Annual Report • Apr 2, 2014
Annual Report
Open in ViewerOpens in native device viewer
promising perspectives
Annual financial report 2013
nature
thinking ahead
| A. Group | 1 |
|---|---|
| Contents | 2 |
| Management Report 2013 | 4 |
| General Market Environment | 4 |
| Development of the Lenzing Group | 10 |
| Segment Fibers | 14 |
| Business Unit Textile Fibers | 17 |
| Business Unit Nonwoven Fibers | 18 |
| Business Unit Pulp | 19 |
| Business Unit Energy | 21 |
| Segment Engineering | 24 |
| Segments Discontinued Operations and Other | 26 |
| Risk Report | 27 |
| Report on Essential Elements of the Internal Control System (Section 243a para 2 Austrian Commercial |
|
| Code – UGB) | 35 |
| Balance Sheet Structure and Liquidity | 37 |
| Research and Development | 38 |
| Environment and Sustainability | 39 |
| Human Resources | 43 |
| Corporate Communications | 47 |
| Investor Relations | 50 |
| Outlook Lenzing Group | 55 |
| Events after the Reporting Period | 57 |
| Corporate Governance Report 2013 | 58 |
| Selected Key Figures | 67 |
| Consolidated Financial Statements 2013 | 68 |
|---|---|
| Contents | 68 |
| Consolidated Income Statement | 69 |
| Consolidated Statement of Comprehensive Income | 70 |
| Consolidated Statement of Financial Position as of December 31, 2013 |
71 |
| Consolidated Statement of Changes in Equity | 72 |
| Consolidated Cash Flow Statement | 74 |
| Notes to the Consolidated Financial Statements | 75 |
| Auditor´s Report | 216 |
| Report of the Supervisory Board of Lenzing AG |
218 |
| Long-Term Comparison under IFR S |
220 |
| Financial Calendar 2014 | 221 |
| 222 |
|---|
| 223 |
| 223 |
| 225 |
| 231 |
| 232 |
| 234 |
| 236 |
| 239 |
| 247 |
| 249 |
| 251 |
| 251 |
| 253 |
| 255 |
| Jahresabschluss 2013 | 256 |
|---|---|
| Bilanz zum 31. Dezember 2013 | 257 |
| Gewinn- und Verlustrechnung für den Zeitraum 01.01.2013 bis 31.12.2013 |
259 |
| Anhang zum Jahresabschluss für das Geschäftsjahr 2013 |
261 |
| Anwendung der unternehmensrechtlichen Vorschriften und allgemeine Angaben |
261 |
| Bilanzierungs- und Bewertungsmethoden | 262 |
| E rläuterungen zur Bilanz |
265 |
| Aktiva | 265 |
| P assiva |
269 |
| Haftungsverhältnisse | 276 |
| E rläuterungen zur Gewinn- und Verlustrechnung |
278 |
| Sonstige Angaben | 282 |
| Organe der Gesellschaft | 292 |
| Entwicklung des Anlagevermögens für den Zeitraum 01.01.2013 bis 31.12.2013 |
295 |
| Entwicklung der Zuschüsse der öffentlichen Hand und der unversteuerten Rücklagen für den Zeitraum 01.01.2013 bis 31.12.2013 |
297 |
| Bestätigungsvermerk | 299 |
In 2013 the global economy remained stuck in a phase of weakness. The International Monetary Fund (IMF) recently projected average global economic growth of 3.0% for the entire year under review, compared to 3.1% in 2012. The weaker development of the world economy was mainly due to the ongoing recession in the eurozone. Government cost reduction programs necessitated by the sovereign debt crisis led to shrinking economies in several eurozone peripheral countries. Domestic demand in the developing and emerging markets could not compensate for declining demand from Europe.
The latest IMF forecasts for the Western industrialized countries expect GDP to expand by 1.3% in 2013 (2012: 1.4%). According to the IMF, the eurozone will only report a 0.4% decline in economic output in 2013 compared to a contraction of 0.7% in 2012. The 1.9% economic growth in the USA in 2013 could not match the prior-year figure of 2.8%. Similarly, growth of the emerging market economies is anticipated to reach a level of 4.7% in 2013, down from 4.9% in the previous year.
For the current 2014 financial year, the IMF expects the global economy to expand by 3.7% on average. The improved outlook can be primarily attributed to the economic recovery in the industrialized nations. GDP growth of 2.2% is anticipated for the industrialized countries, whereas the emerging markets should expand by 5.1% in 2014. The IMF predicts 1.0% growth in 2014 for the eurozone, which will experience a turnaround and move from recession to a recovery phase.
The development of the Chinese economy has become increasingly important to the global fiber industry. The People's Republic of China is in the midst of transition from a strongly exportoriented economy marked by a high consumption of natural resources and low wage costs to a more sustainable growth model featuring growing domestic consumption and rising wages. Initial figures for the year 2013 show that this policy is having the desired effect. However, further specific reform measures are considered to be essential. Retail sales in China climbed 13.1%2 , close to double the comparable rate as the overall economy. Similarly, minimum wages were subject to double-digit hikes in most Chinese provinces. Moreover, the declared aim of China's economic policy is to reduce existing and potential surplus production capacities in individual industrial sectors. For this reason, China's central authorities pursued a very restrictive fiscal policy in 2013, also as a means of further limiting the influence of the shadow banking system and its shadow lending.
However, this transformation is accompanied by significantly lower GDP growth compared to previous years. The latest IMF forecast predicts that the Chinese economy will expand by 7.5% in 2014, down from the already historically low level of 7.7% in 2013.
Continuing weak growth of global fiber production
Similar to 2012, growth of world fiber production in 2013 was once again below the comparable production figures for the years 2010 and 2011. The underlying reason was the persistently unsatisfactory state of the global economy, which correspondingly tended to weaken private consumption, especially in Europe. The global fiber market was characterized by a perceptible oversupply in 2013, which can be attributed to the further expansion of production capacities for chemical fibers and disproportionately high cotton inventories.
According to initial estimates, world fiber production only rose by 1.6% in 2013, less pronounced than the 2.8% increase in 2012, with total volume increasing from 84.0 mn tons to 85.4 mn tons.1 As in previous years, growth was almost exclusively due to the higher production volumes of chemical fibers in China. In turn, preliminary figures point to 11.4% growth2 on the part of the Chinese textile industry in 2013, further expanding its dominant position on the global market. However, there are increasing signs of a flattening of the growth curve towards more moderate growth.
Cotton production fell by about 4.1% in 2013, from 26.8 mn tons to 25.7 mn tons. This was in contrast to the 3.5% drop in cotton output in the previous year. However, this decrease was not sufficient to reduce the very high level of global cotton inventories. Cotton production in 2013 was still higher than actual cotton consumption, which only rose by 1.1% to 23.6 mn tons. For this reason, it is expected that cotton stocks will climb to a new unprecedented record level of 19.9 mn tons after the end of the current 2013/14 cotton harvest, up from 17.8 mn tons in the previous year. This means that the global stock-to-use ratio4 in the middle of 2014 is likely to be around 84%3 . In previous years, the stock-to-use ratio was at about 50%.
Wool production amounted to about 1.1 mn tons in 2013, a rise of 0.7% from 2012.
Ongoing growth of chemical fiber production
| Fibers | ||||||
|---|---|---|---|---|---|---|
| Man-made fibers | ||||||
| Natural fibers | From From natural synthetic polymers polymers |
From anorganic substances |
||||
| Protein based |
Cellulose based |
Cellulose based |
Protein based |
Polyester | Carbon Ceramics |
|
| Wool Silk Angora Cashmere etc. |
Cotton Flax Hemp Jute etc. |
Polyamide Polypropylene Viscose Casein Polyurethane Modal Collagen (Elastan) Lyocell Ardein Acrylic Cupro Zein Polytetrafluor Acetate ethylene etc. |
Glass Metal |
In spite of the unsatisfactory level of end-use consumption, preliminary figures indicate that global chemical fiber production showed an increase of 4.3% in 2013, basically the same rate of growth as in 2012. Accordingly, a new record production level of 58.5 mn tons was reached in 2013, up from 56.1 mn tons in 2012. The synthetic fiber polyester, which posted growth of 4.0% in 2013, accounted for some three quarters of total chemical fiber production. The production of polyamide fibers also increased strongly by 3.9%, whereas the production of polypropylene rose slightly by 1.1% and acrylic fibers stagnated.
China generated the biggest rise in 2013, as it did in the previous years, with production up 6.1% (2012: 10.1%) to 38.5 mn tons. The country's share of total global chemical fiber production remained at about 65% in 2013. Indonesia generated the highest percentage growth in production during the reporting year, posting a rise of 8.2% to 1.4 mn tons. Chemical fiber production volumes also increased in the USA, Thailand and Turkey. In contrast, chemical fiber production stagnated in most other countries and regions, such as Western Europe, or even declined in India, Brazil and Mexico.
Disproportionately high growth again of man-made cellulose fiber production
The upward trend for man-made cellulose fibers, which has achieved growth significantly higher than the global fiber market as a whole, continued in 2013. Following a 12.9% production increase in 2012, total man-made cellulose fiber production was up 9.6% during the year under review, according to preliminary estimates, rising to a new record level of 5.8 mn tons. This included 4.4 mn tons of cellulose staple fibers, comprising a considerable rise in a yearon-year comparison. For the most part, new production capacities were put into operation in China in 2013. The higher production volume can also be attributed to the higher capacity utilization on the part of the Chinese viscose fiber industry, with capacity utilization up by some 10 percentage points to about 85%.
No perceptible recovery of fiber prices
The cotton price is considered to be one of the most important benchmarks for the entire fiber industry. The average on the Cotton A Index in the 2013 financial year was 90.4 US cents per pound, more or less unchanged from the average of 89.1 US cents per pound in 2012.
The long-term development is shown by the following chart:
Source: Cotton Outlook
Following the speculative excesses of the years 2010/11 and the resulting sharp decline in prices, the extensive annual fluctuations of fiber selling prices slowed down significantly. It subsequently became easier to calculate the cotton price. However, the dominance of China and the lack of transparency in its cotton stockpiling policy continue to pose risks which should not be underestimated.
Source: ICAC
Source: ICAC
the signifi cance of china's domestic fi ber market for global fi ber prices further increased in 2013. According to market experts, the lion's share of the world's cotton inventories is in china, which has been pursuing a state-initiated stockpiling policy for several years. At the end of the 2012/13 cotton harvest season (end of July/beginning of August 2013), the stock-to-use ratio in china amounted to about 116%. this fi gure is expected to increase to approximately 147% in 2013/14. china continued its clear protectionist policy for the benefi t of chinese cotton producers in 2013 by setting selling prices at a level which was up to 40% higher than world market prices.
for this reason, the development of selling prices (uSD/kg) for the most important staple fi bers in china, the world's largest fi ber market, varied considerably.
Source: ccfG, cotton outlook
cotton selling prices on the chinese market showed a slight upward trend, featuring an average price of cnY 19.24 per kilogram. polyester prices remained largely stable during the course of the year at cnY 10.27 per kilogram, but were still below the comparable prior-year level. in contrast, prices of viscose fi bers further declined.
Global viscose staple fi ber prices were subject to downward pressure during the entire year in light of the fact that fi ber prices steadily fell in china. the main reason were the continuing surplus production capacities for viscose fi bers. furthermore, chinese manufacturers kept capacity utilization as high as possible in order to generate cash, even if profi tability was at an unsatisfactory level. in several cases forward transactions were carried out in which the fi bers
were sold at cash cost. This development was supported by the partially lower prices for dissolving pulp, the most important raw material used in manufacturing viscose. Lower prices combined with high capacity utilization led to market share gains on the part of Chinese producers.
The cotton selling price in China, which is higher than the comparable world market price, also resulted in the Chinese massively importing cotton yarn. In turn, this caused a decline in local blended yarn production. As a consequence, a large number of Chinese cotton yarn spinning mills went out of business. Ultimately this had a negative impact on viscose fiber prices in China, which reached a peak level on the spot market1 of CNY 14,980 in February 2013 before subsequently decreasing in price to CNY 12,280 by the end of 2013. This corresponds to a reduction of about 18%. During the year before the price of cotton had fallen by 23%.
The unsatisfactory viscose fiber prices in China stimulated Chinese fiber exports due to the fact that viscose prices outside of China were slightly higher than the prices prevailing on its domestic market. In the course of the year, viscose fiber selling prices for textile applications also declined on the most important sales markets in terms of volume, namely Indonesia, Pakistan and Turkey, and ultimately on all global markets.
The business development of the Lenzing Group in 2013 was characterized by good volume demand, new record shipment volumes, full capacity utilization at all fiber production facilities as well as extremely unfavorable fiber prices. As a result, earnings were unsatisfactory in spite of all the initial measures taken to counteract this situation. For this reason, the new comprehensive cost optimization and cost reduction program excelLENZ 2.0 was launched in the fourth quarter of 2013.
Consolidated sales2 of the Lenzing Group in the 2013 financial year were down by 8.7% to EUR 1.91 bn, compared to the prior-year level of EUR 2.09 bn. The underlying reasons for the sales decline were the significantly lower average fiber selling prices, which fell by about 13% from the previous year to EUR 1.70 per kilogram, as well as the divestment of Lenzing Plastics concluded in the middle of 2013. Moreover, there was a loss of external sales totaling EUR 61.8 mn as a consequence of the conversion and expansion of the Paskov pulp plant from paper to dissolving pulp which is used within the Lenzing Group.
The weak price development for standard fibers was counteracted by increased sales of Lenzing's fiber specialties Lenzing Modal® and TENCEL®. On balance, fiber sales volumes climbed by about 10% in 2013 to approximately 890,000 tons from 810,000 tons. However, the negative price effect in the standard fiber segment could not be offset by the higher sales and improved product mix.
The core Segment Fibers accounted for 91.9% of consolidated sales, whereas the Segment Engineering generated 2.6% and the Segment Other contributed 2.7% of consolidated sales. Discontinued operations accounted for the remainder (only external sales).
Other operating income to the amount of EUR 68.1 mn (2012 adjusted: EUR 43.6 mn1 ) included, amongst other items, the positive effects derived from the disposal of the Business Unit Plastics in the middle of 2013.
Consolidated earnings before interest, taxes, depreciation on property, plant and equipment and amortization of intangible assets (EBITDA)2 including the release of investment grants totaled EUR 225.4 mn, down from the adjusted figure of EUR 352.4 mn in 2012 but in line with the most recently published guidance. The EBITDA margin amounted to 11.8%, compared to the adjusted level of 16.9% in the previous year. The ratio of net financial debt to EBITDA was about 2.2 at the reporting date, thus below the targeted maximum of 2.5.
In spite of higher production and sales volumes, the cost of material and other purchased services actually decreased by 3.9% from EUR 1.30 bn (adjusted) to EUR 1.25 bn3 . In particular, this development reflects the lower raw material prices for pulp. Chemical and energy costs remained stable or fell slightly. Substantial savings were achieved thanks to the excelLENZ cost reduction program, for example in logistics and raw material procurement. These benefits were in contrast to higher wood prices at the pulp production sites in Lenzing and Paskov resulting from the strong demand for wood utilized in order to generate energy.
On balance, the cost of material comprised 65.7% of consolidated sales in the 2013 financial year compared to the adjusted level of 62.4% in 2012.
Personnel expenses increased from EUR 309.9 mn (adjusted) in the 2012 financial year to EUR 337.0 mn in 2013. The main reason was the allocation of EUR 19.7 mn in funds to a provision for the redundancy program ("Sozialplan") and additional employee-related provisions to cover personnel expenses designed to cushion the job cuts implemented within the context of the excelLENZ 2.0 cost savings program. The higher costs were also due to the increase in the average workforce at the Lenzing site in Upper Austria related to the pre-production stage of the new TENCEL® plant as well as annual collective salary increases in Austria. Personnel expenses comprised 17.7% of consolidated sales (2012 adjusted: 14.8%).
The 3.9% decline in other operating expenses to EUR 224.8 mn can be attributed, amongst other reasons, to cost savings resulting from the first excelLENZ cost reduction initiative.
The 14.2% increase in the amortization of intangible assets and depreciation of property, plant and equipment to EUR 142.1 mn (2012 adjusted: EUR 124.5 mn) is due to the higher level of investments on the part of the Lenzing Group. This was complemented by impairment losses reported for Lenzing (Nanjing) Fibers (China), Lenzing Modi Fibers (India) as well as the joint venture European Precursor GmbH (EPG) with SGL-Carbon and Kelheim Fibers, which had been decommissioned the year before.
Accordingly, consolidated earnings before interest and taxes (EBIT) 4 amounted to EUR 86.4 mn in the 2013 financial year, comprising a drop of 62.7% from the prior-year level of EUR 231.5 mn (adjusted). The EBIT margin was 4.5%, down from the adjusted figure of 11.1% in 2012.
1) The previous years figures were subsequently partly adjusted (refer to Note 2 of the consolidated financial statements as at December 31, 2013). 2) Consolidated EBITDA before restructuring amounted to EUR 219.4 mn (2012: EUR 358.7 mn). 3) Including material cost effects from discontinued operations. 4) Consolidated earnings before interest and taxes before restructuring amounts to EUR 106.5 mn (2012: EUR 255.0 mn).
The financial result amounted to minus EUR 26.7 mn, above the comparable figure of minus EUR 12.8 mn in the previous year. This deterioration was the result of the higher net financial debt, although Lenzing succeeded in securing more favorable terms and conditions when it increased the volume of its German Private Placement. Moreover, the company suffered foreign currency translation losses due to the devaluation of the Czech Koruna to the Euro. The average interest rate for financial liabilities was 2.8% in 2013, in contrast to about 3.0% in 2012.
As a result of these developments, earnings before taxes (EBT) of the Lenzing Group amounted to EUR 68.1 mn in the 2013 financial year (2012: EUR 236.0 mn). This comprises a decrease of about 70% from 2012. After deducting the income tax of EUR 18.1 mn (2012: EUR 55.1 mn), the profit for the year totaled EUR 50.0 mn (2012: EUR 180.9 mn). The profit for the year attributable to shareholders of Lenzing AG amounted to EUR 50.1 mn (2012: EUR 175.6 mn).
The balance sheet total fell considerably in the past financial year, from EUR 2.63 bn to EUR 2.44 bn as at the end of 2013. This can be mainly attributed to the planned reduction in the recent high level of cash and cash equivalents in connection with the completion of current investment projects. The adjusted equity ratio rose from 43.8% to 45.5% of the balance sheet total. Adjusted equity of the Lenzing Group totaled EUR 1.11 bn at the end of 2013, a slight drop of 3.8% from the prior-year level of EUR 1.15 bn.
Net financial debt of the Lenzing Group climbed to EUR 504.6 mn at the end of 2013 (December 31, 2012: EUR 346.3 mn), primarily as a consequence of the investment activity designed to expand the fiber and pulp production capacities of the Lenzing Group during the past financial year. Accordingly, net gearing amounted to 45.5% (2012: 30.0%).
In 2013 the Lenzing Group succeeded in reducing its strategic liquidity reserve as planned. This reserve was at a very high level due to the extensive investment activity being carried out. At the end of 2013, Lenzing had liquid funds1 of EUR 296.0 mn at its disposal (December 31, 2012: EUR 528.8 m). In addition, the company had sufficient additional unused lines of credit available for its use to the amount of EUR 296.2 mn (December 31, 2012: EUR 211.2 mn).
Investments in property, plant and equipment, intangible assets and non-controlling interests (cash CAPEX)2 was significantly cut back in the 2013 financial year to EUR 252.2 mn from the prior-year figure of EUR 346.2 mn. The focal point of the investment activity carried out by the Lenzing Group was construction of the new TENCEL® production plant, urgently needed infrastructure investments at the Lenzing site and completion of the conversion and refitting work at the Paskov pulp plant. All other larger investment projects were postponed due to the difficult market situation.
Considerable savings could be generated in the course of the 2013 financial year as a result of the first cost savings initiative entitled excelLENZ. The cost reductions were achieved by postponing replacement and maintenance investments as well as optimizing Group purchasing. In addition, a series of originally planned investments will not be carried out for the time being. No capacity expansion projects have been underway in the Lenzing Group since the beginning of 2013 with the exception of the TENCEL® plant in Lenzing.
As a result of the continuing unsatisfactory market development which could extend far into the year 2015, an expanded cost optimization program called excelLENZ 2.0 was launched in the fourth quarter of 2013. The program has defined improvement potential for all cost modules encompassing all sites operated by the Group in order to achieve the declared objective of generating annual cost savings of EUR 120 mn p.a.
In addition to cutting material costs, the measures to be implemented on this basis will also involve massive reductions in operating expenses and overhead, extensive increases in operating efficiency as well as a reduction in the total number of employees. On balance, the total workforce in the Lenzing Group will decline by up to 600 employees (full-time equivalents).
The individual measures have been speedily implemented since the beginning of 2014, and will already positively impact earnings to the amount of up to EUR 60 mn in the course of 2014.
As a further response to the changed global market environment in the fiber industry, the Lenzing Group resolved at the beginning of October 2013 to install a functional Group organizational structure, which also took effect as of January 1, 2014. It replaces the previous division-based Group structure, and upgrades production operations as well as business development and marketing activities. Moreover, the entire organization will focus on more resolutely implementing its specialty strategy. This new structure is particularly necessary in the light of the coming on stream of the TENCEL® plant at the Lenzing site. A Chief Commercial Officer on the Management Board responsible for sales and marketing will ensure the optimal marketing of future production capacities.
In this regard, the sales and marketing organization will be strengthened. The entire organization will sharpen its focus to more strongly orient its activities to the important fiber markets of Asia and Turkey. In particular, sales efforts in China will be expanded by deploying additional technical experts and market development capabilities. Research and development work will be bundled in a centralized research unit.
As a consequence of the new organizational structure, Lenzing's Management Board will consist of four members in the future instead of three. The Chief Executive Officer will not only be supported by a Chief Financial Officer and a Chief Operating Officer for Production, but also a Chief Commercial Officer.
For the Segment Fibers of the Lenzing Group, the 2013 financial year more or less turned out to be a linear continuation of previous financial years. Good sales volumes of Lenzing fibers were achieved against the backdrop of the ongoing erosion of fiber selling prices. The substantial overcapacities in China made it increasingly difficult for Lenzing to detach itself from this price trend by offering superior quality and service in connection with its standard viscose fibers for textile applications. Nevertheless, Lenzing succeeded in fully utilizing all its production facilities in the 2013 financial year in spite of the increasingly fierce competition, thus achieving a new sales record.
Sales growth was driven by the first full-year availability of the fifth production line at the PT. South Pacific Viscose (SPV) viscose fiber plant in Indonesia, as well as the higher production volumes generated throughout the year at the TENCEL® factory in Mobile, Alabama (USA). However, on balance sales were somewhat below initial expectations. This can be attributed to a production interruption at the TENCEL® plant in Heiligenkreuz, Austria in March, damage caused by construction work to a wastewater pipeline of the infrastructure operator at the industrial park in Nanjing, China at the end of the second quarter, and a fire in the dryer system at SPV in the fourth quarter of the year. Accordingly, production volumes of TENCEL® as well as at the viscose fiber production site in Nanjing, China and at SPV were subsequently lower than originally planned.
Due to the high demand, inventories of the Lenzing Group were at a low level in 2013 but rose slightly in the fourth quarter of the year.
Lenzing counteracted the difficult price situation with a global marketing drive, an intensified focus on selling its specialty fibers Lenzing Modal® and TENCEL® as well as further expanding its business with nonwoven fibers. The specialty brands Lenzing Modal® and TENCEL® clearly defended their market position, and continued to achieve a high price premium vis-à-vis standard viscose fibers in spite of the very difficult conditions prevailing on the marketplace. Specialty fibers accounted for approximately one-quarter of total production volumes but about one-third of fiber sales in 2013.
From a production perspective, an operational excellence drive was launched at the beginning of the year within the context of the excelLENZ program. It was initially implemented at the Lenzing facility and subsequently rolled out at all sites. This served as the basis for realizing additional cost savings and identifying earnings improvement potential. The relevant measures will be speedily implemented in the upcoming quarterly periods.
However, the Lenzing Group could not detach itself from the continuing price decline on the global viscose fiber market throughout 2013. Whereas average fiber selling prices in the first quarter of 2013 equaled EUR 1.77 per kilogram (Q1 2012: EUR 2.03), they continually decreased to a level of EUR 1.61 per kilogram in the fourth quarter of the year (Q4 2012: EUR 1.83). The generally lower fiber selling prices also led to moderate price adjustments for Lenzing Modal® and TENCEL®.
As a consequence of the price decline, segment sales in line with segment reporting of the Segment Fibers fell in 2013 to EUR 1,754.5 mn compared to EUR 1,883.0 mn in the previous year. Segment EBITDA was down to EUR 205.7 mn from the prior-year level of EUR 338.7 mn. The EBITDA margin of the Segment Fibers ended up to be 11.6% (2012: 17.9%). The deterioration in margins can be attributed to price pressure. Partially more favorable energy and chemical costs could not compensate for the drop in fiber selling prices.
Due to the current market situation along with market expectations for upcoming quarters, construction work on the planned viscose fiber plant in India has been postponed for the time being. Facilities which were acquired or constructed up until now were impaired in the consolidated financial statements for 2013, which in turn were recognized as non-cash charges amounting to EUR 3.4 mn.
Construction of the first TENCEL® jumbo production facility at the Lenzing site continued on schedule in 2013. The company was able to make up for weather-related delays in the first quarter. Almost all the technical equipment had been installed by the end of 2013. All piping and cabling work were well on track, so that the first tests of individual parts of the plant were already initiated. Lenzing plans to keep to its timetable, with the first TENCEL® fibers likely to leave the production lines of the new plant sometime around the middle of 2014. After the initial start-up phase, the new plant will boast a nominal annual capacity of 67,000 tons of TENCEL® fibers. Investment costs are expected to total EUR 150 mn due to adjustments made to the original plans in connection with improved plant safety and an increased production volume.
The new TENCEL® facility reflects next generation TENCEL® technologies. The longstanding experience of all existing TENCEL® factories of the Lenzing Group was incorporated in the plant design. Thanks to the single production line featuring high capacity, Lenzing expects lower specific operating costs during continuous operation, an enhanced high level of plant safety and availability and thus additional competitive advantages. TENCEL® production at the Lenzing site will create 140 new high-quality jobs. This will significantly cushion the separately planned downsizing at the main site in Lenzing.
The Business Unit Textile Fibers counteracted the weak price development for standard fibers in 2013 by entering into new markets and promoting its business there as well as by intensifying its sales and marketing activities for specialty fibers. Total textile fiber shipment volumes grew by about 9% to 621,000 tons from the comparable level of 572,000 tons in the previous year.
The market for standard viscose fibers was impacted by ongoing price pressure throughout the entire year as a consequence of excess production capacity in China. The exports of Chinese manufacturers also led to a steady erosion of prices on other important sales markets of the Lenzing Group such as Indonesia and Turkey.
Business with the specialty fiber Lenzing Modal® proved to be much more gratifying in 2013, reaching a new record sales volume in 2013. In particular, an increase in the sales of MicroModal® and MicroModal® AIR could be achieved thanks to relevant marketing measures. Demand for the newly launched spun-dyed modal fiber Modal® Color developed positively. The comparatively high price of cotton in China, the most important sales market for Modal, also helped drive demand for Lenzing Modal® as a fiber blend in high-quality fabrics. The price premium of Lenzing Modal® vis-à-vis viscose was at a high level throughout the entire year.
Sales of the specialty fiber Lenzing FR® were satisfactory in 2013, with sales volumes above the prior-year level. In particular, Lenzing FR® achieved success in the growth segment of industrial protective clothing. Modal fibers comprise the basis of Lenzing FR®. The first flameretardant TENCEL® fibers were launched on the marketplace in 2013.
Sales of TENCEL® fibers for textile applications were at a high level in 2013 against the backdrop of an attractive price premium compared to viscose fibers. Lenzing succeeded in opening up new markets and new customer segments, which was also important in the light of the planned coming on stream of the new TENCEL® production facility in Lenzing in the middle of 2014. Despite the production interruption at the TENCEL® factory in Heiligenkreuz, shipment volumes still surpassed the comparable prior-year figures. The products TENCEL® LF and the new, extremely high-quality TENCEL® fibers Micro-LF and TENCEL® Micro were well received by Asian customers. Similarly, the use of TENCEL® fibers in the bed linen segment was further expanded.
From a regional perspective, Asia remained the strongest sales market for the textile applications of both Lenzing Modal® and TENCEL®.
Textile fiber innovations in 2013
At the end of the second quarter of 2013, Lenzing presented its flame-resistant Lenzing FR® "divan fiber" for use in public transportation vehicles. The guidelines which apply to public transportation vehicles are particularly strict. The impressive feature of Lenzing FR® is that the fiber does not melt, drip or afterglow in the event of a fire.
The color portfolio of the spun-dyed fiber Lenzing Modal® COLOR launched on the marketplace in 2012 was extended in order to enable the development of further applications.
The priority for TENCEL® was on expanding the areas of application of this versatile fiber. In 2013, TENCEL® fibers were used for the first time as upholstery fabrics for sofas. In addition to the aesthetically pleasing advantages of intense colors and a velvety sheen, sofas with a fabric cover of TENCEL® boast a lower electrostatic charging compared to the conventional polyester covers. Moreover, the removable fabric covers can be laundered at home, and thus are easier to keep hygienically clean.
Furthermore, Lenzing intensively worked on opening up new fields of application for TENCEL® in the construction business. In addition to initial market success with TENCEL® powder in pasty plasters, one focal point in 2013 was on developing TENCEL® additives as a stabilizing factor for building materials, particularly concrete.
The nonwoven fiber market in 2013 was once again characterized by attractive growth rates. According to initial estimates, global growth in the largest nonwovens segment, namely for wipes, once again reached a level of between 6% and 7%1 . Increasing prosperity in the developing and emerging markets served as the basis for above-average sales increases in this segment. The North American market also showed ongoing growth in contrast to the stable development of the nonwovens market in Europe. Asia continued its upward trend towards catching up with the rest of the world in 2013.
Demand for Lenzing's nonwoven fibers was stable but at a high level in 2013. In contrast to the textile market segment, prices were considerably less volatile. However, the weak price situation prevailing on the textile fiber market increasingly impacted the nonwovens business in Asia in the second half of the year. Europe and the USA were not affected as much by this development. On balance, average fiber selling prices in 2013 were below the prior-year level.
The nonwovens business of the Lenzing Group once again featured increasing sales volumes in 2013. Shipment volumes amounted to about 269,000 tons, about 13% higher than the 238,000 tons shipped in the previous years. More production capacities in the Group were made available for the production of nonwoven fibers in the course of the year due to the weak
development of the textile fiber segment. Furthermore, additional capacities which came on stream in the USA and Indonesia in 2012 were available all year for the first time.
Most of Lenzing's nonwoven fibers are used to produce wipes. Existing cooperation agreements in the wipes segment in the important American market were extended, new customers were attracted and new fields of application were conquered in spite of competition from China and India. In Asia, Lenzing nonwoven fibers scored top marks with customers in the high-quality cosmetic face mask segment as well as in the women's hygiene sector. Cooperation programs were set up with local partners in Indonesia for the first time.
Initial application tests for the first hydrophobic cellulose fiber TENCEL® Biosoft were carried out together with customers in the 2013 financial year.
In 2013 Lenzing presented "EUROCEL", a new fiber blend consisting of 50% high-quality Lenzing viscose fibers manufactured in Europe in an environmentally compatible manner along with 50% TENCEL®. EUROCEL is a new type of high-end nonwovens quality to be selectively used for hygienic applications (e.g. baby care) as well as in the household and industrial sectors. The underlying concept of supplying fibers verifiably manufactured in Europe for European products appeals to customers aiming to differentiate themselves from competitors on the basis of regional origin and sustainability.
The Business Unit Pulp ensures the reliable supply of suitable dissolving pulp qualities to the production sites of the Lenzing Group. Dissolving wood pulp is the most important raw material used in the production of man-made 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 Austria and in Paskov, Czech Republic. In addition, Lenzing also primarily procures pulp from external suppliers on the basis of long-term delivery contracts. Pulp purchasing takes clearly-defined economic criteria and ecological aspects into account by relying on certified forests and certified tree plantations.
During the reporting year, capacities on the global market for dissolving wood pulp once again rose by about 18% to 5.0 mn tons of air-dried pulp. As a consequence, following the dramatic drop in prices in the year 2012, average selling prices for dissolving pulp were once again subject to a renewed decline in 2013 of about 16% to USD 895 per ton of air-dried pulp (2012: USD 1,060; 2011: USD 1,870). The imposition in China of anti-dumping import duties on dissolving pulp from Canada, the USA and Brazil as of November 7, 2013 has only resulted in a slight rise in price levels up until now. For the time being, no sustainable increase in dissolving pulp prices is expected because of the current excess capacities on the global market.
The Lenzing Group produced a total of 523,000 tons of pulp in 2013, up from about 407,000 tons in 2012. As a result, Lenzing was able to maintain its level of self-sufficiency with pulp at about 50% in spite of the higher fiber production volumes. The remaining required pulp was almost exclusively provided by existing long-term supply contracts. The strict principles guiding the Lenzing Group-wide pulp procurement policy (www.lenzing.com/en/pulp/pulp-sourcingpolicy) are applied in selecting suitable pulp suppliers and also in purchasing wood. Whenever possible, the Lenzing Group only sources pulp and wood certified in accordance with the FSC and PECF standards.
The Lenzing Group secured a sufficient supply of pulp to cover its requirements during the reporting year.
The annual production volume of 291,000 tons of dissolving pulp* at the Lenzing site served as the basis for a physical full integration of pulp manufacturing in Lenzing. Small amounts of pulp were sold outside of the Lenzing Group.
The remodeling and expansion program in Paskov was completed for the most part in 2013. 232,000 tons of dissolving pulp were produced, with production fully converted to dissolving pulp in order to meet the priority needs of the Lenzing Group.
In 2013, the wood supply for the two Lenzing pulp facilities in Lenzing, Austria and Paskov, Czech Republic was once again secured by a corresponding supply chain management.
At the Lenzing site, the procurement of wood across large areas and the longstanding cooperation with key international suppliers once again ensured an optimal supply of beech wood. The second half of 2013 in particular was characterized by a perceptible scarcity of conifer wood and hardwood related to the strong demand for wood to generate energy. The non-cascading use of wood exclusively for the purpose of producing energy inevitably leads to supply bottlenecks, rising costs and increasing competition for wood supplies. The Lenzing Group was able to build up a substantial reserve stock of wood by the end of the year thanks to the longstanding partnership with wood suppliers in Austria and neighboring countries.
The Lenzing pulp plant in Paskov profited from relatively high wood inventories during the winter which extended well into the first half of 2013. Starting in mid-year demand for wood and thus wood prices also began to increase in the Czech Republic against the backdrop of a new particleboard plant put into operation in Moravia as well as wood being stocked up for the 2013/14 heating season. Lenzing's wood sourcing efforts successfully dealt with this situation by increasing its wood imports, enabling it to once again build up the required stockpiles of wood for the winter.
The Lenzing Co-Products division of the Business Unit Pulp markets by-products (co-products) arising from fiber and pulp production. These high-quality co-products such as acetic acid, sodium sulfate and soda are further processed by customers in the food and animal feed industries as well as the pharmaceutical, detergent and construction industries.
During the reporting year, the Lenzing Group recorded a particularly gratifying level of demand and stable sales revenue for acetic acid required by the food and pharmaceutical sectors, as well as raw materials for xylose used as a sugar substitute. An excess supply of furfural was also discernible on the market in 2013. The selling prices for sodium sulfate were satisfactory.
The Business Unit Energy is responsible for ensuring the optimal availability of electricity, process water, steam and cooling energy to all global production sites of the Lenzing Group. It is also responsible for the conceptual development and ongoing optimization of all energy supply facilities of the Lenzing Group. Due to the fact that pulp and fiber production are extremely energy-intensive processes, the Business Unit Energy plays a very important role with respect to ensuring sufficient energy production and optimizing costs.
In the year 2013 the European electricity market was characterized by declining spot and forward market prices. The spot prices for natural gas in Europe hovered at a high level during the reporting year as a result of high oil prices and a low supply of liquid natural gas. Crude oil prices also remained high. The lion's share of the energy required by the Lenzing Group is procured on the basis of fixed-price supply contracts, which is why the company is largely unaffected by developments on spot markets.
The energy production facilities of the Lenzing Group operated normally for the most part in 2013, with only short downtimes.
Projects designed to further improve the energy supply at the Lenzing site were continuously being implemented in 2013. The sourcing of fossil fuels was reduced even more thanks to the increased use of waste materials. The company also took advantage of the more favorable electricity and coal prices. Moreover, a boiler was refitted and upgraded to optimize its output. Installation work on a new steam turbine was commenced during the year under review in order to safeguard the site's own electricity generation capabilities.
| Fossil fuels 12.7% |
|---|
| Natural gas 5.8% |
| Coal 6.8% |
| Oil 0.1% |
*) incl. RVL
In 2013 the Heiligenkreuz site evaluated the possibility to take part in an electricity balancing market in cooperation with an Austrian utility company. The interim results of this analysis turned out to be consistently positive.
Lenzing pressed ahead with the implementation of various energy-related projects within the context of its efforts to remodel and expand the Paskov pulp plant. For example, work on the evaporation plant for bleaching plant wastewater and feed water treatment was completed during the reporting year, and the facilities were successfully put into operation. Furthermore, modification work was carried out on two existing steam turbines.
| Biogenic | 13.2% | 50.5% | 87.3% |
|---|---|---|---|
| Nuclear | 5.2% | 0.0% | 0.0% |
| Oil | 31.4% | 0.3% | 0.1% |
| Gas | 21.3% | 15.2% | 5.8% |
| Coal | 28.9% | 34.1% | 6.8% |
*) incl. RVL
No change in the consistently very difficult price situation for man-made cellulose fibers was perceptible at the beginning of 2014.
According to the latest assessment by the "International Cotton Advisory Committee" (ICAC) 1 , cotton production will decline in the current 2013/14 cotton harvest season by 4.1% to 25.7 mn tons. Demand is only expected to rise minimally by 1.1% to 23.6 mn tons. This would result in a significant surplus in production compared to consumption for the fourth straight season, and, as a consequence, a further increase in cotton inventories.
In the event of a free play of market forces, the excess supply of cotton would exert downward pressure on prices, which in turn could have a negative impact on all other fibers. The Chinese policy of granting state subsidies to prop up cotton continues to distort the market. For this reason, it is not possible at the present time to make any reliable price forecasts for cotton.
The ICAC predicts a good development in demand for the next 2014/15 cotton harvest season. Cotton production is anticipated to drop even further by 1.3% to 25.4 mn tons, whereas demand is expected to rise by 4.0% to 24.5 mn tons. Nevertheless, if this scenario takes place cotton inventories will reach a new record high level of 20.8 mn tons, accompanied by a huge potential for speculation and the threat of price fluctuations.
Against this backdrop, the Lenzing Group is also striving to achieve further volume growth in its core business of manufacturing fibers to boost fiber sales to a level slightly below one million tons. This increase will likely be driven by the first sales volumes from the new TENCEL® production plant at the Lenzing site as well as the stable year-round operation of the fifth production line at SPV. However, the added sales volumes will hardly be reflected in segment revenue due to the expected unfavorable development of fiber selling prices.
Raw material costs are expected to rise slightly, whereas the excelLENZ 2.0 cost reduction and optimization program should have initial positive effects on personnel expenses.
Fundamentally speaking, Lenzing has secured a sufficient supply of wood for both of its pulp production facilities in 2014 and beyond. Lenzing will further increase its level of self-sufficiency with pulp in the future. The additional pulp required by the Lenzing Group will be procured on the basis of long-term delivery contracts and purchases on the spot market. No major price changes for energy are expected in the course of 2014.
The Segment Engineering mainly encompasses Lenzing Technik GmbH and its subsidiaries Lenzing Engineering & Technical Services (Nanjing) Co., Ltd. and LENO Electronics GmbH. Lenzing Technik offers services around the world in the fields of engineering and contracting, mechanical construction and industrial services as well as automation and mechatronics.
In the year 2013, the Segment Engineering managed to raise sales and earnings compared to the prior-year performance in spite of the weaker investment climate. The business with external customers showed a more pronounced increase than sales derived from within the Lenzing Group. Capacity utilization was very good throughout the year across all segments.
In 2013 the Segment Engineering generated total sales of EUR 125.1 mn, compared to EUR 121.8 mn in 2012. Of this amount, approximately EUR 49.5 mn can be attributed to customers outside the Lenzing Group (2012: EUR 47.1 mn). EBITDA of the Segment Engineering in line with segment reporting amounted to EUR 9.1 mn (2012: EUR 10.2 mn). A total of 712 people (including trainees) were employed by the Segment Engineering as at December 31, 2013, practically the same as the level of 711 employees in the previous year. Temporary staff was also hired in 2013 to provide sufficient manpower for peak order times, as in previous years.
In the Engineering and Contracting business area, Lenzing Technik offers engineering and project services as well as mechanical and special machine construction for industrial customers. The business area encompasses the fields of viscose and fiber technology, environmental technology, pulp technology as well as filtration and separation technology.
The viscose and fiber technology business division is responsible, among other things, for the conceptual design and construction of the Lenzing Group's fiber production plants, and thus makes an important contribution to safeguarding the innovation and market leadership enjoyed by the Lenzing Group in the fiber segment. The environmental technology product group focuses on various technologies designed to reduce and eliminate waste gas emissions in industrial and municipal applications.
The pulp technology division carries out consulting and engineering projects for the pulp industry on a global basis. In the past financial year this division made a major contribution to the conversion of the Lenzing Group's pulp plant in Paskov, Czech Republic to the production of dissolving pulp.
The filtration and separation technology division was able to consolidate its strong global market position by successfully creating new applications and opening up new markets outside the Lenzing Group. Ongoing innovations and the expansion of the worldwide sales network were the basis for further growth in this area in 2013. One example in 2013 was the high-quality microfilter with backwashing, which Lenzing Technik is successfully marketing now under the OptiFil brand name, also to the food and paper industries.
The Engineering and Contracting business area showed a very good business development in 2013. Lenzing Technik not only profited from the strong investment activity within the Lenzing Group, but also from a series of large projects being carried out by external customers in the pulp industry as well as in the field of filtration and separation technology.
The Mechanical Construction and Industrial Services business area of the Segment Engineering is positioned as a contract manufacturer for sophisticated applications. In the 2013 financial year, the mechanical construction segment and, in particular, the field of industrial services profited from the investment activity on the part of the Lenzing Group and strong demand by external customers. Sales efforts in 2013 focused on growing the business with external customers.
The subsidiary Lenzing Engineering & Technical Services (Nanjing) Co., Ltd recorded a gratifying volume of incoming orders in 2013 placed by both existing as well as new customers.
The sheet metal technology division defended its market position against the backdrop of a difficult market environment, and continued its successful development during the reporting year.
In its Automation and Mechatronics business area, Lenzing Technik is positioned as the specialist for producer-independent automation solutions for the processing industry as well as the construction of electromechanical devices and printed circuit board assembly.
Sales in the process automation segment rose in 2013, and earnings could be significantly improved once again thanks to very good capacity utilization in comparison to the prior-year level. Innovative solutions in the field of robotics aroused great interest on the marketplace. Sales also increased in the mechatronics segment in the past financial year. Process optimization measures and the modernization of production facilities resulted in significantly improved margins.
The Segment Engineering expects a significant decline in internal sales in the current 2014 financial year due to the completion of the major expansion projects within the Lenzing Group and as a consequence of the ongoing cost reduction program. This will also entail the planned end to hiring temporary staff. For these reasons, the Segment Engineering will focus on further expanding its business with external customers. The successful business development of Lenzing Technik should continue on the basis of offering innovative products and solutions as well as intensified marketing and sales activities. However, Lenzing Technik will likely be unable to fully compensate for the decline in orders from the Lenzing Group.
The Segment Discontinued Operations encompasses the divested Business Unit Plastics and European Precursor (EPG), the terminated joint venture set up with SGL Carbon und Kelheim Fibres. The Segment Other mainly includes the business activities of Dolan GmbH, Kelheim, a company which was formerly part of the Segment Plastics Products and which manufactures synthetic fibers, as well as the educational and training center Bildungszentrum Lenzing (BZL).
The disposal of the Business Unit Plastics (Lenzing Plastics GmbH) was finalized on June 27, 2013. It was sold to an Austrian bidding consortium led by Invest AG, the investment company of the Raiffeisen Banking Group Upper Austria based in Linz. Following the complete sale of the former Business Unit Plastics, Lenzing acquired a 15% stake in LP Beteiligungs & Management GmbH, Linz. Lenzing's disposal of its plastics operations was due to its decision to strategically focus on its core business of manufacturing man-made cellulose fibers. In 2013 different options relating to the future utilization of European Precursor GmbH (EPG) were evaluated.
Segment Other
At Dolan sales of awnings and outdoor applications slightly increased in 2013 from the previous year. In particular, demand for awnings was strong on the US market. Demand for convertible tops returned to normal levels in the course of the year. However, sales of convertible tops were still down on the previous year. The filtration business area developed satisfactorily in the past financial year.
Total sales of the Segment Other amounted to EUR 51.6 mn in 2013 (2012 adjusted: EUR 42.2 mn). Segment earnings (EBITDA) totaled EUR 6.2 mn (2012 adjusted: EUR 3.5 mn), whereas EBIT was EUR 5.3 mn (2012 adjusted: 2.7 mn).
Potential utilization options for European Precursor GmbH will continue to be evaluated in 2014. The improved prospects for an economic recovery in Europe should stimulate demand at Dolan.
Current surplus production capacities for viscose fibers and the all-time high level of cotton inventories pose a difficult-to-assess risk for the short and medium-term development of fiber prices. The International Cotton Advisory Committee (ICAC) estimates that global cotton inventories will reach 19.9 mn tons by the end of the current season (end of July 2014), of which China alone will have a reserve of 11.5 mn tons of cotton, corresponding to an inventory coverage of about 1.5 years1 . Against this backdrop, the difficult market environment prevailing in the man-made cellulose fiber segment is expected to continue in 2014.
The tense price situation was also reflected in Chinese spot market prices for viscose staple fibers, which fell by 15% in the course of the year 2013 to an annual low of CNY 12,280 per ton and have risen slightly since then (January 23, 2014: CNY 12,400 per ton; February 28, 2014: CNY 12,300 per ton).
The pulp market stagnated during the reporting year to a price level of about USD 900 per ton. The pulp supply for Lenzing's fiber production facilities is considered to be well secured for the year 2014. The level of self-sufficiency for pulp including long-term delivery contracts is about 90%.
Raw material prices for chemicals and energy prices both moved slightly downwards in 2013 as a consequence of the cyclically-induced weak demand. Massive risks arising as a consequence of strong price fluctuations are not expected in the short term.
General risks such as natural catastrophes, fire hazards or the risk of explosions, environmental damage and product liability risks continue to be potential causes of extensive damage to the Group, and are still considered to be high risk factors. There was a fire at the Heiligenkreuz site in March 2013. However, the damage was covered by insurance.
Construction work on the new large TENCEL® production plant at the Lenzing site is proceeding on schedule. All other expansion projects which have not yet been initiated, especially in the viscose fiber segment, have been stopped for the time being due to the tense market situation. This includes the planned construction of a viscose fiber factory in India.
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. Lenzing established a functional organizational structure effective January 1, 2014, in particular to be better positioned in the future to master the challenge of growing competition in Asia. The timely identification, evaluation and response to strategic and operational risks are essential components of the management activities of the business units.
A unified, Group-wide reporting system functioning on a monthly basis and ongoing monitoring of the 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:
Risk analysis pursuant to the COSO®1 framework
Central risk management regularly conducts risk assessments at all of Lenzing's production sites. 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 on 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 was contracted for the second time to evaluate 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 www.lenzing.com/en/concern/ investor-center/corporate-governance.html
Management holds regular meetings with the risk management team to discuss the development of the respective risk categories. The main risks are evaluated every six months and the findings are integrated in the reporting process.
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 Report only presents major risks which are not included in normal accounting standards (e.g. 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 with the internal market research department at monthly sales meetings.
On balance, Lenzing's risk management identified a total of 29 risks and bundled them in five main areas, as described below.
The globally operating Lenzing Group is exposed to a multitude of general macroeconomic risks. Price and volume developments are cyclically dependent for textile fibers and to a lesser degree for nonwoven fibers. In turn, this is related to economic conditions on both a global and regional basis. Lenzing fibers compete with cotton and synthetics on some markets. Their price development thus affects Lenzing's fiber sales revenues and volumes.
A huge surplus of cotton inventories still prevails on the global fiber market. As a consequence, strong price pressure is expected to continue impacting the entire fiber industry in 2014.
Lenzing counteracts this risk by its already high share of specialty fibers in its global product portfolio. This share will be increased in the future on the basis of the further expansion of TENCEL® fiber production. 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 highly customer-oriented product diversification.
Lenzing derives about half of its fiber sales 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, sales segments and sales markets. Due to the difficult market environment, the probability of default on accounts receivable is correspondingly higher.
Innovation risk and competition risk
As the world's leading manufacturer of man-made 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 industry average as well as a high level of proactive product innovation and active technology screening. The Lenzing Group and other producers of man-made cellulose fibers face the risk that acceptable or even superior alternative products may become available and obtainable at more favorable prices than man-made cellulose fibers. The Lenzing Group counteracts this risk by continually increasing its share of specialty products with lower substitution potential in its global product portfolio.
Lenzing purchases large amounts of raw materials (wood, pulp, chemicals) and energy in order to manufacture man-made 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, decline or increase 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.
Lenzing's pulp and energy strategy focuses on maintaining a maximum degree of self-sufficiency. In the 2013 financial year, the Lenzing Group's own pulp production capabilities were further increased by expanding the output of the pulp plant in Paskov, Czech Republic. The level of self-sufficiency for pulp including long-term delivery contracts is about 90%. Lenzing also compensates for price fluctuations by concluding long-term supply contracts, including gas forward delivery contracts.
Operating risk and environmental risk (incl. fire damage and natural catastrophes)
The production of man-made 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 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, for example in Lenzing, Austria or in Indonesia, the two sites with the largest production capacities, 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 subject to the prevailing local laws in the countries in which it operates or does business, 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.
The international business relationships of the subsidiaries of the Lenzing Group expose them to currency risks. In particular, transaction and exchange rate risks exist with respect to the USD, CNY and CZK (refer to Section V. Use of financial instruments). This risk is reduced by a hedging strategy authorized by the Management Board. The objective is to limit existing currency risks arising from already concluded or planned sales or procurement transactions. These derivatives are recognized as hedging instruments in hedge accounting on the basis of hedged transactions.
The Lenzing Group concludes transactions with a variety of banks to invest its liquid funds. The risk of a counterparty defaulting and the related negative effects are counteracted by an annually accepted investment limit specified by the Management Board for each counterparty (counterparty risk limit). The investment limits set for each counterparty are based on its probability of default. The limits are determined by taking the respective ratings into account as well as the publicized "corporate default swap" spreads and can be correspondingly adjusted during the year if changes in creditworthiness occur.
The potential default on accounts receivable is counteracted by a strict receivables management and covered by a global credit insurance policy.
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 within the context of regular tax audits at individual local companies could lead to considerable subsequent tax liabilities.
The dynamic growth of the Lenzing Group and the ongoing tightening of international laws, codes of conduct and codes of practice increase the demands imposed upon Lenzing to comply with and monitor compliance to these regulations. Insufficient controls in business processes, a lack of adequate documentation or the personal misconduct of individual employees could potentially result in violations of relevant statutory provisions. Lenzing addressed this risk by developing a global compliance organization and the introduction of its own code of conduct binding throughout the Group.
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 has established a Corporate Center Global Human Resources 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 Corporate Center Global Human Resources.
Risk related to the expansion of production capacity
The Lenzing Group plans to continue to grow its business by expanding production capacities as well as its product offerings and range of applications, especially in the TENCEL® segment. Furthermore, the Lenzing Group derives large quantities of pulp from its own pulp production sites. Developing and maintaining operations at a production site in the man-made cellulose fiber industry require considerable investments.
Adverse economic or legal conditions, in particular the current excess production capacities for viscose fibers in Asia and high cotton inventories, could negatively affect the implementation of and financing possibilities for long-term expansion plans. In addition, the Lenzing Group faces the risk that customer demand may prove to be insufficient in order to enable the full utilization of the increased production capacities.
Clearly-defined, written guidelines exist for the treatment of financial risks, and are being continually monitored and evaluated by the Management Board and the Corporate Center Treasury and Payment. The Lenzing Group exclusively makes use of foreign currency forward contracts to protect itself against exchange rate risks associated with business operations, mainly resulting from sales in USD, CNY and CZK. The objective of exchange rate risk management is to protect payment flows from business operations against adverse exchange rate fluctuations. Hedging activity as well as the correlation between risk and hedging instruments are continuously monitored and reported. Corresponding hedging transactions ensure that exchange rate changes do not influence payment flows. In principle currency translation risks are not hedged but are monitored on an ongoing basis. There is an active exchange of information between management and the treasury.
The risk of loss with regard to these derivative financial instruments is monitored on a regular basis and is rated as relatively small, taking into account the good creditworthiness of the contractual partners.
Allowances are made for the identifiable risk of loss related to primary financial instruments, such as loans, securities, receivables and cash held at banks. The carrying amounts of these financial instruments represent the maximum risk entailed. In addition, the Lenzing Group has accepted liability for associates. 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 financial instruments and their derivatives is rated as relatively small. No increased volatility until maturity is expected for short-term financial instruments. 47.85% of the company's long-term 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. 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.
Cash flow risks related to financial instruments arise from fluctuations in their respective payment flows. These cash flow risks are essentially limited to variable interest rate liabilities.
The Lenzing Group requires extensive financial resources to implement its business plan and its 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 prices could also negatively impact business operations and thus the financial situation and earnings of the Lenzing Group.
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 company, including all its Austrian sites and 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 management of the respective business unit or corporate center is responsible for monitoring compliance with the respective regulations and controls.
The Corporate Center Global Finance 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. These rules are regularly discussed by the Audit Committee of the Supervisory Board and correspondingly modified.
Lenzing has established 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 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 Department. 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 Corporate Center Treasury and Payment 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 the close cooperation and ongoing reporting to the central Corporate Center Treasury and Payment. The Corporate Center Internal Audit is responsible for monitoring the use of and compliance with controls.
A global Tax Management department is in charge of handling tax issues in the Group, reflecting the increasingly important need for evaluation and decision making with respect to globally applicable tax issues.
Lenzing's Corporate Center Legal Management and the company's own in-house counsel are 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 Corporate Center Group Compliance is responsible for developing a compliance management system (CMS) for processes regulating compliance with statutory law and internal guidelines or preventing violations of the law or improper behavior. The Corporate Center Group Compliance reports directly to the Chief Financial Officer. The compliance management system is responsible for the following tasks: continually identifying compliance-relevant risks, taking measures to minimize risks, complementing existing compliance-relevant guidelines by adding provisions which may be lacking, training employees on a global basis, providing assistance on compliance issues, evaluating adherence to regulations, handling cases of improper behavior and preparing regular reports to the Management Board and Supervisory Board.
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 Corporate Center Internal Audit is independent of organizational units and business processes and reports directly to the Chief Executive Officer. Internal Audit also 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 comprehensive reporting to the Management Board and a report sent once annually directly to the Audit Committee ensure the proper functioning of the internal control system.
The Corporate Center Risk Management identifies and presents risks outside of the statement of financial position and 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 lines of credit 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 of December 31, 2013 that could endanger the continued existence of the company in the 2014 financial year.
Lenzing has been setting standards in the man-made cellulose fiber industry for decades, and is considered to be a trend-setter for the entire industry. Some 170 employees continuously conduct research at the Lenzing site on further developing process technologies for pulp as well as for fiber production (viscose, modal, lyocell/TENCEL®) and new applications for Lenzing fibers. This is designed to safeguard Lenzing's technological and innovation leadership position.
In the 2013 financial year, expenditures for research and development (calculated according to the Frascati method) in the Lenzing Group amounted to EUR 31.1 mn (2012: about EUR 28.3 mn).
Process innovations in 2013 once again focused on further developing the TENCEL® technology with the objective of reducing specific investment costs, increasing productivity and optimizing quality. The Lenzing Group already operates a total of three TENCEL® pilot plants in order to more intensively investigate the processes and features of this fiber on a pilot scale.
The construction of the new TENCEL® production facility in Lenzing bundled, for the very first time, the technological experience gained from operating the former Courtaulds factories in Grimsby and Mobile and the Lenzing plant in Heiligenkreuz. These findings were used as the basis for developing a unified large-scale industrial TENCEL® technology. In this way, the new TENCEL® plant in Lenzing combines the best of technologies from both worlds, and can be considered to be the next generation TENCEL® technology. At the same time, the latest results of TENCEL® process research were integrated into the planning and construction of the factory. This made it possible to install a TENCEL® jumbo line with an annual nominal production capacity of about 67,000 tons of fibers.
The research activities relating to viscose and modal fibers in 2013 paid special attention to attaining steady quality improvements on the basis of developing new additives and also to the after-treatment of fibers. This is designed to ensure the ideal processability of these fibers in the textile chain. Another research priority during the year under review was on technologies aiming to optimize the recovery of chemicals used in the production process.
The chemical recovery facilities integrated into the production of pulp at the Lenzing site were optimized with the help of new technologies. The Lenzing Group is able to produce valuable co-products at the fully integrated site in Lenzing thanks to its longstanding experience in closed chemical cycles. The new co-product of granular soda bicarbonate, which will also be generated at the Paskov pulp plant in the future, was successfully established on the market in 2013. Moreover, the Paskov facility was completely converted to chlorine-free bleaching during the reporting year, requiring the modification of all upstream and downstream processing steps.
Research on process improvements is carried out within the context of research partnerships whenever it is possible and feasible, for example within the context of FFG1 projects, in COMET2 programs or in collaboration with universities.
1) The Austrian Research Promotion Agency (FFG) is the national funding agency for applied industrial research in Austria. 2) Competence Center for Excellent Technologies; www.ffg.ag/comet
Intensive research was carried out in 2013 on so-called "non-fiber" applications for TENCEL®, including all types of TENCEL® in the shape of particles, for example as a powder or gel. The areas of application for TENCEL® particles are many-sided and range from the construction industry and plastics reinforcement to cosmetics. A large number of additional potentially attractive applications for TENCEL® powder to be developed by Lenzing's research team can be deduced from the already successfully established uses of the powder such as in wall plasters, foam mattresses, paints and varnishes.
The renewable raw material wood serves as the starting point for the Lenzing Group's products, namely man-made cellulose fibers. The principles of sustainable business development are embedded at Lenzing due to this raw material basis, and are thus practiced on all levels throughout the entire Lenzing Group.
The Lenzing Group has been committed to the fundamental principles of sustainable development for many years. For Lenzing, operating profitably is equally important to achieving a social balance and safeguarding the ecological basis of life. The cornerstones of sustainable business development are the long-term, competitive creation of value in production as well as the most prudent use of resources. Lenzing is also aware of its corporate social responsibility, and thus focuses on creating human-friendly working conditions against the backdrop of a very difficult globally competitive environment.
*) Not part of the Management Report
Lenzing fibers are frequently an indispensable part of modern industrial society, and make an important contribution to a better and more comfortable way of life for many people, whether in clothing, home textiles, health care or for hygienic purposes and body care. Lenzing consistently pursues the goal of contributing to the production of these consumer goods with the least possible environmental impact. Whereas the viscose fiber industry was seen as a major environmental polluter in previous decades, Lenzing has shown that the sustainable manufacturing of these fibers is possible. For more than a quarter of a century, Lenzing has set standards for the environmentally compatible production of man-made cellulose fibers on the basis of sustainable process improvements, the closing of chemical cycles and the use of state-of-the-art wastewater and exhaust air purification processes.
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. The environmental standards adopted by the Lenzing Group apply to all regions of the world, and are considered to be a yardstick according to which the behavior of the company in the field of environmental protection will be oriented.
The Lenzing Group operates globally but embodies values which are deeply rooted in European culture and practices them at all its global sites. Principles such as tolerance, openness and respect for all people are applied equally by Lenzing regardless of the particular region in which the company operates. Social commitment has continuously been an integrated aspect of its business activities. Lenzing has proven this for decades in its role as an Austrian globalization pioneer on Asian markets. It is an integral part of the company's identity and philosophy to offer its employees a fair and safe working environment even in economically difficult times, and to consistently pursue a dialogue with employees in a fair and just manner.
In the 2013 financial year, Lenzing demonstrated that compliance with these principles is also essential even if cost savings through job cuts are unavoidable as a consequence of the prevailing economic conditions (refer to details contained in the section on Human Resources).
Accordingly, Lenzing strives to offer its employees interesting and demanding tasks combined with long-term personal development and career advancement opportunities, even in the light of a challenging business environment.
The production of man-made cellulose fibers requires a variety of input factors, from the raw materials and energy to human labor, know-how and capital. Lenzing strives to ensure that the generated value creation from fiber production is given back to all the stakeholders involved in a long-term, balanced and fair-minded manner, whether suppliers, employees or investors. The Lenzing Group has never oriented its corporate strategy to focus on short-term profit maximization but always on the long-term performance of the company. For this reason, sustainable economic success is an integral part of Lenzing's sustainability strategy.
One highlight of the 2013 financial year was updating the Sustainability Report. It can be downloaded on the Website of the company under Investor Relations – Reports/Presentations – Sustainability and can be ordered via the link at www.lenzing.com/en/concern/investor-center/ reportspresentations/procurement-service.html
The Sustainability Steering Committee initiated in 2012 convened on a quarterly basis in 2013 in order to make decisions on important upcoming issues. Within the context of the "Lenzing Sustainability Initiative", a multifunctional project team is responsible for coordinating activities related to ecological, economic and social sustainability. Accordingly, the list of relevant sustainability criteria is being continually reviewed and updated in order to constantly expand transparency on sustainability issues in the Lenzing Group and gradually improve the quality of the implemented measures.
The waste sulphuric acid (WSA) facility at the viscose fiber production site of PT. South Pacific Viscose in Indonesia was largely completed. At present the plant is undergoing trial operations, and is scheduled to come on stream in the second quarter of 2014. The WSA converts sulphurcontaining exhaust gases into sulphuric acid which is subsequently recycled again in the fiber production process. On the one hand, the facility contributes to reducing the level of exhaust gas emissions. On the other hand, it is a further step towards a fully closed chemical cycle.
In the context of the modification project converting the Paskov pulp production in the Czech Republic from a paper pulp to dissolving pulp manufacturing facility the production was adapted to eliminate the use of chlorinated bleaching chemicals in 2013. Now the factory in Paskov only supplies sustainable totally chlorine-free (TCF) pulp.
Furthermore, the anaerobic wastewater purification plant in Paskov was completed during the reporting year, thus increasing the overall water purification performance of the facility.
The Lenzing share has been continuously listed in the VÖNIX index (VBV Austrian Sustainability Index) since the year 2005. This index consists of 22 publicly traded Austrian companies which are leaders with respect to their social and ecological performance. The evaluation takes place annually on the basis of 100 individual environmental and social criteria.
During the reporting period TENCEL® fibers were given a prestigious award in the field of sustainability. Due to its environmentally compatible manufacturing process, TENCEL® received the highest number of points among all established textile fibers in the Materials Sustainability Index
(MSI), which is the quantitative part of the Higg Index. This assessment takes account of the environment impact of production with regard to chemicals, energy, greenhouse gas emissions, water, land use and wastes. The Higg Index is the core component of the Sustainable Apparel Coalition, an association of leading companies in the textile and chemical industry, non-profit organizations as well as research and educational experts aiming to create a more sustainable international textile industry. Lenzing was the first fiber producer to accept the invitation issued by the members of the Sustainable Apparel Coalition to join the organization.
Certifications provide important information about the status of an organization with respect to its systems and products. Accordingly, business partners and customers can be sure that the corresponding quality, environmental and safety standards are adhered to.
| ISO 9001 | ISO 14001 | OHSAS 18001 | |
|---|---|---|---|
| Lenzing (Austria) | |||
| Heiligenkreuz (Austria) | |||
| Grimsby (UK) | |||
| Mobile (USA) | |||
| Purwakarta (Indonesia) | |||
| Nanjing (China) | |||
| Paskov (Czech Republic) |
In 2013, the Corporate Center Environmental Protection was once again challenged by the high production output at the Lenzing site as a consequence of the capacity expansion measures. However, the continuing expansion of the environmental protection systems as well as the modification and upgrading of environmental protection measures enabled the company to ensure the least possible burden on the environment again.
The wastewater purification facility of the "Wasserreinhaltungsverband Lenzing – Lenzing AG" (Lenzing Water Treatment Association) expanded in 2012 performed very well in meeting the requirements with respect to treating wastewater.
The year 2013 not only featured construction of the new TENCEL® production plant but also the TENCEL® wastewater pre-treatment plant, which is unique in the world. The facility consists of a buffer tank and a biological wastewater treatment system with two activated sludge basins and a secondary clarification tank. The biologically pretreated TENCEL® industrial process water is then fed into the existing purification plant operated by the Lenzing Water Treatment Association. These wastewater treatment facilities will be available when TENCEL® production actually starts, and can be adapted to the specific wastewater conditions prevailing at a given time.
Several measures were carried out in 2013 to further reduce sulphur emissions and improve the immission situation, including the upgrading of systems designed to capture odorous gases, installation of an additional adsorber as well as a new chimney system for the recovery plant.
In 2013 the accredited Lenzing Testing Laboratory for Ecological Analysis once again demonstrated the high-quality level of its laboratory services in the field of wastewater and waste analysis as well as ecotoxicological tests. The annual surveillance audit carried out by an external inspector by order of the accreditation body, the Federal Ministry of Economy, Family and Youth, was successfully completed in October 2013.
Lenzing has already been taking part in the "Responsible Care" program of the European Chemical Industry Council and the Association of the Austrian Chemical Industry since 1996. This voluntary system enables chemical companies to document their willingness to fulfill stringent requirements with respect to environmental protection, occupational safety and health. In May 2013 the Responsible Care initiative was also subject to a renewal audit which is implemented every three years. This comprehensive and practice-oriented assessment implemented by a team of external experts confirmed Lenzing's success in effectively meeting the demands placed on the company by Responsible Care.
The Lenzing Group to a large extent owes its market leadership position and technological edge to the commitment, creativity and qualifications of its employees. Ultimately well trained and motivated employees comprise the basis for the sustainable success and further development of the company. For this reason, Lenzing continually implements a variety of measures for the promotion, continuing education and professional development of its individual employees, from specialized seminars to character development. The Lenzing Training Center (Bildungszentrum Lenzing) is a separate subsidiary based at the Lenzing site which organizes most of the continuing education and professional development activities of the company.
The Corporate Center Global Human Resources is responsible for coordinating Lenzing's worldwide human resources strategy. During the year under review the focus was in further
developing the Group-wide continuing education and professional development offering for executives.
Accordingly, the tried and tested Global Management Development Program was reworked and refocused in the course of 2013. The training consisted of five modules held at different sites of the Lenzing Group. During the reporting year 30 managers from Europe and Asia participated in this program designed to provide Lenzing's top executives with the tools they require for their everyday business activities as well as to create strong networks spanning individual sites and organizational units. The Lenzing Group's focus on Asian markets is reflected in this initiative. Two of the five modules took place in Nanjing, China and Jakarta, Indonesia.
A talent management program entitled "Springboard" was launched in 2013 in order to recruit the required experts and qualified successors for the company's middle management in the coming years as members of the current staff go into retirement. The Springboard program targets ambitious employees who display a high level of performance and commitment in their current positions, and who would like to jumpstart their professional careers in the Lenzing Group.
Furthermore, Lenzing continued to emphasize coaching as an appropriate management tool during the 2013 financial year. More than 50 Lenzing managers concluded such a coaching program in the past financial year. Coaching competencies enable executives to more effectively assist their employees in improving their qualifications and developing their own skills as well as support them within the context of the regular staff appraisal interviews. In addition, the top managers learn various methods and techniques for their leadership work thanks to the "Supportive Leadership" program which was developed on the basis of the coaching program. This 18-month training program, which also serves as a platform for the joint exchange of experience, was concluded by 13 Lenzing managers in 2013.
Making convincing presentations in the Group-wide language of English and being able to structurally summarize complex core messages in a nutshell have become an indispensable part of the company's daily business. For this reason, Lenzing once again prepared more than 20 employees in 2013 to master presentation challenges by offering a training program consisting of four modules.
The training course "Finance for Non-Financials" was offered once again in 2013 and successfully concluded by 25 executives. The participants were imparted a basic understanding of financial issues in order to be able to make sound decisions in day-to-day business operations.
Based on the reorganization of the Lenzing Group, a structure for succession planning was developed: It was already implemented at individual sites in the course of 2013 and will be rolled out throughout the Group in 2014. The objective is to ensure that suitable successors are waiting in the wings to fill key positions.
At the reporting date of December 31, 2013, the total number of employees working for the Lenzing Group comprised 6,675 people around the world (December 31, 2012: 7,033), thereof 182 trainees. This reduction of about 5.1% was for the most part the result of the sale of the Business Unit Plastics.
A total of 2,796 employees1 were working at corporate headquarters in Lenzing, Austria at the reporting date of December 31, 2013, working for the companies Lenzing AG, Lenzing Technik, LENO Electronics GmbH and BZL – Bildungszentrum Lenzing GmbH (December 31, 2012: 3,058)2 . Of these, 171 were trainees (December 31, 2012: 180). An additional 11 trainees received vocational instruction and training at the Lenzing sites in Heiligenkreuz, Austria and Grimsby, Great Britain.
All personnel recruiting measures were stopped at the beginning of the fourth quarter due to the difficult market situation, and the decision was made to implement staff-related cost reduction measures.
The redundancy program ("Sozialplan") adopted in December 2013 stipulates that a high number of employees impacted by the job cuts will be accepted into the Lenzing Labor Foundation. The objective of the foundation is to enable Lenzing employees to optimally prepare for new career perspectives and challenges on the basis of suitable training and qualification measures. The offering ranges from concluding a traineeship program, seminars and courses to obtaining a school-leaving certificate or secondary technical school degree, or even pursuing studies at a university or university of applied sciences.
*) headcount incl. trainees, excl. leased labor
The Corporate Center Global Safety, Health and Environment (SHE) is responsible for overseeing the Lenzing Group's efforts with respect to occupational safety and health as well as environmental protection issues on a Group level. During the 2013 financial year, its top priorities were the further development of the reporting system and performance indicators in the field of occupational safety, the issuing of different handbooks on relevant issues along with emergency and crisis management.
An important project in 2013 was the introduction and implementation of a global incident reporting system in the Lenzing Group called SHEARS, which stands for Safety, Health and Environment Action Reporting System. This system encompasses the reporting of incidents or accidents or close calls, the accompanying risk evaluation as well as the investigation of the particular incident. Furthermore, the respective contact persons can be assigned tasks, and the company's handling of the incident also takes place via the new system. Assessments in the form of reports and indicators enable appropriate conclusions to be drawn for future measures. SHEARS was initially implemented at the Grimsby site in Great Britain, and subsequently rolled out to encompass the Heiligenkreuz and Lenzing sites in Austria. Comprehensive SHEARS trainings ensured that the new tool was well received and optimally deployed.
The annual "SHE" conference of all SHE managers in the Lenzing Group was held in June 2013. In addition to these personal meetings, monthly video conferences serve as the basis for discussions and an exchange of views on topical issues.
The CS2 safety manual developed in the previous reporting year was issued in 2013 and used in trainings held at the three viscose fiber sites in Lenzing, Purwakarta and Nanjing. CS2 or carbon disulphide is used to manufacture viscose fibers.
Furthermore, the emergency management system at the Lenzing and Heiligenkreuz sites was updated and the crisis management system of PT. South Pacific Viscose was evaluated.
The access system to the Lenzing site was reorganized in 2013. All visitors to the site will be electronically recorded when entering and leaving the premises.
Efforts made in recent years to further improve safety at the company once again significantly reduced the number of accidents per 1,000 employees in the year 2013.
The Lenzing Group has established health care standards at all its sites such as regular health checks for all employees, a strict ban on alcohol 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 advice, cost-free vaccinations and smoking cessation programs to balanced nutrition in the company canteens and sporting events.
During the year under review, the measures offered in the field of health promotion and preventive healthcare, such as the Lenzing Health Days and spinal training programs were very well received by employees. In 2013 particular emphasis was put on implementing a health promotion project at Lenzing Technik. All employees working for the Segment Engineering were given the opportunity to take part in a survey and nine working groups and thus actively contribute to actively further shaping health-conducive workplaces and the organization of work flows. In this way close to 100 suggestions for improvement were submitted, most of which were considered to be feasible by the project steering group. Some of the ideas contained in the proposals were immediately put into practice. In addition, the project also foresees the training of healthcare facilitators and the holding of ergonomics consulting sessions.
Continuous and transparent communications are essential pre-requisites for the Lenzing Group as a globally operating and publicly listed company. For this reason, ongoing communications with all external stakeholders as well as an open information policy with company employees comprise permanent features of Lenzing's corporate culture.
At a Group level, the communications processes are coordinated by the Corporate Center Corporate Communications, which ensures that effective and competent public relations work is being carried out. The corporate centers Corporate Communications and Investor Relations work closely together in order to ensure a holistic approach.
In the past financial year, the Lenzing Group once again provided comprehensive and timely information to the interested public and employees. Information for external stakeholders was disseminated by means of regular press releases, media events and individual talks with journalists. Furthermore, the employee and customer magazines, newsletters and a specially designed TV format also comprised important communication tools.
Several employee magazines provided regular information on news from the world of Lenzing. Whereas publications at individual sites in Lenzing, Purwakarta and Paskov offered locally relevant information in the respective national language, the international magazine "Lenzing
Inside" once again appeared in bilingual editions in English and German, reporting about the latest developments in the entire Lenzing Group. This publication is distributed to employees at all company sites as well as interested stakeholders and customers.
Within the context of "Lenzing TV", the company broadcasted 20 reports about issues of topical importance from the world of Lenzing. The TV program is produced in cooperation with the local Upper Austrian TV station "BTV", which also broadcasts the stories. "Lenzing TV" is also available synchronized in English on the Lenzing Group Intranet to all employees around the world.
A key focus of the Corporate Center Corporate Communications in 2013 was on further globalizing its communications activities. In addition, successful additional steps were implemented to steadily improve internal communications. For example, info screens were installed at highly frequented spots at the Lenzing site in 2013, such as the factory restaurant or in the meeting center. Up-todate information is continually being fed into these monitors so that employees in the production facilities without their own workplace PC can always find out the latest news in a timely manner.
The Lenzing Group celebrated its 75th anniversary in 2013. The Corporate Center Corporate Communications provided communications support for this event by implementing a variety of communication measures.
For example, a book entitled "75 Years of Innovation" was published, giving readers a look behind the scenes of how innovations arise at Lenzing. The book is based on personal talks with people who served as the driving forces behind these innovations and thus helped to shape the destiny of the company over the past decades or with individuals who continue to be involved.
Companions and partners of Lenzing, some for many decades, took a close look at the past for a half-hour video documentation, and let viewers share their memories.
A separate Website 75years.lenzing.com linked the most important statements made in the book with individual video clips. The Website also offered a picture gallery of archive footage, from construction of the plant in Lenzing to advertising visuals and fashion photos.
Several-page advertorials featuring soundly researched information on the topic of innovation along with advertisements placed in Austrian quality newspapers, business magazines and online at ORF.at rounded off the overall communications concept carried out by Lenzing on the occasion of its 75th anniversary.
Four gala evening events which took place in Lenzing at the beginning of June 2013 comprised the highlight of the festivities surrounding this company anniversary. Some 3,000 guests, including customers, partners, people accompanying the company on its path, political decision makers and business people and naturally employees accepted the invitation to attend.
Under the motto "Trends, Trees and Technologies", Lenzing presented a multimedia show in four parts devoted to the issues of sustainability, innovation, products and milestones, depicting the company's impressive path to becoming a world market leader.
The latest version of the Lenzing Sustainability Report coordinated by the Corporate Center Corporate Communications was published in the spring of 2013 and represents an important milestone in the company's sustainability efforts. For the first time, the contents of the report were geared to the standards contained in the Global Reporting Initiative (GRI). In Lenzing's view it also fulfilled the requirements of Application Level B. More information on sustainability is available in the section "Environment and Sustainability".
Moreover, Lenzing collaborated with Semperit AG Holding to invite Austrian journalists to take part in a one-week press trip to Asia, with stopovers in China, Malaysia and Indonesia. The tight schedule included visits to production facilities, local presentations featuring first-hand information as well as personal talks with the Management Board and local managers. Lenzing offered media representatives the opportunity to visit Intertextile Shanghai, the world's largest specialized textile trade show, and to gain an insight into the latest trends prevailing on this important market. Another item on the agenda was a tour of the factory grounds of PT. South Pacific Viscose in Purwakarta (Indonesia), the largest viscose fiber plant operated by the Lenzing Group.
Lenzing once again won a variety of prestigious prizes and awards in the year 2013.
During the reporting year, Lenzing was given the OEKO-TEX® Sustainability Award in the Category Product Innovation. OEKO-TEX® is an independent testing and certification system for textile products at all stages of production (e.g. fibers, yarns, fabrics and ready-made articles including accessories) along the textile chain. All Lenzing fibers have been certified according to the OEKO-TEX® Standard 100. The jury consisting of representatives of NGOs, industry and research as well as the trade press justified its selection by pointing out the Lenzing Group's consistent focus on innovation and close cooperation with research institutions and universities. This has served as the basis for the company's global innovation and technology leadership.
Furthermore, vegetable packaging nets made of 100% Lenzing Modal® COLOR won first prize at the 2012 printissimo|embalissimo|fibre PLUS Award. The project entitled "Vegetable nets made from cellulose fibers" submitted by the Graz Packaging Center convinced the jury of its merits. The award was a clear signal for growing ecological awareness in the field of packaging.
In addition, in the past financial year Lenzing was given the Positioning Excellence Award from Trout & Partners, a globally leading consulting company for strategic positioning and differentiation. The award was justified on grounds that Lenzing resolutely pursues a clear positioning as the world market leader for man-made cellulose fibers, and already started intensifying its marketing activities 15 years earlier.
For Corporate Communications, the current 2014 financial year will be fully geared to provide communications support for the measures being taken within the context of the excelLENZ cost reduction program. Lenzing considers a reliable and sound information policy to be absolutely essential, especially in economically challenging times. This is the only way to continue ensuring sustainable relationships to all stakeholders.
The Lenzing share is publicly traded 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).
In 2013 average daily turnover of the Lenzing share amounted to EUR 2.8 mn. On balance, 11,050,126 shares were traded in 2013. This corresponds to a total turnover of EUR 705,410,927.50. The market capitalization of the Lenzing share at the end of 2013 (December 30, 2013) was EUR 1,105,409,250.00. As a result, Lenzing was ranked 13th on the ATX with respect to share turnover and 19th for market capitalization.
In addition, the Lenzing share is listed on the Vienna Stock Exchange index WBI and on VÖ-NIX, the VBV Austrian Sustainability Index. Approximately 60 of the largest Austrian companies listed on the Vienna Stock Exchange were analyzed to compile the sustainability index, and evaluated on the basis of 100 different environmental and social criteria. 21 of these firms have been accepted for listing in the current VÖNIX Index. The Lenzing share has been listed uninterruptedly in the VÖNIX Index since the year 2005.
ISIN AT 0000644505 Ticker symbol LNZ Bloomberg LNZ:AV Reuters LNZNF.PK
Listing Vienna Stock Exchange Initial listing September 19, 1985
Type of share No-par-value shares Number of shares 26,550,000 Nominal capital EUR 27,574,071.43
Indices ATX Prime, VÖNIX, WBI Financial year Jan. 1 to Dec. 31
Trading volume 11,050,126 shares Average daily turnover EUR 2.8 mn Total turnover EUR 705,410,927.50 Year's high EUR 75.92 Year's low EUR 40.94 Closing price on Dec. 31 EUR 41.64 Annual performance -40.18% Market capitalization Dec. 31 EUR 1,105,409,250.00 Ranking stock exchange turnover 13 Ranking market capitalization 19
Global stock markets developed extremely positively in 2013 as a consequence of the more relaxed monetary policy pursued by the central banks. The MSCI World Index started 2013 at a value of 1,339 and ended the year at 1,661, corresponding to an increase of approximately 24%. The Eurostoxx 50 commenced the trading year at 2,711.25 points and closed at 3,109.00 points, a rise of about 15%. The Japanese benchmark index Nikkei even registered growth of 56%, its best performance in more than four decades. The German DAX also reached new record highs, and surpassed the 9,500 point threshold for the first time. On balance, the DAX gained 25.5% in value.
In 2013 the Vienna benchmark index ATX was not able to keep pace with the rapid development on international stock exchanges. In spite of the steady upward trend starting in June, the ATX only rose in value by about 6% in 2013 as a whole. The ATX began at a level of 2,402.22 points at the beginning of 2013 and closed the year at 2,546.54 points.
The difficult market environment for the Lenzing Group in the global fiber industry was also reflected in the share price development of the company. The Lenzing share began trading at EUR 69.60 and initially rose to its highest price of the year, reaching EUR 75.92 on February 8, 2013. After announcing a cautious outlook on March 22, 2014 for the rest of the year, the share price fell to below EUR 70, and continued its downward trend until it dropped below the EUR 60 mark in June. Up until November, the value of the Lenzing share was in the range of EUR 52 to EUR 59 before subsequently slipping to below EUR 50 when the company published a profit warning on November 13, 2013. The year's low of EUR 40.94 was reached on December 13, 2013 before the share barely moved up to close the year at EUR 41.64 on December 30, 2013. All in all, the Lenzing share lost 40.18% in value in 2013. In January 2014, the share price rebounded somewhat, and climbed to almost EUR 48.00 within just three weeks. This corresponds to an increase in value of more than 14%. By the end of February 2014, the Lenzing share was up 10.8% compared to its lowest point in 2013.
Transparent, timely, simultaneous and proactive communications with the capital market is a top priority for the Lenzing Group. The focus of the Corporate Center Investor Relations is to provide support services to institutional investors and analysts. In the light of the unfavorable market situation, explaining the Group strategy and the operational measures being taken by the Lenzing Group was at the heart of the investor relations work carried out in the past financial year. Another important goal was to increase the level of awareness of the company on international stock exchanges.
Although the comprehensive communication with the capital market made use of different communication channels, ranging from the regular disclosure of information via quarterly reports, ad-hoc announcements, press releases and making all relevant information available on the corporate Website www.lenzing.com, the personal contacts to analysts and institutional investors was at the forefront of the company's efforts.
In 2013 the Management Board and Investor Relations provided details about the current business development of the company, the economic environment and the business strategy of the Lenzing Group at 25 conferences and roadshows in Europe. Lenzing also presented itself at other events such as information days for stock markets and organized numerous discussions at its corporate headquarters and tours of the plant grounds. Furthermore, analysts and investors were regularly given an overview of the current strategic and corporate business development within the context of more than 100 conference calls and telephone conversations. On balance, the number of personal one-to-one contacts amounted to more than 500 in 2013, with more than 100 appointments with new contacts, especially from Germany, Great Britain, France and the USA.
Another important component of Lenzing's capital market communication is its hosting of a "Capital Markets Day" for national and international analysts and investors. It took place for the second time at its corporate headquarters in September 2013. The approximately 25 international participants attending the event were informed about the short-term and long-term market perspectives of man-made cellulose fibers, especially the innovative and versatile fiber TENCEL®, which is the focus of Lenzing's strategic reorientation. In addition, innovative fiber applications incorporating TENCEL® were also presented and tested on site. The agenda was complemented by a visit to the construction site of the new TENCEL® jumbo plant in Lenzing with an annual capacity of 67,000 tons as well as an impressive experiment featuring flameresistant Lenzing FR® modal fibers, another specialty produced by Lenzing AG.
Analysts play an important role as financial intermediaries, and thus serve as an important source of information for investor decisions. Accordingly, the Corporate Center Investor Relations of the Lenzing Group maintains an ongoing intensive dialogue with analysts. The investment recommendations of analysts are regularly published as a so-called "consensus rating", for example on the financial platform Bloomberg and on the Lenzing Website.
In the 2013 financial year, Berenberg Bank launched its coverage by giving a hold recommendation. At the present time a total of seven analysts regularly monitor developments at Lenzing AG. Raiffeisen Centrobank AG, which interrupted coverage in the second half of 2013 because of a change in its team of analysts, resumed reporting on February 21, 2014, rating the share with a hold recommendation. Due to the difficult market situation, the judgments of several analysts changed in the course of the year. However, the long-term growth potential and the international positioning of Lenzing AG as the world market leader for man-made cellulose fibers continued to result in predominantly positive assessments.
| Analyst Research | Status: March 4, 2014 | ||||
|---|---|---|---|---|---|
| Analyst | Recommendation | Stock price target | Last update | ||
| Morgan Stanley Research Europe | Overweight | EUR 59,00 |
January 15, 2014 | ||
| Deutsche Bank | Hold | EUR 62,50 |
September 23, 2013 | ||
| Raiffeisen Centrobank AG, Vienna | Hold | EUR 52,00 |
February 21, 2014 | ||
| ERSTE Group, Vienna |
Hold | EUR 45,50 |
December 13, 2013 | ||
| Bank of America Merrill Lynch | Underperform | EUR 42,00 |
January 13, 2014 | ||
| Kepler Cheuvreux | Hold | EUR 50,00 |
November 18, 2013 | ||
| Berenberg | Hold | EUR 47,00 |
November 22, 2013 |
The latest information about analyst research is available on the Lenzing Website: http://www.lenzing.com/en/concern/investor-center/analyst-research.html
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 is the B&C Group, which holds a 67.6% stake of the voting rights and sees itself as the long-term, industrially-oriented Austrian core shareholder of the Lenzing Group. Moreover, Oberbank AG, a leading Austrian regional bank, continues to hold about 5% of the voting rights of the company. 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, 2014 is as follows:
Each no-par value share grants the shareholder one vote at the Lenzing AG Shareholders' Meeting. Unless mandatory provisions of the Stock Corporation Act provide otherwise, the Shareholders' 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 Shareholders' Meeting.
There are no shares that confer special rights to control. No share buy-back program exists. 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.
The 69th Ordinary Shareholders' Meeting of Lenzing AG took place in Vienna on April 24, 2013. All the proposed resolutions met with the approval of more than 99% of the votes cast. The resolutions discharging the members of the Management Board and the use of the accumulated profits were adopted unanimously.
Lenzing AG attaches great importance to dividend continuity. For this reason, it was resolved in 2013 to distribute a minimum dividend of EUR 1.75 per share. The Shareholders' Meeting approved a dividend of EUR 2.00 per share for the 2012 financial year. This amount is comprised of the minimum dividend of EUR 1.75 per share along with a EUR 0.25 per share anniversary bonus on the occasion of the company's 75 years in business. Thus the dividend payout ratio in relation to the accumulated profits was 36.1%.
In the spirit of ensuring dividend continuity, the Management Board and Supervisory Board of the Lenzing Group will propose to the 70th Ordinary Shareholders' Meeting that a minimum dividend of EUR 1.75 per share be distributed to shareholders. The Ordinary Shareholders' Meeting will be held in Lenzing at the headquarter of the company.
The top priority of the Corporate Center Investor Relations in 2014 will be on further increasing the international level of awareness with respect to the Lenzing Group. The communications work will focus on the progress being made in reorganizing the company and the impact of the cost reduction program as well as the further market penetration of TENCEL®.
The generally difficult economic environment for the Lenzing Group hardly changed in the first weeks of 2014 in comparison to the conditions prevailing during the fourth quarter of 2013. All economic forecasts predict a slight upturn in the global economy in 2014, but an enduring improvement in the price situation on the world's fiber market is not yet in sight due to the historically high cotton inventories and the existing surplus production capacities for man-made cellulose fibers in China.
Volume demand for fibers remained strong at the turn of the year 2013/14. World market prices for standard viscose fibers stabilized but at a very low level. There was also virtually no change at all in the world market price for cotton during the first weeks of 2014.
The Lenzing Group has moved to counteract this unsatisfactory market development by rapidly implementing its cost reduction and efficiency enhancement program excelLENZ 2.01 . In addition to generating considerable savings in material costs, it will also result in reductions in personnel expenses, purchased services and other operating costs. Cost savings of about
EUR 60 mn derived from this program are already budgeted for the current 2014 financial year, with cost reductions on an annualized basis of EUR 120 mn targeted for 2015. The effects of the excelLENZ initiative will be fully felt starting in the 2016 financial year.
This program as well as the reorganization of the Group's structure effective as of the beginning of 2014 represents an important contribution to the Lenzing Group's efforts to regain its global competitiveness. Due to the fact that the required provisions with respect to the one-off expenses relating to excelLENZ 2.0 were already made in the consolidated financial statements for the 2013 financial year, initial positive effects on earnings will likely be perceptible in the first half of 2014.
The job cutbacks to be carried out within the context of the excelLENZ 2.0 cost reduction stipulate the Group-wide downsizing of about 600 full-time equivalent positions. This corresponds to approximately 390 full-time equivalent positions to be cut at the Lenzing site. In December 2013, the Management Board and the Works Council agreed on implementation of a comprehensive package of social measures designed to cushion the effects of the cost reduction plan. A binding redundancy program ("Sozialplan") will be put into effect at the production sites in Lenzing and Heiligenkreuz. Furthermore, Lenzing's existing Labor Foundation will be provided with sufficient funding. The measures took effect at the beginning of 2014 and are supported by the Austrian Public Employment Service and the Upper Austrian Provincial Government.
Of the planned 390 full-time equivalent positions at the Lenzing site, about 160 employees will be directly affected in the first half of 2014. Most of these people will take advantage of the offers encompassed in the redundancy program or the Lenzing Labor Foundation. Another 100 employees will leave the company within the context of retirement plans and natural attrition. The remaining employees impacted by the downsizing will remain in the company thanks to part-time early retirement plans, creative part-time working models and other alternative working time solutions, without diluting the cost savings effects.
The redundancy program and labor foundation model comprise tools which made a mutually acceptable agreement possible in the first place and avoid layoffs as best as possible. The redundancy program will apply until the end of the year 2014.
Another priority in 2014 will be to put the new large TENCEL® production facility at the Lenzing site into operation. In 2013 Lenzing already commenced its preparations to sell the additional volumes on the marketplace and will intensify its efforts in the first half of 2014. From today's perspective the ramp-up will start around the middle of 2014. In line with the start-up curve for production, the additional quantities leaving the new facility will partially affect sales volumes in 2014 and totally impact sales in 2015.
The investments carried out by the Lenzing Group in 2014 will focus on completing the TENCEL® manufacturing facility and the related infrastructure. All other investments throughout the Group, also with respect to repair and maintenance work, will be scaled back to a minimum against the backdrop of the commitment to ensuring plant safety.
On balance, Lenzing expects 2014 to be a year of transition in light of the fact that there are no perceptible indications of a market recovery for the time being.
In the January 31, 2014 meeting of the Supervisory Board of Lenzing AG, Robert van de Kerkhof was appointed to serve as a Member of the Management Board and Chief Commercial Officer (CCO) for a period of three years starting on May 1, 2014.
No other significant events requiring disclosure took place after the reporting date.
Lenzing, March 4, 2014
The Management Board
Chief Executive Officer Chief Operating Officer Chairman of the Management Board Member of the Management Board
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 AG respects the Austrian Code of Corporate Governance. 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 (July 2012). Lenzing AG 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 AG (C-Rule 61 ACCG).
The division of responsibilities of the members of Lenzing's Management Board during the 2013 financial year was as follows:
Peter Untersperger (born 1960) Chairman of the Management Board First appointed: January 1, 1999 Current mandate expires: March 31, 2016 Responsibilities: Business Unit Engineering, Corporate Communications, Global Human Resources, Internal Audit, Mergers & Acquisitions, Wood Purchasing Supervisory Board mandates in other companies: none
Friedrich Weninger (born 1957) Member of the Management Board First appointed: January 1, 2009 Current mandate expires: December 31, 2014 Responsibilities: Business Unit Textile Fibers, Business Unit Nonwoven Fibers, Business Unit Pulp, Business Unit Energy, Business Unit Plastics, Business Unit Filaments, Global Safety, Health & Environment, Environment Lenzing Site, Infrastructure Lenzing Site, Business Planning Supervisory Board mandates in other companies: none
Thomas G. Winkler (born 1963) Member of the Management Board First appointed: April 1, 2010 Responsibilities: Global Finance, Global Information Technology, Global Purchasing, Investor Relations, Legal Management, Risk Management, Group Compliance Supervisory Board mandates in other companies: Österreichische Industrieholding AG
In mutual agreement with the Supervisory Board, Thomas G. Winkler stepped down from his position on the Management Board effective December 31, 2013.
Against the backdrop of a changed market environment, Lenzing proactively launched a reorganization project designed, in particular, to strengthen the sales and marketing organization. Within the framework of this initiative, the responsibilities assigned to the individual Management Board members were redefined effective January 1, 2014. In the January 31, 2014 meeting of the Supervisory Board of Lenzing AG, Robert van de Kerkhof was appointed to serve as a Member of the Management Board and Chief Commercial Officer (CCO) for a period of three years starting on May 1, 2014.
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.
Metall AG
Michael Junghans (born 1967) Since March 29, 2011: Chairman (up to March 29, 2011: Deputy Chairman) First appointed: April 30, 2010 Current mandate expires at the Annual Shareholders' Meeting resolving upon the 2015 financial year Supervisory Board mandates in other companies: Semperit AG Holding, AMAG Austria
Veit Sorger (born 1942) Since March 29, 2011: Deputy Chairman First appointed: June 4, 2004
Current mandate expires at the Annual Shareholders' Meeting resolving upon the 2014 financial year
Supervisory Board mandates in other companies: Mondi AG (Chairman), Semperit AG Holding (Chairman), Constantia Industries AG (Chairman), Binder AG, GrECo International Holding AG
First appointed: April 23, 2009
Current mandate expires at the Annual Shareholders' Meeting resolving upon the 2014 financial year
Supervisory Board mandates in other companies: CA Immobilien Anlagen AG, Schoellerbank AG (Chairman), Oesterreichische Kontrollbank AG, Card Complete Service Bank AG, Bausparkasse Wüstenrot AG, BWA Beteiligungs- und Verwaltungs-Aktiengesellschaft
First appointed: April 24, 2013 Current mandate expires at the Annual Shareholders' Meeting resolving upon the 2015 financial year
Supervisory Board mandates in other companies: Bank für Tirol und Vorarlberg AG (Chairman), BKS Bank AG, voestalpine AG, AMAG Austria Metall AG
First appointed: April 23, 2009 Current mandate expires at the Annual Shareholders' Meeting resolving upon the 2014 finan-
cial year Supervisory Board mandates in other companies: voestalpine AG, Flughafen Linz GmbH, B&C Industrieholding GmbH, BioMed-zet Life Science GmbH, AMAG Austria Metall AG (Chairman)
First appointed: June 15, 2007 Current mandate expires at the Annual Shareholders' Meeting resolving upon the 2014 financial year
Supervisory Board mandates in other companies: none
First appointed: March 29, 2011
Current mandate expires at the Annual Shareholders' Meeting resolving upon the 2015 financial year
Supervisory Board mandates in other companies: Semperit AG Holding, AMAG Austria Metall AG, VA Intertrading AG
First appointed: June 12, 2008 Current mandate expires at the Annual Shareholders' Meeting resolving upon the 2014 financial year
Astrid Skala-Kuhmann (born 1953) First appointed: April 19, 2012 Current mandate expires at the Annual Shareholders' Meeting resolving upon the 2014 financial year Supervisory Board mandates in other companies: none
Supervisory Board members designated by the Works Council:
Rudolf Baldinger (born 1954) Georg Liftinger (born 1961) First appointed 1998 First appointed 2008
Ing. Gerhard Ratzesberger (born 1951) Johann Schernberger (born 1964) First appointed 2008 First appointed 2001
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 and Josef Krenner declared in the 2013 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 AG convenes at least once every quarterly period for a meeting. A total of seven Supervisory Board meetings took place during the year under review (C-Rule 36 ACCG).
In the 2013 financial year the Supervisory Board of Lenzing AG constituted four 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 2013 financial year the Audit Committee convened three times.
Members: Michael Junghans (Chairman), Veit Sorger, Patrick Prügger, Rudolf Baldinger, 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. Moreover, the committee makes proposals to the Annual Shareholders' Meeting for filling vacant positions on the Supervisory Board. Two meetings of the Nomination Committee were held in the course of the 2013 financial year, which focused on the premature termination of the Management Board contract of Thomas G. Winkler as well as the search and selection process for two Management Board candidates (CFO, CCO).
Members: Michael Junghans (Chairman), Veit Sorger, Rudolf Baldinger; non-voting guest: 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 and also assesses the remuneration policy with respect to Management Board members in regular intervals. The Remuneration Committee convened eight times during the 2013 financial year, focusing in particular with evaluating the performance of the Management Board in the 2012 financial year and performance targets for 2013, the termination of the Management Board contract of Thomas G. Winkler and other remuneration issues relating to the Management Board.
Members: Michael Junghans (Chairman), Veit Sorger
The Supervisory Board established a Strategy Committee concerning itself with the business strategy of the company and monitoring the related company-specific key performance indicators. In 2013 the Strategy Committee primarily dealt with the issue of more intensively focusing the company's business on specialty fibers. Furthermore, the measures designed to implement the strategy are also subject to ongoing monitoring and an annual review by the Management Board. Three meetings of the Strategy Committee were held in the 2013 financial year.
Members: Michael Junghans (Chairman), Astrid Skala-Kuhmann, Veit Sorger, Andreas Schmidradner, Rudolf Baldinger, Georg Liftinger
The Management Board reports to the Supervisory Board on fundamental issues relating to the 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.
For the second time, the Supervisory Board carried out a self-evaluation in the 2013 financial year in accordance with C-Rule 36 ACCG in the form of a questionnaire which focused on the effectiveness of the control functions of the Supervisory 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 the activities of the Supervisory Board of Lenzing AG are given good marks. The Supervisory Board decided to follow up on several suggestions which were made during the first 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 harmonized over the last two years, and the variable salary components in these contracts were expanded. The remuneration of all three Management Board members in the 2013 financial year consists of a fixed and a variable performance-oriented salary component. In addition, the Management Board is given a long-term bonus bank model. The maximum bonus is limited to 150% of the fixed annual salary in the future. A stock option program or a program for the beneficial transfer of shares does not exist.
| TEUR | ||||||||
|---|---|---|---|---|---|---|---|---|
| Peter Untersperger | Friedrich Weninger | Thomas Winkler | Total | |||||
| 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |
| Fixed current remuneration | 566 | 484 | 434 | 433 | 435 | 405 | 1,434 | 1,322 |
| Variable current remuneration | 318 | 548 | 352 | 357 | 39 | 476 | 708 | 1,381 |
| Termination pay | 0 | 0 | 0 | 0 | 1,620 | 0 | 1,620 | 0 |
| Total | 884 | 1,032 | 785 | 790 | 2,094 | 880 | 3,763 | 2,703 |
Amount expensed for the current salaries of active Management Board members of Lenzing AG:
The amounts reported for Mr. Untersperger and Mr. Weninger include variable salary components which were substantiated in previous years and recognized as an expense once the last condition was met in 2013.
In addition, a total of TEUR 300 was recognized as an expense in the 2013 financial year (2012: TEUR: 0) for entitlements derived from long-term bonus bank models (other long-term employee benefits). Remuneration for former members of the Lenzing Management Board or their surviving dependants amounted to TEUR 927 in 2013 (2012: TEUR 895).
The principles underlying the remuneration paid to members of the Supervisory Board are laid down in the Articles of Association of Lenzing AG (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 2012 financial year as resolved upon by the Ordinary Shareholders' Meeting of Lenzing AG held on April 24, 2013 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 amounted to EUR 259,724. The remuneration paid during the 2013 financial year to the individual members is listed below:
| Michael Junghans | EUR | 53,527 |
|---|---|---|
| Veit Sorger | EUR | 48,522 |
| Helmut Bernkopf | EUR | 24,027 |
| Josef Krenner | EUR | 24,027 |
| Martin Payer | EUR | 24,022 |
| Patrick Prügger | EUR | 29,022 |
| Andreas Schmidradner | EUR | 28,527 |
| Astrid Skala-Kuhmann | EUR | 17,883 |
| Hermann Bell (mandate ended March 2011) | EUR | 4 |
| Walter Lederer (mandate ended April 2012) | EUR | 7,139 |
| Franz Gasselsberger (mandate began April 2013) | EUR | - |
| Rudolf Baldinger | EUR | 872 |
| Georg Liftinger | EUR | 1,008 |
| Gerhard Ratzesberger | EUR | 572 |
| Johann Schernberger | EUR | 572 |
Lenzing AG 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, who has served on the Supervisory Board since 2012. 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.
After establishing a separate staff unit, the "Group Compliance Office", and developing a Code of Conduct in 2012, the code was adopted as binding rules of behavior by all operating units and subsidiaries. The Code of Conduct was translated into all five local languages, and actively given to all active and newly-hired employees. A Group-wide compliance management system (CMS) was 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 Group Compliance Officer carried out comprehensive compliance training for top executives and senior staff in all operating units and subsidiaries. About 200 employees were given the relevant training. The focus of the classroom-based instruction was CMS as well as anti-corruption issues and competition law. A series of guidelines were issued, including procedural instructions related to house searches. A report on compliance activities at Lenzing AG is submitted once a year to the Audit Committee according to 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 AG.
The effectiveness of Lenzing's risk management system was evaluated by the auditor Deloitte Audit 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 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 at least every third year. Lenzing contracted KPMG Austria AG to evaluate its Corporate Governance Reports 2012 and 2013. The external evaluation concluded in both cases that the declaration provided by Lenzing AG committing the company to complying with the Austrian Code of Corporate Governance (July 2012 version) gives a true and fair view of the actual situation. The external evaluation report can be viewed on the company's Website at www.lenzing.com.
Lenzing Aktiengesellschaft Lenzing, March 3, 2014
The Management Board Peter Untersperger Friedrich Weninger
| 31/12/2013 | 31/12/2012 | ||
|---|---|---|---|
| Adjusted equity1 EUR |
'000 | 1,109,616 | 1,153,137 |
| Adjusted equity in %1 | % | 45.5 | 43.8 |
| Net financial debt EUR |
'000 | 504,651 | 346,296 |
| Net debt2 EUR |
'000 | 582,015 | 445,524 |
| Net gearing | % | 45.5 | 30.0 |
| Open credit facilities EUR |
'000 | 296,169 | 211,179 |
| Liquid assets3 EUR |
'000 | 296,029 | 528,835 |
| Number of employees at end of period4 (Headcount) |
6,675 | 7,033 | |
| 2013 | 2012 | ||
| CAPEX (incl. Plastics) | TEUR | 252,149 | 346,233 |
| 2013 | 2012 | ||
|---|---|---|---|
| Sales | EUR '000 |
1,908,869 | 2,090,403 |
| EBITDA before restructuring |
EUR '000 |
219,355 | 358,658 |
| EBITDA margin before restructuring | % | 11.5 | 17.2 |
| EBITDA (after restructuring) | EUR '000 |
225,411 | 352,380 |
| EBITDA margin (after restructuring) | % | 11.8 | 16.9 |
| EBIT before restructuring |
EUR '000 |
106,457 | 254,994 |
| EBIT margin before restructuring | % | 5.6 | 12.2 |
| EBIT (after restructuring) | EUR '000 |
86,409 | 231,508 |
| EBIT margin (after restructuring) | % | 4.5 | 11.1 |
1) Equity including government grants less associated deferred taxes
2) Including obligations for pension and severance payments
3) Comprising cash and cash equivalents, liquid securities and liquid bills of exchange
4) 31/12/2013: after the disposal of BU Plastics
| Consolidated Financial Statements 2013 | 68 |
|---|---|
| C ontent |
68 |
| C onsolidated Income Statement |
69 |
| C onsolidated Statement of Comprehensive Income |
70 |
| C onsolidated Statement of Financial Position as of December 31, 2013 |
71 |
| C onsolidated Statement of Changes in Equity |
72 |
| C onsolidated Cash Flow Statement |
74 |
| N otes to the Consolidated Financial Statements |
75 |
| G eneral Information |
75 |
| N ote 1. Fundamentals |
75 |
| N ote 2. Changes in accounting policies |
79 |
| N ote 3. Accounting policies |
86 |
| N ote 4. Changes in entities included in consolidation and business combinations |
104 |
| N ote 5. Non-current assets and liabilities held for sale, disposal groups and discon-tinued operations |
106 |
| N ote 6. Segment reporting |
110 |
| Notes on the Consolidated Income Statement | 119 |
| N ote 7. Sales |
119 |
| N ote 8. Other operating income |
119 |
| N ote 9. Cost of material and other purchased services |
120 |
| N ote 10. Personnel expenses |
120 |
| N ote 11. Amortization of intangible assets and depreciation of property, plant and equipment |
121 |
| N ote 12. Other operating expenses |
122 |
| N ote 13. Result from restructuring and adjusted consolidated earnings |
123 |
| N ote 14. Income from investments accounted for using the equity method |
124 |
| N ote 15. Income from non-current and current financial assets |
124 |
| N ote 16. Financing costs |
124 |
| N ote 17. Income tax expense |
125 |
| N ote 18. Earnings per share |
127 |
Notes on the Consolidated Statement of Financial Position, the Consolidated Statement of Comprehensive Income and the Consolidated Statement of Changes in Equity 128
| N ote 19. Intangible assets |
128 |
|---|---|
| N ote 20. Property, plant and equipment |
133 |
| N ote 21. Investments accounted for using the equity method |
137 |
| N ote 22. Financial assets |
139 |
|---|---|
| N ote 23. Other non-current assets |
140 |
| N ote 24. Inventories |
140 |
| N ote 25. Trade receivables |
141 |
| N ote 26. Construction contracts |
142 |
| N ote 27. Other current assets |
142 |
| N ote 28. Current securities |
143 |
| N ote 29. Equity |
143 |
| N ote 30. Government grants |
147 |
| N ote 31. Financial liabilities |
148 |
| N ote 32. Deferred taxes (deferred tax assets and liabilities) |
150 |
| N ote 33. Provisions |
154 |
| N ote 34. Puttable non-controlling interests |
171 |
| N ote 35. Other liabilities |
172 |
| 173 | |
| Notes on the Consolidated Cash Flow Statement | |
| N ote 36. Liquid funds and free cash flow |
173 |
| N ote 37. Other disclosures on the consolidated cash flow statement |
174 |
| Notes on Capital Risk Management and Financial Instruments |
175 |
| N ote 38. Capital risk management |
175 |
| N ote 39. Classes and categories of financial instruments |
178 |
| N ote 40. Net interest and net result from financial instruments and net foreign currency profit/loss |
184 |
| N ote 41. Management of financial risks and derivative financial instruments |
185 |
| Notes on Leases | 203 |
| N ote 42. Financial leases |
203 |
| N ote 43. Operating leases |
205 |
| Notes on Related Parties and Corporate Bodies | 206 |
| N ote 44. Related party disclosures |
206 |
| N ote 45. Corporate bodies of the company |
211 |
| Other Notes | 212 |
| N ote 46. Financial guarantees, contingent assets and liabilities, other financial obligations and legal risks |
212 |
| N ote 47. Group companies |
214 |
| N ote 48. Auditors' fees |
215 |
| N ote 49. Significant events after the end of the reporting period |
215 |
for the period January 1 to December 31, 2013
| Group | Thereof continued operations |
Thereof discontin ued opera tions |
Group | Thereof continued operations |
Thereof discontin ued opera tions |
||
|---|---|---|---|---|---|---|---|
| Note | 2013 | 2013 | 2013 | 2012 | 2012 | 2012 | |
| Sales | (7) | 1,908,869 | 1,858,971 | 49,898 | 2,090,403 | 1,978,151 | 112,252 |
| C hanges in inventories of finished goods and work in progress |
11,532 | 12,286 | (753) | 8,229 | 7,889 | 340 | |
| Work performed by the Group and capitalized | 52,223 | 52,087 | 136 | 57,736 | 57,480 | 255 | |
| O ther operating income |
(8) | 68,090 | 36,642 | 31,4481 | 43,6334 | 38,105 | 5,528 |
| C ost of material and other purchased services |
(9) | (1,253,434) | (1,223,413) | (30,022) | (1,303,688)4 | (1,228,676) | (75,013) |
| P ersonnel expenses |
(10) | (337,034) | (325,985) | (11,049) | (309,928)4 | (285,730) | (24,199) |
| O ther operating expenses |
(12) | (224,835) | (216,734) | (8,101) | (234,005)4 | (221,651) | (12,354) |
| Earnings before interest, taxes, depreciation | (13) | 225,411 | 193,854 | 31,5571 | 352,3804 | 345,569 | 6,811 |
| and amortization (EBITDA ) |
|||||||
| Amortization of intangible assets and depreciation of property, plant and equipment |
(11) | (142,103) | (138,297) | (3,805) | (124,461)4 | (102,342) | (22,119) |
| I ncome from the release of investment grants |
3,100 | 3,091 | 9 | 3,5894 | 3,570 | 19 | |
| Earnings before interest and taxes (EBIT ) |
(13) | 86,409 | 58,648 | 27,7611 | 231,5084 | 246,798 | (15,290) |
| I ncome from investments accounted for using the equity method |
(14) | 3,831 | 3,831 | 0 | 5,796 | 6,616 | (820) |
| I ncome from non-current and current financial assets |
(15) | 714 | 700 | 13 | 4,733 | 4,696 | 37 |
| F inancing costs |
(16) | (31,269) | (31,265) | (4) | (23,309) | (22,191) | (1,117) |
| Financial result | (26,725) | (26,734) | 9 | (12,780) | (10,879) | (1,901) | |
| Allocation of profit or loss to puttable non-controlling interests |
(34) | 8,430 | 9,049 | (619) | 17,314 | 2,892 | 14,422 |
| Earnings before taxes (EBT ) |
68,113 | 40,962 | 27,1511 | 236,043 | 238,811 | (2,769) | |
| I ncome tax expense |
(17) | (18,079) | (10,332) | (7,747)2 | (55,119) | (52,509) | (2,610) |
| Profit for the year | 50,034 | 30,630 | 19,4043 | 180,924 | 186,302 | (5,378) | |
| Attributable to shareholders of Lenzing AG | 50,113 | 30,709 | 19,4043 | 175,624 | 181,002 | (5,378) | |
| Attributable to non-controlling interests | (79) | (79) | 0 | 5,300 | 5,300 | 0 | |
| Earnings per share | (18) | EUR | EUR | EUR | EUR | EUR | EUR |
| Diluted = undiluted | 1.89 | 1.16 | 0.73 | 6.61 | 6.82 | (0.20) |
3) Incl. gain on disposal after taxes of EUR 18,176 thousand relating to the sale of BU Plastics (see Note 5).
1) Incl. gain on disposal before taxes of EUR 25,865 thousand relating to the sale of BU Plastics (see Note 5).
2) Incl. income taxes of EUR 7,689 thousand relating to the sale of BU Plastics (see Note 5).
4) The prior-year figures have been restated due to changes in presentation (see Note 2).
Lenzing AG
for the period January 1 to December 31, 2013
| EUR | '000 | |
|---|---|---|
| Note | 2013 | 2012 | |
|---|---|---|---|
| Profit for the year | 50,034 | 180,924 | |
| Items that will not be reclassified subsequently to profit or loss | |||
| R emeasurement of defined benefit liability |
(33) | (1,369) | (16,325) |
| I nvestments accounted for using the equity method – remeasurement of defined benefit liability |
(21) | (25) | (592) |
| I ncome tax relating to these components of other comprehensive income |
(29) | 367 | 4,079 |
| (1,027) | (12,838) | ||
| Items that may be reclassified to profit or loss | |||
| F oreign operations – foreign currency translation differences arising during the reporting period |
(29) | (31,895) | (4,236) |
| F oreign operations – reclassification of foreign currency translation differences on loss of control |
(580) | 0 | |
| Available-for-sale financial assets – net fair value gains/losses on remeasurement recognized in the reporting period |
(29) | (202) | 323 |
| Available-for-sale financial assets – reclassification of amounts relating to financial assets disposed of in the reporting period |
(29) | (29) | 171 |
| C ash flow hedges – effective portion of changes in fair value recognized in the reporting period |
(29) | 1,997 | 8,057 |
| C ash flow hedges – reclassification to profit or loss |
(29) | (3,565) | 16,762 |
| I ncome tax relating to these components of other comprehensive income |
(29) | 787 | (6,025) |
| (33,486) | 15,053 | ||
| Other comprehensive income – net of tax | (34,513) | 2,214 | |
| Total comprehensive income for the period | 15,521 | 183,138 | |
| Attributable to shareholders of Lenzing AG | 16,499 | 177,080 | |
| Attributable to non-controlling interests | (979) | 6,058 |
EUR '000
| Assets | Note | 31/12/2013 | 31/12/2012 |
|---|---|---|---|
| I ntangible assets |
(19) | 87,411 | 90,978 |
| P roperty. plant and equipment |
(20) | 1,324,509 | 1,275,169 |
| I nvestments accounted for using the equity method |
(21) | 39,083 | 35,761* |
| F inancial assets |
(22) | 23,176 | 56,068 |
| Deferred tax assets | (32) | 11,271 | 6,445 |
| C urrent tax assets |
17,595 | 8,648* | |
| O ther non-current assets |
(23) | 5,173 | 7,443* |
| Non-current assets | 1,508,217 | 1,480,513 | |
| I nventories |
(24) | 311,483 | 299,580 |
| T rade receivables |
(25. 26) | 258,841 | 264,516 |
| C urrent tax assets |
10,531 | 11,832 | |
| O ther current assets |
(27) | 62,970 | 88,914 |
| C ash and cash equivalents |
(36) | 287,882 | 481,658 |
| 931,707 | 1,146,499 | ||
| Assets from discontinued operations, non-current assets held for sale and disposal groups | (5) | 0 | 5,639 |
| Current assets | 931,707 | 1,152,138 | |
| Total assets | 2,439,924 | 2,632,651 | |
| Equity and liabilities | Note | 31/12/2013 | 31/12/2012 |
| Share capital | 27,574 | 27,574 | |
| C apital reserves |
133,919 | 133,919 | |
| O ther reserves |
(44,234) | (11,599) | |
| R etained earnings |
950,390 | 953,262 | |
| Equity attributable to shareholders of Lenzing AG | 1,067,649 | 1,103,156 | |
| N on-controlling interests |
21,813 | 27,544 | |
| Equity | (29) | 1,089,462 | 1,130,700 |
| F inancial liabilities |
(31) | 609,605 | 701,564 |
| Government grants | (30) | 22,990 | 24,496 |
| Deferred tax liabilities | (32) | 41,797 | 40,955 |
| P rovisions |
(33) | 106,786 | 140,046 |
| P uttable non-controlling interests |
(34) | 19,534 | 28,974 |
| O ther liabilities |
(35) | 2,302 | 1,709 |
| Non-current liabilities | 803,015 | 937,744 | |
| F inancial liabilities |
(31) | 191,075 | 173,568 |
| T rade payables |
176,592 | 200,259 | |
| Government grants | (30) | 3,035 | 4,455 |
| C urrent tax liabilities |
14,782 | 43,726 | |
| P rovisions |
(33) | 126,423 | 81,644 |
| O ther liabilities |
(35) | 35,540 | 41,859 |
| 547,447 | 545,511 | ||
| Non-current liabilities held for sale, liabilities included in disposal groups and discontinued operations | (5) | 0 | 18,695 |
| Current liabilities | 547,447 | 564,206 |
Total equity and liabilities 2,439,924 2,632,651
*) The prior-year figures have been restated due to changes in presentation (see Note 2).
for the period January 1 to December 31, 2013
| Note | Share capital |
Capital reserves | Foreign cur rency translation reserve |
||
|---|---|---|---|---|---|
| Balance as of 01/01/2012 | 27,574 | 133,919 | 16,336 | ||
| Profit for the year according to consolidated income statement | 0 | 0 | 0 | ||
| Other comprehensive income – net of tax | 0 | 0 | (4,300) | ||
| Total comprehensive income | 0 | 0 | (4,300) | ||
| Acquisition of non-controlling interests and other changes in scope of consolidation |
(4, 29) | 0 | 0 | 0 | |
| Dividends | 0 | 0 | 0 | ||
| Reclassification due to settlement or disposal of defined benefit plans | (33) | 0 | 0 | 0 | |
| Balance as of 31/12/2012 = 01/01/2013 | 27,574 | 133,919 | 12,036 | ||
| Profit for the year according to consolidated income statement | 0 | 0 | 0 | ||
| Other comprehensive income – net of tax | 0 | 0 | (30,969) | ||
| Total comprehensive income | 0 | 0 | (30,969) | ||
| Acquisition of non-controlling interests and other changes in scope of consolidation |
(4, 29) | 0 | 0 | 0 | |
| Dividends | 0 | 0 | 0 | ||
| Reclassification due to settlement or disposal of defined benefit plans | 0 | 0 | 0 | ||
| Balance as of 31/12/2013 | 27,574 | 133,919 | (18,932) |
See in particular Note 29.
| Other reserves | EUR '000 |
|||||
|---|---|---|---|---|---|---|
| Available-for-sale financial assets |
Hedging reserve | Actuarial gains/ (losses) on defined benefit plans |
Retained earnings |
Equity attributable to shareholders of Lenzing AG |
Non-controlling interests |
Equity |
| 642 | (16,365) | (15,307) | 842,917 | 989,716 | 33,978 | 1,023,694 |
| 0 | 0 | 0 | 175,624 | 175,624 | 5,300 | 180,924 |
| 371 | 17,969 | (12,584) | 0 | 1,457 | 758 | 2,214 |
| 371 | 17,969 | (12,584) | 175,624 | 177,080 | 6,058 | 183,138 |
| 0 | 0 | 0 | 2,735 | 2,735 | (8,603) | (5,868) |
| 0 | 0 | 0 | (66,375) | (66,375) | (3,889) | (70,264) |
| 0 | 0 | 1,638 | (1,638) | 0 | 0 | 0 |
| 1,013 | 1,605 | (26,253) | 953,262 | 1,103,156 | 27,544 | 1,130,700 |
| 0 | 0 | 0 | 50,113 | 50,113 | (79) | 50,034 |
| (173) | (1,306) | (1,167) | 0 | (33,614) | (900) | (34,513) |
| (173) | (1,306) | (1,167) | 50,113 | 16,499 | (979) | 15,521 |
| 0 | 0 | 0 | 1,094 | 1,094 | (4,564) | (3,471) |
| 0 | 0 | 0 | (53,100) | (53,100) | (188) | (53,288) |
| 0 | 0 | 979 | (979) | 0 | 0 | 0 |
| 840 | 299 | (26,441) | 950,390 | 1,067,649 | 21,813 | 1,089,462 |
for the period January 1 to December 31, 2013
| EUR | '000 | |||
|---|---|---|---|---|
| Note | 2013 | 2012 | |
|---|---|---|---|
| Profit for the year (of continued operations) | 30,630 | 186,302 | |
| + P rofit for the year of discontinued operations |
19,404 | (5,378) | |
| + Amortization of intangible assets and depreciation of property, plant and equipment |
(11) | 138,297 | 102,342 |
| - I ncome from the release of investment grants |
(3,091) | (3,570) | |
| +/- Change in non-current provisions | (30,341) | (3,794) | |
| - I ncome/+ expenses from deferred taxes |
(1,940) | 14,029 | |
| +/- Change in receivables and liabilities from current income tax | (42,304) | (41,057) | |
| - N on-cash income from investments accounted for using the equity method |
(3,790) | (5,840) | |
| - O ther non-cash income/+ expenses |
(37) | 307 | (5,276) |
| Other non-cash income/expenses from discontinued operations | (5) | (12,621) | 10,245 |
| Gross cash flow | 94,551 | 248,002 | |
| +/- Change in inventories | (38,443) | (15,387) | |
| +/- Change in receivables | (3,991) | (10,445) | |
| +/- Change in liabilities | 28,818 | (18,473) | |
| Change in working capital | (13,615) | (44,305) | |
| Change in working capital of discontinued operations | 1,345 | 5,749 | |
| Cash flow from operating activities | 82,281 | 209,446 | |
| - Acquisition of intangible assets, property, plant and equipment1 |
(246,008) | (317,073) | |
| - Acquisition of financial assets |
(8,318) | (4,276) | |
| + P roceeds from the sale of intangible assets, property, plant and equipment |
936 | 784 | |
| + P roceeds from the sale/repayment of financial assets |
40,712 | 41,016 | |
| Net cash flows from discontinued operations | (5. 37) | 60,528 | (2,245) |
| Cash flow from investing activities | (152,151) | (281,794)2 | |
| - Distribution to shareholders |
(53,288) | (70,264) | |
| - Acquisition of non-controlling interests |
(4) | (3,471) | (26,593) |
| + I nvestment grants |
1,051 | 806 | |
| +/- Change in current financial liabilities | (38,650) | 20,702 | |
| + I nflows from private placements |
(31) | 29,000 | 199,185 |
| + I nflows from non-current financial liabilities |
9,294 | 129,703 | |
| - R epayments on non-current financial liabilities |
(73,090) | (102,206) | |
| Net cash flows from discontinued operations | (5) | 5,081 | (12,666) |
| Cash flow from financing activities | (124,071) | 138,6662 | |
| Change in cash and cash equivalents before reclassification | (193,941) | 66,318 | |
| +/- Reclassification of cash and cash equivalents from discontinued operations, assets held for sale and disposal groups |
2,406 | (2,469) | |
| Total change in cash and cash equivalents | (191,535) | 63,849 | |
| Cash and cash equivalents at beginning of the year | 481,658 | 417,282 | |
| Currency translation adjustment relating to cash and cash equivalents | (2,242) | 528 | |
| Cash and cash equivalents at the end of the reporting period | (36) | 287,882 | 481,658 |
1) Excluding acquisition of intangible assets and property, plant and equipment of former BU Plastics (2013: EUR 2,671 thousand; 2012: EUR 2,567 thousand). 2) The prior-year figures have been restated due to changes in presentation (see Note 2).
as of December 31, 2013
NOTE 1 Fundamentals
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 96499 k. 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 of December 31, 2013 was the B & C Group, which directly and indirectly held 67.60% of the share capital of Lenzing AG (December 31, 2012: 67.60%). 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, which prepares and publishes consolidated financial statements including the Lenzing Group, is B & C Industrieholding GmbH, Vienna. 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 man-made 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. Specialty products made of plastic polymers are also produced. The Lenzing Group has production locations in Austria (Lenzing and Heiligenkreuz), Germany (Kelheim), 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, 2013 were prepared in accordance with all International Financial Reporting Standards (IFRSs) and interpretations effective as of the end of the reporting period, as endorsed in the EU. The additional requirements of section 245a para 1 of the Austrian Commercial Code (österreichisches Unternehmensgesetzbuch – öUGB) were also fulfilled.
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.
The consolidated financial statements consist of the consolidated income statement, the consolidated statement of comprehensive income, the consolidated statement of financial position, the consolidated statement of changes in equity, the consolidated cash flow statement and the notes to the consolidated financial statements.
In preparing the IFRS consolidated financial statements, the Management Board of Lenzing AG uses estimates and other judgments, including in particular assumptions about future developments. These estimates, assumptions and judgments are based on the circumstances assumed as of the end of the reporting period 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 details in the notes to the consolidated financial statements.
In the case of the following estimates, assumptions and judgments, there is a not inconsiderable risk in the Lenzing Group that they could lead to a material adjustment of the financial position and financial performance in a subsequent reporting period:
expenses and obligations for environmental rehabilitation measures) and accruals for anticipated losses of revenue.
Specific estimates and judgments and the assumptions these involve are explained in the relevant sections. The carrying amounts of the assets and liabilities concerned are shown in the consolidated statement of financial position and in the notes.
Estimates and judgments are based on experience and other assumptions that the Management Board considers appropriate. However, the amounts that ultimately arise can deviate from these estimates, assumptions and judgments if the general conditions assumed develop differently from expectations as of the end of the reporting period. Changes are taken into account when better information is learned and the assumptions are adjusted accordingly.
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 of December 31, 2013. If the financial years of consolidated subsidiaries do not end on 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, 2012: one subsidiary), which has a different reporting date due to local legal requirements (see Note 47).
Investments in associates and jointly controlled entities 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 |
2013 | 2012 | ||
|---|---|---|---|---|
| Full consolidation |
Equity consolidation |
Full consolidation |
Equity consolidation |
|
| As of 01/01 | 35 | 8 | 34 | 8* |
| Included in consolidation for the first time in reporting period |
0 | 0 | 1 | 0 |
| Deconsolidated in reporting period | (4) | 0 | 0 | 0 |
| As of 31/12 | 31 | 8 | 35 | 8* |
| Thereof in Austria | 14 | 4 | 15 | 4* |
| Thereof abroad | 17 | 4 | 20 | 4 |
Changes in the scope of consolidation are described in Note 4. A list of the Group companies as of December 31, 2013 can be found in Note 47.
Lenzing AG controls assets in the wholesale fund GF 82, a special fund under section 20a of the Austrian Investment Fund Act (österreichisches Investmentfondsgesetz – öInvFG). For this reason, the fund is fully consolidated. 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 Austrian Income Tax Act (österreichisches Einkommensteuergesetz – öEStG).
NOTE 2
In financial year 2013, 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 financial year 2013:
| Standards/interpretations | Publication by the IASB |
Mandatory application according to IASB for financial years from |
Adoption by the EU as of Dec. 31, 2013 |
|
|---|---|---|---|---|
| IAS 19 | Employee Benefits | 16/06/2011 | 01/01/2013 | Yes |
| IFRS 13 | Fair Value Measurement | 12/05/2011 | 01/01/2013 | Yes |
| IFRS 7 | Disclosures - Offsetting Financial Assets and Financial Liabilities |
16/12/2011 | 01/01/2013 | Yes |
| IAS 1 | Presentation of Items of Other Comprehensive Income |
16/06/2011 | 01/07/2012 | Yes |
| IFRS 1 | Government Loans | 13/03/2012 | 01/01/2013 | Yes |
| IFRS 1 | Severe Hyperinflation and Removal of Fixed Dates for First-time Adopters (mandatory ap plication according to the European Commission from January 1, 2013) |
13/03/2012 | 01/07/2011 | Yes |
| IAS 12 | Deferred Tax: Recovery of Underlying Assets (mandatory application according to the Euro pean Commission from January 1, 2013) |
19/10/2011 | 01/01/2012 | Yes |
| IFRIC 20 |
Stripping Costs in the Production Phase of a Surface Mine |
19/10/2011 | 01/01/2013 | Yes |
| Various | Amendment of a number of IFRSs as a result of the 2009-2011 improvement process |
17/05/2012 | 01/01/2013 | Yes |
The new and amended standards and interpretations shown above have the following effects on the financial position and financial performance of the Lenzing Group as of December 31, 2013:
The other new or amended standards and interpretations that are applicable from January 1, 2013 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 of December 31, 2012.
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, 2013:
| Publication | Mandatory application according to IASB for financial years |
Adoption by the EU as of Dec. |
||
|---|---|---|---|---|
| Standards/interpretations | by the IASB | from | 31, 2013 | |
| IFRS 10 | Consolidated Financial Statements (mandatory application according to the European Com mission from January 1, 2014) |
12/05/2011 | 01/01/2013 | Yes |
| IFRS 11 | Joint Arrangements (mandatory application according to the European Commission from January 1, 2014) |
12/05/2011 | 01/01/2013 | Yes |
| IFRS 12 | Disclosure of Interests in Other Entities (man datory application according to the European Commission from January 1, 2014) |
12/05/2011 | 01/01/2013 | Yes |
| IFRS 10, 11, 12 |
Transition guidance (amendments to IFRS 10, IFRS 11 and IFRS 12 – mandatory application according to the European Commission from January 1, 2014) |
28/06/2012 | 01/01/2013 | Yes |
| IAS 27 | Separate Financial Statements (mandatory application according to the European Commission from January 1, 2014) |
12/05/2011 | 01/01/2013 | Yes |
| IAS 28 | Investments in Associates and Joint Ventures (mandatory application according to the European Commission from January 1, 2014) |
12/05/2011 | 01/01/2013 | Yes |
| IAS 32 | Offsetting Financial Assets and Financial Liabilities |
16/12/2011 | 01/01/2014 | Yes |
| IAS 36 | Recoverable Amount Disclosures for Non Financial Assets |
29/05/2013 | 01/01/2014 | Yes |
| IFRS 10, 12, IAS 27 |
Investment Entities | 31/10/2012 | 01/01/2014 | Yes |
| IAS 39 | Novation of Derivatives and Continuation of Hedge Accounting |
27/06/2013 | 01/01/2014 | Yes |
| IFRIC 21 |
Levies | 20/05/2013 | 01/01/2014 | No |
| IFRS 9 | Financial Instruments | 12/11/2009 | 01/01/2018 | No |
| IFRS 9/ IFRS 7 |
Amendments to IFRS 9 and IFRS 7 | 16/12/2011 | 01/01/2018 | No |
| IFRS 9, IFRS 7, IAS 39 |
Hedge Accounting and amendments to IFRS 9, IFRS 7 and IAS 39 |
19/11/2013 | 01/01/2018 | No |
| IAS 19 | Defined Benefit Plans: Employee Contributions | 21/11/2013 | 01/07/2014 | No |
| Various | Amendment of a number of IFRSs as a result of the 2010-2012 improvement process |
12/12/2013 | 01/07/2014 | No |
| Various | Amendment of a number of IFRSs as a result of the 2011-2013 improvement process |
12/12/2013 | 01/07/2014 | No |
| IFRS 14 | Regulatory Deferral Accounts | 30/01/2014 | 01/01/2016 | No |
With the exception of the amendments to IAS 36 (Recoverable Amount Disclosures for Non-Financial Assets), the new and amended standards and interpretations shown above were not applied early by the Lenzing Group. The amendments to IAS 36 resulted in extended disclosures in the notes on non-financial assets for which an impairment loss or a reversal of an impairment loss was recognized (see Note 20 in particular). The other new and amended standards and interpretations shown above are expected to have the following effects on the financial position and financial performance of the Lenzing Group in future financial years:
IFRS 10, 11 and 12, IAS 28: Three new IFRSs (10, 11 and 12) were published in May 2011 in connection with the presentation of IFRS consolidated financial statements and IFRS separate financial statements. IFRS 10 introduces a uniform control model for determining whether an investee should be consolidated. It specifies that an investor controls an investee when the investor is exposed to or has rights to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. This new definition does not result in any changes in the type of consolidation for the consolidated companies of the Lenzing Group and therefore also does not result in any changes in the current accounting treatment of these consolidated companies.
Under IFRS 11, the structure of the joint arrangement, while still representing an important aid to decision-making, is no longer the main factor for determining the type of joint arrangement and thus for the subsequent accounting treatment. The Group's interest in a joint operation that constitutes an arrangement whereby the parties have rights to the assets and obligations for the liabilities is accounted for on the basis of the Group's interest in these assets and liabilities. The Group's interest in a joint venture that constitutes an arrangement whereby the parties have rights to the net assets is accounted for using the equity method. As the Lenzing Group already uses the equity method for its joint ventures, this does not result in any changes.
IFRS 12 combines all disclosure requirements for an entity's interests in subsidiaries, joint arrangements (joint operations and joint ventures), associates and unconsolidated structured entities in one standard. It gives rise to changes for the Lenzing Group, including with regard to disclosures on companies accounted for using the equity method, on underlying judgments, and on the assumptions for control, significant influence or a joint arrangement.
Voluntary changes in accounting policies
To improve the informative value and clarity of the consolidated financial statements, the following items of the financial statements and related notes were named differently:
The investment in Gemeinnützige Siedlungsgesellschaft m.b.H. für den Bezirk Vöcklabruck (GSG), Lenzing, in the amount of EUR 1,150 thousand as of December 31, 2012 (and December 31, 2011) was previously shown under other non-current financial assets in the consolidated statement of financial position. Due to the significant influence that can be exerted by the Lenzing Group, it is more appropriate to present this investment as an investment accounted for using the equity method. The change in presentation is applied retrospectively by restating all comparative information shown. It has the following effect on the consolidated financial statements:
| Previously 31/12/2012 |
Restate ment 31/12/2012 |
Restated 31/12/2012 |
Previously 31/12/2011 |
Restate ment 31/12/2011 |
Restated 31/12/2011 |
|
|---|---|---|---|---|---|---|
| Other non-current assets | 17,241 | (1,150) | 16,091 | 9,311 | (1,150) | 8,161 |
| Investments accounted for using the equity method |
34,611 | 1,150 | 35,761 | 30,289 | 1,150 | 31,439 |
The change in presentation does not result in any differences in measurement. The prior-year figures including the affected notes designated in each case (particularly Notes 1, 21, 23, 39, 41 and 47) were adjusted accordingly for each period presented in the consolidated financial statements.
The investment in LP Beteiligungs & Management GmbH, Linz, in the amount of EUR 1,050 thousand is reported under financial assets as of December 31, 2013. It was added in the second quarter of 2013 and was reported as other non-current financial assets under other noncurrent assets in the second and third quarters of 2013. The current change serves to present all non-consolidated investments consistently in one item. It does not result in any differences in measurement or any adjustment of the figures for the previous year.
The long-term portions of current tax receivables in the amount of EUR 8,648 thousand as of December 31, 2012 (EUR 0 thousand as of December 31, 2011) relate to current income tax and were previously presented as other non-current non-financial assets under other noncurrent assets. To improve the informative value and clarity of the consolidated financial statements, these long-term portions of current tax receivables were presented as a separate item in the consolidated statement of financial position. The change in presentation is applied retrospectively by restating all comparative information shown. It has the following effect on the consolidated financial statements:
| Changes in presentation in the consolidated statement of financial position |
EUR '000 |
|||||
|---|---|---|---|---|---|---|
| Restate ment 31/12/2011 |
Restated 31/12/2011 |
|||||
| Current tax assets | 0 | 8,648 | 8,648 | 0 | 0 | 0 |
| Other non-current assets | 16,091 | (8,648) | 7,443 | 9,311 | 0 | 9,311 |
The change in presentation does not result in any differences in measurement. The prior-year figures including the affected notes specifically designated in each case (particularly Note 23) were adjusted accordingly for each period presented in the consolidated financial statements.
Changes in segment reporting are explained in Note 6.
The special effects from restructuring that affect the operating result/EBIT (Earnings before interest and taxes) were previously presented as a separate line item termed "Result from restructuring" in the consolidated income statement. To improve the comparability with the consolidated financial statements of other companies, this line item was dissolved and the revenues and expenses previously included in this item were allocated, depending on their nature, to the general items of the consolidated income statement. The line items "Earnings before interest and taxes (EBIT) before restructuring" and "Earnings before interest and taxes (EBIT) after restructuring" were eliminated from the consolidated income statement. In addition the operating result before depreciation/EBITDA (Earnings before interest, taxes, depreciation on property, plant and equipment and amortization of intangible assets taking into account the release of investment grants) was introduced to the consolidated income statement as an additional subtotal. To achieve this, the new line item "Income from the release of investment grants" was added and its contents taken out of "Other operating income". The changes in presentation are applied retrospectively by restating all comparative information shown. They have the following effects on the consolidated financial statements:
| Previously 2012 |
Restate ment 2012 |
Restated 2012 |
|
|---|---|---|---|
| Sales | 2,090,403 | 0 | 2,090,403 |
| Changes in inventories of finished goods and work in progress | 8,229 | 0 | 8,229 |
| Work performed by the Group and capitalized | 57,736 | 0 | 57,736 |
| Other operating income | 45,401 | (1,768) | 43,633 |
| Cost of material and other purchased services | (1,303,180) | (508) | (1,303,688) |
| Personnel expenses | (307,756) | (2,172) | (309,928) |
| Other operating expenses | (228,586) | (5,419) | (234,005) |
| Amortization of intangible assets and depreciation of property, plant and equipment |
(107,253) | (17,208) | (124,461) |
| Income from the release of investment grants | 0 | 3,589 | 3,589 |
| Earnings before interest and taxes (EBIT ) before restructuring |
254,994 | (23,486) | 231,508 |
| Result from restructuring | (23,486) | 23,486 | 0 |
| Earnings before interest and taxes (EBIT ) after restructuring |
231,508 | 0 | 231,508 |
The earnings before interest, taxes, depreciation and amortization (EBITDA) before and after restructuring can be seen in Note 13 for both years. The change in presentation does not result in any differences in measurement. The earnings per share are not affected either. The prior-year figures including the affected notes designated in each case (particularly Note 13) were adjusted accordingly for each period presented in the consolidated financial statements. The previous result from restructuring and the earnings before interest and taxes (EBIT) before restructuring as well as the detailed break-down and the reconciliation to the earnings before interest and taxes (EBIT) after restructuring (being the EBIT according to the consolidated income statement) can still be seen in Note 13. The term "Earnings before interest and taxes (EBIT)" always refers to the previous term "Earnings before income and taxes (EBIT) after restructuring" unless stated otherwise. The consolidated income statement prior to 2012 was not adjusted retrospectively as in those periods no earnings before interest and taxes (EBIT) before restructuring were reported.
The reason for the presentation of special effects from restructuring is explained in Note 3, section "Result from restructuring and adjusted consolidated earnings".
The cash flows relating to the investment in non-controlling interests were previously reported as part of the cash flow from investing activities in the consolidated cash flow statement. Due to the financial nature of this transaction it is more appropriate to present related cash flows as cash flows from financing activities. The change in presentation is applied retrospectively by restating all comparative information shown and has the following effects on the consolidated financial statements:
| Previously 2012 |
Restate ment 2012 |
Restated 2012 |
|
|---|---|---|---|
| Cash flow from investing activities | (308,388) | 26,593 | (281,794) |
| Cash flow from financing activities | 165,260 | (26,593) | 138,666 |
The change in presentation does not result in any differences in measurement. The prior-year figures including the affected notes specifically designated in each case (particularly Note 36) were adjusted accordingly for each period presented in the consolidated financial statements.
The consolidated statement of financial position differentiates between current and noncurrent assets and liabilities based on their maturities. Deferred tax assets and liabilities are shown as non-current assets and liabilities. The consolidated income statement is structured in accordance with the nature of expense method. The consolidated cash flow statement is prepared using the indirect method. In the consolidated cash flow statement, 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 of the reporting date. Plan assets in the context of defined benefit pension obligations and assets and liabilities from company acquisitions are also measured at fair value as of the reporting 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 whose financial and operating policies can be determined by Lenzing AG in a way that its own operations can benefit economically from their operations. This is assumed to be the case if Lenzing AG holds more than 50% of the voting rights of all shareholders with the right to vote. The inclusion of subsidiaries in the consolidated financial statements begins when control is obtained and ends when it is lost.
The acquisition of subsidiaries is accounted for using the acquisition method. Under this method, the assets acquired and the liabilities assumed (including contingent liabilities) are recognized at fair value as of the acquisition date. Goodwill corresponds to the surplus of the sum of the consideration transferred, the amount of non-controlling interests in the acquiree and, if applicable, the fair value of the equity interest previously held in the acquiree by the Lenzing Group, over the net assets as of the acquisition date. Any negative goodwill that arises is recognized as income after a reassessment of the measurement of net assets. Incidental acquisition costs are recognized in profit or loss for the period in which they are incurred.
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 (currently Lenzing (Nanjing) Fibres Co., Ltd. and, until December 31, 2012, European Precursor GmbH) are reported outside equity. Owing to the limitation of the companies under company law, these capital shares do not constitute equity under IFRS. 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 non-controlling interests that is recognized in profit or loss is reported in the item "Allocation of profit or loss to puttable non-controlling 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 such non-controlling shareholders reduce the liability/increase the receivable.
Changes in shares in subsidiaries already controlled are treated as transactions between owners. The difference between the consideration and the pro rata carrying amount of non-controlling interests is recognized directly in retained earnings.
If control over a subsidiary is lost, the remaining interest in the former subsidiary is measured at fair value.
In the case of an acquisition achieved in stages that results in control being obtained, the difference between the carrying amount and the fair value as of the date of initial full consolidation is recognized in profit or loss.
Material assets and liabilities and expenses and income resulting from transactions between consolidated companies are eliminated on consolidation. Material intragroup profits resulting from trade relationships between consolidated companies are eliminated if the assets concerned are still on stock as of the reporting date.
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. The functional currency is the main currency for the economic activity of the company in question. Apart from at PT. South Pacific Viscose, the functional currency is the currency of the country or region in which 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 on the reporting date.
In the course of consolidation, the assets and liabilities of subsidiaries are converted from the functional currency to the reporting currency (euro) using the closing rate on the reporting date. Sales and other income and expenses are converted at the average rate for the month in which the income and expenses arise. Exchange differences resulting from the use of different exchange rates are recognized as a separate item in other comprehensive income. This item also includes exchange differences on receivables that represent a part of the net investment in a foreign operation.
In the case of company acquisitions, the carrying amounts of the assets acquired and the liabilities assumed are adjusted to their fair values as of the acquisition date. These adjustments and the goodwill from company acquisitions are treated as assets/liabilities of the acquired subsidiary and are thus subject to currency translation as part of consolidation.
The following key exchange rates were used for currency translation into the reporting currency (euro):
| Exchange rates for key currencies | 2013 | 2012 | |||
|---|---|---|---|---|---|
| Unit | Currency | Reporting date |
Average | Reporting date |
Average |
| 1 EUR | USD U S Dollar |
1.3783 | 1.3281 | 1.3190 | 1.3119 |
| 1 EUR | GBP British Pound |
0.8364 | 0.8493 | 0.8159 | 0.8124 |
| 1 EUR | CZK C zech Koruna |
27.4800 | 25.9800 | 25.1450 | 25.2140 |
| 1 EUR | CNY Renminbi Yuan | 8.3555 | 8.1646 | 8.2172 | 8.1809 |
| 1 EUR | HKD Hong Kong Dollar | 10.6886 | 10.3016 | 10.2221 | 10.1679 |
| 1 EUR | INR I ndian Rupee |
85.3040 | 77.9300 | 72.4075 | 71.6946 |
Non-current assets and liabilities held for sale and disposal groups
An entity shall classify a non-current asset (or disposal group and directly associated liabilities) as held for sale if its carrying amount will be recovered principally through a sale transaction rather than through continuing use. Immediately before their classification as held for sale, the assets (or parts of a disposal group and directly associated liabilities) are measured in accordance with the Group's accounting policies. After the reclassification, non-current assets (or disposal groups) classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell. Impairment losses from the initial classification as held for sale and subsequent increases and decreases in value in the context of measurement are recognized in profit or loss. Intangible assets and property, plant and equipment classified as held for sale are no longer amortized/depreciated on a systematic basis.
Discontinued operations are parts of a company that represent a separate major operation or geographic area of operations and that have been sold or are held for sale, or subsidiaries that are acquired solely for the purpose of resale. Operations are classified as discontinued operations on disposal or at an earlier date if they fulfill the criteria for discontinued operations. If operations are classified as discontinued operations, then the statement of comprehensive income and the statement of cash flows must be presented as if these operations had been classified as discontinued operations since the beginning of the comparative period.
Acquired intangible assets are reported at cost less accumulated amortization as of 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), as well as pro rata borrowing costs in the case of qualifying assets. Amortization, depreciation and impairment 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.
Amortization is calculated using the straight-line method on the basis of the estimated useful lives. The estimated useful lives of these assets are as follows:
| Years | |
|---|---|
| Software/computer programs | 3 to 4 |
| Licenses and other intangible assets | |
| P urchased |
4 to 20 |
| Developed internally | 5 to 15 |
Assets acquired second-hand are amortized over their remaining useful lives. Goodwill and certain trademark rights are amortized only if they are impaired.
Property, plant and equipment is reported at cost less accumulated depreciation as of 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), as well as pro rata borrowing costs in the case of qualifying assets.
Amortization, depreciation and impairment 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 these assets are as follows:
| Years | |
|---|---|
| Land use rights | 30 to 99 |
| Residential buildings | 30 to 50 |
| Office and factory buildings | 10 to 50 |
| Other buildings | 7 to 33 |
| Fiber production lines | 10 to 15 |
| Boiler plants, frequency converter stations, turbines and other energy systems | 4 to 25 |
| Other mechanical equipment | 5 to 20 |
| Vehicles | 4 to 20 |
| Office equipment and other fixtures and fittings | 4 to 15 |
| Computer 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.
The Lenzing Group does not have any investment property.
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 assets resulting from the leases are capitalized under property, plant and equipment, while the payment obligations are recognized as liabilities under liabilities to other lenders. Each lease installment is split into an interest component and a repayment component in order to keep the interest charged on the liability at a constant level. The interest component is recognized in profit or loss.
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 to sell. 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. To determine the fair value less costs to sell, any recent market transactions are taken into account. If no such transactions can be identified, a suitable measurement model is applied.
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 unit 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 to sell. The fair value less costs to sell of cash-generating units to which goodwill has been allocated and cashgenerating 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 six years (2012: up to six 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 until after four years. Based on the assumptions of the past year, perpetuals taking account of a sustainable long-term growth rate of 0.9% to 1.3% (December 31, 2012: 1.0% to 3.1%) 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 in 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). This discount rate reflects current market assessments and the risks specific to the cash-generating units concerned. As of December 31, 2013, WACCs between 7.6% and 11.7% were used (as of December 31, 2012: between 7.7% and 14.0%).
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 are based in particular on internal assumptions with regard to anticipated future sales prices and volumes (sales development) and the costs required for this (particularly commodities and energy, as well as labor and taxes), taking into account the expected market environment and market positioning. In addition, anticipated investments, changes in working capital and the development of net debt 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.
If the recoverable amount of the asset or cash-generating unit is lower than its carrying amount, an impairment loss is recognized in profit or loss in the amount of the difference. 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. Impairment losses on goodwill are not reversed again.
Investments accounted for using the equity method relate to investments in associates and jointly controlled entities. In the case of associates, the share of capital generally is between 20% and 50% and the Lenzing Group can exert significant influence over the company's financial and operating policies. Jointly controlled entities are managed jointly by the Lenzing Group and one or more partners.
Investments in associates and jointly controlled entities are accounted for using the equity method, under which acquired investments are initially recognized at cost. The measurement of the equity holding is then increased/decreased by pro rata changes in equity. The goodwill relating to an equity investment is included in the carrying amount of the investment and is not amortized on a systematic basis. The investments are tested for impairment if there is evidence to suggest that they are impaired.
Otherwise, the same principles of consolidation apply as for subsidiaries.
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 according to 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 "available-for-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. A substantial decline in fair value is generally considered to exist if there is a decrease in value of more than 20% in relation to historical cost. Sustained impairment of equity instruments generally exists if the decline in fair value below cost lasts for longer than nine months. Any existing impairment is recognized in profit or loss.
If there is no market price on an active market and their market price cannot be measured reliably, or is of minor importance, investments in non-consolidated 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 derived from the taxable income and the applicable tax rate in the country concerned.
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 must be taken into account in the context of deferred taxes if it is likely to be used. This is done on the basis of the tax rates that will be applicable in the year in which the differences are expected to reverse, according to the legal situation as of the reporting date. 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 taxes are accrued in the case of elimination of intragroup profits.
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 Austrian Corporation Tax Act (österreichisches Körperschaftsteuergesetz – öKStG).
As part of group taxation, tax gains and losses are offset between group members. Due to 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.
With the exception of derivative financial instruments, which are accounted for at market value, trade receivables and other assets are measured at amortized cost. Non-interest-bearing noncurrent receivables are discounted using the effective interest method. 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 on the reporting date (percentage-of-completion method). The stage 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. Deviations of any kind in the overall contract are taken into account in measurement.
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 as an expense immediately.
Receivables from contract customers from long-term construction contracts in progress are reported under "Trade receivables". Revenue impacting income on a pro rata basis is accounted for as sales 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. Besides cash and cash equivalents, the liquid funds item relevant to the cash flow statement only includes liquid marketable securities with a remaining term of less than three months that are subject to minor fluctuations in value.
Equity instruments issued
Financial instruments issued by the Lenzing Group are classified as financial liabilities or as equity depending on the economic substance of the contractual agreement. An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting the liabilities. Issue costs are those costs that would not have been incurred if the equity instrument had not been issued. Gains and losses from the issue, sale, repurchase or cancellation of equity instruments are recognized directly in equity less any tax effects.
Emission certificates are capitalized at fair value as of the date when they are allocated. The difference between the fair value and the amount spent by the company to purchase the emission certificates is reported in the "Government grants" item. At each reporting date, a provision is recognized for the certificates used up until this date. If the used certificates are covered by the certificates held by the company as of 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 of the relevant reporting date. The deferred income item attributable to the certificates used up until this reporting date is reversed in profit or loss.
Investment grants are reported as liabilities 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 employee pensions and severance payments 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 each reporting date, with the anticipated benefits distributed over the entire period of employment. Future increases in salaries and pensions are taken into account. 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 highquality 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 and pension increases that are also considered realistic for the future were determined based on 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.
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 chiefly assumed by the employee. Therefore, no provisions or other accruals are recognized after the agreed contributions have been paid.
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. 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 determined based on 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 de facto 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 attached. The amount of a provision corresponds to the best estimate of the settlement amount of the present obligation as of 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 of the end of the reporting period. 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 expensed when the provision was recognized.
Long-term provisions are discounted if the effect of discounting is material and the discounting period can be reliably estimated.
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.
Non-current liabilities with non-market interest rates are discounted using the effective interest method.
Contingent liabilities are 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.
Sales comprise all income resulting from the normal business activities of the Lenzing Group. They include income from product sales (particularly sales of man-made cellulose fibers in Segment Fibers) and services provided (particularly from mechanical and plant engineering in Segment Engineering), less trade discounts and other sales deductions not including sales tax. Any other operating revenue is recognized as other operating income.
Income is recognized when ownership of the products has been transferred to the customer (thus including transfer of risks) or the service has been provided, the amount of the income/ the associated costs can be reliably determined and it is probable that the economic benefits from the transaction will arise.
The Segment Fibers mainly sells man-made cellulose fibers, as well as products such as sodium sulfate, black liquor and pulp. Income is recognized when ownership of the products has been transferred to the customer (thus including 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 arise.
Segment Engineering operates in the field of mechanical and plant engineering and performs engineering services. The majority 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 of the reporting date. Work performed by the Group and capitalized serves to neutralize expenses to be capitalized as part of the cost of non-current assets.
Operating expenses are recognized at the time the given service is made use of or when they are caused.
Dividends are generally 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.
EBITDA (earnings before interest, taxes, depreciation on property, plant and equipment and amortization of intangible assets taking into account the release of investment grants and before restructuring) and, particularly, EBITDA before restructuring are important key figures for measuring performance in the Lenzing Group. EBITDA (after restructuring) is presented as a separate line item in the consolidated income statement. EBITDA before restructuring is used as segment result in the context of segment reporting (see Note 6). In addition, EBIT (earnings before interest and taxes) is also of particular interest. For the purposes of measuring performance, these two key figures, adjusted for one-off effects from restructuring, are shown as adjusted consolidated earnings (see Note 13). The consolidated amounts of these key figures are adjusted performance measures (pro forma figures) that are published voluntarily and are not regulated by the IFRS accounting rules.
One-off effects from restructuring are significant one-time effects that do not regularly recur in terms of their type or amount, particularly in connection with business combinations, impairments and restructuring and similar measures. The presentation of EBITDA/EBIT before restructuring is intended to provide internal and external users with a picture of the Lenzing Group's financial performance that is more accurate and allows for a better comparison over time than the presentation of these two key figures after restructuring.
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 "Work performed by the Group and capitalized" and the associated asset investment 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 annual earnings attributable to ordinary shareholders by the average number of ordinary shares outstanding during the financial year.
Financial instruments comprise financial assets and financial liabilities. Initial recognition of a financial asset is at fair value plus 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 initial measurement.
The Lenzing Group uses the measurement categories "Loans and receivables", "Available-forsale financial assets" and "Financial liabilities at amortized cost". The category of "Financial instruments at fair value through profit or loss" is only used for trading derivatives. 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. Writedowns are recognized via an allowance account. Financial assets are derecognized directly only if the contractual rights to payments from the financial assets no longer exist (particularly in the event of bankruptcy). If the reasons for the write-down 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. Financial instruments are recognized/derecognized as of the settlement date.
Derivative financial instruments and hedges
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 are intended 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 hedging relationship 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 profits 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 (basis adjustment) are offset in income. 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 implemented. 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 sales are generated or when the foreign-currency cost of materials is incurred. Subsequently, 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 valuation of the foreign-currency trade receivables/payables as of the reporting date. Ineffective portions of changes in the fair values of cash flow hedges and the measurement of derivatives for which no hedging relationship 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 on the reporting date. Currency and commodity forwards are measured using the respective forward rate or price at the end of the reporting period. 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 contractant 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. 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. Due to the counterparties' consistently good creditworthiness on the basis of 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 that did not require recognition.
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.
In financial year 2012, non-proportional capital increases in the amount of EUR 3,136 thousand were carried out at Lenzing Modi Fibers India Private Limited, with the result that the Lenzing Group's equity interest rose from 95.4% (as of December 31, 2011) to 96.3% (as of December 31, 2012). As a result of these transactions, non-controlling interests declined by a total of EUR 12 thousand.
As of September 26, 2012, the Lenzing Group acquired 100% of the shares in a previously nonoperational shell company based in Munich, Germany, for EUR 28 thousand. The company had share capital and bank balances of EUR 25 thousand each as of the acquisition date. No tax-deductible goodwill arose on acquisition. The acquisition was carried out primarily to save time in comparison to establishing a separate company. The acquired company was renamed Lenzing Global Finance GmbH. Within the Lenzing Group, Lenzing Global Finance GmbH serves particularly to issue private placements and to pass on the financial resources received to affiliated companies. Between its establishment and its acquisition by the Lenzing Group, the company did not generate any significant income or cause any significant expenses.
As of October 1, 2012, the Lenzing Group acquired another 25% of the shares in Biocel Paskov a.s. (Biocel), Paskov, Czech Republic, which was already fully consolidated, for EUR 26,593 thousand. The interest in this company thus increased from 75% to 100%. As a result of this transaction, non-controlling interests declined by EUR 8,591 thousand. The liability from the dividend guarantee for non-controlling interests fell by EUR 19,666 thousand as a result of this transaction. The difference from this transaction of EUR 1,661 thousand was offset against retained earnings.
In April 2013, the Lenzing Group reached an agreement with a minority shareholder for the acquisition of a further 2.29% of shares in the already fully consolidated PT. South Pacific Viscose, Purwakarta, Indonesia, for a sum equivalent to around EUR 3,471 thousand. The closing of the acquisition and the payment of the purchase price took place in July 2013. Thus, the Lenzing Group's interest in this company increased from 90.56% to 92.85%. As a result of this transaction, non-controlling interests declined by EUR 4,564 thousand. The difference from this transaction of EUR 1,094 thousand was offset against retained earnings.
The sale of the former Business Unit Plastics was closed in June 2013. The closing led to the loss of control over and deconsolidation of Lenzing Plastics GmbH or rather Lenzing Plastics GmbH & Co KG, Lenzing, which was previously fully consolidated. Details of this can be found in Note 5.
The previously fully consolidated companies Lyocell Holding Ltd., Manchester, UK, and Tencel Holding Overseas Ltd., St. Helier, Jersey, were deconsolidated in June 2013 as their liquidation had been largely completed from a business perspective. A gain of EUR 580 thousand was recognized in other operating income as a result of the loss of control. There were no notable cash flows or disposals of cash and cash equivalents, other assets or liabilities and consideration received.
The acquisition of a further 44% of shares in the previously already fully consolidated European Precursor GmbH, Kelheim, Germany, by the Lenzing Group was completed in October 2013. The company was also deconsolidated in October 2013, as its liquidation was largely completed from an economic perspective. Details of this can be found in Note 5.
Otherwise there were no business combinations or changes in the entities included in consolidation.
NOTE 5
Non-current assets and liabilities held for sale, disposal groups and discontinued operations
Lenzing Plastics GmbH, Lenzing, which was the Business Unit Plastics, was a fully consolidated company of the Lenzing Group. In April 2013, as part of its ongoing concentration on its core business of fibers, the Lenzing Group reached an agreement on the sale of shares in Business Unit Plastics (i.e. in Lenzing Plastics GmbH) to an Austrian syndicate of bidders led by Invest AG. The deal was closed in June 2013 following the approval of the antitrust authorities, as a result of which the Lenzing Group also lost control over the business unit. This led to its deconsolidation. As part of the transaction, Lenzing Plastics GmbH was transformed into the limited commercial partnership Lenzing Plastics GmbH & Co KG, Lenzing, and a previously non-operational shell company was acquired to serve as the general partner to that limited commercial partnership and subsequently renamed Lenzing Plastics GmbH, Lenzing. Both entities were acquired by LP Beteiligungs & Management GmbH, Linz.
The following net assets were deconsolidated as a result of the loss of control:
| Deconsolidated net assets | 43,173 |
|---|---|
| Deconsolidated liabilities | 21,617 |
| Other current liabilties | 7,348 |
| Provisions (incl. deferred and current tax liabilities) | 14,093 |
| Financial liabilities and other non-current liabilities | 177 |
| Deconsolidated assets | 64,790 |
| Cash and cash equivalents | 6,995 |
| Other current assets | 31,166 |
| Financial assets and other non-current assets | 350 |
| Intangible assets and property, plant and equipment (incl. EUR 1,600 thousand for licenses) |
26,279 |
The consideration received for the sale for 100% of shares amounted to EUR 69,037 thousand in total. There was a gain on disposal before taxes of EUR 25,865 thousand. Income taxes of EUR 7,689 thousand (including deferred taxes) relate to the gain on disposal.
The net cash inflow from the disposal is presented under net cash flows from discontinued operations in the cash flow from investing activities and breaks down as follows:
| Net inflow from the sale of subsidiary | EUR '000 |
|---|---|
| 2013 | |
| Consideration received (cash and cash equivalents) | 68,647 |
| - Holdings of cash and cash equivalents sold | (6,995) |
| Net inflow from the sale of subsidiary | 61,652 |
Following the complete sale of Business Unit Plastics, the Lenzing Group acquired a 15% interest in LP Beteiligungs & Management GmbH, Linz, for EUR 1,050 thousand. This stake is reported in the consolidated financial statements of the Lenzing Group under financial assets in the category "available-for-sale financial assets (measured at cost)".
European Precursor GmbH (EPG), Kelheim, Germany, was a fully consolidated company of the Lenzing Group. In December 2012 the Management Board of Lenzing AG resolved to liquidate EPG. The liquidation was initiated after the Shareholders' Meeting of EPG held in January 2013. The closing of the acquisition of a further 44% of shares in EPG by the Lenzing Group was completed in October 2013. Thus, the Lenzing Group's interest in this company increased from 51% to 95%. The claim vis-à-vis puttable non-controlling interests (December 31, 2012: EUR 12,601 thousand) was settled by means of this transaction. The transaction did not result in any difference to be offset against equity.
The company was also deconsolidated in October 2013, as its liquidation was largely completed from an economic perspective. The deconsolidation resulted in a loss of EUR 2 thousand that was recognized in other operating expenses. There were no notable cash flows or disposals of cash and cash equivalents, other assets or liabilities and no consideration received.
The assets and liabilities of EPG as of December 31, 2012 are shown in separate line items on the respective sides of the consolidated statement of financial position. These items break down as follows:
| 31/12/2012 | |
|---|---|
| Intangible assets and property, plant and equipment | 3,000 |
| Financial assets | 2 |
| Other current assets | 168 |
| Cash and cash equivalents | 2,469 |
| Assets of discontinued operations | 5,639 |
| Financial liabilities | 9,707 |
| Provisions | 8,336 |
| Other current liabilties | 653 |
| Liabilities of discontinued operations | 18,695 |
| Assets and liabilities offset within the Group | 12,659 |
| Net assets of discontinued operations | (25,716) |
In the context of the liquidation of EPG, impairment on property, plant and equipment of EUR 3,000 thousand (2012: EUR 17,203 thousand) and amortization of intangible assets of EUR 0 thousand (2012: EUR 5 thousand) from fair value measurement less costs to sell were recognized in 2013. Income taxes of EUR 0 thousand (2012: EUR 200 thousand) were incurred on impairment losses on property, plant and equipment. In both years, the impairments mainly related to technical equipment and machinery. The fair value less costs to sell amounts to EUR 0 thousand as of December 31, 2013 (EUR 3,000 thousand as of December 31, 2012). The fair value in 2013 was derived from a transaction on a market that is not active and was therefore completely allocated to Level 2 of the fair value hierarchy. In the course of the measurement process the observable market data needed were collected and the input factors not observable on the market were tested against internally available information and updated if necessary.
Both discontinued operations – the former Business Unit Plastics and EPG – were part of the Segment Plastics Products as of December 31, 2012. They are now shown in the consolidated income statement, the consolidated statement of cash flows and in segment reporting (see Note 6) – including the comparative prior-year figures – under discontinued operations. The comparative prior-year figures have been shown as if the operations discontinued in the current year had already been discontinued at the start of the previous year.
The profit for the period from discontinued operations breaks down as follows:
| Profit for the period from discontinued operations | EUR '000 |
|
|---|---|---|
| 2013 | 2012 | |
| Revenues | 55,640 | 118,432 |
| Expenses | (50,735) | (118,414) |
| Allocation of profit or loss to puttable non-controlling interests | (619) | 14,422 |
| Earnings before taxes from operating activities | 4,286 | 14,440 |
| Current income taxes from operating activities | (58) | (2,409) |
| Earnings after taxes from operating activities | 4,228 | 12,030 |
| Gain from the sale of discontinued operations | 25,865 | 0 |
| Taxes on the gain from the sale (or abandonment) of discontinued operations |
(7,689) | 0 |
| Measurement at fair value less costs to sell | (3,000) | (17,208) |
| Taxes due to fair value measurement less costs to sell (or abandon) | 0 | (200) |
| Profit for the period from discontinued operations | 19,404 | (5,378) |
Other comprehensive income of EUR -13 thousand is allocated to discontinued operations (2012: EUR -487 thousand). Total comprehensive income from discontinued operations is fully attributable to the shareholders of the parent company.
In the Lenzing Group the segments are classified according to the differences between their products and services; they require different technologies and market strategies. Each segment is managed separately 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 man-made cellulose fibers and markets them under the umbrella brands Lenzing Viscose®, Lenzing Modal® (including Lenzing FR®) and TENCEL®. 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 Segment Fibers represents the core business of the Lenzing Group.
The Segment Fibers comprises the business units Textile Fibers (production and distribution of textile fibers), Nonwoven Fibers (production and distribution of fibers for nonwoven fabrics) and Pulp (manufacture and purchase of pulp; purchase of 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 units are part of an integrated value chain (from raw material wood via pre-product pulp to the finished product fiber) with comparable risks and opportunities. Moreover, the Business Unit Energy (production and purchase of energy) is assigned to the Segment Fibers as the Segment Fibers has by far the highest energy requirements in the Lenzing Group on account of the energy-intensive nature of the fiber and pulp production process.
The Segment Engineering operates in the field of mechanical and plant engineering and offers engineering services. It comprises the Business Unit Engineering.
As of December 31, 2012, the Segment Plastics Products was a separate segment in segment reporting. The Segment Plastics Products produced specialty products from plastic polymers. It comprised the Business Unit Plastics (formerly Lenzing Plastics GmbH, Lenzing) and the Business Unit Filaments (essentially the business activities of Dolan GmbH, Kelheim, Germany, and European Precursor GmbH/EPG, Kelheim, Germany).
The Business Unit Plastics and EPG are now reported under discontinued operations and – with the comparative prior-year figures – shown separately in segment reporting (see also Note 5). The rest of the Business Unit Filaments (essentially Dolan GmbH), including its comparative prior-year figures, is shown in the residual Segment Other for reasons of materiality. The comparative prior-year figures have been shown as if the operations discontinued in the current year had already been discontinued at the start of the previous year.
The residual Segment Other essentially comprises the business activities of Dolan GmbH, Kelheim, Germany. This company manufactures specialty products from plastic polymers (particularly acrylic 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.
| 1-12/2013 and 31/12/2013 | Fibers | Engineering | |
|---|---|---|---|
| Sales to external customers | 1,754,524 | 49,486 | |
| Inter-segment sales | 11,325 | 75,649 | |
| Total sales | 1,765,849 | 125,135 | |
| EBITDA (Segment result) | 205,661 | 9,058 | |
| EBIT | 91,179 | 7,264 | |
| Amortization of intangible assets and depreciation of property, plant and equipment | 117,569 | 1,799 | |
| T hereof impairment |
116 | 0 | |
| Thereof reversals of impairment losses | 0 | 0 | |
| Share of income from investments accounted for using the equity method | 3,788 | 0 | |
| Other material non-cash income and expenses | 70,154 | 11,350 | |
| Investments in intangible assets and property, plant and equipment | 249,992 | 3,119 | |
| EBITDA margin |
11.6% | 7.2% | |
| EBIT margin |
5.2% | 5.8% | |
| Segment assets | 2,015,868 | 44,790 | |
| Segment liabilities | 430,842 | 34,493 | |
| Investments accounted for using the equity method | 37,203 | 0 |
| 1-12/2012 and 31/12/2012 | Fibers | Engineering | |
|---|---|---|---|
| Sales to external customers | 1,883,023 | 47,052 | |
| Inter-segment sales | 12,965 | 74,706 | |
| Total sales | 1,895,988 | 121,758 | |
| EBITDA (Segment result) | 338,684 | 10,173 | |
| EBIT | 239,532 | 8,515 | |
| Amortization of intangible assets and depreciation of property, plant and equipment | 102,718 | 1,662 | |
| Thereof impairment | 0 | 0 | |
| Thereof reversals of impairment losses | 954 | 0 | |
| Share of income from investments accounted for using the equity method | 5,801 | 0 | |
| Other material non-cash income and expenses | 35,358 | 9,803 | |
| Investments in intangible assets and property, plant and equipment | 318,854 | 2,192 | |
| EBITDA margin |
17.9% | 8.4% | |
| EBIT margin |
12.6% | 7.0% | |
| Segment assets | 1,945,428 | 46,782 | |
| Segment liabilities | 450,311 | 41,821 | |
| Investments accounted for using the equity method | 33,883 | 0 |
| Group | Reconciliation | Segment total | Other | BU Plastics and EPG (discontinued operations) |
|---|---|---|---|---|
| 1,908,869 | 0 | 1,908,869 | 51,641 | 53,218 |
| 0 | (89,483) | 89,483 | 1,734 | 776 |
| 1,908,869 | (89,483) | 1,998,352 | 53,375 | 53,994 |
| 225,411 | (1,295) | 226,706 | 6,233 | 5,754 |
| 86,409 | (22,311) | 108,720 | 5,325 | 4,953 |
| 142,103 | 21,017 | 121,086 | 908 | 810 |
| 26,220 | 26,104 | 116 | 0 | 0 |
| 0 | 0 | 0 | 0 | 0 |
| 3,831 | 0 | 3,831 | 42 | 0 |
| 76,463 | 0 | 76,463 | 3,811 | (8,852) |
| 248,679 | (8,092) | 256,771 | 989 | 2,671 |
| 11.8% | 11.3% | 11.7% | 10.7% | |
| 4.5% | 5.4% | 10.0% | 9.2% | |
| 2,439,924 | 356,523 | 2,083,401 | 22,743 | 0 |
| 1,350,462 | 874,871 | 475,591 | 10,256 | 0 |
| 39,083 | 0 | 39,083 | 1,880 | 0 |
| BU Plastics and EPG |
||||
|---|---|---|---|---|
| Group | Reconciliation | Segment total | Other | (discontinued operations) |
| 2,090,403 | 0 | 2,090,403 | 42,215 | 118,112 |
| 0 | (96,062) | 96,062 | 6,860 | 1,532 |
| 2,090,403 | (96,062) | 2,186,465 | 49,075 | 119,644 |
| 352,380 | (13,106) | 365,486 | 3,541 | 13,088 |
| 231,508 | (27,312) | 258,820 | 2,645 | 8,128 |
| 124,461* | 14,205 | 110,255 | 896 | 4,979 |
| 17,208 | 17,208 | 0 | 0 | 0 |
| 954 | 0 | 954 | 0 | 0 |
| 5,796 | 0 | 5,796 | (5) | 0 |
| 52,234 | 0 | 52,234 | 3,627 | 3,445 |
| 319,640 | (4,721) | 324,361 | 748 | 2,567 |
| 16.9% | 16.7% | 7.2% | 10.9% | |
| 11.1% | 11.8% | 5.4% | 6.8% | |
| 2,632,651 | 544,675 | 2,087,975 | 21,475 | 74,291 |
| 1,501,951 | 983,731 | 518,219 | 9,633 | 16,454 |
| 35,761* | 0 | 35,761 | 1,878 | 0 |
Other material non-cash expenses relate to non-cash measurement effects from provisions and accruals.
With the exception of the change in the presentation of the former Segment Plastics Products described above, the same principles were applied in the presentation of segment reporting as in the consolidated financial statements.
The performance of the segments is measured using EBITDA before restructuring (earnings before interest, taxes, depreciation on property, plant and equipment and amortization of intangible assets taking into account the release of investment grants and before restructuring). The reconciliation of segment earnings to income from operations (EBIT) to income before tax (EBT) is as follows:
2013 2012 Segment result (EBITDA) 226,706 365,486 Consolidation (7,351) (6,828) Restructuring (see Note 13) 6,056 (6,278) Group result (EBITDA) 225,411 352,380 Segment amortization of intangible assets and depreciation of property, plant and equipment (121,086) (110,255) Consolidation 5,087 3,003 Income from the release of investment grants 3,100 3,589 Impairment of property, plant and equipment (from restructuring – see Note 13) (26,104) (17,208) Earnings before interest and taxes (EBIT) 86,409 231,508 Financial result (26,725) (12,780) Allocation of profit or loss to puttable non-controlling interests 8,430 17,314 Earnings before taxes (EBT) 68,113 236,043
The reconciliation from income before taxes (EBT) to profit for the year can be viewed in the consolidated income statement. The result from restructuring is explained in detail in Notes 5 and 13.
The reconciliation of segment EBIT to income from operations (EBIT) after restructuring is as follows:
The reconciliation of segment amortization and depreciation to consolidated amortization and depreciation is as follows:
| 2013 | 2012 | |
|---|---|---|
| Segment amortization of intangible assets and depreciation of property, plant and equipment |
121,086 | 110,255 |
| Consolidation | (5,087) | (3,003) |
| Amortization of intangible assets and depreciation of property, plant and equipment |
115,999 | 107,253 |
| Impairment of property, plant and equipment due to fair value measurement less costs to sell (from restructuring – see Note 13) Consolidated amortization and depreciation |
26,104 142,103 |
17,208 124,461 |
Segment assets chiefly consist of intangible assets and property, plant and equipment, inventories, trade receivables and other receivables, except for income tax receivables. The reconciliation of segment assets to consolidated assets (corresponding to total assets) is as follows:
| 31/12/2013 | 31/12/2012 | |
|---|---|---|
| Segment assets | 2,083,401 | 2,087,975 |
| Investments accounted for using the equity method | 39,083 | 35,761* |
| Assets not allocated to the segments | ||
| Securities and other financial assets | 23,176 | 56,068* |
| Deferred tax assets and current tax receivables | 39,396 | 27,098 |
| C ash and cash equivalents |
287,882 | 481,658 |
| N on-current assets held for sale and disposal groups |
0 | 5,639 |
| Consolidation | (33,014) | (61,549) |
| Consolidated assets | 2,439,924 | 2,632,651 |
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:
| Reconciliation of segment liabilities to consolidated liabilities EUR |
'000 | ||||
|---|---|---|---|---|---|
| -------------------------------------------------------------------------- | -- | ------ | -- | -- | -- |
| 31/12/2013 | 31/12/2012 | |
|---|---|---|
| Segment liabilities | 475,591 | 518,219 |
| Liabilities not allocated to the segments | ||
| F inancial liabilities |
800,680 | 875,132 |
| Deferred tax liabilities and current tax liabilities | 56,578 | 84,681 |
| Government grants | 26,025 | 28,952 |
| L iabilities held for sale and disposal groups |
0 | 18,695 |
| Consolidation | (8,413) | (23,729) |
| Consolidated liabilities | 1,350,462 | 1,501,951 |
The reconciliations of segment items to consolidated items that are not described in more detail above (sales and investments) comprise consolidation effects only.
Goods and services are supplied between the segments at arm's length conditions.
The valuations for segment reporting are in line with the accounting policies applied to the IFRS consolidated financial statements.
Revenues from external customers break down by products and services as follows:
| 2013 | 2012 | |
|---|---|---|
| Lenzing Viscose® | 982,903 | 1,020,688 |
| Lenzing Modal® (including Lenzing FR®) | 237,978 | 232,598 |
| TENCEL ® |
291,401 | 331,547 |
| Man-made cellulose fibers | 1,512,281 | 1,584,833 |
| Sodium sulfate and black liquor | 54,012 | 49,364 |
| Pulp, wood, energy and other | 199,556 | 261,791 |
| Segment Fibers | 1,765,849 | 1,895,988 |
| Mechanical and plant engineering and engineering services - | ||
| Segment Engineering | 125,135 | 121,758 |
| Specialty products from plastic polymers | 103,870 | 159,942 |
| Other and consolidation | (85,985) | (87,285) |
| Sales according to consolidated income statement | 1,908,869 | 2,090,403 |
There is no single external customer that accounts for more than 10% of external revenues.
Revenues from external customers by sales market and total assets, non-current assets (as per statement of financial position), non-current assets (not including financial instruments and deferred tax assets) and investments in intangible assets and property, plant and equipment break down by geographic areas as follows:
| Sales | Non-current assets Total assets Investments |
|||||||
|---|---|---|---|---|---|---|---|---|
| 2013 | 2012 | 31/12/2013 | 31/12/2012 | 31/12/2013 | 31/12/2012 | 2013 | 2012 | |
| Austria | 176,136 | 185,873 | 772,828 | 699,518* | 987,720 | 981,886 | 156,249 | 135,736 |
| Europe (without Austria including Turkey) |
609,448 | 740,851 | 219,833 | 198,480 | 296,608 | 296,514 | 53,851 | 67,761 |
| Asia | 931,393 | 973,520 | 419,529 | 459,091 | 732,893 | 737,481 | 37,155 | 92,626 |
| America | 158,950 | 153,596 | 39,243 | 45,041 | 66,180 | 72,094 | 1,424 | 23,516 |
| Rest of the world | 32,942 | 36,563 | 0 | 0 | 0 | 0 | 0 | 0 |
| Subtotal | 1,908,869 | 2,090,403 | 1,451,433 | 1,402,130* | 2,083,401 | 2,087,975 | 248,679 | 319,640 |
| Reconciliation to consolidated figures |
0 | 0 | 56,784 | 78,383* | 356,523 | 544,675 | 0 | 0 |
| Consolidated total | 1,908,869 | 2,090,403 | 1,508,217 | 1,480,513 | 2,439,924 | 2,632,651 | 248,679 | 319,640 |
Sales are 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.
The production sites in the Segment Fibers are located in Austria, including the main plant in Lenzing, which manufactures both standard viscose fibers and specialty fibers – Lenzing Modal® (including Lenzing FR®) – and the lyocell production site (TENCEL®) in Heiligenkreuz. There are additional lyocell production sites in the UK (Grimsby) and in the USA (Mobile). The Group also has two standard viscose fiber production sites in Asia: Indonesia (Purwakarta) and China (Nanjing). The pulp plants are located in Austria (Lenzing) and in the Czech Republic (Paskov). The sales network in the Segment Fibers comprises sales companies in China (Hong Kong and Shanghai) and sales offices in Indonesia (Jakarta), India (Coimbatore) and the United States (New York).
The production sites of the Segment Engineering are located in Austria (Lenzing) and in China (Nanjing).
Further information on the segments can be found in the management report of the Lenzing Group as of December 31, 2013.
| NOTE 7 |
Sales | ||
|---|---|---|---|
| Sales break down as follows: | |||
| Sales | EUR '000 |
||
| 2013 | 2012 | ||
| Revenue from the sale of man-made cellulose fibers | 1,512,281 | 1,584,833 | |
| Revenue from the sale of other products and services | 373,263 | 479,249 | |
| Sales invoiced | 1,885,544 | 2,064,082 | |
| Sales from long-term construction contracts | 23,325 | 26,321 | |
| Total | 1,908,869 | 2,090,403 | |
Further breakdowns of sales 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 |
|
|---|---|---|
| 2013 | 2012 | |
| Income from internal cost allocation, other products and energy | 20,021 | 22,269 |
| Income from the release of the deferred income item for emission certificates and from subsidies |
6,512 | 12,280* |
| Gain on disposal from the sale of subsidiaries | 25,865 | 0 |
| Various other income | 15,691 | 9,085* |
| Total | 68,090 | 43,633* |
Income from energy includes income from remuneration for green electricity in the amount of EUR 9,659 thousand (2012: EUR 6,511 thousand).
The gain on disposal from the sale of subsidiaries entirely relates to the sale of Lenzing Plastics GmbH (or rather Lenzing Plastics GmbH & Co. KG, see Note 5).
Miscellaneous other income includes rental income of EUR 3,364 thousand (2012: EUR 2,709 thousand), income from the disposal of fixed assets in the amount of EUR 917 thousand (2012: EUR 711 thousand) and insurance compensation in the amount of EUR 3,600 thousand (2012: EUR 874 thousand).
The cost of material and other purchased services breaks down as follows:
| Cost of material and other purchased services | EUR '000 |
|
|---|---|---|
| 2013 | 2012 | |
| Material | 1,090,503 | 1,158,410* |
| Other purchased services | 162,931 | 145,279 |
| Total | 1,253,434 | 1,303,688* |
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.
Personnel expenses break down as follows:
| Personnel expenses | EUR '000 |
|
|---|---|---|
| 2013 | 2012 | |
| Wages and salaries | 244,744 | 239,976* |
| Severance payment expenses | 24,695 | 6,235 |
| Retirement benefit expenses | 5,545 | 5,923 |
| Statutory social security expenses | 57,298 | 53,054 |
| Other social security expenses | 4,753 | 4,739 |
| Total | 337,034 | 309,928* |
The increase in the collective wage agreement at the Austrian sites from May 3, 2013 was between 3.2% and 3.3%. Comparable agreements at the subsidiaries led to increases of 3.84% in the UK, 4.0% in the Czech Republic and 4.3% in Indonesia. There were no comparable, generally binding agreements in the other countries. The increase in the collective wage agreement at the Austrian sites from May 1, 2012 was between 4.35% and 4.5%. Comparable agreements at the subsidiaries led to increases of 4.7% in the UK, 2.0% in the Czech Republic and 3.79% in Indonesia. There were no comparable, generally binding agreements in the other countries.
Severance payment expenses chiefly include expenses for the statutory obligations of Lenzing AG and its Austrian subsidiaries towards their employees, as well as voluntary severance payments and severance pay in the course of restructuring (see Note 33).
The number of employees in the Lenzing Group breaks down as follows:
| 2013 | 2012 | |
|---|---|---|
| Average | 6,854 | 6,739 |
| As of December 31 | 6,675 | 7,033 |
The number of employees at Lenzing AG and the Austrian subsidiaries of the Lenzing Group breaks down as follows:
| 2013 | 2012 | |
|---|---|---|
| Hourly workers | 1,813 | 2,168 |
| Salaried employees | 1,187 | 1,215 |
| Total | 3,000 | 3,383 |
The item for amortization of intangible assets and depreciation of property, plant and equipment breaks down as follows:
| depreciation of property, plant and equipment | EUR '000 |
|---|---|
| 2013 | 2012 | |
|---|---|---|
| Depreciation and amortization | 115,883 | 108,207 |
| Impairment | 26,220 | 17,208* |
| Reversals of impairment losses | 0 | (954) |
| Total | 142,103 | 124,461* |
In financial year 2013, impairment contains EUR 3,000 thousand (2012: EUR 17,208 thousand) from fair value measurement of non-current assets held for sale less costs to sell (see Note 5). The other impairments and reversals of impairment losses are explained in Notes 19 and 20.
Other operating expenses break down as follows:
| 2013 | 2012 | |
|---|---|---|
| Costs to sell | 103,563 | 106,486 |
| Expenses for maintenance, repairs and other third-party services | 24,558 | 35,344 |
| Legal, consulting and audit expenses | 12,377 | 10,262 |
| Insurance expenses | 10,410 | 9,903 |
| Travel expenses | 9,135 | 10,466 |
| Waste disposal expenses | 11,833 | 7,000 |
| Other | 52,959 | 54,543* |
| Total | 224,835 | 234,005* |
Costs to sell mainly include expenses for outgoing freight in the amount of EUR 81,850 thousand (2012: EUR 79,038 thousand) and for commissions and advertising in the amount of EUR 21,714 thousand (2012: EUR 26,854 thousand).
Miscellaneous other operating expenses include rental and lease expenses of EUR 9,474 thousand (2012: EUR 7,437 thousand), foreign currency losses of EUR 8,775 thousand (2012: EUR 12,144 thousand), property tax and similar taxes of EUR 4,552 thousand (2012: EUR 3,785 thousand), expenses for patents and trademarks of EUR 3,516 thousand (2012: EUR 3,681 thousand), expenses for food and drink of EUR 2,964 thousand (2012: EUR 2,767 thousand) and expenses from emission certificates in the amount of EUR 1,947 thousand (2012: EUR 3,368 thousand). In addition, the item comprises losses on the disposal of fixed assets in the amount of EUR 58 thousand (2012: EUR 515 thousand).
The result from restructuring and the adjusted consolidated earnings (EBITDA and EBIT before restructuring) break down as follows:
| 2013 | EBITDA | EBITDA margin |
EBIT | EBIT margin |
|---|---|---|---|---|
| Group result after restructuring | 225,411 | 11.8% | 86,409 | 4.5% |
| Adjustment for restructuring in Fibers and Engineering | ||||
| R estructuring measures |
||||
| Severance payments and settlements for headcount reduction (particularly personnel expenses); see Note 33 |
19,747 | 1.0% | 19,747 | 1.0% |
| I mpairment of fixed assets (depreciation); see Notes 19 and 20 |
0 | 0.0% | 23,104 | 1.2% |
| Adjustment for restructuring in Discontinued Operations | ||||
| D isposal effects of Business Unit Plastics |
||||
| Gain on disposal before taxes (other operating income); see Note 5 |
(25,865) | (1.4%) | (25,865) | (1.4%) |
| Liquidation effects of EPG | ||||
| Adjustment of provisions due to settlement of payment obligations on liquidation (other operating income/expenses); see Note 5 |
62 | 0.0% | 62 | 0.0% |
| I mpairment of fixed assets due to fair value measu- rement less costs to sell (depreciation); see Note 5 |
0 | 0.0% | 3,000 | 0.2% |
| Result from restructuring | (6,056) | (0.3%) | 20,048 | 1.1% |
| Group result before restructuring | 219,355 | 11.5% | 106,457 | 5.6% |
| 2012 | EBITDA | EBITDA margin |
EBIT | EBIT margin |
|---|---|---|---|---|
| Group result after restructuring | 352,380* | 16.9%* | 231,508* | 11.1%* |
| Adjustment for restructuring in Discontinued Operations | ||||
| L iquidation effects of EPG |
||||
| Adjustment of provisions due to settlement of payment obligations on liquidation (other operating income/expenses); see Note 5 |
6,278 | 0.3% | 6,278 | 0.3% |
| I mpairment of fixed assets due to fair value measu- rement less costs to sell (depreciation); see Note 5 |
0 | 0.0% | 17,208 | 0.8% |
| Result from restructuring | 6,278 | 0.3% | 23,486 | 1.1% |
| Group result before restructuring | 358,658* | 17.2%* | 254,994* | 12.2%* |
The group results (EBITDA and EBIT) after restructuring shown above equal the earnings (EBITDA and EBIT) according to the consolidated income statement.
| NOTE 14 |
Income from investments accounted for using the equity method | ||
|---|---|---|---|
| Income of EUR 3,831 thousand (2012: EUR the current earnings of associates and jointly controlled entities. |
5,796 thousand) results from the Group's share in | ||
| NOTE 15 |
Income from non-current and current financial assets | ||
| Income from non-current and current financial assets breaks down as follows: | |||
| Income from non-current and current financial assets | EUR '000 |
||
| 2013 | 2012 | ||
| Income from non-current and current financial assets | |||
| Interest income from bank balances, loans and receivables | 2,402 | 4,798 | |
| Interest income from available-for-sale securities | |||
| (Available-for-sale) and other | 300 | 673 | |
| Gain on the disposal of available-for-sale securities | 33 | 0 | |
| 2,735 | 5,471 | ||
| Expenses from non-current and current financial assets | |||
| Interest accruing on loans | (9) | (15) | |
| Loss on the disposal of available-for-sale securities | 0 | (68) | |
| Net foreign currency losses from financial assets | (2,012) | (655) | |
| (2,022) | (738) | ||
| Total | 714 | 4,733 |
Financing costs break down as follows:
| Financing costs | EUR '000 |
|
|---|---|---|
| 2013 | 2012 | |
| Net foreign currency gains/losses from financial liabilities | (5,170) | 1,532 |
| Interest expense from bonds and private placements | (5,905) | (5,621) |
| Interest expense from bank loans, other interest and similar expenses | (20,194) | (19,220) |
| Total | (31,269) | (23,309) |
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:
Income/expense from deferred taxes (2,668) 15,344 Total 18,079 55,119
| 2013 | 2012 | |
|---|---|---|
| Current income tax expense | ||
| Current tax expense for current year | 19,976 | 51,949 |
| Reduction due to use of tax losses | (698) | (174) |
| Adjustment for prior-period income tax | 1,469 | (12,001) |
| 20,747 | 39,774 | |
| Income/expense from deferred taxes | ||
| Formation and reversal of temporary differences | 9,173 | 20,599 |
| Effects of changes in tax rates | (200) | (666) |
| Change in capitalized loss carryforwards | (5,984) | (4,361) |
| Effects of previously unrecognized temporary differences from prior periods |
(4,416) | 1,176 |
| Changes in valuation allowances relating to temporary differences (without loss carry forwards) |
(1,241) | (1,403) |
| (2,668) | 15,344 | |
| Total | 18,079 | 55,119 |
The reconciliation from the calculated income tax expense in line with the Austrian corporation tax rate of 25% (December 31, 2012: 25%) to the effective income tax expense is as follows:
| Tax reconciliation | EUR '000 |
|
|---|---|---|
| 2013 | 2012 | |
| Earnings before tax | 68,113 | 236,043 |
| Calculated income tax expense (25% of earnings before tax) | 17,028 | 59,011 |
| Tax-free income and tax allowances (particularly research allowance) | (1,033) | (2,507) |
| Non-deductible expenses and withholding taxes | 3,234 | 6,034 |
| Income from investments accounted for using the equity method | (958) | (1,449) |
| Effect of different tax rates | 389 | (153) |
| Changes of tax rates | (202) | (666) |
| Tax income from prior periods | (2,947) | (10,825) |
| Exchange rate differences due to the translation of deferred tax items from local into functional currency |
8,816 | 2,470 |
| Change in unrecognized deferred tax assets from loss carryforwards and other temporary differences |
(4,195) | 7,892 |
| Tax portion of puttable non-controlling interests | (2,107) | (4,329) |
| Other | 53 | (360) |
| Effective income tax expense | 18,079 | 55,119 |
This corresponds to an average tax rate of 26.5% (2012: 23.4%).
The item "Tax income from prior periods" includes a tax credit of EUR 1,773 thousand (2012: EUR 10,115 thousand) from the tax group with B & C Industrieholding GmbH (see also Note 44).
Lenzing AG and the Austrian subsidiaries of the Lenzing Group are subject to an income tax rate of 25% (December 31, 2012: 25%). The income tax rates applied for foreign companies range between 16.5% and 34.0% (December 31, 2012: between 16.5% and 34.0%).
In comparison to the previous financial year, there was a change in the applicable tax rate in the UK from 24% to 23% in 2013. From April 1, 2015 a tax rate of 20% will be applicable there and was already applied for deferred taxes as of December 31, 2013.
The tax returns of the Lenzing Group companies 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 as well as past experience, sufficient provisions have been recognized for possible future tax obligations as far as can be seen.
Earnings per share are calculated as follows:
| Earnings per share | EUR '000 |
|
|---|---|---|
| 2013 | 2012 | |
| Profit for the year attributable to shareholders of Lenzing AG used in the calculation of earnings per share |
50,113 | 175,624 |
| Weighted average number of shares | 26,550,000 | 26,550,000 |
| EUR | EUR | |
| Diluted = undiluted | 1.89 | 6.61 |
Notes on the Consolidated Statement of Financial Position, the Consolidated Statement of Comprehensive Income and the Consolidated Statement of Changes in Equity
| NOTE 19 |
Intangible assets |
|---|---|
Intangible assets developed as follows:
| Concessions. industrial property rights. licenses |
Internally generated intangible |
|||
|---|---|---|---|---|
| 2013 | Goodwill | and similar rights | assets | Total |
| Costs of acquisition and production | ||||
| 01/01/2013 | 82,091 | 17,709 | 14,396 | 114,196 |
| Currency translation ajustment | (3,836) | (38) | 0 | (3,873) |
| Changes in scope of consolidation* | 0 | (81) | (946) | (1,027) |
| Additions | 0 | 780 | 713 | 1,492 |
| Disposals | 0 | (472) | (308) | (780) |
| Reclassifications | 0 | 0 | 0 | 0 |
| Reclassification to assets held for sale and disposal groups |
0 | 0 | 0 | 0 |
| 31/12/2013 | 78,255 | 17,898 | 13,854 | 110,007 |
| Development of amortization | ||||
| 01/01/2013 | (124) | (12,357) | (10,736) | (23,218) |
| Currency translation ajustment | (84) | 15 | 0 | (68) |
| Changes in scope of consolidation* | 0 | 79 | 934 | 1,013 |
| Amortization | 0 | (708) | (359) | (1,067) |
| Impairment | 0 | (36) | 0 | (36) |
| Reclassifications | 0 | 0 | 0 | 0 |
| Reclassification to assets held for sale and disposal groups |
0 | 0 | 0 | 0 |
| Disposals | 0 | 472 | 308 | 780 |
| Reversals of impairment losses | 0 | 0 | 0 | 0 |
| 31/12/2013 | (208) | (12,535) | (9,853) | (22,597) |
| Carrying amount 01/01/2013 | 81,967 | 5,351 | 3,660 | 90,978 |
| Carrying amount 31/12/2013 | 78,047 | 5,362 | 4,001 | 87,411 |
| Concessions. industrial property |
Internally generated |
|||
|---|---|---|---|---|
| 2012 | Goodwill | rights. licenses and similar rights |
intangible assets |
Total |
| Costs of acquisition and production | ||||
| 01/01/2012 | 83,143 | 17,699 | 24,447 | 125,289 |
| Currency translation ajustment | (1,052) | (5) | 0 | (1,056) |
| Changes in scope of consolidation | 0 | 0 | 0 | 0 |
| Additions | 0 | 663 | 2,387 | 3,050 |
| Disposals | 0 | (589) | 0 | (589) |
| Reclassifications | 0 | (19) | 0 | (19) |
| Reclassification to assets held for sale and disposal groups |
0 | (41) | (12,438) | (12,479) |
| 31/12/2012 | 82,091 | 17,709 | 14,396 | 114,196 |
| Development of amortization | ||||
| 01/01/2012 | (122) | (12,302) | (22,792) | (35,216) |
| Currency translation ajustment | (2) | 9 | 0 | 6 |
| Changes in scope of consolidation | 0 | 0 | 0 | 0 |
| Amortization | 0 | (653) | (382) | (1,035) |
| Impairment | 0 | (5) | 0 | (5) |
| Reclassifications | 0 | 0 | 0 | 0 |
| Reclassification to assets held for sale and disposal groups |
0 | 41 | 12,438 | 12,479 |
| Disposals | 0 | 553 | 0 | 553 |
| Reversals of impairment losses | 0 | 0 | 0 | 0 |
| 31/12/2012 | (124) | (12,357) | (10,736) | (23,218) |
| Carrying amount 01/01/2012 | 83,021 | 5,397 | 1,655 | 90,072 |
| Carrying amount 31/12/2012 | 81,967 | 5,351 | 3,660 | 90,978 |
The additions to internally generated intangible assets shown above in the amount of EUR 713 thousand (2012: EUR 2,387 thousand) relate to additions from internal development. All other additions relate to additions from separate acquisition.
Research and development expenses totaling EUR 24,866 thousand (2012: EUR 18,246 thousand) were incurred in the Lenzing Group in financial year 2013. These research and development expenses are calculated according to IFRS criteria. They comprise costs incurred in connection with the targeted search for new knowledge regarding the development and significant improvement of products, services or processes and in the context of research activities. They do not include investments subject to mandatory capitalization but do include income from reimbursements (particularly subsidies). Research and development expenses are recognized in income from operations (EBIT).
The impairment tests performed did not show any need for impairment of goodwill and trademark rights with indefinite useful lives in either of the periods presented.
Under other intangible assets, there were impairment losses of EUR 36 thousand (2012: EUR 5 thousand). The impairment loss in financial year 2013 relates to a Chinese production site (refer to Note 20 for details). The impairment loss in financial year 2012 relates to EPG (refer to Note 5 for details).
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 of the reporting date:
| 31/12/2013 | 31/12/2012 | |
|---|---|---|
| Segment Fibers | ||
| CGU Fiber Site Indonesia | 64,931 | 67,852 |
| CGU Pulp Site Czech Republic | 9,611 | 10,503 |
| Other | 3,283 | 3,389 |
| 77,825 | 81,744 | |
| Segment Other* | 3,313 | 3,313 |
| Total | 81,137 | 85,057 |
In the table above, the Segment Other includes trademark rights with indefinite useful lives in the amount of EUR 3,090 thousand as of the reporting date (December 31, 2012: EUR 3,090 thousand). No changes in the value of these trademark rights have been recognized, meaning that their carrying amount corresponds to cost. These trademark rights are classified as having indefinite useful lives because there is currently no foreseeable end to their economic use. The other amounts relate entirely to goodwill.
The recoverable amount for the largest CGUs to which goodwill has been allocated – the Indonesia Fiber Site CGU and the Czech Republic Pulp Site CGU – is determined on the basis of the fair value less costs to sell using a discounted cash flow method. Fair value measurement is classified in full in Level 3 of the fair value hierarchy, since key input factors (particularly cash flows) cannot be observed on the market. The fundamental methods and assumptions used for
this are described in Note 3 in the section on "Impairments". The following individual assumptions are also relevant to the Indonesia Fiber Site CGU and the Czech Republic Pulp Site CGU:
| CGU Fiber Site Indonesia |
|
|---|---|
| Cash flow planning/forecast period | 6 years |
| Long-term growth rate of perpetuals | 1.1% |
| Discount rate (WACC) | 11.7% |
| CGU Pulp Site Czech Republic |
|
| Cash flow planning/forecast period | 4 years |
| Long-term growth rate of perpetuals | 1.0% |
| Discount rate (WACC) | 9.1% |
| CGU Fiber Site Indonesia |
|
|---|---|
| Cash flow planning/forecast period | 6 years |
| Long-term growth rate of perpetuals | 3.1% |
| Discount rate (WACC) | 14.0% |
| CGU Pulp Site Czech Republic |
|
| Cash flow planning/forecast period | 4 years |
| Long-term growth rate of perpetuals | 1.1% |
| Discount rate (WACC) | 9.0% |
Planning and projections of free cash flows of the Indonesia Fiber Site CGU 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. They anticipate average sales growth of 3.3% p.a. in the planning period (2012: 7.1% p.a.). These internal assumptions are supplemented by external market assumptions.
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. They anticipate average sales growth of 1.4% p.a. in the planning period (2012: 7.1% p.a.).
The estimates made for the fair value less costs to sell of the Indonesia Fiber Site CGU and the Czech Republic Pulp Site CGU 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 the key assumptions and the possible changes in value as of 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 assumptions |
Change in values relating to key assumptions for which the recoverable amount would be equal to the carrying amount |
|
|---|---|---|
| CGU Fiber Site Indonesia |
||
| Free Cash Flow | 100% | minus 10.1% |
| Long-term growth rate of perpetuals | 1.1% | minus 2.4 percentage points |
| Discount rate (WACC) | 11.7% | plus 1.2 percentage points |
| CGU Pulp Site Czech Republic |
||
| Free Cash Flow | 100% | minus 7.6% |
| Long-term growth rate of perpetuals | 1.0% | minus 1.0 percentage points |
| Discount rate (WACC) | 9.1% | plus 0.8 percentage points |
| Values relating to key assumptions |
Change in values relating to key assumptions for which the recoverable amount would be equal to the carrying amount |
|
|---|---|---|
| CGU Fiber Site Indonesia |
||
| Free Cash Flow | 100% | minus 19.0% |
| Long-term growth rate of perpetuals | 3.1% | minus 4.1 percentage points |
| Discount rate (WACC) | 14.0% | plus 2.1 percentage points |
| CGU Pulp Site Czech Republic |
||
| Free Cash Flow | 100% | minus 15.3% |
| Long-term growth rate of perpetuals | 1.1% | minus 1.5 percentage points |
| Discount rate (WACC) | 9.0% | plus 1.1 percentage points |
NOTE 20
Property, plant and equipment developed as follows:
| Development of property. plant and equipment | EUR '000 |
||
|---|---|---|---|
| ---------------------------------------------- | -- | -- | ------------- |
| Land and buildings |
Technical equipment and machinery, factory and office equipment |
Advance payments and assets under con struction |
Total | |
|---|---|---|---|---|
| 2013 | ||||
| Costs of acquisition and production | ||||
| 01/01/2013 | 395,566 | 2,005,323 | 197,046 | 2,597,935 |
| Currency translation adjustment | (9,583) | (27,057) | (8,205) | (44,844) |
| Changes in scope of consolidation* | 0 | (65,660) | (243) | (65,903) |
| Additions | 15,603 | 91,716 | 137,713 | 245,032 |
| Disposals | (884) | (16,867) | (200) | (17,951) |
| Reclassification | 27,634 | 84,022 | (111,656) | 0 |
| Reclassification to assets held for sale and | ||||
| disposal groups | 0 | 0 | 0 | 0 |
| 31/12/2013 | 428,337 | 2,071,477 | 214,455 | 2,714,269 |
| Development of depreciation | ||||
| 01/01/2013 | (181,468) | (1,141,311) | 13 | (1,322,766) |
| Currency translation adjustment | 1,674 | 10,261 | (30) | 11,904 |
| Changes in scope of consolidation* | 0 | 41,239 | 0 | 41,239 |
| Depreciation | (13,087) | (101,729) | 0 | (114,815) |
| Impairments | (5,413) | (14,336) | (3,435) | (23,184) |
| Reclassifications | 0 | 0 | 0 | 0 |
| Reclassification to assets held for sale and disposal group |
0 | 0 | 0 | 0 |
| Disposals | 863 | 16,798 | 200 | 17,862 |
| Reversals of impairment losses | 0 | 0 | 0 | 0 |
| 31/12/2013 | (197,430) | (1,189,078) | (3,251) | (1,389,760) |
| Carrying amount 01/01/2013 | 214,098 | 864,012 | 197,059 | 1,275,169 |
| Carrying amount 31/12/2013 | 230,906 | 882,399 | 211,204 | 1,324,509 |
| Development of property. plant and equipment (prior year) | ||||
|---|---|---|---|---|
| Land and buildings |
Technical equipment and machinery, factory and office equipment |
Advance payments and assets under con struction |
Total | |
| 2012 | ||||
| Costs of acquisition and production | ||||
| 01/01/2012 | 371,167 | 1,844,978 | 122,073 | 2,338,218 |
| Currency translation adjustment | (808) | (4,091) | (2,220) | (7,118) |
| Changes in scope of consolidation | 0 | 0 | 0 | 0 |
| Additions | 8,791 | 91,548 | 216,251 | 316,590 |
| Disposals | (455) | (13,757) | 0 | (14,212) |
| Reclassifications | 20,058 | 119,019 | (139,058) | 19 |
| Reclassification to assets held for sale | ||||
| and disposal groups | (3,188) | (32,374) | 0 | (35,562) |
| 31/12/2012 | 395,566 | 2,005,323 | 197,046 | 2,597,935 |
| Development of depreciation | ||||
| 01/01/2012 | (172,410) | (1,074,585) | 473 | (1,246,521) |
| Currency translation adjustment | (124) | 1,892 | (460) | 1,309 |
| Changes in scope of consolidation | 0 | 0 | 0 | 0 |
| Depreciation | (12,201) | (94,971) | 0 | (107,172) |
| Impairment | (0) | (17,204) | 0 | (17,204) |
| Reclassifications | 1 | (1) | 0 | 0 |
| Reclassification to assets held for sale and disposal groups |
3,188 | 29,374 | 0 | 32,562 |
| Disposals | 78 | 13,228 | 0 | 13,306 |
| Reversals of impairment losses | 0 | 954 | 0 | 954 |
| 31/12/2012 | (181,468) | (1,141,311) | 13 | (1,322,766) |
| Carrying amount 01/01/2012 | 198,757 | 770,393 | 122,547 | 1,091,697 |
| Carrying amount 31/12/2012 | 214,098 | 864,012 | 197,059 | 1,275,169 |
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 253,664 thousand (December 31, 2012: EUR 258,517 thousand).
In financial year 2013, borrowing costs for property, plant and equipment were capitalized in the amount of EUR 4,941 thousand (2012: EUR 3,171 thousand), using a borrowing cost rate of 2.6% to 3.0% (2012: 2.2% to 3.0%).
Based on the impairment tests performed, impairment losses relating to property, plant and equipment in the amount of EUR 23,184 thousand (2012: EUR 17,204 thousand) are recognized under "Amortization of intangible assets and depreciation of property, plant and equipment" and in the fixed assets schedule above.
In financial year 2013, EUR 19,633 thousand of the impairment of property, plant and equipment related to an Chinese production site in Segment Fibers with EUR 5,413 thousand of this impairment relating to land and buildings and EUR 14,220 thousand relating to technical equipment and machinery (particularly fiber production facilities) as well as factory and office equipment. The impairment losses are required as a result of reduced economic performance.
The recoverable amount of the Chinese production site is EUR 57,028 thousand as of December 31, 2013 (EUR 91,471 thousand as of December 31, 2012). The recoverable amount is determined on the basis of the fair value less costs to sell using a discounted cash flow method. Fair value measurement is classified in full in Level 3 of the fair value hierarchy, since key input factors (particularly cash flows) cannot be observed on the market. The fundamental methods and assumptions used for this correspond analogously to those used to determine the fair value less costs to sell of cash-generating units to which goodwill has been allocated, and are described in Note 3 in the section on "Impairments". The following individual assumptions are also relevant to this Chinese production site:
| Cash flow planning/forecast period | 6 years |
|---|---|
| Long-term growth rate of perpetuals | 1.9% |
| Discount rate (WACC) | 10.8% |
| Cash flow planning/forecast period | 6 years |
|---|---|
| Long-term growth rate of perpetuals | 2.1% |
| Discount rate (WACC) | 10.6% |
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. They anticipate average sales growth of 4.6% p.a. in the planning period (2012: 11.6% p.a.).
Other impairment of property, plant and equipment in financial year 2013 primarily consists of impairment of EUR 3,435 thousand on assets under construction at an Indian site in Segment Fibers. The impairment losses are required due to further delay of the investments originally planned. The recoverable amount is EUR 7,166 thousand as of December 31, 2013 (EUR 33,387 thousand as of December 31, 2012) and is estimated by internal experts based on fair value less costs to sell from estimated disposal possibilities that are, to some extent, not observable on the market. Fair value measurement is therefore classified in full in Level 3 of the fair value hierarchy.
In addition, there were impairment losses of another EUR 116 thousand on machinery in the Segment Fibers in financial year 2013. These were required due to technical and commercial obsolescence.
No reversals of impairment losses on property, plant and equipment were recognized in financial year 2013. In financial year 2012, reversals of impairment losses on property, plant and equipment amounting to EUR 954 thousand were recognized under "Amortization of intangible assets and depreciation of property, plant and equipment". The reversals of impairment losses on property, plant and equipment in financial year 2012 related to technical equipment and machinery at an Austrian production site in Segment Fibers. They were required due to the increased economic performance of previously impaired items of property, plant and equipment and adjustments of acquisition costs. The recoverable amount is EUR 1,000 thousand as of December 31, 2013 and is estimated by internal experts based on fair value less costs to sell from estimated disposal possibilities that are not observable on the market. Fair value measurement is there-fore classified in full in Level 3 of the fair value hierarchy.
Investments accounted for using the equity method break down as follows:
| 31/12/2013 | 31/12/2012 | |
|---|---|---|
| Associates | ||
| EQUI-Fibres Beteiligungsgesellschaft mbH (EFB) | 33,755 | 30,188 |
| Lenzing Papier GmbH (LPP ) |
0 | 0 |
| PT Pura Golden Lion (PGL) | 3,386 | 3,632 |
| WWE Wohn- und Wirtschaftspark Entwicklungsgesellschaft m.b.H. (WWE) |
726 | 728 |
| Gemeinnützige Siedlungsgesellschaft m.b.H. (GSG) | 1,154 | 1,150* |
| Jointly controlled entities | ||
| RVL Reststoffverwertung Lenzing GmbH (RVL) | 37 | 37 |
| Wood Paskov s.r.o. (LWP) | 25 | 26 |
| LKF Tekstil Boya Sanayi ve Tikaret A.S. (LKF) | 0 | 0 |
| Total | 39,083 | 35,761* |
These investments developed as follows:
Currency translation adjustment (443) (107) Distributions (40) (775)
| 2013 | 2012 | |
|---|---|---|
| As of January 1 | 35,761 | 31,439* |
| Income from investments accounted for using the equity method | 3,831 | 5,796 |
| Share of other comprehensive income from investments accounted for using the equity method |
(25) | (592) |
As of December 31 39,083 35,761*
The financial position and financial performance of these investments is as follows (100% in each case, i.e. not adjusted in line with the ownership interests held by the Lenzing Group):
| EFB | LPP 1 |
RVL | GSG2 | PGL | LWP | WWE | LKF 1 |
|
|---|---|---|---|---|---|---|---|---|
| 2013 | ||||||||
| Income (operating) | 211,080 | 75,575 | 11,517 | 0 | 0 | 328 | 4 | 431 |
| Thereof sales | 180,231 | 70,492 | 11,511 | 0 | 0 | 271 | 0 | 0 |
| Expenses (operating) | (201,241) | (74,798) | (11,515) | 0 | (24) | (316) | (9) | (422) |
| Profit/loss for the year | 6,095 | 295 | 1 | 0 | 706 | 1 | (8) | 9 |
| 31/12/2013 | ||||||||
| Non-current assets | 78,267 | 8,285 | 0 | 0 | 2,395 | 16 | 0 | 1 |
| Current assets | 57,368 | 20,667 | 152 | 0 | 1,503 | 150 | 2,995 | 1,962 |
| Non-current liabilities | 20,905 | 7,243 | 0 | 0 | 0 | 13 | 0 | 0 |
| Current liabilities | 40,794 | 17,427 | 78 | 0 | 23 | 109 | 92 | 1,869 |
| Government grants | 1,075 | 9 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity | 72,862 | 4,272 | 74 | 0 | 3,874 | 42 | 2,903 | 94 |
EFB LPP RVL GSG PGL LWP WWE LKF 2012 Income (operating) 202,270 74,208 11,996 18,319 0 407 4 197 Thereof sales 181,041 73,522 11,992 13,460 0 339 0 0 Expenses (operating) (184,370) (73,154) (11,994) (16,718) (34) (393) (22) (243) Profit/loss for the year 9,904 1,037 1 1,637 3,329 11 (20) (46) 31/12/2012 Non-current assets 71,884 8,566 0 137,926 2,604 27 0 1 Current assets 61,022 20,545 79 13,052 1,724 146 2,995 2,011 Non-current liabilities 21,860 7,717 0 115,847 0 22 0 0 Current liabilities 41,895 17,349 6 10,339 109 106 84 1,906 Government grants 2,328 11 0 0 0 0 0 0 Equity 66,823 4,034 73 24,791 4,219 45 2,911 107
Financial assets NOTE 22
Financial assets break down as follows:
| Financial assets | EUR '000 |
|
|---|---|---|
| 31/12/2013 | 31/12/2012 | |
| Non-current securities | 14,632 | 53,828 |
| Other investments | 1,064 | 19 |
| Loans | 7,480 | 2,221 |
| Total | 23,176 | 56,068 |
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:
| 2013 | Market value 31/12 |
Average effective interest rate in % |
Income for the financial year |
|---|---|---|---|
| Government bonds | 6,563 | ||
| Bonds from other issuers | 100 | ||
| Other securities and book-entry securities | 7,969 | ||
| Total | 14,632 | 0.94 | 556 |
| 2012 | Market value 31/12 |
Average effective interest rate in % |
Income for the financial year |
|---|---|---|---|
| Government bonds | 27,160 | ||
| Bonds from other issuers | 18,690 | ||
| Other securities and book-entry securities* | 7,979 | ||
| Total | 53,828 | 2.38 | 1,019 |
Government bonds mainly comprise bonds issued by the Republic of Germany, in the amount of EUR 2,386 thousand (December 31, 2012: EUR 12,154 thousand), by the Republic of France, in the amount of EUR 1,864 thousand (December 31, 2012: EUR 1,879 thousand), and bonds issued by the Republic of Austria, in the amount of EUR 1 thousand (December 31, 2012: EUR 10,800 thousand). Under bonds from other issuers, EUR 100 thousand (December 31, 2012: EUR 2,124 thousand) relates to bank bonds and EUR 0 thousand (December 31, 2012: EUR 16,257 thousand) to corporate bonds. Other securities and book-entry securities chiefly relate to shares.
Other investments as of December 31, 2013 mainly include the investment in LP Beteiligungs & Management GmbH, Linz, in the amount of EUR 1,050 thousand.
Loans totaling EUR 7,480 thousand (December 31, 2012: EUR 2,221 thousand) relate entirely to loans to third parties.
| NOTE 23 |
Other non-current assets |
|---|---|
Other non-current assets break down as follows:
| EUR '000 |
|
|---|---|
| 31/12/2013 | 31/12/2012 |
| 0 | 0* |
| 231 | 162 |
| 3,612 | 1,731 |
| 3,843 | 1,892* |
| 900 | 5,330* |
| 430 | 221 |
| 1,330 | 5,551* |
| 5,173 | 7,443* |
Inventories break down as follows:
| Inventories | EUR '000 |
|
|---|---|---|
| 31/12/2013 | 31/12/2012 | |
| Raw materials and supplies | 199,996 | 188,552 |
| Work in progress | 4,591 | 10,332 |
| Finished goods and merchandise | 103,525 | 98,919 |
| Down payments | 3,371 | 1,776 |
| Total | 311,483 | 299,580 |
Raw materials and supplies primarily include beechwood for pulp production, pulp and chemicals for cellulose fiber production and various incidentals.
Finished goods and work in progress include Lenzing Viscose®, Lenzing Modal® (including Lenzing FR®) and TENCEL® cellulose fibers, sodium sulfate, acetic acid, furfural and plastic products, as well as products of the Segment Engineering.
In financial year 2013, write-downs on inventories were recognized in profit or loss in the amount of EUR 8,959 thousand (2012: EUR 1,585 thousand). The carrying amount of inventories carried at net realizable value is EUR 215,417 thousand (December 31, 2012: EUR 146,853 thousand). Expenses for inventories are mainly recognized in cost of material. Inventories recognized as cost of material in the reporting period amount to EUR 1,090,503 thousand (2012: EUR 1,158,410 thousand).
The carrying amount of inventories pledged to secure financial liabilities is EUR 78,279 thousand (December 31, 2012: EUR 66,610 thousand).
Trade receivables break down as follows:
| Trade receivables | EUR '000 |
|
|---|---|---|
| 31/12/2013 | 31/12/2012 | |
| Trade receivables (gross) | 266,395 | 272,373 |
| Bad debt provisions | (7,554) | (7,857) |
| Total | 258,841 | 264,516 |
The carrying amount of receivables pledged to secure financial liabilities or assigned as collateral is EUR 0 thousand (December 31, 2012: EUR 0 thousand).
Further information on trade receivables can be found in Note 41 (section on "Credit risk").
NOTE 26
Construction contracts
| 31/12/2013 | 31/12/2012 | |
|---|---|---|
| Contract costs incurred by the reporting date | 1,954 | 4,413 |
| Profits accrued by the reporting date | 175 | 806 |
| Losses incurred by the reporting date | (30) | (147) |
| Balance from contract manufacturing (gross) | 2,099 | 5,072 |
| Less advance payments received (total) | (1,058) | (3,399) |
| Balance from contract manufacturing (net) | 1,042 | 1,673 |
| Thereof gross amount due from customers for contract work (trade receivables) |
1,809 | 3,012 |
| Thereof gross amount due to customers for contract work (trade payables) |
(767) | (1,338) |
| Retentions included therein | 0 | 0 |
| Provisions for onerous contracts relating to construction contracts | 0 | 0 |
Revenue of EUR 23,325 thousand (2012: EUR 26,321 thousand) was generated from longterm construction contracts in financial year 2013.
Other current assets break down as follows:
| Other current assets | EUR '000 |
|
|---|---|---|
| 31/12/2013 | 31/12/2012 | |
| Other current financial assets | ||
| Derivatives settled (closed positions) and prepayments | 0 | 2,081 |
| Derivatives not yet settled (open positions) | 6,068 | 5,538 |
| Puttable non-controlling interests | 0 | 12,601 |
| Creditors with debit balances | 2,155 | 1,921 |
| Offset maintenance | 3,200 | 5,000 |
| Insurance compensation | 0 | 529 |
| Other | 7,696 | 5,390 |
| Carrying amount 31/12 | 19,119 | 33,058 |
| Other current assets (non-financial) | ||
| Receivables from other taxes | 36,447 | 42,012 |
| Advance payments | 2,954 | 5,693 |
| Emission certificates | 1,624 | 4,477 |
| Deferred income | 2,760 | 3,142 |
| Other | 66 | 531 |
| Carrying amount 31/12 | 43,851 | 55,856 |
| Total | 62,970 | 88,914 |
NOTE 28
There were no current securities on both reporting dates presented in these financial statements.
| NOTE 29 |
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 of December 31, 2013 (December 31, 2012: EUR 27,574,071.43) and is divided into 26,550,000 no-par-value shares (December 31, 2012: 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 Annual General Meeting. The issuing amount of the shares is fully paid up. No other classes of shares have been issued.
By resolution of the General Meeting on December 10, 2010, the Management Board was authorized, subject to the approval of the Supervisory Board, to increase 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 of December 31, 2010) within five years – possibly in tranches – in exchange for cash contributions 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 General 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 General 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 of December 31, 2010) by no later than December 9, 2015 ("contingent capital").
After the implementation of the capital increase in financial year 2011, the number of new shares to be issued and convertible bonds decreased to 12,037,500.
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). The reserve for available-for-sale financial assets consists of measurements recognized directly in equity from 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 the measurement 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:
| Before tax | Tax effect | After tax | |||
|---|---|---|---|---|---|
| Before tax | Tax effect | After tax | |||
| Currency translation (32,475) |
467 | (32,008) | (4,236) | 0 | (4,236) |
| Remeasurement of available-for sale financial assets |
(230) 58 |
(173) | 494 | (124) | 371 |
| Cash flow hedge (1,568) |
262 | (1,306) | 24,819 | (5,901) | 18,918 |
| Actuarial effects from defined benefit plans (1,369) |
367 | (1,002) | (16,325) | 4,079 | (12,246) |
| Share of other comprehensive income of investments accounted for using the equity method |
(25) 0 |
(25) | (592) | 0 | (592) |
| (35,668) | 1,154 | (34,513) | 4,160 | (1,946) | 2,214 |
The reserve for hedging cash flows (hedging reserve) developed as follows:
| Changes in the hedging reserve | EUR '000 |
|
|---|---|---|
| 2013 | 2012 | |
| Gains/losses recognized in the reporting period from the valuation of cash flow hedges |
||
| From gas swaps | 1,191 | 503 |
| From forward foreign exchange contracts | 806 | 7,554 |
| From other derivatives | 0 | 0 |
| 1,997 | 8,057 | |
| Reclassification to profit or loss of amounts relating to cash flow hedges |
||
| From gas swaps | (545) | 630 |
| From forward foreign exchange contracts | (3,206) | 15,946 |
| From other derivatives | 185 | 185 |
| (3,565) | 16,762 | |
| Total | (1,568) | 24,819 |
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 sales in earnings before interest and taxes (EBIT). The above amounts from the reclassification to profit or loss of cash flow hedges from other derivatives are reported under financing costs in the financial result.
Retained earnings break down as follows:
| Retained earnings | EUR '000 |
|---|---|
| ------------------- | ------------- |
| 31/12/2013 | 31/12/2012 | |
|---|---|---|
| Unappropriated revenue reserves of Lenzing AG | 257,447 | 257,447 |
| Accumulated profits of Lenzing AG under Austrian law (Austrian Com mercial Code - öUGB) |
151,217 | 147,111 |
| Retained earnings of the subsidiaries including the effect of adjusting the financial statements of Lenzing AG and its subsidiaries from local |
||
| regulations to IFRS | 541,726 | 548,703 |
| Total (not including other reserves) | 950,390 | 953,261 |
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 pursuant to the Austrian Commercial Code (öUGB).
The following dividends were resolved and paid out to the shareholders of Lenzing AG:
| Dividends of Lenzing AG resolved and paid |
Total | Number of shares |
Dividend per share |
|---|---|---|---|
| EUR '000 |
EUR | ||
| Dividend for the financial year 2012 resolved at the Annual General Meeting on April 24, 2013 (payment April 30, 2013) |
53,100 | 26,550,000 | 2.00 |
| Dividend for the financial year 2011 resolved at the Annual General Meeting on April 19, 2012 (payment April 25, 2012) |
66,375 | 26,550,000 | 2.50 |
The Management Board makes the following proposal for the appropriation of the accumulated profits for 2013 in the annual financial statements of Lenzing AG pursuant to the öUGB:
| Amount carried forward to new account | 104,754 |
|---|---|
| entitled to dividend payments of EUR 27,574,071.43 or 26,550,000 shares |
46,463 |
| Distribution of a dividend in line with an amount of EUR 1,75 per share for the share capital |
|
| The Management Board proposes the following appropriation of the accumulated profits: | |
| This results in accumulated profits of | 151,217 |
| After adding the profit carried forward from 2012 of | 94,011 |
| Lenzing AG closed financial year 2013 with a profit under Austrian law (öUGB) of | 57,206 |
The dividend from the above proposal is subject to approval by the shareholders at the Annual General Meeting and is therefore recognized in equity as of the reporting date.
The dividends are subject to a capital gains tax deduction of 25%. In the case of individuals with unlimited tax liability, the income tax is thereby settled (final taxation). Corporations with unlimited tax liability that hold at least 10% of the share capital are exempt from capital gains tax. In the case of entities with limited tax liability, the relevant double taxation agreements must also be taken into account.
There are no income tax consequences for Lenzing AG arising from the dividend payments to its shareholders.
Non-controlling interests comprise the shareholdings of third parties (non-controlling interests) in the Group companies.
Changes in non-controlling interests in subsidiaries already controlled due to changes in ownership interests as a result of the Lenzing Group acquiring shares without losing control are reported in the consolidated statement of changes in equity and had the following effects on non-controlling interests:
| 2013 | 2012 | |
|---|---|---|
| Biocel Paskov a.s. (+ 25%) | 0 | 8,591 |
| Lenzing Modi Fibers India Private Limited (+ 0.9%) | 0 | 12 |
| PT. South Pacific Viscose (+ 2.29%) | 4,564 | 0 |
| Decrease in non-controlling interests in equity | 4,564 | 8,603 |
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 5,053 thousand (2012: EUR 8,604 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 the fair value of the emission certificates as of December 31, 2013 in the amount of EUR 286 thousand (December 31, 2012: EUR 1,720 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 55,633 emission certificates were allocated free of charge to the relevant companies in the Lenzing Group for 2013 through national allocation plans (2012: 341,780 emission certificates). Emission certificates developed as follows:
| 2013 | 2012 | |
|---|---|---|
| As of 01/01 | 541,842 | 431,703 |
| Allocation for the year | 55,633 | 341,780 |
| Returned for actual emissions in the prior year | (297,207) | (251,641) |
| Net purchases and sales during the year | 13,680 | 20,000 |
| As of 31/12 | 313,948 | 541,842 |
As at December 31, 2013, a provision of EUR 144 thousand was set aside to cover the shortfall of emission certificates. As at December 31, 2012, there was no shortfall of emission certificates in the Lenzing Group.
| NOTE 31 |
Financial liabilities |
|---|---|
As of December 31, financial liabilities break down as follows:
| Financial liabilities | EUR '000 |
|||
|---|---|---|---|---|
| 31/12/2013 | Currency | Nominal amount |
Carrying amount |
Average effective yield in % |
| Bond | ||||
| Fixed interest | EUR | 120,000 | 119,609 | 3.91 |
| 119,609 | ||||
| Private placements | ||||
| Fixed interest | EUR | 139,500 | 139,049 | 3.07 |
| Floating-rate interest | EUR | 89,500 | 89,287 | 1.87 |
| 228,335 | ||||
| Liabilities to banks | ||||
| Loans: | ||||
| Fixed interest | EUR | 71,073 | 71,073 | 3.09 |
| Floating-rate interest | EUR | 149,038 | 148,618 | 1.40 |
| Floating-rate interest | USD | 163,333 | 117,020 | 2.54 |
| Floating-rate interest | CNY | 110,480 | 13,222 | 6.53 |
| Operating loans*: | ||||
| Floating-rate interest | USD | 19,168 | 14,090 | 2.57 |
| Floating-rate interest | CNY | 455,000 | 54,455 | 6.21 |
| 418,478 | ||||
| Lease liabilities | ||||
| Fixed interest | EUR | 1,882 | 1,882 | 4.00 |
| 1,882 | ||||
| Liabilities to other lenders (miscellaneous) |
||||
| Fixed interest | EUR | 5,075 | 5,075 | 1.60 |
| Fixed and floating-rate interest | EUR | 25,416 | 25,416 | 1.52 |
| Floating-rate interest | USD | 2,598 | 1,885 | 3.63 |
| 32,376 | ||||
| Total | 800,680 | |||
| Thereof current | 191,075 | |||
| Thereof non-current | 609,605 |
| Nominal | Carrying | Average effective |
||
|---|---|---|---|---|
| 31/12/2012 | Currency | amount | amount | yield in % |
| Bond | ||||
| Fixed interest | EUR | 120,000 | 119,504 | 3.91 |
| 119,504 | ||||
| Private placements | ||||
| Fixed interest | EUR | 120,000 | 110,112 | 3.07 |
| Floating-rate interest | EUR | 89,500 | 89,091 | 1.88 |
| 199,202 | ||||
| Liabilities to banks | ||||
| Loans: | ||||
| Fixed interest | EUR | 72,384 | 72,384 | 3.69 |
| Floating-rate interest | EUR | 212,070 | 211,556 | 1.72 |
| Floating-rate interest | USD | 213,333 | 159,490 | 2.79 |
| Floating-rate interest | CNY | 170,480 | 20,747 | 6.49 |
| Operating loans*: | ||||
| Floating-rate interest | CNY | 450,000 | 54,764 | 6.54 |
| 518,940 | ||||
| Lease liabilities | ||||
| Fixed interest | EUR | 1,831 | 1,831 | 4.00 |
| 1,831 | ||||
| Liabilities to other lenders (miscellaneous) |
||||
| Fixed interest | EUR | 3,152 | 3,152 | 1.73 |
| Fixed and floating-rate interest | EUR | 30,139 | 30,139 | 1.32 |
| Floating-rate interest | EUR | 79 | 79 | 1.00 |
| Floating-rate interest | USD | 3,011 | 2,283 | 2.72 |
| 35,654 | ||||
| Total | 875,131 | |||
| Thereof current | 173,568 | |||
| Thereof non-current | 701,565 |
In financial year 2010, the Lenzing Group issued a seven-year 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 financial year 2012, the Lenzing Group issued a private placement with an issue volume of EUR 200,000 thousand. Terms of four and seven years with fixed and floating-rate interest respectively and a term of ten years with fixed interest only were agreed. The average term is around six years. In financial year 2013, 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. 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.
Of the reported financial liabilities, EUR 130,003 thousand (December 31, 2012: EUR 176,740 thousand) is collateralized with land charges and other physical security and EUR 0 thousand (December 31, 2012: EUR 0 thousand) is collateralized with receivables. Shares in Biocel Paskov a.s. were pledged to finance the purchase price for the interest in this company.
Deferred tax assets and liabilities relate to the following items of the statement of financial position:
31/12/2013 31/12/2012 Intangible assets 12 13 Property, plant and equipment 5,427 348 Financial assets 10,276 3,608 Other assets 4,028 6,635 Provisions 14,124 14,208 Government grants 175 202 Other liabilities 645 1,507 Tax loss carry forwards (thereof tax credits: EUR 133 thousand; 2012: EUR 0 thousand) 15,730 8,673 Gross deferred tax assets - before valuation allowance 50,418 35,194 Valuation allowance on deferred tax assets (5,254) (4,224) Thereof relating to tax loss carryforwards (5,236) (3,176) Gross deferred tax assets 45,164 30,970 Offsettable against deferred tax liabilities (33,893) (24,525) Net deferred tax assets 11,271 6,445
| 31/12/2013 | 31/12/2012 | |
|---|---|---|
| Intangible assets | 1,550 | 1,513 |
| Property, plant and equipment | 60,844 | 52,561 |
| Financial assets | 677 | 0 |
| Other assets | 2,852 | 466 |
| Special depreciation/amortization for tax purposes | 6,087 | 4,782 |
| Provisions | 401 | 116 |
| Investment grants | 256 | 2,105 |
| Other liabilities | 3,024 | 3,938 |
| Gross deferred tax liabilities | 75,690 | 65,480 |
| Offsettable against deferred tax assets | (33,893) | (24,525) |
| Net deferred tax liabilities | 41,797 | 40,955 |
Of the gross deferred tax assets, EUR 11,976 thousand (December 31, 2012: EUR 10,552 thousand) is due within one year. Of the gross deferred tax liabilities, EUR 2,760 thousand (December 31, 2012: EUR 782 thousand) is due within one year. The remaining amounts are due in more than one year.
In 2013, there were deferred tax receivable surpluses from temporary differences and loss carryforwards in the amount of EUR 11,279 thousand (2012: EUR 3,231 thousand) at subsidiaries that generated losses in the past year or the previous year. These were considered to be recoverable, as future taxable profits are expected for these companies.
Deferred taxes developed as follows:
| As of 01/01/2012 |
Recognized in profit or loss |
Recognized in other compre hensive income |
|
|---|---|---|---|
| Intangible assets | (950) | (551) | 0 |
| Property, plant and equipment | (37,218) | (15,273) | 0 |
| Financial assets | 4,930 | (1,198) | (124) |
| Other assets | 6,096 | 1,499 | (1,387) |
| Special depreciation/amortization for tax purposes | (4,889) | 107 | 0 |
| Provisions | 14,779 | (4,572) | 4,062 |
| Government grants | (2,079) | 177 | 0 |
| Other liabilities | 3,245 | (1,213) | (4,493) |
| Tax loss carryforwards and tax credits | 8,957 | 14,219 | 0 |
| Valuation allowance | (10,298) | (8,540) | (5) |
| Total | (17,426) | (15,344) | (1,946) |
As of December 31, 2013, there were income tax loss carryforwards of EUR 71,792 thousand in the Group (not including loss carryforwards of the disposal group EPG; December 31, 2012: EUR 38,332 thousand). The existing tax loss carryforwards can be utilized as follows:
| Loss carryforwards (measurement basis) | EUR '000 |
|
|---|---|---|
| 31/12/2013 | 31/12/2012 | |
| Total | 71,792 | 38,332 |
| Thereof capitalized loss carryforwards | 48,032 | 24,112 |
| Thereof non-capitalized loss carryforwards | 23,760 | 14,220 |
| Possible expiration of non-capitalized loss carryforwards | ||
| Within 1 year | 0 | 0 |
| Within 2 years | 37 | 0 |
| Within 3 years | 35 | 40 |
| Within 4 years | 8,370 | 38 |
| Within 5 years | 2,290 | 31 |
| Can be carried forward without restrictions | 13,029 | 14,111 |
| Reclassification to assets held for sale and disposal groups |
Currency translation adjustment |
As of 31/12/2012 = 01/01/2013 |
Recognized in profit or loss |
Recognized in other com prehensive income |
Changes in scope of consolidation and other reclassifications |
Currency translation adjustment |
As of 31/12/2013 |
|---|---|---|---|---|---|---|---|
| 0 | 0 | (1,500) | (44) | 0 | 5 | 2 | (1,537) |
| 0 | 278 | (52,213) | (7,867) | 0 | 1,948 | 2,715 | (55,417) |
| 0 | 0 | 3,608 | 8,153 | 58 | (2,219) | 0 | 9,599 |
| 0 | (38) | 6,169 | (5,067) | 176 | (1) | (101) | 1,176 |
| 0 | 0 | (4,782) | 100 | 0 | (1,405) | 0 | (6,087) |
| (31) | (145) | 14,093 | (3) | 368 | (514) | (220) | 13,724 |
| 0 | (1) | (1,903) | (79) | 0 | 1,910 | (9) | (81) |
| 0 | 30 | (2,431) | 4 | 85 | 0 | (37) | (2,379) |
| (14,707) | 204 | 8,673 | 8,598 | 0 | 0 | (1,542) | 15,730 |
| 14,738 | (121) | (4,224) | (1,128) | 0 | 0 | 98 | (5,254) |
| 0 | 207 | (34,510) | 2,668 | 687 | (277) | 907 | (30,526) |
In addition to the amounts shown above, the disposal group EPG includes non-capitalized loss carryforwards equivalent to a measurement basis of EUR 49,946 thousand as of December 31, 2012.
There are restrictions with regard to economic utilization of the non-capitalized loss carryforwards. If it had been possible to utilize the loss carryforwards in full, then theoretically the total amount of deferred tax assets from loss carryforwards to be recognized would have been EUR 15,597 thousand (December 31, 2012: EUR 8,673 thousand) rather than EUR 10,361 thousand (December 31, 2012: EUR 5,497 thousand) (2012: not including non-capitalized loss carryforwards of the disposal group EPG).
Under deferred tax assets, the financial assets item includes amounts for outstanding sevenths from tax write-downs on investments in accordance with section 12 para 3 no. 2 of the Austrian Corporation Tax Act (österreichisches Körperschaftsteuergesetz – öKStG) totaling EUR 34,225 thousand (December 31, 2012: EUR 10,254 thousand). Sevenths from writedowns were recognized in the amount of EUR 2,727 thousand in the current year (2012: EUR 3,728 thousand).
No deferred tax liabilities were recognized for temporary differences from investments in subsidiaries, associates and jointly controlled entities held by Group companies in the amount of EUR 148,344 thousand (December 31, 2012: EUR 194,070 thousand), as the temporary differences probably will not reverse in the foreseeable future.
The provisions item of the Lenzing Group breaks down as follows:
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.
Defined benefit plans (for pensions and severance payments)
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 and Germany. The defined benefit pension plan in Hong Kong 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 pension plan in Germany applies to employees who joined the Group before June 1, 2005 and whose pensionable income exceeds the contribution assessment ceiling for statutory pension insurance. The claims arise after a vesting period of five years. There are no assets covering the defined benefit pension plans in Germany; they are financed entirely with provisions.
The defined benefit pension plans in the USA were terminated in financial year 2012. The pension benefits were settled either with lump sum payments made directly to the beneficiaries or by acquiring individual annuities from an external pension fund. Additional contributions of EUR 2,570 thousand were made in financial year 2012 to fully settle the annuities concerned. The resulting expense from settlement of plans amounted to EUR 471 thousand in financial year 2012.
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 relationships are 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.
Parts of the defined benefit severance plans for which provisions were recognized were reclassified to other provisions for restructuring measures in financial year 2013 (see section on "Other provisions and accruals" below).
The defined benefit pension and severance plans primarily involve the following risks that influence the amount of the obligations to be recognized:
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, new defined benefit plans 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. The 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 of 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:
| Actuarial assumptions for defined benefit pension and severance plans | |||
|---|---|---|---|
| Discount rate p.a. in % | 31/12/2013 | 31/12/2012 |
|---|---|---|
| Austria - pensions | 3.0 | 3.5 |
| Austria - severance payments | 3.3 | 3.5 |
| Other countries: | ||
| Germany | 4.0 | 3.5 |
| U SA |
N/A | 3.5 |
| I ndonesia |
9.0 | 6.0 |
| Hong Kong | 2.3 | 0.6 |
| C zech Republic |
3.0 | 3.2 |
| Salary increases p.a. in % | ||
| Austria - pensions | 3.0 | 3.0 |
| Austria - severance payments | 3.0 | 3.0 |
| Other countries: | ||
| Germany | 2.5 | 2.5 |
| U SA |
N/A | 0.0 |
| I ndonesia |
8.0 | 7.5 |
| Hong Kong | 5.0 | 5.5 |
| C zech Republic |
3.0 | 3.0 |
| 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 | 2.0 | 2.0 |
| U SA |
N/A | 0.0 |
| I ndonesia |
N/A | N/A |
| Hong Kong | N/A | N/A |
| C zech Republic |
N/A | N/A |
| Staff turnover deductions p.a. in % | ||
| Austria - pensions | 0.0 | 0.0 |
| Austria - severance payments | 0.0-4.2 | 0.0-5.2 |
| Other countries: | ||
| Germany | 0.0-12.5 | 0.0-12.5 |
| U SA |
N/A | N/A |
| I ndonesia |
2.0-10.0 | 2.0-10.0 |
| Hong Kong | 0 | 0 |
| C zech Republic |
0 | 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 reported in the consolidated statement of financial position break down as follows:
| 31/12/2013 | 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 |
27,197 | 0 | 1,206 | 28,403 |
| Fair value of plan assets | (3,648) | 0 | (1,036) | (4,684) |
| Present value of obligations covered by plan assets (DBO) - net |
23,549 | 0 | 170 | 23,719 |
| Present value of obligations not covered by plan assets (DBO) |
0 | 44,641 | 9,004 | 53,646 |
| Amounts recognized in statement of financial position |
23,549 | 44,641 | 9,174 | 77,364 |
| Thereof reported under: | ||||
| Non-current provisions | 21,486 | 42,378 | 9,076 | 72,940 |
| Current provisions | 2,063 | 2,263 | 98 | 4,424 |
| Total | 23,549 | 44,641 | 9,174 | 77,364 |
| 31/12/2012 | 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 |
26,219 | 0 | 1,482 | 27,701 |
| Fair value of plan assets | (3,763) | 0 | (945) | (4,708) |
| Present value of obligations covered by plan assets (DBO) - net |
22,456 | 0 | 537 | 22,993 |
| Present value of obligations not covered by plan assets (DBO) |
0 | 63,025 | 13,2101 | 76,235 |
| Amounts recognized in statement of financial position |
22,456 | 63,025 | 13,747 | 99,228 |
| Thereof reported under: | ||||
| Non-current provisions | 20,438 | 60,943 | 13,590 | 94,971 |
| Current provisions | 2,018 | 2,082 | 157 | 4,257 |
| Total | 22,456 | 63,025 | 13,747 | 99,228 |
The net liability (provision) for defined benefit pension and severance plans developed as follows:
| 2013 | Pensions in Austria |
Severance payments in Austria |
Pensions and severance payments in other countries |
Total |
|---|---|---|---|---|
| Net liability (provision) as of 01/01 | 22,456 | 63,025 | 13,7472 | 99,228 |
| Expense for the period (profit or loss): | ||||
| C urrent service cost |
8 | 2,504 | 903 | 3,415 |
| P ast service cost |
0 | 0 | 33 | 33 |
| N et interest |
755 | 2,094 | 673 | 3,521 |
| Administrative and other costs | 0 | 0 | 1 | 1 |
| Remeasurement of period (other compre hensive income) |
2,233 | 1,092 | (1,957) | 1,369 |
| Changes in scope of consolidation | 0 | (3,593) | 0 | (3,593) |
| Obligations assumed | 0 | 0 | 3 | 3 |
| Cashflows | (1,903) | (3,926) | (872) | (6,701) |
| Currency translation adjustment | 0 | 0 | (2,440) | (2,440) |
| Reclassification to other provisions for restructuring measures |
0 | (16,555) | (917) | (17,472) |
| Net liability (provision) as of 31/12 |
23,549 | 44,641 | 9,174 | 77,364 |
1) The DBO as of December 31, 2012 was adjusted for past service cost as a result of the amendments to IAS 19 (EUR -35 thousand; see Note 2).
2) The DBO as of January 1, 2013 was adjusted for past service cost as a result of the amendments to IAS 19 (EUR -35 thousand; see Note 2).
| Pensions | Severance payments |
Pensions and severance payments in other |
||
|---|---|---|---|---|
| 2012 | in Austria | in Austria | countries | Total |
| Net liability (provision) as of 01/01 | 20,084 | 53,661 | 12,202 | 85,946 |
| Expense for the period (profit or loss): | ||||
| C urrent service cost |
6 | 2,362 | 858 | 3,225 |
| P ast service cost |
0 | 0 | 52 | 52 |
| E xpense from settlement of plans |
0 | 0 | 471 | 471 |
| N et interest |
858 | 2,346 | 759 | 3,963 |
| Administrative and other costs | 0 | 0 | 1 | 1 |
| Remeasurement of period | ||||
| (other comprehensive income) | 3,482 | 9,194 | 3,650 | 16,326 |
| Obligations assumed | 0 | 0 | 108 | 108 |
| Cashflows | (1,974) | (4,537) | (3,510) | (10,021) |
| Currency translation adjustment | 0 | 0 | (803) | (803) |
| Reclassification of liabilities held for sale | ||||
| and disposal groups | 0 | 0 | (41) | (41) |
| Net liability (provision) as of 31/12 |
22,456 | 63,025 | 13,747* | 99,228 |
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 (defined benefit obligation/DBO) less the fair value of the plan assets. These two components of the net liability developed as follows:
| 2013 | Pensions in Austria |
Severance payments in Austria |
Pensions and severance payments in other countries |
Total |
|---|---|---|---|---|
| Present value of obligation (DBO ) as of 01/01 |
26,219 | 63,025 | 14,6921 | 103,936 |
| Changes in scope of consolidation | 0 | (3,593) | 0 | (3,593) |
| Obligations assumed | 0 | 0 | 3 | 3 |
| Service cost (profit or loss): | ||||
| C urrent service cost |
8 | 2,504 | 903 | 3,415 |
| P ast service cost |
0 | 0 | 33 | 33 |
| Interest expense (profit or loss) | 882 | 2,094 | 679 | 3,654 |
| Cash flows: | ||||
| P ayments made from the plan |
(279) | 0 | 0 | (279) |
| Direct payments from employer | (1,903) | (3,926) | (832) | (6,661) |
| Settlement payments | 0 | 0 | 0 | 0 |
| Remeasurement of period (other comprehensive income): | ||||
| Based on demographic assumptions | 0 | 0 | 0 | 0 |
| Based on financial assumptions | 1,207 | 1,251 | (2,165) | 293 |
| Due to experience adjustments | 1,064 | (159) | 295 | 1,200 |
| Currency translation adjustment | 0 | 0 | (2,480) | (2,480) |
| Reclassification to other provisions for restructuring measures | 0 | (16,555) | (917) | (17,472) |
| Present value of obligation (DBO ) as of 31/12 |
27,197 | 44,641 | 10,210 | 82,048 |
2012
Pensions in Austria Severance payments in Austria Pensions and severance payments in other countries Total Present value of obligation (DBO) as of 01/01 23,960 53,661 15,5352 93,156 Changes in scope of consolidation 0 0 0 0
| Present value of obligation (DBO ) as of 31/12 |
26,219 | 63,025 | 14,6922 | 103,936 |
|---|---|---|---|---|
| Reclassification to liabilities held for sale and disposal groups | 0 | 0 | (41) | (41) |
| Currency translation adjustment | 0 | 0 | (823)2 | (823) |
| Due to experience adjustments | 1,284 | 2,734 | 1,668 | 5,686 |
| Based on financial assumptions | 2,186 | 6,460 | 2,000 | 10,646 |
| Based on demographic assumptions | 0 | 0 | 0 | 0 |
| Remeasurement of period (other comprehensive income): | ||||
| Settlement payments | 0 | 0 | (5,255) | (5,255) |
| Direct payments of employer | (1,974) | (4,537) | (606) | (7,117) |
| P ayments made from the plan |
(277) | 0 | (154) | (431) |
| Cash flows: | ||||
| Interest expense (profit or loss) | 1,034 | 2,346 | 878 | 4,258 |
| E xpense from settlement of plans |
0 | 0 | 471 | 471 |
| P ast service cost |
0 | 0 | 522 | 52 |
| C urrent service cost |
6 | 2,362 | 858 | 3,225 |
| Service cost (profit or loss): | ||||
| Obligations assumed | 0 | 0 | 108 | 108 |
1) The DBO as of January 1, 2013 was adjusted for past service cost as a result of the amendments to IAS 19 (EUR -35 thousand; see Note 2). 2) The DBO as of December 31, 2012 was adjusted for past service cost as a result of the amendments to IAS 19 (EUR -35 thousand; see Note 2).
| 2013 | Pensions in Austria |
Severance payments in Austria |
Pensions and severance payments in other countries |
Total |
|---|---|---|---|---|
| Fair value of plan assets as of 01/01 | 3,763 | 0 | 945 | 4,708 |
| Changes in scope of consolidation | 0 | 0 | 0 | 0 |
| Interest income (profit or loss) | 127 | 0 | 6 | 132 |
| Cash flows: | ||||
| P ayments made to the plan (employer contributions) |
0 | 0 | 40 | 40 |
| P ayments made from the plan |
(279) | 0 | 0 | (279) |
| Settlement payments | 0 | 0 | 0 | 0 |
| Administrative and other costs | 0 | 0 | (1) | (1) |
| Remeasurement of period based on return on plan assets excluding amounts included in interest income (other comprehensive income) |
37 | 0 | 90 | 127 |
| Currency translation adjustment | 0 | 0 | (43) | (43) |
| Fair value of plan assets as of 31/12 |
3,648 | 0 | 1,036 | 4,684 |
| 2012 | Pensions in Austria |
Severance payments in Austria |
Pensions and severance payments in other countries |
Total |
|---|---|---|---|---|
| Fair value of plan assets as of 01/01 | 3,876 | 0 | 3,334 | 7,209 |
| Changes in scope of consolidation | 0 | 0 | 0 | 0 |
| Interest income (profit or loss) | 176 | 0 | 120 | 295 |
| Cash flows: | ||||
| P ayments made to the plan (employer contributions) |
0 | 0 | 2,904 | 2,904 |
| P ayments made from the plan |
(277) | 0 | (154) | (431) |
| Settlement payments | 0 | 0 | (5,255) | (5,255) |
| Administrative and other costs | 0 | 0 | (1) | (1) |
| Remeasurement of period based on return on plan assets excluding amounts included in interest income (other comprehensive income) |
(11) | 0 | 17 | 6 |
| Currency translation adjustment | 0 | 0 | (20) | (20) |
| Fair value of plan assets as of 31/12 |
3,763 | 0 | 945 | 4,708 |
The plan assets break down by asset class as follows:
| 31/12/2013 | Pensions in Austria |
Severance payments in Austria |
Pensions and severance payments in other countries |
Total |
|---|---|---|---|---|
| Cash and cash equivalents | 0 | 0 | 21 | 21 |
| Equity instruments | 0 | 0 | 816 | 816 |
| Debt instruments | 0 | 0 | 200 | 200 |
| Insurance policies qualifying as plan assets | 3,648 | 0 | 0 | 3,648 |
| Balance | 3,648 | 0 | 1,036 | 4,684 |
| 31/12/2012 | Pensions in Austria |
Severance payments in Austria |
Pensions and severance payments in other countries |
Total |
|---|---|---|---|---|
| Cash and cash equivalents | 0 | 0 | 9 | 9 |
| Equity instruments | 0 | 0 | 728 | 728 |
| Debt instruments | 0 | 0 | 208 | 208 |
| Insurance policies qualifying as plan assets | 3,763 | 0 | 0 | 3,763 |
| Balance | 3,763 | 0 | 945 | 4,708 |
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 of the reporting date.
The actual return on plan assets amounts to EUR 259 thousand (return in 2012: EUR 302 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 on the reporting date. 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 of 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 of the reporting dates:
| 31/12/2013 | 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 | 10,733 | (9,176) |
| Salary increase | 1.0 | (6,676) | 7,647 |
| Pension increase | 1.0 | (2,387) | 2,732 |
The sensitivity analyses shown above represent hypothetical changes based on 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 and of the amount reclassified to other provisions for restructuring measures 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:
| 31/12/2013 | 31/12/2012 | |
|---|---|---|
| Austria - pensions | 10 | 9 |
| Austria - severance payments | 10-14 | 12 |
| Other countries | ||
| Germany | 20 | 22 |
| I ndonesia |
15 | 14 |
| Hong Kong | 12 | 11 |
| C zech Republic |
9 | 9 |
The Lenzing Group expects contributions for the pension and severance plans to amount to EUR 42 thousand in the coming year (2012: EUR 43 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 chiefly 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 |
|||
|---|---|---|---|---|
| 2013 | 2012 | |||
| Austria - pensions | 1,304 | 1,277 | ||
| Austria - severance payments | 1,113 | 994 | ||
| Other countries | 1,934 | 1,754 | ||
| Total | 4,350 | 4,025 |
On the basis of collective agreement regulations, Lenzing AG and a number of subsidiaries, particularly Austrian, German 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 of 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. They 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 % | 31/12/2013 | 31/12/2012 |
|---|---|---|
| Austria | 3.1 | 3.5 |
| Germany | 3.0 | 3.5 |
| C zech Republic |
3.0 | 3.5 |
| Salary increases p.a. in % | ||
| Austria | 3.0 | 3.0 |
| Germany | 2.5 | 2.5 |
| Czech Republic | 3.0 | 3.0 |
| Staff turnover deductions p.a. in % | ||
| Austria | 1.3-7.0 | 1.0-7.9 |
| Germany | 0.0-12.5 | 0.0-12.5 |
| Czech Republic | N/A | N/A |
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:
| 2013 | 2012 | |
|---|---|---|
| Present value of obligation (DBO ) as of 01/01 |
13,774 | 12,075 |
| Changes in scope of consolidation | (929) | 0 |
| Obligations assumed | 0 | 0 |
| Current service cost (profit or loss) | 674 | 593 |
| Interest expense (profit or loss) | 447 | 524 |
| Remeasurement of period (profit or loss): | ||
| Based on demographic assumptions | 0 | 0 |
| Based on financial assumptions | 487 | 1,154 |
| Due to experience adjustments | 148 | 518 |
| Payments made from the plan | 0 | 0 |
| Direct payments of employer | (1,274) | (1,023) |
| Currency translation adjustment | (7) | 2 |
| Reclassification to liabilities held for sale and disposal groups | 0 | (69) |
| Present value of obligation (DBO ) as of 31/12 |
13,320 | 13,774 |
Other provisions and accruals developed as follows:
| Currency | Changes in | Reclassification to liabilities held for sale, |
|||
|---|---|---|---|---|---|
| 2013 | As of 01/01 | translation adjustment |
scope of consolidation |
discontinued operations and other reclassfications |
|
| Other provisions | |||||
| Restructuring measures | 0 | (8) | 0 | 17,472 | |
| Guarantees and warranties | 12,294 | (1) | (2,187) | 0 | |
| Anticipated losses and other risks | 7,918 | (9) | 0 | 0 | |
| Emission certificates | 2,757 | (52) | 0 | 0 | |
| Other | 21,212 | (93) | (953) | 0 | |
| 44,181 | (164) | (3,140) | 17,472 | ||
| Accruals | |||||
| Staff costs (non-financial) | 37,709 | (349) | (2,068) | 0 | |
| Other (financial) | 26,798 | (385) | (917) | 0 | |
| 64,507 | (734) | (2,985) | 0 | ||
| Total | 108,688 | (898) | (6,125) | 17,472 |
| Currency | Changes in | Reclassification to liabilities held for sale, |
|||
|---|---|---|---|---|---|
| 2012 | As of 01/01 | translation adjustment |
scope of consolidation |
discontinued operations and other reclassfications |
|
| Other provisions | |||||
| Restructuring measures | 0 | 0 | 0 | 0 | |
| Guarantees and warranties | 22,919 | (22) | 0 | (7,314) | |
| Anticipated losses and other risks | 22,872 | 79 | 0 | 0 | |
| Emission certificates | 3,828 | 19 | 0 | 0 | |
| Other | 33,642 | 11 | 0 | (8,099) | |
| 83,262 | 87 | 0 | (15,413) | ||
| Accruals | |||||
| Staff costs (non-financial) | 46,766 | (94) | 0 | (109) | |
| Other (financial) | 29,293 | (83) | 0 | 7,295 | |
| 76,059 | (177) | 0 | 7,186 | ||
| Total | 159,321 | (89) | 0 | (8,226) |
| Thereof | Accrued | |||
|---|---|---|---|---|
| As of 31/12 current non-current |
interest | Additions | Reversal | Utilization |
| 37,211 37,211 |
0 | 19,747 | 0 | 0 |
| 4,266 1,766 |
0 | 673 | (6,245) | (268) |
| 25,262 12,096 |
893 | 19,218 | (868) | (1,890) |
| 1,754 1,754 |
0 | 1,757 | 0 | (2,708) |
| 8,846 2,846 |
0 | 3,140 | (12,400) | (2,060) |
| 77,338 55,673 |
893 | 44,536 | (19,514) | (6,926) |
| 37,115 37,115 |
0 | 33,825 | (789) | (31,213) |
| 28,073 28,073 |
0 | 26,526 | (5,120) | (18,830) |
| 65,187 65,187 |
0 | 60,351 | (5,908) | (50,043) |
| 142,526 120,860 21,666 |
893 | 104,887 | (25,422) | (56,969) |
| Utilization | Reversal | Additions | Accrued interest |
As of 31/12 | Thereof current |
Thereof non-current |
|---|---|---|---|---|---|---|
| 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| (247) | (4,079) | 1,036 | 0 | 12,294 | 1,494 | 10,800 |
| (1,520) | (15,441) | 1,389 | 539 | 7,918 | 3,371 | 4,546 |
| (3,851) | 0 | 2,761 | 0 | 2,757 | 2,757 | 0 |
| (6,864) | (6,799) | 9,322 | 0 | 21,212 | 3,912 | 17,300 |
| (12,482) | (26,319) | 14,507 | 539 | 44,181 | 11,535 | 32,646 |
| (43,052) | (2,610) | 36,807 | 0 | 37,709 | 37,709 | 0 |
| (21,307) | (9,335) | 20,935 | 0 | 26,798 | 26,798 | 0 |
| (64,360) | (11,944) | 57,742 | 0 | 64,507 | 64,507 | |
| (76,842) | (38,264) | 72,249 | 539 | 108,688 | 76,041 | 32,646 |
Other provisions for restructuring measures particularly relate to provisioning due to the headcount reduction as part of the reorganization and the cost optimization program excelLenz 2.0. As a result of the reorganization, the entire Lenzing Group is being realigned in organizational terms, with the production operations as well as the sales and marketing organization being strengthened in particular. In addition, the focus of the organization is being geared even more strongly towards the most important fiber markets, Asia and Turkey. As part of the accompanying cost optimization program, savings in material costs, operating expenses, overheads and personnel costs and increases in operating efficiency are planned or have already been implemented. All of the Lenzing Group's global sites are affected by the headcount reduction, including around 390 employees at Lenzing. Provisions have been recognized particularly for the resulting severance payments and settlements. Provisions in the amount of EUR 17,472 thousand (2102: EUR 0 thousend) that had already been set aside (particularly from the regular severance payment provision; see section on "Defined benefit plans" above) were used for this and are now reported in provisions for restructuring measures. The top-up for the necessary provisions in the amount of EUR 19,747 thousand was recognized in personnel expenses and other operating expenses (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, mandatory maintenance expenses, dismantling and environmental rehabilitation measures. Mandatory maintenance expenses relate to expenses for the maintenance of assets for which there is a legal or constructive obligation. Provisions for environmental rehabilitation measures are recognized if it is probable that there will be future outflows of funds to comply with environmental regulations or for rehabilitation measures, if the costs can be estimated with sufficient reliability, and if no future inflow of benefits is expected from these measures. The Lenzing site has been used for industrial purposes for decades and therefore carries an inherent risk of environmental damage. In 1990, Lenzing AG was informed that there is an area of potential pollution here that was previously used as a sedimentation pond and could therefore be contaminated. The company sealed off the area to prevent contamination of the groundwater.
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 of income 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):
| 31/12/2013 | 31/12/2012 | |
|---|---|---|
| In the 2nd year | 5,885 | 1,400 |
| In the following 3-5 years | 3,990 | 1,760 |
| In the following 6-10 years | 2,184 | 798 |
| Thereafter | 1,106 | 588 |
| Total | 13,166 | 4,546 |
In the case of miscellaneous other provisions, 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
| 2013 | 2012 | |
|---|---|---|
| Carrying amount as of 01/01 | 16,373 | 33,906 |
| Changes in scope of consolidation* | 11,973 | 0 |
| Share of annual profit | (8,430) | (17,314) |
| Share of other comprehensive income | 8 | (3) |
| Currency translation adjustment | (391) | (215) |
| Carrying amount as of 31/12 | 19,534 | 16,373 |
| Thereof recognized under: | ||
| Other current assets | 0 | 12,601 |
| Non-current liabilities | 19,534 | 28,974 |
Other liabilities break down as follows:
| Other liabilities | |||
|---|---|---|---|
| 31/12/2013 | 31/12/2012 | ||
| Other non-current financial liabilities | |||
| Derivatives not yet settled (open positions) | 645 | 738 | |
| Deferred interest | 4 | 18 | |
| 649 | 756 | ||
| Other non-current liabilities (non-financial) | |||
| Partial retirement | 1,596 | 870 | |
| Deferred income | 57 | 83 | |
| 1,653 | 953 | ||
| Total other non-current liabilities | 2,302 | 1,709 | |
| Other current financial liabilities | |||
| Derivatives settled (closed positions) | 0 | 1,417 | |
| Derivatives not yet settled (open positions) | 3,111 | 3,344 | |
| Debtors with credit balances | 1,458 | 1,093 | |
| Other | 4,430 | 6,979 | |
| 8,999 | 12,832 | ||
| Other current liabilities (non-financial) | |||
| Liabilities from other taxes | 3,974 | 6,058 | |
| Wage and salary liabilities | 5,274 | 4,983 | |
| Social security liabilities | 4,751 | 4,942 | |
| Partial retirement | 1,017 | 925 | |
| Advance payments received | 11,468 | 10,886 | |
| Deferred income | 57 | 1,233 | |
| 26,541 | 29,027 | ||
| Total other current liabilities | 35,540 | 41,859 |
NOTE 36
Liquid funds and free cash flow
The cash flow statement 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 |
|
|---|---|---|
| 31/12/2013 | 31/12/2012 | |
| Cash and cash equivalents | 287,882 | 481,658 |
| Total | 287,882 | 481,658 |
Free cash flow corresponds to the readily available cash flow. It comprises the cash flows from operating activities and from investing activities. Free cash flow can be seen as an indicator of the amount of cash and cash equivalents available to the company for dividend payments or the repayment of financing. Adjusted for investments/divestments in subsidiaries and financial assets, free cash flow breaks down as follows:
| Free cash flow EUR |
||
|---|---|---|
| 2013 | 2012 | |
| Cash flow from operating activities | 82,281 | 209,446 |
| Cash flow from investing activities | (152,151) | (281,794)* |
| Free cash flow (unadjusted) | (69,870) | (72,349)* |
| - Net inflow from the sale of subsidiary | (61,652) | 0 |
| + Acquisition of other financial assets | 8,318 | 4,276 |
| - Proceeds from the sale/repayment of other financial assets | (40,712) | (41,016) |
| Free cash flow (adjusted) | (163,916) | (109,089) |
Other non-cash income and expenses break down as follows:
| 2013 | 2012 | |
|---|---|---|
| + Impairment of financial assets | 9 | 15 |
| - Reversals of impairment losses on financial assets | (22) | (11) |
| - Gains/+ losses from sales of intangible assets and property, plant and equipment |
(907) | 911 |
| - Gains/+ losses from sales of financial assets and current securities | (60) | (25) |
| + Allocation of profit or loss to puttable non-controlling interests | (9,049) | (2,892)1 |
| - Miscellaneous other non-cash income/+ expenses | 10,336 | (2,454)2 |
| Total | 307 | (5,276)2 |
In financial year 2013, miscellaneous other non-cash income/expenses include unrealized foreign exchange gains/losses.
The consolidated cash flow statement includes, amongst others, the following payments:
| Selected payments in the cash flow statement | EUR '000 |
|
|---|---|---|
| 2013 | 2012 | |
| Interest payments received | 4,245 | 6,485 |
| Interest payments made | 23,183 | 23,149 |
| Income taxes paid | 59,137 | 78,672 |
| Distributions received from investments accounted for using the equity method |
40 | 775 |
| Distributions paid to shareholders | 53,288 | 70,264 |
With the exception of distributions paid to shareholders, the above payments are included in the cash flow from operating activities. Distributions paid to shareholders are included in the cash flow from financing activities.
In the acquisition of non-controlling interests by the Lenzing Group, payments of EUR 3,471 thousand (2012: EUR 26,593 thousand) were made to the shareholders of the non-controlling interests (see also Note 4).
The net cash flows from discontinued operations include, in particular, the net inflow from the disposal of subsidiaries of EUR 61,652 thousand (2012: EUR 0 thousand; see also Note 5) and payments for the acquisition of intangible assets and property, plant and equipment of the former Business Unit Plastics in the amount of EUR -2,671 thousand (2012: EUR -2,567 thousand).
1) The prior-year figures have been restated due to the segregation of continued operations and discontinued operations.
2) The prior-year figures have been restated due to changes in presentation (see Note 2).
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 high 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 Group companies have capital resources that fulfill the local requirements. Some loan agreements with banks also include financial covenants, particularly in relation to the amount of equity, the ratio of net debt to EBITDA and other key financial ratios or financial criteria of the Group or individual Group companies. 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. For this reason, the financial covenants are monitored by the Treasury department on an ongoing basis and are taken into account when calculating distributions of the relevant Group companies.
In the year under review, all related capital requirements were fulfilled. In the case of one loan agreement for a subsidiary of the Lenzing Group, the management became aware by the time the 2011 consolidated financial statements were prepared that the related financial covenants were not complied with. The resulting negotiations were concluded in financial year 2012 with the outcome that the loans concerned were refinanced.
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 was 45.5% as of December 31, 2013 (December 31, 2012: 43.8%).
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. In connection with this review, various risk profiles/ sensitivities are taken into account and calculated for all investments in intangible assets and property, plant and equipment, as well as for specific projects and acquisitions. Depending on country risks and micro risks, differently weighted discount factors (WACCs) for the cash flows to be expected in the coming years are applied for the projects/investments. These procedures are subject to regular review, modification and coordination with the Management Board. Developments in the competition and market parameters/elasticity play an important role here.
Particular emphasis is placed on the development of net financial debt, as the two key figures of net financial debt and EBITDA before restructuring have become extremely important key performance indicators in recent years, 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:
| 31/12/2013 | 31/12/2012 | |
|---|---|---|
| Non-current financial liabilities | 609,605 | 701,564 |
| Current financial liabilities | 191,075 | 173,568 |
| Total | 800,680 | 875,132 |
Liquid assets consist of the following:
| Liquid assets | EUR '000 |
|
|---|---|---|
| 31/12/2013 | 31/12/2012 | |
| Cash and cash equivalents | 287,882 | 481,658 |
| Current securities | 0 | 0 |
| Liquid securities (in the financial assets) | 0 | 38,646 |
| Liquid bills of exchange (in trade receivables) | 8,147 | 8,531 |
| Total | 296,029 | 528,835 |
The financial instruments under liquid assets are payable on demand or have a term of less than one year.
The net financial debt and EBITDA before restructuring are as follows:
| Net financial debt | EUR '000 |
|
|---|---|---|
| 31/12/2013 | 31/12/2012 | |
| Interest bearing financial debt | 800,680 | 875,132 |
| Liquid assets (-) | (296,029) | (528,835) |
| Total | 504,651 | 346,296 |
| EBITDA before restructuring |
EUR '000 |
|
|---|---|---|
| 2013 | 2012 | |
| Earnings before interest and taxes (EBIT) before restructuring (see Note 13) |
106,457 | 254,994 |
| Amortization of intangible assets and depreciation of property, plant and equipment before restructuring (+) |
115,999 | 107,253 |
| Release of investment grants (-) | (3,100) | (3,589) |
| Total | 219,355 | 358,658 |
| Net financial debt/EBITDA before result from restructuring |
2.30 | 0.97 |
NOTE 39
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 of December 31, 2013 and December 31, 2012:
| Carrying amount | Valuation pursuant to IAS 39 | |||||
|---|---|---|---|---|---|---|
| 31/12/2013 | 31/12/2012 | 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) | 287,882 | 481,658 | | |||
| Trade receivables (see Note 25) | 258,841 | 264,516 | | |||
| Financial assets – loans (see Note 22) | 7,480 | 2,221 | | |||
| Other non-current financial assets – non-current receivables (see Note 23) |
3,612 | 1,731 | | |||
| Other current financial assets (not including derivatives - open positions) (see Note 27) |
13,052 | 14,920 | | |||
| Loans and receivables | 570,866 | 765,045 | ||||
| Financial assets – non-current securities (see Note 22) | 14,632 | 53,828 | | |||
| Financial assets – other equity investments (see Note 22) | 1,064 | 19 | | |||
| Available-for-sale financial assets | 15,696 | 53,847* | ||||
| Other financial assets – derivative financial instruments at positive fair value (trading) (see Note 27) |
124 | 26 | | |||
| Financial assets at fair value through profit or loss | 124 | 26 | ||||
| Other financial assets – derivative financial instruments at positive fair value (cash flow hedges) (see Note 27) |
4,563 | 5,330 | | |||
| Other financial assets – derivative financial instruments at positive fair value (cash flow hedges with the underlying already recognized in profit or loss) (see Note 27) |
1,612 | 343 | | |||
| Puttable non-controlling interests (see Note 27) | 0 | 12,601 | ||||
| Other | 6,175 | 18,274 | ||||
| Total | 592,861 | 837,193* | ||||
| Thereof: | ||||||
| At amortized cost | 570,866 | 765,045 | ||||
| At cost | 1,064 | 19* | ||||
| At fair value through profit or loss | 1,735 | 370 | ||||
| At fair value directly in equity | 19,196 | 59,158 | ||||
| Non-allocable | 0 | 12,601 | ||||
| Total | 592,861 | 837,193* |
The carrying amounts and measurement categories of financial liabilities (liability financial instruments) broke down by class as follows as of December 31, 2013 and December 31, 2012:
| Carrying amount | Valuation pursuant to IAS 39 | ||||||
|---|---|---|---|---|---|---|---|
| 31/12/2013 | 31/12/2012 | At amortized cost |
At cost |
At fair value through profit or loss |
At fair value directly in equity |
Valuation pursuant to IAS 17 |
|
| Financial liabilities – bond (see Note 31) | 119,609 | 119,504 | | ||||
| Financial liabilities – private placements (see Note 31) | 228,335 | 199,202 | |||||
| Financial liabilities – liabilities to banks (see Note 31) | 418,477 | 518,940 | | ||||
| Financial liabilities – liabilities to other lenders (miscellaneous) (see Note 31) |
32,376 | 35,654 | | ||||
| Trade payables | 176,592 | 200,259 | | ||||
| Other non-current financial liabilities (see Note 35) | 4 | 18 | | ||||
| Other current financial liabilities (not including derivatives - open positions) (see Note 35) |
5,888 | 9,488 | | ||||
| Provisions – accruals – other (financial) (see Note 33) | 28,073 | 26,798 | | ||||
| Financial liabilities at amortized cost | 1,009,354 | 1,109,864 | |||||
| Other financial liabilities – derivative financial instruments at negative fair value (trading) (see Note 35) |
0 | 233 | | ||||
| Financial liabilities at fair value through profit or loss | 0 | 233 | |||||
| Financial liabilities – lease liabilities (see Note 31) | 1,882 | 1,831 | | ||||
| Other financial liabilities – derivative financial instruments at negative fair value (cash flow hedges) (see Note 35) |
3,061 | 2,042 | | ||||
| 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) |
695 | 1,808 | | ||||
| Puttable non-controlling interests (see Note 34) | 19,534 | 28,974 | |||||
| Other | 25,173 | 34,655 | |||||
| Total | 1,034,527 | 1,144,751 | |||||
| Thereof: | |||||||
| At amortized cost | 1,009,354 | 1,109,864 | |||||
| At fair value through profit or loss | 695 | 2,041 | |||||
| At fair value directly in equity | 3,061 | 2,042 | |||||
| Valuation pursuant to IAS 17 | 1,882 | 1,831 | |||||
| Non-allocable | 19,534 | 28,974 | |||||
| Total | 1,034,527 | 1,144,751 |
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 of December 31, 2013 and December 31, 2012:
| 31/12/2013 | 31/12/2012 | |||||
|---|---|---|---|---|---|---|
| Carrying amount |
Fair value | Fair value hierarchy |
Carrying amount |
Fair value | Fair value hierarchy |
|
| Financial assets | ||||||
| F inancial assets - non-current securities (see Note 22) |
14,632 | 14,632 | Level 1 | 53,828 | 53,828 | Level 1 |
| Available-for-sale financial assets | 14,632 | 14,632 | 53,828 | 53,828 | ||
| O ther financial assets - derivative financial instruments at positive fair value (trading) (see Note 27) |
124 | 124 | Level 2 | 26 | 26 | Level 2 |
| Financial assets at fair value through profit or loss: | 124 | 124 | 26 | 26 | ||
| O ther financial assets – derivative financial instruments at positive fair value (cash flow hedges) (see Note 27) |
4,563 | 4,563 | Level 2 | 5,330 | 5,330 | Level 2 |
| O ther financial assets – derivative financial instruments at positive fair value (cash flow hedges with the underlying already recognized in profit or loss) (see Note 27) |
1,612 | 1,612 | Level 2 | 343 | 343 | Level 2 |
| Other | 6,175 | 6,175 | 5,673 | 5,673 | ||
| Total | 20,931 | 20,931 | 59,527 | 59,527 | ||
| Financial liabilities | ||||||
| O ther financial liabilities - derivative financial instruments at negative fair value (trading) (see Note 35) |
0 | 0 | Level 2 | 233 | 233 | Level 2 |
| Financial liabilities at fair value through profit or loss: | 0 | 0 | 233 | 233 | ||
| O ther financial liabilities – derivative financial instruments at negative fair value (cash flow hedges) (see Note 35) |
3,061 | 3,061 | Level 2 | 2,042 | 2,042 | Level 2 |
| O ther financial liabilities – derivative financial instruments at negative fair value (cash flow hedges with the underlying |
||||||
| already recognized in profit or loss) (see Note 35) Other |
695 3,756 |
695 3,756 |
Level 2 | 1,808 3,850 |
1,808 3,850 |
Level 2 |
| Total | 3,756 | 3,756 | 4,083 | 4,083 |
The Lenzing Group takes into account reclassifications in fair value hierarchy at the end of the reporting period in which they occur. There were no shifts between the different levels of the fair value hierarchy by financial instruments that were already held on December 31, 2013. As of December 31, 2012, derivatives (gas swaps) with a market value of EUR 124 thousand and EUR -1,262 thousand were reclassified from level 1 to level 2 as there were no prices for these derivatives on an active market.
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 of December 31, 2013 and December 31, 2012:
| 31/12/2013 | ||||||
|---|---|---|---|---|---|---|
| Carrying amount |
Fair value | Fair value hierarchy |
Carrying amount |
Fair value | Fair value hierarchy |
|
| Financial liabilities | ||||||
| Financial liabilities - bond (see Note 31) | 119,609 | 126,029 | Level 1 | 119,504 | 128,400 | Level 1 |
| Financial liabilities - private placements (see Note 31) | 228,335 | 226,929 | Level 3 | 199,202 | 200,314 | Level 3 |
| Financial liabilities - liabilities to banks (see Note 31) | 418,477 | 420,216 | Level 3 | 518,940 | 522,554 | Level 3 |
| Financial liabilities - liabilities to other lenders (miscellaneous) (see Note 31) |
32,376 | 31,900 | Level 3 | 35,654 | 35,610 | Level 3 |
| Financial liabilities at amortized cost | 798,797 | 805,074 | 873,300 | 886,878 |
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:
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 – EUR 1,050 thousand (December 31, 2012: EUR 0 thousand) – of equity investments and related derivative financial instruments measured at cost (see Note 3, section on "Financial assets and securities") 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 medium-sized Austrian corporation. 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 according to 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.
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 following tables contain information on offsetting financial assets and liabilities in the consolidated financial statements on the basis of netting agreements. The "Effect of 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 (particularly because offsetting is only permitted in the event of insolvency).
| Financial assets as of 31/12/2013 | Financial assets (gross) |
Offset amounts recognized (gross) |
Recognized financial assets (net) |
Effect of framework netting agreements |
Cash collateral |
Collateral in the form of financial instruments |
Net amounts |
|---|---|---|---|---|---|---|---|
| Cash and cash equivalents | 288,705 | (823) | 287,882 | 0 | 0 | 0 | 287,882 |
| Other financial assets - derivative financial instruments at positive fair value |
|||||||
| F orward foreign exchange contracts |
6,151 | 0 | 6,151 | (2,506) | 0 | 0 | 3,645 |
| Gas swaps | 148 | 0 | 148 | (121) | 0 | 0 | 27 |
| Total | 295,004 | (823) | 294,181 | (2,627) | 0 | 0 | 291,553 |
| Financial liabilities as of 31/12/2013 | Financial assets (gross) |
Offset amounts recognized (gross) |
Recognized financial as sets (net) |
Effect of framework netting agreements |
Cash collateral |
Collateral in the form of financial instruments |
Net amounts |
|---|---|---|---|---|---|---|---|
| Liabilities to banks | 419,300 | (823) | 418,477 | 0 | 0 | 0 | 418,477 |
| Other financial liabilities - derivative financial instruments at negative fair value |
|||||||
| F orward foreign exchange contracts |
3,147 | 0 | 3,147 | (2,506) | 0 | 0 | 640 |
| Gas swaps | 610 | 0 | 610 | (121) | 0 | 0 | 489 |
| Total | 423,057 | (823) | 422,234 | (2,627) | 0 | 0 | 419,606 |
| Financial assets as of 31/12/2012 | Financial assets (gross) |
Offset amounts recognized (gross) |
Recognized financial assets (net) |
Effect of framework netting agreements |
Cash collateral |
Collateral in the form of financial instruments |
Net amounts |
|---|---|---|---|---|---|---|---|
| Cash and cash equivalents | 486,422 | (4,764) | 481,658 | 0 | 0 | 0 | 481,658 |
| Other financial assets - derivative financial instruments at positive fair value |
|||||||
| F orward foreign exchange contracts |
5,575 | 0 | 5,575 | (2,135) | 0 | 0 | 3,440 |
| Gas swaps | 124 | 0 | 124 | (120) | 0 | 0 | 4 |
| Total | 492,121 | (4,764) | 487,357 | (2,255) | 0 | 0 | 485,102 |
| Financial liabilities as of 31/12/2012 | Financial liabilities (gross) |
Offset amounts recognized (gross) |
Recognized financial liabilities (net) |
Effect of framework netting agreements |
Cash collateral |
Collateral in the form of financial instruments |
Net amounts |
|---|---|---|---|---|---|---|---|
| Liabilities to banks | 523,704 | (4,764) | 518,940 | 0 | 0 | 0 | 518,940 |
| Other financial liabilities - derivative financial instruments at negative fair value |
|||||||
| F orward foreign exchange contracts |
2,821 | 0 | 2,821 | (2,135) | 0 | 0 | 686 |
| Gas swaps | 1,262 | 0 | 1,262 | (120) | 0 | 0 | 1,142 |
| Total | 527,787 | (4,764) | 523,023 | (2,255) | 0 | 0 | 520,768 |
NOTE 40
Net interest and net result from financial instruments and net foreign currency profit/loss
Net interest and net result from financial instruments by class/measurement category in accordance with IAS 39 breaks down as follows:
| 2013 | From inter est income |
From interest expense |
Net interest |
From subse quent mea surement at fair value through profit or loss |
From subse quent mea surement at fair value directly in equity |
From impairment |
From result on disposal |
Net result (total) |
|---|---|---|---|---|---|---|---|---|
| Loans and receivables | 2,402 | 0 | 2,402 | 0 | 0 | (159) | 0 | 2,243 |
| Available-for-sale financial assets |
277 | 0 | 277 | 0 | (202) | 0 | 33 | 108 |
| Financial instruments measured at fair value through profit or loss |
0 | 0 | 0 | 330 | 0 | 0 | 0 | 330 |
| Financial liabilities measured at amortized cost |
0 | (26,099) | (26,099) | 0 | 0 | 0 | 0 | (26,099) |
| Total | 2,679 | (26,099) | (23,420) | 330 | (202) | (159) | 33 | (23,417) |
| 2012 | From inter est income |
From interest expense |
Net interest |
From subse quent mea surement at fair value through profit or loss |
From subse quent mea surement at fair value directly in equity |
From impairment |
From result on disposal |
Net result (total) |
|---|---|---|---|---|---|---|---|---|
| Loans and receivables | 4,798 | 0 | 4,798 | 0 | 0 | (874) | 0 | 3,924 |
| Available-for-sale financial assets |
633 | 0 | 633 | 0 | 323 | 0 | (68) | 888 |
| Financial instruments measured at fair value through profit or loss |
0 | 0 | 0 | 1,220 | 0 | 0 | 0 | 1,220 |
| Financial liabilities measured at amortized cost |
0 | (24,840) | (24,840) | 0 | 0 | 0 | 0 | (24,840) |
| Total | 5,431 | (24,840) | (19,410) | 1,220 | 323 | (874) | (68) | (18,809) |
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 fully consolidated and are not accounted for using the equity method), gains/losses on remeasurement from fair value measurement in profit or loss and in equity, and the result from impairments (recognition and reversal of impairments) and disposals. Income from available-forsale 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) or unrealized gains/losses from hedging instruments (cash flow hedges).
The change in write-downs on "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 availablefor-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 1,605 thousand (2012: EUR 1,585 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 -8,775 thousand (2012: EUR -12,144 thousand), in income from non-current and current financial assets in the amount of EUR -2,012 thousand (2012: EUR -655 thousand) and in financing costs in the amount of EUR -5,170 thousand (2012: EUR +1,532 thousand).
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. 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), 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 long-term 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 underlying transaction 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 derivatives with positive fair values is reduced by concluding transactions only with counterparties with a good credit rating.
Receivables are measured individually. Individual allowances are recognized on 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 due to the Lenzing Group's comprehensive accounts receivable management (extensive collateralization with credit insurance and bankable security and ongoing monitoring of accounts receivable and customer limits). Group (collective) valuation allowances therefore are not recognized.
The value adjustment accounts developed as follows:
| Loans | Other financial receivables |
||
|---|---|---|---|
| (non-current and current) |
Trade receivables |
(non-current and current) |
|
| Bad debt provisions as of 01/01/2012 | 2,111 | 7,950 | 553 |
| Utilization | 0 | (416) | 0 |
| Reversal | 0 | (890) | 0 |
| Addition | 23 | 1,120 | 621 |
| Currency translation adjustment | 141 | 93 | 0 |
| Bad debt provisions as of 31/12/2012 | 2,275 | 7,857 | 1,174 |
| Changes in scope of consolidation | (11) | (97) | 0 |
| Utilization | 0 | (197) | 0 |
| Reversal | (4) | (536) | 0 |
| Addition | 0 | 488 | 210 |
| Currency translation adjustment | 11 | 37 | 0 |
| Bad debt provisions as of 31/12/2013 | 2,271 | 7,554 | 1,384 |
Bad debt provisions for trade receivables include bad debt provisions relating to companies accounted for using the equity method in the amount of EUR 2,110 thousand (2012: EUR 2,366 thousand).
Bad debt provisions for trade receivables mainly relate to valuation allowances for past due, uninsured receivables.
The maturity structure 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 31/12/2013 | 7,480 | 258,841 | 22,963 |
| Thereof not impaired at the reporting date and: | |||
| N ot overdue |
7,336 | 235,848 | 22,963 |
| O verdue up to 30 days |
0 | 18,451 | 0 |
| O verdue for 31 to 90 days |
0 | 1,122 | 0 |
| O verdue for 91 to 365 days |
0 | 0 | 0 |
| O verdue for more than one year |
0 | 28 | 0 |
| Thereof impaired | 144 | 3,392 | 0 |
The maximum exposure to credit risk from financial assets recognized is as follows:
| 31/12/2013 | 31/12/2012 | |
|---|---|---|
| Carrying amount of financial instruments being assets (see Note 39) |
592,861 | 837,193* |
| Less risk reduction in relation to receivables due to | ||
| C redit insurance received (not including deductibles) |
(117,314) | (81,824) |
| Guarantees received | (3,356) | (4,895) |
| Total | 472,192 | 750,474* |
The maximum exposure to credit risk from financial guarantees and contingent liabilities is shown in Note 46.
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 throughout the Group. All Group data are consolidated in a budget-relevant annual plan and a medium-term four-year plan.
The Lenzing Group has liquid assets totaling EUR 296,029 thousand (December 31, 2012: EUR 528,835 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 committed in writing in the amount of EUR 296,169 thousand as of December 31, 2013 (December 31, 2012: EUR 211,179 thousand).
In the medium and long term, the Lenzing Group is financed with equity and financial liabilities, particularly bonds, private placements and bank loans.
The contractually agreed (undiscounted) interest and principal payments for primary financial liabilities break down as follows:
| Valuation category according to IAS 39 | 31/12/2013 | |
|---|---|---|
| Carrying amount |
||
| Bond | Financial liabilities at amortized cost (FLAC) | 119,609 |
| Private placements | Financial liabilities at amortized cost (FLAC) | 228,335 |
| Liabilities to banks | Financial liabilities at amortized cost (FLAC) | 418,477 |
| Liabilities to other lenders | Financial liabilities at amortized cost (FLAC) | 32,376 |
| Trade payables | Financial liabilities at amortized cost (FLAC) | 176,592 |
| Puttable non-controlling interests | Financial liabilities at amortized cost (FLAC) | 19,534 |
| Other liabilities – other financial liabilities | Financial liabilities at amortized cost (FLAC) | 5,892 |
| Accruals - other (financial) | Financial liabilities at amortized cost (FLAC) | 28,073 |
| Finance lease liabilities | n/a (IAS 17) | 1,882 |
| Total | 1,030,771 |
| Valuation category according to IAS 39 | 31/12/2012 | ||
|---|---|---|---|
| Carrying | |||
| amount | |||
| Bond | Financial liabilities at amortized cost (FLAC) | 119,504 | |
| Private placements | Financial liabilities at amortized cost (FLAC) | 199,202 | |
| Liabilities to banks | Financial liabilities at amortized cost (FLAC) | 518,940 | |
| Liabilities to other lenders | Financial liabilities at amortized cost (FLAC) | 35,654 | |
| Trade payables | Financial liabilities at amortized cost (FLAC) | 200,259 | |
| Puttable non-controlling interests | Financial liabilities at amortized cost (FLAC) | 28,974 | |
| Other liabilities – other financial liabilities | Financial liabilities at amortized cost (FLAC) | 9,506 | |
| Accruals - other (financial) | Financial liabilities at amortized cost (FLAC) | 26,798 | |
| Finance lease liabilities | n/a (IAS 17) | 1,831 | |
| Non-derivative financial instruments | 1,140,669 |
The tables above include all primary financial liabilities held on the reporting date. They do not include planned figures for future liabilities. Amounts in foreign currency were translated at the spot exchange rate as of 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.
| Cash flows 2014 | Cash flows 2015 to 2018 | Cash flows from 2019 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Fixed interest | Fixed and floating rate interest |
Floating rate interest |
Repay ment |
Fixed interest |
Fixed and floating rate interest |
Floating rate interest |
Repay ment |
Fixed interest |
Fixed and floating rate interest |
Floating rate interest |
Repayment |
| 4,650 | 0 | 0 | 0 | 13,950 | 0 | 0 | 120,000 | 0 | 0 | 0 | 0 |
| 4,166 | 0 | 1,810 | 0 | 14,911 | 0 | 5,898 | 132,000 | 6,840 | 0 | 1,155 | 97,000 |
| 1,709 | 0 | 8,900 | 181,841 | 566 | 0 | 10,404 | 236,636 | 0 | 0 | 0 | 0 |
| 67 | 281 | 69 | 9,213 | 99 | 328 | 69 | 22,413 | 0 | 3 | 0 | 750 |
| 0 | 0 | 0 | 176,592 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 19,534 |
| 0 | 0 | 0 | 5,888 | 0 | 0 | 0 | 4 | 0 | 0 | 0 | 0 |
| 0 | 0 | 0 | 28,073 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 1 | 0 | 0 | 19 | 10 | 0 | 0 | 69 | 4,699 | 0 | 0 | 1,794 |
| 10,592 | 281 | 10,780 | 401,627 | 29,536 | 328 | 16,371 | 511,122 | 11,539 | 3 | 1,155 | 119,079 |
| Cash flows 2013 | Cash flows 2014 to 2017 | Cash flows from 2018 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Fixed interest | Fixed and floating rate interest |
Floating rate interest |
Repay ment |
Fixed interest |
Fixed and floating rate interest |
Floating rate interest |
Repay ment |
Fixed interest |
Fixed and floating rate interest |
Floating rate interest |
Repayment |
| 4,650 | 0 | 0 | 0 | 18,600 | 0 | 0 | 120,000 | 0 | 0 | 0 | 0 |
| 3,444 | 0 | 1,709 | 0 | 12,893 | 0 | 5,725 | 103,000 | 9,485 | 0 | 1,184 | 97,000 |
| 2,209 | 0 | 11,527 | 164,796 | 2,250 | 0 | 17,076 | 310,743 | 0 | 0 | 1,003 | 46,171 |
| 51 | 422 | 70 | 9,320 | 95 | 501 | 79 | 25,500 | 0 | 6 | 0 | 834 |
| 0 | 0 | 0 | 200,259 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 28,974 |
| 0 | 0 | 0 | 9,488 | 0 | 0 | 0 | 18 | 0 | 0 | 0 | 0 |
| 0 | 0 | 0 | 26,798 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 1 | 0 | 0 | 21 | 10 | 0 | 0 | 69 | 4,772 | 0 | 0 | 1,741 |
| 10,355 | 422 | 13,306 | 410,682 | 33,848 | 501 | 22,880 | 559,329 | 14,257 | 6 | 2,187 | 174,720 |
The contractually agreed (undiscounted) interest and principal payments for derivative financial instruments break down as follows:
| Measurement category pursuant to IAS 39 | 31/12/2013 | ||
|---|---|---|---|
| Carrying amount |
|||
| Forward foreign exchange contracts | |||
| Cash flow hedges | n/a | 4,416 | |
| Cash flow hedges with the underlying already recognized in profit or loss |
n/a | 1,612 | |
| Trading | At fair value through profit or loss (trading) | 124 | |
| Positive fair value | 6,151 | ||
| Cash flow hedges | n/a | (2,451) | |
| Cash flow hedges with the underlying already recognized in profit or loss |
n/a | (695) | |
| Trading | At fair value through profit or loss (trading) | 0 | |
| Negative fair value | (3,147) | ||
| Total forward foreign exchange contracts |
3,004 | ||
| Gas swaps | |||
| Cash flow hedges | n/a | 148 | |
| 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 | |
| Positive fair value | 148 | ||
| Cash flow hedges | n/a | (610) | |
| 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 | (610) | ||
| Total gas swaps | (462) | ||
| Total | 2,542 |
Fair value + = receivable, - = liability from the Lenzing Group's perspective
| Cash flows 2014 | Cash flows 2015 to 2018 | Cash flows from 2019 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Fixed interest | Fixed and floating rate interest |
Floating rate interest |
Repay ment |
Fixed interest |
Fixed and floating rate interest |
Floating rate interest |
Repay ment |
Fixed interest |
Fixed and floating rate interest |
Floating rate interest |
Repay ment |
| 0 | 0 | 0 | 4,250 | 0 | 0 | 0 | 166 | ||||
| 1,612 | 0 | ||||||||||
| 124 | 0 | ||||||||||
| 0 | 0 | 0 | 5,985 | 0 | 0 | 0 | 166 | 0 | 0 | 0 | 0 |
| (2,228) | (224) | ||||||||||
| (695) | 0 | ||||||||||
| 0 | 0 | ||||||||||
| 0 | 0 | 0 | (2,923) | 0 | 0 | 0 | (224) | 0 | 0 | 0 | 0 |
| 0 | 0 | 0 | 3,062 | 0 | 0 | 0 | (58) | 0 | 0 | 0 | 0 |
| 83 | 65 | ||||||||||
| 0 | 0 | ||||||||||
| 0 | 0 | ||||||||||
| 0 | 0 | 0 | 83 | 0 | 0 | 0 | 65 | 0 | 0 | 0 | 0 |
| (188) | (422) | ||||||||||
| 0 | 0 | ||||||||||
| 0 | 0 | ||||||||||
| 0 | 0 | 0 | (188) | 0 | 0 | 0 | (422) | 0 | 0 | 0 | 0 |
| 0 | 0 | 0 | (105) | 0 | 0 | 0 | (357) | 0 | 0 | 0 | 0 |
| 0 | 0 | 0 | 2,957 | 0 | 0 | 0 | (414) | 0 | 0 | 0 | 0 |
| Measurement category pursuant to IAS 39 | 31/12/2012 | ||
|---|---|---|---|
| Carrying amount |
|||
| Forward foreign exchange contracts | |||
| Cash flow hedges | n/a | 5,206 | |
| Cash flow hedges with the underlying already recognized in profit or loss |
n/a | 343 | |
| Trading | At fair value through profit or loss (trading) | 26 | |
| Positive fair value | 5,575 | ||
| Cash flow hedges | n/a | (780) | |
| Cash flow hedges with the underlying already recognized in profit or loss |
n/a | (1,808) | |
| Trading | At fair value through profit or loss (trading) | (233) | |
| Negative fair value | (2,821) | ||
| Total forward foreign exchange contracts |
2,754 | ||
| Gas swaps | |||
| Cash flow hedges | n/a | 124 | |
| 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 | |
| Positive fair value | 124 | ||
| Cash flow hedges | n/a | (1,262) | |
| 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 | (1,262) | ||
| Total gas swaps | (1,137) | ||
| Total | 1,617 |
Fair value + = receivable, - = liability from the Lenzing Group's perspective
| Cash flows 2013 | Cash flows 2014 to 2017 | Cash flows from 2018 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Fixed interest | Fixed and floating rate interest |
Floating rate interest |
Repay ment |
Fixed interest |
Fixed and floating rate interest |
Floating rate interest |
Repay ment |
Fixed interest |
Fixed and floating rate interest |
Floating rate interest |
Repay ment |
|
| 0 | 0 | 0 | 5,089 | 0 | 0 | 0 | 116 | 0 | 0 | 0 | 0 | |
| 0 | 0 | 0 | 343 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| 0 | 0 | 0 | 26 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| 0 | 0 | 0 | 5,459 | 0 | 0 | 0 | 116 | 0 | 0 | 0 | 0 | |
| 0 | 0 | 0 | (678) | 0 | 0 | 0 | (103) | 0 | 0 | 0 | 0 | |
| 0 0 |
0 0 |
0 0 |
(1,808) (233) |
0 0 |
0 0 |
0 0 |
0 0 |
0 0 |
0 0 |
0 0 |
0 0 |
|
| 0 | 0 | 0 | (2,718) | 0 | 0 | 0 | (103) | 0 | 0 | 0 | 0 | |
| 0 | 0 | 0 | 2,741 | 0 | 0 | 0 | 14 | 0 | 0 | 0 | 0 | |
| 0 | 0 | 0 | 79 | 0 | 0 | 0 | 45 | 0 | 0 | 0 | 0 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| 0 | 0 | 0 | 79 | 0 | 0 | 0 | 45 | 0 | 0 | 0 | 0 | |
| 0 | 0 | 0 | (626) | 0 | 0 | 0 | (636) | 0 | 0 | 0 | 0 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| 0 | 0 | 0 | (626) | 0 | 0 | 0 | (636) | 0 | 0 | 0 | 0 | |
| 0 | 0 | 0 | (547) | 0 | 0 | 0 | (590) | 0 | 0 | 0 | 0 | |
| 0 | 0 | 0 | 2,194 | 0 | 0 | 0 | (577) | 0 | 0 | 0 | 0 | |
The companies of the Lenzing Group are exposed to currency risks as a result 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 foreigncurrency 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 of December 31, 2013, approximately 61% (December 31, 2012: approximately 67%) of the budgeted net exposure for the following financial year for the dominant currency pair in the Lenzing Group, EUR/USD, was hedged.
At Group level, translation risk is also regularly assessed and monitored. Translation risk refers to the risk that arises as a result 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 hedges are allocated to sales 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 of the end of the respective month. Cash flow hedges with the underlying already recognized in profit or loss are used to hedge foreign-currency receivables/liabilities that are already recognized as of the reporting date 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). For this reason, hedge accounting is not used for these derivatives.
The ineffective portion of the cash flow hedges amounted to EUR 41 thousand in the financial year (2012: EUR 77 thousand).
The nominal values and fair values of the cash flow hedges are as follows as of the reporting dates:
| 31/12/2013 | 31/12/2012 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Nominal value | Positive fair value |
Negative fair value |
Net fair value |
Hedging period until |
Nominal value | Positive fair value |
Negative fair value |
Net fair value |
Hedging period until |
||||
| Forward foreign exchange contracts |
|||||||||||||
| CNY/CNH pur chase/EUR sale |
CNY/ CNH |
525 | 0 | (1) | (1) | 01/2014 | CNY/ CNH |
0 | 0 | 0 | 0 | n/a | |
| CNY/CNH sale/ EUR purchase |
CNY/ CNH |
456,000 | 74 | (161) | (86) | 06/2015 | CNY/ CNH |
336,000 | 46 | (218) | (172) | 05/2014 | |
| CZK purchase/ EUR sale |
CZK | 225,000 | 0 | (489) | (489) | 01/2015 | CZK | 200,000 | 31 | (55) | (24) | 12/2013 | |
| EUR purchase/ CZK sale |
EUR | 1,598 | 1 | 0 | 1 | 12/2014 | EUR | 0 | 0 | 0 | 0 | n/a | |
| JPY sale/ EUR purchase |
JPY | 31,500 | 17 | -0 | 17 | 02/2015 | JPY | 0 | 0 | 0 | 0 | n/a | |
| JPY sale/ GBP purchase |
JPY | 84,152 | 69 | -0 | 69 | 02/2015 | JPY | 0 | 0 | 0 | 0 | n/a | |
| USD sale/ CZK purchase |
USD | 81,300 | 33 | (1,785) | (1,752) | 01/2015 | USD | 74,300 | 1,150 | (172) | 978 | 01/2014 | |
| USD sale/ EUR purchase |
USD | 197,700 | 3,711 | (16) | 3,695 | 02/2015 | USD | 229,492 | 3,823 | (282) | 3,541 | 01/2014 | |
| USD sale/ GBP purchase |
USD | 25,069 | 510 | 0 | 510 | 02/2015 | USD | 35,200 | 156 | (52) | 104 | 05/2014 | |
| Total | 4,416 | (2,451) | 1,964 | 5,206 | (780) | 4,425 |
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 hedges with the underlying already recognized in profit or loss are as follows as of the reporting dates:
| 31/12/2013 | 31/12/2012 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Nominal value |
Positive fair value |
Negative fair value |
Net fair value |
Nominal value |
Positive fair value |
Negative fair value |
Net fair value |
||||
| Forward foreign exchange contracts |
|||||||||||
| EUR sale/GBP purchase |
EUR | 0 | 0 | 0 | 0 | EUR | 1,000 | 72 | 0 | 72 | |
| CNY/CNH sale/EUR purchase |
CNY/CNH | 465,250 | 381 | (496) | (114) | CNY/CNH | 0 | 0 | 0 | 0 | |
| JPY sale/GBP purchase | JPY | 58,348 | 64 | 0 | 64 | JPY | 0 | 0 | 0 | 0 | |
| EUR sale/CZK purchase |
EUR | 0 | 0 | 0 | 0 | EUR | 400 | 0 | (6) | (6) | |
| USD sale/CZK purchase | USD | 6,300 | 0 | (200) | (200) | USD | 5,800 | 0 | (149) | (149) | |
| USD sale/EUR purchase |
USD | 28,100 | 606 | 0 | 606 | USD | 95,579 | 211 | (1,653) | (1,442) | |
| USD sale/GBP purchase | USD | 18,531 | 561 | 0 | 561 | USD | 6,000 | 61 | 0 | 61 | |
| Total | 1,612 | (695) | 916 | 343 | (1,808) | (1,465) |
Fair value: + = receivable, - = liability from the Lenzing Group's perspective
The nominal values and fair values of the trading derivatives are as follows as of the reporting dates:
| 31/12/2013 | 31/12/2012 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Nominal value |
Positive fair value |
Negative fair value |
Net fair value |
Nominal value |
Positive fair value |
Negative fair value |
Net fair value |
|||||
| Forward foreign ex change contracts |
||||||||||||
| CHF purchase/USD sale | CHF | 0 | 0 | 0 | 0 | CHF | 67 | 1 | 0 | 1 | ||
| EUR purchase/USD sale |
EUR | 27,600 | 124 | 0 | 124 | EUR | 1,009 | 25 | 0 | 25 | ||
| IDR purchase/USD sale | IDR | 0 | 0 | 0 | 0 | IDR | 194,904,500 | 0 | (232) | (232) | ||
| GBP purchase/USD sale | GBP | 0 | 0 | 0 | 0 | GBP | 42 | 0 | 0 | 0 | ||
| Total | 124 | 0 | 124 | 26 | (233) | (206) |
Fair value: + = receivable, - = liability from the Lenzing Group's perspective
Sensitivity analysis and exposure for currency risks
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 of the reporting dates:
| 31/12/2013 | 31/12/2012 | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Group exposure in relation to EUR |
Sensitivity in the event of 10% devaluation of the EUR |
Sensitivity in the event of 10% revaluation of the EUR |
Group exposure in relation to EUR |
Sensitivity in the event of 10% devaluation of the EUR |
Sensitivity in the event of 10% revaluation of the EUR |
||||
| EUR -USD |
52,419 | 5,824 | (4,765) | 61,197 | 5,588 | (6,770) | |||
| EUR -GBP |
(3,268) | (363) | 297 | (13,474) | (1,171) | 1,563 | |||
| EUR -CNY/CNH |
33,067 | 3,674 | (3,006) | 4,691 | 466 | (473) | |||
| EUR -CZK |
105,249 | 11,694 | (9,568) | 73,216 | 7,329 | (7,312) | |||
| Sensitivity of profit or loss (due to receiv ables and liabilities) |
20,830 | (17,042) | 12,212 | (12,992) | |||||
| Sensitivity of other comprehensive income (due to cash flow hedge derivatives) |
(20,670) | 17,730 | (22,522) | 19,054 | |||||
| Sensitivity of equity |
160 | 688 | (10,311) | 6,062 |
Group exposure: + receivable, - liability; sensitivity: + increase in profit/in other comprehensive income, - decrease in profit/in other comprehensive income
| 31/12/2013 | 31/12/2012 | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Group exposure in relation to USD |
Sensitivity in the event of 10% devaluation of the USD |
Sensitivity in the event of 10% revaluation of the USD |
Group exposure in relation to USD |
Sensitivity in the event of 10% devaluation of the USD |
Sensitivity in the event of 10% revaluation of the USD |
||||
| USD-IDR | 1,920 | 213 | (175) | 16,158 | 1,469 | (1,795) | |||
| USD-GBP | 7 | 1 | (1) | (10,074) | (1,008) | 1,007 | |||
| USD-HKD | (34) | (4) | 3 | (4,562) | (456) | 456 | |||
| USD-CNY/CNH | 35,836 | 3,982 | (3,258) | 88,506 | 8,851 | (8,851) | |||
| USD-CZK | (4,436) | (493) | 403 | (5,518) | (552) | 552 | |||
| Sensitivity of profit or loss (due to receiv ables and liabilities) |
3,699 | (3,027) | 8,304 | (8,631) | |||||
| Sensitivity of other comprehensive income (due to cash flow hedge derivatives) |
12,852 | (12,351) | 11,982 | (11,442) | |||||
| Sensitivity of equity |
16,551 | (15,378) | 20,285 | (20,073) |
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 part of 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 as a result 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.
Long-term gas contracts in particular contain embedded derivatives. These embedded derivatives are considered to be closely related to the host contracts. For this reason, these instruments are not separated from the respective host contracts.
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, but instead with other safeguarding measures (particularly long-term and short-term supply contracts).
The nominal values and fair values of the cash flow hedges are as follows as of the reporting dates:
| 31/12/2013 | 31/12/2012 | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Contract value1 |
Positive fair value |
Negative fair value |
Net fair value |
Hedging period until |
Contract value1 |
Positive fair value |
Negative fair value |
Net fair value |
Hedging period until |
|||||
| Gas swaps | ||||||||||||||
| USD | 3,262 | 8 | (195) | (187) | 12/2015 | USD | 7,380 | 4 | (661) | (657) | 12/2015 | |||
| GBP | 9,715 | 140 | (415) | (275) | 03/2016 | GBP | 9,926 | 120 | (601) | (481) | 10/2015 | |||
| Total | 12,978 | 148 | (610) | (462) | 17,306 | 124 | (1,262) | (1,137) |
The hedging period stated is equivalent to the period of the expected cash flows and their recognition in profit or loss. Fair value: + = receivable, - = liability from the Lenzing Group's perspective (each shown as net position)
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 of December 31, 2013, this would have changed other comprehensive income/equity by +/- EUR 1,369 thousand (December 31, 2012: +/- EUR 1,666 thousand).
The Lenzing Group is exposed to interest rate risk as a result of its business-related financing and investment activities. Interest rate risks arise as a result 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 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 decisive factor for management is the effect of the interest rate risk on earnings. There were no outstanding interest rate derivatives as of the reporting dates.
As of 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:
| 31/12/2013 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Fixed inter est |
Fixed and floating rate inter est |
Floating rate inter est |
No interest | Total | |||||||
| Cash and cash equivalents | 0 | 0 | 287,882 | 0 | 287,882 | ||||||
| Financial assets* | 3,755 | 0 | 1,701 | 17,720 | 23,176 | ||||||
| Financial liabilities | (336,687) | (25,416) | (438,576) | 0 | (800,680) | ||||||
| Total | (332,933) | (25,416) | (148,993) | 17,720 | (489,622) |
| 31/12/2012 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Fixed inter est |
Fixed and floating rate inter est |
Floating rate inter est |
No interest | Total | |||||||
| Cash and cash equivalents | 0 | 0 | 481,658 | 0 | 481,658 | ||||||
| Financial assets* | 53,883 | 0 | 1,689 | 497 | 56,068 | ||||||
| Financial liabilities | (306,984) | (30,139) | (538,009) | 0 | (875,132) | ||||||
| Total | (253,101) | (30,139) | (54,662) | 497 | (337,405) |
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 of the reporting dates:
| 31/12/2013 | Exposure with floating-rate interest |
Sensitivity in the event of 100 bp increase in interest rate level |
Sensitivity in the event of 100 bp decrease in interest rate level |
|---|---|---|---|
| Cash and cash equivalents | 287,882 | 2,879 | (2,879) |
| Financial assets | 1,701 | 17 | (17) |
| Financial liabilities | (438,576) | (4,386) | 4,386 |
| Sensitivity of profit or loss/of equity |
(148,993) | (1,490) | 1,490 |
| 31/12/2012 | 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 level |
|---|---|---|---|
| Cash and cash equivalents | 481,658 | 4,817 | (4,817) |
| Financial assets | 1,689 | 17 | (17) |
| Financial liabilities | (538,009) | (5,380) | 5,380 |
| Sensitivity of profit or loss/of equity |
(54,662) | (547) | 547 |
Further information on financial risk management and financial instruments can be found in the risk report of the Lenzing Group management report as of December 31, 2013 (particularly in the section on "Use of financial instruments").
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 relate to 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 contractu-
ally 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.
The carrying amount of the leased assets is as follows:
| 2013 | Land and buildings |
Technical equipment and machinery, factory and office equipment |
Total |
|---|---|---|---|
| Cost | 660 | 848 | 1,508 |
| Accumulated depreciation | (72) | (163) | (235) |
| Carrying amount 31/12/2013 | 588 | 686 | 1,274 |
| 2012 | Land and buildings |
Technical equipment and machinery, factory and office equipment |
Total |
|---|---|---|---|
| Cost | 660 | 848 | 1,508 |
| Accumulated depreciation | (65) | (140) | (205) |
| Carrying amount 31/12/2012 | 595 | 708 | 1,303 |
The present value of minimum lease payments breaks down as follows:
| 31/12/2013 | 31/12/2012 | |||||||
|---|---|---|---|---|---|---|---|---|
| < 1 year |
1-5 years |
> 5 years |
Total | < 1 year |
1-5 years |
> 5 years |
Total | |
| Total future minimum lease payments |
20 | 79 | 6,493 | 6,592 | 22 | 79 | 6,513 | 6,614 |
| Thereof interest component |
(1) | (10) | (4,699) | (4,710) | (1) | (10) | (4,772) | (4,783) |
| Total | 19 | 69 | 1,794 | 1,882 | 21 | 69 | 1,741 | 1,831 |
Finance lease obligations are included under "Financial liabilities" in the consolidated statement of financial position (see Note 31).
In financial year 2013, contingent lease payments of EUR 601 thousand (2012: EUR 509 thousand) and interest of EUR 71 thousand (2012: EUR 70 thousand) were recognized as expense. They relate to the maintenance fee for the power plants.
| NOTE 43 |
Operating leases | |
|---|---|---|
| ------------ | ------------------ | -- |
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 taxes in 2013 includes expenses amounting to EUR 9,474 thousand (2012: EUR 7,437 thousand) from rental and lease agreements. They chiefly consist of minimum lease payments.
The future minimum lease payments during the non-cancellable term of these lease agreements relating to IT equipment, vehicles, rail cars and office and storage premises break down as follows, classified by year:
| Minimum lease payments as lessee (operating leases) | EUR '000 |
|
|---|---|---|
| 31/12/2013 | 31/12/2012 | |
| In subsequent year | 5,994 | 6,379 |
| In the following 2-5 years | 12,546 | 12,293 |
| Thereafter | 176 | 561 |
| Total | 18,716 | 19,233 |
The conditions of the main operating leases can be summarized as follows:
The future minimum lease payments during the non-cancellable term of the lease agreements mainly relate to land and buildings and break down as follows, classified by year:
| Minimum lease payments as lessor (operating leases) | EUR '000 |
|
|---|---|---|
| 31/12/2013 | 31/12/2012 | |
| In subsequent year | 2,471 | 2,135 |
| In the following 2-5 years | 4,590 | 4,905 |
| Thereafter | 11,965 | 13,220 |
| Total | 19,026 | 20,259 |
The most significant lease agreement 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 of December 31, 2029, subject to a notice period of six years.
Related parties are companies and individuals who are related to the Lenzing Group according to the IFRS definition. Related parties of the Lenzing Group particularly include Lenzing AG, B & C Lenzing Holding GmbH, B & C Iota GmbH & Co. KG, B & C Industrieholding GmbH and B & C Privatstiftung and their subsidiaries, jointly controlled entities and associates. They also include the members of the corporate bodies (Management Board/Management and Supervisory Board, if any) of Lenzing AG, B & C Lenzing Holding GmbH, B & C Iota GmbH & Co. KG, B & C Industrieholding GmbH and B & C Privatstiftung, their close family members and companies under their influence.
The fundamental relationships (ownership structures) between the Lenzing Group and the B & C Group are described in Note 1 (section on "Description of the company and its business activities"). The corporate bodies of Lenzing AG are listed in Note 45.
The amounts and transactions between Lenzing AG and its fully consolidated subsidiaries are eliminated on consolidation and are not discussed any further here.
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 (österreichisches Körperschaftsteuergesetz – öKStG) (for more information, see the section on "Current taxes and deferred taxes" under Accounting Policies, Note 3).
The Lenzing Group received a tax credit of EUR 1,773 thousand (2012: EUR 10,115 thousand) from the tax group in financial year 2013. In accordance with the contractual obligation, advances on the tax allocation for 2012 and 2013 were paid to B & C Industrieholding GmbH in the amount of EUR 44,000 thousand in 2013 (2012: EUR 42,500 thousand).
As of December 31, 2013, the Lenzing Group recognized a liability of EUR 8,195 thousand (December 31, 2012: EUR 38,237 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.
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 Procurement of infrastructure, installation and administrative services Purchase of textile materials |
|---|---|
| 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 ): |
Loans payable |
| Wood Paskov s.r.o. (LWP): | Delivery 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:
| EFB | LPP | RVL | GSG | PGL | LWP | |
|---|---|---|---|---|---|---|
| 2013 | ||||||
| Sales | 57,584 | 11,255 | 11,223 | 83 | 0 | 0 |
| Other operating income | 1,139 | 4 | 0 | 70 | 0 | 19 |
| Cost of material | (79,778) | (5) | 0 | 0 | 0 | (143) |
| Purchased services | (10,278) | (1) | (11,223) | 0 | 0 | 0 |
| Other operating expenses | (75) | 247 | (46) | (69) | 0 | (1) |
| Interest cost | 0 | 0 | 0 | 0 | (61) | 0 |
| Interest income | 0 | 0 | 0 | 4 | 0 | 0 |
| 31/12/2013 | ||||||
| Trade receivables | 7,449 | 3,446 | 0 | 0 | 0 | 6 |
| Trade payables | 9,208 | 6 | 1 | 0 | 0 | 0 |
| Loan liabilities | 0 | 0 | 0 | 0 | 1,885 | 0 |
| Other liabilities | 0 | 10 | 0 | 0 | 0 | 0 |
| EFB | LPP | RVL | GSG | PGL | LWP | |
|---|---|---|---|---|---|---|
| 2012 | ||||||
| Sales | 58,829 | 11,825 | 11,716 | 92 | 0 | 0 |
| Other operating income | 1,027 | 0 | 0 | 80 | 0 | 20 |
| Cost of material | (77,335) | (5) | 0 | 0 | 0 | (192) |
| Purchased services | (11,296) | (1) | (11,716) | 0 | 0 | 0 |
| Other operating expenses | (452) | (255) | (2) | (75) | 0 | 0 |
| Interest cost | 0 | 0 | 0 | 0 | (70) | 0 |
| Interest income | 0 | 0 | 0 | 0 | 0 | 0 |
| 31/12/2012 | ||||||
| Trade receivables | 9,227 | 3,748 | 0 | 0 | 0 | 7 |
| Trade payables | 10,772 | 6 | 0 | 0 | 0 | 15 |
| Loan liabilities | 991 | 0 | 0 | 0 | 1,916 | 0 |
| Other liabilities | 0 | 0 | 0 | 0 | 0 | 0 |
Bad debt provisions on trade receivables from companies accounted for using the equity method in the amount of EUR 255 thousand were released to profit or loss in 2013 (2012: EUR 246 thousand were recognized as an expense).
Transactions for goods and services with related parties are generally conducted at arm's length conditions.
Lenzing AG has assumed proportionate liability for certain loans to a subsidiary of a company accounted for using the equity method (see Note 46).
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:
| Untersperger | Mag. Dr. Peter | Dipl.-Ing. Friedrich Weninger, MBA |
Mag. Thomas Winkler, LL.M. |
Total | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2013 | 2012 | 2013 2012 2013 2012 |
2013 | 2012 | ||||||
| Fixed current remuneration |
566 | 484 | 434 | 433 | 435 | 405 | 1,434 | 1,322 | ||
| Variable current remuneration |
318 | 548 | 352 | 357 | 39 | 476 | 708 | 1,381 | ||
| Termination pay | 0 | 0 | 0 | 0 | 1,620 | 0 | 1,620 | 0 | ||
| Total | 884 | 1,032 | 785 | 790 | 2,094 | 880 | 3,763 | 2,703 |
Of the amounts presented above totaling EUR 3,763 in financial year 2013 (2012: EUR 2,703 thousand), EUR 2,142 thousand in total (fixed and variable current remuneration; 2012: EUR 2,703 thousand) relate to short-term employee benefits and EUR 1,620 thousand in total (termination pay; 2012: EUR 0 thousand) relate to termination benefits. In addition, a total of EUR 300 thousand was provided in the 2013 financial year (2012: EUR 0 thousand) for entitlements derived from long-term bonus bank models (other long-term employee benefits). Moreover, the active members of the Management Board were granted post-employment benefits in the amount of EUR 245 thousand (2012: EUR 227 thousand) by providing for company pension and severance plans in the income statement and in other comprehensive income. The expenses for the active Supervisory Board members (short-term employee benefits in the form of remuneration for the Supervisory Board members including attendance fees) amounted to EUR 291 thousand for the 2013 financial year (2012: EUR 257 thousand). Hence, remuneration expensed for key management personnel which comprises active members of the Management Board and of the Supervisory Board of Lenzing AG amounts to EUR 4,599 thousand in 2013 ( 2012: EUR 3,187 thousand) in total.
The present value of the obligation for severance payments provided for active members of the Management Board amounts to EUR 748 thousand as of December 31, 2013 (December 31, 2012: EUR 646 thousand).
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) 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, as well as 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.
The principles of the remuneration system for the Management Board and the Supervisory Board are described in detail and published in the 2013 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 www.fma.gv.at).
Former members of the Management Board were granted post-employment benefits in the amount of EUR 240 thousand (2012: EUR 776 thousand) by providing for company pension and severance plans in the income statement and in other comprehensive income. The present value of the obligation for pensions after deduction of the fair value of plan assets (net obligation) provided in this context amounts to EUR 6,941 thousand as of December 31, 2013 (December 31, 2012: EUR 6,586 thousand).
Michael Junghans, Vienna Chairman
Veit Sorger, Vienna Vice-Chairman
Helmut Bernkopf, Vienna
Franz Gasselsberger, Linz (since April 24, 2013)
Josef Krenner, Linz
Martin Payer, Leoben
Patrick Prügger, Vienna
Andreas Schmidradner, Vienna
Astrid Skala-Kuhmann, Icking (Germany) (since April 19, 2012)
Walter Lederer, Vienna (until April 19, 2012)
Delegated by the Works Council
Rudolf Baldinger, Lenzing Chairman of the Company's Works Committee Chairman of the Blue-Collar Workers' Council
Georg Liftinger, Weyregg Deputy Chairman of the Company's Works Committee Chairman of the White-Collar Workers' Council
Gerhard Ratzesberger, Lenzing Deputy Chairman of the White-Collar Workers' Council
Johann Schernberger, Regau Deputy Chairman of the Blue-Collar Workers' Council
Peter Untersperger, Linz Chief Executive Officer (CEO) Chairman of the Management Board
Friedrich Weninger, Mondsee Chief Operating Officer (COO) Member of the Management Board
Thomas G. Winkler, Salzburg Chief Financial Officer (CFO) Member of the Management Board (until December 31, 2013)
As of December 31, 2013, the Group assumed EUR 0 thousand (December 31, 2012: EUR 583 thousand) in liability for a subsidiary of a company accounted for using the equity method. Furthermore, there are contingent liabilities, in particular to secure certain sold equity investments and suppliers, in the amount of EUR 15,387 thousand (December 31, 2012: EUR 2,287 thousand) and, to a lesser extent, retentions granted, that were not yet recognized as actual liabilities. The amounts shown represent the maximum financial risk to 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. It is considered unlikely that the Group will be required to make payments under these financial guarantees. A liability for these amounts has not been recognized, as the fair value was EUR 0 thousand as of the end of the reporting period (December 31, 2012: EUR 0 thousand).
The Lenzing Group reports obligations for severance payments and jubilee benefits for former employees of certain sold equity investments up to the amount of the notional claims as of the date of the sale. Provisions have been recognized for these obligations as of the end of the reporting period in the amount of the present value according to actuarial principles.
As of December 31, 2013, obligations for outstanding orders of intangible assets and property, plant and equipment amounted to EUR 34,321 thousand (December 31, 2012: EUR 119,977 thousand).
In addition, Lenzing AG in particular has assumed contingent liabilities to secure third-party claims against fully 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 risks. In particular, these include risks in the areas of product defects, competition and antitrust law, patent law, tax law, employee and environmental protection law. The Lenzing site has been used for industrial purposes for decades and therefore carries an inherent risk of environmental damage. In 1990, Lenzing AG was informed that there is an area of potential pollution here that was previously used as a sedimentation pond and could therefore be contaminated. The company sealed off the area to prevent contamination of the groundwater. 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 of December 31, 2013.
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.
NOTE 47
Group companies
In addition to Lenzing AG, the Lenzing Group includes the following Group companies (list of Group companies in accordance with section 245a para 1 in conjunction with section 265 para 2 of the Austrian Commercial Code (öUGB):
| Group companies | 31/12/2013 | 31/12/2012 | |||
|---|---|---|---|---|---|
| Currency | Share capital | Share | Share capital | Share | |
| Fully 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 | 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 | 100.00 | 25,000 | 100.00 |
| LENO Electronics GmbH, Lenzing, Austria |
EUR | 40,000 | 100.00 | 40,000 | 100.00 |
| Lenzing Beteiligungs GmbH, Lenzing, Austria3 | EUR | 35,000 | 100.00 | 35,000 | 100.00 |
| Lenzing Engineering and Technical Services (Nanjing) Co., Ltd., Nanjing, China | USD | 2,100,000 | 100.00 | 2,100,000 | 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., Hongkong | 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 Modi Fibers India Private Limited, Mumbai, India | INR | 1,118,064,800 | 96.31 | 1,118,064,800 | 96.31 |
| Lenzing (Nanjing) Fibers Co., Ltd., Nanjing, China | USD | 64,440,000 | 70.00 | 64,440,000 | 70.00 |
| Lenzing Plastics GmbH, Lenzing, Austria (or rather Lenzing Plastics GmbH & Co KG)4 | EUR | - | - | 35,000 | 100.00 |
| LP Automotive GmbH, Lenzing, Austria | EUR | 35,000 | 100.00 | 35,000 | 100.00 |
| Lenzing Technik GmbH, Lenzing, Austria | USD | 35,000 | 100.00 | 35,000 | 100.00 |
| Lyocell Holding Limited, Manchester, UK4 | USD | - | - | 1,000 | 100.00 |
| Penique S.A., Panama | USD | 5,000 | 100.00 | 5,000 | 100.00 |
| PT. South Pacific Viscose, Purwakarta, Indonesia1 | IDR | 72,500,000,000 | 92.851 | 72,500,000,000 | 90.561 |
| 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 |
| Tencel Holding Overseas Limited, St. Helier, Jersey4 | TRY | - | - | 1,001 | 100.00 |
| Member | Member | ||||
| Wasserreinhaltungsverband Lenzing – Lenzing AG, Lenzing, Austria | EUR | 0 | ship | 0 | ship |
| Companies accounted for using the equity method: | |||||
| EQUI-Fibres Beteiligungsgesellschaft mbH, Kelheim, Germany | EUR | 2,000,000 | 45.00 | 2,000,000 | 45.00 |
| Gemeinnützige Siedlungsgesellschaft m.b.H. für den Bezirk Vöcklabruck, Lenz ing, 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 |
| LKF Tekstil Boya Sanayi ve Ticaret Anonim Sirketi, Istanbul, Turkey | TRY | 200,000 | 33.34 | 200,000 | 33.34 |
| PT. Pura Golden Lion, Jakarta, Indonesia | IDR | 2,500,000,000 | 40.00 | 2,500,000,000 | 40.00 |
| 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 |
| WWE Wohn- und Wirtschaftspark Entwicklungsgesellschaft m.b.H., Vienna, Austria | EUR | 36,336 | 25.00 | 36,336 | 25.00 |
| Non-consolidated company: European Precursor GmbH, Kelheim, Germany2) 4) 6) |
EUR | 25,000 | 95.00 | 25,000 | 51.00 |
1) Thereof 4.77% indirect investment via PT. Pura Golden Lion, Jakarta, Indonesia, an associate of the Lenzing Group. The share of Group companies controlled by the Lenzing Group is thus 88.08% (December 31, 2012: 85.79%). 2) Under German Commercial Code (dHGB), this company's equity amounted to EUR -25,624 thousand as of December 31, 2012 (EUR -3,657 thousand as of December 31, 2011) and its loss for the year was EUR 29,282 thousand in 2012 (EUR 6,297 thousand in 2011). 3) Reporting date is Sept. 30, interim financial statements are prepared as of Dec. 31. 4) Deconsolidated in 2013. 5) The prior-year figures have been restated due to changes in presentation (see Note 2). 6) European Precursor GmbH was reported under fully consolidated companies as of December 31, 2012 (see Note 4).
The auditors' fees (expenses) of Lenzing AG break down as follows:
| Auditors' fees (expensed) | EUR '000 |
|
|---|---|---|
| 2013 | 2012 | |
| Audit of the annual financial statements (incl. consolidated financial statements) | 261 | 259 |
| Other assurance services | 46 | 55 |
| Other services | 0 | 7 |
| Tax advice | 146 | 191 |
| Total | 453 | 511 |
The expenses above relate to the service provided by Deloitte Audit Wirtschaftsprüfungs GmbH, Vienna, and Deloitte Tax Wirtschaftsprüfungs GmbH, Vienna. Fees for other assurance services chiefly consist of fees for the review of the consolidated half-year financial statements.
In the January 31, 2014 meeting of the Supervisory Board of Lenzing AG, Robert van de Kerkhof was appointed to serve as a Member of the Management Board and Chief Commercial Officer (CCO) for a period of three years starting on May 1, 2014.
The Lenzing Group has not been made aware of any further events significant to it after December 31, 2013 that would have resulted in a different presentation of the financial position and financial performance.
These consolidated financial statements were approved by the Management Board on March 4, 2014 (December 31, 2012: March 18, 2013) for review by the Supervisory Board, presentation to the Annual General 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 4, 2014
Lenzing Aktiengesellschaft
Peter Untersperger Friedrich Weninger Chief Executive Officer Chief Operating Officer Chairman of the Management Board Member of the Management Board
We have audited the accompanying consolidated financial statements of Lenzing Aktiengesellschaft, Lenzing, for the fiscal year from January 1, 2013 to December 31, 2013. These consolidated financial statements comprise the consolidated statement of financial position as of December 31, 2013, the consolidated income statement, the consolidated cash flow statement, the consolidated statement of other comprehensive income and the consolidated statement of changes in equity for the fiscal year ended December 31, 2013, and the notes.
The Company's management is responsible for the group accounting system and for the preparation and fair presentation of the consolidated financial statements in accordance with International Financial Reporting Standards (IFRSs) as adopted by the EU, and the additional requirements under Section 245a UGB. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; making accounting estimates that are reasonable in the circumstances.
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, as well as in accordance with International Standards on Auditing (ISAs) issued by the International Auditing and Assurance Standards Board (IAASB) of the International Federation of Accountants (IFAC). Those standards require that we comply with professional guidelines and that we 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, which is based on the results of our audit, 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, 2013 and of its financial performance and its cash flows for the fiscal year from January 1, 2013 to December 31, 2013 in accordance with International Financial Reporting Standards (IFRSs) as adopted by the EU.
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 Company'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 (Austrian Commercial Code) 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 (Austrian Commercial Code) are appropriate.
Vienna, March 4, 2014
Deloitte Audit Wirtschaftsprüfungs GmbH
Harald Breit Ulrich Dollinger Certified Public Accountant Certified Public Accountant
At seven meetings held during the 2013 financial year, the Supervisory Board of Lenzing AG was informed by the Management Board about the company's business development, discussed the further strategic development as well as important business transactions and measures with the Management Board and passed the required resolutions. 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 Chairman of the Supervisory Board were provided with information on a regular basis.
At its meeting held on November 13, 2013 the Supervisory Board of Lenzing AG approved the far-reaching cost optimization program excelLENZ 2.0 initiated by the Management Board. In this way Lenzing proactively reacted to the difficult market situation and the tougher price competition. The objective of excelLENZ 2.0 is to generate cost savings on an annualized basis of EUR 120 mn targeted for the end of 2015 and thus help Lenzing achieve cost leadership again. This will serve as a means of securing the long-term competitiveness of Lenzing on the market for man-made cellulose fibers.
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.
Two meetings of the Nomination Committee took place in the 2013 financial year, which in particular focused on the premature termination of the employment contract with the Management Board member Thomas G. Winkler, as well as the search and selection process for two Management Board candidates (CFO, CCO).
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. Eight meetings of the Remuneration Committee took place during the 2013 financial year, particularly dealing with the evaluation of the Management Board with respect to the 2012 financial year, defining performance targets for 2013, terminating the employment contract with Thomas G. Winkler, preparing employment contracts for two new Management Board members as well as discussing general remuneration issues pertaining to the Management Board.
The Supervisory Board established a Strategy Committee which deals with the business strategy of the company and monitors the strategic measures being implemented by the Management Board along with the relevant company-specific key performance indicators. In 2013 the Strategy Committee primarily addressed the issue of more intensely focusing on specialty fibers. Furthermore, the strategy implementation measures are subject to an ongoing monitoring and annual review by the Management Board. Three meetings of the Strategy Committee were held in 2013.
Further information pertaining to the composition and mode of operation of the Supervisory Board and its remuneration is available in the Corporate Governance Report.
The annual financial statements including the Management Report and Corporate Governance Report of Lenzing AG as well as the consolidated financial statements and the Group Management Report of the Lenzing Group as at 31 December 2013 were audited by Deloitte Audit Wirtschaftsprüfungs GmbH, Vienna and granted an unqualified auditor's opinion.
The Audit Committee of the Supervisory Board reviewed the annual 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 exhaustively 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 Shareholders' Meeting to serve as the auditors for the 2014 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 annual financial statements for 2013 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, according to which a dividend of EUR 46,462,500.00 or EUR 1.75 per no-par-value share is to be paid from the reported accumulated profits of EUR 151,216,955.03 and to carry forward the balance of EUR 104,754,455.03 to the new account.
The Supervisory Board agreed with the recommendation of the Audit Committee and will thus propose to the 70h Shareholders' Meeting to appoint Deloitte Audit Wirtschaftsprüfungs GmbH, Vienna, as the auditors for the annual financial statements of the 2014 financial year.
The Supervisory Board would like to thank the Management Board and all employees of the company for their commitment and hard work along with the good results achieved during the past financial year.
Vienna, March 20, 2014
Michael Junghans Chairman of the Supervisory Board
| Sales and result | 2013 | 2012 | 2011 | 2010 | 2009* | 2009 | 2008 | 2007 | 2006 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | EUR mn |
1,908.9 | 2,090.4 | 2,140.0 | 1,766.3 | 1,218.0 | 1,254.7 | 1,329.1 | 1,260.5 | 1,042.6 |
| Sales outside of Austria | % | 90.8 | 91.1 | 91.5 | 91.3 | 88.1 | 88.4 | 87.8 | 85.9 | 85.6 |
| Earnings before interest and taxes (EBIT) | EUR mn |
86.4 | 231.5 | 364.0 | 231.9 | 114.2 | 100.7 | 130.3 | 162.3 | 107.8 |
| Financial result | EUR mn |
(26.7) | (12.8) | (10.9) | (12.9) | (11.3) | (12.2) | (15.6) | (11.3) | (8.5) |
| Earnings before taxes (EBT) | EUR mn |
68.1 | 236.0 | 351.9 | 216.9 | 102.9 | 88.5 | 114.7 | 151.0 | 99.2 |
| Income tax expense | EUR mn |
(18.1) | (55.1) | (84.6) | (40.2) | (23.0) | (21.6) | (36.6) | (32.8) | (10.4) |
| Profit for the year | EUR mn |
50.0 | 180.9 | 267.4 | 169.9 | 66.8 | 66.8 | 78.7 | 117.6 | 88.4 |
| Profit for the year attributable to shareholders | ||||||||||
| of Lenzing AG | EUR mn |
50.1 | 175.6 | 258.7 | 159.1 | 64.4 | 64.4 | 77.7 | 109.6 | 83.9 |
| Cash flow | ||||||||||
| Gross cash flow | EUR mn |
94.6 | 248.0 | 435.3 | 282.3 | 147.4 | 140.9 | 157.8 | 203.6 | 146.9 |
| Gross cash flow as percentage of sales | % | 5.0 | 11.9 | 20.3 | 16.0 | 12.1 | 11.2 | 11.9 | 16.2 | 14.1 |
| Net cash from operating activities | EUR mn |
82.3 | 209.4 | 309.7 | 294.0 | 250.9 | 250.9 | 50.4 | 223.8 | 146.1 |
| Free cash flow7 | EUR mn |
(69.9) | (72.3) | 93.5 | 13.3 | 92.9 | 92.9 | (96.3) | (36.4) | 43.7 |
| Capital expenditure (intangible assets, prop | ||||||||||
| erty, plant and equipment) incl. investment in | ||||||||||
| non-controlling interests | EUR mn |
252.1 | 346.2 | 193.7 | 230.0 | 150.4 | 151.7 | 158.6 | 136.7 | 104.1 |
| Assets structure | ||||||||||
| Non-current assets/Total assets | % | 61.8 | 56.2 | 56.6 | 60.9 | 67.5 | 67.5 | 64.2 | 62.1 | 63.0 |
| Current assets/Total assets | % | 38.2 | 43.8 | 43.4 | 39.1 | 32.5 | 32.5 | 35.8 | 37.9 | 37.0 |
| Total assets | EUR mn |
2,439.9 | 2,632.7 | 2,340.5 | 1,963.4 | 1,447.2 | 1,447.2 | 1,415.8 | 1,308.6 | 1,061.7 |
| Capital structure | ||||||||||
| Adjusted equity1 | % | 45.5 | 43.8 | 44.8 | 38.6 | 42.0 | 42.0 | 42.7 | 44.8 | 51.1 |
| Post employment benefits | % | 3.1 | 3.8 | 3.7 | 4.2 | 5.7 | 5.7 | 6.2 | 6.3 | 7.0 |
| Liabilities (excl. post employment benefits) | % | 51.4 | 52.4 | 51.5 | 57.2 | 52.3 | 52.3 | 51.1 | 48.9 | 41.9 |
| Key data | ||||||||||
| Return on sales (ROS)2 | % | 3.1 | 9.2 | 12.8 | 10.8 | 7.0 | 5.7 | 7.1 | 10.6 | 7.8 |
| Return on capital employed (ROCE ) 3 |
% | 3.7 | 13.7 | 23.3 | 18.4 | 8.6 | 7.2 | 10.0 | 17.5 | 11.9 |
| Return on Equity (ROE ) 6 |
% | 4.4 | 16.4 | 29.6 | 24.5 | 11.0 | 11.0 | 13.2 | 20.8 | 17.2 |
| EBIT4 | EUR mn |
86.4 | 231.5 | 364.0 | 231.9 | 114.2 | 100.7 | 130.3 | 162.3 | 107.8 |
| EBIT margin | % | 4.5 | 11.1 | 17.0 | 13.1 | 9.4 | 8.0 | 9.8 | 12.9 | 10.3 |
| EBITDA5 | EUR mn |
225.4 | 352.4 | 480.3 | 330.6 | 187.9 | 182.0 | 200.8 | 229.3 | 169.3 |
| EBITDA margin | % | 11.8 | 16.9 | 22.4 | 18.7 | 15.4 | 14.5 | 15.1 | 18.2 | 16.2 |
| Earnings per share | EUR | 1.9 | 6.6 | 9.9 | 6.2 | 2.5 | 2.5 | 3.0 | 4.3 | 3.3 |
| Number of employees at year-end | 6,675 | 7,033 | 6,444 | 6,143 | 6,021 | 6,021 | 5,945 | 6,043 | 5,044 |
The computation of several ratios does not follow the recommendation for the computation of financial performance indicators as per Expert Opinion KFS/BW3 published by the Austrian Chamber of Chartered Accountants.
1) = Equity incl. government grants less prop. deferred taxes
2) = NOPAT (= Earnings before interest and taxes (EBIT) less associated deferred taxes) sales
3) = NOPAT
((The average of stockholders' equity and non-controlling interests
Interest bearing debt
Cash
Current and non-current securities and loans
Investments acounted for using the equity method and other financial assets) 01/01+31/12)/2 4) = Income before taxes and financial result
5) = EBIT plus amortization of intangible fixed assets and depreciation of property, plant and equipment less release of investment grants
6) = NOPAT
Average of adjusted equity
7) = From 2013 the cash flows relating to the investment in non-controlling interests are presented as part of the cash flow from financing activities. Prior year figures were adjusted.
*) Values adjusted according to IFRS 5
| Financial Calendar | 2014 |
|---|---|
| Final results 2013 | Fr, 21 March |
| 70th Shareholders' Meeting (in Lenzing) | Mo, 28 April |
Quotation ex dividend Wed, 30 April Dividend distribution Mo, 05 May Results 1st quarter Thu, 15 May Half-year results Thu, 21 August
Results 3rd quarter Thu, 13 November
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 AG. 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 AG represent estimates that were made on the basis of the information available as of 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.
Editorial deadline: March 20, 2014
| Lagebericht der Lenzing Aktiengesellschaft | 223 |
|---|---|
| Jahresabschluss der Lenzing Aktiengesellschaft nach österreichischem Unternehmensgesetzbuch (UGB) |
256 |
| Bestätigungsvermerk |
299 |
| 1 | Allgemeines Marktumfeld |
225 | |
|---|---|---|---|
| 1.1 | Weltwirtschaft225 | ||
| 1.2 | Weltfasermarkt226 | ||
| 1.2.1 Weiterhin schwaches Wachstum der Welt-Faserproduktion 226 |
|||
| 1.2.2 Neuerlicher Anstieg der Baumwolllagerbestände 226 |
|||
| 1.2.3 Anhaltendes Wachstum der Chemiefaserproduktion 227 |
|||
| 1.2.4 Neuerlich überdurchschnittliches Wachstum bei Man-made Cellulosefasern 228 |
|||
| 1.2.5 Keine spürbare Erholung der Faserpreise 228 |
|||
| 1.2.6 Viscosefaserpreise weltweit unter Druck 230 |
|||
| 2 | Entwicklung der Lenzing AG |
231 | |
| 3 | Bilanzstruktur und Liquidität | 232 | |
| 4 | Kennzahlen der Lenzing AG |
234 | |
| 5 | Die Lenzing Aktie | 236 | |
| 5.1 | Aktien-Performance 237 | ||
| 5.2 | Grundkapital und Aktionärsstruktur 238 | ||
| 5.3 | Stellung der Aktionäre 238 | ||
| 5.4 | Hauptversammlung 2013 und Dividendenpolitik 239 | ||
| 6 | Risikobericht | 239 | |
| 6.1 | Aktuelles Risikoumfeld 239 | ||
| 6.2 | Risikomanagement 240 | ||
| 6.3 | Risikomanagement Strategie 241 | ||
| Risikoanalyse (nach COSO® Framework) 6.3.1 |
241 | ||
| 6.3.2 Risikomitigation 241 |
|||
| 6.3.3 Verantwortlichkeit 241 |
|||
| 6.3.4 Risikoüberwachung/-kontrolle 241 |
|||
| 6.4 | I. Marktumfeldrisiken 242 | ||
| 6.4.1 Markt- / Substitutionsrisiko 242 |
|||
| 6.4.2 Absatzrisiko 242 |
|||
| 6.4.3 Innovationsrisiko und Wettbewerbsrisiko 242 |
|||
| 6.5 | II. Operative Risiken 243 |
| 6.5.1 | Beschaffungsrisiko (inkl. Zellstoffversorgung) 243 | |||
|---|---|---|---|---|
| 6.5.2 | Betriebliches Risiko und Umweltrisiko (inkl. Feuerschaden und Naturkatastrophen) 243 |
|||
| 6.5.3 | Produkthaftungsrisiko 244 | |||
| 6.6 | III. Finanzrisiken 244 | |||
| 6.6.1 | Währungsrisiko 244 | |||
| 6.6.2 | Kontrahentenrisiko 244 | |||
| 6.6.3 | Steuerrisiko 245 | |||
| 6.6.4 | Compliance 245 | |||
| 6.7 | IV. Personelle Risiken 245 | |||
| 6.7.1 | Nachfolgeplanung / qualifizierte Arbeitskräfte 245 | |||
| 6.8 | V. Sonstige Risiken 245 | |||
| 6.8.1 | Risiko durch Erweiterung der Produktionskapazität 245 | |||
| 6.9 | Verwendung von Finanzinstrumenten 246 | |||
| 6.9.1 | Finanzierungsrisiko 247 | |||
| 7 | Bericht über wesentliche Merkmale des internen Kontrollsystems (§ 243a Abs. 2 UGB) |
247 | ||
| 7.1 | Finanzberichterstattung 247 | |||
| 7.2 | Einhaltung gesetzlicher und unternehmensinterner Vorschriften 248 | |||
| 7.3 | Abbildung von Risiken außerhalb der Bilanz und GuV 249 | |||
| 8 | Forschung und Entwicklung | 249 | ||
| 8.1 | Prozessverbesserungen 249 | |||
| 8.2 | TENCEL® in Partikelform | 250 | ||
| 9 | Umwelt und Nachhaltigkeit | 251 | ||
| 9.1 | Responsible Care 251 | |||
| 10 | Mitarbeiter | 251 | ||
| 11 | Ausblick | 253 | ||
| 11.1 | Sozialplan für vom Sparprogramm betroffene Mitarbeiter 253 | |||
| 12 | Ereignisse nach dem Bilanzstichtag | 255 |
Die Weltwirtschaft verharrte auch im Jahr 2013 in einer Schwächephase. Für das Berichtsjahr ging der Internationale Währungsfonds (IWF) zuletzt von einem durchschnittlichen globalen Wachstum von 3,0% aus (nach 3,1% im Jahr 2012). Die schwächere Entwicklung der Weltkonjunktur war vorrangig auf die andauernde Rezession im Euro-Raum zurückzuführen. Dort hatten staatliche Einsparungsprogramme aufgrund der Staatsschuldenkrise in einigen Euro-Peripherie-Ländern zum Schrumpfen der Wirtschaft geführt. Dieser Nachfragerückgang aus Europa konnte auch in aufstrebenden Entwicklungs- und Schwellenländern nicht durch die Inlandsnachfrage ausgeglichen werden.
Für die westlichen Industriestaaten nahm der IWF für 2013 zuletzt ein BIP-Wachstum von 1,3% (nach 1,4% 2012) an. Die Wirtschaft der Eurozone schrumpfte demnach 2013 nur noch um 0,4% (nach 0,7% 2012). In den USA fiel das Wachstum mit 1,9% im Jahr 2013 geringer aus als im Vorjahresvergleichszeitraum (2,8%), ebenso in den Entwicklungs- und Schwellenländern mit 4,7% (nach 4,9% im Jahr 2012).
Für das angelaufene Jahr 2014 geht der IWF von einem durchschnittlichen Wachstum der Weltwirtschaft um 3,7% aus, wobei die Zuwächse größtenteils aus der konjunkturellen Erholung der Industriestaaten stammen werden. Dabei soll die Wirtschaft der Industriestaaten um 2,2% expandieren, jene der Entwicklungs- und Schwellenländer um 5,1%. Die Eurozone wird laut Einschätzung des Währungsfonds mit einem BIP-Zuwachs von 1,0% im Jahr 2014 die Wende von der Rezession in eine Erholungsphase schaffen.
Die volkswirtschaftliche Entwicklung in China bekommt immer größere Bedeutung für die globale Faserindustrie. China steckt mitten im Übergang von einer stark exportgetriebenen Wirtschaft mit hohem Ressourcenverbrauch und günstigen Lohnkosten zu einem nachhaltigeren Wachstumsmodell mit steigendem Binnenkonsum und steigenden Lohnkosten. Erste Zahlen für das Jahr 2013 zeigen, dass diese Politik greift, aber weitere konkrete Reformmaßnahmen erfordert. Der Einzelhandelsumsatz in China stieg mit 13,1%2 beinahe doppelt so schnell wie die Gesamtwirtschaft, ebenso wurden in den meisten Provinzen die Mindestlöhne im zweistelligen Bereich angehoben. Zudem war es 2013 das erklärte Ziel der chinesischen Wirtschaftspolitik, bestehende und drohende Überkapazitäten in einzelnen Industriebereichen zu reduzieren. Die chinesischen Zentralbehörden verfolgten daher 2013 eine sehr restriktive Geldpolitik, auch um das Schattenkredit-Bankensystem weiter einzuschränken.
Diese Transformation geht allerdings einher mit gegenüber den früheren Jahren deutlich niedrigeren BIP-Wachstumsraten. Für 2014 prognostizierte der IWF zuletzt beim chinesischen BIP ein Plus von 7,5% (nach 7,7% im Jahr 2013, was bereits einen Tiefststand markierte).
1 Vgl. IWF, World Economic Outlook Update, 21. Jänner 2014
2 Vgl. Xinhua news, "China expects 13-pct rise in 2014 retail sales", 23. Jänner 2014
Wie bereits im vorangegangenen Geschäftsjahr 2012 lag das Wachstum der Welt-Faserproduktion im Geschäftsjahr 2013 unter den Werten der Jahre 2010 und 2011. Ursache dafür war die noch immer unbefriedigende globale Konjunktur, die auch den privaten Konsum, insbesondere in Europa, entsprechend dämpfte. Aufgrund des weiteren Ausbaues der Produktionskapazitäten bei Chemiefasern und überdurchschnittlich hoher Baumwolllagerbestände herrschte am globalen Fasermarkt 2013 ein markantes Überangebot.
Nach ersten Schätzungen betrug der Anstieg der Welt-Faserproduktion im Berichtsjahr lediglich 1,6% und erhöhte sich von 84,0 Mio Tonnen auf 85,4 Mio Tonnen nach einem Anstieg um 2,8% im Jahr zuvor3 . Dieser Zuwachs ging wie in den Vorjahren fast ausschließlich auf höhere Produktionsmengen bei Chemiefasern in China zurück. Die chinesische Textilindustrie wiederum wies nach vorläufigen Schätzungen im Jahr 2013 ein Wachstum von 11,4%4 auf und konnte damit ihre Weltvormachtstellung weiter ausbauen. Es zeigt sich jedoch zunehmend eine Verflachung der Zuwachsraten hin zu einem moderateren Wachstum.
1.2.2 Neuerlicher Anstieg der Baumwolllagerbestände5
Die Baumwollproduktion ging zwar 2013 um rund 4,1% von 26,8 Mio Tonnen auf 25,7 Mio Tonnen zurück (nach einem Rückgang um 3,5% im Jahr zuvor). Dieses Minus war aber nicht ausreichend, um die sehr hohen globalen Lagerbestände abzubauen. Die Produktion lag immer noch über dem tatsächlichen Baumwollverbrauch, der nur um rund 1,1% auf 23,6 Mio Tonnen anstieg. Aus diesem Grund wird zum Ende des Baumwolljahres 2013/14 ein weiteres Anwachsen der Lagerstände auf den neuen absoluten Rekordwert von 19,9 Mio Tonnen (nach 17,8 Mio Tonnen) erwartet. Dies bedeutet, dass die globale Stock-to-Use-Ratio6 zu Jahresmitte 2014 voraussichtlich bei rund 84%5 einer Jahresernte liegen wird. In den vergangenen Jahren lag die Stock-to-Use-Ratio bei rund 50%.
Die Produktion von Wolle lag 2013 bei rund 1,1 Mio Tonnen (+0,7% gegenüber 2012).
3 Alle Produktionszahlen in diesem Kapitel wurden gegenüber den im Geschäftsbericht 2012 angeführten ersten Schätzungen auf die jeweils aktuellen Werte aktualisiert. Quellen: ICAC, CIRFS, Fiber Organon, CCFC, Handelsstatistik, Fiber Year, Lenzing Estimates 4 Quelle: CNTAC
5 Quelle: ICAC, 03. Februar 2014 6 Diese Maßzahl beschreibt die Überdeckung der Lagerbestände gegenüber dem tatsächlichen Verbrauch
| Fasern | |||||
|---|---|---|---|---|---|
| Chemiefasern (Man-made Fasern) | |||||
| Naturfasem | aus natürlichen Polymeren |
aus synthetischen Polymeren |
aus anorganischen Substanzen |
||
| aus Eiweiß | aus Cellulose | aus Cellulose | aus Eiweiß | Polyester Polyamid |
Carbon Keramik |
| Wolle Seide Angora Kaschmir etc. |
Baumwolle Leinen Hanf Jute etc. |
Viscose Modal Lyocell Cupro Acetat etc. |
Kasein Kollagen Ardein Zein |
Polypropylen Polyurethan (Elastan) Acryl Polytetrafluor- ethylen |
Glas Metall |
Die globale Chemiefaserproduktion wuchs 2013 ungeachtet des unbefriedigenden Endverbrauches nach vorläufigen Zahlen wie im vorangegangenen Jahr 2012 um 4,3% von 56,1 Mio Tonnen auf einen neuen Rekordwert von 58,5 Mio Tonnen an. Rund drei Viertel der Chemiefaserproduktion entfielen auf die Synthesefaser Polyester, wo ein Zuwachs um 4,0% erreicht wurde. Stark gestiegen ist zudem die Produktion von Polyamidfasern mit einem Plus von 3,9%. Die Produktion von Polypropylenfasern wuchs geringfügig (+1,1%); Acrylfasern stagnierten.
Die stärksten Zuwächse gab es 2013, wie in all den Jahren zuvor, in China mit plus 6,1% (nach 10,1% im Jahr zuvor) auf nunmehr rund 38,5 Mio Tonnen. Der Anteil Chinas an der Welt-Chemiefaserproduktion lag 2013 unverändert bei rund 65%. Die höchste prozentuelle Zuwachsrate mit 8,2% verbuchte im Berichtsjahr Indonesien (auf 1,4 Mio Tonnen). Produktionszuwächse gab es ferner in den USA, Thailand und in der Türkei. In den meisten anderen Ländern und Regionen wie Westeuropa stagnierte die Chemiefaserproduktion oder sie war wie etwa in Indien, Brasilien und Mexiko rückläufig.
Der nun bereits seit vielen Jahren signifikant über dem Gesamtmarkt liegende Wachstumstrend bei Man-made Cellulosefasern setzte sich auch 2013 fort. Nach einem Produktionszuwachs von 12,9% im Jahr 2012 stieg die Gesamtproduktion im Berichtsjahr 2013 nach vorläufigen Schätzungen um 9,6% auf den neuen Rekordwert von 5,8 Mio Tonnen. Davon entfielen rund 4,4 Mio Tonnen auf das relevante Segment Cellulose-Stapelfasern, was einem deutlichen Zuwachs entsprach. Neue Produktionskapazitäten wurden 2013 großteils in China in Betrieb genommen. Die Mehrproduktion ist auch auf eine höhere Auslastungsquote der chinesischen Viscosefaserindustrie zurückzuführen, die um etwa 10 Prozentpunkte auf ca. 85% zulegte.
Der Baumwollpreis gilt als eine der wichtigsten Benchmarks für die Preise der gesamten Faserindustrie. Der durchschnittliche Cotton "A" Index belief sich im Geschäftsjahr 2013 auf 90,4 US-Cent/Pfund und blieb damit de facto unverändert zum Vorjahr 2012 mit einem Durchschnittswert von 89,1 US-Cent/Pfund.
Die langfristige Entwicklung zeigt die nachfolgende Grafik:
Nach den spekulativen Übertreibungen der Jahre 2010/11 und dem darauffolgend scharfen Preisrückgang verlor die Preisentwicklung deutlich an Dynamik. Zwar wurde der Baumwollpreis dadurch besser kalkulierbar, er birgt aber durch die Dominanz von China und die intransparente Bevorratungspolitik weiterhin nicht zu unterschätzende Risiken.
Die Bedeutung des chinesischen Fasermarktes für die globale Faserpreissituation stieg 2013 weiter an. Der Großteil der Baumwolllagerbestände befindet sich nach Einschätzung von Marktanalysten in China, wo nun bereits seit mehreren Jahren eine staatlich initiierte Bevorratungspolitik betrieben wird. Ende der Baumwollernte-Saison 2012/13 (Ende Juli/Anfang August 2013) lag die Stock-to-Use-Ratio in China bei rund 116%. Dieser Wert wird 2013/14 voraussichtlich auf rund 147% steigen. China verfolgte 2013 weiterhin eine klare Schutzpolitik für die chinesischen Baumwollpflanzer durch bis zu 40% über dem Weltmarkt liegende Ankaufspreise.
Die Preise (USD/kg) für die wichtigsten Stapelfasern auf dem weltweit größten Fasermarkt China entwickelten sich daher unterschiedlich.
Baumwolle zeigte am chinesischen Markt mit einem Jahres-Durchschnittspreis von CNY 19,24 pro kg einen leichten Aufwärtstrend. Die Polyesterpreise blieben im Jahresverlauf mit CNY 10,27 pro kg weitgehend stabil, aber unter dem Preisniveau von 2012. Die Preise für Viscosefasern gaben aber weiter nach.
Die globalen Viscosestapelfaserpreise standen über das gesamte Jahr betrachtet unter Druck, da die Preise in China stetig nachgaben. Hauptursache dafür waren die noch immer bestehenden chinesischen Viscosefaser-Überkapazitäten. Zudem fuhren die chinesischen Hersteller zur Cash-Generierung ihre Kapazitäten selbst bei unbefriedigender Ertragslage möglichst hoch aus. In einigen Fällen wurden Fasern sogar zu Cashkosten auf Termin verkauft. Dieses Verhalten wurde durch teilweise niedrigere Preise für chinesischen Zellstoff, dem wichtigsten Rohstoff für die Viscosefasererzeugung, noch unterstützt. Niedrige Preise
bei hoher Kapazitätsauslastung führten in der Folge zu Marktanteilsgewinnen der chinesischen Hersteller.
Der über dem Weltmarkt liegende Baumwollpreis in China führte zudem zu massiven Baumwollgarnimporten nach China und damit auch zu einer rückläufigen lokalen Mischgarnproduktion. Eine große Anzahl chinesischer Baumwollspinnereien musste in Folge ihren Betrieb einstellen. Auch dies hatte letztlich einen negativen Effekt auf die Viscosefaserpreise in China. Sie erreichten am Spotmarkt7 im Februar 2013 mit CNY 14.980 ihren Jahreshöchststand und sanken bis Jahresende 2013 auf CNY 12.280. Dies entsprach einem Rückgang von rund 18%. Im Jahr zuvor war bereits ein Preisrückgang von 23% verzeichnet worden.
Die unbefriedigenden Viscosefaserpreise in China stimulierten chinesische Faserexporte, da die Viscosepreise außerhalb Chinas noch leicht über den Inlandspreisen lagen. Dies führte im Jahresverlauf dazu, dass die Viscosefaserpreise für textile Anwendungen auch auf den volumensmäßig wichtigen Absatzmärkten Indonesien, Pakistan und Türkei, und letztlich dann auch auf allen Märkten der Welt, nachgaben.
Der Geschäftsverlauf der Lenzing AG war 2013 von guter Mengennachfrage bei sinkenden Durchschnittserlösen gekennzeichnet. Trotz einer neuen Rekordversandmenge und ganzjähriger Vollauslastung der Faser-Produktionskapazitäten sank der Umsatz von EUR 766,1 Mio im Geschäftsjahr 2012 um 2,6% auf EUR 746,4 Mio. Ein Teil der schwachen Preisentwicklung bei Standardfasern konnte nur durch eine höhere Produktion von hochwertigen Modalfasern aufgefangen werden.
Die Aufwendungen für Material und sonstige bezogene Herstellleistungen stiegen von EUR 410,2 Mio auf EUR 430,6 Mio. Darin widerspiegeln sich vor allem die gestiegenen Holzpreise aufgrund der starken Nachfrage aus dem Bereich der energetischen Holznutzung. Andererseits wurden Erfolge des ersten Teiles des Kosteneinsparungsprogrammes excelLENZ bereits im Geschäftsjahr 2013 wirksam. Zudem gab es bei Chemikalien stabile bzw. leicht sinkende Marktpreise. Ebenso konnten dank excelLENZ bei den sonstigen betrieblichen Aufwendungen substanzielle Einsparungen, etwa bei Logistik und Rohstoffen, erreicht werden.
Der Personalaufwand stieg von EUR 158,9 Mio um 16,2% auf EUR 184,6 Mio. Hauptursache dafür war die Bildung einer Vorsorge für den Sozialplan in Zusammenhang mit dem Personalkosten-Einsparungsprogramm excelLENZ 2.0. Weiters führte ein Zuwachs bei den Beschäftigtenzahlen infolge des Vorlaufes der neuen TENCEL® Anlage sowie die jährliche Kollektivvertragsrunde zu Mehrkosten.
Die sich daraus ergebende Preis-Kosten Schere hatte einen Rückgang des EBITDA (Ergebnis vor Abschreibungen, Zinsen und Steuern) von zuvor EUR 145,5 Mio auf EUR 82,7 Mio im Geschäftsjahr 2013 zur Folge. Dies entsprach einer EBITDA-Marge von 11,1% (nach 19,0%). Das EBIT (Ergebnis vor Zinsen und Steuern) des Geschäftsjahres 2013 betrug EUR 76,8 Mio (nach EUR 103,7 Mio im Geschäftsjahr 2012).
7 Quelle: ccfgroup.com
Das Finanzergebnis stieg von EUR 1,8 Mio auf EUR 38,2 Mio an. Dies resultierte aus einer phasengleich vereinnahmten Gewinnausschüttung der nicht-operativen Tochtergesellschaft Lenzing Fibers Holding GmbH in Höhe von EUR 50 Mio. Über diese Gesellschaft hält die Lenzing AG insbesondere alle Anteile der operativen TENCEL® Tochtergesellschaften in den USA, Großbritannien sowie Österreich. Der Anstieg der Zinsaufwendungen war Folge der höheren Nettoverschuldung. Die Lenzing AG konnte sich allerdings durch die Aufstockung der begebenen Schuldscheindarlehen günstige Konditionen sichern. Die Abschreibungen aus Finanzanlagen beinhalten Sondereffekte aus Wertberichtungen bei der indischen Projektgesellschaft Lenzing Modi Fibers India, da der Bau des geplanten Viscosefaserwerkes in Indien aufgrund der unbefriedigenden Marktsituation auf unbestimmte Zeit verschoben wurde.
Das Ergebnis der gewöhnlichen Geschäftstätigkeit betrug damit EUR 63,8 Mio (nach EUR 92,6 Mio im Jahr zuvor). Der Jahresüberschuss sank auf EUR 56,9 Mio nach EUR 79,4 Mio. Unter Hinzurechnung des Gewinnvortrages aus dem Vorjahr ergab sich ein Bilanzgewinn der Lenzing AG von EUR 151,2 Mio (nach EUR 147,1 Mio).
Die Investitionen in immaterielle Vermögensgegenstände und Sachanlagen stiegen von EUR 125,0 Mio im Geschäftsjahr 2012 auf den neuen Rekordwert von EUR 154,6 Mio. Ursache für die hohen Investitionen war der Bau der neuen TENCEL® Anlage mit einem Gesamt-Investitionsvolumen von rund EUR 150 Mio sowie unaufschiebbare Erneuerungsinvestitionen für Energie und Infrastruktur.
Das bereinigte Eigenkapital der Lenzing AG entwickelte sich im Geschäftsjahr 2013 stabil und betrug zum Bilanzstichtag 31. Dezember 2013 EUR 590,5 Mio (nach EUR 587,3 Mio). Damit lag die Eigenkapitalquote zu Jahresende 2013 bei rund 45% der Bilanzsumme (zuvor 43%). Die Nettofinanzverschuldung stieg auf EUR 311,3 Mio (nach EUR 144,7 Mio Ende 2012). Dies ergab sich aus der Finanzierung der Investitionen am Standort Lenzing sowie Finanzierungsaufwendungen für die Tochtergesellschaften der Lenzing AG.
Das Finanzanlagevermögen ging von zuletzt EUR 410,5 Mio auf EUR 361,4 Mio Ende 2013 zurück. Dies lag in der Tilgung von Wertpapieren zur Erhöhung der Liquidität und Abwertungen bei der indischen Projektgesellschaft Lenzing Modi Fibers India. Der Anstieg der Forderungen gegenüber verbundenen Unternehmen auf EUR 150,2 Mio (nach EUR 77,1 Mio) war vorwiegend die Folge der Finanzierung von Konzern-Tochtergesellschaften über die Lenzing AG im Rahmen des neu eingeführten Cash-Managements der Lenzing Gruppe.
Bei den Verbindlichkeiten wurde eine weitere Tranche Schuldscheine begeben, deren Bestand somit auf EUR 213,5 Mio (nach EUR 184,5 Mio) anstieg. Die Verbindlichkeiten gegenüber Kreditinstituten wurden im Gegenzug abgebaut.
Die liquiden Mittel der Lenzing AG sanken Ende 2013 plangemäß insbesondere aufgrund der hohen Finanzierungserfordernisse für den Bau der TENCEL® Großanlage auf EUR 137,2 Mio, nachdem sie Ende 2012 aus diesem Grund auf EUR 282,0 Mio aufgebaut worden waren.
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 2013 keine Risiken bekannt, die den Bestand des Unternehmens im Geschäftsjahr 2014 gefährden könnten.
| Ergebnissituation | 2013 | 2012 | 2011 |
|---|---|---|---|
| EUR Mio | EUR Mio | EUR Mio | |
| Umsatz | 746,36 | 766,13 | 839,52 |
| EBITDA1 | 82,72 | 145,51 | 233,26 |
| EBITDA-Marge2 | 11,08% | 18,99% | 27,78% |
| EBIT3 | 76,83 | 103,72 | 183,57 |
| Ergebnis der gewöhnlichen Geschäftstätigkeit | 63,83 | 92,63 | 171,99 |
| und Sachanlagen) | 2013 | 2012 | 2011 |
|---|---|---|---|
| EUR Mio | EUR Mio | EUR Mio | |
| Investitionen | 154,61 | 125,00 | 59,56 |
| Abschreibungen | 57,67 | 56,16 | 58,06 |
| Kapitalstruktur / Rentabilität | 2013 | 2012 | 2011 |
|---|---|---|---|
| EUR Mio | EUR Mio | EUR Mio | |
| Fremdkapital (ohne Sozialkapital) am Bilanzstichtag | 646,15 | 684,04 | 550,66 |
| Sozialkapital am Bilanzstichtag | 76,02 | 85,22 | 75,37 |
| Bereinigtes Eigenkapital am Bilanzstichtag4 | 590,48 | 587,26 | 574,49 |
| Bereinigte Eigenkapitalquote | 44,98% | 43,29% | 47,85% |
| ROE in %5 | 10,84% | 15,95% | 35,09% |
| ROI in %6 | 5,76% | 8,11% | 16,52% |
| Nettoumlaufvermögen am Bilanzstichtag | 244,07 | 314,72 | 157,39 |
| Nettoverschuldung am Bilanzstichtag7 | 387,27 | 229,95 | 121,26 |
| Nettoverschuldungsgrad am Bilanzstichtag8 | 65,59% | 39,16% | 21,11% |
| Nettofinanzverschuldung am Bilanzstichtag9 | 311,25 | 144,73 | 45,88 |
| Cashflow | 2013 | 2012 | 2011 |
|---|---|---|---|
| EUR Mio | EUR Mio | EUR Mio | |
| Cashflow aus der Betriebstätigkeit | 44,79 | 94,32 | 139,57 |
| Cashflow aus der Investitionstätigkeit | -120,26 | -104,44 | -86,10 |
| Cashflow aus der Finanzierungstätigkeit | -69,36 | 92,97 | 19,48 |
| Veränderung der liquiden Mittel | -144,83 | 82,85 | 72,93 |
| Anfangsbestand liquide Mittel | 281,98 | 199,13 | 126,20 |
| Endbestand liquide Mittel | 137,15 | 281,98 | 199,13 |
| Börsenkennzahlen | 2013 | 2012 | 2011 |
|---|---|---|---|
| EUR Mio | EUR Mio | EUR Mio | |
| Grundkapital am Bilanzstichtag | 27,6 | 27,6 | 27,6 |
| Anzahl der Aktien am Bilanzstichtag in Stk. | 26.550.000 | 26.550.000 | 26.550.000 |
| Börsenkapitalisierung | 1.105,4 | 1.811,2 | 1.697,6 |
| Aktienkurs am Bilanzstichtag in EUR | 41,64 | 68,22 | 63,94 |
1) EBITDA = Betriebsergebnis (Zwischensumme aus Ziffer 1 bis 8) + Abschreibungen auf immaterielle Gegenstände des Anlagevermögens und Sachanlagen - Zuschreibungen auf immaterielle Gegenstände des Anlagevermögens und Sachanlagen - Auflösung Investitionszuschüsse der öffentlichen Hand (Die Vergleichszahl 2011 wurde an diese Definition angepasst)
2) EBITDA-Marge = EBITDA/Umsatzerlöse
3) EBIT = Ergebnis der gewöhnlichen Geschäftstätigkeit + Zinsen und ähnliche Aufwendungen
4) Bereinigtes Eigenkapital = Eigenkapital + unversteuerte Rücklagen + Investitionszuschüsse - anteilige Ertragsteuern
5) Eigenkapitalrentabilität (ROE) = Ergebnis der gewöhnlichen Geschäftstätigkeit/Ø bereinigtes Eigenkapital Ø bereinigtes Eigenkapital = Durchschnitt des bereinigten Eigenkapitals zum 31.12.2013 und 31.12.2012
6) Gesamtkapitalrentabilität (ROI) = EBIT/Ø Gesamtkapital Ø Gesamtkapital = Durchschnitt des Gesamtkapitals zum 31.12.2013 und 31.12.2012
7) Nettoverschuldung = Verzinsliches Fremdkapital abzüglich Kassenbestand, Guthaben bei Kreditinstituten, Wertpapieren des Umlaufvermögens und des Anlagevermögens, soweit diese in Zusammenhang mit verzinslichem Fremdkapital stehen
8) Nettoverschuldungsgrad = Nettoverschuldung/bereinigtes Eigenkapital
9) Nettofinanzverschuldung = Verzinsliches Fremdkapital ohne Personalrückstellungen abzüglich Kassenbestand, Guthaben bei Kreditinstituten, Wertpapieren des Umlaufvermögens und des Anlagevermögens, soweit diese in Zusammenhang mit verzinslichem Fremdkapital stehen
Die Lenzing Aktie notiert im Prime Market der Wiener Börse und ist als eines der 20 größten börsennotierten Unternehmen Österreichs im Leitindex ATX gelistet.
2013 lag der durchschnittliche Tagesumsatz bei EUR 2,8 Mio. Im Gesamtjahr wurden insgesamt 11.050.126 Stück gehandelt. Dies entspricht einem Geldumsatz von EUR 705.410.927,50. Die Marktkapitalisierung lag zum Jahresultimo (30.12.) bei EUR 1.105.409.250,00. Damit erreichte die Lenzing AG im ATX beim Börsenumsatz Rang 13 und bei der Marktkapitalisierung Rang 19.
Lenzing ist außerdem unter anderem im Wiener Börsenindex WBI sowie im VÖNIX (VBV Österreichischer Nachhaltigkeitsindex) gelistet. Zur Erstellung dieses Nachhaltigkeitsindex wurden rund 60 der größten österreichischen Unternehmen an der Wiener Börse analysiert und anhand von 100 einzelnen Umwelt- und Sozialkriterien beurteilt. 21 dieser Unternehmen gehören dem aktuellen VÖNIX an. Die Lenzing AG ist seit dem Jahr 2005 durchgehend gelistet.
| ISIN | AT 0000644505 |
|---|---|
| Börsenkürzel | LNZ |
| Bloomberg | LNZ:AV |
| Reuters | LNZNF.PK |
| Börsenzulassung | Wiener Börse |
| Erstnotiz | 19.09.1985 |
| Indizes | ATX Prime, VÖNIX, WBI |
| Aktiengattung | Stammaktien |
| Anzahl Aktien | 26.550.000 |
| Grundkapital | EUR 27.574.071,43 |
| Geschäftsjahr | 1.1. bis 31.12. |
| Stückumsatz | 11.050.126 |
|---|---|
| Durchschnitt Tagesumsatz | EUR 2,8 Mio |
| Geldumsatz | EUR 705.410.927,50 |
| Jahreshöchstkurs | EUR 75,92 |
| Jahrestiefstkurs | EUR 40,94 |
| Schlusskurs 30.12. | EUR 41,64 |
| Jahresperformance | -40,18% |
| Marktkapitalisierung 30.12. | EUR 1.105.409.250,00 |
| Rang Börsenumsatz | 13 |
| Rang Marktkapitalisierung | 19 |
Die Weltbörsen entwickelten sich 2013 in Folge der lockeren Geldpolitik der Notenbanken überaus positiv. Der MSCI-World Index verbuchte einen Zuwachs von rund 24% von 1.339 zu Jahresbeginn auf einen Wert von 1.661 zum Ultimo 2013. Der Eurostoxx 50 startete mit 2.711,25 Punkten in das Börsenjahr und stand zu Jahresende 2013 bei 3.109,00 Punkten, ein Plus von rund 15%. Der japanische Leitindex Nikkei legte gar um 56% zu, das war das beste Ergebnis seit mehr als vier Jahrzehnten. Auch der deutsche DAX erreichte neue Rekordstände und überschritt erstmals die 9.500 Punkte-Marke. Insgesamt verzeichnete der DAX 2013 ein Plus von 25,5%.
Der Wiener Leitindex ATX konnte im Jahr 2013 mit der rasanten Entwicklung an den internationalen Börsen nicht Schritt halten. Trotz stetigem Aufwärtstrend ab Juni ging sich für das Gesamtjahr nur ein Plus von rund 6% aus. Der ATX stand zu Jahresbeginn 2013 bei 2.402,22 Punkten und hielt zu Jahresende bei 2.546,54 Punkten.
Das schwierige Marktumfeld für die Lenzing AG in der weltweiten Faserindustrie spiegelte sich im Jahr 2013 auch in der Aktienkursentwicklung des Unternehmens wider. Die Lenzing Aktie startete zum Jahresauftakt mit EUR 69,60 und stieg zunächst auf den Jahreshöchstkurs von EUR 75,92 am 8. Februar 2013. Nach Bekanntgabe eines verhaltenen Jahresausblicks am 22. März gab der Kurs auf unter EUR 70 nach. Ab Juni wurde dann auch die 60-EUR-Marke unterschritten. Bis in den November bewegte sich die Lenzing Aktie im Bereich zwischen EUR 52 und EUR 59, um dann infolge der Gewinnwarnung vom 13. November unter die 50-EUR-Marke abzurutschen. Das Jahrestief wurde am 13. Dezember bei EUR 40,94 erreicht. Der Jahresschlusskurs lag zum 30. Dezember 2013 bei EUR 41,64. Dies entspricht einer Jahresperformance von -40,18%. Im Jänner 2014 kehrte sich die Entwicklung dann um und die Aktie kletterte innerhalb von drei Wochen auf knapp EUR 48,00. Dies entspricht einem Plus von über 14%. Gegenüber dem Jahrestiefstand 2013 stieg die Lenzing Aktie bis Ende Februar 2014 um 10,8%.
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 langfristiger, industriell 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 Aktienbesitzes gliedert sich folgendermaßen auf (Stand 31.01.2014):
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.
Es gibt keine Aktien mit besonderen Kontrollrechten und es besteht derzeit kein Aktienrückkaufprogramm. Hinsichtlich der Mitglieder des Vorstandes und des Aufsichtsrates bestehen keine über das Gesetz hinausgehenden Bestimmungen betreffend deren Bestellung und Abberufung.
Die 69. ordentliche Hauptversammlung der Lenzing AG fand am 24. April 2013 in Wien statt. Alle Beschlussfassungspunkte erhielten mehr als 99% Zustimmung. Der Entlastung des Vorstands sowie der Vorschlag zur Verwendung des Bilanzgewinns wurden zu 100% zugestimmt.
Dividendenkontinuität hat für die Lenzing AG einen hohen Stellenwert. Deshalb wurde im Jahr 2013 beschlossen, eine Minimumdividende von EUR 1,75 einzuführen. Für das Geschäftsjahr 2012 beschloss die Hauptversammlung eine Dividende in Höhe von EUR 2,00 je Aktie. Dieser Betrag setzte sich zusammen aus der Minimumdividende von EUR 1,75 sowie EUR 0,25 Jubiläumsbonus anlässlich des 75-jährigen Bestehens des Unternehmens. Die Ausschüttungsquote lag damit bezogen auf den Bilanzgewinn bei 36,1%.
Für das Geschäftsjahr 2013 werden Vorstand und Aufsichtsrat der Lenzing Gruppe der 70. ordentlichen Hauptversammlung im Sinne der Dividendenkontinuität am 28. April 2014 die Zahlung der Minimumdividende von EUR 1,75 vorschlagen. Die Hauptversammlung wird in Lenzing stattfinden, wo sich der Sitz der Gesellschaft befindet.
Aktuelle Überkapazitäten bei Viscosefasern und das "All-Time High" der Baumwolllagerbestände stellen ein schwer einzuschätzendes Risiko für die kurz- und mittelfristige Faserpreisentwicklung dar. Das Internationale Cotton Advisory Committee (ICAC) schätzt die weltweiten Baumwolllagerbestände auf 19,9 Millionen Tonnen bis zum Ende der laufenden Saison (Ende Juli 2014), wobei alleine auf China 11,5 Millionen Tonnen – dies entspricht einer Lagerreichweite von ca. 1,5 Jahren – entfallen8 . Vor diesem Hintergrund ist im Jahr 2014 im Man-made Cellulosefaser-Segment weiterhin mit einem schwierigen Marktumfeld zu rechnen.
Das angespannte Preisumfeld zeigte sich bei den chinesischen Spotmarktpreisen für Viscosestapelfasern, die im Jahresverlauf 2013 um 15% auf ein Tief von 12.280 CNY/Tonne fielen und seither erst leicht wieder gestiegen sind (Preis per 23. Jänner 2014: 12.400 CNY/Tonne, Preis per 28. Februar 2014: 12.300 CNY/Tonne).
Der Zellstoffmarkt stagnierte im Laufe des Berichtsjahres auf einem Preisniveau von ca. 900 USD/Tonne. Die Zellstoffversorgung der Lenzing Faserproduktionsstandorte gilt für das Jahr 2014 als ausreichend gesichert. Der Eigenversorgungsanteil inklusive langfristiger Lieferverträge liegt bei ca. 90%.
Die Rohstoffpreise für Chemikalien sowie die Energiepreise bewegten sich im Jahresverlauf 2013 aufgrund der konjunkturbedingten schwachen Nachfrage leicht nach unten. Massive Risiken in Folge von starken Preisschwankungen sind derzeit kurzfristig nicht zu erwarten.
8 Quelle: ICAC Presseaussendung, 03. Februar 2014
Allgemeine Risiken wie Naturkatastrophen, Feuer- oder Explosionen, Umweltschäden und Haftungsrisiken stellen ein hohes Schadenspotenzial für die Gruppe dar und werden daher hoch eingestuft. Im März 2013 gab es ein Brandereignis am Standort Heiligenkreuz, das versicherungstechnisch abgedeckt war.
Die Errichtung der neuen TENCEL® Großanlage am Standort Lenzing verläuft planmäßig. Sämtliche noch nicht begonnene Ausbauprojekte, insbesondere im Bereich Viscosefaser, wurden aufgrund der angespannten Marktlage vorerst gestoppt. Darunter fällt auch der geplante Bau einer Viscosefaserfabrik in Indien.
Der Vorstand der Lenzing AG und die ihm jeweils zugeordneten Einheiten übernehmen gemeinsam mit den Leitern dieser Abteilungen umfangreiche Steuerungs- und Controllingaufgaben im Rahmen eines internen, alle Standorte umfassenden integrierten Kontrollsystems. Lenzing hat mit Stichtag 1. Jänner 2014 seine Organisation auf eine funktionale Ebene umgestellt, um vor allem für den steigenden Wettbewerb in Asien in Zukunft noch besser positioniert zu sein. Das rechtzeitige Erkennen, Evaluieren und Reagieren auf strategische und operative Risiken ist ein wesentlicher Bestandteil der Führungstätigkeit dieser Einheiten.
Ein einheitliches und konzernweites, auf Monatsbasis aufgebautes Berichtswesen und eine laufende Überwachung der operativen und strategischen Pläne sind Grundlage dafür.
Lenzing verfügt weiters über ein unternehmensweites Risikomanagement-System, welches die zentrale Koordination und Überwachung des Risikomanagement-Prozesses für den gesamten Konzern innehat. Das zentrale Risikomanagement erfasst und bewertet gemeinsam mit den operativen Einheiten die wesentlichsten 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 eine entsprechende Deckung zuzukaufen.
Lenzing verfolgt bei seiner Risikomanagement-Strategie einen Ansatz, der sich in vier Schritte aufteilt:
Das zentrale Risikomanagement führt regelmäßig "Risiko-Assessments" an sämtlichen Produktionsstandorten 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 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 ergibt sich aufgrund der bestehenden Organisation.
Im Berichtsjahr wurde die Funktionsfähigkeit des Risikomanagementsystems der Lenzing AG bereits zum zweiten Mal 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/konzern/investor-center/corporate-governance.html hinterlegt.
Das Management bespricht in regelmäßigen Meetings die Entwicklung der jeweiligen Risikokategorien mit dem Risikomanagement. Die wesentlichen Risiken werden halbjährlich neu bewertet und fließen in die Berichterstattung mit ein.
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 Risikomanagement stellt Lenzing nur solche wesentlichen Risiken dar, welche im ordentlichen Rechnungslegungswerk (Bilanz, Gewinnund Verlustrechnung) nicht abgebildet sind.
Strategische Marktrisiken werden auf Basis von Marktberichten, sowie intern erstellter Marktanalysen, in monatlich stattfindenden Verkaufsbesprechungen gemeinsam mit der internen Marktforschung bewertet.
9 The Committee of Sponsoring Organizations of the Treadway Commission
Insgesamt wurden vom Risikomanagement 29 Risiken identifiziert und in fünf 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.
Am Weltfasermarkt herrscht nach wie vor ein hohes Überangebot an Baumwolllagerbeständen, welches ein Anhalten des starken Preisdrucks auf die gesamte Faserindustrie auch im Jahr 2014 erwarten lässt.
Diesem Risiko wirkt Lenzing durch einen bereits bestehenden hohen Spezialitätenanteil im globalen Produktportfolio entgegen, der in Zukunft durch den weiteren Ausbau der TENCEL® Faserproduktion weiter erhöht werden soll. Hohe Qualitätsstandards in Verbindung mit dem Angebot von Mehrwertdiensten im Standardbereich Viscosefasern zielen ebenfalls auf die Sicherung der Marktführerschaft von Lenzing ab.
Weiters setzt Lenzing auf eine starke internationale Marktpräsenz, speziell in Asien, in Verbindung mit einem erstklassigen regionalen Betreuungsnetzwerk für die Kunden sowie einer hohen kundenorientierten Produkt-Diversifikation.
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. Die Ausfallwahrscheinlichkeit von Kundenforderungen hat sich im Zuge des schwierigen Marktumfeldes erhöht.
Als weltweit führender Hersteller von industriell gefertigten (Man-made) 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 erfolgen, wenn Lenzing nicht in der Lage wäre, seine Produkte zu wettbewerbsfähigen Preisen anzubieten, die Produkte nicht den Vorgaben oder Qualitätsstandards der Kunden entsprächen oder wenn die Kundenbetreuung hinter den Erwartungen der Kunden zurückbliebe.
Diesem Risiko steuert Lenzing durch eine für die Cellulosefaserbranche überdurchschnittliche Forschungs- und Entwicklungstätigkeit, eine hohe Produkt-Innovationsrate sowie durch aktives Technologie-Screening entgegen. Die Lenzing Gruppe sieht sich – ebenso wie andere Hersteller von Man-made Cellulosefasern – mit dem Risiko konfrontiert, dass annehmbare oder sogar überlegene Alternativprodukte verfügbar werden und zu günstigeren Preisen als Man-made Cellulosefasern erhältlich werden könnten. Die Lenzing Gruppe begegnet diesem Risiko durch kontinuierliche Erhöhung des Spezialitätenanteils (geringere Austauschbarkeit) ihres globalen Produktportfolios.
Zur Herstellung von Man-made 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 schwanken, sich verringern oder vergrößern 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 Abnehmern) 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 (kurzfristig) nicht angepasst werden können, um auf wirtschaftliche Änderungen adäquat zu reagieren. Dieses Risiko wird dadurch verschärft, dass dem überwiegenden Teil der Konzernumsätze kurzfristige Vertragsbeziehungen zugrunde liegen.
Bei Zellstoff und Energie verfolgt Lenzing die Strategie, den Autarkiegrad möglichst hoch zu halten. Im Geschäftsjahr 2013 wurde der Eigenversorgungsanteil von Zellstoff durch den Ausbau des Zellstoffwerkes in Paskov (Tschechien) weiter erhöht. Der Eigenversorgungsanteil inklusive langfristiger Lieferverträge liegt bei rund 90%. Preisschwankungen werden durch langfristige Verträge ausgeglichen, dazu gehören unter anderem auch Termingeschäfte für Gas.
Zur Herstellung von Man-made 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 Produktionsstätten an mehreren Orten für industrielle Zwecke seit Jahrzehnten nutzt, können Risiken für Umweltschäden aus früheren Perioden nicht gänzlich ausgeschlossen werden. Obwohl die Lenzing Gruppe bei Bau, Betrieb und Erhaltung ihrer Produktionsstandorte hohe Standards im Bereich Technik und Sicherheit anlegt, kann das Risiko von Betriebsstörungen und -unfällen nicht gänzlich ausgeschlossen
werden. Solche Störungen können insbesondere von äußeren Faktoren verursacht werden, die sich dem Einflussbereich der Lenzing Gruppe 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 sogar strafrechtlicher Verantwortlichkeit führen können. Die Lenzing Gruppe hat einen beträchtlichen Teil ihrer Produktionstätigkeit auf einige wenige Betriebsstätten konzentriert. Jegliche Störung in einer dieser Betriebsstätten, zum Beispiel in Lenzing (Österreich) oder in Indonesien (die beiden Betriebsstätten mit der größten Produktionskapazität), 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 die 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 eigenen Haftpflichtversicherungs-Programm versichert.
Aufgrund internationaler Handelsbeziehungen der Konzerngesellschaften ist die Lenzing Gruppe Währungsrisiken ausgesetzt. Transaktionsrisiken und Wechselkursrisiken bestehen insbesondere mit Blick auf den USD, CNY und CZK (siehe Abschnitt V. Verwendung von Finanzinstrumenten). Dieses Risiko wird durch eine vom Vorstand genehmigte Absicherungsstrategie vermindert. Ziel ist es, bestehende Fremdwährungsrisiken aus bereits abgeschlossenen oder geplanten Umsatz- und Beschaffungsgeschäften zu begrenzen. Diese Derivate werden bilanziell grundsätzlich als Sicherungsinstrumente in Sicherungsbeziehungen mit abgesicherten Grundgeschäften dargestellt.
Die Lenzing Gruppe schließt mit einer Vielzahl von Banken Geschäfte zur Veranlagung ihrer liquiden Mittel ab. Das Risiko eines möglichen Ausfalles dieser Kontrahenten und deren negative Auswirkung wird durch ein vom Vorstand jährlich maximal akzeptiertes Kontrahentenrisikolimit begrenzt. Die Limitierung der Veranlagung bei jedem einzelnen Kontrahenten basiert auf dessen Ausfallswahrscheinlichkeit. Die Limits werden unter Berücksichtigung des jeweiligen Ratings und der publizierten "Corporate Default Swap" Spreads festgelegt und auch unterjährig bei Veränderung der Bonität entsprechend angepasst.
Der mögliche Ausfall von Kundenforderungen wird durch ein strenges Forderungsmanagement und den Einsatz einer weltweiten Kreditversicherung abgedeckt.
Lenzing Produktionsstätten sind in den jeweiligen Ländern lokalen Steuergesetzen unterworfen und müssen sowohl Ertragssteuern als auch andere Steuern bezahlen. Änderungen in der Steuergesetzgebung bzw. unterschiedliche Auslegungen der jeweils geltenden Bestimmungen im Rahmen von regelmäßig stattfindenden Steuerprüfungen bei den einzelnen Gesellschaften vor Ort können zu nicht unerheblichen nachträglichen Steuerbelastungen führen.
Das dynamische Wachstum der Lenzing Gruppe und die ständige Verschärfung von internationalen Verhaltensrichtlinien und Gesetzen erhöhen für Lenzing die Anforderungen zur Einhaltung und Überwachung dieser Bestimmungen und Verhaltensanforderungen. Unzureichende Kontrollen in den Geschäftsprozessen, mangelnde Dokumentation oder persönliches Fehlverhalten einzelner Mitarbeiter können zur Verletzung von geltenden Regeln führen. Lenzing begegnet diesem Risiko mit einer konzernweiten Compliance Organisation und einem gruppenweit gültigen Verhaltenskodex (Code of Conduct).
6.7.1 Nachfolgeplanung / qualifizierte Arbeitskräfte
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 laufend 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 potentielle Führungskräfte, die von der Personalabteilung organisiert werden.
6.8.1 Risiko durch Erweiterung der Produktionskapazität
Die Lenzing Gruppe plant, ihr bisheriges Wachstum durch Erweiterung der Produktionskapazitäten sowie des Produktangebotes, speziell im TENCEL® Segment fortzusetzen. Überdies bezieht die Lenzing Gruppe große Mengen an Zellstoff von ihren eigenen Zellstoffproduktionsstandorten. Aufbau und Aufrechterhaltung des Betriebs einer Produktionsstätte im Bereich der Man-made Cellulosefaserindustrie erfordern einen beträchtlichen Investitionsaufwand.
Ungünstige ökonomische oder rechtliche Rahmenbedingungen, wie vor allem die aktuellen Überkapazitäten bei Viscosefasern in Asien und die hohen Baumwolllagerbestände, können die Umsetzung einschließlich der Finanzierungsmöglichkeiten von langfristigen Expansionsplänen negativ beeinflussen. Die Lenzing Gruppe könnte weiters mit dem Risiko konfrontiert werden, dass sich die Nachfrage auf Abnehmerseite als unzureichend erweist, und eine volle Ausnutzung der Produktionskapazitäten nicht gewährleistet wäre.
Für die Behandlung finanzieller Risiken bestehen klare, schriftliche Richtlinien, die vom Vorstand der Gesellschaft und vom Treasury laufend überwacht werden. Die Lenzing AG verwendet zur Absicherung von operativen Währungsrisiken – hauptsächlich aus Umsätzen in USD, CNY und CZK – ausschließlich Devisentermingeschäfte. Ziel des Fremdwährungs-Risikomanagements ist die Absicherung der operativen Zahlungsströme gegen Schwankungen der Wechselkurse. Sowohl das Sicherungsgeschäft als auch die Korrelation zwischen dem Risiko und dem Sicherungsinstrument werden laufend beobachtet und berichtet. Entsprechende Sicherungsgeschäfte bewirken, dass sich Wechselkursänderungen nicht auf die Zahlungsströme auswirken. Translationsrisiken werden grundsätzlich nicht abgesichert, jedoch laufend beobachtet. Es findet ein reger Austausch von Informationen zwischen Management und Treasury statt.
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, soweit solche erkennbar sind, durch Wertberichtigungen berücksichtigt. Das maximale Ausfallsrisiko stellen grundsätzlich die in Bezug auf diese Finanzinstrumente in der Bilanz ausgewiesenen Buchwerte dar. 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 sind zu 22,52% 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 AG benötigt erhebliche finanzielle Mittel, um ihren Business-Plan und ihre Strategie umsetzen zu können. Ein erschwerter Zugang zu Kreditmärkten könnte Verfügbarkeit, Bedingungen und Kosten der Kapitalbeschaffung nachhaltig negativ beeinträchtigen. Nachteilige Auswirkungen auf die Geschäftstätigkeit und somit auf die finanzielle Lage und Ergebnisse der Lenzing AG könnten zusätzlich aus einer geringeren Nachfrage oder einem Absinken der Preise resultieren.
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 Gesellschafts- und 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 Finance für den Bereich der Finanzberichterstattung sind 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, die regelmäßig mit dem Prüfungsausschuss des Aufsichtsrates beraten und angepasst werden.
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 die 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-, Finanzund Ertragslage der Lenzing Gruppe vorliegen.
Die in den Konzernabschluss von Lenzing einbezogenen Unternehmen erstellen auf Gesellschaftsebene zeitgerecht lokale und IFRS Abschlüsse und sind verantwortlich, dass die bestehenden Regeln dezentral umgesetzt werden. Sie werden dabei von der Abteilung 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 in der Abteilung 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.
Diese klaren Vorgaben sehen ein strenges Vier-Augen-Prinzip in der Abwicklung von Transaktionen sowie eine enge Zusammenarbeit und laufende Information der zentralen Treasury-Funktion vor. Die Überwachung der Einhaltung von Kontrollen obliegt der Abteilung Internal Audit.
Ein globales Tax Management zeichnet für die Steuerthemen im Konzern verantwortlich und reflektiert die immer wichtiger werdende Beurteilung und Entscheidungsfindung global geltender Steuerthemen.
Das Rechtsmanagement der Lenzing Gruppe wird vom Corporate Center Legal Management und einem eigenen Inhouse-Counsel wahrgenommen. Diese zentrale Funktion ist für alle Rechtsangelegenheiten der Lenzing Gruppe zuständig und insbesondere mit allen Rechtsangelegenheiten betraut, die keine Standardabläufe darstellen.
Die Abteilung Group Compliance sorgt mit der Weiterentwicklung des Compliance Management Systems (CMS) für Prozesse, welche gruppenweit regeln, wie gesetzliche und unternehmensinterne Vorschriften einzuhalten sind und welche vorbeugen, dass keine gesetzes- oder regelwidrigen Handlungen begangen werden. Die Abteilung Group Compliance untersteht direkt dem CFO. Im Rahmen des CMS werden compliance-relevante Risken kontinuierlich erfasst und Maßnahmen zur Verminderung derselben getroffen, fehlende compliance-relevante Richtlinien ergänzt, Mitarbeiter global geschult, Hilfestellung bei Compliance Themen gegeben, die Einhaltung der Vorschriften überprüft, regelwidriges Verhalten bearbeitet und regelmäßig dem Vorstand und Aufsichtsrat berichtet.
Die Lenzing AG unterwirft sich den Vorschriften des österreichischen Corporate Governance Codex (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, untersteht und berichtet 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 umfassende schriftliche Berichterstattung an den Vorstand und einmal pro Jahr direkt an den Prüfungsausschuss des Aufsichtsrates gewährleisten das Funktionieren des Internen Kontrollsystems.
Die Abteilung Risikomanagement bildet die Risiken auch außerhalb der Bilanz und GuV ab, indem ein halbjährlicher schriftlicher Risikobericht erstellt wird. Die wesentlichen Risiken des Risikoberichts 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 2013 investierte Lenzing EUR 28,2 Mio (2012: rund EUR 23,0 Mio) in Forschung und Entwicklung (berechnet nach Frascati).
Den Schwerpunkt der Prozessinnovation bildete 2013 erneut die Weiterentwicklung der TENCEL® Technologie mit dem Ziel, die spezifischen Investitionskosten zu senken, die Produktivität zu steigern und Qualitätsoptimierungen zu erreichen. Insgesamt betreibt Lenzing drei TENCEL® Pilotanlagen, um die Prozesse sowie die Eigenschaften dieser Faser im Versuchsmaßstab immer weiter zu erforschen.
Beim Neubau des TENCEL® Werkes in Lenzing wurden erstmals die technologischen Erfahrungen aus dem Betrieb der ehemaligen Courtaulds-Werke Grimsby und Mobile sowie des Lenzing Werkes in Heiligenkreuz zusammengeführt und zu einer gemeinsamen, großindustriellen TENCEL® Technologie vereint. Das neue TENCEL® Werk in Lenzing verbindet damit "Best of Technologies" beider Welten und kann als TENCEL® Technologie der letzten Generation betrachtet werden. Gleichzeitig flossen die neuesten Ergebnisse der TENCEL® Prozessforschung laufend in die Planung und den Bau des Werkes ein. So wurde erstmals die Installation einer TENCEL® Jumbo Line mit einer Jahresnennkapazität von rund 67.000 Tonnen Fasern möglich.
Bei Viscose- und Modalfasern lag das Augenmerk in der Forschung 2013 auf stetigen Qualitätsverbesserungen durch die Entwicklung neuer Zusatzstoffe sowie in der Nachbehandlung der Fasern. Damit wird die ideale Verarbeitbarkeit dieser Fasern in der textilen Kette gewährleistet. Auch standen Technologien zur Optimierung der Rückgewinnung eingesetzter Chemikalien im Berichtsjahr im Fokus.
Im Zellstoffbereich wurden am Standort Lenzing die Chemikalienrückgewinnungsanlagen mit Hilfe neuer Technologien optimiert. Durch die langjährige Erfahrung in Kreislaufschließungen gewinnt Lenzing am vollintegrierten Standort Lenzing wertvolle Co-Produkte. Im Jahr 2013 konnte das neue Co-Produkt Sodagranulat erfolgreich am Markt etabliert werden. Dieses Produkt soll künftig auch am Zellstoff-Produktionsstandort Paskov hergestellt werden. In Paskov wurde im Berichtsjahr zudem die Produktion zur Gänze erfolgreich auf chlorfreie Bleiche umgestellt. Dies erforderte die entsprechende Anpassung aller vor- und nachgelagerten Prozessschritte.
Wo immer möglich und sinnvoll, forschte Lenzing im Rahmen von Forschungskooperationen an Prozessverbesserungen, beispielsweise im Rahmen von FFG10-Projekten, im COMET11- Programm oder im Austausch mit Hochschulen.
Intensiv wurde im Berichtsjahr an sogenannten "Non-Fiber" Anwendungen für TENCEL® geforscht. Dieser Bereich umfasst sämtliche Arten von TENCEL® in Partikelform, beispielsweise als Pulver oder Gel. Die Anwendungsfelder für TENCEL® Partikel sind vielfältig und reichen von der Bauindustrie über Kunststoffverstärkungen bis hin zur Kosmetik. Bereits erfolgreich etablierte Applikationen für TENCEL® Pulver wie Wandverputze, Schaumstoffmatratzen, Farben und Lacke lassen auf eine Vielzahl weiterer attraktiver Einsatzgebiete für TENCEL® schließen, die durch die Lenzing Forschung erschlossen werden.
10 Die Österreichische Forschungsförderungsgesellschaft FFG ist die nationale Förderstelle für wirtschaftsnahe Forschung in Österreich. 11 Competence Center for Excellent Technologies; www.ffg.ag/comet
Der Geschäftsbereich Umweltschutz war im Jahr 2013 wiederum durch den hohen Produktionsausstoß nach den Kapazitätserweiterungen der letzten Jahre gefordert. Durch den laufenden Ausbau der Umweltschutzanlagen und die Adaptierung der Umweltschutzleistungen konnte erneut die geringstmögliche Belastung der Umwelt sichergestellt werden.
Durch die im Jahr 2012 erweiterte Abwasserreinigungsanlage des Wasserreinhaltungsverbandes Lenzing – Lenzing AG wurde den Anforderungen im Abwasserbereich wiederum sehr gut entsprochen.
Im Jahr 2013 erfolgte parallel zur Errichtung der neuen TENCEL® Produktionsanlage die Errichtung der weltweit einzigartigen TENCEL® Abwasservorreinigungsanlage. Diese besteht aus einem Pufferbehälter und einer Biologie mit zwei Belebungsbecken und einem Nachklärbecken. Die so biologisch vorgereinigten TENCEL® Prozessabwässer werden dann der bestehenden Verbandskläranlage zugeführt. Diese Anlagen werden mit Anfahren der TENCEL® Produktion zur Verfügung stehen, und können an die spezifischen Abwasserbedingungen angepasst werden.
Zur weiteren Absenkung der Schwefelemissionen und der Verbesserung der Immissionssituation wurden im Berichtsjahr mehrere Maßnahmen umgesetzt, darunter die Ertüchtigung der Geruchsgaserfassung, die Errichtung eines zusätzlichen Adsorbers und einer neuen Kaminanlage im Bereich Rückgewinnungsanlagen.
Die akkreditierte Prüfstelle Umweltanalytik Lenzing (UAL) stellte im Jahr 2013 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, des Bundesministeriums für Wirtschaft, Familie und Jugend, wurde im Oktober 2013 erfolgreich absolviert.
Bereits seit 1996 nimmt Lenzing am Programm "Responsible Care" des europäischen Chemieverbandes und des Fachverbandes der Chemischen Industrie Österreichs teil. Mit diesem freiwilligen System dokumentieren Chemiebetriebe ihre Bereitschaft, strenge Anforderungen in Bezug auf Umweltschutz, Arbeitssicherheit und Gesundheit zu erfüllen. Das System Responsible Care wurde im Mai 2013 dem alle drei Jahre durchzuführenden Erneuerungsaudit unterzogen. Bei dieser umfassenden und praxisbezogenen Überprüfung wurde vom externen Begutachtungsteam die gute Erfüllung der Anforderungen für Responsible Care durch Lenzing bestätigt.
Die Marktführerschaft und der technologische Vorsprung der Lenzing AG basieren ganz wesentlich auf dem Engagement, der Kreativität und der Qualifikation ihrer Mitarbeiter. Gut ausgebildete und motivierte Mitarbeiter stellen den Grundstein für nachhaltigen Erfolg und die Weiterentwicklung des Unternehmens dar. Deshalb bietet Lenzing seinen Mitarbeitern
laufend eine Vielzahl an Maßnahmen zur Förderung und Fortbildung, von fachlichen Seminaren bis zur Persönlichkeitsbildung, an. Am Standort Lenzing wickelt eine eigene Tochterfirma, das Bildungszentrum Lenzing, den Großteil der Aus- und Weiterbildungsmöglichkeiten ab.
2013 wurde das bewährte Führungskräfte-Entwicklungsprogramm überarbeitet und neu ausgerichtet. Ziel des Programmes ist es, die Lenzing Top-Führungskräfte mit dem Rüstzeug für den Geschäftsalltag zu versehen und die Manager miteinander zu vernetzen. Um die Nachfolge im mittleren Management und bei Expertenpositionen nach Pensionierungen in den nächsten Jahren zu sichern, wurde 2013 ein Talentmanagement-Programm mit dem Titel "Springboard" (englisch für "Sprungbrett") ins Leben gerufen. Springboard richtet sich an ambitionierte Mitarbeiter, die ein hohes Maß an Leistung und Engagement in ihren derzeitigen Positionen zeigen, und die ihre Karriere in der Lenzing AG forcieren möchten.
Weiters wurde im Berichtsjahr die Einführung von Coaching als Führungsansatz weiterverfolgt. Durch Coaching-Fähigkeiten können Vorgesetzte ihre Mitarbeiter beim Ausbau ihrer Qualifikationen und der Entwicklung ihrer Fähigkeiten sowie im Rahmen der regelmäßig stattfindenden Mitarbeitergespräche besser unterstützen. Darüber hinaus erwerben Topmanager im auf das Coaching-Programm aufbauenden "Supportive Leadership" Programm verschiedenste Methoden und Techniken, die sie in ihrer Führungsarbeit unterstützen. Dieses Format versteht sich außerdem als Plattform für den gemeinsamen Erfahrungsaustausch. Im Berichtsjahr 2013 wurde dieses 18-monatige Programm von 13 Lenzing Managern absolviert.
Überzeugende Präsentationen in der Konzernsprache Englisch halten zu können und dabei komplexe Kernbotschaften strukturiert auf den Punkt zu bringen, ist unverzichtbare Voraussetzung im Geschäftsalltag. Lenzing bereitete daher auch im Jahr 2013 wieder mehr als 20 Mitarbeiter mit einem viermoduligen Ausbildungsprogramm auf präsentationstechnische Herausforderungen vor.
Die Ausbildung "Finance for Non-Financials" wurde 2013 erneut angeboten und von 25 Führungskräften absolviert. Darin wird den Teilnehmern Finanzwissen vermittelt, um im Tagesgeschäft besser fundierte Entscheidungen treffen zu können.
Basierend auf der Neuorganisation der Lenzing Gruppe wurde eine Struktur für die Nachfolgeplanung entwickelt, die bereits im Berichtsjahr an einzelnen Standorten umgesetzt und 2014 auf den gesamten Konzern ausgeweitet wird. Ziel ist es sicherzustellen, dass für Schlüsselpositionen geeignete Nachfolger zur Verfügung stehen.
Per 31. Dezember 2013 beschäftigte die Lenzing AG 2.092 Mitarbeiter (nach 2.019 zum Jahresende 2012), davon 116 (2012: 113) Lehrlinge. Der Anstieg um 3,6% lag großteils in Rekrutierungen für das neue TENCEL® Werk in Lenzing begründet. Aufgrund der schwierigen Marktsituation wurden ab Beginn des vierten Quartals 2013 sämtliche Personalaufnahmen gestoppt und Einsparungsmaßnahmen auf Personalseite beschlossen.
Der im Dezember 2013 verabschiedete Sozialplan sieht vor, dass eine entsprechend hohe Anzahl der vom Personalabbau betroffenen Mitarbeiter von der Arbeitsstiftung aufgenommen werden kann. Aufgabe der Stiftung ist es, durch Trainings- und Schulungsmaßnahmen Lenzing Mitarbeiter auf neue Berufe und Herausforderungen optimal vorzubereiten. Die Angebotspalette reicht vom Lehrabschluss, der Absolvierung von Seminaren und Kursen
über das Nachholen der Matura oder eines HTL-Abschlusses bis zum Universitäts- oder Fachhochschulstudium.
Die schwierigen wirtschaftlichen Rahmenbedingungen haben sich in den ersten Wochen 2014 gegenüber dem vierten Quartal 2013 kaum verändert. Zwar gehen alle Prognosen von einer leichten Belebung der Weltwirtschaft 2014 aus, für den globalen Fasermarkt ist aber aufgrund der historisch hohen Baumwolllager und der noch immer bestehenden Überkapazitäten bei industriell hergestellten Cellulosefasern in China noch keine durchgreifende Verbesserung in Sicht.
Die mengenmäßige Nachfrage ist weiterhin stark. Zudem haben sich die Weltmarktpreise für Standardviscosefaser zum Jahreswechsel 2013/14 auf sehr niedrigem Niveau zumindest stabilisiert. Auch der Baumwoll-Weltmarktpreis zeigte in den ersten Wochen 2014 kaum Veränderungen.
Die Lenzing AG steuert dieser nach wie vor unbefriedigenden Marktentwicklung durch die zügige Umsetzung des Kosteneinsparungs- und Effizienzsteigerungsprogrammes excelLENZ 2.0 entgegen. Es sieht neben erheblichen Verbesserungen auf der Materialkostenseite auch Einsparungen bei den Personalkosten, bei den bezogenen Leistungen und bei sonstigen Kosten vor. Bereits im angelaufenen Geschäftsjahr 2014 sind aus diesem Programm Kosteneinsparungen von rund EUR 60 Mio budgetiert, für 2015 werden auf annualisierter Basis Einsparungen von EUR 120 Mio angestrebt, die ab dem Geschäftsjahr 2016 erstmals voll wirksam werden.
Dieses Programm sowie die mit Jahresbeginn 2014 in Kraft getretene Reorganisation der Konzernstruktur sind ein wesentlicher Beitrag zur Wiedererlangung der globalen Wettbewerbsfähigkeit der Lenzing Gruppe. Da im Konzernabschluss 2013 bereits entsprechende Vorsorgen für die Einmalkosten von excelLENZ 2.0 getroffen wurden, können erste positiven Effekte bereits im ersten Halbjahr 2014 ergebniswirksam werden.
Die Personalkürzungen im Rahmen des excelLENZ 2.0 Sparprogrammes entsprechen am Standort Lenzing einem Äquivalent von insgesamt 390 bis 2015 abzubauenden Vollzeitstellen. Vorstand und Betriebsrat einigten sich im Dezember 2013 über ein umfassendes Sozialpaket zur Abfederung dieser Maßnahmen. Es sieht einen verbindlichen Sozialplan vor, weiters wird die bestehende Lenzing Arbeitsstiftung mit entsprechenden Mitteln ausgestattet. Die Maßnahmen wurden mit Beginn des Jahres 2014 wirksam und werden vom österreichischen Arbeitsmarktservice sowie vom Land Oberösterreich unterstützt.
Von den 390 abzubauenden Vollzeitstellen-Äquivalenten am Standort Lenzing werden in der ersten Jahreshälfte 2014 rund 160 Mitarbeiter unmittelbar betroffen sein. Ein Großteil dieser Personen wird die Angebote im Rahmen des Sozialplans bzw. das Stiftungsangebot annehmen. Weitere ca. 100 Mitarbeiter werden – großteils im Jahr 2014, teilweise aber auch im Jahr 2015 – durch Pensionierungen und über die natürliche Fluktuation das Unternehmen
verlassen. Die übrigen Betroffenen werden durch Altersteilzeit, kreative Teilzeitlösungen usw. im Unternehmen gehalten, wobei die Einsparungseffekte dadurch nicht verwässert werden.
Mit dem Sozialplan und dem Stiftungsmodell wurden Instrumente geschaffen, mit denen einvernehmliche Lösungen möglich wurden und Kündigungen bestmöglich vermieden werden. Der Sozialplan gilt bis Ende des Jahres 2014.
Ein weiterer Schwerpunkt wird 2014 die Inbetriebnahme der TENCEL® Großanlage sein. Die Vorbereitung des Marktes auf die neuen Absatzmengen sind bereits 2013 angelaufen und werden im ersten Halbjahr 2014 weiter intensiviert. Aus heutiger Sicht ist mit einem operativen Hochlauf um das Halbjahr 2014 zu rechnen.
Die Fertigstellung der TENCEL® Anlage wird auch 2014 Schwerpunkt bei den Investitionen der Lenzing AG sein. Die Mehrmengen aus der TENCEL® Anlage werden entsprechend der Anlaufkurve in der Produktion 2014 teilweise und 2015 voll umsatzwirksam werden.
Die rasche Umsetzung des excelLENZ 2.0 Programms führt dazu, dass die Maßnahmen bereits teilweise im ersten Halbjahr 2014 ergebniswirksam werden.
Insgesamt ist 2014 somit ein Übergangsjahr.
In der Aufsichtsratssitzung der Lenzing AG vom 31. Jänner 2014 wurde Robert van de Kerkhof, MBA per 1. Mai 2014 für drei Jahre zum Mitglied des Vorstandes (Chief Commercial Officer/CCO) ernannt.
Weitere berichtspflichtige Ereignisse nach dem Bilanzstichtag liegen nicht vor.
Lenzing, am 4. März 2014
Der Vorstand
Mag. Dr. Peter Untersperger Vorstandsvorsitzender Mitglied des Vorstandes
Dipl.-Ing. Friedrich Weninger, MBA Chief Executive Officer Chief Operating Officer
| Bilanz zum 31. Dezember 2013 |
257 |
|---|---|
| Gewinn- und Verlustrechnung |
259 |
| für den Zeitraum 01.01.2013 bis 31.12.2013 | |
| Anhang zum Jahresabschluss für das Geschäftsjahr 2013 |
261 |
| Anwendung der unternehmensrechtlichen Vorschriften und allgemeine Angaben | |
| Bilanzierungs- und Bewertungsmethoden | |
| Erläuterungen zur Bilanz | |
| Aktiva | |
| Passiva | |
| Haftungsverhältnisse | |
| Erläuterungen zur Gewinn- und Verlustrechnung | |
| Sonstige Angaben | |
| Organe der Gesellschaft | 292 |
| Entwicklung des Anlagevermögens | 295 |
| für den Zeitraum 01.01.2013 bis 31.12.2013 | |
| Entwicklung der Zuschüsse der öffentlichen Hand und der | |
| Unversteuerten Rücklagen | 297 |
| für den Zeitraum 01.01.2013 bis 31.12.2013 |
| Aktiva | 31.12.2012 | ||
|---|---|---|---|
| A. | Anlagevermögen | EUR | TEUR |
| I. Immaterielle Vermögensgegenstände | |||
| 1. Rechte | 1.114.525,86 | 1.065,6 | |
| 2. Firmenwert | 392.855,09 | 0,0 | |
| 1.507.380,95 | 1.065,6 | ||
| II. Sachanlagen | |||
| 1. Grundstücke, grundstücksgleiche Rechte und Bauten, | |||
| einschließlich der Bauten auf fremdem Grund | 81.175.922,77 | 76.514,9 | |
| 2. Technische Anlagen und Maschinen | 252.247.511,23 | 234.456,7 | |
| 3. Andere Anlagen, Betriebs- und Geschäftsausstattung | 12.543.768,65 | 12.594,4 | |
| 4. Anlagen in Bau | 159.051.973,76 | 67.711,6 | |
| 5. Geleistete Anzahlungen | 2.632.252,81 | 19.899,6 | |
| 507.651.429,22 | 411.177,1 | ||
| III. Finanzanlagen | |||
| 1. Anteile an verbundenen Unternehmen | 254.422.264,83 | 264.415,7 | |
| 2. Ausleihungen an verbundene Unternehmen | 81.848.589,23 | 83.322,9 | |
| 3. Beteiligungen | 5.110.143,91 | 5.110,1 | |
| 4. Wertpapiere (Wertrechte) des Anlagevermögens | 17.812.449,94 | 56.795,5 | |
| 5. Sonstige Ausleihungen | 2.207.403,85 | 823,8 | |
| 361.400.851,76 | 410.468,0 | ||
| 870.559.661,93 | 822.710,8 | ||
| B. | Umlaufvermögen | ||
| I. Vorräte | |||
| 1. Roh-, Hilfs- und Betriebsstoffe | 29.295.015,47 | 30.578,1 | |
| 2. Unfertige Erzeugnisse | 608.434,25 | 577,9 | |
| 3. Fertige Erzeugnisse und Waren | 26.187.165,77 | 25.345,2 | |
| 4. Geleistete Anzahlungen | 281.464,10 | 547,9 | |
| 56.372.079,59 | 57.049,0 | ||
| II. Forderungen und sonstige Vermögensgegenstände | |||
| 1. Forderungen aus Lieferungen und Leistungen | 65.508.197,63 | 80.137,0 | |
| 2. Forderungen gegenüber verbundenen Unternehmen | 150.188.482,84 | 77.131,4 | |
| 3. Forderungen gegenüber Unternehmen, mit denen ein | |||
| Beteiligungsverhältnis besteht | 3.075.710,26 | 3.703,2 | |
| 4. Sonstige Forderungen und Vermögensgegenstände | 28.508.940,19 | 32.521,7 | |
| 247.281.330,92 | 193.493,3 | ||
| III. Kassenbestand, Guthaben bei Kreditinstituten | 137.149.971,44 | 281.976,0 | |
| 440.803.381,95 | 532.518,3 | ||
| C. | Rechnungsabgrenzungsposten | 1.285.641,70 | 1.295,2 |
| 1.312.648.685,58 | 1.356.524,3 |
| Passiva | 31.12.2013 | 31.12.2012 | |
|---|---|---|---|
| A. | Eigenkapital | EUR | TEUR |
| I. Grundkapital |
27.574.071,43 | 27.574,1 | |
| II. Kapitalrücklagen | |||
| Gebundene | 138.642.770,74 | 138.642,8 | |
| III. Gewinnrücklagen | |||
| Freie | 257.446.687,82 | 257.446,7 | |
| IV. Bilanzgewinn, davon Gewinn- | 151.216.955,03 | 147.111,3 | |
| vortrag EUR 94.011.280,58 (31.12.2012: TEUR 67.359,5) | |||
| 574.880.485,02 | 570.774,8 | ||
| B. | Zuschüsse der öffentlichen Hand | 4.406.711,01 | 5.255,7 |
| C. | Unversteuerte Rücklagen | ||
| Bewertungsreserve aufgrund von Sonderabschreibungen | |||
| gem. § 7a EStG bzw. § 8 EStG | 16.391.950,54 | 16.722,9 | |
| D. | Rückstellungen | ||
| 1. Rückstellungen für Abfertigungen | 38.511.013,49 | 49.256,1 | |
| 2. Rückstellungen für Pensionen | 27.196.794,00 | 26.218,5 | |
| 3. Steuerrückstellungen | 3.969.359,20 | 190,3 | |
| 4. Sonstige Rückstellungen | 101.649.080,69 | 79.664,4 | |
| 171.326.247,38 | 155.329,4 | ||
| E. | Verbindlichkeiten | ||
| 1. Anleihen | 120.000.000,00 | 120.000,0 | |
| 2. Verbindlichkeiten aus Schuldscheindarlehen | 213.500.000,00 | 184.500,0 | |
| 3. Verbindlichkeiten gegenüber Kreditinstituten | 90.158.333,33 | 137.589,8 | |
| 4. Sonstige zinstragende Verbindlichkeiten | 24.741.352,77 | 23.263,8 | |
| 5. Erhaltene Anzahlungen auf Bestellungen | 601.116,18 | 489,0 | |
| 6. Verbindlichkeiten aus Lieferungen und Leistungen | 49.883.528,64 | 67.463,7 | |
| 7. Verbindlichkeiten gegenüber verbundenen Unternehmen | 36.080.653,04 | 65.510,4 | |
| 8. Verbindlichkeiten gegenüber Unternehmen, mit denen ein | |||
| Beteiligungsverhältnis besteht | 946,69 | 0,3 | |
| 9. Sonstige Verbindlichkeiten | 10.554.331,28 | 9.444,7 | |
| davon aus Steuern EUR 303.439,27 (31.12.2012: TEUR 242,7) | |||
| davon im Rahmen der sozialen Sicherheit | |||
| EUR 3.094.260,01 (31.12.2012: TEUR 2.809,9) | 545.520.261,93 | 608.261,7 | |
| F. | Rechnungsabgrenzungsposten | 123.029,70 | 179,8 |
| 1.312.648.685,58 | 1.356.524,3 | ||
| Haftungsverhältnisse | 191.449.987,30 | 165.247,6 |
für den Zeitraum 01.01.2013 bis 31.12.2013
| 2013 | 2012 | |
|---|---|---|
| EUR | TEUR | |
| 1. Umsatzerlöse | 746.356.750,57 | 766.128,3 |
| 2. Veränderung des Bestandes an fertigen und unfertigen Erzeugnissen | 872.518,02 | -3.406,3 |
| 3. Andere aktivierte Eigenleistungen | 2.279.692,58 | 3.508,4 |
| 4. Sonstige betriebliche Erträge: a) Erträge aus dem Abgang vom und der Zuschreibung zum Anlagevermögen |
111.649,41 | 390,7 |
| mit Ausnahme der Finanzanlagen | ||
| b) Erträge aus der Auflösung von Rückstellungen | 22.202.788,32 | 21.848,9 |
| c) Übrige | 48.178.727,90 | 50.645,1 |
| 70.493.165,63 | 72.884,7 | |
| 5. Aufwendungen für Material und sonstige bezogene Herstellungsleistungen | ||
| a) Materialaufwand | -371.633.595,42 | -356.622,7 |
| b) Aufwendungen für bezogene Leistungen | -58.996.140,25 | -53.604,7 |
| -430.629.735,67 | -410.227,4 | |
| 6. Personalaufwand: | ||
| a) Löhne | -62.473.704,37 | -56.696,6 |
| b) Gehälter | -65.181.997,85 | -54.995,4 |
| c) Aufwendungen für Abfertigungen und | ||
| Leistungen an betriebliche Mitarbeitervorsorgekassen | -17.485.672,39 | -11.012,0 |
| d) Aufwendungen für Altersversorgung | -4.036.156,00 | -5.264,8 |
| e) Aufwendungen für gesetzlich vorgeschriebene Sozialabgaben | ||
| sowie vom Entgelt abhängige Abgaben und Pflichtbeiträge | -33.018.467,47 | -28.536,6 |
| f) Sonstige Sozialaufwendungen | -2.448.029,28 | -2.420,1 |
| -184.644.027,36 | -158.925,5 | |
| 7. Abschreibungen | ||
| auf immaterielle Gegenstände des Anlagevermögens und Sachanlagen | ||
| a) Planmäßige Abschreibungen | -57.560.875,60 | -56.161,2 |
| b) Außerplanmäßige Abschreibungen | -110.000,00 | 0,0 |
| c) Auflösung Investitionszuschüsse der öffentlichen Hand | 571.580,32 -57.099.295,28 |
1.175,8 -54.985,4 |
| 8. Sonstige betriebliche Aufwendungen | ||
| a) Steuern, soweit sie nicht unter Ziffer 18 fallen b) Übrige |
-147.683,74 -121.864.595,76 |
-153,4 -124.012,4 |
| -122.012.279,50 | -124.165,8 | |
| 9. Zwischensumme aus Ziffer 1 bis 8 (Übertrag) | 25.616.788,99 | 90.810,9 |
| 2013 | 2012 | |
|---|---|---|
| EUR | TEUR | |
| 9. Zwischensumme aus Ziffer 1 bis 8 (Übertrag) | 25.616.788,99 | 90.810,9 |
| 10. Erträge aus Beteiligungen | 61.872.484,20 | 12.361,0 |
| davon aus verbundenen Unternehmen EUR 61.872.484,20 (2012: TEUR 11.585,6) | ||
| 11. Erträge aus anderen Wertpapieren und Ausleihungen des Finanzanlagevermögens | 2.728.843,34 | 4.189,7 |
| davon aus verbundenen Unternehmen EUR 1.371.796,02 (2012: TEUR 2.037,3) | ||
| 12. Sonstige Zinsen und ähnliche Erträge | 4.019.235,05 | 3.506,8 |
| davon aus verbundenen Unternehmen EUR 3.262.044,88 (2012: TEUR 973,1) | ||
| 13. Erträge aus dem Abgang von und der Zuschreibung zu Finanzanlagen | 19.480,55 | 7.477,1 |
| davon aus verbundenen Unternehmen EUR 0,00 (2012: TEUR 6.831,2) | ||
| 14. Aufwendungen aus Finanzanlagen und aus Wertpapieren des Umlaufvermögens | -17.422.408,68 | -14.626,5 |
| davon: | ||
| a) Abschreibungen EUR 14.548.314,07 (2012: TEUR 11.439,0) | ||
| b) Aufwendungen aus verbundenen | ||
| Unternehmen EUR 16.556.670,86 (2012: TEUR 13.734,3) | ||
| 15. Zinsen und ähnliche Aufwendungen | -13.009.132,41 | -11.086,3 |
| davon betreffend verbundene Unternehmen EUR 293.891,13 (2012: TEUR 38,6) | ||
| 16. Zwischensumme aus Ziffer 10 bis 15 | 38.208.502,05 | 1.821,9 |
| 17. Ergebnis der gewöhnlichen Geschäftstätigkeit | 63.825.291,04 | 92.632,8 |
| 18. Steuern vom Einkommen und Ertrag | -6.950.606,09 | -13.235,1 |
| 19. Jahresüberschuss | 56.874.684,95 | 79.397,7 |
| 20. Auflösung unversteuerter Rücklagen | 330.989,50 | 354,1 |
| 21. Jahresgewinn | 57.205.674,45 | 79.751,8 |
| 22. Gewinnvortrag aus dem Vorjahr | 94.011.280,58 | 67.359,5 |
| 23. Bilanzgewinn | 151.216.955,03 | 147.111,3 |
1
Anwendung der unternehmensrechtlichen Vorschriften und allgemeine Angaben
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 industriell gefertigten ("man-made") 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 2013 der Lenzing Aktiengesellschaft (Lenzing AG) wurde nach den Vorschriften des österreichischen Unternehmensgesetzbuches (UGB) in der aktuellen Fassung erstellt. Er umfasst das Geschäftsjahr vom 1. Jänner bis zum 31. Dezember 2013.
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.
Von der Schutzklausel gem. § 241 Abs. 2 Z 2 UGB wurde in Bezug auf die Angabe der Eigenkapitalien und der Jahresergebnisse der Beteiligungsgesellschaften teilweise Gebrauch gemacht.
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 sowie angemessene Teile der Materialgemeinkosten und Fertigungsgemeinkosten. Vom Wahlrecht der Aktivierung von sozialen Aufwendungen und 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 | 5 | 20 |
| b) Software | 4 | 4 |
| c) Firmenwert | 15 | 15 |
| Sachanlagen | ||
| a) Grundstücksgleiche Rechte | 99 | 99 |
| b) Gebäude | ||
| Wohngebäude | 50 | 50 |
| Geschäfts- und Fabriksgebäude | 33 | 50 |
| c) Technische Anlagen und Maschinen | 10 | 20 |
| 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.
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 2013 wurden insgesamt 143.895 Stück (2012: 126.542 Stück) verbraucht, 9.016 Stück (2012: 0 Stück) Emissionszertifikate wurden entgeltlich erworben und 0 Stück (2012: 179.066 Stück) Emissionszertifikate wurden unentgeltlich zugeteilt. Die aus dem aktuellen Geschäftsjahr und dem Vorjahr nicht verbrauchten
Emissionszertifikate von insgesamt 35.400 Stück (31.12.2012: 168.421 Stück) hatten zum 31. Dezember 2013 einen Marktwert von TEUR 131,4 (31.12.2012: TEUR 1.099,8).
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 20.015,4 (31.12.2012: TEUR 8.411,1) wird nicht Gebrauch gemacht.
In die Steuerabgrenzung werden im Wesentlichen zeitliche Unterschiede zwischen dem unternehmensrechtlichen und dem steuerrechtlichen Wertansatz bei Rückstellungen für Sozialkapital (Abfertigungs-, Pensions-, Jubiläumsgeldrückstellung) sowie bei Sachanlagevermögen und Unterschiede bei den Wertansätzen von langfristigen Rückstellungen einbezogen. Die Steuerabgrenzung wird als langfristig eingestuft.
Temporäre Unterschiede aufgrund von steuerlichen Siebentelabschreibungen (§ 12 Abs. 3 Z 2 KStG) sind mit TEUR 6.677,2 (31.12.2012: TEUR 3,8) im aktivierbaren Betrag enthalten.
Rückstellungen für Pensionen, Abfertigungen und Jubiläumsgelder werden im Einklang mit dem Fachgutachten KFS/RL 2 der Kammer der Wirtschaftstreuhänder nach versicherungsmathematischen Grundsätzen entsprechend den Vorschriften des IAS 19 "Leistungen an Arbeitnehmer", wie er in der EU angewendet wird, unter Anwendung der Projected-Unit-Credit-Method (laufendes Einmalprämienverfahren) berechnet. Dabei werden die erwarteten Versorgungsleistungen auf den gesamten Zeitraum der Beschäftigung verteilt. Zukünftige Gehaltsund Pensionssteigerungen sowie Fluktuationsabschläge werden berücksichtigt. Versicherungsmathematische Gewinne und Verluste werden zur Gänze in der Periode angesetzt, in der sie anfallen. Die in der Bilanz erfasste leistungsorientierte Verpflichtung aus einem Versorgungsplan stellt den Barwert der leistungsorientierten Verpflichtung dar.
Die Aufwendungen aus der Aufzinsung der oben genannten Personalrückstellungen sowie die Zahlungen für beitragsorientierte Verpflichtungen sind im Personalaufwand ausgewiesen.
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:
| Forderungen | 31.12.2013 | 31.12.2012 | |
|---|---|---|---|
| Stichtagskurs | EUR/USD | 1,37830 | 1,31898 |
| Durchschnittlicher Sicherungskurs | EUR/USD | 1,34485 | 1,35597 |
| Verbindlichkeiten | 31.12.2013 | 31.12.2012 | |
| Stichtagskurs | EUR/USD | 1,37830 | 1,31893 |
3
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 AVE Österreich GmbH betriebenen Reststoffverwertungsanlage.
Im Geschäftsjahr 2013 wurden immaterielle Vermögensgegenstände mit Anschaffungskosten in Höhe von TEUR 0,0 (2012: TEUR 31,2) von verbundenen Unternehmen erworben.
In den immateriellen Vermögensgegenständen sind solche immateriellen Vermögensgegenstände, die von einem verbundenen Unternehmen erworben wurden, mit einem Buchwert von TEUR 19,5 (31.12.2012: TEUR 27,3) enthalten.
Im Geschäftsjahr 2013 ist der Bereich "Global Fiber Engineering" von der Lenzing Technik GmbH zur Lenzing AG übergegangen. Der daraus resultierende Firmenwert in Höhe von TEUR 420,9 wurde 2013 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 154.609,2 (2012: TEUR 125.004,3) in immaterielle Vermögensgegenstände sowie in Sachanlagen investiert.
Nach Unternehmensbereichen ergibt sich folgende Aufgliederung:
| Unternehmensbereich | 2013 | 2012 |
|---|---|---|
| TEUR | TEUR | |
| Fasern | 108.120,9 | 79.973,9 |
| Zentralbereiche (Umwelt, Information & Kommunikation, Infrastruktur) | 32.885,5 | 29.101,9 |
| Energie | 9.716,3 | 8.487,9 |
| Zellstoff | 3.224,8 | 6.944,8 |
| Übrige | 661,7 | 495,8 |
| Gesamt | 154.609,2 | 125.004,3 |
Die Abgänge von immateriellen Vermögensgegenständen und von Sachanlagen hatten Anschaffungs- und Herstellungskosten von TEUR 1.278,6 (2012: TEUR 8.317,0) und einen Buchwert von TEUR 22,2 (2012: TEUR 103,8).
Die grundstücksgleichen Rechte beinhalten im Wesentlichen ein erworbenes Baurecht mit einem Buchwert von TEUR 586,4 (31.12.2012: TEUR 593,0).
Die Zugänge bei den Anteilen an verbundenen Unternehmen betreffen im Wesentlichen den Erwerb von weiteren 2,29% der Anteile an der PT. South Pacific Viscose (TEUR 3.470,5) sowie den Erwerb von weiteren 44% der Anteile an der European Precursor GmbH (TEUR 0,0). Im Vorjahr erfolgte im Wesentlichen eine Eigenkapitalzufuhr an die Lenzing Modi Fibers India Private Limited (TEUR 3.135,9) sowie der Erwerb der Anteile an der Lenzing Global Finance GmbH (TEUR 28,0). Die wertberichtigten Anteile an verbundenen Unternehmen werden unter den Aufwendungen aus Finanzanlagen erläutert.
Der Vorstand der Lenzing AG hat im Dezember 2012 beschlossen, die European Precursor GmbH (EPG) zu liquidieren. Die Liquidation wurde nach der im Jänner 2013 stattgefundenen Gesellschafterversammlung der EPG eingeleitet und wirtschaftlich betrachtet im Jahr 2013 weitgehend abgeschlossen. Die Auswirkungen der Liquidation auf das Finanzergebnis im Geschäftsjahr 2013 sind 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 84.056,0 (31.12.2012: TEUR 84.146,7) setzen sich wie folgt zusammen:
| Ausleihungen | Bilanzwert | mit einer Restlaufzeit bis zu 1 Jahr |
mit einer Restlaufzeit über 1 Jahr |
|---|---|---|---|
| TEUR | TEUR | TEUR | |
| Ausleihungen an verbundene Unternehmen | 81.848,6 | 5.592,7 | 76.255,8 |
| Vorjahr | 83.322,9 | 11.279,7 | 72.043,2 |
| Sonstige Ausleihungen | 2.207,4 | 170,4 | 2.037,0 |
| Vorjahr | 823,8 | 344,6 | 479,2 |
| Gesamt | 84.056,0 | 5.763,2 | 78.292,8 |
| Vorjahr | 84.146,7 | 11.624,3 | 72.522,4 |
Die Wertpapiere (Wertrechte) des Anlagevermögens enthalten den Großanlegerfonds GF82 von TEUR 8.438,9 (31.12.2012: TEUR 8.655,4), der zur Deckung der Pensionsrückstellung dient. Dieser Fonds veranlagt nach den Vorschriften des Pensionskassengesetzes und ist per Jahresende im Wesentlichen in Euro-Anleihen veranlagt. Die festverzinslichen Anleihen (31.12.2012: TEUR 38.646,5) wurden im Geschäftsjahr 2013 planmäßig getilgt.
Ebenfalls beinhaltet dieser Posten Ansprüche aus Rückdeckungsversicherungen von TEUR 3.647,6 (31.12.2012: TEUR 3.762,7) betreffend Pensionsverpflichtungen und sonstige Wertpapiere (Wertrechte) des Anlagevermögens von TEUR 5.726,0 (31.12.2012: TEUR 5.730,9).
Die Roh-, Hilfs- und Betriebsstoffe beinhalten im Wesentlichen Holz für die Zellstoffproduktion, Chemikalien für sämtliche Geschäftsbereiche sowie diverse Kleinmaterialien und Ersatzteile.
Die Bestände an unfertigen und fertigen Erzeugnissen betreffen im Wesentlichen Lenzing Viscose® Faser und Faserzellstoff.
Die geleisteten Anzahlungen betreffen Vorauszahlungen an Lieferanten für Roh-, Hilfs- und Betriebsstoffe.
Die Forderungen und sonstigen Vermögensgegenstände über insgesamt TEUR 247.281,3 (31.12.2012: TEUR 193.493,3) setzen sich wie folgt zusammen:
| Forderungen | Bilanzwert |
|---|---|
| TEUR | |
| Forderungen aus Lieferungen und Leistungen | 65.508,2 |
| Vorjahr | 80.137,0 |
| Forderungen gegenüber verbundenen Unternehmen | 150.188,5 |
| Vorjahr | 77.131,4 |
| Forderungen gegenüber Unternehmen, mit denen ein | |
| Beteiligungsverhältnis besteht | 3.075,7 |
| Vorjahr | 3.703,2 |
| Sonstige Forderungen und Vermögensgegenstände | 28.508,9 |
| Vorjahr | 32.521,7 |
| Gesamt | 247.281,3 |
| Vorjahr | 193.493,3 |
Sämtliche Forderungen und sonstige Vermögensgegenstände sind bis auf Forderungen gegenüber verbundenen Unternehmen in Höhe von TEUR 454,9 (31.12.2012: TEUR 3.532,8) kurzfristig.
Von den Forderungen aus Lieferungen und Leistungen sind TEUR 53.304,6 (31.12.2012: TEUR 61.042,9) nach Abzug von Selbstbehalten versichert und in Höhe von TEUR 3.356,0 (31.12.2012: TEUR 4.895,0) durch Garantien besichert. Wechselmäßige Verbriefungen liegen weder zum 31. Dezember 2013 noch zum 31. Dezember 2012 vor.
Forderungen gegenüber verbundenen Unternehmen resultieren aus Lieferungen und Leistungsverrechnungen in Höhe von TEUR 82.949,0 (31.12.2012: TEUR 48.854,6), gewährten kurzfristigen Darlehen von TEUR 0,0 (31.12.2012: TEUR 2.000,0) sowie sonstigen Verrechnungen von TEUR 158,9 (31.12.2012: TEUR 9.185,7) und Forderungen aus Steuerumlagen in Höhe von TEUR 17.080,6 (31.12.2012: TEUR 17.091,2). Weiters ist eine Forderung gegenüber der Lenzing Fibers Holding GmbH aus der phasenkongruenten Gewinnerfassung in Höhe von TEUR 50.000,0 (31.12.2012: TEUR 0,0) enthalten.
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.
| Sonstige Forderungen und Vermögensgegenstände | 31.12.2013 | 31.12.2012 |
|---|---|---|
| TEUR | TEUR | |
| Guthaben aus der Verrechnung mit dem Finanzamt | 18.299,3 | 20.354,9 |
| Abgrenzung von Kostenersätzen | 3.200,0 | 5.000,0 |
| Steuerumlagen aus Vorjahren | 2.717,2 | 0,0 |
| Emissionszertifikate | 1.071,1 | 1.996,9 |
| An- und Vorauszahlungen | 994,2 | 1.238,9 |
| Übrige | 2.227,1 | 3.931,0 |
| Gesamt | 28.508,9 | 32.521,7 |
Die Forderung aus Steuerumlagen betrifft Forderungen gegenüber einem im Geschäftsjahr 2013 ausgeschiedenen Gruppenmitglied aus Vorjahren.
In den sonstigen Forderungen und Vermögensgegenständen sind Erträge in Höhe von TEUR 20.940,2 (31.12.2012: TEUR 21.860,7) enthalten, die erst nach dem Bilanzstichtag zahlungswirksam werden.
PASSIVA
Das Grundkapital der Lenzing AG zum 31. Dezember 2013 beträgt EUR 27.574.071,43 (31.12.2012: TEUR 27.574,1) und ist in 26.550.000 Stückaktien (31.12.2012: 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.
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.
Die freien Gewinnrücklagen können jederzeit aufgelöst und als Teil des Bilanzgewinnes an die Aktionäre ausgeschüttet werden.
Die Investitionszuschüsse der öffentlichen Hand einschließlich der Emissionszertifikate und der Investitionszuwachsprämie 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 sowie der Investitionszuwachsprämie 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:
| 2013 | Stand | Verbrauch | Auf- | Zugang | Stand |
|---|---|---|---|---|---|
| Rückstellungen für | 01.01.2013 | lösung | 31.12.2013 | ||
| TEUR | TEUR | TEUR | TEUR | TEUR | |
| Sozialplan | 0,0 | 0,0 | 0,0 | 24.527,4 | 24.527,4 |
| Drohende Verluste | 19.325,7 | 4.822,1 | 6.522,8 | 20.336,9 | 28.317,7 |
| Schadensfälle | 19.325,2 | 348,3 | 12.476,8 | 1.721,2 | 8.221,3 |
| Noch nicht abgerechnete | |||||
| Lieferungen und Leistungen | 7.469,5 | 4.279,3 | 2.863,0 | 4.487,9 | 4.815,1 |
| Jubiläumsgelder | 9.748,0 | 921,4 | 0,0 | 1.482,0 | 10.308,6 |
| Sonderzahlungen | 10.564,3 | 10.564,3 | 0,0 | 12.102,8 | 12.102,8 |
| Resturlaube | 5.713,8 | 5.713,8 | 0,0 | 6.470,3 | 6.470,3 |
| Sonstige Personalaufwendungen | 3.406,6 | 3.033,5 | 48,8 | 2.914,7 | 3.239,0 |
| Übrige | 4.111,3 | 3.859,0 | 370,2 | 3.764,8 | 3.646,9 |
| Gesamt | 79.664,4 | 33.541,7 | 22.281,6 | 77.808,0 | 101.649,1 |
| 2012 | Stand | Verbrauch | Auf- | Zugang | Stand |
|---|---|---|---|---|---|
| Rückstellungen für | 01.01.2012 | lösung | 31.12.2012 | ||
| TEUR | TEUR | TEUR | TEUR | TEUR | |
| Drohende Verluste | 29.230,2 | 1.435,6 | 12.272,5 | 3.803,6 | 19.325,7 |
| Schadensfälle | 30.606,5 | 5.791,1 | 5.490,2 | 0,0 | 19.325,2 |
| Noch nicht abgerechnete | |||||
| Lieferungen und Leistungen | 8.313,1 | 4.930,6 | 80,4 | 4.167,4 | 7.469,5 |
| Jubiläumsgelder | 8.773,0 | 870,2 | 0,0 | 1.845,2 | 9.748,0 |
| Sonderzahlungen | 14.871,6 | 14.871,6 | 0,0 | 10.564,3 | 10.564,3 |
| Resturlaube | 4.781,4 | 4.781,4 | 0,0 | 5.713,8 | 5.713,8 |
| Sonstige Personalaufwendungen | 6.324,8 | 5.712,2 | 471,9 | 3.265,9 | 3.406,6 |
| Übrige | 8.836,1 | 4.812,0 | 3.819,6 | 3.906,8 | 4.111,3 |
| Gesamt | 111.736,7 | 43.204,7 | 22.134,6 | 33.267,0 | 79.664,4 |
Die Rückstellungen für den Sozialplan betreffen Vorsorgen aufgrund des Personalabbaus im Rahmen der Reorganisation und des Kostenoptimierungsprogramms "excelLENZ 2.0". Die Rückstellung wurde insbesondere für aus dem im Dezember 2013 abgeschlossenen Sozialplan resultierende Abfindungen und Abfertigungen gebildet. Dabei wurden bereits zuvor rückgestellte Vorsorgen (insbesondere aus der regulären Abfertigungsrückstellung) verwendet und sind nun in der Rückstellung für Sozialplan ausgewiesen.
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. Daneben sind unter anderem Rückstellungen für Sanierungs- und Infrastrukturmaßnahmen in Zusammenhang mit geplanten Investitionen enthalten. 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 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:
| 2013 | |||
|---|---|---|---|
| Rückstellungen für | Pensionen | Abfertigungen | Jubiläumsgelder |
| TEUR | TEUR | TEUR | |
| In der Bilanz erfasste Werte: | |||
| Rückstellung zum 31.12.2012 | 26.218,5 | 49.256,1 | 9.748,0 |
| Zugang aus Bereich Global Fiber Engineering |
0,0 | 268,5 | 76,2 |
| Periodenaufwand | 3.160,0 | 4.766,2 | 1.405,8 |
| Auszahlungen | -2.181,8 | -3.193,4 | -921,5 |
| Umgliederung zu Sozialplan | 0,0 | -12.586,5 | 0,0 |
| Rückstellung zum 31.12.2013 | 27.196,8 | 38.511,0 | 10.308,6 |
| Wert nach § 14 EStG | 17.516,6 | 25.555,4 | 6.877,9 |
| Aufwand im Geschäftsjahr: | |||
| Laufender Dienstzeitaufwand | 8,1 | 1.831,6 | 445,9 |
| Zinsaufwand | 881,5 | 1.675,7 | 326,5 |
| Realisierung versicherungs mathematischer Verlust (+) /Gewinn (-) |
2.270,4 | 1.259,0 | 633,4 |
| Periodenaufwand | 3.160,0 | 4.766,2 | 1.405,8 |
Annahmen zur Berechnung der erwarteten leistungsorientierten Ansprüche zum 31.12.2013:
| Diskontierungszinssatz | 3,0% | 3,3% | 3,1% |
|---|---|---|---|
| Pensionssteigerung | 2,5/3,0% | - | - |
| Gehaltssteigerung | 3,0% | 3,0% | 3,0% |
| Pensionseintrittsalter | |||
| Frauen/Männer/Schwerarbeiter | 58/63/57 Jahre | 58/63/57 Jahre | 58/63/57 Jahre |
Mit Wirkung vom 01. Jänner 2013 ist der Bereich "Global Fiber Engineering" von der Lenzing Technik GmbH (LTG) zur Lenzing AG übergegangen. Dabei wurden Personalverpflichtungen für die betroffenen Mitarbeiter übernommen.
Im Zuge der Dotierung der Rückstellung für den Sozialplan wurden bereits zuvor rückgestellte Abfertigungsrückstellungen verwendet und sind nun in der Rückstellung für Sozialplan ausgewiesen.
| 2012 | |||
|---|---|---|---|
| Rückstellungen für | Pensionen | Abfertigungen | Jubiläumsgelder |
| TEUR | TEUR | TEUR | |
| In der Bilanz erfasste Werte: | |||
| Rückstellung zum 31.12.2011 | 23.959,8 | 42.641,0 | 8.773,0 |
| Periodenaufwand | 4.510,3 | 10.366,4 | 1.845,2 |
| Auszahlungen | -2.251,6 | -3.751,3 | -870,2 |
| Rückstellung zum 31.12.2012 | 26.218,5 | 49.256,1 | 9.748,0 |
| Wert nach § 14 EStG | 17.552,0 | 34.004,1 | 6.848,1 |
| Aufwand im Geschäftsjahr: | |||
| Laufender Dienstzeitaufwand | 5,6 | 1.670,2 | 374,2 |
| Zinsaufwand | 1.033,9 | 1.852,3 | 379,2 |
| Realisierung versicherungs | |||
| mathematischer Verlust (+) | 3.470,9 | 6.843,9 | 1.091,8 |
| /Gewinn (-) | |||
| Periodenaufwand | 4.510,3 | 10.366,4 | 1.845,2 |
Annahmen zur Berechnung der erwarteten leistungsorientierten Ansprüche zum 31.12.2012:
| Diskontierungszinssatz | 3,5% | 3,5% | 3,5% |
|---|---|---|---|
| Pensionssteigerung | 2,0/2,5% | - | - |
| Gehaltssteigerung | 3,0% | 3,0% | 3,0% |
| Pensionseintrittsalter | |||
| Frauen/Männer/Schwerarbeiter | 58/63/57 Jahre | 58/63/57 Jahre | 58/63/57 Jahre |
Die Berechnung der Pensions-, Abfertigungs- und Jubiläumsgeldrückstellung erfolgt unter Berücksichtigung eines Fluktuationsabschlages. Dieser wird nach Dienstjahren gestaffelt und beruht auf den durchschnittlichen Austrittszahlen der letzten fünf Jahre.
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.
Mitarbeiter, 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 gleichmäßig 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:
| Verbindlichkeiten | Bilanzwert | mit einer Restlaufzeit bis zu 1 Jahr |
mit einer Restlaufzeit von 1 bis 5 Jahren |
mit einer Restlaufzeit über 5 Jahren |
|---|---|---|---|---|
| TEUR | TEUR | TEUR | TEUR | |
| Anleihen | 120.000,0 | 0,0 | 120.000,0 | 0,0 |
| Vorjahr | 120.000,0 | 0,0 | 120.000,0 | 0,0 |
| Schuldscheindarlehen | 213.500,0 | 0,0 | 117.500,0 | 96.000,0 |
| Vorjahr | 184.500,0 | 0,0 | 88.500,0 | 96.000,0 |
| Verbindlichkeiten gegenüber Kreditinstituten |
90.158,3 | 42.166,8 | 47.991,5 | 0,0 |
| Vorjahr | 137.589,8 | 47.431,5 | 90.158,3 | 0,0 |
| Sonstige zinstragende Verbindlichkeiten |
24.741,4 | 5.482,1 | 16.725,7 | 2.533,6 |
| Vorjahr | 23.263,8 | 4.485,2 | 16.214,3 | 2.564,3 |
| Erhaltene Anzahlungen auf Bestellungen |
601,1 | 601,1 | 0,0 | 0,0 |
| Vorjahr | 489,0 | 489,0 | 0,0 | 0,0 |
| Verbindlichkeiten aus | ||||
| Lieferungen und Leistungen | 49.883,5 | 49.704,8 | 178,7 | 0,0 |
| Vorjahr | 67.463,7 | 67.360,1 | 103,6 | 0,0 |
| Verbindlichkeiten gegenüber verbundenen Unternehmen |
36.080,7 | 20.125,8 | 14.954,9 | 1.000,0 |
| Vorjahr | 65.510,4 | 46.477,6 | 18.032,8 | 1.000,0 |
| Verbindlichkeiten gegenüber Unternehmen, mit denen ein Beteiligungsverhältnis besteht |
||||
| Vorjahr | 0,9 0,3 |
0,9 0,3 |
0,0 0,0 |
0,0 0,0 |
| 10.554,3 | 9.516,2 | 1.038,1 | 0,0 | |
| Sonstige Verbindlichkeiten Vorjahr |
9.444,7 | 8.969,8 | 474,9 | 0,0 |
| Gesamt Vorjahr |
545.520,3 608.261,7 |
127.597,8 175.213,5 |
318.388,9 333.483,9 |
99.533,6 99.564,3 |
In 2010 wurde eine 7-jährige Anleihe mit einem Fixzinssatz von 3,875% begeben.
Im Geschäftsjahr 2012 hat die Lenzing AG Schuldscheine in Höhe von TEUR 184.500 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.
Die sonstigen zinstragenden Verbindlichkeiten enthalten ERP-Kredite, Forschungsförderungskredite und Verbindlichkeiten aus Finanzierungsleasing.
Von den Verbindlichkeiten gegenüber Kreditinstituten und sonstigen zinstragenden Verbindlichkeiten von TEUR 114.899,7 (31.12.2012: TEUR 160.853,6) sind TEUR 0,0 (31.12.2012: TEUR 0,0) durch Grundpfandrechte und sonstige dingliche Sicherheiten besichert.
Von den Verbindlichkeiten gegenüber verbundenen Unternehmen betreffen TEUR 10.509,4 (31.12.2012: TEUR 11.124,1) Lieferungen und Leistungsverrechnungen, TEUR 67,9 (31.12.2012: TEUR 204,4) sonstige Verrechnungen sowie TEUR 10.003,3 (31.12.2012: TEUR 38.682,0) Verbindlichkeiten aus Steuerumlagen. Weiters bestehen Verbindlichkeiten aus Darlehen in Höhe von TEUR 15.500,0 (31.12.2012: 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 2012 begebenen Schuldscheinen.
In den sonstigen Verbindlichkeiten sind Aufwendungen in Höhe von TEUR 10.386,6 (31.12.2012: TEUR 9.280,7) enthalten, die erst nach dem Bilanzstichtag zahlungswirksam werden. Davon betreffen TEUR 1.631,4 (31.12.2012: TEUR 922,5) Verbindlichkeiten für das Altersteilzeitmodell gem. § 27 ALVG.
Die passive Rechnungsabgrenzung beinhaltet im Wesentlichen transitorisch abgegrenzte Zinsenzuschüsse des Umwelt- und des Forschungsförderungsfonds.
Haftungsverhältnisse liegen in folgendem Umfang vor:
| Haftungsverhältnisse | 31.12.2013 | 31.12.2012 |
|---|---|---|
| TEUR | TEUR | |
| Bürgschafts- und Garantieerklärungen für den | ||
| Wasserreinhaltungsverband Lenzing-Lenzing AG für den Bau | ||
| der zweiten und dritten Ausbaustufe der | ||
| Abwasserreinigungsanlage | 6.462,8 | 8.198,2 |
| Haftungsübernahmen für verbundene Unternehmen | 176.387,2 | 156.466,0 |
| Haftungsübernahmen für Unternehmen, mit denen ein | ||
| Beteiligungsverhältnis besteht | 0,0 | 583,4 |
| Haftungsübernahmen gegenüber Dritten | 8.600,0 | 0,0 |
| Gesamt | 191.450,0 | 165.247,6 |
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.
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.
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 Vermögens-, 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 746.356,8 (2012: TEUR 766.128,3), der sich wie folgt gliedert:
| Umsatzerlöse nach Märkten | 2013 | 2012 |
|---|---|---|
| TEUR | TEUR | |
| Österreich | 140.527,1 | 149.713,1 |
| Europa inkl. Türkei ohne Österreich | 362.436,9 | 386.524,5 |
| Asien | 186.387,2 | 169.666,7 |
| Amerika | 46.169,7 | 45.551,1 |
| Sonstige | 10.835,9 | 14.672,9 |
| Gesamt | 746.356,8 | 766.128,3 |
| Umsatzerlöse nach Business Units | 2013 | 2012 |
|---|---|---|
| TEUR | TEUR | |
| Textile Fibers | 390.829,2 | 409.916,0 |
| Nonwoven Fibers | 221.599,3 | 217.043,0 |
| Pulp, Energy, Sonstige | 133.928,3 | 139.169,3 |
| Gesamt | 746.356,8 | 766.128,3 |
Die übrigen sonstigen betrieblichen Erträge beinhalten:
| Übrige sonstige betriebliche Erträge | 2013 | 2012 |
|---|---|---|
| TEUR | TEUR | |
| Leistungsverrechnungen und Kostenersätze | 33.398,3 | 32.694,0 |
| Forschungs-, Lehrlings- und Bildungsprämien | 2.816,8 | 4.635,0 |
| Mieteinnahmen | 2.715,2 | 2.025,6 |
| Umsätze der werkseigenen Küche | 1.807,9 | 1.638,9 |
| Lizenzgebühren | 1.600,0 | 0,0 |
| Beiträge des Österr. Forschungsförderungsfonds | 1.376,0 | 2.877,5 |
| Versicherungserträge | 1.350,0 | 0,0 |
| Auflösung von Zuschüssen (Emissionszertifikaten) | 970,2 | 1.339,0 |
| Übrige | 2.144,3 | 5.435,1 |
| Gesamt | 48.178,7 | 50.645,1 |
Die Aufwendungen für Abfertigungen und Leistungen an betriebliche Mitarbeitervorsorgekassen setzen sich wie folgt zusammen:
| Aufwendungen für | 2013 | 2012 |
|---|---|---|
| TEUR | TEUR | |
| Abfertigungen (inkl. freiwilligen Abfertigungen) | 16.768,3 | 10.447,1 |
| Leistungen an betriebliche Mitarbeitervorsorgekassen | 717,4 | 564,9 |
| Gesamt | 17.485,7 | 11.012,0 |
Die Aufwendungen für Abfertigungen und Leistungen an betriebliche Mitarbeitervorsorgekassen (inkl. Rückstellungsdotierungen und -auflösungen) verteilen sich wie folgt:
| Aufwendungen für | 2013 | 2012 |
|---|---|---|
| TEUR | TEUR | |
| Mitglieder des Vorstandes | ||
| Aktive Mitglieder | 137,2 | 127,1 |
| Leitende Arbeitnehmer | -177,1 | 401,6 |
| Andere Arbeitnehmer | 17.525,6 | 10.483,3 |
| Gesamt | 17.485,7 | 11.012,0 |
Die Aufwendungen für Altersversorgung (inkl. Rückstellungsdotierungen und -auflösungen) verteilen sich wie folgt:
| Aufwendungen für | 2013 | 2012 |
|---|---|---|
| TEUR | TEUR | |
| Mitglieder des Vorstandes | ||
| Aktive Mitglieder | 108,3 | 99,9 |
| Ehemalige Mitglieder und deren Hinterbliebene | 240,5 | 776,2 |
| Leitende Arbeitnehmer | 109,1 | 82,0 |
| Andere Arbeitnehmer | 3.578,3 | 4.306,6 |
| Gesamt | 4.036,2 | 5.264,8 |
Die Lenzing AG hat eine Rückdeckungsversicherung für Pensionsansprüche abgeschlossen. Der Aufwand aus diesen Pensionszusagen in Höhe von TEUR 585,5 (2012: TEUR 565,0) sowie der Ertrag aus der Rückdeckungsversicherung von TEUR 163,8 (2012: TEUR 164,3) sind im Posten Aufwendungen für Altersversorgung enthalten.
Die Abschreibungen auf immaterielle Gegenstände des Anlagevermögens und Sachanlagen beinhalten die planmäßigen Abschreibungen in Höhe von TEUR 57.560,9 (2012: TEUR 56.161,2) und außerplanmäßige Abschreibungen von TEUR 110,0 (2012: TEUR 0,0).
Die Erträge aus der Auflösung der Investitionszuschüsse der öffentlichen Hand und der Investitionszuwachsprämie vermindern die Abschreibungen in folgender Höhe:
| Auflösung der | 2013 | 2012 |
|---|---|---|
| TEUR | TEUR | |
| Investitionszuschüsse der öffentlichen Hand | 571,0 | 737,7 |
| Investitionszuwachsprämie | 0,6 | 438,1 |
| Gesamt | 571,6 | 1.175,8 |
Die übrigen sonstigen betrieblichen Aufwendungen umfassen:
| Übrige sonstige betriebliche Aufwendungen | 2013 | 2012 |
|---|---|---|
| TEUR | TEUR | |
| Vertriebsaufwendungen (inkl. Werbeaufwendungen) | 45.134,5 | 47.418,9 |
| Instandhaltungen und Fremdleistungen | 15.774,8 | 18.873,6 |
| Konzernleistungen | 10.053,6 | 13.185,1 |
| Rechts-, Prüfungs- und Beratungsaufwendungen | 9.428,7 | 6.685,8 |
| Abfallentsorgung | 4.620,3 | 4.666,0 |
| Reise- und Fahrtkosten | 4.494,5 | 5.057,2 |
| Versicherungsaufwendungen | 4.250,6 | 3.917,1 |
| Gebühren, Spesen und sonstige Beiträge | 3.544,5 | 2.955,2 |
| Schulung der Belegschaft | 3.139,5 | 2.933,2 |
| Fremdwährungsdifferenzen | 0,0 | 2.103,8 |
| Sonstige Aufwendungen | 21.423,6 | 16.216,5 |
| Gesamt | 121.864,6 | 124.012,4 |
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 und Risikovorsorgen enthalten.
Die Erträge aus Beteiligungen betreffen im Wesentlichen Dividenden der Lenzing Fibers Holding GmbH in Höhe von TEUR 58.280,0 (davon TEUR 50.000,0 phasenkongruent vereinnahmt; 2012: TEUR 0,0) sowie der Lenzing Fibers (Hongkong) Ltd. von TEUR 2.988,2 (2012: TEUR 0,0). Im Vorjahr waren im Wesentlichen Dividenden der PT. South Pacific Viscose (2012: TEUR 11.387,7) sowie der PT. Pura Golden Lion (2012: TEUR 775,4) enthalten.
In den Erträgen aus anderen Wertpapieren und Ausleihungen des Finanzanlagevermögens sind Erträge aus Zinsforderungen an verbundene Unternehmen von TEUR 1.371,8 (2012: TEUR 2.037,3) erfasst.
Sonstige Zinsen und ähnliche Erträge resultieren im Wesentlichen aus der Aufzinsung von Ausleihungen in Höhe von TEUR 2.786,2 (2012: TEUR 0,0) und aus Guthaben bei Kreditinstituten von TEUR 742,1 (2012: TEUR 2.522,0).
Die Erträge aus dem Abgang von und der Zuschreibung zu Finanzanlagen enthielten im Vorjahr im Wesentlichen die Zuschreibung der Beteiligung an der Pulp Trading GmbH (2012: TEUR 6.831,2).
Die Aufwendungen aus Finanzanlagen und aus Wertpapieren des Umlaufvermögens beinhalten im Wesentlichen Wertberichtigungen von Beteiligungen an der Lenzing Modi Fibers India Private Limited von TEUR 10.852,6 (2012: TEUR 0,0) und an der Lenzing Fibers (Hongkong) Ltd. in Höhe von TEUR 2.615,0 (2012: TEUR 0,0). Weiters sind Risikovorsorgen von TEUR 1.178,2 (2012: TEUR 3.012,0) und Wertberichtigungen von kurzfristigen Finanzdarlehen von TEUR 0,0 (2012: TEUR 10.103,2) im Zusammenhang mit der Liquidation der European Precursor GmbH enthalten. Darüber hinaus sind Wertberichtigungen von Wertpapieren des Anlagevermögens in Höhe von TEUR 216,5 (2012: TEUR 696,6) erfasst.
Steuern vom Einkommen und Ertrag 2013 2012 TEUR TEUR Körperschaftsteuer aus der Gruppenbesteuerung 15.730,7 32.947,0 Steuergutschrift vom Gruppenträger B & C Industrieholding GmbH -1.773,3 -10.114,6 Steuerumlagen der Gruppenmitglieder -12.646,4 -11.259,8 Steuerumlagen an Gruppenmitglieder 1.811,0 444,0 Sonstige Steuern vom Einkommen und Ertrag 3.828,6 1.218,5 Gesamt 6.950,6 13.235,1
Die Steuern vom Einkommen und Ertrag setzen sich wie folgt zusammen:
Die sonstigen Steuern vom Einkommen und Ertrag enthalten im Geschäftsjahr 2013 im Wesentlichen Körperschaftsteuern aus Vorperioden (2012: ausländische Quellensteuern).
Der Ertrag aus der Auflösung unversteuerter Rücklagen in der Höhe von TEUR 331,0 (2012: TEUR 354,1) ist in voller Höhe steuerpflichtig, sodass daraus eine Steuerbelastung von insgesamt TEUR 82,7 (2012: TEUR 88,5) resultiert.
5
Sonstige Angaben
Verpflichtungen aus der Nutzung von in der Bilanz nicht ausgewiesenen Sachanlagen liegen aufgrund von Leasing-, Pacht- und Mietverträgen in folgendem Umfang vor:
| Nutzungsverpflichtungen | 31.12.2013 | 31.12.2012 |
|---|---|---|
| TEUR | TEUR | |
| Im Folgejahr | 3.462,4 | 3.452,1 |
| In den folgenden fünf Jahren | 10.608,2 | 11.077,5 |
Verpflichtungen aus offenen Bestellungen für die Lieferung von Sachanlagen liegen in folgender Höhe vor:
| Bestellobligo | 31.12.2013 | 31.12.2012 |
|---|---|---|
| TEUR | TEUR | |
| Bestellobligo für Investitionsvorhaben | 27.609,7 | 76.142,1 |
| Davon gegenüber verbundenen Unternehmen | 1.856,8 | 3.326,3 |
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 2013 TEUR 2.831,6 (31.12.2012: TEUR 3.433,9).
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. Darüber hinaus hat die Lenzing AG im Geschäftsjahr 2013 sowie auch 2012 für verbundene Unternehmen Devisentermingeschäfte mit externen Banken auf eigenem Namen und eigene Rechnung abgeschlossen.
Zum Bilanzstichtag bestanden folgende Devisentermingeschäfte:
| 31.12.2013 | |||||||
|---|---|---|---|---|---|---|---|
| Art der derivativen | Sicherungs | Beizulegender 2) Wert |
Bilanz | ||||
| Finanzinstrumente | Nominale 1) | zeitraum | positiv | negativ | Buchwert | posten | |
| FW 1.000 | bis | TEUR | TEUR | TEUR | TEUR | ||
| Devisen | |||||||
| termingeschäfte | |||||||
| CZK-Kauf/EUR-Verkauf | CZK | 225.000,0 | 01/2015 | 0,0 | -489,0 | 0,0 | - |
| CNY/CNH-Verkauf/EUR-Kauf | CNY/CNH | 743.000,0 | 06/2015 | 415,6 | -564,4 | 0,0 | - |
| USD-Verkauf/EUR-Kauf | USD | 128.700,0 | 02/2015 | 2.610,0 | -3,1 | 0,0 | - |
| Summe | 3.025,6 | -1.056,5 | 0,0 | ||||
| Nettoposition | 1.969,1 |
1 Der Nominalwert wird als Bruttovolumen ausgewiesen
2 beizulegender Wert: + = Forderung / - = Verbindlichkeit aus Sicht der Lenzing AG
| 31.12.2012 | |||||||
|---|---|---|---|---|---|---|---|
| Art der derivativen Finanzinstrumente |
Sicherungs | Beizulegender 2) Wert |
Bilanz | ||||
| Nominale 1) | zeitraum | positiv | negativ | Buchwert | posten | ||
| FW 1.000 | bis | TEUR | TEUR | TEUR | TEUR | ||
| Devisen | |||||||
| termingeschäfte | |||||||
| CZK-Kauf/EUR-Verkauf | CZK | 200.000,0 | 12/2013 | 30,6 | -55,0 | 0,0 | - |
| CNY/CNH-Verkauf/EUR-Kauf | CNY/CNH | 209.000,0 | 05/2014 | 23,3 | -126,6 | 0,0 | - |
| USD-Verkauf/EUR-Kauf 3) | USD | 244.700,0 | 01/2014 | 3.018,0 | -1.781,1 | 0,0 | - |
| Summe | 3.071,9 | -1.962,7 | 0,0 | ||||
| Nettoposition | 1.109,2 |
1 Der Nominalwert wird als Bruttovolumen ausgewiesen
2 beizulegender Wert: + = Forderung / - = Verbindlichkeit aus Sicht der Lenzing AG 3 darin enthalten: Nominale USD 14.400.000 und beizulegender Wert EUR +227.821,61 für verbundene Unternehmen
Zum Bilanzstichtag 31. Dezember 2013 sowie auch zum 31. Dezember 2012 bestanden keine Rohstoffpreisderivate.
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. Jahresfinanzbericht 2013 Lenzing Gruppe Seite 283
Die Lenzing AG wendet die AFRAC-Stellungnahme "Die unternehmensrechtliche Bilanzierung von Derivaten und Sicherungsinstrumenten" vom September 2010 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 2013 wurde insgesamt auf eine Drohverlustrückstellung aus Sicherungsbeziehungen zukünftiger Zahlungsströme in Höhe von TEUR 1.056,5 (31.12.2012: TEUR 1.962,7) 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.
Nach den obigen Grundsätzen werden auch Bewertungseinheiten zwischen den auf der einen Seite mit den Banken und den auf der anderen Seite mit den verbundenen Unternehmen abgeschlossenen Derivaten gebildet. Die beiden Seiten werden im Sinne der kompensatorischen Bewertung als Einheit gemeinsam bewertet.
An der Bonität der Kontrahenten, die an einer Bewertungseinheit beteiligt sind, bestehen zum Bilanzstichtag keinerlei Zweifel.
| Durchschnittliche Zahl der Mitarbeiter | 2013 | 2012 |
|---|---|---|
| Angestellte | 824 | 758 |
| Arbeiter | 1.252 | 1.219 |
| Gesamt | 2.076 | 1.977 |
Die seitens der Lenzing AG aufgewendeten laufenden Bezüge fix und variabel sowie die Abschlagszahlungen der aktiven Mitglieder des Vorstandes setzen sich wie folgt zusammen:
| Mag. Dr. Untersperger Dipl.-Ing. Weninger, MBA |
Mag. Winkler, LL.M. | Gesamt | ||||||
|---|---|---|---|---|---|---|---|---|
| 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |
| TEUR | TEUR | TEUR | TEUR | TEUR | TEUR | TEUR | TEUR | |
| Laufende Bezüge fix | 566 | 484 | 434 | 433 | 435 | 405 | 1.434 | 1.322 |
| Laufende Bezüge variabel | 318 | 548 | 352 | 357 | 39 | 476 | 708 | 1.381 |
| Abschlagszahlungen | 0 | 0 | 0 | 0 | 1.620 | 0 | 1.620 | 0 |
| Gesamt | 884 | 1.032 | 785 | 790 | 2.094 | 880 | 3.763 | 2.703 |
Die oben dargestellten Beträge im Geschäftsjahr 2013 von insgesamt TEUR 3.763 (2012: TEUR 2.703) betreffen mit insgesamt TEUR 2.142 (laufende Bezüge fix und variabel; 2012: TEUR 2.703) kurzfristig fällige Leistungen und mit TEUR 1.620 (Abschlagszahlungen; 2012: TEUR 0) Leistungen aus Anlass der Beendigung eines Arbeitsverhältnisses. Darüber hinaus wurden für Ansprüche der aktiven Mitglieder des Vorstandes aus langfristigen Bonusbankmodellen (andere langfristig fällige Leistungen) im Geschäftsjahr 2013 TEUR 300 (2012: TEUR 0) rückgestellt. Ferner wurden den aktiven Mitgliedern des Vorstandes Leistungen nach Beendigung des Arbeitsverhältnisses in Höhe von TEUR 245 (2012: TEUR 227) in Form von Aufwendungen in der Gewinn- und Verlustrechnung für die betriebliche Altersversorgung und Abfertigungsansprüche gewährt. Die Aufwendungen für die aktiven Mitglieder des Aufsichtsrates der Lenzing AG (kurzfristig fällige Leistungen in Form von Aufsichtsratsvergütungen inkl. Sitzungsgeldern) betragen 2013 TEUR 291 (2012: TEUR 257). Die aufgewendeten Vergütungen des Managements in Schlüsselpositionen, das sich aus den aktiven Mitgliedern des Vorstands und des Aufsichtsrats der Lenzing AG zusammensetzt, betragen somit 2013 insgesamt TEUR 4.599 (2012: TEUR 3.187).
Der Barwert der für die aktiven Vorstände gebildeten Abfertigungsrückstellung beträgt zum 31. Dezember 2013 TEUR 748 (31. Dezember 2012: TEUR 646).
Den vom Betriebsrat delegierten Arbeitnehmervertretern im Aufsichtsrat steht neben den vorgenannten Leistungen eine reguläre Entlohnung (Lohn oder Gehalt) 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.
Die Grundsätze des Vergütungssystems für Vorstand und Aufsichtsrat sind im Corporate Governance-Bericht 2013 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 oder deren Hinterbliebene wurden Leistungen nach Beendigung des Arbeitsverhältnisses in Form von Aufwendungen in der Gewinnund Verlustrechnung in Höhe von TEUR 240 (2012: TEUR 776) gewährt. Der Barwert der dafür gebildeten Pensionsrückstellung nach Abzug des beizulegenden Zeitwertes des Planvermögens (Nettoschuld) beträgt zum 31. Dezember 2013 TEUR 6.941 (31. Dezember 2012: TEUR 6.586).
Die Aufwendungen für den Abschlussprüfer setzen sich wie folgt zusammen:
| Aufwendungen für den Abschlussprüfer | 2013 | 2012 |
|---|---|---|
| TEUR | TEUR | |
| Prüfung des Jahresabschlusses (inkl. Konzernabschluss) | 261,5 | 258,6 |
| Andere Bestätigungsleistungen | 45,6 | 54,8 |
| Sonstige Leistungen | 0,0 | 6,9 |
| Steuerberatung | 146,0 | 190,8 |
| Gesamt | 453,1 | 511,1 |
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.
Der Hauptaktionär der Lenzing AG zum 31. Dezember 2013 ist die B & C Gruppe, welche direkt oder indirekt mit 67,6% (31.12.2012: 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 Industrieholding GmbH, Wien aufgestellt und beim Firmenbuch Wien hinterlegt. Das oberste Mutterunternehmen der B & C Industrieholding 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 in- und 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 2013 eine Steuergutschrift von TEUR 1.773,3 (2012: TEUR 10.114,6) erhalten. Im Jahr 2013 erfolgten gemäß der vertraglichen Verpflichtung die Zahlung bzw. Vorauszahlung der Steuerumlage für die Jahre 2012 und 2013 an die B & C Industrieholding GmbH in Summe von TEUR 44.000 (2012: für das Jahr 2011 TEUR 42.500).
Zum 31. Dezember 2013 bilanziert die Lenzing AG aus der Steuerumlage nach Abzug der Vorauszahlung eine Verbindlichkeit in Höhe von TEUR 8.194,9 (31.12.2012: TEUR 38.237) 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.
Die Lieferungen und Leistungen mit den nahestehenden Unternehmen und Personen erfolgen grundsätzlich zu fremdüblichen Konditionen.
Der Umfang der wesentlichen Geschäftsvorfälle mit verbundenen Unternehmen stellt sich wie folgt dar:
| Beziehungen zu verbundenen Unternehmen | 2013 | 2012 |
|---|---|---|
| TEUR | TEUR | |
| Bezogene Lieferungen und Leistungen | 77.269,1 | 66.973,4 |
| Erbrachte Faser- und Zellstofflieferungen | 90.983,2 | 77.260,4 |
| Erbrachte Leistungen | 43.640,2 | 47.192,2 |
| Jahres | |||||
|---|---|---|---|---|---|
| Stamm | Anteil | Eigenkapital | überschuss/ - fehlbetrag |
||
| Beteiligung | Währung | kapital | in % | 31.12.2013 | 2013 |
| Unternehmensbereich Fasern | TEUR | TEUR | |||
| Avit Investments Limited, Providenciales, | |||||
| Turks & Caicos | USD | 2.201.000 | 100,00 | 85.775,6 4 | 121,1 4 |
| Beech Investment s.r.o., Zlaté Moravce, | |||||
| Slowakei | EUR | 6.639 | 100,00 | 110,8 4 | 19,6 4 |
| EQUI-Fibres Beteiligungsgesellschaft mbH, | |||||
| Kelheim, Deutschland | EUR | 2.000.000 | 45,00 | 1.229,2 3 | -107,0 3 |
| Lenzing Fibers Holding GmbH, Lenzing | EUR | 35.000 | 100,00 | 122.132,3 | 24.081,7 |
| Lenzing Fibers (Hongkong) Ltd., Hongkong, China | HKD | 16.000.000 | 100,00 | 2.014,2 4 | -21,0 4 |
| Lenzing Fibers (Shanghai) Co., Ltd., | |||||
| Shanghai, China | USD | 200.000 | 100,00 | k. A. | k. A. |
| Lenzing Global Finance GmbH, München, | |||||
| Deutschland | EUR | 25.000 | 100,00 | 40,1 3 | 3,6 3 |
| Lenzing Modi Fibers India Private Limited, | |||||
| Mumbai, Indien | INR 1.000 | 1.118.065 | 96,31 | k. A. | k. A. |
| LKF Tekstil Boya Sanayi ve Ticaret | |||||
| Anonim Sirketi, Istanbul, Türkei | TRY | 200.000 | 33,34 | 0,0 5 | 0,0 5 |
| Penique S.A., Panama, Panama | USD | 5.000 | 100,00 | 27.357,3 4 | 44,6 4 |
| PT. Pura Golden Lion, Jakarta, Indonesien | IDR 1.000 | 2.500.000 | 40,00 | 3.874,1 3,6 | 705,5 3,6 |
| PT. South Pacific Viscose, Purwakarta, | |||||
| Indonesien | IDR 1.000 | 72.500.000 | 44,27 2 | k. A. | k. A. |
| Sonstige Beteiligungen | |||||
| BZL-Bildungszentrum Lenzing GmbH, Lenzing | EUR | 43.604 | 75,00 | 563,6 | 480,1 |
| European Carbon Fiber GmbH, Kelheim, | |||||
| Deutschland | EUR | 25.000 | 100,00 | 24,6 4 | -0,3 4 |
| European Precursor GmbH, Kelheim, | |||||
| Deutschland | EUR | 25.000 | 95,00 | k. A. | k. A. |
| Gemeinnützige Siedlungsgesellschaft m.b.H. | |||||
| für den Bezirk Vöcklabruck, Lenzing | EUR | 1.155.336 | 99,90 | 29.920,7 1 | 1.637,0 1 |
| Lenzing Papier GmbH, Lenzing | EUR | 35.000 | 40,00 | 3.807,7 6 | 161,3 6 |
| Pulp Trading GmbH, Lenzing | EUR | 40.000 | 100,00 | 111.669,5 | 53.188,0 |
| RVL Reststoffverwertung Lenzing | |||||
| GmbH, Lenzing | EUR | 36.336 | 50,00 | 74,3 | 0,8 |
| WWE Wohn- und Wirtschaftspark | |||||
| Entwicklungsgesellschaft m.b.H., Wien | EUR | 36.336 | 25,00 | 2.903,3 | -7,7 |
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.
5 Liegt zum Bilanzaufstellungstag noch nicht vor
6 Vorläufig
1 2012
k.A. Von der Angabe des Eigenkapitals und des Ergebnisses wurde gemäß § 241 Abs. 2 Z 2 UGB abgesehen.
| Beteiligung | Währung | Stamm kapital |
Anteil in % |
Eigenkapital 31.12.2012 |
Jahres überschuss/ - fehlbetrag 2012 |
|---|---|---|---|---|---|
| Unternehmensbereich Fasern | TEUR | TEUR | |||
| Avit Investments Limited, Providenciales, | |||||
| Turks & Caicos | USD | 2.201.000 | 100,00 | 86.299,5 4 | 7.014,1 4 |
| Beech Investment s.r.o., Zlaté Moravce, | |||||
| Slowakei | EUR | 6.639 | 100,00 | 91,2 4 | 14,5 4 |
| EQUI-Fibres Beteiligungsgesellschaft mbH, | |||||
| Kelheim, Deutschland | EUR | 2.000.000 | 45,00 | 1.336,3 3 | -115,2 3 |
| Lenzing Fibers Holding GmbH, Lenzing | EUR | 35.000 | 100,00 | 106.330,6 | 17.611,8 |
| Lenzing Fibers (Hongkong) Ltd., Hongkong, China | HKD | 16.000.000 | 100,00 | 4.698,1 4 | 88,3 4 |
| Lenzing Fibers (Shanghai) Co., Ltd., | |||||
| Shanghai, China | USD | 200.000 | 100,00 | k. A. | k. A. |
| Lenzing Global Finance GmbH, München, | |||||
| Deutschland | EUR | 25.000 | 100,00 | 36,5 3 | 11,5 3 |
| Lenzing Modi Fibers India Private Limited, | |||||
| Mumbai, Indien | INR 1.000 | 1.118.065 | 96,31 | k. A. | k. A. |
| LKF Tekstil Boya Sanayi ve Ticaret | |||||
| Anonim Sirketi, Istanbul, Türkei | TRY | 200.000 | 33,34 | 0,0 5 | 0,0 5 |
| Penique S.A., Panama, Panama | USD | 5.000 | 100,00 | 27.567,0 4 | 2.635,6 4 |
| PT. Pura Golden Lion, Jakarta, Indonesien | IDR 1.000 | 2.500.000 | 40,00 | 4.218,9 3,6 | 3.329,2 3,6 |
| PT. South Pacific Viscose, Purwakarta, | |||||
| Indonesien | IDR 1.000 | 72.500.000 | 41,982 | k. A. | k. A. |
| Sonstige Beteiligungen | |||||
| BZL-Bildungszentrum Lenzing GmbH, Lenzing | EUR | 43.604 | 75,00 | 833,5 | 431,8 |
| European Carbon Fiber GmbH, Kelheim, | |||||
| Deutschland | EUR | 25.000 | 100,00 | 24,9 4 | -0,3 4 |
| European Precursor GmbH, Kelheim, | |||||
| Deutschland | EUR | 25.000 | 51,00 | k. A. | k. A. |
| Gemeinnützige Siedlungsgesellschaft m.b.H. | |||||
| für den Bezirk Vöcklabruck, Lenzing | EUR | 1.155.336 | 99,90 | 28.607,3 1 | 1.484,4 1 |
| Lenzing Papier GmbH, Lenzing | EUR | 35.000 | 40,00 | 3.646,4 6 | 214,2 6 |
| Pulp Trading GmbH, Lenzing | EUR | 40.000 | 100,00 | 58.481,5 | 8.195,4 |
| RVL Reststoffverwertung Lenzing | |||||
| GmbH, Lenzing | EUR | 36.336 | 50,00 | 73,5 | 0,6 |
| WWE Wohn- und Wirtschaftspark | |||||
| Entwicklungsgesellschaft m.b.H., Wien | EUR | 36.336 | 25,00 | 2.911,0 | -20,2 |
1 2011
2 Der direkt von der Lenzing AG gehaltene Anteil beträgt 41,98%, inkl. der indirekt gehaltenen Anteile beträgt der durchgerechnete Anteil 90,56%.
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.
5 Liegt zum Bilanzaufstellungstag noch nicht vor
6 Vorläufig
k.A. Von der Angabe des Eigenkapitals und des Ergebnisses wurde gemäß § 241 Abs. 2 Z 2 UGB abgesehen. Jahresfinanzbericht 2013 Lenzing Gruppe Seite 290
| EUR | |
|---|---|
| Das Geschäftsjahr 2013 endet mit einem Gewinn von | 57.205.674,45 |
| nach Hinzurechnung des Gewinnvortrages 2012 von | 94.011.280,58 |
| verbleibt ein Bilanzgewinn von | 151.216.955,03 |
| Der Vorstand schlägt folgende Verteilung des Bilanzgewinnes vor: | |
| Ausschüttung einer Dividende entsprechend einem Betrag von EUR 1,75 je Aktie auf das | |
| dividendenberechtigte Grundkapital von EUR 27.574.071,43 bzw. 26.550.000 | |
| Stückaktien | 46.462.500,00 |
| Auf neue Rechnung werden vorgetragen | 104.754.455,03 |
Vorbehaltlich des Beschlusses der Hauptversammlung erfolgt auf je eine Aktie die Auszahlung einer Dividende in der oben angegeben Höhe. Die Dividendenauszahlung erfolgt ab 5. Mai 2014 bei der
Uni Credit Bank Austria AG Schottengasse 6-8 1010 Wien
Die Aktien werden ab 30. April 2014 an der Wiener Börse ex Dividende gehandelt.
MMag. Dr. Michael Junghans, Wien Vorsitzender
Dr. Veit Sorger, Wien Stellvertretender Vorsitzender
Mag. Helmut Bernkopf, Wien
KR Dr. Franz Gasselsberger, MBA, Linz (ab 24. April 2013)
Dr. Josef Krenner, Linz
Mag. Martin Payer, Leoben
Mag. Patrick Prügger, Wien
Mag. Andreas Schmidradner, Wien
Dr. Astrid Skala-Kuhmann, Icking (Deutschland) (ab 19. April 2012)
Dr. Walter Lederer, Wien (bis 19. April 2012)
Rudolf Baldinger, Lenzing Vorsitzender des Betriebsausschusses Vorsitzender des Arbeiterbetriebsrates
Georg Liftinger, Weyregg Stellvertretender Vorsitzender des Betriebsausschusses Vorsitzender des Angestelltenbetriebsrates
Ing. Gerhard Ratzesberger, Lenzing Stellvertretender Vorsitzender des Angestelltenbetriebsrates
Johann Schernberger, Regau Stellvertretender Vorsitzender des Arbeiterbetriebsrates
Mag. Dr. Peter Untersperger, Linz Chief Executive Officer Vorstandsvorsitzender
Chief Operating Officer Mitglied des Vorstandes
Chief Financial Officer Mitglied des Vorstandes (bis 31. Dezember 2013)
Lenzing, am 4. März 2014
Lenzing Aktiengesellschaft
Der Vorstand:
Mag. Dr. Peter Untersperger Chief Executive Officer Chief Operating Officer
Dipl.-Ing. Friedrich Weninger, MBA
Vorstandsvorsitzender Mitglied des Vorstandes
für den Zeitraum 01.01.2013 bis 31.12.2013
| Anschaffungs | ||||
|---|---|---|---|---|
| bzw. Herstel | ||||
| lungskosten | Zugänge | Abgänge | ||
| 01.01.2013 | 2013 | 2013 | ||
| I. Immaterielle Vermögensgegenstände | EUR | EUR | EUR | |
| 1. Rechte | 54.301.334,73 | 405.419,84 | -104.470,56 | |
| 2. Firmenwert | 0,00 | 420.916,17 | 0,00 | |
| Summe Immaterielle Vermögensgegenstände | 54.301.334,73 | 826.336,01 | -104.470,56 | |
| 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 | 1.593.899,22 | 0,00 | -24.464,30 | |
| 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 | 175.480.674,06 | 2.179.460,19 | 0,00 | |
| c) Unbebaute Grundstücke | 1.698.027,55 | 2.155,30 | 0,00 | |
| 182.032.967,54 | 2.181.615,49 | -24.464,30 | ||
| 2. Technische Anlagen und Maschinen | 1.004.811.910,40 | 21.415.923,18 | -333.619,18 | |
| 3. Andere Anlagen, Betriebs- und Geschäftsausstattung | 51.610.609,64 | 3.523.590,93 1 | -816.093,80 1 | |
| 4. Anlagen in Bau | 67.711.589,29 | 124.029.439,54 | 0,00 | |
| 5. Geleistete Anzahlungen | 19.899.569,63 | 2.632.252,81 | 0,00 | |
| Summe Sachanlagen | 1.326.066.646,50 | 153.782.821,95 | -1.174.177,28 | |
| III. Finanzanlagen | ||||
| 1. Anteile an verbundenen Unternehmen | 410.552.467,44 | 3.474.147,60 | 0,00 | |
| 2. Ausleihungen an verbundene Unternehmen | 87.839.042,27 | 93.588.106,56 | -96.221.011,97 | |
| 3. Beteiligungen | 7.142.928,86 | 0,00 | 0,00 | |
| 4. Wertpapiere (Wertrechte) des Anlagevermögens | 78.245.630,84 | 0,00 | -39.523.857,40 | |
| 5. Sonstige Ausleihungen | 3.093.710,16 | 1.699.237,80 | -312.050,93 | |
| Summe Finanzanlagen | 586.873.779,57 | 98.761.491,96 | -136.056.920,30 | |
| 1.967.241.760,80 | 253.370.649,92 | -137.335.568,14 |
1 inklusive geringwertige Vermögensgegenstände in Höhe von EUR 282.415,80
| Anschaffungs bzw. Herstel- |
Abschreibungen | |||||
|---|---|---|---|---|---|---|
| Umbuchungen | lungskosten | kumuliert | Buchwert | Buchwert | Abschreibungen | Zuschreibungen |
| 2013 | 31.12.2013 | 31.12.2013 | 31.12.2013 | 31.12.2012 | 2013 | 2013 |
| EUR | EUR | EUR | EUR | EUR | EUR | EUR |
| 130.747,79 | 54.733.031,80 | 53.618.505,94 | 1.114.525,86 | 1.065.602,43 | 487.213,57 | 0,00 |
| 0,00 | 420.916,17 | 28.061,08 | 392.855,09 | 0,00 | 28.061,08 | 0,00 |
| 130.747,79 | 55.153.947,97 | 53.646.567,02 | 1.507.380,95 | 1.065.602,43 | 515.274,65 | 0,00 |
| 0,00 | 917.567,93 | 0,04 | 917.567,89 | 917.567,89 | 0,00 | 0,00 |
| 0,00 | 1.569.434,92 | 898.526,49 | 670.908,43 | 703.528,29 | 27.699,13 | 0,00 |
| 0,00 | 1.683.122,57 | 0,00 | 1.683.122,57 | 1.683.122,57 | 0,00 | 0,00 |
| 0,00 | 659.676,21 | 73.297,40 | 586.378,81 | 593.042,21 | 6.663,40 | 0,00 |
| 6.399.613,13 | 184.059.747,38 | 108.441.985,16 | 75.617.762,22 | 70.919.585,68 | 3.880.896,78 | 0,00 |
| 0,00 | 1.700.182,85 | 0,00 | 1.700.182,85 | 1.698.027,55 | 0,00 | 0,00 |
| 6.399.613,13 | 190.589.731,86 | 109.413.809,09 | 81.175.922,77 | 76.514.874,19 | 3.915.259,31 | 0,00 |
| 45.533.020,69 | 1.071.427.235,09 | 819.179.723,86 | 252.247.511,23 | 234.456.730,31 | 49.158.162,95 | 0,00 |
| 525.243,09 | 54.843.349,86 | 42.299.581,21 | 12.543.768,65 | 12.594.368,97 | 4.082.178,69 1 | 0,00 |
| -32.689.055,07 | 159.051.973,76 | 0,00 | 159.051.973,76 | 67.711.589,29 | 0,00 | 0,00 |
| -19.899.569,63 | 2.632.252,81 | 0,00 | 2.632.252,81 | 19.899.569,63 | 0,00 | 0,00 |
| -130.747,79 | 1.478.544.543,38 | 970.893.114,16 | 507.651.429,22 | 411.177.132,39 | 57.155.600,95 | 0,00 |
| 0,00 | 414.026.615,04 | 159.604.350,21 | 254.422.264,83 | 264.415.676,91 | 13.467.559,68 | 0,00 |
| 2.000.000,00 | 87.206.136,86 | 5.357.547,63 | 81.848.589,23 | 83.322.908,11 | 841.413,47 | 0,00 |
| 0,00 | 7.142.928,86 | 2.032.784,95 | 5.110.143,91 | 5.110.143,91 | 0,00 | 0,00 |
| 0,00 | 38.721.773,44 | 20.909.323,50 | 17.812.449,94 | 56.795.535,69 | 216.548,35 | 0,00 |
| 0,00 | 4.480.897,03 | 2.273.493,18 | 2.207.403,85 | 823.759,11 | 22.792,57 | -19.250,44 |
| 2.000.000,00 | 551.578.351,23 | 190.177.499,47 | 361.400.851,76 | 410.468.023,73 | 14.548.314,07 | -19.250,44 |
| 2.000.000,00 | 2.085.276.842,58 | 1.214.717.180,65 | 870.559.661,93 | 822.710.758,55 | 72.219.189,67 | -19.250,44 |
für den Zeitraum 01.01.2013 bis 31.12.2013
| Zuschüsse der öffentlichen Hand | Stand am 01.01.2013 |
Zugang |
|---|---|---|
| A. Investitionszuschüsse | EUR | EUR |
| I. Investitionszuschüsse der öffentlichen Hand |
||
| 1. Grundstücke, grundstücksgleiche Rechte und Bauten, | ||
| einschließlich der Bauten auf fremdem Grund | 1.734.205,06 | 66.346,76 |
| 2. Technische Anlagen und Maschinen | 2.073.554,96 | 601.636,69 |
| 3. Andere Anlagen, Betriebs- und Geschäftsausstattung | 347.526,49 | 24.899,55 |
| 4.155.286,51 | 692.883,00 | |
| II. Emissionszertifikate | 1.099.788,72 | 0,00 |
| B. Investitionszuwachsprämie | 577,10 | 0,00 |
| 5.255.652,33 | 692.883,00 | |
| Unversteuerte Rücklagen | ||
| Bewertungsreserve aufgrund von | ||
| Sonderabschreibungen gemäß § 7a EStG bzw. § 8 EStG | ||
| I. Sachanlagen |
||
| 1. Grundstücke, grundstücksgleiche Rechte und Bauten, | ||
| einschließlich der Bauten auf fremdem Grund | 2.382.536,85 | 0,00 |
| 2. Technische Anlagen und Maschinen | 12.266.803,56 | 8.265,33 |
| 3. Andere Anlagen, Betriebs- und Geschäftsausstattung | 996.588,23 | 0,00 |
| 15.645.928,64 | 8.265,33 | |
| II. Finanzanlagen |
||
| Anteile an verbundenen Unternehmen | 1.077.011,40 | 0,00 |
| 16.722.940,04 | 8.265,33 |
| Abgang | Auflösung | Umbuchung | Stand am 31.12.2013 |
|---|---|---|---|
| EUR | EUR | EUR | EUR |
| 0,00 | -119.120,56 | 0,00 | 1.681.431,26 |
| 0,00 | -410.165,72 | 0,00 | 2.265.025,93 |
| 0,00 | -41.716,94 | 0,00 | 330.709,10 |
| 0,00 | -571.003,22 | 0,00 | 4.277.166,29 |
| 0,00 | -970.244,00 | 0,00 | 129.544,72 |
| 0,00 | -577,10 | 0,00 | 0,00 |
| 0,00 | -1.541.824,32 | 0,00 | 4.406.711,01 |
| -4.920,73 | -254.488,74 | 0,00 | 2.123.127,38 |
| 0,00 | 0,00 | 6.377,16 | 12.281.446,05 |
| -617,40 -5.538,13 |
-79.227,96 -333.716,70 |
-6.377,16 0,00 |
910.365,71 15.314.939,14 |
| 0,00 | 0,00 | 0,00 | 1.077.011,40 |
| -5.538,13 | -333.716,70 | 0,00 | 16.391.950,54 |
Wir haben den beigefügten Jahresabschluss der Lenzing Aktiengesellschaft, Lenzing, für das Geschäftsjahr vom 1. Jänner 2013 bis zum 31. Dezember 2013 unter Einbeziehung der Buchführung geprüft. Dieser Jahresabschluss umfasst die Bilanz zum 31. Dezember 2013, die Gewinn- und Verlustrechnung für das am 31. Dezember 2013 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 2013 sowie der Ertragslage der Gesellschaft für das Geschäftsjahr vom 1. Jänner 2013 bis zum 31. Dezember 2013 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.
Deloitte Audit Wirtschaftsprüfungs GmbH
Mag. Harald Breit Wirtschaftsprüfer
ppa. Mag. Michael Horntrich 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-, Satzund Druckfehler können dennoch nicht ganz ausgeschlossen werden.
Redaktionsschluss: 20. März 2014
We declare to the best of our knowledge that the consolidated financial statements of the Lenzing Group for the 2013 financial year ending on December 31, 2013, 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 2013 financial year ending on December 31, 2013, 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 04, 2014
Peter Untersperger Friedrich Weninger Chief Executive Officer Chief Operating Officer
Chairman of the Management Board Member of the Management Board
Lenzing Aktiengesellschaft 4860 Lenzing, Austria www.lenzing.com
Lenzing Aktiengesellschaft Corporate Communications Angelika Guldt Phone: +43 (0)7672 701-2127 Fax: +43 (0)7672 918-2127 E-mail: [email protected]
Metrum Communications GmbH, Vienna
ElectricArts GmbH
Printed by Gutenberg-Werbering Gesellschaft m.b.H.
ElectricArts GmbH Lenzing AG Getty Images Elisabeth Grebe Joachim Haslinger Thomas Topf
Lenzing Aktiengesellschaft . 4860 Lenzing, Austria . Phone: +43 (0)7672 701-0 Fax: +43 (0)7672 701-3880 . E-mail: [email protected] . www.lenzing.com www.facebook.com/LenzingGroup
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.