geschäftsjahr 2014 die Ausschüttung einer Dividende von EUR 1,00 je Stückaktie. Dies entsprach bei 26.550.000 Stückaktien insgesamt EUR 26.550.000,00.
Für das Geschäftsjahr 2015 schlagen Vorstand und Aufsichtsrat der 72. ordentlichen Hauptversammlung die Zahlung einer Dividende von EUR 2,00 je Stückaktie vor.
Es existieren keine sich nicht unmittelbar aus dem Gesetz ergebenden Bestimmungen über die Ernennung und Abberufung der Mitglieder des Vorstands und des Aufsichtsrats. Die Gesellschaft ist keine bedeutenden Vereinbarungen eingegangen, die bei einem Kontrollwechsel der Gesellschaft infolge eines Übernahmeangebots wirksam, sich ändern oder enden würden. Es existieren keine Entschädigungsvereinbarungen zwischen der Gesellschaft und Mitgliedern des Vorstands und des Aufsichtsrates oder Arbeitnehmern im Falle eines öffentlichen Übernahmeangebots.
Für eine ausführliche Bestandsaufnahme der Entwicklungen am Weltfasermarkt im Berichtsjahr und der damit zusammenhängenden Risiken für die Lenzing AG siehe Kapitel Allgemeines Marktumfeld.
Die Erholung der Viscosefaserpreise hat sich im 4. Quartal 2015, ausgehend von China, wieder gegenläufig entwickelt und deshalb werden die nach wie vor bestehenden Überkapazitäten bei Viscosefaser, in Verbindung mit den niedrigen Preisniveaus für Polyester und Baumwolle, als das höchste Risiko für die Faserpreisentwicklung gesehen.
Die Zellstoffversorgung gilt weiterhin als ausreichend gesichert. Es besteht jedoch ein größer werdendes Risiko des Verlusts von Kostenvorteilen durch die Rückwärtsintegration bei Konkurrenten und durch die nach wie vor mögliche Einführung von Importzöllen in China auf Zellstoff aus Europa und Südafrika.
Die Rohstoffpreise für Chemikalien sowie Energiepreise sind konjunkturbedingt auf niedrigem Niveau und es wird kurzfristig nicht mit starken Preiserhöhungen gerechnet.
Auf der Währungsseite profitiert Lenzing nach wie vor von einem starken US-Dollar bzw. chinesischen Yuan gegenüber dem Euro. Liquiditätsrisiken werden für 2016 unter anderem aufgrund der positiven Cashflow-Entwicklung sowie des reduzierten Investitionsprogrammes als gering eingestuft.
In der Kategorie der betrieblichen Risiken sowie bei den Umwelt- und Haftungsrisiken, die ein hohes Schadenspotenzial bergen, gab es auch im Geschäftsjahr 2015 keine wesentlichen Schadensfälle.
Der Vorstand der Lenzing AG übernimmt gemeinsam mit den Leitern der ihm jeweils zugeordneten Einheiten umfangreiche Steuerungs- und Controlling-Aufgaben im Rahmen eines internen, alle Standorte umfassenden, integrierten Kontrollsystems. Das rechtzeitige Erkennen, Evaluieren und Reagieren auf strategische und operative Risiken ist ein wesentlicher Bestandteil der Führungstätigkeit dieser Einheiten. Grundlagen dafür sind ein einheitliches und konzernweites, auf Monatsbasis aufgebautes Berichtswesen und eine laufende Überwachung der operativen und strategischen Pläne.
Lenzing hat ein unternehmensweites Risikomanagement-System, welches die zentrale Koordination und Überwachung des Risikomanagement-Prozesses für den gesamten Konzern durchführt. Es erfasst und bewertet gemeinsam mit den operativen Einheiten die wesentlichen Risiken und kommuniziert diese direkt dem Vorstand und dem Management. Eine präventive Analyse von potenziellen oder Beinahe-Ereignissen ist ebenso Ziel des Risikomanagements. Eine weitere Aufgabe ist es, bei der Abschwächung von Risiken aktiv mitzuarbeiten und entsprechende Maßnahmen mit den betroffenen Abteilungen umzusetzen oder extern am Versicherungsmarkt entsprechende Deckung zuzukaufen.
Lenzing verfolgt bei seiner Risikomanagement-Strategie einen vierstufigen Ansatz:
Das zentrale Risikomanagement führt halbjährliche Risiko-Assessments in sämtlichen Produktionsstandorten und funktionalen Einheiten durch. Die Risiken werden dabei gemäß den internationalen COSO®-Standards nach Eintrittswahrscheinlichkeit und finanzieller Auswirkung bewertet. Dabei wird die finanzielle Auswirkung eines möglichen Schadens auf das Konzern-EBITDA berücksichtigt.
Es wird versucht, je nach Auswirkung auf das Unternehmen, Risiken durch entsprechende Maßnahmen zu minimieren, zu vermeiden oder auch in bestimmten Fällen bewusst einzugehen.
Die Zuordnung der Risiken erfolgt aufgrund der bestehenden Organisation.
Im Berichtsjahr wurde die Funktionsfähigkeit des Risikomanagement-Systems (im Folgenden RMS) der Lenzing AG wieder von Deloitte Österreich gemäß Regel 83 ÖCGK im Rahmen einer sonstigen Prüfung beurteilt. Die entsprechende Bestätigung ist auf der Homepage der Lenzing AG (http://www.lenzing.com/en/investors/corporate-governance/evaluation.html) hinterlegt.
Hauptziel des unternehmensweiten Risikomanagements ist es, neben der Erfüllung der gesetzlichen Erfordernisse eine Steigerung des Risikobewusstseins zu bewirken und die Erkenntnisse, die sich daraus ergeben, in die operative Arbeit und strategische Unternehmensentwicklung zu integrieren. Im RMS stellt Lenzing nur solche wesentliche Risiken dar, welche in der Bilanz und GuV nicht abgebildet sind.
Strategische Marktrisiken werden auf Basis von Marktberichten sowie intern erstellter Marktanalysen in monatlich stattfindenden Gesprächen mit der Verkaufsabteilung gemeinsam mit der internen Marktforschung bewertet.
Insgesamt wurden vom Risikomanagement 29 Risiken identifiziert und in vier Hauptbereiche, wie in weiterer Folge ersichtlich, eingeteilt.
Als weltweit agierendes Unternehmen ist Lenzing einer Vielzahl von makroökonomischen Risiken ausgesetzt. Die Preis- und Mengenentwicklung ist bei textilen Fasern und in geringerem Maße auch bei Nonwovens-Fasern zyklisch, da sie von globalen und regionalen Konjunkturlagen abhängig ist. Auf vielen Teilmärkten konkurrieren Lenzing Fasern mit Baumwolle und Synthesefasern. Deren Preisentwicklung beeinflusst somit auch die Erlöse und Mengenbewegungen von Lenzing Fasern.
Diesem Risiko wirkt Lenzing durch einen hohen Spezialitätenanteil im globalen Produktportfolio entgegen, der vor allem durch die erstmals volle Jahresproduktion von TENCEL® Fasern am Standort Lenzing weiter erhöht werden konnte. Hohe Qualitätsstandards in Verbindung
mit dem Angebot von Mehrwertdiensten im Standardbereich Viscosefasern zielen ebenfalls auf die Sicherung der Marktführerschaft von Lenzing ab.
Lenzing setzt auf eine starke internationale Marktpräsenz, speziell in Asien, in Verbindung mit einem erstklassigen regionalen Betreuungsnetzwerk für die Kunden sowie einer hohen kundenorientierten Produktdiversifikation.
Das Substitutionsrisiko für Cellulosefasern wird durch eine starke Technologiekompetenz und solide Absatzbasis als etwas entschärfter gesehen.
Lenzing erzielt ca. die Hälfte des Faserumsatzes mit einer vergleichsweise kleinen Anzahl an Großkunden. Abnahmeausfälle bei diesen Großkunden oder der gänzliche Verlust eines oder mehrerer Großkunden, ohne zeitgleich Ersatz zu finden, stellen gewisse Risiken dar, denen Lenzing durch globale Präsenz und die laufende Erweiterung des Kundenspektrums bzw. der Absatzsegmente entgegenwirkt. Der mögliche Ausfall von Kundenforderungen wird durch ein strenges Forderungsmanagement und den Einsatz einer weltweiten Kreditversicherung abgedeckt.
Als weltweit führender Hersteller von botanischen Cellulosefasern und Technologieführer ist Lenzing dem Risiko ausgesetzt, seine Position auf dem Fasermarkt durch steigenden Wettbewerb oder neue Technologien von Mitbewerbern zu verlieren. Der Verlust der Marktposition könnte insbesondere eintreten, wenn Lenzing nicht in der Lage wäre, seine Produkte zu wettbewerbsfähigen Preisen anzubieten, Produkte nicht den Vorgaben oder Qualitätsstandards der Kunden entsprächen oder die Kundenbetreuung hinter den Erwartungen der Kunden zurückbliebe.
Diesem Risiko steuert Lenzing durch eine für die Cellulosefaserindustrie überdurchschnittliche Forschungs- und Entwicklungstätigkeit, eine hohe Produkt-Innovationsrate sowie durch ständige Kostenoptimierungen entgegen. Die Lenzing Gruppe sieht sich – ebenso wie andere Hersteller von Cellulosefasern – stets mit dem Risiko konfrontiert, dass annehmbare oder sogar überlegene Alternativprodukte verfügbar werden und zu günstigeren Preisen als Cellulosefasern erhältlich werden könnten.
Lenzing ist auf den weltweiten Märkten mit unterschiedlichen Rechtssystemen und Verordnungen konfrontiert. Eine Änderung von Gesetzen oder sonstigen Bestimmungen, darunter fallen auch Importzölle, Umweltauflagen etc., sowie die strengere Auslegung von Gesetzen können zu erheblichen Mehrkosten oder Wettbewerbsnachteilen führen. Lenzing verfügt über eine eigene Abteilung Legal Management und Compliance, die entsprechende Beratungsleistungen und Risikoeinschätzungen durchführt.
Zur Herstellung ihrer Cellulosefasern kauft Lenzing große Mengen an Rohstoffen (Holz, Zellstoff, Chemikalien) und Energie zu. Die Faserproduktion und deren Margen sind Risiken bei der Verfügbarkeit und der Preisentwicklung dieser Rohstoffe unterworfen, die zum Nachteil der Lenzing Gruppe fluktuieren können. Diesen Risiken wirkt Lenzing durch eine sorgfältige Auswahl der Lieferanten nach den Kriterien Preis, Zuverlässigkeit und Qualität, aber auch durch langjährig ausgerichtete, stabile Lieferanten-Kunden-Beziehungen mit teilweise mehrjährigen Abnahmeverträgen entgegen. Lenzing ist mit einigen Rohstofflieferanten und Dienstleistungspartnern (aber mit nur wenigen Kunden) dauerhafte Vertragsbeziehungen eingegangen. Diese verpflichten Lenzing dazu, festgesetzte Mengen an Rohstoffen zu standardisierten Konditionen und mit möglichen Preisanpassungsklauseln abzunehmen. Daraus könnte für Lenzing resultieren, dass Preise, Abnahmemengen oder andere Vertragsbedingungen nicht unmittelbar an die geänderten Marktbedingungen angepasst werden können. Dieses Risiko wird dadurch verschärft, dass dem überwiegenden Teil der Konzernumsätze kurzfristige Vertragsbeziehungen mit den Kunden zugrunde liegen.
Deshalb verfolgt Lenzing bei Zellstoff und Energie die Strategie, den Selbstversorgungsgrad möglichst hoch zu halten. Außerdem werden Preisschwankungen durch langfristige Verträge ausgeglichen, dazu gehören unter anderem auch Terminsicherungsgeschäfte für Gas.
Zur Herstellung von Cellulosefasern bedarf es komplexer chemischer und physikalischer Vorgänge, die gewisse Umweltrisiken bedingen. Durch spezielles, proaktives und nachhaltiges Umweltmanagement, geschlossene Produktionskreisläufe und laufendes Monitoring der Emissionen werden diese Risiken dank heutiger Produktionstechniken sehr gut beherrscht. Da die Lenzing Gruppe seit Jahrzehnten Produktionsstätten an mehreren Orten nutzt, können Risiken für Umweltschäden aus früheren Perioden ebenso nicht gänzlich ausgeschlossen werden.
Obwohl die Lenzing Gruppe bei Bau, Betrieb und Erhaltung ihrer Produktionsstandorte sehr hohe Standards im Bereich Technik und Sicherheit anlegt, kann das Risiko von Betriebsstörungen und -unfällen nicht gänzlich ausgeschlossen werden. Solche Störungen können auch von äußeren Faktoren verursacht werden, die sich dem Einflussbereich von Lenzing entziehen. Gegen Naturgefahren (Wirbelstürme, Erdbeben, Überflutungen etc.) ist keine unmittelbare Absicherung möglich. Zudem besteht das Risiko von Personen-, Sach- und Umweltschäden, welche zu beträchtlichen Schadenersatzforderungen und strafrechtlicher Verantwortlichkeit führen können.
Die Lenzing Gruppe hat ihre Produktionstätigkeit auf einige wenige Betriebsstätten konzentriert. Jegliche Störung in einer dieser Betriebsstätten würde einen wesentlichen Teil der Geschäftstätigkeit beeinträchtigen.
Lenzing vertreibt seine Produkte und Leistungen weltweit. Dabei kann es zu Schäden beim Kunden kommen, welche durch die Auslieferung eines mangelhaften Produkts von Lenzing oder einem Tochterunternehmen verursacht werden. Lenzing unterliegt dabei auch den geltenden lokalen Gesetzen der jeweiligen Länder, in welche die Produkte geliefert werden, und unterliegt, speziell in den USA, einem hohen Haftungsrisiko. Lenzing wirkt diesem Risiko durch eine eigene Abteilung entgegen, die sich ausschließlich mit Verarbeitungsproblemen unserer Produkte beim Kunden bzw. Reklamationen beschäftigt. Haftpflichtschäden, welche durch Lenzing verursacht werden, sind in einem Haftpflicht-Versicherungsprogramm versichert.
Aufgrund internationaler Handelsbeziehungen ist die Lenzing Gruppe Währungsrisiken vor allem mit Blick auf den USD, CNY und CZK ausgesetzt. Für die Behandlung finanzieller Risiken bestehen klare, schriftliche Richtlinien, die von der Abteilung Global Treasury laufend überwacht werden. Ziel des Fremdwährungsmanagements ist die Absicherung der operativen Zahlungsströme gegen Schwankungen der Wechselkurse. Lenzing verwendet dafür Devisentermingeschäfte. Sowohl das Sicherungsgeschäft als auch die Korrelation zwischen dem Risiko und dem Sicherungsinstrument werden laufend beobachtet und berichtet. Translationsrisiken werden grundsätzlich nicht abgesichert, jedoch laufend beobachtet.
Das Ausfallsrisiko in Bezug auf diese derivativen Finanzinstrumente ist im Hinblick auf die gute Bonität der Vertragspartner als relativ gering einzustufen und wird regelmäßig überprüft.
Ausfallsrisiken in Bezug auf originäre Finanzinstrumente (nämlich Ausleihungen, Wertpapiere, Forderungen und Guthaben bei Kreditinstituten) werden durch eine Verteilung der liquiden Mittel auf eine Vielzahl von Banken begrenzt. Zusätzlich hat die Lenzing AG Haftungen für andere Unternehmen übernommen. Das Risiko, subsidiär in Anspruch genommen zu werden, wird als gering eingestuft, da davon ausgegangen werden kann, dass die betroffenen Unternehmen ihren Verpflichtungen nachkommen werden.
Auch das Marktwertänderungsrisiko in Bezug auf originäre wie derivative Finanzinstrumente wird als relativ gering eingestuft. Bei kurzfristigen Finanzinstrumenten ist bis zur Fälligkeit mit keinen großen Schwankungen zu rechnen. Die langfristigen Verbindlichkeiten der Lenzing AG sind zu 19,3% variabel verzinst.
Ein Liquiditätsrisiko, nämlich ein Risiko derart, dass die zur Erfüllung der aus den derivativen und den originären Finanzinstrumenten resultierenden Verpflichtungen erforderlichen Finanzmittel nicht zur Verfügung stehen, besteht nicht. Die derivativen Finanzinstrumente dienen
ausschließlich Sicherungszwecken. Die resultierenden Verpflichtungen sind demgemäß durch die gesicherten Geschäfte gedeckt. Die Verpflichtungen aus originären Finanzinstrumenten können mit den vorhandenen liquiden Mitteln und allenfalls zusätzlichen Mitteln aus der Innenfinanzierung gedeckt werden.
Die aus Finanzinstrumenten resultierenden Zahlungsströme können Schwankungen unterliegen. Diese Cashflow-Risiken sind im Wesentlichen auf variabel verzinste Verbindlichkeiten begrenzt.
Die Lenzing Gruppe benötigt finanzielle Mittel, um ihren Business-Plan und ihre Strategie umsetzen zu können. Ein erschwerter Zugang zu den Finanzmärkten könnte Verfügbarkeit, Bedingungen und Kosten der Kapitalbeschaffung negativ beeinträchtigen. Nachteilige Auswirkungen auf die Geschäftstätigkeit, und somit auf die finanzielle Lage und Ergebnisse der Lenzing Gruppe, könnten zusätzlich aus einer geringeren Nachfrage oder sinkenden Preisen resultieren. Aus heutiger Sicht wird das Risiko als gering eingestuft.
Lenzing Produktionsstätten sind in den jeweiligen Ländern lokalen Steuergesetzen unterworfen und müssen sowohl Ertragsteuern als auch andere Steuern bezahlen. Änderungen in der Steuergesetzgebung bzw. unterschiedliche Auslegungen der jeweils geltenden Bestimmungen können zu nachträglichen Steuerbelastungen führen.
Die ständige Verschärfung von internationalen Verhaltensrichtlinien und Gesetzen erhöht für Lenzing die Anforderungen zur Einhaltung und Überwachung dieser Bestimmungen. Unzureichende Kontrollen in den Geschäftsprozessen oder mangelnde Dokumentation können zur Verletzung von geltenden Regeln führen. Lenzing begegnet diesem Risiko mit einer konzernweiten Compliance Organisation, einem gruppenweit gültigen Verhaltenskodex, einer "Anti-Bribery und Corruption Policy" sowie einer "Antitrust Policy".
Personalrisiken können sich aus der Fluktuation von Mitarbeitern in Schlüsselpositionen sowie bei der Rekrutierung von neuen Mitarbeitern an allen weltweiten Standorten ergeben. Lenzing hat eine global aufgestellte Personalabteilung, die sich in Fragen der Personalplanung mit den jeweiligen Standorten abstimmt und sämtliche Personalthemen zentral steuert und kontrolliert. Dazu gehören unter anderem globale Management- und Ausbildungsprogramme für potenzielle Führungskräfte, die von der Personalabteilung organisiert werden.
Das Interne Kontrollsystem der Lenzing Gruppe regelt die Sicherstellung der Zuverlässigkeit der Finanzberichterstattung, die Einhaltung gesetzlicher und unternehmensinterner Richtlinien sowie die Abbildung von Risiken außerhalb der Bilanz und GuV.
Die Aufbau- und Ablauforganisation der Lenzing Gruppe bilden die wesentliche Basis für das Kontrollumfeld und das Interne Kontrollsystem im Unternehmen.
Im Bereich der Aufbauorganisation bestehen eindeutige Kompetenz- und Verantwortungszuweisungen auf den unterschiedlichen Führungs- und Hierarchieebenen des Konzerns. Dies umfasst neben den österreichischen Standorten ebenso alle internationalen Tochtergesellschaften. Der globalen Präsenz der Lenzing Gruppe und damit der dezentralen Gesellschaftsund Standortstrukturen wird durch die Zentralisierung von wesentlichen Unternehmensfunktionen in Corporate Centers Rechnung getragen. Die Wahrnehmung und Steuerung der nationalen Geschäftstätigkeiten obliegt dem jeweiligen Management.
Die Ablauforganisation des Unternehmens ist durch ein stark ausgeprägtes und umfangreiches Regelwerk gekennzeichnet. Dies stellt eine angemessene Basis für ein starkes Kontrollumfeld und Kontrollsystem dar. Die wesentlichen Bereiche im Hinblick auf Freigaben und Kompetenzen für den Gesamtkonzern regeln die "Lenzing Group Mandates". Die Überwachung der Einhaltung der Regelungen und Kontrollen liegt in der Verantwortung des jeweils zuständigen Managements.
Mit der zentralen Zuständigkeit von Global Accounting & Controlling für den Bereich der Finanzberichterstattung ist eine klare Struktur und Verantwortlichkeit für diesen Bereich gesichert. Zur Ausübung der Kontrollfunktion in diesem Bereich wurden ein umfassendes Regelwerk und Richtlinien definiert und eingesetzt.
Lenzing verfügt über ein Internes Kontroll- und Risikomanagement für den Rechnungslegungsprozess mit dem Ziel, die gesetzlichen Normen, die Grundsätze ordnungsgemäßer Buchführung sowie die Rechnungslegungsvorschriften des österreichischen Unternehmensgesetzbuches und für Zwecke der Konzernrechnungslegung die Rechnungslegungsvorschriften der Internationalen Financial Reporting Standards (IFRS) sowie der internen Konzernrichtlinien zur Rechnungslegung, insbesondere das konzernweit gültige Bilanzierungshandbuch und den Terminplan, einheitlich umzusetzen.
Das rechnungslegungsbezogene Interne Kontrollsystem ist so konzipiert, dass eine zeitnahe, einheitliche und korrekte Erfassung aller geschäftlichen Prozesse und Transaktionen gewährleistet ist und somit zuverlässige Daten und Berichte über die Vermögens-, Finanz- und Ertragslage der Lenzing Gruppe vorliegen.
Die in den Konzernabschluss von Lenzing einbezogenen Unternehmen erstellen auf Gesellschaftsebene zeitgerecht lokale Abschlüsse bzw. IFRS-Abschlüsse und sind verantwortlich dafür, dass die bestehenden Regeln dezentral umgesetzt werden. Sie werden dabei vom Team Corporate Consolidation unterstützt. Auf Basis der Daten der Konzernunternehmen werden die konsolidierten Rechenwerke zentral erstellt. Die Konsolidierungsbuchungen, Abstimmarbeiten und die Überwachung der inhaltlichen und zeitlichen Vorgaben erfolgen im Team Corporate Consolidation.
Der Bereich Treasury und Zahlungsverkehr ist, aufgrund des direkten Zugriffs auf Vermögenswerte des Unternehmens, als besonders sensibel einzustufen. Dem erhöhten Sicherheitsbedürfnis wird durch umfassende Regelungen und Anweisungen im Bereich der einschlägigen Prozesse entsprechend Rechnung getragen.
Die Vorgaben sehen ein strenges Vier-Augen-Prinzip in der Abwicklung von Transaktionen sowie laufende Informationen vor. Die Überwachung der Anwendung und Einhaltung der Kontrollen im operativen Betrieb obliegt der Abteilung Internal Audit.
Der Bereich Global Tax Management zeichnet für die Steuerthemen im Konzern verantwortlich.
Das Rechtsmanagement der Lenzing AG wird von der Abteilung Legal Management & Group Compliance wahrgenommen. Diese zentrale Funktion ist für alle Rechtsangelegenheiten der Lenzing Gruppe zuständig und insbesondere mit allen Rechtsangelegenheiten betraut, die keine Standardabläufe darstellen.
Die Abteilung Legal Management & Group Compliance ist für das Compliance Management System (CMS) verantwortlich und regelt gruppenweit, wie gesetzliche und unternehmensinterne Vorschriften einzuhalten sind, einschließlich der Prävention von gesetzes- oder regelwidrigen Handlungen. Die Abteilung Legal Management & Group Compliance untersteht direkt dem CEO. Im Rahmen des CMS werden Compliance-relevante Risiken erfasst und Maßnahmen zur Verminderung derselben getroffen. Des Weiteren werden Compliance-relevante Richtlinien entwickelt und deren Einhaltung überprüft. Schließlich werden Mitarbeiter geschult, Hilfestellung bei Compliance-Themen geleistet, Fehlverhalten adressiert und korrigiert sowie regelmäßig dem Vorstand und Aufsichtsrat bzw. dem Prüfungsausschuss berichtet.
Die Lenzing AG unterwirft sich den Vorschriften des österreichischen Corporate Governance Kodex (ÖCGK) und erstellt im Rahmen des Geschäftsberichtes einen entsprechenden öffentlichen Corporate Governance Bericht. Der Corporate Governance Bericht bedarf der Mitwirkung des Aufsichtsrates, der die Erfüllung der darin vorgeschriebenen Verpflichtungen an den Prüfungsausschuss delegiert.
Die Abteilung Internal Audit ist unabhängig von den Organisationseinheiten und Geschäftsprozessen. Sie untersteht und berichtet per 31.12.2015 direkt dem Vorstandsvorsitzenden. Internal Audit überprüft, ob die eingesetzten Ressourcen rechtmäßig, sparsam, wirtschaftlich und zweckmäßig im Sinne einer nachhaltigen Entwicklung verwendet werden. Dabei orientiert sich Internal Audit an den internationalen Standards IIA (Institute of Internal Auditors). Eine regelmäßige Berichterstattung an den Vorstand und den Prüfungsausschuss gewährleisten das Funktionieren des Internen Kontrollsystems.
Die Abteilung Risikomanagement bildet die Risiken außerhalb der Bilanz und GuV ab, indem ein halbjährlicher Risikobericht erstellt wird. Die wesentlichen Risiken sind auch im Geschäftsbericht erwähnt. Beim Risikobericht wird nach den international anerkannten Standards von COSO® (Committee of Sponsoring Organisations of the Treadway Commission) vorgegangen.
Im Geschäftsjahr 2015 investierte die Lenzing AG EUR 29,2 Mio (2014: EUR 20,0 Mio) in Forschung und Entwicklung (berechnet nach Frascati). Sowohl absolut als auch anteilig am Umsatz stellt die Höhe der F&E-Ausgaben im Branchenvergleich einen Spitzenwert dar.
Im Bereich Zellstoff lag der F&E-Fokus auf Optimierungsmaßnahmen (weitere Kreislaufschließung, Qualitätssteigerung). Darüber hinaus wurde an Konzepten zur weiteren Steigerung der stofflichen Ausbeute des Rohstoffs Holz hinsichtlich bestehender und neuer Co-Produkte gearbeitet (Stichwort "Bio-Raffinerie").
Bei der Fasertechnologie stand die Weiterentwicklung der gesamten TENCEL® Technologie im Vordergrund. Der Produktionsprozess wurde weiter verbessert.
Im Bereich Nonwovens wurden spezielle Verfahren zur Vliesherstellung getestet und entwickelt. Dazu gehören Nasslegeverfahren oder der Einsatz von speziellen Kurzschnittfasern. Zudem wurden, etwa für Wischtücher, mehrere neue TENCEL® Spezialfasern entwickelt.
Im Berichtsjahr arbeitete die F&E der Lenzing AG intensiv an der Entwicklung der neuen Konzernstrategie sCore TEN mit. In den kommenden Jahren wird der Fokus der F&E-Aktivitäten der Lenzing AG vor allem auf der Umsetzung von sCore TEN liegen. Wesentliche Treiber für Innovationen sind dabei Qualitäts- und Technologieführerschaft, Kundenbedürfnisse und Nachhaltigkeit.
Umweltschutz und nachhaltiges Wirtschaften gehören zu den strategischen Grundwerten von Lenzing. Im Geschäftsjahr 2015 erfüllte das Unternehmen seine sehr hohen Nachhaltigkeitsansprüche und stellte die geringstmögliche Umweltbelastung sicher.
Die Wiederverleihung der Wasserrechte der Lenzing AG und der Betriebe am Standort Lenzing, die 2015 ausgelaufen sind, wurde fristgerecht beantragt. Bis zur Erteilung der relevanten Bescheide bleiben alle Wasserrechte erhalten. Die Verhandlungen mit den zuständigen Behörden werden im Jahr 2016 stattfinden.
Nach Ablauf des Zertifikats für das Umweltmanagementsystem ISO 14001 wurde im Berichtsjahr ein erfolgreiches Re-Zertifizierungsaudit durchgeführt. Zudem wurden gemäß EU-Vorgaben vier als umweltrelevant eingestufte Anlagen am Standort Lenzing auf ihre Umweltverträglichkeit geprüft und positiv bewertet.
Im Berichtsjahr wurde der Lenzing AG ein neuer Bescheid für die erlaubte Wärmeemission in den Fluss Ager zugestanden. Dieser berücksichtigt die aktuelle Flusstemperatur vor dem Werk in Lenzing sowie die meteorologischen Bedingungen.
Die akkreditierte Prüfstelle Umweltanalytik Lenzing (UAL) stellte im Jahr 2015 erneut ihr hohes Niveau an Laborleistungen in den Bereichen Abwasser- und Abfallanalytik sowie ökotoxikologische Untersuchungen unter Beweis. Das jährliche Überwachungsaudit durch einen externen Gutachter im Auftrag der Akkreditierungsstelle (Bundesministerium für Wissenschaft, Forschung und Wirtschaft) wurde im Jänner 2016 erfolgreich abgeschlossen.
Das Wertvollste einer leistungs- und wettbewerbsfähigen Organisation sind engagierte, motivierte und hoch qualifizierte Mitarbeiter/innen. Die Lenzing AG fördert daher laufend die Qualifizierung ihrer Mitarbeiter/innen anhand einer breiten Palette von Personalentwicklungsangeboten. Am Standort Lenzing wird der Großteil der Aus- und Weiterbildungsmaßnahmen hausintern durch das Bildungszentrum Lenzing (BZL) abgewickelt.
Per 31.12.2015 beschäftigte die Lenzing AG 2.322 Mitarbeiter/innen (nach 2.105 per Ende 2014), davon 117 Lehrlinge (Ende 2014: 129). Der Anstieg erklärt sich vorwiegend durch einen Teilbetriebsübergang der Lenzing Technik zur Lenzing AG, bei dem Mitarbeiter übernommen wurden.
Die 2014 eingeführte Konferenzreihe "Management Time Out" war auch im Berichtsjahr 2015 wieder eine wichtige Plattform für den gemeinsamen Austausch und zur Ausrichtung des Top-Managements rund um die Themen Strategie, Führung, Kultur und Veränderung. Ziel von "Management Time Out" ist es, sich auf oberster Führungsebene abzustimmen, ein gemeinsames Verständnis und Bewusstsein für Mitverantwortung zu erarbeiten und dies alles entsprechend in die Organisation weiterzutragen.
Das ebenfalls 2014 begonnene 16-monatige Führungskräfte-Entwicklungsprogramm "Springboard" (zu Deutsch: Sprungbrett) wurde erfolgreich weitergeführt. Springboard setzt die inhaltlichen Schwerpunkte auf Kultur und Veränderung, Entscheidungsfindung, Führung, internationale Kommunikation sowie virtuelle und praktische Zusammenarbeit. Der erste Zyklus von Springboard schließt im März 2016 ab, weitere Gruppen sind in den Folgejahren geplant.
Im April 2015 fand am Gelände der Lenzing AG gemeinsam mit der BH Vöcklabruck, den Einsatzorganisationen Feuerwehr, Rotes Kreuz und Polizei sowie der Betriebsfeuerwehr Lenzing eine koordinierte Notfallübung statt. Die Notfallübung diente zur Überprüfung der im externen Notfallplan festgelegten Alarmierungs- und Meldewege. Dabei wurde auch die Zusammenarbeit der Einsatzkräfte in einer gemeinsamen Einsatzleitung geprobt.
Unter dem Motto "Hände gut – alles gut" fördert die Lenzing AG das Sicherheitsbewusstsein der Mitarbeiter/innen mit dem Ziel, die Unfallzahlen, insbesondere Handverletzungen, zu senken.
Die Lenzing AG verfügt über industriespezifische Gesundheitsstandards wie regelmäßige Gesundheitschecks für alle Mitarbeiter/innen und regelmäßige Schulungen im Umgang mit Chemikalien. Darüber hinaus gibt es verschiedenste Programme zur Gesundheitsförderung. Das Angebot reicht dabei von Gesundheitsempfehlungen über kostenlose Impfungen, Raucherentwöhnung, ausgewogene Ernährung in der Betriebsküche bis hin zu Fitnesskursen und sportlichen Veranstaltungen.
Für das Geschäftsjahr 2016 ist weiterhin kein konjunktureller Rückenwind zu erwarten. Der Internationale Währungsfonds (IWF) rechnet mit einem leichten Anstieg des globalen Wirtschaftswachstums auf 3,4% nach 3,1% im Jahr 2015. Während sich in den Industriestaaten vor dem Hintergrund niedriger Rohstoffkosten eine moderate Konjunkturerholung abzeichnet, geht der IWF für China von einer weiteren Abschwächung des Wachstums aus.
Am globalen Fasermarkt ist mit einer anhaltend volatilen Entwicklung zu rechnen. Die hohen Baumwolllagerbestände lasten weiterhin auf dem Markt. Die Polyesterfaserpreise werden auf niedrigem Niveau verharren, solange die Ölpreise niedrig bleiben, was auch den Preiswettbewerb der Fasern untereinander verstärkt ("inter-fi ber competition").
Im für Lenzing relevanten Marktsegment der Cellulosefasern deutet sich allerdings eine positivere Entwicklung als am Gesamtfasermarkt an. Die Nachfrage nach diesen Cellulosefasern war zu Jahresbeginn 2016 gut, Viscose und vor allem Cellulose-Spezialfasern liegen langfristig im Trend. Auch auf der Angebotsseite dürften kurzfristig keine nennenswerten neuen Produktionskapazitäten auf den Markt drängen.
In den ersten Wochen des Jahres 2016 konnte die Lenzing AG eine starke Nachfrage nach ihren Produkten feststellen. Dies ermöglichte eine hohe Auslastung – insbesondere bei Spezialfasern. unter der Voraussetzung unveränderter Fasermarktverhältnisse und Währungsrelationen erwartet Lenzing für das angelaufene Geschäftsjahr 2016 eine substanzielle Verbesserung gegenüber 2015.
Nach dem Bilanzstichtag 31. Dezember 2015 sind keine Vorgänge von wesentlicher Bedeutung für die Lenzing AG bekannt geworden, die zu einer anderen Darstellung der Vermögens-, Finanz- und Ertragslage geführt hätten.
Lenzing, am 9. März 2016
Lenzing Aktiengesellschaft
Der Vorstand
Dr. Stefan Doboczky, MBA Chief Executive Offi cer Vorstandsvorsitzender
Robert van de Kerkhof, MBA Chief Commercial Offi cer Mitglied des Vorstandes
Mag. Thomas Obendrauf, MBA Chief Financial Offi cer Mitglied des Vorstandes
Jahresabschluss der Lenzing Aktiengesellschaft nach österreichischem Unternehmensgesetzbuch (UGB)
Geschäftsbericht 2015 . Lenzing AG | 214
Bilanz zum 31. Dezember 2015 215 Gewinn- und Verlustrechnung für den Zeitraum 01. Jänner 2015 bis 31. Dezember 2015 217 Anhang zum Jahresabschluss für das Geschäftsjahr 2015 219 1. Anwendung der unternehmensrechtlichen Vorschriften und allgemeine Angaben 219 2. Bilanzierungs- und Bewertungsmethoden 220 3. Erläuterungen zur Bilanz 224 Aktiva 224 Passiva 228 Haftungsverhältnisse 236 4. Erläuterungen zur Gewinn- und Verlustrechnung 237 5. Sonstige Angaben 241 Organe der Gesellschaft 253 Entwicklung des Anlagevermögens für den Zeitraum 01. Jänner 2015 bis 31. Dezember 2015 255 Entwicklung der Zuschüsse der öffentlichen Hand und der Unversteuerten Rücklagen
für den Zeitraum 01. Jänner 2015 bis 31. Dezember 2015 257
| Aktiva | EUR | TEUR |
|---|---|---|
| 31.12.2015 | 31.12.2014 | |
| A. Anlagevermögen | ||
| I . Immaterielle Vermögensgegenstände |
||
| 1. Rechte | 1.810.105,66 | 1.200,1 |
| 2. Firmenwert | 535.480,76 | 578,8 |
| 2.345.586,42 | 1.778,9 | |
| II . Sachanlagen |
||
| 1. Grundstücke, grundstücksgleiche Rechte und Bauten, | ||
| einschließlich der Bauten auf fremdem Grund | 122.079.942,24 | 124.256,3 |
| 2. Technische Anlagen und Maschinen | 366.975.192,99 | 373.409,9 |
| 3. Andere Anlagen, Betriebs- und Geschäftsausstattung | 13.430.172,84 | 12.560,6 |
| 4. Anlagen in Bau | 14.817.724,37 | 13.072,5 |
| 5. Geleistete Anzahlungen | 1.263.935,55 | 648,7 |
| 518.566.967,99 | 523.948,0 | |
| III . Finanzanlagen |
||
| 1. Anteile an verbundenen Unternehmen | 259.839.926,78 | 254.812,1 |
| 2. Ausleihungen an verbundene Unternehmen | 84.743.114,82 | 96.055,7 |
| 3. Beteiligungen | 5.110.143,91 | 5.110,1 |
| 4. Wertpapiere (Wertrechte) des Anlagevermögens | 19.235.893,22 | 18.627,7 |
| 5. Sonstige Ausleihungen | 603.275,47 | 2.349,8 |
| 369.532.354,20 | 376.955,4 | |
| 890.444.908,61 | 902.682,3 | |
| B. Umlaufvermögen | ||
| I . Vorräte |
||
| 1. Roh-, Hilfs- und Betriebsstoffe | 46.412.276,51 | 40.184,1 |
| 2. Unfertige Erzeugnisse | 564.495,99 | 332,5 |
| 3. Fertige Erzeugnisse und Waren | 35.545.594,93 | 35.993,5 |
| 4. Geleistete Anzahlungen | 71.405,69 | 57,9 |
| 82.593.773,12 | 76.568,0 | |
| II . Forderungen und sonstige Vermögensgegenstände |
||
| 1. Forderungen aus Lieferungen und Leistungen | 38.343.315,92 | 31.302,8 |
| 2. Forderungen gegenüber verbundenen Unternehmen | 82.889.212,61 | 98.197,8 |
| 3. Forderungen gegenüber Unternehmen, | ||
| mit denen ein Beteiligungsverhältnis besteht | 2.950.775,82 | 4.890,9 |
| 4. Sonstige Forderungen und Vermögensgegenstände | 48.196.857,05 | 38.904,0 |
| 172.380.161,40 | 173.295,5 | |
| III . Kassenbestand, Guthaben bei Kreditinstituten |
201.396.070,85 | 142.381,8 |
| 456.370.005,37 | 392.245,3 | |
| C. Rechnungsabgrenzungsposten | 1.671.330,21 | 1.836,9 |
| 1.348.486.244,19 | 1.296.764,5 |
| Passiva | EUR | TEUR |
|---|---|---|
| 31.12.2015 | 31.12.2014 | |
| A. Eigenkapital | ||
| I. Grundkapital | 27.574.071,43 | 27.574,1 |
| II. Kapitalrücklagen | ||
| Gebundene | 138.642.770,74 | 138.642,8 |
| III. Optionsrücklage | 433.330,00 | 0,0 |
| IV. Gewinnrücklagen | ||
| Freie | 393.768.886,06 | 380.440,7 |
| V. Bilanzgewinn, davon Gewinn- | ||
| vortrag EUR 0,00 (31.12.2014: TEUR 104.754,5) | 53.100.000,00 | 26.550,0 |
| 613.519.058,23 | 573.207,5 | |
| B. Zuschüsse der öffentlichen Hand | 9.253.312,62 | 7.351,6 |
| C. Unversteuerte Rücklagen | ||
| Bewertungsreserve aufgrund von Sonderabschreibungen gem. § 7a EStG bzw. § 8 EStG | 15.710.456,00 | 16.076,1 |
| D. Rückstellungen | ||
| 1. Rückstellungen für Abfertigungen | 53.517.062,18 | 56.441,7 |
| 2. Rückstellungen für Pensionen | 27.140.403,91 | 29.156,3 |
| 3. Steuerrückstellungen | 2.133.252,09 | 4.753,1 |
| 4. Sonstige Rückstellungen | 65.763.298,46 | 63.991,6 |
| 148.554.016,64 | 154.342,7 | |
| E. Verbindlichkeiten | ||
| 1. Anleihen | 120.000.000,00 | 120.000,0 |
| 2. Verbindlichkeiten aus Schuldscheindarlehen | 237.500.000,00 | 213.500,0 |
| 3. Verbindlichkeiten gegenüber Kreditinstituten | 24.924.363,73 | 65.104,5 |
| 4. Sonstige zinstragende Verbindlichkeiten | 27.189.624,25 | 26.049,1 |
| 5. Erhaltene Anzahlungen auf Bestellungen | 1.587.260,25 | 766,1 |
| 6. Verbindlichkeiten aus Lieferungen und Leistungen | 44.271.163,30 | 45.960,2 |
| 7. Verbindlichkeiten gegenüber verbundenen Unternehmen | 72.046.723,09 | 44.929,4 |
| 8. Verbindlichkeiten gegenüber Unternehmen, mit denen ein Beteiligungsverhältnis besteht | 22.716,10 | 0,0 |
| 9. Sonstige Verbindlichkeiten | 33.441.660,17 | 29.280,5 |
| davon aus Steuern EUR 563.226,30 (31.12.2014: TEUR 275,6) | ||
| davon im Rahmen der sozialen Sicherheit EUR 3.545.173,23 (31.12.2014: TEUR 3.154,4) | ||
| 560.983.510,89 | 545.589,7 | |
| F. Rechnungsabgrenzungsposten | 465.889,81 | 196,8 |
| 1.348.486.244,19 | 1.296.764,5 | |
| Haftungsverhältnisse | 194.639.451,79 | 178.898,2 |
Lenzing AG
für den Zeitraum 01. Jänner 2015 bis 31. Dezember 2015
| EUR | TEUR | |
|---|---|---|
| 2015 | 2014 | |
| 1. Umsatzerlöse | 789.083.519,68 | 729.033,9 |
| 2. Veränderung des Bestandes an fertigen und unfertigen Erzeugnissen | -215.912,80 | 9.530,4 |
| 3. Andere aktivierte Eigenleistungen | 6.550.282,67 | 13.570,5 |
| 4. Sonstige betriebliche Erträge | ||
| a) Erträge aus dem Abgang vom und der Zuschreibung zum Anlagevermögen mit Ausnahme der Finanzanlagen |
29.162,67 | 7,8 |
| b) Erträge aus der Auflösung von Rückstellungen | 5.677.422,91 | 6.534,3 |
| c) Übrige | 40.427.687,85 | 44.269,2 |
| 46.134.273,43 | 50.811,2 | |
| 5. Aufwendungen für Material und sonstige bezogene Herstellungsleistungen | ||
| a) Materialaufwand | -364.016.704,31 | -339.699,0 |
| b) Aufwendungen für bezogene Leistungen | -62.188.887,83 | -61.773,0 |
| -426.205.592,14 | -401.472,0 | |
| 6. Personalaufwand | ||
| a) Löhne | -67.077.946,21 | -63.415,7 |
| b) Gehälter | -71.541.600,86 | -62.724,2 |
| c) Aufwendungen für Abfertigungen und Leistungen an betriebliche Mitarbeitervorsorgekassen |
526.873,33 | -7.557,9 |
| d) Aufwendungen für Altersversorgung | -1.283.243,08 | -5.139,8 |
| e) Aufwendungen für gesetzlich vorgeschriebene Sozialabgaben sowie vom Entgelt abhängige Abgaben und Pflichtbeiträge |
-36.282.873,20 | -33.078,3 |
| f) Sonstige Sozialaufwendungen | -2.378.712,28 | -2.351,0 |
| -178.037.502,30 | -174.266,9 | |
| 7. Abschreibungen auf immaterielle Gegenstände des Anlagevermögens und Sachanlagen | ||
| a) Planmäßige Abschreibungen | -58.322.094,06 | -53.758,9 |
| b) Auflösung Investitionszuschüsse der öffentlichen Hand | 444.878,22 | 566,3 |
| -57.877.215,84 | -53.192,6 | |
| 8. Sonstige betriebliche Aufwendungen | ||
| a) Steuern, soweit sie nicht unter Ziffer 18 fallen | -261.030,37 | -148,7 |
| b) Übrige | -128.907.831,70 | -109.086,1 |
| -129.168.862,07 | -109.234,8 | |
| 9. Zwischensumme aus Ziffer 1 bis 8 (Übertrag) | 50.262.990,63 | 64.779,6 |
Lenzing AG
für den Zeitraum 01. Jänner 2015 bis 31. Dezember 2015
| EUR | TEUR | |
|---|---|---|
| 2015 | 2014 | |
| 9. Zwischensumme aus Ziffer 1 bis 8 (Übertrag) | 50.262.990,63 | 64.779,6 |
| 10. Erträge aus Beteiligungen | 30.468.558,60 | 345,0 |
| davon aus verbundenen Unternehmen EUR 376.000,00 (2014: TEUR 345,0) | ||
| 11. Erträge aus anderen Wertpapieren und Ausleihungen des Finanzanlagevermögens | 2.423.233,37 | 2.918,2 |
| davon aus verbundenen Unternehmen EUR 2.154.505,53 (2014: TEUR 2.535,1) | ||
| 12. Sonstige Zinsen und ähnliche Erträge | 912.219,33 | 1.339,5 |
| davon aus verbundenen Unternehmen EUR 758.484,45 (2014: TEUR 727,8) | ||
| 13. Erträge aus dem Abgang von und der Zuschreibung zu Finanzanlagen | 4.783.111,05 | 3.744,5 |
| davon aus verbundenen Unternehmen EUR 4.748.787,32 (2014: TEUR 3.282,9) | ||
| 14. Aufwendungen aus Finanzanlagen | -267.029,23 | -760,5 |
| davon: | ||
| a) Abschreibungen EUR 192.029,23 (2014: TEUR 560,5) | ||
| b) Aufwendungen aus verbundenen Unternehmen EUR 75.000,00 (2014: TEUR 751,0) | ||
| 15. Zinsen und ähnliche Aufwendungen | -13.347.661,18 | -13.532,4 |
| davon betreffend verbundene Unternehmen EUR 596.107,81 (2014: TEUR 298,5) | ||
| 16. Zwischensumme aus Ziffer 10 bis 15 | 24.972.431,94 | -5.945,7 |
| 17. Ergebnis der gewöhnlichen Geschäftstätigkeit | 75.235.422,57 | 58.833,9 |
| 18. Steuern vom Einkommen und vom Ertrag | -9.172.843,24 | -14.360,2 |
| 19. Jahresüberschuss | 66.062.579,33 | 44.473,7 |
| 20. Auflösung unversteuerter Rücklagen | 365.640,07 | 315,9 |
| 21. Jahresgewinn | 66.428.219,40 | 44.789,5 |
| 22. Zuweisung zu Gewinnrücklagen (freie) | -13.328.219,40 | -122.994,0 |
| 23. Gewinnvortrag aus dem Vorjahr | 0,00 | 104.754,5 |
| 24. Bilanzgewinn | 53.100.000,00 | 26.550,0 |
Die Lenzing Aktiengesellschaft (Lenzing AG) ist eine börsennotierte Aktiengesellschaft österreichischen Rechts. Sie ist im Firmenbuch beim Handels- als Landesgericht Wels, Österreich, unter der Nummer FN 96499 k eingetragen. Ihr Sitz ist in 4860 Lenzing, Werkstraße 2, Österreich. Die Aktien der Lenzing AG sind im Prime Market (seit 18. April 2011) und im Leitindex ATX (seit 19. September 2011) der Wiener Börse in Wien, Österreich, gelistet.
Das Kerngeschäft der Lenzing AG liegt in der Erzeugung und Vermarktung von botanischen Cellulosefasern. Der zur Erzeugung notwendige Zellstoff wird zu einem großen Teil im eigenen Zellstoffwerk hergestellt und teilweise zugekauft. Der wichtigste Rohstoff zur Zellstofferzeugung ist Holz, das zugekauft wird.
Der vorliegende Jahresabschluss zum 31. Dezember 2015 der Lenzing Aktiengesellschaft wurde nach den Vorschriften des österreichischen Unternehmensgesetzbuches (UGB) in der aktuellen Fassung erstellt. Er umfasst das Geschäftsjahr vom 1. Jänner bis zum 31. Dezember 2015.
Der Jahresabschluss wurde unter Beachtung der Grundsätze ordnungsmäßiger Buchführung sowie unter Beachtung der Generalnorm des § 222 Abs. 2 UGB, ein möglichst getreues Bild der Vermögens-, Finanz- und Ertragslage des Unternehmens zu vermitteln, erstellt.
Bei der Erstellung des Jahresabschlusses wurden die Grundsätze der Vollständigkeit und der ordnungsmäßigen Bilanzierung eingehalten. Bei der Bewertung wurde im Rahmen der Grundsätze ordnungsmäßiger Bewertung von der Fortführung des Unternehmens ausgegangen.
Bei Vermögensgegenständen und Schulden wurde der Grundsatz der Einzelbewertung angewendet. Dem Vorsichtsgrundsatz wurde Rechnung getragen, indem insbesondere nur die bis zum Abschlussstichtag verwirklichten Gewinne ausgewiesen wurden. Alle erkennbaren Risiken und drohenden Verluste wurden berücksichtigt.
Die Gliederungsvorschriften gem. §§ 224 und 231 Abs. 2 UGB wurden eingehalten. Die Gewinn- und Verlustrechnung wurde nach dem Gesamtkostenverfahren aufgestellt.
Die bisher angewandten Bewertungsmethoden wurden bei der Erstellung des vorliegenden Jahresabschlusses beibehalten.
Bei der Gesellschaft handelt es sich um eine große Kapitalgesellschaft.
Die Zahlenangaben im vorliegenden Jahresabschluss und in den Erläuterungen werden auf die nächsten Tausend gerundet angegeben ("TEUR"), sofern keine abweichende Angabe erfolgt. Bei Summierung von gerundeten Beträgen und Prozentangaben können durch Verwendung automatisierter Rechnungshilfen rundungsbedingte Rechendifferenzen auftreten.
Erworbene immaterielle Vermögensgegenstände und Sachanlagen werden mit den Anschaffungs- bzw. Herstellungskosten, vermindert um die planmäßige, nach der linearen Methode vorgenommenen Abschreibung angesetzt.
Die Herstellungskosten von selbsterstellten Sachanlagen umfassen die Einzelkosten, angemessene Teile der Materialgemeinkosten und Fertigungsgemeinkosten sowie Aufwendungen für freiwillige soziale Leistungen, für betriebliche Altersversorgung und für Abfertigungen. Vom Wahlrecht der Aktivierung von Fremdkapitalzinsen wird nicht Gebrauch gemacht.
Der Rahmen der Nutzungsdauer beträgt für die einzelnen Anlagegruppen:
| Nutzungsdauer in Jahren | von | bis |
|---|---|---|
| Immaterielle Vermögensgegenstände | ||
| a) Lizenzen, Know-how und Mietrechte | 3 | 20 |
| b) Software | 4 | 4 |
| c) Firmenwert | 15 | 15 |
| Sachanlagen | ||
| a) Grundstücksgleiche Rechte | 99 | 99 |
| b) Gebäude | ||
| Wohngebäude | 50 | 50 |
| Geschäfts- und Fabriksgebäude | 25 | 50 |
| c) Technische Anlagen und Maschinen | 10 | 25 |
| d) Andere Anlagen, Betriebs- und Geschäftsausstattung | 4 | 20 |
Über das Ausmaß der planmäßigen Abschreibung hinausgehende voraussichtlich dauernde Wertminderungen bei Anlagegegenständen werden durch außerplanmäßige Abschreibungen berücksichtigt.
Geringwertige Vermögensgegenstände bis zu einem Wert von EUR 400,00 werden im Zugangsjahr voll abgeschrieben.
Anteile an verbundenen Unternehmen und Beteiligungen werden mit den Anschaffungskosten oder, bei voraussichtlich dauernder Wertminderung, mit dem niedrigeren beizulegenden Wert zum Bilanzstichtag angesetzt.
Zur Beurteilung der Werthaltigkeit von Beteiligungen wird grundsätzlich das Discounted Cash-Flow-Verfahren gemäß dem Fachgutachten zur Unternehmensbewertung KFS/BW 1 der Kammer der Wirtschaftstreuhänder herangezogen. Der beizulegende Wert bzw. der Unternehmenswert wird aus den mit den gewichteten Kapitalkosten diskontierten geschätzten künftigen Cashflows abgeleitet.
Die Cashflows werden aus den Planungen bzw. Prognosen abgeleitet und beruhen auf zukunftsbezogenen Annahmen, im Unternehmensbereich Fasern insbesondere auf Preis- und Mengenentwicklungen beim Absatz, den Produktionsmengen sowie den dazu notwendigen Kosten speziell für Rohstoffe, Energie, Personal und Steuern. Diese Daten basieren insbesondere auf internen Annahmen unter Berücksichtigung des erwarteten Marktumfeldes und der Marktpositionierung sowie auf externen Marktannahmen aus Marktstudien oder Konjunkturaussichten. Nach dem Detailplanungszeitraum wird basierend auf den Annahmen des letzten Planjahres mit einer ewigen Rente unter Berücksichtigung einer nachhaltigen langfristigen Wachstumsrate gerechnet.
Als Abzinsungssatz wird ein individuell nach dem Capital Asset Pricing Model ermittelter Mischsatz aus der Fremdkapitalverzinsung und der Verzinsung des eingesetzten Eigenkapitals herangezogen (WACC). Dieser Abzinsungssatz spiegelt die gegenwärtigen Markteinschätzungen und die speziellen Risiken der betroffenen Beteiligungen wider.
Ausleihungen werden mit dem Nominalwert, bei Unverzinslichkeit mit dem Barwert bzw. bei voraussichtlich dauernder Wertminderung mit dem niedrigeren beizulegenden Wert zum Bilanzstichtag angesetzt.
Wertpapiere (Wertrechte) des Anlagevermögens werden mit den Anschaffungskosten oder dem niedrigeren Kurswert zum Bilanzstichtag bewertet.
In den Wertpapieren (Wertrechten) des Anlagevermögens sind auch Ansprüche aus einer Rückdeckungsversicherung für Pensionsverpflichtungen enthalten, die in Höhe des Deckungskapitals aktiviert werden. Die Erträge aus dieser Rückdeckungsversicherung werden in den Aufwendungen für Altersversorgung erfasst.
Roh-, Hilfs- und Betriebsstoffe werden mit den Anschaffungskosten nach dem gleitenden Durchschnittspreisverfahren unter Beachtung des strengen Niederstwertprinzips bewertet.
Unfertige Erzeugnisse und fertige Erzeugnisse sind zu Herstellungskosten (im Sinne des § 206 UGB), jedoch höchstens zum voraussichtlichen Verkaufserlös - abzüglich der bis zum Verkauf noch anfallenden Kosten - angesetzt. Die Herstellungskosten umfassen neben den Einzelkosten auch anteilige Material- und Fertigungsgemeinkosten auf Basis einer Normalauslastung sowie Aufwendungen für freiwillige soziale Leistungen, für betriebliche Altersversorgung und für Abfertigungen. Aufwendungen für Fremdkapitalzinsen sowie allgemeine Verwaltungs- und Vertriebskosten werden nicht aktiviert. Wirtschaftliche und technische Risiken werden durch Abschläge angemessen berücksichtigt.
Forderungen und sonstige Vermögensgegenstände werden gemäß dem strengen Niederstwertprinzip angesetzt. Forderungen werden einzeln bewertet. Falls Risiken hinsichtlich der Einbringlichkeit bestehen, werden Einzelwertberichtigungen gebildet. Bei der Ermittlung der Höhe der Einzelwertberichtigung werden erhaltene Sicherheiten, wie Bankgarantien und Kreditversicherungen, angemessen berücksichtigt. Ist eine Forderung gänzlich uneinbringlich, wird die Forderung mit 100% wertberichtigt (auf Basis des Nettobetrages). Pauschale Wertberichtigungen werden nicht gebildet.
Betreffend die Bewertung von Forderungen in Fremdwährungen verweisen wir auf den Punkt Fremdwährungsumrechnung.
Die gemäß Emissionszertifikategesetz unentgeltlich zugeteilten Emissionszertifikate werden in der Bilanz entsprechend der AFRAC-Stellungnahme "Bilanzierung von CO2-Emissionszertifikaten nach österreichischem HGB" vom 22. Februar 2006 dargestellt. Im Geschäftsjahr 2015 wurden insgesamt 189.030 Stück (2014: 200.130 Stück) verbraucht und 360.854 Stück (2014: 743.627 Stück) Emissionszertifikate wurden unentgeltlich zugeteilt. Des Weiteren wurden 29.815 Stück (2014: 26.383 Stück) Emissionszertifikate erworben und 49.885 Stück (2014: 39.498 Stück) verkauft. Die aus dem aktuellen Geschäftsjahr und dem Vorjahr nicht verbrauchten Emissionszertifikate von insgesamt 701.231 Stück (31.12.2014: 558.538 Stück) hatten zum 31. Dezember 2015 einen Marktwert von TEUR 5.764,1 (31.12.2014: TEUR 4.021,5).
Betreffend die Bewertung von Guthaben bei Kreditinstituten in Fremdwährungen wird auf die unter dem Punkt Fremdwährungsumrechnung beschriebene Vorgehensweise verwiesen.
Vom Wahlrecht des bilanziellen Ansatzes des gemäß § 198 Abs. 10 UGB aktivierbaren Betrages für aktive Steuerabgrenzungen von TEUR 21.291,5 (31.12.2014: TEUR 23.076,5) wird nicht Gebrauch gemacht.
In die Steuerabgrenzung werden im Wesentlichen zeitliche Unterschiede zwischen dem unternehmensrechtlichen und dem steuerrechtlichen Wertansatz bei Rückstellungen für Sozialkapital (Pensionen und Abfertigungen) und Jubiläumsgelder sowie bei Sachanlagevermögen und Unterschiede bei den Wertansätzen von langfristigen Rückstellungen einbezogen. Die Steuerabgrenzung wird als überwiegend langfristig eingestuft.
Temporäre Unterschiede aufgrund von steuerlichen Siebentelabschreibungen (§ 12 Abs. 3 Z 2 KStG) sind mit TEUR 5.857,9 (31.12.2014: TEUR 6.496,9) im aktivierbaren Betrag enthalten.
Rückstellungen für Pensionen, Abfertigungen und Jubiläumsgelder werden im Einklang mit den einschlägigen Fachgutachten der Kammer der Wirtschaftstreuhänder nach versicherungsmathematischen Grundsätzen entsprechend den Vorschriften des IAS 19 "Leistungen an Arbeitnehmer", wie er in der EU anzuwenden ist, unter Anwendung der Projected-Unit-Credit-Method (laufendes Einmalprämienverfahren) berechnet. Dabei werden die erwarteten Versorgungsleistungen auf den gesamten Zeitraum der Beschäftigung verteilt. Zukünftige Gehalts- und Pensionssteigerungen sowie Fluktuationsabschläge werden berücksichtigt. Versicherungsmathematische Gewinne und Verluste werden zur Gänze im Periodenaufwand in der
Periode erfasst, in der sie anfallen. Die in der Bilanz erfasste leistungsorientierte Verpflichtung aus einem Versorgungsplan stellt den Barwert der leistungsorientierten Verpflichtung dar.
Sämtliche Änderungen der oben genannten Personalrückstellungen, darunter auch die Aufwendungen aus der Aufzinsung dieser Rückstellungen, werden in der Gewinn- und Verlustrechnung im Personalaufwand ausgewiesen. Des Weiteren werden auch die Zahlungen für beitragsorientierte Verpflichtungen im Personalaufwand erfasst.
Sonstige Rückstellungen werden in jener Höhe angesetzt, die nach vernünftiger unternehmerischer Beurteilung notwendig ist. Bei der Bewertung werden Rückgriffsansprüche auf andere Parteien angemessen berücksichtigt.
Verbindlichkeiten werden mit dem Rückzahlungsbetrag angesetzt. Die Bewertung von Verbindlichkeiten in Fremdwährungen wird unter dem Punkt Fremdwährungsumrechnung erläutert.
Bestehen Sicherungsgeschäfte in Bezug auf eine Währung, so werden auf diese Währung lautende monetäre Posten bis zum Nominale der Sicherungsgeschäfte mit einem Kurs umgerechnet, der dem gewogenen Durchschnitt aus den Terminkursen der Sicherungsgeschäfte entspricht.
Soweit das Nominale der monetären Posten über das Nominale der Sicherungsgeschäfte hinausgeht und sofern keine Sicherungsgeschäfte bestehen, so werden auf diese Währung lautende monetäre Posten entsprechend dem imparitätischen Realisationsprinzip mit dem Kurs zum Zeitpunkt der Ersterfassung, im Fall eines Kursverlustes aber mit dem Stichtagskurs umgerechnet.
Folgende wesentliche Kurse wurden für die Währungsumrechnung in Euro herangezogen:
Fremdwährungskurse
| Forderungen | 31.12.2015 | 31.12.2014 | |
|---|---|---|---|
| Stichtagskurs | EUR/USD | 1,0926 | 1,2160 |
| Durchschnittlicher Sicherungskurs | EUR/USD | 1,1621 | 1,3579 |
| Stichtagskurs | EUR/CNY | 7,0910 | 7,5442 |
| Durchschnittlicher Sicherungskurs | EUR/CNY | 8,0237 | 8,2824 |
| Verbindlichkeiten | 31.12.2015 | 31.12.2014 | |
| Stichtagskurs | EUR/USD | 1,0926 | 1,2160 |
Die Aufgliederung des Anlagevermögens und seine Entwicklung im Berichtsjahr sind im Anlagenspiegel angeführt.
Der Posten Rechte beinhaltet zum Großteil ein Mitbenützungsrecht an der Abwasserreinigungsanlage des Wasserreinhaltungsverbandes Lenzing-Lenzing AG sowie das Recht auf Energiebezug von der RVL Reststoffverwertung Lenzing GmbH, einer von der Gesellschaft gemeinsam mit der Energie AG Oberösterreich Umwelt Service GmbH (vormals: AVE Österreich GmbH) betriebenen Reststoffverwertungsanlage.
Im Geschäftsjahr 2015 wurden immaterielle Vermögensgegenstände mit Anschaffungskosten in Höhe von TEUR 916,1 (2014: TEUR 0,0) von verbundenen Unternehmen erworben.
In den immateriellen Vermögensgegenständen sind solche immateriellen Vermögensgegenstände, die von einem verbundenen Unternehmen erworben wurden, mit einem Buchwert von TEUR 734,5 (31.12.2014: TEUR 11,7) enthalten.
Im Geschäftsjahr 2014 ist der Bereich "Haustechnik der LTEA" und in 2013 der Bereich "Global Fiber Engineering" von der Lenzing Technik GmbH zur Lenzing AG übergegangen. Der daraus resultierende Firmenwert in Höhe von in Summe TEUR 650,2 wurde aktiviert und wird planmäßig, nach der linearen Methode über die Nutzungsdauer von 15 Jahren abgeschrieben. Die gewählte Nutzungsdauer orientiert sich an der durchschnittlichen Restlaufzeit der im Zuge der Übernahme übernommenen Verpflichtungen.
Im Berichtsjahr wurden TEUR 53.565,9 (2014: TEUR 70.581,9) in immaterielle Vermögensgegenstände sowie in Sachanlagen investiert.
Nach Unternehmensbereichen ergibt sich folgende Aufgliederung:
| 2015 | 2014 | |
|---|---|---|
| Fasern | 33.408,4 | 43.246,7 |
| Zentralbereiche (Umwelt, Information & Kommunikation, Infrastruktur) | 12.296,4 | 15.838,4 |
| Energie | 1.249,7 | 6.768,5 |
| Zellstoff | 4.110,6 | 3.092,1 |
| Übrige | 2.500,8 | 1.636,2 |
| Gesamt | 53.565,9 | 70.581,9 |
Die Abgänge von immateriellen Vermögensgegenständen und von Sachanlagen hatten Anschaffungs- und Herstellungskosten von TEUR 6.046,0 (2014: TEUR 1.500,8) und einen Buchwert von TEUR 58,1 (2014: TEUR 254,9).
Die grundstücksgleichen Rechte beinhalten im Wesentlichen ein erworbenes Baurecht mit einem Buchwert von TEUR 573,1 (31.12.2014: TEUR 579,7).
Die Zugänge bei den Anteilen an verbundenen Unternehmen betreffen im Wesentlichen Zuschüsse an die indirekte Tochtergesellschaft Lenzing (Nanjing) Fibers, Co., Ltd. (TEUR 5.050,6). Im Vorjahr erfolgten im Wesentlichen Eigenkapitalzufuhren an die Lenzing Modi Fibers India Private Limited (TEUR 384,9). Im April 2014 wurde die Lenzing Land Holding LLC. gegründet (TEUR 7,2).
Im Geschäftsjahr 2015 wurden sämtliche Anteile an der European Carbon Fiber GmbH (TEUR 22,8) verkauft. Das Abgangsergebnis wird unter dem Punkt Finanzergebnis erläutert.
Die Auflistung der Beteiligungen der Lenzing AG kann der am Ende dieses Anhangs angeschlossenen Übersicht entnommen werden.
Die Ausleihungen über insgesamt TEUR 85.346,4 (31.12.2014: TEUR 98.405,5) setzen sich wie folgt zusammen:
| Bilanzwert | mit einer Restlaufzeit bis zu 1 Jahr |
mit einer Restlaufzeit über 1 Jahr |
|
|---|---|---|---|
| Ausleihungen an verbundene Unternehmen | 84.743,1 | 56.453,5 | 28.289,6 |
| Vorjahr | 96.055,7 | 28.226,3 | 67.829,4 |
| Sonstige Ausleihungen | 603,3 | 179,8 | 423,5 |
| Vorjahr | 2.349,8 | 242,9 | 2.106,9 |
| Gesamt | 85.346,4 | 56.633,3 | 28.713,1 |
| Vorjahr | 98.405,5 | 28.469,2 | 69.936,3 |
Bei den Ausleihungen an verbundene Unternehmen wurde gemäß § 208 Abs. 2 UGB von einer möglichen Zuschreibung in Höhe von TEUR 2.399,2 (31.12.2014: TEUR 0,0) kein Gebrauch gemacht. Die künftige steuerliche Belastung daraus beträgt TEUR 599,8 (31.12.2014: TEUR 0,0).
Die Wertpapiere (Wertrechte) des Anlagevermögens enthalten den Großanlegerfonds GF82 von TEUR 8.887,0 (31.12.2014: TEUR 8.871,0), der zur Deckung der Pensionsrückstellung dient. Dieser Fonds veranlagt nach den Vorschriften des Pensionskassengesetzes und ist per Jahresende im Wesentlichen in Euro-Anleihen veranlagt.
Ebenfalls beinhaltet dieser Posten Ansprüche aus Rückdeckungsversicherungen von TEUR 3.407,2 (31.12.2014: TEUR 3.530,7) betreffend Pensionsverpflichtungen und sonstige Wertpapiere (Wertrechte) des Anlagevermögens von TEUR 6.941,7 (31.12.2014: TEUR 6.226,0).
Im Geschäftsjahr 2015 wurden die Anteile an der Bahia Specialty Cellulose S.A. (TEUR 0,0) verkauft.
Die Roh-, Hilfs- und Betriebsstoffe beinhalten im Wesentlichen Holz und Zellstoff für die Faserproduktion, Chemikalien für sämtliche Geschäftsbereiche sowie diverse Kleinmaterialien und Ersatzteile.
Die Bestände an unfertigen und fertigen Erzeugnissen betreffen im Wesentlichen Fasern der Dachmarken Lenzing Viscose® und TENCEL® sowie Faserzellstoff.
Die geleisteten Anzahlungen betreffen Vorauszahlungen an Lieferanten für Roh-, Hilfs- und Betriebsstoffe.
Die Forderungen und sonstigen Vermögensgegenstände über insgesamt TEUR 172.380,2 (31.12.2014: TEUR 173.295,5) setzen sich wie folgt zusammen:
| Forderungen | TEUR | |
|---|---|---|
| Bilanzwert | mit einer Restlaufzeit über 1 Jahr |
|
| Forderungen aus Lieferungen und Leistungen | 38.343,3 | 0,0 |
| Vorjahr | 31.302,8 | 4.823,0 |
| Forderungen gegenüber verbundenen Unternehmen | 82.889,2 | 3.253,1 |
| Vorjahr | 98.197,8 | 4.308,3 |
| Forderungen gegenüber Unternehmen, mit denen ein Beteiligungsverhältnis besteht |
2.950,8 | 0,0 |
| Vorjahr | 4.890,9 | 0,0 |
| Sonstige Forderungen und Vermögensgegenstände | 48.196,9 | 392,1 |
| Vorjahr | 38.904,0 | 9,8 |
| Gesamt | 172.380,2 | 3.645,2 |
| Vorjahr | 173.295,5 | 9.141,1 |
Von den Forderungen aus Lieferungen und Leistungen sind inklusive der im Rahmen des Factoring verkauften Forderungen TEUR 69.334,5 (31.12.2014: TEUR 57.441,1) nach Abzug von Selbstbehalten versichert und in Höhe von TEUR 6.710,0 (31.12.2014: TEUR 3.436,0) durch Garantien besichert. Wechselmäßige Verbriefungen liegen weder zum 31. Dezember 2015 noch zum 31. Dezember 2014 vor.
Forderungen gegenüber verbundenen Unternehmen resultieren aus Lieferungen und Leistungsverrechnungen in Höhe von TEUR 75.253,2 (31.12.2014: TEUR 88.469,6) sowie sonstigen Verrechnungen von TEUR 15,2 (31.12.2014: TEUR 7,6) und Forderungen aus Steuerumlagen in Höhe von TEUR 7.620,8 (31.12.2014: TEUR 9.720,6).
Soweit Forderungen und Verbindlichkeiten zwischen verbundenen Unternehmen in wirtschaftlicher Betrachtungsweise einander aufrechenbar gegenüberstehen, werden diese bei gleichem Gläubiger und Schuldner gegeneinander aufgerechnet.
Forderungen gegenüber Unternehmen, mit denen ein Beteiligungsverhältnis besteht, resultieren aus der Leistungsverrechnung an die Lenzing Papier GmbH.
Die sonstigen Forderungen und Vermögensgegenstände beinhalten:
| Sonstige Forderungen und Vermögensgegenstände | TEUR | |
|---|---|---|
| 31.12.2015 | 31.12.2014 | |
| Guthaben aus der Verrechnung mit dem Finanzamt | 26.945,4 | 20.094,1 |
| Nicht bevorschusster Betrag aus verkauften Forderungen | 6.615,2 | 5.998,7 |
| Emissionszertifikate | 6.074,7 | 4.671,0 |
| Abgrenzung von Kostenersätzen | 4.525,1 | 4.390,0 |
| Steuerumlagen aus Vorjahren | 0,0 | 1.398,7 |
| An- und Vorauszahlungen | 222,5 | 258,8 |
| Übrige | 3.813,9 | 2.092,7 |
| Gesamt | 48.196,9 | 38.904,0 |
Die Forderung aus Steuerumlagen betraf im Vorjahr Forderungen gegenüber einem im Geschäftsjahr 2013 ausgeschiedenen Gruppenmitglied.
In den sonstigen Forderungen und Vermögensgegenständen sind Erträge in Höhe von TEUR 29.562,3 (31.12.2014: TEUR 26.693,6) enthalten, die erst nach dem Bilanzstichtag zahlungswirksam werden.
Das Grundkapital der Lenzing AG zum 31. Dezember 2015 beträgt EUR 27.574.071,43 (31.12.2014: EUR 27.574.071,43) und ist in 26.550.000 Stückaktien (31.12.2014: 26.550.000) eingeteilt. Der auf eine Stückaktie entfallende Anteil am Grundkapital beträgt etwa EUR 1,04. Jede Stammaktie ist am Kapital im gleichen Ausmaß beteiligt und vermittelt die gleichen Rechte und Pflichten, insbesondere das Recht auf eine beschlossene Dividende und das Stimmrecht in der Hauptversammlung. Der Ausgabebetrag der Aktien ist voll einbezahlt. Andere Klassen von Anteilen sind nicht ausgegeben worden.
Mit Hauptversammlungsbeschluss vom 10. Dezember 2010 wurde der Vorstand ermächtigt, mit der Zustimmung des Aufsichtsrats das Grundkapital innerhalb von 5 Jahren - allenfalls in Tranchen - gegen Bar- und Sacheinlagen um maximal EUR 13.358.625,00 (entspricht 12.862.500 Stammaktien oder 50% des Grundkapitals per 31. Dezember 2010) zu erhöhen ("genehmigtes Kapital").
Mit Wirkung vom 17. Juni 2011 (erster Handelstag der neuen Aktien) führte die Lenzing AG eine in der außerordentlichen Hauptversammlung vom 10. Dezember 2010 genehmigte Kapitalerhöhung durch. Es wurden 825.000 Stück neue Aktien ausgegeben. Das Grundkapital wurde voll einbezahlt.
Darüber hinaus wurde der Vorstand mit Hauptversammlungsbeschluss vom 10. Dezember 2010 ermächtigt, bis spätestens 9. Dezember 2015 mit Zustimmung des Aufsichtsrats Wandelschuldverschreibungen auszugeben, die ein Bezugsrecht bzw. eine Umtauschpflicht auf bis zu 12.862.500 Stammaktien (entspricht 50% des Grundkapitals per 31. Dezember 2010) gewähren bzw. vorsehen ("bedingtes Kapital").
Nach Durchführung der Kapitalerhöhung im Geschäftsjahr 2011 wurde die Stückanzahl der auszugebenden Bezugsaktien und der Wandelschuldverschreibungen auf 12.037.500 Stück verringert.
Mit Hauptversammlungsbeschluss vom 28. April 2014 wurde der Vorstand ermächtigt, mit Zustimmung des Aufsichtsrats auf den Inhaber lautende Stückaktien der Gesellschaft im Ausmaß von bis zu 10% des Grundkapitals der Gesellschaft während einer Geltungsdauer von 30 Monaten ab dem 28. April 2014 über die Börse zu erwerben, wobei der niedrigste Gegenwert nicht mehr als 20% unter und der höchste Gegenwert nicht mehr als 10% über dem durchschnittlichen Börsenschlusskurs der letzten 3 Börsetage vor Erwerb der Aktien liegen darf. Der Handel in eigenen Aktien ist als Zweck des Erwerbs ausgeschlossen. Die Ermächtigung kann ganz oder teilweise oder auch in mehreren Teilbeträgen und in Verfolgung einer oder mehrerer Zwecke durch die Gesellschaft, durch ein Tochterunternehmen (§ 228 Abs. 3 UGB) oder für Rechnung der Gesellschaft durch Dritte ausgeübt werden. Darüber hinaus wurde der Vorstand ermächtigt, erforderlichenfalls das Grundkapital durch Einziehung dieser eigenen Aktien ohne weiteren Hauptversammlungsbeschluss herabzusetzen. Der Aufsichtsrat wurde ermächtigt, Änderungen der Satzung, die sich durch die Einziehung von Aktien ergeben, zu beschließen.
Mit Hauptversammlungsbeschluss vom 22. April 2015 wurde der Vorstand ermächtigt mit Zustimmung des Aufsichtsrats das Grundkapital innerhalb von fünf Jahren – allenfalls in Tranchen – gegen Bar- und/oder Sacheinlage um bis zu EUR 13.778.412,00 durch Ausgabe von bis zu 13.274.000 Stückaktien zu erhöhen ("genehmigtes Kapital"). Diese Ermächtigung wurde im Firmenbuch noch nicht eingetragen und ist daher noch nicht wirksam.
Darüber hinaus wurde der Vorstand mit Hauptversammlungsbeschluss vom 22. April 2015 ermächtigt mit Zustimmung des Aufsichtsrates bis spätestens 22. April 2020 Wandelschuldverschreibungen – auch in mehreren Tranchen – auszugeben, die ein Bezugs- oder Umtauschrecht bzw. eine Bezugs- oder Umtauschpflicht auf bis zu 13.274.000 Aktien gewähren bzw. vorsehen ("bedingtes Kapital"). Die Bedienung kann über das bedingte Kapital und/oder über eigene Aktien erfolgen.
Der Vorstand hat von den am bzw. bis 31. Dezember 2015 bestehenden Ermächtigungen zur Erhöhung des Grundkapitals, zur Ausgabe von Wandelschuldverschreibungen und zum Rückkauf eigener Aktien in der Berichtsperiode keinen Gebrauch gemacht.
Bei den Kapitalrücklagen handelt es sich um gebundene Rücklagen, die nur zum Ausgleich eines Bilanzverlustes verwendet werden dürfen. Sie wurden durch Zufuhr von Mitteln gebildet, welche von den Aktionären über das Grundkapital hinaus zugeflossen sind.
Im Geschäftsjahr 2015 wurde mit Herrn Dr. Stefan Doboczky, MBA eine langfristige Bonusvereinbarung abgeschlossen. Dabei wurde ein Aufwand für den Bonusanspruch, der in Eigenkapitalinstrumenten erfüllt wird, von TEUR 433,3 (2014: TEUR 0) innerhalb des Personalaufwandes erfasst. Gegenläufig wurde im Eigenkapital eine Optionsrücklage mit dem gleichen Betrag dotiert. Zu weiterführenden Angaben wird auf den Punkt Organe und Arbeitnehmer verwiesen.
Die freien Gewinnrücklagen können jederzeit aufgelöst und als Teil des Bilanzgewinnes an die Aktionäre ausgeschüttet werden.
Die Investitionszuschüsse der öffentlichen Hand einschließlich der Emissionszertifikate werden, wie die unversteuerten Rücklagen, als gesonderter Hauptposten zwischen Eigenkapital und Fremdkapital ausgewiesen. Die Aufgliederung ist aus der Übersicht über die Entwicklung der Zuschüsse der öffentlichen Hand und der unversteuerten Rücklagen ersichtlich.
Die Auflösung der Investitionszuschüsse der öffentlichen Hand erfolgt entsprechend der Nutzungsdauer der geförderten Anlagen und wird offen mit den Abschreibungen saldiert. Der Zuschuss aus Emissionszertifikaten wurde dem Verbrauch entsprechend aufgelöst.
Die Aufgliederung der unversteuerten Rücklagen ist aus der Übersicht über die Entwicklung der Zuschüsse der öffentlichen Hand und der unversteuerten Rücklagen ersichtlich.
Die sonstigen Rückstellungen entwickeln sich wie folgt:
| Stand 01.01.2015 |
Verbrauch | Auflösung | Zuführung | Um gliederung |
Stand 31.12.2015 |
|
|---|---|---|---|---|---|---|
| Sozialplan | 1.532,4 | -989,8 | -417,0 | 0,0 | 494,7 | 620,3 |
| Drohende Verluste | 16.851,6 | -1.555,7 | -4.791,6 | 4.594,3 | 0,0 | 15.098,6 |
| Schadensfälle | 6.000,0 | 0,0 | 0,0 | 420,0 | 0,0 | 6.420,0 |
| Noch nicht abgerechnete Lieferungen/Leistungen |
3.518,7 | -3.369,9 | -181,0 | 2.978,5 | 0,0 | 2.946,4 |
| Jubiläumsgelder | 10.718,0 | -726,4 | 0,0 | 1.711,7 | 0,0 | 11.703,3 |
| Sonderzahlungen | 12.010,7 | -12.010,7 | 0,0 | 8.988,7 | 0,0 | 8.988,7 |
| Resturlaube | 5.072,8 | -5.072,8 | 0,0 | 6.106,9 | 0,0 | 6.106,9 |
| Sonstige Personalaufwendungen |
4.645,7 | -3.942,0 | -262,3 | 5.080,0 | 0,0 | 5.521,4 |
| Übrige | 3.641,7 | -2.638,7 | -613,4 | 7.968,1 | 0,0 | 8.357,7 |
| Gesamt | 63.991,6 | -30.306,0 | -6.265,3 | 37.848,2 | 494,7 | 65.763,3 |
Stand 01.01.2014 Verbrauch Auflösung Zuführung Umgliederung Stand 31.12.2014 Sozialplan 24.527,4 -10.527,5 -4.873,1 0,0 -7.594,4 1.532,4 Drohende Verluste 28.317,7 -7.256,9 -4.733,9 524,7 0,0 16.851,6 Schadensfälle 8.221,3 -894,6 -1.326,7 0,0 0,0 6.000,0 Noch nicht abgerechnete Lieferungen/Leistungen 4.815,1 -4.204,3 -591,8 3.499,8 0,0 3.518,7 Jubiläumsgelder 10.308,6 -925,2 0,0 1.334,6 0,0 10.718,0 Sonderzahlungen 12.102,8 -12.102,8 0,0 12.010,7 0,0 12.010,7 Resturlaube 6.470,3 -6.470,3 0,0 5.072,8 0,0 5.072,8 Sonstige Personalaufwendungen 3.239,0 -2.503,1 -147,2 4.057,0 0,0 4.645,7 Übrige 3.646,9 -2.906,3 -753,0 3.654,1 0,0 3.641,7 Gesamt 101.649,1 -47.791,0 -12.425,7 30.153,7 -7.594,4 63.991,6
Die Rückstellungen für den Sozialplan betreffen Vorsorgen aufgrund des Personalabbaus im Rahmen der Reorganisation und des Kostenoptimierungsprogramms "excelLENZ 2.0" im Geschäftsjahr 2013. Diese Maßnahmen wurden bei den Bereichen Engineering und Instandhaltung im Geschäftsjahr 2014 erweitert. Die Rückstellung wurde insbesondere für aus dem Sozialplan resultierende Abfindungen und Abfertigungen gebildet. Dabei wurden bereits zuvor rückgestellte Vorsorgen verwendet und von der regulären Abfertigungsrückstellung in die Rückstellung für Sozialplan umgegliedert bzw. im Zuge der Teilauflösung 2014 wieder zurückgegliedert. Im Geschäftsjahr 2015 wurde das Personalabbauprogramm weiter umgesetzt und die Rückstellung entsprechend verwendet bzw. teilaufgelöst.
Die Rückstellungen für drohende Verluste betreffen im Wesentlichen Vorsorgen für nachteilige Verträge, Haftungsübernahmen und Verpflichtungen aus zu erbringenden Infrastrukturleistungen.
Die Rückstellungen für Schadensfälle betreffen vor allem Verpflichtungen für Rechtsstreitigkeiten. Die Rechtsstreitigkeiten umfassen insbesondere die Vorsorge für ein juristisches Verfahren, bei dem die Lenzing Gruppe gegen Patentrechtsverletzungen vorgeht.
Die übrigen Rückstellungen betreffen vor allem Prüfungs- und Beratungskosten, Nachlässe und Rabatte, Provisionen sowie die verbrauchten Emissionszertifikate.
Die Entwicklung der Rückstellung für Pensionen, Abfertigungen und Jubiläumsgelder stellt sich wie folgt dar:
| Pensionen | Abfertigungen | Jubiläums gelder |
|
|---|---|---|---|
| In der Bilanz erfasste Werte: | |||
| Rückstellung zum 31.12.2014 | 29.156,3 | 56.441,7 | 10.718,0 |
| Zugang aus Lenzing Technik GmbH | 0,0 | 2.826,5 | 916,1 |
| Periodenaufwand | 186,4 | -1.713,1 | 763,8 |
| Auszahlungen | -2.202,3 | -3.543,3 | -694,6 |
| Umgliederung zu Sozialplan | 0,0 | -494,7 | 0,0 |
| Rückstellung zum 31.12.2015 | 27.140,4 | 53.517,1 | 11.703,3 |
| Wert nach § 14 EStG | 16.441,7 | 32.594,8 | 7.062,0 |
| Aufwand im Geschäftsjahr: | |||
| Laufender Dienstzeitaufwand | 10,0 | 2.057,2 | 755,5 |
| Zinsaufwand | 477,9 | 950,4 | 175,9 |
| Realisierung versicherungsmathematischer Verlust (+)/Gewinn (-) |
-301,5 | -4.720,7 | -167,6 |
| Periodenaufwand | 186,4 | -1.713,1 | 763,8 |
| Annahmen zur Berechnung der erwarteten leistungsorientierten Ansprüche zum 31.12.2015: |
|||
| Diskontierungszinssatz | 2,05% | 2,15% | 2,05% |
| Pensionssteigerung | 0,00/2,50/3,00% | - | - |
| Gehaltssteigerung | 3,00% | 3,00% | 3,00% |
| Pensionseintrittsalter Frauen/Männer/Schwerarbeiter |
58/63/57 Jahre | 58/63/57 Jahre | 58/63/57 Jahre |
| Fluktuationsabschlag | - | 0,00-4,01% | 0,00-6,75% |
Mit Wirkung vom 01. Mai 2015 sind Teilbereiche der "Lenzing Technik Viskose (LTV)", "Lenzing Technik Zellstofftechnik (LTZ)", "Lenzing Technik Fertigung (LTF)", des "Lenzing Technik Hauptlagers" sowie Teilbereiche der "Lenzing Technik Automation (LTA)" von der Lenzing Technik GmbH zur Lenzing AG übergegangen. Dabei wurden Personalverpflichtungen für die betroffenen Mitarbeiter/innen übernommen (TEUR 3.930,5).
Im Geschäftsjahr 2015 wurde die Lenzing AG von der Lenzing Technik GmbH für Verpflichtungen gegenüber ehemaligen Mitarbeitern/innen im Zuge der Veräußerung des Teilbereichs "Lenzing Technik Automation und Robotik" sowie des Teilbereichs "Lenzing Technik Blechtechnik" in Anspruch genommen (TEUR 187,9).
Im Zuge der Dotierung der Rückstellung für den Sozialplan wurden bereits zuvor rückgestellte Abfertigungsrückstellungen verwendet und 2015 in der Rückstellung für den Sozialplan ausgewiesen bzw. verwendet.
| Rückstellungen für | TEUR | ||
|---|---|---|---|
| Pensionen | Abfertigungen | Jubiläums gelder |
|
| In der Bilanz erfasste Werte: | |||
| Rückstellung zum 31.12.2013 | 27.196,8 | 38.511,0 | 10.308,6 |
| Zugang aus Bereich Haustechnik |
0,0 | 150,4 | 54,2 |
| Periodenaufwand | 4.110,8 | 11.659,5 | 1.190,8 |
| Auszahlungen | -2.151,3 | -1.473,6 | -835,6 |
| Umgliederung von Sozialplan | 0,0 | 7.594,4 | 0,0 |
| Rückstellung zum 31.12.2014 | 29.156,3 | 56.441,7 | 10.718,0 |
| Wert nach § 14 EStG | 16.811,5 | 32.332,3 | 6.283,7 |
| Aufwand im Geschäftsjahr: | |||
| Laufender Dienstzeitaufwand | 8,5 | 1.839,3 | 494,9 |
| Zinsaufwand | 784,4 | 1.498,5 | 305,8 |
| Realisierung versicherungsmathematischer Verlust (+)/Gewinn (-) |
3.317,9 | 8.321,7 | 390,1 |
| Periodenaufwand | 4.110,8 | 11.659,5 | 1.190,8 |
| Annahmen zur Berechnung der erwarteten leistungsorientierten Ansprüche zum 31.12.2014: |
|||
| Diskontierungszinssatz | 1,70% | 1,75% | 1,70% |
| Pensionssteigerung | 0,00/2,50/3,00% | - | - |
| Gehaltssteigerung | 3,00% | 3,00% | 3,00% |
| Pensionseintrittsalter |
Fluktuationsabschlag - 0,00-4,41% 0,00-7,47%
Frauen/Männer/Schwerarbeiter 58/63/57 Jahre 58/63/57 Jahre 58/63/57 Jahre
Mit Wirkung vom 1. Jänner 2014 ist der Bereich "Haustechnik der LTEA" von der Lenzing Technik GmbH zur Lenzing AG übergegangen. Dabei wurden Personalverpflichtungen für die betroffenen Mitarbeiter übernommen.
Im Zuge der Verwendung und Teilauflösung der Rückstellung für den Sozialplan wurden Abfertigungsrückstellungen aus der Rückstellung für den Sozialplan wieder in die Rückstellung für Abfertigungen umgegliedert.
Für die Berechnung der Pensions-, Abfertigungs- und Jubiläumsgeldrückstellung wurde ein Abzinsungssatz verwendet, der aus erstrangigen festverzinslichen Industrieanleihen mit AA-Rating nach dem Standard eines international tätigen Versicherungsmathematikers abgeleitet wurde. Anleihen, die im Vergleich zu den anderen Anleihen in ihrer Risikoeinstufung deutlich höhere oder niedrigere Zinsen aufweisen ("statistische Ausreißer"), wurden dabei nicht berücksichtigt. Die Währung und die Laufzeiten der zu Grunde gelegten Anleihen orientieren sich an der Währung und den voraussichtlichen Laufzeiten der zu erfüllenden Verpflichtungen.
Die geschätzten Gehalts- und Pensionssteigerungen, die auch für die Zukunft als realistisch angesehen werden, wurden aus einer Durchschnittsbetrachtung der vergangenen Jahre abgeleitet.
Das für die Berechnung herangezogene Pensionsantrittsalter richtet sich nach den jeweiligen gesetzlichen Bestimmungen. Für die Berechnung der leistungsorientierten Pensionspläne werden in beiden Geschäftsjahren die biometrischen Rechnungsgrundlagen von Pagler & Pagler AVÖ 2008 P-Rechnungsgrundlagen für die Pensionsversicherung Angestellte verwendet.
Die Berechnung der Abfertigungs- und Jubiläumsgeldrückstellung erfolgt unter Berücksichtigung eines Fluktuationsabschlages. Dieser wird nach Dienstjahren gestaffelt und beruht auf den durchschnittlichen Austrittszahlen der letzten fünf Jahre. Für die Berechnung der leistungsorientierten Abfertigungspläne wird in beiden Geschäftsjahren eine Fluktuationswahrscheinlichkeit angesetzt, die alle Austrittsgründe ohne Abfertigungsanspruch beinhaltet.
In der Lenzing AG gibt es sowohl beitrags- als auch leistungsorientierte Pensionsvorsorgepläne. Im Geschäftsjahr 2000 wurde einem Großteil der Dienstnehmer der vertragliche Pensionsanspruch abgefunden und ein beitragsorientiertes Pensionskassensystem eingeführt. Bei beitragsorientierten Pensionszusagen treffen die Gesellschaft nach Zahlung der vereinbarten Prämien keine Verpflichtungen mehr. Eine Rückstellung wird daher nicht angesetzt.
Den leistungsorientierten Pensionsverpflichtungen wird durch die Bildung von Pensionsrückstellungen Rechnung getragen. Das Risiko im Zusammenhang mit diesen leistungsorientierten Pensionsplänen verbleibt bei der Lenzing AG. Die Berechnung erfolgt nach versicherungsmathematischen Grundsätzen entsprechend den Vorschriften des IAS 19 "Leistungen an Arbeitnehmer".
Mitarbeiter/innen, deren Dienstverhältnisse österreichischem Recht unterliegen und nach dem 31. Dezember 2002 begonnen haben, erwerben keine Abfertigungsansprüche. Für sie sind Beiträge in Höhe von 1,53% des Lohnes bzw. Gehaltes an eine Mitarbeitervorsorgekasse zu zahlen.
Aufgrund kollektivvertraglicher Regelungen ist die Lenzing AG verpflichtet, Jubiläumsgeldzahlungen zu leisten, sofern ein Arbeitnehmer für eine bestimmte Dauer im Unternehmen beschäftigt war. Diese Zahlungen basieren auf der Höhe des Bezuges zum Zeitpunkt des betreffenden Dienstnehmerjubiläums. Die bei den betreffenden Jubiläen voraussichtlich zu zahlenden Beträge werden auf die Dienstzeit bis zu den Jubiläen verteilt. Der Barwert des auf die Dienstzeit bis zum Bilanzstichtag entfallenden Betrages wird rückgestellt.
Die Verpflichtungen gegenüber ehemaligen Mitarbeitern des verkauften Geschäftsbereiches Kunststoffmaschinen (nunmehr SML Maschinengesellschaft mbH) sowie für ehemalige Mitarbeiter der ausgegliederten Bereiche Technik (nunmehr Lenzing Technik GmbH) und Folie (nunmehr Lenzing Plastics GmbH & Co KG), Bildungszentrum (nunmehr BZL-Bildungszentrum Lenzing GmbH) werden bis zur Höhe der fiktiven Ansprüche zum Zeitpunkt des Verkaufs bzw. der Ausgliederung weiterhin von der Gesellschaft getragen. Der Barwert zum Bilanzstichtag wird in Bezug auf diese Verpflichtungen rückgestellt, wobei für die Barwertermittlung angenommen wird, dass die Abfertigungen mit dem Übertritt der betreffenden Dienstnehmer in den Ruhestand fällig werden.
Die Verbindlichkeiten stellen sich zum Bilanzstichtag wie folgt dar:
| Bilanzwert | mit einer Restlaufzeit bis zu 1 Jahr |
mit einer Restlaufzeit von 1 bis 5 Jahren |
mit einer Restlaufzeit über 5 Jahren |
|
|---|---|---|---|---|
| Anleihen | 120.000,0 | 0,0 | 120.000,0 | 0,0 |
| Vorjahr | 120.000,0 | 0,0 | 120.000,0 | 0,0 |
| Verbindlichkeiten aus Schuldscheindarlehen | 237.500,0 | 40.500,0 | 86.500,0 | 110.500,0 |
| Vorjahr | 213.500,0 | 0,0 | 178.500,0 | 35.000,0 |
| Verbindlichkeiten gegenüber Kreditinstituten | 24.924,4 | 7.741,0 | 17.183,4 | 0,0 |
| Vorjahr | 65.104,5 | 43.621,8 | 21.482,7 | 0,0 |
| Sonstige zinstragende Verbindlichkeiten | 27.189,6 | 6.999,0 | 17.596,2 | 2.594,4 |
| Vorjahr | 26.049,1 | 4.259,4 | 18.916,7 | 2.873,1 |
| Erhaltene Anzahlungen auf Bestellungen | 1.587,3 | 1.587,3 | 0,0 | 0,0 |
| Vorjahr | 766,1 | 766,1 | 0,0 | 0,0 |
| Verbindlichkeiten aus Lieferungen und Leistungen |
44.271,2 | 44.271,2 | 0,0 | 0,0 |
| Vorjahr | 45.960,2 | 45.871,1 | 89,0 | 0,0 |
| Verbindlichkeiten gegenüber verbundenen Unternehmen |
72.046,7 | 16.793,6 | 17.253,1 | 38.000,0 |
| Vorjahr | 44.929,4 | 25.121,1 | 18.808,3 | 1.000,0 |
| Verbindlichkeiten gegenüber Unternehmen, mit denen ein Beteiligungsverhältnis besteht |
22,7 | 22,7 | 0,0 | 0,0 |
| Vorjahr | 0,0 | 0,0 | 0,0 | 0,0 |
| Sonstige Verbindlichkeiten | 33.441,7 | 31.215,8 | 2.225,9 | 0,0 |
| Vorjahr | 29.280,5 | 26.848,4 | 2.432,1 | 0,0 |
| Gesamt | 560.983,5 | 149.130,6 | 260.758,6 | 151.094,4 |
| Vorjahr | 545.589,7 | 146.487,9 | 360.228,8 | 38.873,1 |
In 2010 wurde eine siebenjährige Anleihe mit einem Fixzinssatz von 3,875% und einem Nominale von TEUR 120.000,0 begeben. Sie ist am 27. September 2017 fällig.
Im Geschäftsjahr 2012 hat die Lenzing AG Schuldscheine in Höhe von TEUR 184.500,0 platziert. Die Schuldscheine wurden mit einer Laufzeit von 4 und 7 Jahren mit jeweils fixer und variabler Verzinsung und mit einer Laufzeit von 10 Jahren nur mit fixer Verzinsung abgeschlossen. Im Geschäftsjahr 2013 wurde ein weiteres Schuldscheindarlehen in Höhe von TEUR 29.000,0 mit einer Laufzeit von 5 Jahren und fixer Verzinsung aufgenommen.
Im Geschäftsjahr 2015 hat sich die Lenzing AG auf die Refinanzierung der Schuldscheine samt Volumensausdehnung geeinigt. Bestehende Schuldscheine in Höhe von TEUR 75.000,0 und einer ursprünglichen Laufzeit von 4 und 7 Jahren mit variabler Verzinsung wurden gekündigt und neue Schuldscheine samt Volumensaufstockung ausgegeben (TEUR 99.000,0). Die neuen Schuldscheine wurden mit einer Laufzeit von 5 und 7 Jahren mit jeweils fixer und variabler Verzinsung und mit einer Laufzeit von 10 Jahren nur mit fixer Verzinsung abgeschlossen.
Die sonstigen zinstragenden Verbindlichkeiten enthalten ERP-Kredite, Forschungsförderungskredite und Verbindlichkeiten aus Finanzierungsleasing.
Von den Verbindlichkeiten gegenüber Kreditinstituten und sonstigen zinstragenden Verbindlichkeiten von TEUR 52.114,0 (31.12.2014: TEUR 91.153,6) sind wie im Vorjahr keine durch Grundpfandrechte und sonstige dingliche Sicherheiten besichert.
Von den Verbindlichkeiten gegenüber verbundenen Unternehmen betreffen TEUR 11.776,6 (31.12.2014: TEUR 8.095,7) Lieferungen und Leistungsverrechnungen, TEUR 392,8 (31.12.2014: TEUR 65,1) sonstige Verrechnungen sowie TEUR 7.877,3 (31.12.2014: TEUR 21.268,7) Verbindlichkeiten aus Steuerumlagen. Weiters bestehen Verbindlichkeiten aus Darlehen in Höhe von TEUR 52.000,0 (31.12.2014: TEUR 15.500,0) gegenüber der Lenzing Global Finance GmbH aus der Weiterverrechnung der vereinnahmten finanziellen Mittel aus den von der Lenzing Global Finance GmbH im Geschäftsjahr 2015 und 2012 begebenen Schuldscheinen.
In den sonstigen Verbindlichkeiten sind Aufwendungen in Höhe von TEUR 14.661,8 (31.12.2014: TEUR 12.627,1) enthalten, die erst nach dem Bilanzstichtag zahlungswirksam werden. Davon betreffen TEUR 3.757,7 (31.12.2014: TEUR 2.786,0) Verbindlichkeiten für das Altersteilzeitmodell gem. § 27 ALVG.
Die passive Rechnungsabgrenzung beinhaltet im Wesentlichen transitorisch abgegrenzte Zinsenzuschüsse des Umwelt- und des Forschungsförderungsfonds.
HAFTUNGSVERHÄLTNISSE
Haftungsverhältnisse liegen in folgendem Umfang vor:
| Haftungsverhältnisse | TEUR | |
|---|---|---|
| 31.12.2015 | 31.12.2014 | |
| Bürgschafts- und Garantieerklärungen für den Wasserreinhaltungsverband Lenzing-Lenzing AG für den Bau der zweiten und dritten Ausbaustufe der Abwasserreinigungsanlage |
2.971,4 | 4.715,3 |
| Haftungsübernahmen für verbundene Unternehmen | 174.935,2 | 158.571,3 |
| Haftungsübernahmen gegenüber Dritten | 16.732,9 | 15.611,5 |
| Gesamt | 194.639,5 | 178.898,2 |
Seit dem Geschäftsjahr 2014 bestehen Factoring-Vereinbarungen, welche im Punkt Angaben zu sonstigen finanziellen Verpflichtungen und außerbilanziellen Geschäften erläutert werden. Für den theoretischen kreditrisikobedingten Verlust für die Übernahme der Ausfallshaftung durch die Lenzing AG in Höhe von TEUR 6.482,9 (31.12.2014: TEUR 6.111,6) wird eine Haftungsübernahme gegenüber Dritten ausgewiesen.
Im Geschäftsjahr 2013 hat die Lenzing AG eine harte Patronatserklärung, die in ihrer Höhe unbestimmt ist, abgegeben. Die Lenzing AG verpflichtet sich darin, die Lenzing Fibers Grimsby Limited sowie die Lenzing Fibers Inc. mit ausreichenden Mitteln auszustatten, damit sie ihre finanziellen Verpflichtungen aus abgeschlossenen Gasabsicherungsgeschäften erfüllen können.
Im Geschäftsjahr 2012 hat die Lenzing AG eine harte Patronatserklärung, die in ihrer Höhe unbestimmt ist, abgegeben. Die Lenzing AG verpflichtet sich darin, die Lenzing Fibers Grimsby Limited mit ausreichenden Mitteln auszustatten, damit sie ihre finanziellen Verpflichtungen aus einem abgeschlossenen Energieliefervertrag erfüllen kann.
Des Weiteren besteht eine Garantieerklärung der Lenzing AG, die in ihrer Höhe unbestimmt ist, in der sie garantiert, dass die Pulp Trading GmbH ihre finanziellen Verpflichtungen aus einem abgeschlossenen Liefervertrag erfüllt.
Als international tätiges Unternehmen ist die Lenzing AG einer Vielzahl von rechtlichen und sonstigen Risiken ausgesetzt. Hierzu können insbesondere Risiken aus den Bereichen Produktmängel, Wettbewerbs- und Kartellrecht, Patentrecht, Steuerrecht, Arbeitnehmer und Umweltschutz gehören. Der Standort Lenzing wird schon seit Jahrzehnten für industrielle Zwecke genutzt und birgt daher das inhärente Risiko von Umweltschäden. 1990 wurde die Lenzing AG in Kenntnis gesetzt, dass sich hier eine Verdachtsfläche befindet, die früher als Klärteich benutzt wurde und daher belastet sein könnte. Die Gesellschaft hat die Fläche versiegelt, um eine Belastung des Grundwassers zu verhindern.
Die Ergebnisse von gegenwärtig anhängigen bzw. künftigen Verfahren sind nicht vorhersagbar, sodass aufgrund von gerichtlichen und behördlichen Entscheidungen oder der Vereinbarung von Vergleichen Aufwendungen entstehen können, die nicht in vollem Umfang durch Versicherungsleistungen abgedeckt sind und wesentliche Auswirkungen auf die künftige Ver-
mögens-, Finanz- und Ertragslage der Lenzing AG haben können. Weitere Ausführungen sind dem Risikobericht im Lagebericht zu entnehmen.
Aus der gewöhnlichen Geschäftstätigkeit sind in der Lenzing AG Rechtsstreitigkeiten anhängig. Der Vorstand geht aktuell davon aus, dass die derzeit bekannten Verfahren keine wesentlichen Auswirkungen auf die derzeitige Vermögens-, Finanz- und Ertragslage der Lenzing AG haben bzw. eine entsprechende Risikovorsorge getroffen wurde. Unabhängig von dieser sorgfältig getroffenen Einschätzung verbleiben Restrisiken.
Im Berichtsjahr erzielte die Gesellschaft einen Umsatz von TEUR 789.083,5 (2014: TEUR 729.033,9), der sich wie folgt gliedert:
| 2015 | 2014 | |
|---|---|---|
| Österreich | 131.602,6 | 123.751,3 |
| Europa inkl. Türkei ohne Österreich | 354.965,2 | 351.556,0 |
| Asien | 240.881,0 | 195.903,5 |
| Amerika | 40.724,5 | 43.845,7 |
| Sonstige | 20.910,2 | 13.977,4 |
| Gesamt | 789.083,5 | 729.033,9 |
| Umsatzerlöse nach Bereichen | TEUR | |
|---|---|---|
| 2015 | 2014 | |
| Fibers | 674.119,0 | 603.106,6 |
| Pulp, Energy, Sonstige | 114.964,5 | 125.927,3 |
| Gesamt | 789.083,5 | 729.033,9 |
Die übrigen sonstigen betrieblichen Erträge beinhalten:
| 2015 | 2014 | |
|---|---|---|
| Leistungsverrechnungen und Kostenersätze | 29.451,7 | 29.368,3 |
| Mieteinnahmen | 3.134,9 | 3.101,1 |
| Forschungs-, Lehrlings- und Bildungsprämien | 1.876,0 | 2.452,0 |
| Umsätze der werkseigenen Küche | 1.635,8 | 1.702,5 |
| Beiträge des Österr. Forschungsförderungsfonds | 1.338,5 | 1.926,5 |
| Auflösung von Zuschüssen (Emissionszertifikaten) | 967,2 | 940,1 |
| Versicherungserträge | 0,0 | 1.533,3 |
| Übrige | 2.023,6 | 3.245,4 |
| Gesamt | 40.427,7 | 44.269,2 |
Die Aufwendungen für Abfertigungen und Leistungen an betriebliche Mitarbeitervorsorgekassen (inkl. Rückstellungsdotierungen und -auflösungen der Rückstellung für Abfertigungen und den Sozialplan) setzen sich wie folgt zusammen:
| Aufwendungen für | TEUR | |
|---|---|---|
| 2015 | 2014 | |
| Abfertigungen (inkl. freiwilligen Abfertigungen) | -1.521,2 | 6.775,9 |
| Leistungen an betriebliche Mitarbeitervorsorgekassen | 994,3 | 782,0 |
| Gesamt | -526,9 | 7.557,9 |
Die Aufwendungen für Abfertigungen und Leistungen an betriebliche Mitarbeitervorsorgekassen (inkl. Rückstellungsdotierungen und -auflösungen) verteilen sich wie folgt:
| Aufwendungen für | TEUR | |
|---|---|---|
| 2015 | 2014 | |
| Mitglieder des Vorstandes | ||
| Aktive Mitglieder | 114,5 | 176,7 |
| Leitende Arbeitnehmer | -50,7 | 161,5 |
| Andere Arbeitnehmer | -590,7 | 7.219,7 |
| Gesamt | -526,9 | 7.557,9 |
Die Aufwendungen für Altersversorgung (inkl. Rückstellungsdotierungen und -auflösungen sowie Erträgen aus der Rückdeckungsversicherung) setzen sich wie folgt zusammen:
| Aufwendungen für | ||||
|---|---|---|---|---|
| 2015 | 2014 | |||
| Beitragsorientierte Pläne (Pensionskassenbeiträge) | 1.197,9 | 1.172,3 | ||
| Leistungsorientierte Pläne | 85,3 | 3.967,5 | ||
| Gesamt | 1.283,2 | 5.139,8 |
Die Aufwendungen für Altersversorgung (inkl. Rückstellungsdotierungen und -auflösungen sowie Erträgen aus der Rückdeckungsversicherung) verteilen sich wie folgt:
| Aufwendungen für | TEUR | |
|---|---|---|
| 2015 | 2014 | |
| Mitglieder des Vorstandes | ||
| Aktive Mitglieder | 159,4 | 118,3 |
| Ehemalige Mitglieder und deren Hinterbliebene | 74,1 | 1.651,9 |
| Leitende Arbeitnehmer | 106,5 | 94,2 |
| Andere Arbeitnehmer | 943,2 | 3.275,4 |
| Gesamt | 1.283,2 | 5.139,8 |
Die Lenzing AG hat eine Rückdeckungsversicherung für Pensionsansprüche abgeschlossen. Der Aufwand aus diesen Pensionszusagen (exkl. Rückstellungsdotierungen und -auflösungen) in Höhe von TEUR 614,9 (2014: TEUR 601,5) sowie der Ertrag aus der Rückdeckungsversicherung von TEUR 158,5 (2014: TEUR 163,5) sind im Posten Aufwendungen für Altersversorgung enthalten.
Die Abschreibungen auf immaterielle Gegenstände des Anlagevermögens und Sachanlagen beinhalten die planmäßigen Abschreibungen in Höhe von TEUR 58.322,1 (2014: TEUR 53.758,9).
Die Erträge aus der Auflösung der Investitionszuschüsse der öffentlichen Hand vermindern die Abschreibungen in folgender Höhe:
| Auflösung der | TEUR | |
|---|---|---|
| 2015 | 2014 | |
| Investitionszuschüsse der öffentlichen Hand | 444,9 | 566,3 |
| Gesamt | 444,9 | 566,3 |
Die übrigen sonstigen betrieblichen Aufwendungen umfassen:
| 2015 | 2014 | |
|---|---|---|
| Vertriebsaufwendungen (inkl. Werbeaufwendungen) | 46.200,8 | 44.572,9 |
| Rechts-, Prüfungs- und Beratungsaufwendungen | 18.175,5 | 9.825,3 |
| Instandhaltungen und Fremdleistungen | 18.162,8 | 16.080,0 |
| Konzernleistungen | 10.814,4 | 8.972,6 |
| Reise- und Fahrtkosten | 3.658,6 | 2.872,1 |
| Abfallentsorgung | 3.634,1 | 4.398,1 |
| Versicherungsaufwendungen | 3.438,3 | 3.498,5 |
| Gebühren, Spesen und sonstige Beiträge | 3.007,0 | 2.916,8 |
| Schulung der Belegschaft | 2.779,7 | 2.460,2 |
| Fremdwährungsdifferenzen | 2.651,6 | 0,0 |
| Sonstige Aufwendungen | 16.385,0 | 13.489,7 |
| Gesamt | 128.907,8 | 109.086,1 |
In den sonstigen Aufwendungen sind vor allem Miet- und Leasingaufwendungen, Aufwendungen für den Verbrauch von Büromaterial, allgemeine Verwaltungskosten, der Verbrauch von Lebensmitteln der werkseigenen Küche sowie Wertberichtigungen enthalten.
Die Erträge aus Beteiligungen betreffen im Wesentlichen Dividenden der EQUI-Fibres Beteiligungsgesellschaft mbH in Höhe von TEUR 30.000,0 (2014: TEUR 0,0) und der BZL-Bildungszentrum Lenzing GmbH in Höhe von TEUR 375,0 (2014: TEUR 300,0).
In den Erträgen aus anderen Wertpapieren und Ausleihungen des Finanzanlagevermögens sind Erträge aus Zinsforderungen an verbundene Unternehmen von TEUR 2.154,5 (2014: TEUR 2.535,1) erfasst.
Sonstige Zinsen und ähnliche Erträge resultieren im Wesentlichen aus der Aufzinsung von Ausleihungen in Höhe von TEUR 758,5 (2014: TEUR 727,8) und aus Guthaben bei Kreditinstituten von TEUR 125,4 (2014: TEUR 339,5).
Die Erträge aus dem Abgang von und der Zuschreibung zu Finanzanlagen enthalten im Wesentlichen Gewinne aus dem Verkauf der Anteile an der European Carbon Fiber GmbH sowie Fremdwährungskursgewinne aus Ausleihungen an verbundene Unternehmen.
Die Aufwendungen aus Finanzanlagen beinhalten im Wesentlichen Risikovorsorgen von TEUR 75,0 (2014: TEUR 200,0) im Zusammenhang mit der Liquidation der European Precursor GmbH sowie Abschreibungen einer sonstigen Ausleihung in Höhe von TEUR 188,8 (2014: TEUR 9,5). Im Vorjahr waren darüber hinaus Aufwendungen aus der Abzinsung von Ausleihungen in Höhe von TEUR 551,0 enthalten.
Die Steuern vom Einkommen und vom Ertrag setzen sich wie folgt zusammen:
| Steuern vom Einkommen und vom Ertrag | TEUR | |
|---|---|---|
| 2015 | 2014 | |
| Körperschaftsteuer aus der Gruppenbesteuerung | 13.168,8 | 18.852,3 |
| Steuergutschrift vom Gruppenträger B&C Industrieholding GmbH | -1.486,9 | -2.999,9 |
| Steuerumlagen der Gruppenmitglieder | -3.903,4 | -7.172,3 |
| Steuerumlagen an Gruppenmitglieder | 913,6 | 4.753,6 |
| Sonstige Steuern vom Einkommen und vom Ertrag | 480,7 | 926,5 |
| Gesamt | 9.172,8 | 14.360,2 |
Die sonstigen Steuern vom Einkommen und vom Ertrag enthalten wie im Vorjahr im Wesentlichen Körperschaftsteuern aus Vorperioden und ausländische Quellensteuern.
Der Ertrag aus der Auflösung unversteuerter Rücklagen in der Höhe von TEUR 365,6 (2014: TEUR 315,9) ist in voller Höhe steuerpflichtig, sodass daraus eine Steuerbelastung von insgesamt TEUR 91,4 (2014: TEUR 79,0) resultiert.
Verpflichtungen aus der Nutzung von in der Bilanz nicht ausgewiesenen Sachanlagen liegen aufgrund von Leasing-, Pacht- und Mietverträgen in folgendem Umfang vor:
| Nutzungsverpflichtungen | TEUR | |
|---|---|---|
| 31.12.2015 | 31.12.2014 | |
| Im Folgejahr | 3.154,4 | 3.014,4 |
| In den folgenden fünf Jahren | 8.621,5 | 8.913,3 |
Verpflichtungen aus offenen Bestellungen für die Lieferung von Sachanlagen liegen in folgender Höhe vor:
| Bestellobligo | TEUR | |
|---|---|---|
| 31.12.2015 | 31.12.2014 | |
| Bestellobligo für Investitionsvorhaben | 9.717,5 | 18.057,5 |
| Davon gegenüber verbundenen Unternehmen | 1.777,3 | 14.431,6 |
Aufgrund der Personalüberlassung von Mitarbeitern der Lenzing Services Ltd. (nunmehr Lenzing Fibers Grimsby Ltd.) an die Lenzing Fibers Inc. (Agreement of the Secondment of the Employees) hat sich die Lenzing AG verpflichtet, die Lenzing Fibers Grimsby Ltd. aus diesem Titel schad- und klaglos zu halten (Deed of Undertaking).
Im Übrigen gibt es rechtlich unverbindliche Erklärungen, Tochtergesellschaften mit ausreichend finanziellen Mitteln auszustatten ("weiche Patronatserklärungen"), die sich nicht an bestimmte Personen richten.
Die Bankgarantien für Verbindlichkeiten aus laufenden Geschäftsbeziehungen betragen zum 31. Dezember 2015 TEUR 3.977,4 (31.12.2014: TEUR 5.422,5).
Seit dem Geschäftsjahr 2014 bestehen Factoring-Vereinbarungen, aufgrund denen Banken zum Ankauf bestimmter Forderungen aus Lieferungen und Leistungen der Lenzing AG über ein monatlich revolvierendes Nominalvolumen verpflichtet sind. Die Lenzing AG ist zum Verkauf dieser Forderungen berechtigt. Die Vereinbarungen haben eine unbestimmte Laufzeit; jede Partei hat das Recht, die Vereinbarungen mit einer Frist aufzukündigen und dann auslaufen zu lassen. Die verkauften Forderungen sind kurzfristig und innerhalb eines Jahres fällig.
Die für die Risikobeurteilung relevanten Risiken der verkauften Forderungen sind das Kreditausfallsrisiko (Delkredererisiko), im Fall von Forderungen in Fremdwährung das Fremdwährungsrisiko und das Risiko verspäteter Zahlungen. Die kreditrisikobedingten Ausfälle und im Fall von Forderungen in Fremdwährung die Schwankungen der Wechselkurse stellen die wesentlichen mit diesen Forderungen verbundenen Chancen und Risiken dar. Das Risiko verspäteter Zahlungen wird bei allen Factoring-Vereinbarungen von der Lenzing AG getragen und als geringfügig eingeschätzt.
Bei einer Vereinbarung über den Verkauf von Forderungen in Berichtswährung (nachfolgend "Tranche 1" genannt) wird das Kreditausfallsrisiko zur Gänze von der Bank übernommen. Damit wurden im Wesentlichen alle Chancen und Risiken an die Bank übertragen. Bei den übrigen Vereinbarungen (nachfolgend "Tranche 2" genannt) übernimmt die Lenzing AG eine Ausfallshaftung von 10% pro Zahlungsausfall. Dieser nicht von einer anderen Partei erstattbare Betrag wird von der Bank nicht bevorschusst. Das verbleibende Kreditausfallsrisiko (90% pro Zahlungsausfall) und - im Fall von Forderungen, die nicht auf die Berichtswährung lauten - auch das Fremdwährungsrisiko übernimmt die Bank. Damit wurden die wesentlichen Chancen und Risiken zwischen der Lenzing AG und der Bank aufgeteilt; die Verfügungsmacht über die Forderungen ging allerdings auf die Bank über. Die Lenzing AG hat sich verpflichtet, Kreditversicherungen für die verkauften Forderungen abzuschließen und das Debitorenmanagement zu übernehmen. Die beteiligten Banken haben das Recht, überfällige Forderungen aus verfahrensrechtlichen Gründen im Fall eines Rechtsstreits an die Lenzing AG zurückzuübertragen. Dadurch wird jedoch das Kreditausfallsrisiko nicht an die Lenzing AG rückübertragen, und es ergeben sich auch keine Auswirkungen auf die Liquidität der Lenzing AG.
Die Factoring-Vereinbarungen haben per 31. Dezember 2015 ein maximal ausnutzbares Nominalvolumen von insgesamt TEUR 65.600,0 (31.12.2014: TEUR 65.600,0). Davon betreffen TEUR 2.600,0 (31.12.2014: TEUR 2.600,0) die Tranche 1 und TEUR 63.000,0 (31.12.2014: TEUR 63.000,0) die Tranche 2.
Zum 31. Dezember 2015 waren aufgrund der Factoring-Vereinbarungen Forderungen in Höhe von insgesamt TEUR 68.002,1 (31.12.2014: TEUR 62.119,6) verkauft und aus der Bilanz der Lenzing AG ausgebucht. Davon betreffen TEUR 1.850,0 (31.12.2014: TEUR 1.636,2) die Tranche 1 und TEUR 66.152,1 (31.12.2014: TEUR 60.483,4) die Tranche 2. Der nicht bevorschusste Betrag der Tranche 2 wird per 31. Dezember 2015 als sonstige Forderung in Höhe von TEUR 6.615,2 (31.12.2014: TEUR 6.048,3; vor Fremdwährungsbewertung) ausgewiesen. Die Zeitwerte entsprechen den angegebenen Buchwerten, da insbesondere auch die Restlaufzeiten der betroffenen Forderungen kurzfristig sind. Die wesentlichen Vorschüsse aus den Factoring-Vereinbarungen sind mit Transaktionsbeginn im März und Mai 2014 an die Lenzing AG geflossen; das Volumen unterliegt seither keinen wesentlichen Schwankungen.
Der oben angeführte nicht bevorschusste Betrag der Tranche 2 entspricht aus Sicht der Lenzing AG dem theoretischen kreditrisikobedingten Maximalverlust für die Übernahme der Ausfallshaftung. In Höhe des Zeitwertes dieser Ausfallshaftung per 31. Dezember 2015 von TEUR 132,3 (31.12.2014: TEUR 124,7) wurde eine sonstige Rückstellung erfasst, der verbleibende Differenzbetrag in Höhe von TEUR 6.482,9 (31.12.2014: TEUR 6.111,6) ist als Haftung gegenüber Dritten ausgewiesen.
Die von Kunden im Zeitraum zwischen der letzten Bevorschussung und dem 31. Dezember 2015 erhaltenen Zahlungen werden in den sonstigen Verbindlichkeiten abgegrenzt.
Die Lenzing AG setzt Devisentermingeschäfte als Sicherungsgeschäfte ein, um Währungsrisiken aus dem operativen Geschäft zu vermindern. Die Sicherungsgeschäfte werden jährlich im Vorhinein auf Basis der voraussichtlichen Umsatzerlöse bzw. Materialaufwendungen in der betreffenden Fremdwährung festgelegt.
Zum Bilanzstichtag bestanden folgende Devisentermingeschäfte:
| 31.12.2015 | |||||||
|---|---|---|---|---|---|---|---|
| Art der derivativen | Siche | Beizulegender Wert2 |
Bilanz | ||||
| Finanzinstrumente | Nominale1 | rungs zeitraum |
positiv | negativ | Buch wert |
posten | |
| FW 1.000 | bis | TEUR | TEUR | TEUR | TEUR | ||
| Devisen termingeschäfte |
|||||||
| CZK-Kauf/EUR-Verkauf | CZK | 64.000 | 08/2016 | 23,0 | -4,0 | 0,0 | - |
| CNY/CNH-Verkauf/EUR Kauf |
CNY/ CNH |
886.160 | 09/2017 | 1.244,4 | -6.807,9 | 0,0 | - |
| USD-Verkauf/EUR-Kauf | USD | 106.200 | 06/2017 | 170,8 | -2.129,1 | 0,0 | - |
| Summe | 1.438,2 | -8.941,0 | 0,0 | ||||
| Nettoposition | -7.502,8 |
| 31.12.2014 | ||||||||
|---|---|---|---|---|---|---|---|---|
| Art der derivativen | Siche rungs |
Beizulegender Wert2 |
Bilanz | |||||
| Finanzinstrumente | Nominale1 | zeitraum | positiv | negativ | posten | |||
| FW 1.000 | bis | TEUR | TEUR | TEUR | ||||
| Devisen termingeschäfte |
||||||||
| CZK-Kauf/EUR-Verkauf | CZK | 202.000 | 01/2016 | 0,0 | -90,5 | 0,0 | - | |
| CNY/CNH-Verkauf/EUR Kauf |
CNY/ CNH |
1.334.050 | 06/2016 | 0,0 | -8.358,6 | 0,0 | - | |
| USD-Verkauf/EUR-Kauf | USD | 146.676 | 01/2016 | 15,5 | -8.483,9 | 0,0 | - | |
| Summe | 15,5 | -16.933,0 | 0,0 | |||||
| Nettoposition | -16.917,5 |
Die in den obigen Tabellen angegebenen beizulegenden Werte der derivativen Finanzinstrumente entsprechen den Marktwerten zum Bilanzstichtag. Sie wurden unter Anwendung anerkannter finanzmathematischer und ggf. statistischer Bewertungsmodelle und aktueller Marktparameter zum Bilanzstichtag durch Banken, andere externe Partner bzw. intern ermittelt.
Bei den beizulegenden Werten der Sicherungsgeschäfte handelt es sich um unrealisierte Gewinne bzw. Verluste, die sich mit den gegenläufigen Verlusten bzw. Gewinnen aus den dazugehörigen Grundgeschäften (bestehende und künftige Fremdwährungsforderungen bzw. -verbindlichkeiten) ausgleichen.
Die Lenzing AG wendet die AFRAC-Stellungnahme "Die unternehmensrechtliche Bilanzierung von Derivaten und Sicherungsinstrumenten" vom September 2014 an.
In Anwendung dieser Stellungnahme werden zum Bilanzstichtag dokumentierte Sicherungsbeziehungen (Bewertungseinheiten) zwischen Devisentermingeschäften, die als Sicherungsinstrumente dienen, und Grundgeschäften zur Absicherung von Fremdwährungsrisiken gebildet.
Liegt eine derartige Sicherungsbeziehung vor, ist ein Derivat am Bilanzstichtag nicht gesondert zu bewerten. Bewertungsobjekt ist vielmehr das bereits bilanzierte abgesicherte Grundgeschäft (Fremdwährungsforderung bzw. -verbindlichkeit) zusammen mit dem Sicherungsgeschäft (Devisentermingeschäft). Außerdem werden bei der Bemessung einer allfälligen Drohverlustrückstellung mit an Sicherheit grenzender Wahrscheinlichkeit eintretende gegenläufige, erfolgswirksame Zahlungsströme berücksichtigt (zukünftige Zahlungseingänge aus geplanten Umsatzerlösen bzw. Zahlungsausgänge aus geplanten Materialaufwendungen in Fremdwährung).
Zum 31. Dezember 2015 wurde insgesamt auf eine Drohverlustrückstellung aus Sicherungsbeziehungen zukünftiger Zahlungsströme in Höhe von TEUR 8.941,0 (31.12.2014: TEUR 16.933,0) verzichtet, da sich diese unrealisierten Verluste mit hoher Eintrittswahrscheinlichkeit mit den gegenläufigen unrealisierten Gewinnen aus den zukünftigen Zahlungseingängen bzw. Zahlungsausgängen in Fremdwährung ausgleichen werden.
Der wirksame Ausgleich zwischen unrealisierten Verlusten und Gewinnen wird durch Effektivitätstests nachgewiesen. Bei Fremdwährungsabsicherungen werden die Grundgeschäfte und die Sicherungsinstrumente für die Effektivitätsmessung je Währung in zumindest quartalsweisen Laufzeitbändern zusammengefasst. Die prospektive Sicherungswirkung der Sicherungsbeziehungen wird durch einen Vergleich der wesentlichsten Konditionen nachgewiesen. Dabei werden die geplanten Grundgeschäfte den abgeschlossenen Sicherungsinstrumenten gegenübergestellt. Die retrospektive Sicherungswirkung der Bewertungseinheiten wird durch Vergleich der seit Sicherungsbeginn tatsächlich erfolgten Zahlungsströme der Grundgeschäfte mit den tatsächlichen Zahlungsströmen der Sicherungsinstrumente nach der Kompensierungsmethode beurteilt. Aufgrund der identen, aber gegenläufigen Parameter kann von einer hoch wirksamen Sicherungsbeziehung ausgegangen werden.
An der Bonität der Kontrahenten, die an einer Bewertungseinheit beteiligt sind, bestehen zum Bilanzstichtag keinerlei Zweifel.
| Durchschnittliche Zahl der Mitarbeiter | 2015 | 2014 |
|---|---|---|
| Angestellte | 845 | 791 |
| Arbeiter | 1.342 | 1.262 |
| Gesamt | 2.187 | 2.053 |
Die seitens der Lenzing AG aufgewendeten laufenden Bezüge fix und variabel sowie die Abschlagszahlungen der aktiven Mitglieder des Vorstandes setzen sich wie folgt zusammen:
| Dr. Stefan Doboczky, MBA1 |
Robert van de Kerkhof, MBA |
Dr. Thomas Riegler2 |
Mag. Dr. Peter Untersperger3 |
Dipl.-Ing. Friedrich | Weninger, MBA4 | Gesamt | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | |
| Laufende Bezüge fix | 412,3 | 0,0 | 452,9 | 291,8 | 456,6 | 259,3 | 244,4 | 584,9 | 0,0 | 434,7 | 1.566,2 | 1.570,7 |
| Laufende Bezüge variabel | 643,6 | 0,0 | 208,7 | 133,0 | 0,0 | 116,3 | 225,0 | 189,6 | 0,0 | 315,0 | 1.077,3 | 753,9 |
| Abschlagszahlungen | 0,0 | 0,0 | 0,0 | 0,0 | 873,8 | 0,0 | 1.952,6 | 0,0 | 0,0 | 0,0 | 2.826,4 | 0,0 |
| Gesamt | 1.055,9 | 0,0 | 661,6 | 424,8 | 1.330,4 | 375,6 2.422,0 | 774,5 | 0,0 | 749,7 5.469,9 2.324,6 |
1) Mitglied des Vorstandes seit 1. Juni 2015. 2) Mitglied des Vorstandes bis 1. Dezember 2015. 3) Mitglied des Vorstandes bis 31. Mai 2015.
4) Mitglied des Vorstandes bis 31. Dezember 2014.
245
Die oben dargestellten Beträge im Geschäftsjahr 2015 von insgesamt TEUR 5.469,9 (2014: TEUR 2.324,6) betreffen mit insgesamt TEUR 2.643,5 (laufende Bezüge fix und variabel; 2014: TEUR 2.324,6) kurzfristig fällige Leistungen und mit TEUR 2.826,4 (Abschlagszahlungen; 2014: TEUR 0,0) Leistungen aus Anlass der Beendigung eines Arbeitsverhältnisses. Darüber hinaus haben sich die Rückstellungen für Ansprüche der aktiven Mitglieder des Vorstandes aus langfristigen Bonusbankmodellen (andere langfristig fällige Leistungen) im Geschäftsjahr 2015 um TEUR 297,6 aufwandswirksam erhöht (2014: um TEUR 47,1 verringert); weitere TEUR 0,0 (2014: TEUR 309,0) wurden für die Abgeltung von Ansprüchen aufgewendet. Außerdem wurde für Urlaubsentschädigungen (kurzfristig fällige Leistungen) unter Berücksichtigung der dafür rückgestellten Beträge ein Betrag von TEUR 40,2 (2014: TEUR 138,3 ertragswirksam aufgelöst) aufwandswirksam erfasst. Ferner wurden den aktiven Mitgliedern des Vorstandes Leistungen nach Beendigung des Arbeitsverhältnisses in Höhe von TEUR 272,8 (2014: TEUR 295,1) in Form von Aufwendungen in der Gewinn- und Verlustrechnung für die betriebliche Altersversorgung und Abfertigungsansprüche gewährt.
Im Geschäftsjahr 2015 wurde mit Herrn Dr. Stefan Doboczky, MBA eine langfristige Bonusvereinbarung abgeschlossen. Die Laufzeit beträgt drei Jahre mit der Erfüllung des Anspruchs im Jahr 2018. Die Höhe des Bonus basiert auf der erzielten Steigerung des Unternehmenswerts in diesem Zeitraum. Die Vereinbarung setzt das Erreichen einer Mindestrendite pro Jahr voraus. Eine weitere Nebenbedingung ist die Verlängerung des Vorstandsvertrags. Der Bonus wird zu 50% in Zahlungsmittel und zu 50% in Aktien der Lenzing AG erfüllt. Die zu gewährende Anzahl an Aktien der Lenzing AG ist variabel und hängt von der Höhe des Bonusanspruches und dem durchschnittlichen Börsenkurs der letzten zwölf Monate vor der Erfüllung ab. Der Ausgleich mit Eigenkapitalinstrumenten stellt eine anteilsbasierte Vergütung nach IFRS 2 dar. Der Ausgleich mit Zahlungsmittel wird als andere langfristige fällige Leistung nach IAS 19 eingestuft (siehe dazu bereits oben; im Betrag von TEUR 297,6 inkludiert). Die Bewertung basiert auf einem Multiple unter Berücksichtigung des EBITDA und des Net Debt. Darüber hinaus fließen Abzinsungseffekte und die Wahrscheinlichkeit der Inanspruchnahme ein. Für die erste Hälfte der gewährten Aktien gilt eine Behaltefrist von zumindest einem Jahr ab Erwerb. Für die zweite Hälfte der gewährten Aktien gilt eine Behaltefrist von zumindest zwei Jahren. Es gibt keine speziellen Vereinbarungen über die Übertragbarkeit des Bonusanspruches. Erwartete Dividenden wurden bei der Ermittlung des beizulegenden Zeitwerts nicht berücksichtigt. Im Geschäftsjahr 2015 wurde ein Aufwand für den Bonusanspruch, der in Eigenkapitalinstrumenten erfüllt wird, von TEUR 433,3 (2014: TEUR 0,0) innerhalb des Personalaufwandes erfasst, gegenläufig wurde im Eigenkapital eine Optionsrücklage mit dem gleichen Betrag dotiert.
Die Aufwendungen für die aktiven Mitglieder des Aufsichtsrates der Lenzing AG (kurzfristig fällige Leistungen in Form von Aufsichtsratsvergütungen inkl. Sitzungsgeldern) betragen 2015 TEUR 293,6 (2014: TEUR 436,5).
Die aufgewendeten Vergütungen des Managements in Schlüsselpositionen im Rahmen ihrer Funktion, das sich aus den aktiven Mitgliedern des Vorstands und des Aufsichtsrats der Lenzing AG zusammensetzt, stellen sich zusammengefasst somit wie folgt dar:
| Vergütung des Managements in Schlüsselpositition (aufgewendet) |
TEUR | |
|---|---|---|
| Vergütung des Vorstands | 2015 | 2014 |
| Kurzfristig fällige Leistungen | 2.683,7 | 2.186,3 |
| Andere langfristig fällige Leistungen | 297,6 | 261,9 |
| Leistungen nach Beendigung des Arbeitsverhältnisses | 272,8 | 295,1 |
| Anteilsbasierte Vergütungen | 433,3 | 0,0 |
| Vergütung (ohne Abschlagszahlungen) | 3.687,4 | 2.743,3 |
| Abschlagszahlungen (Leistungen aus Anlass der Beendigung des Arbeitsverhältnisses) |
2.826,4 | 0,0 |
| 6.513,8 | 2.743,3 | |
| Vergütung des Aufsichtsrats (kurzfristig fällige Leistungen) | 293,6 | 436,5 |
| Gesamt | 6.807,4 | 3.179,8 |
Mitglieder des Vorstandes haben im Geschäftsjahr 2014 vor ihrer Vorstandstätigkeit Leistungen für die Lenzing Gruppe erbracht; dafür hat die Lenzing Gruppe TEUR 101,7 aufgewendet.
Der Barwert der für die aktiven Vorstände gebildeten Abfertigungsrückstellung beträgt zum 31. Dezember 2015 TEUR 0,0 (31. Dezember 2014: TEUR 837,7).
Den vom Betriebsrat delegierten Arbeitnehmervertretern im Aufsichtsrat steht neben den vorgenannten Leistungen eine reguläre Entlohnung (Lohn oder Gehalt und Abfertigungs- sowie Jubiläumsgeldzahlungen) im Rahmen ihres Dienstvertrags zu. Die Entlohnung entspricht einer angemessenen Vergütung für die ausgeübte Funktion bzw. Tätigkeit im Unternehmen.
In markt- und konzernüblicher Weise gewährt die Lenzing AG den Mitgliedern des Vorstandes, wie auch tlw. ihren leitenden Angestellten und dem Aufsichtsrat, weitere Leistungen, die als geldwerte Vorteile angesehen werden. So besteht Versicherungsschutz (D&O, Unfall, Rechtsschutz etc.), dessen Kosten von der Lenzing Gruppe getragen wird. Es erfolgen Gesamtprämienzahlungen an die Versicherer, sodass eine spezifische Zuordnung an den Vorstand und Aufsichtsrat nicht stattfindet. Außerdem werden den Mitgliedern des Vorstandes und tlw. den leitenden Angestellten Geschäftsfahrzeuge zur Nutzung überlassen. Daneben erhalten die Mitglieder des Vorstandes und des Aufsichtsrats Aufwandersatz für angefallene Kosten, insbesondere für Reisespesen. Die Grundsätze des Vergütungssystems für Vorstand und Aufsichtsrat sind im Corporate Governance-Bericht 2015 der Lenzing Gruppe detailliert ausgeführt und veröffentlicht.
Mitgliedern des Vorstandes und des Aufsichtsrates wurden keine Vorschüsse, Kredite oder Haftungen gewährt. Die Lenzing Gruppe ist keine Haftungsverhältnisse zu Gunsten des Vorstandes und des Aufsichtsrates eingegangen. Directors' Dealings-Meldungen der Mitglieder des Vorstandes und des Aufsichtsrates werden auf der Website der Österreichischen Finanzmarktaufsichtsbehörde veröffentlicht (siehe http://www.fma.gv.at).
Für die ehemaligen Mitglieder des Vorstandes der Lenzing AG (mit Austritt vor dem 1. Jänner 2013) oder deren Hinterbliebene wurden Leistungen nach Beendigung des Arbeitsverhältnisses in Form von Aufwendungen in der Gewinn- und Verlustrechnung in Höhe von TEUR 74,1
(2014: TEUR 1.651,9) gewährt. Der Barwert der dafür gebildeten Pensionsrückstellung nach Abzug des beizulegenden Zeitwertes des Planvermögens (Nettoschuld) beträgt zum 31. Dezember 2015 TEUR 7.305,5 (31. Dezember 2014: TEUR 7.921,3).
Die Aufwendungen für den Abschlussprüfer setzen sich wie folgt zusammen:
| Aufwendungen für den Abschlussprüfer | TEUR | |
|---|---|---|
| 2015 | 2014 | |
| Prüfung des Jahresabschlusses (inkl. Konzernabschluss) | 234,5 | 258,7 |
| Andere Bestätigungsleistungen | 44,6 | 42,3 |
| Sonstige Leistungen | 57,9 | 9,8 |
| Steuerberatung | 595,2 | 293,7 |
| Gesamt | 932,2 | 604,5 |
Die obigen Aufwendungen betreffen die Dienstleistungen der Deloitte Audit Wirtschaftsprüfungs GmbH, Wien, und der Deloitte Tax Wirtschaftsprüfungs GmbH, Wien.
Die Lenzing AG ist das Mutterunternehmen der Lenzing Gruppe und erstellt einen Konzernabschluss. Der Konzernabschluss der Lenzing AG ist beim Firmenbuch Wels hinterlegt, am Sitz der Gesellschaft in Lenzing erhältlich und auf der Homepage www.lenzing.com abrufbar.
Die Hauptaktionärin der Lenzing AG zum 31. Dezember 2015 ist die B&C Gruppe, welche direkt oder indirekt mit 67,6% (31.12.2014: 67,6%) am Grundkapital der Lenzing AG beteiligt ist.
Der Konzernabschluss für den größten Kreis von Unternehmen, der öffentlich zugänglich ist und in den die Gesellschaft und ihre konsolidierten Unternehmen einbezogen sind, wird von der B&C Holding Österreich GmbH, Wien aufgestellt und beim Firmenbuch Wien hinterlegt. Das oberste Mutterunternehmen der B&C Holding Österreich GmbH, und somit der Gesellschaft, ist die B&C Privatstiftung, Wien.
Die Lenzing AG und die im Gruppenvertrag einbezogenen Tochtergesellschaften sind Gruppenmitglieder in der zwischen der B&C Industrieholding GmbH als Gruppenträger und der Lenzing AG sowie weiteren Tochtergesellschaften der Lenzing AG als Gruppenmitglieder am 25. September 2009 abgeschlossenen steuerlichen Unternehmensgruppe gemäß § 9 öKStG.
Im Zuge der Gruppenbesteuerung kommt es zwischen den einbezogenen Gruppenmitgliedern zu einer Aufrechnung von steuerlichen Gewinnen und Verlusten. Zukünftige Steuerverpflichtungen aus der Anrechnung von Verlusten ausländischer Tochtergesellschaften werden ohne Abzinsung im Jahresabschluss erfasst.
Der Gruppen- und Steuerausgleichsvertrag verpflichtet die Lenzing AG, eine Steuerumlage in Höhe der auf den steuerpflichtigen Gewinn der Gesellschaft und der in die Gruppe einbezogenen Tochtergesellschaften entfallenden Körperschaftsteuer zu entrichten.
Allfällige beim Gruppenträger auf das gesamte Gruppenergebnis effektiv anrechenbare inund ausländische Quellensteuern sowie weitergeleitete Mindestkörperschaftsteuern kürzen die von der Lenzing AG zu zahlende Steuerumlage.
Sofern im Veranlagungsjahr laufende Verluste bzw. Verlustvorträge, die von der B&C Industrieholding GmbH als Gruppenträger selbst verursacht wurden, gegen positive Ergebnisse der Steuergruppe der Lenzing AG verrechnet werden können, kommt es zu einer Reduktion der von der Lenzing AG zu leistenden Steuerumlage. Die Reduktion der Steuerumlage beträgt 50% des geltenden Körperschaftsteuersatzes (somit derzeit 12,5%) der in einem Veranlagungsjahr der B&C Industrieholding GmbH mit positiven Ergebnissen verrechneten gruppenträgereigenen laufenden Verluste bzw. Verlustvorträge.
Aus der steuerlichen Unternehmensgruppe hat die Lenzing AG im Geschäftsjahr 2015 eine Steuergutschrift von TEUR 1.486,9 (2014: TEUR 2.999,9) ertragswirksam verbucht. Im Jahr 2015 erfolgten gemäß der vertraglichen Verpflichtung die Zahlung bzw. Vorauszahlung der Steuerumlage an die B&C Industrieholding GmbH in Summe von TEUR 19.327,8 (2014: TEUR 9.604,9).
Zum 31. Dezember 2015 bilanziert die Lenzing AG aus der Steuerumlage nach Abzug der Vorauszahlung eine Verbindlichkeit in Höhe von TEUR 6.954,0 (31.12.2014: TEUR 16.591,0) gegenüber der B&C Industrieholding GmbH. Diese wird im Bilanzposten "Verbindlichkeiten gegenüber verbundenen Unternehmen" ausgewiesen.
Ein steuerlicher Verlust der Lenzing AG inklusive der beteiligten Tochtergesellschaften wird evident gehalten und mit künftigen steuerlichen Gewinnen verrechnet. Für bei Beendigung des Vertrages nicht verrechnete Verluste ist eine Ausgleichszahlung vereinbart.
Mit den einbezogenen Tochtergesellschaften wurde ein Ergänzungsvertrag abgeschlossen. Dieser Vertrag verpflichtet das jeweilige österreichische Gruppenmitglied, eine Steuerumlage in Höhe der auf seinen steuerpflichtigen Gewinn entfallenden Körperschaftsteuer an die Lenzing AG zu entrichten. Die Lenzing AG ist verpflichtet, der jeweiligen Gesellschaft im Fall eines Verlustes eine Steuergutschrift in der Höhe der durch den Verlust bewirkten Steuerentlastung zu erteilen.
Das Fachgutachten KFS/RL 22 "Bilanzierung und Berichterstattung im unternehmensrechtlichen Jahresabschluss im Zusammenhang mit der Gruppenbesteuerung" wurde beachtet.
| Währung | Nenn kapital |
Anteil in % | Eigenkapital 31.12.2015 |
Jahres überschuss/ -fehlbetrag 2015 |
|
|---|---|---|---|---|---|
| Unternehmensbereich Fasern | TEUR | TEUR | |||
| Avit Investments Limited, Providenciales, Turks & Caicos | USD | 2.201.000 | 100,00 | 89.858,64 | 158,34 |
| Beech Investment s.r.o., Zlaté Moravce, Slowakei | EUR | 6.639 | 100,00 | 138,74 | 13,04 |
| EQUI-Fibres Beteiligungsgesellschaft mbH, Kelheim, Deutschland | EUR | 2.000.000 | 45,00 | 1.953,43 | 32.840,43 |
| Lenzing Fibers Holding GmbH, Lenzing | EUR | 35.000 | 100,00 | 112.552,3 | 4.959,2 |
| Lenzing Fibers (Hongkong) Ltd., Hongkong, China | HKD | 16.000.000 | 100,00 | 2.599,74 | 232,34 |
| Lenzing Fibers (Shanghai) Co., Ltd., Shanghai, China | USD | 200.000 | 100,00 | 4.666,04 | 5.782,04 |
| Lenzing Global Finance GmbH, München, Deutschland | EUR | 25.000 | 100,00 | 70,13 | 18,33 |
| Lenzing Modi Fibers India Private Limited, Mumbai, Indien | INR 1.000 | 1.148.681 | 96,39 | 7.829,84 | -178,74 |
| LKF Tekstil Boya Sanayi ve Ticaret Anonim Sirketi, Istanbul, Türkei | TRY | 200.000 | 33,34 | 137,21,3 | 39,41,3 |
| Penique S.A., Panama, Panama | USD | 5.000 | 100,00 | 28.959,24 | 57,94 |
| PT. Pura Golden Lion, Jakarta, Indonesien | IDR 1.000 | 2.500.000 | 40,00 | 4.550,73,5 | 277,23,5 |
| PT. South Pacific Viscose, Purwakarta, Indonesien | IDR 1.000 | 72.500.000 | 44,272 | 224.722,94 | 7.668,54 |
| Sonstige Beteiligungen | |||||
| BZL-Bildungszentrum Lenzing GmbH, Lenzing | EUR | 43.604 | 75,00 | 677,3 | 415,2 |
| European Precursor GmbH, Kelheim, Deutschland | EUR | 25.000 | 95,00 | -21.056,26 | n.a.6 |
| Gemeinnützige Siedlungsgesellschaft m.b.H. | |||||
| für den Bezirk Vöcklabruck, Lenzing | EUR | 1.155.336 | 99,90 | 33.626,31 | 1.847,81 |
| Lenzing Land Holding LLC., Dover, USA | USD | 10.000 | 100,00 | 200,94 | 112,34 |
| Lenzing Papier GmbH, Lenzing | EUR | 35.000 | 40,00 | 4.120,85 | -876,25 |
| Pulp Trading GmbH, Lenzing | EUR | 40.000 | 100,00 | 143.390,9 | 25.398,8 |
| RVL Reststoffverwertung Lenzing GmbH, Lenzing | EUR | 36.336 | 50,00 | 77,2 | 1,1 |
| WWE Wohn- und Wirtschaftspark Entwicklungsgesellschaft m.b.H., Wien | EUR | 36.336 | 25,00 | 2.848,3 | -48,4 |
1) 2014
5) Vorläufig
2) Der direkt von der Lenzing AG gehaltene Anteil beträgt 44,27%, inkl. der indirekt gehaltenen Anteile beträgt der durchgerechnete Anteil 92,85%.
3) Eigenkapital und Ergebnis wurden nach lokalem Recht ermittelt.
4) Eigenkapital und Ergebnis wurden aus den zur Erstellung des Konzernabschlusses herangezogenen Abschlüssen, welche entsprechend IFRS aufgestellt wurden, entnommen.
6) Wert laut Liquidationseröffnungsbilanz vom 10. Dezember 2013. Die Gesellschaft befindet sich in Liquidation, die wirtschaftlich betrachtet bereits weitgehend abgeschlossen ist. Nach dem noch formal durchzuführenden Verzicht der Gesellschafter auf ihre Darlehen beträgt das Eigenkapital annähernd Null. Die Lenzing AG rechnet mit keinen wesentlichen weiteren Belastungen.
| Währung | Nenn kapital |
Anteil in % | Eigenkapital 31.12.2014 |
Jahres überschuss/ -fehlbetrag 2014 |
|
|---|---|---|---|---|---|
| Unternehmensbereich Fasern | TEUR | TEUR | |||
| Avit Investments Limited, Providenciales, Turks & Caicos | USD | 2.201.000 | 100,00 | 87.837,54 | 133,04 |
| Beech Investment s.r.o., Zlaté Moravce, Slowakei | EUR | 6.639 | 100,00 | 125,74 | 14,84 |
| EQUI-Fibres Beteiligungsgesellschaft mbH, Kelheim, Deutschland | EUR | 2.000.000 | 45,00 | 1.013,03 | -216,33 |
| Lenzing Fibers Holding GmbH, Lenzing | EUR | 35.000 | 100,00 | 102.542,5 | 30.410,2 |
| Lenzing Fibers (Hongkong) Ltd., Hongkong, China | HKD | 16.000.000 | 100,00 | 2.280,14 | 0,14 |
| Lenzing Fibers (Shanghai) Co., Ltd., Shanghai, China | USD | 200.000 | 100,00 | -944,64 | -6.270,54 |
| Lenzing Global Finance GmbH, München, Deutschland | EUR | 25.000 | 100,00 | 51,83 | 11,63 |
| Lenzing Modi Fibers India Private Limited, Mumbai, Indien | INR 1.000 | 1.148.681 | 96,39 | 7.523,74 | -767,34 |
| LKF Tekstil Boya Sanayi ve Ticaret Anonim Sirketi, Istanbul, Türkei | TRY | 200.000 | 33,34 | 94,01,3 | 8,71,3 |
| Penique S.A., Panama, Panama | USD | 5.000 | 100,00 | 28.167,44 | 49,94 |
| PT. Pura Golden Lion, Jakarta, Indonesien | IDR 1.000 | 2.500.000 | 40,00 | 4.268,63,5 | 42,83,5 |
| PT. South Pacific Viscose, Purwakarta, Indonesien | IDR 1.000 | 72.500.000 | 44,272 | 195.395,14 | -7.607,04 |
| Sonstige Beteiligungen | |||||
| BZL-Bildungszentrum Lenzing GmbH, Lenzing | EUR | 43.604 | 75,00 | 762,1 | 598,5 |
| European Carbon Fiber GmbH, Kelheim, Deutschland | EUR | 25.000 | 91,07 | 1.678,94 | 1.654,34 |
| European Precursor GmbH, Kelheim, Deutschland | EUR | 25.000 | 95,00 | -21.056,26 | n.a.6 |
| Gemeinnützige Siedlungsgesellschaft m.b.H. für den Bezirk Vöcklabruck, Lenzing |
EUR | 1.155.336 | 99,90 | 32.315,61 | 2.545,91 |
| Lenzing Land Holding LLC., Dover, USA | USD | 10.000 | 100,00 | 77,64 | 69,34 |
| Lenzing Papier GmbH, Lenzing | EUR | 35.000 | 40,00 | 5.127,45 | 1.319,75 |
| Pulp Trading GmbH, Lenzing | EUR | 40.000 | 100,00 | 117.992,1 | 6.322,6 |
| RVL Reststoffverwertung Lenzing GmbH, Lenzing | EUR | 36.336 | 50,00 | 76,1 | 1,8 |
| WWE Wohn- und Wirtschaftspark Entwicklungsgesellschaft m.b.H., Wien | EUR | 36.336 | 25,00 | 2.896,7 | -6,6 |
5) Vorläufig
1) 2013
2) Der direkt von der Lenzing AG gehaltene Anteil beträgt 44,27%, inkl. der indirekt gehaltenen Anteile beträgt der durchgerechnete Anteil 92,85%.
3) Eigenkapital und Ergebnis wurden nach lokalem Recht ermittelt.
4) Eigenkapital und Ergebnis wurden aus den zur Erstellung des Konzernabschlusses herangezogenen Abschlüssen, welche entsprechend IFRS aufgestellt wurden, entnommen.
6) Wert laut Liquidationseröffnungsbilanz vom 10. Dezember 2013. Die Gesellschaft befindet sich in Liquidation, die wirtschaftlich betrachtet bereits weitgehend abgeschlossen ist. Nach dem noch formal durchzuführenden Verzicht der Gesellschafter auf ihre Darlehen beträgt das Eigenkapital annähernd Null. Die Lenzing AG rechnet mit keinen wesentlichen weiteren Belastungen.
| EUR | |
|---|---|
| Das Geschäftsjahr 2015 endet mit einem Jahresgewinn von | 66.428.219,40 |
| nach Zuweisung zu (freien) Gewinnrücklagen von | -13.328.219,40 |
| und nach Hinzurechnung des Gewinnvortrages 2014 von | 0,00 |
| verbleibt ein Bilanzgewinn von | 53.100.000,00 |
| Der Vorstand schlägt folgende Verteilung des Bilanzgewinnes vor: | |
| Ausschüttung einer Dividende entsprechend einem Betrag von EUR 2,00 je Aktie auf das dividendenberechtigte Grundkapital von EUR 27.574.071,43 bzw. 26.550.000 Stückaktien |
53.100.000,00 |
| Auf neue Rechnung werden vorgetragen | 0,00 |
Vorbehaltlich des Beschlusses der Hauptversammlung erfolgt auf je eine Aktie die Auszahlung einer Dividende in der oben angegebenen Höhe. Die Dividendenauszahlung erfolgt ab 26. April 2016 bei der
1010 Wien
Die Aktien werden ab 22. April 2016 an der Wiener Börse ex Dividende gehandelt.
Dr. Hanno Bästlein, Wien Vorsitzender (seit 22. April 2015) Stellvertretender Vorsitzender (bis 22. April 2015)
MMag. Dr. Michael Junghans, Wien Vorsitzender (bis 22. April 2015)
Dr. Felix Strohbichler, Anthering Stellvertretender Vorsitzender (seit 22. April 2015)
Dr. Veit Sorger, Wien Stellvertretender Vorsitzender
Mag. Helmut Bernkopf, Wien
KR Dr. Franz Gasselsberger, MBA, Linz
Dr. Josef Krenner, Linz
Mag. Patrick Prügger, Wien
Mag. Andreas Schmidradner, Wien
Dr. Astrid Skala-Kuhmann, Icking (Deutschland)
Mag. Martin Payer, Leoben (bis 28. April 2014)
Vorsitzender des Arbeiterbetriebsrates (seit 1. September 2015)
Rudolf Baldinger, Lenzing Vorsitzender des Betriebsausschusses Vorsitzender des Arbeiterbetriebsrates (bis 1. September 2015)
Georg Liftinger, Weyregg am Attersee Stellvertretender Vorsitzender des Betriebsausschusses Vorsitzender des Angestelltenbetriebsrates
Helmut Kirchmair, Timelkam Stellvertretender Vorsitzender des Arbeiterbetriebsrates (seit 1. September 2015)
Ing. Daniela Födinger, Seewalchen am Attersee Stellvertretende Vorsitzende des Angestelltenbetriebsrates (seit 28. April 2014)
Franz Berlanda, Wolfsegg am Hausruck Stellvertretender Vorsitzender des Arbeiterbetriebsrates (seit 28. April 2014)
Ing. Gerhard Ratzesberger, Lenzing Stellvertretender Vorsitzender des Angestelltenbetriebsrates (bis 28. April 2014)
Dr. Stefan Doboczky, MBA, Seewalchen am Attersee Chief Executive Officer (CEO) Vorstandsvorsitzender (seit 1. Juni 2015)
Robert van de Kerkhof, MBA, Mondsee Chief Commercial Officer (CCO) Mitglied des Vorstandes (seit 1. Mai 2014)
Mag. Thomas Obendrauf, MBA, Graz Chief Financial Officer (CFO) Mitglied des Vorstandes (seit 1. März 2016)
Mag. Dr. Peter Untersperger, Linz Chief Executive Officer (CEO) Vorstandsvorsitzender (bis 31. Mai 2015)
Dr. Thomas Riegler, Salzburg Chief Financial Officer (CFO) Mitglied des Vorstandes (bis 1. Dezember 2015)
Dipl.-Ing. Friedrich Weninger, MBA, Mondsee Chief Operating Officer (COO) Mitglied des Vorstandes (bis 31. Dezember 2014) Lenzing, am 9. März 2016
Dr. Stefan Doboczky, MBA Chief Executive Offi cer Vorstandsvorsitzender
Robert van de Kerkhof, MBA Chief Commercial Offi cer Mitglied des Vorstandes
Mag. Thomas Obendrauf, MBA Chief Financial Offi cer Mitglied des Vorstandes
für den Zeitraum 01. Jänner 2015 bis 31. Dezember 2015
| 01.01.2015 | 2015 | 2015 | ||
|---|---|---|---|---|
| Anschaffungs- bzw. Herstellungskosten |
Zugänge | Abgänge | ||
| I. Immaterielle Vermögensgegenstände | ||||
| 1. Rechte | 55.415.247,85 | 1.365.143,64 | -94.271,87 | |
| 2. Firmenwert | 650.240,60 | 0,00 | 0,00 | |
| Summe Immaterielle Vermögensgegenstände | 56.065.488,45 | 1.365.143,64 | -94.271,87 | |
| II. Sachanlagen | ||||
| 1. Grundstücke, grundstücksgleiche Rechte und Bauten, | ||||
| einschließlich der Bauten auf fremdem Grund | ||||
| a) Wohngebäude | ||||
| Grundwert | 917.567,93 | 0,00 | 0,00 | |
| Gebäudewert | 1.569.434,92 | 0,00 | 0,00 | |
| b) Geschäfts- und Fabriksgebäude und andere Baulichkeiten | ||||
| Grundwert | 1.683.122,57 | 0,00 | 0,00 | |
| Grundstücksgleiche Rechte | 659.676,21 | 0,00 | 0,00 | |
| Gebäudewert | 231.951.765,48 | 1.707.199,24 | 0,00 | |
| c) Unbebaute Grundstücke | 1.700.182,85 | 0,00 | 0,00 | |
| 238.481.749,96 | 1.707.199,24 | 0,00 | ||
| 2. Technische Anlagen und Maschinen | 1.236.176.868,54 | 31.475.699,29 | -4.531.031,98 | |
| 3. Andere Anlagen, Betriebs- und Geschäftsausstattung | 58.334.280,76 | 3.924.899,461 | -1.420.741,701 | |
| 4. Anlagen in Bau | 13.072.532,96 | 13.829.009,20 | 0,00 | |
| 5. Geleistete Anzahlungen | 648.662,50 | 1.263.935,55 | 0,00 | |
| Summe Sachanlagen | 1.546.714.094,72 | 52.200.742,74 | -5.951.773,68 | |
| III. Finanzanlagen | ||||
| 1. Anteile an verbundenen Unternehmen | 280.695.115,582 | 5.050.579,79 | -22.768,91 | |
| 2. Ausleihungen an verbundene Unternehmen | 100.293.022,69 | 61.816.112,95 | -75.253.543,45 | |
| 3. Beteiligungen | 7.142.928,86 | 0,00 | 0,00 | |
| 4. Wertpapiere (Wertrechte) des Anlagevermögens | 39.104.882,54 | 715.735,98 | -19.518.718,05 | |
| 5. Sonstige Ausleihungen | 4.603.345,29 | 220.308,83 | -1.717.894,57 | |
| Summe Finanzanlagen | 431.839.294,962 | 67.802.737,55 | -96.512.924,98 | |
| 2.034.618.878,132 | 121.368.623,93 | -102.558.970,53 |
1) inklusive geringwertige Vermögensgegenstände in Höhe von EUR 426.100,95
2) die Darstellung der Anschaffungs- bzw. Herstellungskosten bzw. der Abschreibungen kumuliert wurde an die neue Rechtsprechung angepasst.
| 2015 Zuschreibungen 0,00 0,00 0,00 |
2015 Abschreibungen |
31.12.2014 Buchwert |
31.12.2015 | 31.12.2015 Abschreibungen |
31.12.2015 | 2015 |
|---|---|---|---|---|---|---|
| Buchwert | kumuliert | Anschaffungs- bzw. Herstellungskosten |
Umbuchungen | |||
| 723.473,69 | 1.200.064,49 | 1.810.105,66 | 54.876.013,96 | 56.686.119,62 | 0,00 | |
| 43.349,38 | 578.830,14 | 535.480,76 | 114.759,84 | 650.240,60 | 0,00 | |
| 766.823,07 | 1.778.894,63 | 2.345.586,42 | 54.990.773,80 | 57.336.360,22 | 0,00 | |
| 0,00 27.699,14 |
917.567,89 643.209,30 |
917.567,89 615.510,16 |
0,04 953.924,76 |
917.567,93 1.569.434,92 |
0,00 0,00 |
|
| 0,00 | 1.683.122,57 | 1.683.122,57 | 0,00 | 1.683.122,57 | 0,00 | |
| 6.663,40 | 579.715,41 | 573.052,01 | 86.624,20 | 659.676,21 | 0,00 | |
| 5.668.990,77 | 118.732.541,31 | 116.590.506,76 | 118.888.214,94 | 235.478.721,70 | 1.819.756,98 | |
| 0,00 | 1.700.182,85 | 1.700.182,85 | 0,00 | 1.700.182,85 | 0,00 | |
| 5.703.353,31 | 124.256.339,33 | 122.079.942,24 | 119.928.763,94 | 242.008.706,18 | 1.819.756,98 | |
| 47.218.896,45 | 373.409.874,88 | 366.975.192,99 | 905.454.858,13 | 1.272.430.051,12 | 9.308.515,27 | |
| 4.633.021,231 | 12.560.568,73 | 13.430.172,84 | 49.012.473,72 | 62.442.646,56 | 1.604.208,04 | |
| 0,00 | 13.072.532,96 | 14.817.724,37 | 0,00 | 14.817.724,37 | -12.083.817,79 | |
| 0,00 | 648.662,50 | 1.263.935,55 | 0,00 | 1.263.935,55 | -648.662,50 | |
| 57.555.270,99 | 523.947.978,40 | 518.566.967,99 | 1.074.396.095,79 | 1.592.963.063,78 | 0,00 | |
| 0,00 | 254.812.115,90 | 259.839.926,78 | 25.882.999,682 | 285.722.926,46 | 0,00 | |
| -2.124.824,23 | 0,00 | 96.055.721,09 | 84.743.114,82 | 2.112.477,37 | 86.855.592,19 | 0,00 |
| 0,00 | 5.110.143,91 | 5.110.143,91 | 2.032.784,95 | 7.142.928,86 | 0,00 | |
| 0,00 | 18.627.672,44 | 19.235.893,22 | 1.066.007,25 | 20.301.900,47 | 0,00 | |
| -16.000,00 | 192.029,23 | 2.349.796,04 | 603.275,47 | 2.427.255,75 | 3.030.531,22 | -75.228,33 |
| -18.322,73 | 376.955.449,38 | 369.532.354,20 | 33.521.525,002 | 403.053.879,20 | -75.228,33 | |
| -2.159.146,96 | 192.029,23 |
1) inklusive geringwertige Vermögensgegenstände in Höhe von EUR 426.100,95
2) die Darstellung der Anschaffungs- bzw. Herstellungskosten bzw. der Abschreibungen kumuliert wurde an die neue Rechtsprechung angepasst.
für den Zeitraum 01. Jänner 2015 bis 31. Dezember 2015
| Stand am 01.01.2015 | Zugang | ||
|---|---|---|---|
| Investitionszuschüsse | |||
| I . Investitionszuschüsse der öffentlichen Hand |
|||
| 1. Grundstücke, grundstücksgleiche Rechte und Bauten, einschließlich der Bauten auf fremdem Grund |
1.562.310,70 | 107.744,23 | |
| 2. Technische Anlagen und Maschinen | 1.859.538,26 | 925.068,27 | |
| 3. Andere Anlagen, Betriebs- und Geschäftsausstattung | 289.023,82 | 0,00 | |
| 3.710.872,78 | 1.032.812,50 | ||
| II . Emissionszertifikate |
3.640.731,89 | 2.554.846,32 | |
| 7.351.604,67 | 3.587.658,82 |
| 1.879.850,95 | 0,00 | |
|---|---|---|
| 12.279.320,24 | 0,00 | |
| 839.913,48 | 0,00 | |
| 14.999.084,67 | 0,00 | |
| 1.077.011,40 | 0,00 | |
| 16.076.096,07 | 0,00 | |
| Stand am 31.12.2015 | Umbuchung | Auflösung | Abgang |
|---|---|---|---|
| 1.546.536,65 | 0,00 | -123.518,28 | 0,00 |
| 2.504.931,89 | 0,00 | -279.674,64 | 0,00 |
| 247.338,52 | 0,00 | -41.685,30 | 0,00 |
| 4.298.807,06 | 0,00 | -444.878,22 | 0,00 |
| 4.954.505,56 | 0,00 | -967.204,00 | -273.868,65 |
| 9.253.312,62 | 0,00 | -1.412.082,22 | -273.868,65 |
| 1.697.644,24 | 0,00 | -182.206,71 | 0,00 |
|---|---|---|---|
| 12.391.911,48 | 123.786,43 | -11.195,19 | 0,00 |
| 543.888,88 | -123.786,43 | -171.998,07 | -240,10 |
| 14.633.444,60 | 0,00 | -365.399,97 | -240,10 |
| 1.077.011,40 | 0,00 | 0,00 | 0,00 |
| 15.710.456,00 | 0,00 | -365.399,97 | -240,10 |
Wir haben den beigefügten Jahresabschluss der Lenzing Aktiengesellschaft, Lenzing, für das Geschäftsjahr vom 1. Jänner 2015 bis zum 31. Dezember 2015 unter Einbeziehung der Buchführung geprüft. Dieser Jahresabschluss umfasst die Bilanz zum 31. Dezember 2015, die Gewinn- und Verlustrechnung für das am 31. Dezember 2015 endende Geschäftsjahr sowie den Anhang.
Die gesetzlichen Vertreter der Gesellschaft sind für die Buchführung sowie für die Aufstellung und den Inhalt eines Jahresabschlusses verantwortlich, der ein möglichst getreues Bild der Vermögens-, Finanz- und Ertragslage der Gesellschaft in Übereinstimmung mit den österreichischen unternehmensrechtlichen Vorschriften vermittelt. Diese Verantwortung beinhaltet: Gestaltung, Umsetzung und Aufrechterhaltung eines internen Kontrollsystems, soweit dieses für die Aufstellung des Jahresabschlusses und die Vermittlung eines möglichst getreuen Bildes der Vermögens-, Finanz- und Ertragslage der Gesellschaft von Bedeutung ist, damit dieser frei von wesentlichen Fehldarstellungen ist, sei es auf Grund von beabsichtigten oder unbeabsichtigten Fehlern; die Auswahl und Anwendung geeigneter Bilanzierungs- und Bewertungsmethoden; die Vornahme von Schätzungen, die unter Berücksichtigung der gegebenen Rahmenbedingungen angemessen erscheinen.
Unsere Verantwortung besteht in der Abgabe eines Prüfungsurteils zu diesem Jahresabschluss auf der Grundlage unserer Prüfung. Wir haben unsere Prüfung unter Beachtung der in Österreich geltenden gesetzlichen Vorschriften und Grundsätze ordnungsgemäßer Abschlussprüfung durchgeführt. Diese Grundsätze erfordern, dass wir die Standesregeln einhalten und die Prüfung so planen und durchführen, dass wir uns mit hinreichender Sicherheit ein Urteil darüber bilden können, ob der Jahresabschluss frei von wesentlichen Fehldarstellungen ist.
Eine Prüfung beinhaltet die Durchführung von Prüfungshandlungen zur Erlangung von Prüfungsnachweisen hinsichtlich der Beträge und sonstigen Angaben im Jahresabschluss. Die Auswahl der Prüfungshandlungen liegt im pflichtgemäßen Ermessen des Abschlussprüfers unter Berücksichtigung seiner Einschätzung des Risikos eines Auftretens wesentlicher Fehldarstellungen, sei es auf Grund von beabsichtigten oder unbeabsichtigten Fehlern. Bei der Vornahme dieser Risikoeinschätzung berücksichtigt der Abschlussprüfer das interne Kontrollsystem, soweit es für die Aufstellung des Jahresabschlusses und die Vermittlung eines möglichst getreuen Bildes der Vermögens-, Finanz- und Ertragslage der Gesellschaft von Bedeutung ist, um unter Berücksichtigung der Rahmenbedingungen geeignete Prüfungshandlungen festzulegen, nicht jedoch um ein Prüfungsurteil über die Wirksamkeit der internen Kontrollen der Gesellschaft abzugeben. Die Prüfung umfasst ferner die Beurteilung der Angemessenheit der angewandten Bilanzierungs- und Bewertungsmethoden und der von den gesetzlichen Vertretern vorgenommenen wesentlichen Schätzungen sowie eine Würdigung der Gesamtaussage des Jahresabschlusses.
Wir sind der Auffassung, dass wir ausreichende und geeignete Prüfungsnachweise erlangt haben, sodass unsere Prüfung eine hinreichend sichere Grundlage für unser Prüfungsurteil darstellt.
unsere Prüfung hat zu keinen Einwendungen geführt. Auf Grund der bei der Prüfung gewonnenen Erkenntnisse entspricht der Jahresabschluss nach unserer Beurteilung den gesetzlichen Vorschriften und vermittelt ein möglichst getreues Bild der Vermögens- und Finanzlage der Lenzing Aktiengesellschaft zum 31. Dezember 2015 sowie der Ertragslage der Gesellschaft für das Geschäftsjahr vom 1. Jänner 2015 bis zum 31. Dezember 2015 in Übereinstimmung mit den österreichischen Grundsätzen ordnungsmäßiger Buchführung.
Der Lagebericht ist auf Grund der gesetzlichen Vorschriften darauf zu prüfen, ob er mit dem Jahresabschluss in Einklang steht und ob die sonstigen Angaben im Lagebericht nicht eine falsche Vorstellung von der Lage der Gesellschaft erwecken. Der Bestätigungsvermerk hat auch eine Aussage darüber zu enthalten, ob der Lagebericht mit dem Jahresabschluss in Einklang steht und ob die Angaben nach § 243a uGB zutreffen.
Der Lagebericht steht nach unserer Beurteilung in Einklang mit dem Jahresabschluss. Die Angaben gemäß § 243a uGB sind zutreffend.
Wien, am 9. März 2016
Deloitte Audit Wirtschaftsprüfungs GmbH
Mag. Walter Müller Mag. ulrich Dollinger
Wirtschaftsprüfer Wirtschaftsprüfer
Die Veröffentlichung oder Weitergabe des Jahresabschlusses mit unserem Bestätigungsvermerk darf nur in der von uns bestätigten Fassung erfolgen. Dieser Bestätigungsvermerk bezieht sich ausschließlich auf den deutschsprachigen und vollständigen Jahresabschluss samt Lagebericht. Für abweichende Fassungen sind die Vorschriften des § 281 Abs 2 uGB zu beachten.
Dieser Geschäftsbericht enthält auch zukunftsbezogene Aussagen, die auf gegenwärtigen, nach bestem Wissen vorgenommenen Einschätzungen und Annahmen der Lenzing AG beruhen. Angaben unter Verwendung der Worte "sollen", "dürfen", "werden", "erwartet", "angestrebt", "geht davon aus", "nimmt an", "schätzt", "plant", "beabsichtigt", "ist der Ansicht", "nach Kenntnis", "nach Einschätzung" oder ähnliche Formulierungen deuten auf solche zukunftsbezogene Aussagen hin. Die Prognosen, die sich auf die zukünftige Entwicklung der Lenzing AG beziehen, stellen Einschätzungen dar, die auf Basis der zum Zeitpunkt der Drucklegung des Geschäftsberichts vorhandenen Informationen gemacht wurden.
Sollten die den Prognosen zugrunde liegenden Annahmen nicht eintreffen oder Risiken in nicht kalkulierter Höhe eintreten, so können die tatsächlichen Ergebnisse von den Prognosen abweichen.
Bei der Summierung von gerundeten Beträgen und Prozentangaben können Rundungsdifferenzen auftreten. Der Geschäftsbericht wurde mit größtmöglicher Sorgfalt erstellt, um die Richtigkeit und Vollständigkeit der Angaben in allen Teilen sicherzustellen. Rundungs-, Satz- und Druckfehler können dennoch nicht ganz ausgeschlossen werden.
We declare to the best of our knowledge that the consolidated financial statements of the Lenzing Group for the 2015 financial year ending on December 31, 2015, which were prepared in accordance with the applicable accounting standards pursuant to the International Financial Reporting Standards (IFRS) give a true and fair view, in all material respects, of the assets, liabilities, financial position and profit or loss of the Lenzing Group. Furthermore, we declare to the best of our knowledge that the Group Management Report gives a true and fair view of the business development, earnings and position of the Lenzing Group, and that the Group Management Report also describes the most important risks and uncertainties facing the Lenzing Group.
In addition, we declare to the best of our knowledge that the annual financial statements of Lenzing AG Group for the 2015 financial year ending on December 31, 2015, which were prepared in accordance with the applicable accounting standards pursuant to the Austrian Commercial Code give a true and fair view, in all material respects, of the assets, liabilities, financial position and profit or loss of Lenzing AG.
Furthermore, we declare to the best of our knowledge that the Management Report gives a true and fair view of the business development, earnings and position of Lenzing AG, and the Group Management Report also describes the most important risks and uncertainties facing Lenzing AG.
Lenzing, March 09, 2016
Stefan Doboczky Robert van de Kerkhof Thomas Obendrauf Chief Executive Officer Chief Commercial Officer Chief Financial Officer
Chairman of the Management Board Member of the Management Board Member of the Management Board
Lenzing Aktiengesellschaft 4860 Lenzing, Austria www.lenzing.com
Lenzing Aktiengesellschaft Corporate Communications Mag. Waltraud Kaserer Mag. Angelika Guldt Tel: +43 (0)7672 701-2127 Fax: +43 (0)7672 918-2127 E-Mail: [email protected] und Metrum Communications GmbH, Wien
ElectricArts GmbH
Gutenberg-Werbering Gesellschaft m.b.H.
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.