Annual Report • Apr 23, 2013
Annual Report
Open in ViewerOpens in native device viewer
| a. group | 01 |
|---|---|
| contents | 04 |
| ManageMent report 2012 | 04 |
| General Market Environment | 04 |
| Development of the Lenzing Group | 07 |
| Segment Fibers | 09 |
| Business Unit Textile Fibers | 12 |
| Business Unit Nonwoven Fibers | 14 |
| Business Unit Pulp | 15 |
| Business Unit Energy | 16 |
| Segment Plastics Products | 19 |
| Segment Engineering | 21 |
| Risk Report | 23 |
| Report on Essential Elements of the Internal Control System (Section 243 para. 2 Austrian Commercial Code – UGB) |
29 |
| Balance Sheet Structure and Liquidity | 31 |
| Research and Development | 32 |
| Environment and Sustainability | 34 |
| Human Resources | 37 |
| Corporate Communications | 40 |
| Investor Relations | 42 |
| Outlook Lenzing Group | 46 |
| Events after the Reporting Period | 48 |
| corporate goVernance report 2012 |
49 |
|---|---|
| selected keY Figures | 57 |
| consolidated Financial stateMents 2012 |
58 |
| Contents | 58 |
| Consolidated Income Statement | 59 |
| Consolidated Statement of Comprehensive Income | 60 |
| Consolidated Statement of Financial Position as at December 31, 2012 |
61 |
| Consolidated Statement of Changes in Equity | 62 |
| Consolidated Cash Flow Statement | 64 |
| Notes to the Consolidated Financial Statements | 65 |
| auditor's report | 191 |
| report oF tHe superVisorY board oF lenzing ag |
194 |
| long-terM |
| coMparison under iFrs | 196 |
|---|---|
| Financial calendar 2013 | 197 |
| b. einzelabscHluss | 198 |
|---|---|
| inHalt | 199 |
| lagebericHt 2012 | 200 |
| Allgemeines Marktumfeld | 200 |
| Entwicklung der Lenzing AG | 203 |
| Bilanzstruktur und Liquidität | 204 |
| Kennzahlen der Lenzing AG | 205 |
| Die Lenzing Aktie | 206 |
| Risikobericht | 208 |
| Verwendung von Finanzinstrumenten | 213 |
| Bericht über wesentliche Merkmale des internen Kontrollsystems (§ 243a Abs. 2 UGB) |
215 |
| Forschung und Entwicklung | 217 |
| Umwelt und Nachhaltigkeit | 218 |
| Mitarbeiter | 219 |
| Ausblick | 220 |
| Ereignisse nach dem Bilanzstichtag | 221 |
| JaHresabscHluss 2012 | 222 |
|---|---|
| Gewinn- und Verlustrechnung für den Zeitraum 01.01.2012 bis 31.12.2012 |
222 |
| Bilanz zum 31. Dezember 2012 | 224 |
| Entwicklung der Zuschüsse der öffentlichen Hand und der unversteuerten Rücklagen für den Zeitraum 01.01.2012 bis 31.12.2012 |
226 |
| Entwicklung des Anlagevermögens für den Zeitraum 01.01.2012 bis 31.12.2012 |
228 |
| Anhang zum Jahresabschluss für das Geschäftsjahr 2012 |
230 |
| Anwendung der unternehmensrechtlichen Vorschriften und allgemeine Angaben |
230 |
| Bilanzierungs- und Bewertungsmethoden | 231 |
| Erläuterungen zur Bilanz | 234 |
| Aktiva | 234 |
| Passiva | 238 |
| Haftungsverhältnisse | 244 |
| Erläuterungen zur Gewinn- und Verlustrechnung | 245 |
| Sonstige Angaben | 249 |
| Organe der Gesellschaft | 260 |
The global economy proved to be weaker in 2012 than originally expected at the beginning of the year. The most recent forecast of the International Monetary Fund (IMF) predicts average global economic growth of 3.2% for the year under review, compared to 3.9% for 2011. Developments in Europe during the entire reporting year were overshadowed by the sovereign debt crisis, which resulted in budgetary consolidation and cost-cutting programs, especially in the European peripheral states. In turn, this had a dampening effect on economic growth. Domestic demand in the developing and emerging economies was also not sufficient to compensate for the downturn in demand from Europe.
The IMF predicted GDP growth of only 1.3% for the Western industrialized nations in 2012 (2011: 1.6%). Whereas the economies of the eurozone countries contracted by 0.4% in 2012, GDP in the USA expanded by 2.3%. The IMF forecasts expect economic growth to reach a level of 5.1% in the developing and emerging countries in the year 2012 (2011: 6.3%).
The IMF anticipates average global economic growth to amount to 3.5% in 2013. In contrast, GDP is anticipated to expand by 1.4% in the Western industrialized markets. The eurozone will remain the biggest problem area, with its economies expected to contract by 0.2% once again in 2013. The IMF predicts a stable development in the USA, featuring a GDP growth rate of 2.0% in 2013. The developing and emerging markets are expected to expand at a rate of 5.5% in 2013, thus continuing to serve as the growth driver of the world economy. According to the IMF forecasts, China and India will once again provide the biggest impetus to the global economy, boasting GDP growth rates of between 7% and 8%.
Against the backdrop of the highly dynamic development of fiber production volumes over the last two years, growth in world fiber production in the 2012 financial year was considerably dampened by the ongoing weak economic climate.
Initial estimates2 conclude that the rise in world fiber production only amounted to 1.2% during the reporting year, with total volume up only slightly from 81.0 mn tons to 82.0 mn tons. This was in contrast to the 6.4% increase generated in 2011. The slight growth rate only took place in the emerging markets. However, the stagnating economies of the Western industrialized markets strongly dampened textile imports from Asia. As a result, Chinese textile and clothing exports in 2012 were up by only 2.8% to USD 254 bn, a much more moderate rate than in previous years3 characterized by double-digit growth rates. In contrast to past years, the domestic markets in Asia could not compensate for declining export demand. On balance, this resulted in a very weak market situation in 2012 for the entire textile industry.
Cotton production fell by only about 4.8%, from 27.3 mn tons in the previous year to 26.0 mn tons in 2012. Accordingly, cotton production in 2012 corresponded to the comparable volumes of the years 2006 and 2007. Initially, the total cotton harvest was expected to be considerably lower in 2012. In addition, the cotton selling price declined significantly again starting in the second quarter of 2012 following the record cotton prices reached during the 2011 calendar year. As a consequence the development of cotton prices has detached itself from the current price cycle of agricultural commodities.
On the other hand, cotton production in 2012 once again exceeded consumption, which in turn led to a further increase in cotton inventories. Experts estimate that cotton stocks will rise to a new record level of 16.7 mn tons after the end of the current 2012/13 cotton harvest, corresponding to a stock-to-use ratio* of 71%. According to market experts, the lion's share of the high cotton inventories is located in China.
As in previous years, wool production stagnated at an annual production volume estimated at about one million tons.
In spite of the restrained demand for fibers, global chemical fiber production rose once again in 2012. According to preliminary figures, it showed an increase of 4.4% to the new record production level of 54.9 mn tons, up from the prior-year figure of 52.6 mn tons. The synthetic fiber polyester, which posted growth of 4.1% in 2012, accounted for some three quarters of total chemical fiber production. The production of polyamide fibers also increased strongly by 3.8%. In contrast, the production of polypropylene stagnated and acrylic fibers were down 4.0%.
China, which manufactured close to two-thirds of all chemical fibers produced worldwide in 2012 (annual production: 35.5 mn tons), generated the biggest rise, with production up 7.6%. Chemical fiber production volumes also increased in Indonesia, the USA and Korea, in contrast to decreases reported in Taiwan, Japan and Western Europe.
The production of man-made cellulose fibers expanded at a considerably higher rate than the global fiber market as a whole, and was disproportionately higher than the global chemical fiber industry. A new record production level of about 5 mn tons was achieved, comprising a growth rate of 6.8% from the previous year. This included 3.66 mn tons of cellulose staple fibers, a rise of 9.2% in a year-on-year comparison. New production capacities were put into operation in 2012, especially in China and Indonesia.
The cotton price, the benchmark for the entire fiber industry, was characterized by a clear downward trend starting in the middle of 2012. The Cotton A Index started the 2012 financial year at 96.7 US cents per pound. Starting in the middle of the year, the price oscillated between US 80-85 cents per pound, and ended the year at US 83.0 cents per pound, corresponding to a drop of about 14%. The average cotton selling price of US 88.9 cents per pound was more than 40% below the prior-year level. In spite of the high cotton inventories, the average selling price for cotton in 2012 was still substantially above the all-time lows of past years, which can be attributed to a long-term structural change affecting the cotton price. A slight upward movement in prices was perceptible at the turn of the year 2013.
The Chinese government pursued a rigid protection policy in 2012 for the benefit of China's cotton production, and set selling prices at a level more than 25% higher than world market prices. In addition, China massively expanded its cotton inventories in 2012.
The considerably lower world market prices for cotton put downward pressure on all other fibers. The price for polyester staple fibers hovered at a low level throughout the entire year, and declined to 140 US cents per kilogram in June 2012, its lowest selling price for the year.
Viscose staple fiber prices followed the price trend prevailing for all other fibers, but with a certain time delay. At the beginning of 2012, standard viscose staple fibers were quoted at a considerably higher level on the spot market in China, the world's largest fiber market, and declined by about 15% by the end of the year. The turn of the year 2012/13 witnessed a consolidation of the downward movement in Chinese spot market prices for viscose fibers.
Starting in the second half of 2012, viscose fibers were once again partially able to maintain their longstanding price premium of 10-15% above the corresponding cotton prices.
The significantly lower viscose fiber prices compared to the previous year against the backdrop of raw material prices which declined to a lesser extent resulted in production cutbacks and capacity under-utilization afflicting a series of Asian manufacturers. A competitor in Southern Europe completely terminated production at the turn of the year.
In spite of difficult market conditions in its core fiber business, Lenzing succeeded in achieving the second best business results in its history in the 2012 financial year. This can be attributed to new record fiber sales volumes and the good performance of Lenzing's specialty fibers Lenzing Modal® and TENCEL®.
Consolidated sales of the Lenzing Group were down slightly from the previous year, declining by 2.3% to EUR 2.09 bn compared to EUR 2.14 bn in 2011. In this regard, it is important to note that the further expansion of pulp production in Paskov (Czech Republic) to manufacture dissolving wood pulp for internal production purposes led to a decrease in external sales by about EUR 50 mn. Excluding this effect, consolidated sales would have matched the prioryear level. The underlying reason for stagnating sales was the significantly lower average fiber selling prices in contrast to the boom year 2011. However, this price development could be compensated by a strong rise in fiber sales volumes, which climbed by close to 14% year-onyear, from 712,000 tons to 810,000 tons.
The core Segment Fibers accounted for 90.1% of consolidated sales, whereas the two smaller segments, the Segment Plastics Products generated 7.6%, the Segment Engineering contributed 2.2% and Others accounted for 0.1% (based on external sales).
Consolidated earnings before interest, tax, depreciation and amortization (EBITDA) amounted to EUR 358.7 mn*, a decline of 25.3% from the record EBITDA of EUR 480.3 mn achieved in 2011, but above the comparable level of EUR 330.6 mn generated in the year 2010. The EBITDA margin amounted to 17.2% (2011: 22.4%). The ratio of net financial debt to EBITDA was just under 1 at the reporting date, thus remaining at a very low level.
Despite the considerable increase in fiber production and sales volumes, the cost of material and other purchased services only increased by 2.2% to EUR 1.30 bn (2011: EUR 1.28 bn). These costs rose at a disproportionately low rate in relation to the corresponding rise in production and sales volumes, which is mainly due to the significant reduction in a year-on-year comparison in the costs for pulp, the most important raw material used in fiber manufacturing. The cost of material comprised 62.3% of consolidated sales in the 2012 financial year (2011: 59.6%). Personnel expenditures climbed by 7.2%, from EUR 287.1 mn in 2011 to EUR 307.8 mn in the 2012 financial year. This can be attributed to two factors, namely the large increase in total staff by the end of 2012 to 7,033 employees (end of 2011: 6,444) as well as the annual rise in wages and salaries. Personnel expenses comprised 14.7% of consolidated sales (2011: 13.4%).
Other operating expenses rose by 11.7% to EUR 228.6 mn (2011: EUR 204.6 mn).This increase is mainly attributable to the higher fiber shipment volumes, which in turn resulted in correspondingly higher freight costs and commissions. Amortization of intangible assets and depreciation of property, plant and equipment fell by 11.1%, declining from EUR 120.6 mn in the prior year to EUR 107.3 mn in 2012. This drop was especially due to a base effect from the previous year, when one-off impairment losses were recognized to the amount of the difference on property, plant and equipment, particularly in the Segment Plastics Products.
The consolidated earnings before interest and tax (EBIT) amounted to EUR 255.0 mn in the 2012 financial year, comprising a decline of 29.9% from the prior-year level of EUR 364.0 mn. The EBIT margin was 12.2% (17.0% in the record year 2011).
The cash outflow from restructurings totaled EUR 23.5 mn in 2012 (2011: 0), and was related to the decommissioning costs for the joint venture European Precursor (EPG) with SGL Carbon and Kelheim Fibres. Accordingly, consolidated earnings before interest, tax, depreciation and amortization (EBITDA) after restructuring amounted to EUR 352.4 mn. The EBITDA margin after restructuring costs comprised 16.9% of sales. EBIT after restructuring totaled EUR 231.5 mn, corresponding to an EBIT margin after restructuring of 11.1%.
Operating margins in the first two quarters of 2012 were significantly above the comparable margins in the third and particularly the fourth quarter, which can be attributed to the continuing decline of fiber selling prices in the course of the year. Restructuring costs only arose in the fourth quarter of 2012.
The financial result after restructuring was largely unchanged from the level of EUR -11.9 mn in the previous financial year, and amounted to EUR -12.8 mn in the 2012 financial year. The average interest rate for financial liabilities was 3.0% in 2012 (2011: 3.2%). The allocation of the profit for the year to puttable non-controlling interests after restructuring was EUR 17.3 mn in 2012 (2011: EUR -0.2 mn) and primarily entails Lenzing's share of the losses incurred by EPG, which are assigned to the joint venture partners SGL Carbon and Kelheim Fibres.
As a result of these developments, the Lenzing Group generated earnings before tax (EBT) of EUR 246.4 mn in the 2012 financial year (2011: EUR 351.9 mn). This corresponds to a decrease of 30.0% from the record results achieved in 2011, but a growth of 13.6% compared to the EBT of EUR 216.9 mn in the 2010 financial year.
The income tax after restructuring fell from EUR 84.6 mn in 2011 to EUR 55.1 mn in the year under review. The profit for the period after taxes for continuing operations totaled EUR 191.9 mn (2011: EUR 267.4 mn), which also equals the profit for the year.
The profit for the year attributable to shareholders of Lenzing AG amounted to EUR 186.6 mn (2011: EUR 258.7 mn). The profit for the year attributable to shareholders of Lenzing AG after restructuring was at EUR 175.6 mn (2011: EUR 258.7 mn), corresponding to earnings per share after restructuring of EUR 6.61 (EUR 9.88 in the record year 2011 and EUR 6.19 in the 2010 financial year).
Adjusted equity of the Lenzing Group rose to EUR 1,153.1 mn at the end of 2012, an increase of 10.0% from the prior-year level of EUR 1,048.1 mn. This corresponded to an adjusted equity ratio of 43.8% of total assets (2011: 44.8%) which increased as a consequence of the record investments which were made.
Net financial debt of the Lenzing Group climbed to EUR 346.3 mn by the end of 2012 (2011: EUR 153.3 mn), which particularly reflects the extensive investment activity in the past financial year designed to expand the fiber and pulp production capacities of the Lenzing Group, as well as the record dividends and cash-effective tax payments. Net gearing of the Lenzing Group remained at a very low level of 30.0% (2011: 14.6%), which is also below the comparable figure of 40.5% in 2010.
The strategic liquidity reserve of the Lenzing Group at the reporting date of December 31, 2012 amounted to EUR 528.8 mn (end of 2011: EUR 499.6 mn). Moreover, Lenzing had additional unused lines of credit at its disposal to the amount of EUR 211 mn at the end of 2012. The high level of liquid funds ensures the implementation of the current investment program of the Lenzing Group, even in the light of a volatile capital market.
CAPEX (investments in property, plant and equipment, intangible assets and non-controlling interest) rose as planned to the record level of EUR 346.2 mn in the 2012 financial year (2011: EUR 196.3 mn). This includes the purchase of the remaining shares in the Paskov pulp plant (EUR 26.6 mn).
Lenzing's investment activity focused on the completion of the fifth production line at the Indonesian subsidiary PT. South Pacific Viscose (SPV) at the Purwakarta site, the debottlenecking program at the plant in Nanjing (China), the capacity expansion drive at the TENCEL® factory in Mobile/Alabama (USA), expansion investments at the Lenzing site as well as the commencement of construction of the new large-scale TENCEL® plant in Lenzing. Investments were also made to further remodel and upgrade the Paskov pulp plant (Czech Republic).
Lenzing's Segment Fibers achieved a new sales record in the 2012 financial year against the backdrop of a very difficult business environment. The fiber market rewarded Lenzing for its high product and service quality as well as its close cooperation with and integration in the textile chain. The successful differentiation from standard products manufactured by Asian producers enabled Lenzing to operate all its fiber production facilities at full capacity against the backdrop of a market environment characterized by a high supply and weak prices. Inventories were at a low level at the end of the year.
Sales of the specialty fibers Lenzing Modal® and TENCEL® and a gratifyingly stable nonwovens business served as the basis for a weakening of the general downward movement in prices. The specialty brands Lenzing Modal® and TENCEL® succeeded in maintaining their premium character in such a market environment in 2012, and continued to be sold at a price premium of between 40%-60% compared to standard viscose fibers. Specialty fibers accounted for approximately 35% of fiber sales in 2012.
However, the Lenzing Group was not immune to the overall market trend. Whereas average fiber selling prices still equaled EUR 2.03 per kilogram in the first quarter of 2012, prices fell to EUR 1.83 per kilogram in the fourth quarter of the year. In the course of the year, selling prices for Lenzing's specialty fibers Lenzing Modal® and TENCEL® also had to be continually adjusted downwards in line with the new price situation arising as a result of the significant drop in cotton prices. This was in contrast to the high chemical prices prevailing throughout the year. The price decline for dissolving wood pulp, the most important raw material used in fiber production, had a positive effect, but could not compensate for the decrease in fiber selling prices.
Segment sales (sales proceeds from external customers and intra-group sales with other segments) in line with segment reporting of the Segment Fibers amounted to EUR 1,896.0 mn in 2012, approximately the same as the prior-year level of EUR 1,939.5 mn. Segment EBITDA fell from the record performance of EUR 458.6 mn achieved in 2011 to EUR 338.7 mn in 2012. The EBITDA margin in the Segment Fibers ended up to be 17.9% (2011: 23.6%).
Important milestones were achieved in 2012 with respect to Lenzing's ongoing fiber capacity expansion program.
The main event was the coming on stream of the fifth production line of the Indonesian subsidiary PT. South Pacific Viscose (SPV) at the end of October 2012. As a consequence of the additional nominal capacity of 80,000 tons of viscose fibers per year, total annual production capacity at SPV climbed to 320,000 tons. Thus, it exceeded the capacity of 252,000 tons p.a. of the viscose plant at corporate headquarters in Lenzing (Upper Austria) for the first time, making SPV the largest single viscose fiber plant in the world. In addition to the rapidly growing textile industry in Indonesia, one of the largest industrial sectors of the island state, the entire South East Asian region is supplied with high-quality fibers for textile and nonwovens use from the Purwakarta plant.
Due to a very gratifying ramp-up curve, 80% of the nominal capacity of the new production line could already be marketed two weeks after it was put into operation.
Following the coming on stream of the second expansion phase of the viscose fiber plant in Nanjing (China) initiated in the year 2011, the first half of 2012 was marked by the gradual ramping up of production at the site to reach the planned maximum volume. For the first time, nonwoven fibers were also manufactured by this facility. Additional investments of about USD 18 mn for a debottlenecking program helped raise total capacities in Nanjing to 160,000 tons p.a.
At the Mobile, Alabama (USA) plant, the expansion drive designed to boost production capacity of TENCEL® fibers from 40,000 to 50,000 tons per year was successfully concluded in the middle of the year. Production volumes were fully available starting in the fourth quarter of 2012 following a corresponding ramp up phase.
There were further delays in constructing the planned viscose plant in India due to the request on the part of public authorities for additional expert appraisals. From today's perspective, it is unrealistic to expect construction to begin before the year 2014.
The comprehensive approval and licensing procedures carried out within the context of the environmental impact assessment for construction of the first TENCEL® production plant at the Lenzing site were successfully concluded in the first half of 2012. Construction subsequently commenced on the new facility, which will feature an annual nominal capacity of 67,000 tons of TENCEL® fibers, in June 2012. Construction is scheduled to take about 24 months, entailing total investments of approximately EUR 130 mn (excl. infrastructure costs).
The new state-of-the-art TENCEL® plant reflects next generation TENCEL® technologies. The longstanding experience of the Lenzing Group in designing and operating TENCEL® facilities is reflected in the first-time realization of a plant which boasts a single production line with a nominal capacity of 67,000 tons. Thanks to the new plant concept, Lenzing will achieve lower specific operating costs, a higher level of plant safety and availability and thus important competitive advantages.
TENCEL® production at the Lenzing site will create 110 new high-quality jobs.
In 2012 the Lenzing Group registered an excellent development in demand with respect to textile fiber volumes against the backdrop of a very difficult market environment and declining selling prices. The average fiber selling prices of the Business Unit Textile Fibers fell by 12.2% to EUR 2.01 per kilogram. Textile fiber shipment volumes increased by about 13% to a total of 572,000 tons, up from the prior-year level of 506,000 tons. The specialty fibers TENCEL® and Lenzing Modal® accounted for about 31% of business unit sales.
Selling prices for Lenzing's standard viscose fibers leveled off in the first half-year between EUR 1.72 and EUR 1.82 per kilogram, but continually dropped in the second half of the year as far as EUR 1.53 per kilogram towards the end of 2012 in spite of the good volume demand. In the second half-year the global viscose fiber market was negatively impacted by the sharp decline in viscose fiber spot prices in China.
The 2012 financial year proceeded very favorably for TENCEL® fibers used in textile applications. There was very strong demand for TENCEL® in soft denim applications, high quality women's and men's outwear as well as for sportswear and home textiles. This development served as the basis for rising prices and sales volumes in the first half of 2012. In fact, TENCEL® already achieved an unusually high price premium of up to 70% above the corresponding viscose fibers in the second quarter of the year. However, this price gap to cotton necessitated some price adjustments in the third and fourth quarters in order not to endanger the widespread use of TENCEL® in textiles. Selling prices were reduced towards the end of the year to reflect a more appropriate market price premium of between 50% and 60% compared to viscose fibers.
Lenzing Modal® performed very well in 2012, with sales volumes surpassing the 90,000 ton threshold for the first time. However, Lenzing Modal® was more strongly impacted by the decline in cotton prices than other specialty fibers produced by the Lenzing Group, which is attributable to the high share of cotton/modal blends and certain price benchmarks. For this reason, Lenzing Modal® prices (including the flame-resistant qualities of Lenzing FR®) fell in the course of the year from EUR 2.81 per kilogram in the first quarter to EUR 2.30 per kilogram in the fourth quarter. However, the 50% price premium in comparison to viscose fibers remained largely constant.
The extremely fine specialty fiber MicroModal® achieved impressive success. Demand for Lenzing Modal® was also strong for high-quality knitwear and lingerie as well as in home textiles. Due to the more restrictive public budgets at the present time (also with respect to military expenditures), sales volumes declined for the flame-resistant specialty fiber Lenzing FR® which is manufactured on the basis of modal fibers.
Lenzing seized the opportunity to reposition the Lenzing Modal® brand in 2012 as a result of the conversion to the more environmentally-friendly "Edelweiss" technology in the production of modal fibers.
From a regional perspective, Asia comprised the strongest sales market for Lenzing Modal® and TENCEL®, as in the past.
One of the most important milestones achieved during the year under review with respect to product innovations in the field of textile fibers was the market launch of a new, spun-dyed modal fiber called Lenzing Modal® COLOR. The advantage of the fiber is its particular ecofriendliness. Dyeing is no longer necessary due to the fact that the color pigments are embedded directly in the fiber matrix. Steps have been taken to expand the range of colors offered for additional applications as a result of the positive customer feedback.
In 2012, a new application area was opened up for packing yarns made of spun-dyed Lenzing fibers, such as for fruit and vegetable nets. These nets are biodegradable, can be disposed of in the home compost and are of 100% natural origin. They have already been used for packing onions and other vegetables by Ja! Natürlich, the organic brand of REWE International AG.
Lenzing also achieved initial successes on the marketplace with additives to building materials. In this case, TENCEL® powder is added to pasty plasters* to enable better workability as well as improved drying behavior and reduced crack formation.
Furthermore, in 2012 Lenzing acquired the contract production of the specialty fibers smartcel™ and SeaCell® for Smartfiber AG. These specialty fibers are primarily used in home textiles as well as in the wellness segment. The SeaCell® fibers contain active substances from seaweed which nurture the skin and protect against free radicals. Smartcel™ sensitive is the first antibacterial, natural fiber available on the market to which the essential trace element zinc is added, thus enabling regenerative skin care and hygiene in textiles.
The global nonwoven fiber market in 2012 was characterized by declining cotton and polyester fiber prices, lower prices for pulp and increasingly tough competition due to new capacities along the downstream value chain.
In particular, new plant capacities in Europe for spun-bonded nonwoven production, for example for wipes, led to temporary surplus capacities. In contrast, the development of the market in the USA proved to be gratifyingly stable. The Asian nonwovens market also showed a clear upward trend in 2012. Increasing prosperity, especially in China, led to a rise in nonwoven sales surpassing the comparable growth rates in the textile industry. This development also benefited the market for wipes, in which all emerging markets have a lot of catching up to do with respect to pro capital consumption.
The nonwovens business of the Lenzing Group in 2012 featured increasing sales volumes which climbed by about 15% from the comparable level in the previous year, rising from approximately 206,000 tons to about 238,000 tons in 2012. This increase was the consequence of capacity expansion in China and Indonesia and the resulting higher sales volumes in North America.
Average fiber selling prices were EUR 1.83 per kilogram, down by about 10% from the record year 2011 (EUR 2.04 per kilogram). However, nonwoven prices developed more favorably for Lenzing than prices in the more cyclically-dependent textile sector. One key reason is the growing share of TENCEL® fibers in the nonwovens market, which achieved a gratifying price premium on the marketplace, especially in the first three quarters of 2012.
In terms of product innovations, the highlight of the year 2012 for the Business Unit Nonwoven Fibers was the market launch of the new fiber TENCEL® Biosoft. For the first time, a hydrophobic* cellulose fiber was developed for completely new fields of application previously reserved to hydrophobic synthetic fibers such as polyester. Ideal applications for TENCEL® Biosoft are hygiene products such as sanitary pads and panty liners as well as incontinence pads. The new fiber is also predestined for use in wipes thanks to its softness and adaptable lotion management.
TENCEL® microfibers also comprised an important area of research in 2012. These ultrafine fibers are required in order to be able to manufacture thin insulation layers made of paper. Another interesting area of application, amongst others, is in the production of electrical insulation paper for battery separators, for example for the purposes of e-mobility and electronics.
A special type of carbon is produced based on the carbonization of TENCEL® powder. The applied technology is based on a combination of Lenzing's TENCEL® fibers and the technology provided by the business partner NanoCarbons LLC. After extensive research, Lenzing constructed a new pilot production facility to take the technology forward.
The jointly developed carbons should deliver optimal performance in the area of energy storage. It is believed that these new carbons will accelerate the development of the already rapid growth in uses of electrical storage devices such as double layer capacitors (also known as ultra capacitors or super capacitors). These high performance capacitors are being increasingly used in hybrid vehicles as well as with stop-start systems, uninterruptable power supplies and wind turbine blade orientation.
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 main responsibility of the Business Unit Pulp is to provide a sufficient supply of suitable qualities of pulp for the fiber production plants of the Lenzing Group. In this regard, not only economic but also ecological considerations comprise the basis for decision making.
The reduced demand for paper led several pulp producers to convert their production lines to dissolving wood pulp. As a consequence, overcapacities for dissolving wood pulp resulted in a sharp drop in prices. The average selling price for dissolving wood pulp was down 43% compared to 2011, falling to USD 1,060 per ton of air-dried pulp (2011: USD 1,870).
The Lenzing Group operates its own pulp production plants at two sites, in Lenzing (Austria) and in Paskov (Czech Republic). In the fourth quarter of 2012, Lenzing increased its shareholding in Biocel Paskov a.s. from 75% to 100%.
The Lenzing Group's own production of dissolving wood pulp was expanded once again in 2012. As a result, in spite of rising fiber production capacities, Lenzing was able to maintain its level of self-sufficiency with pulp at about 50%.
The fiber production facilities at the non-integrated sites are primarily provided with pulp on the basis of long-term supply contracts. Additional multi-year supply contracts were concluded with large pulp producers in 2012.
The annual production volume of 290,000 tons of pulp at the Lenzing site served as the basis for a physical full integration of pulp manufacturing in Lenzing.
The remodeling and expansion program in Paskov proceeded on schedule. 255,000 tons of pulp were already produced in 2012, about half of which was dissolving wood pulp.
In 2012, the wood supply at the Lenzing site was once again secured by a corresponding supply chain management and long-term delivery contracts. The cooperation with the most important wood suppliers in Austria and neighboring countries was further expanded. The procurement of wood across large areas and the longstanding cooperation with key suppliers proved its value, especially in the light of the strong demand for wood on the part of industrial customers and the bioenergy sector.
In spite of declining domestic supply and rising wood imports, the wood supply at the Paskov site was secured at constant prices. Lower wood consumption combined with increased deliveries resulted in relatively high winter stockpiling. This turned out to be an advantage for the Paskov plant due to the fact that an important lessee of the Czech State Forests filed for bankruptcy, and it could take several months until a new license for logging is awarded to another company. The Paskov pulp plant is well able to cushion this short-term supply shortfall thanks to its wood inventory on hand.
The by-products (co-products) arising from fiber and pulp production are marketed by the division Lenzing Co-Products (Business Unit Pulp). The high-quality co-products are further processed by customers in the food and animal feed industries as well as the pharmaceutical, detergent and construction industries. In the year 2012 the Lenzing site launched a new coproduct on the marketplace i.e. Soda Ash Dense derived from soda ash.
The Business Unit Energy is responsible for ensuring the optimal availability of electricity, process water, steam and cooling energy to all global production sites. It is also responsible for the conceptual development of the energy supply facilities of the Lenzing Group. Due to the fact that pulp and fiber production are energy-intensive processes the importance of the Business Unit Energy is increasing with respect to ensuring a sufficient energy supply and in relation to operating costs.
In the last three years a total of EUR 128 mn has been invested in energy projects in order to meet the energy-related challenges at a high technological level. This takes the strategic energy-related challenges of the Lenzing Group into account at the highest technologcal level.
Whereas the European electricity market in 2012 was characterized by decreasing spot and forward market prices, natural gas prices increased slightly. Crude oil prices stabilized at a high level during the reporting year. This development hardly had an impact on the development of the Lenzing Group's business, considering that the lion's share of the required energy is procured on the basis of fixed-price supply contracts.
During the year under review, projects designed to further improve the energy supply at the Lenzing site were continuously being implemented. A boiler was equipped with a larger fabric filter, enabling it to be more effectively used for low calorific fuels. An additional transformer was purchased in order to safeguard the electricity supply from the public power grid.
In Heiligenkreuz the procurement of steam from the biomass power plant was optimized in cooperation with the local utility company.
The Paskov pulp plant pressed ahead with the implementation of various energy-related projects as part of its drive to convert and upgrade the facility. Accordingly, work on the evaporation plant for the bleaching plant wastewater and feedwater treatment was concluded and the facilities successfully put into operation in 2012.
Three gas-fired flame-tube boilers were installed at the Nanjing site during the year under review as a means of generating process heat.
A new, multi-year contract for the supply of heat, electrical energy and other process utilities was concluded in 2012 for the Grimsby plant. The new partner took over all the facilities operated by the previous service provider, and will upgrade them to incorporate state-of-the-art technologies.
*) incl. RVL
*) incl. RVL
The Lenzing Group registered good volume demand for its fiber products in the first weeks of the year 2013, both with respect to textile as well as nonwoven fibers. Lenzing's fiber production capacities were operating at full capacity. However, prices continued to be at an unsatisfactory level. Lenzing continues to assume that its fiber production capacities will be fully utilized for the rest of the year. This particularly applies to the new Lenzing capacities in Indonesia (about 80,000 tons of viscose fibers p.a.) and in the USA (about 10,000 tons of TENCEL® fibers p.a.) which came on stream in 2012 and will contribute to further sales growth for an entire financial year for the first time in 2013.
In terms of costs, pulp prices are expected to remain largely unchanged, and chemical prices are not anticipated to ease up. One of Lenzing's marketing priorities for its specialty fibers in the textile segment will be on emphasizing the technical advantages of processing TENCEL®.
A low price level for dissolving wood pulp is expected to prevail on the global market in 2013 and also on a medium-term basis as a consequence of existing overcapacity.
The supply of pulp to the Lenzing Group remains secured in the medium-term. The level of self-sufficiency in the Lenzing Group will be further enhanced with the complete conversion in Paskov to manufacturing dissolving wood pulp. In the course of the year 2013, pulp production at the Paskov plant will also be converted from elementary chlorine free bleaching (ECF) to total chlorine free bleaching (TCF). The additional pulp production capacities in Lenzing and Paskov as well as long-term delivery contracts ensure the availability of the pulp required for the planned increases in fiber production volumes.
Moreover, a sufficient supply of wood for both of Lenzing's pulp plants has been secured for 2013 and beyond.
The Lenzing Group anticipates stagnating or slightly higher prices for crude oil and natural gas in 2013. In contrast, Lenzing assumes that electricity prices will continue to decline.
The ongoing energy-related expansion and optimization projects being implemented throughout the Group will be continued in the current 2013 financial year. It is planned to refit and upgrade a superheater by one of the boilers at the Lenzing site, which will increase the efficiency of the boiler.
A new liquor-fired boiler, soda boiler and condensation turbine will be put into operation at the Paskov site at the beginning of 2013.
The Segment Plastics Products consists of the Business Unit Plastics and the Business Unit Filaments.
The Segment Plastics Products showed a satisfactory development in the reporting year 2012. Lenzing profited from a good level of demand, especially in the thermoplastics business area. On balance, segment shipment volumes reached a new record high in 2012. The Business Unit Filaments fell short of expectations. The business with acrylic fibers for products such as awnings and tops for convertibles proved to be highly cyclical.
Raw material prices in the Segment Plastics Products showed a volatile development during the 2012 financial year. A price rally at the beginning of the year was followed by a downward movement. After renewed price increases, raw material prices declined once again. Prices for thermoplastic raw materials stabilized in the second half of 2012. The price situation for polytetrafluoroethylene (PTFE) eased on the heels of the supply shortfalls experienced in the previous year, whereas powder prices hovered at a lower level again.
Segment sales (revenue from external customers and intra-group sales with other segments) amounted to EUR 159.9 mn, compared to the prior-year level of EUR 172.6 mn. Segment EBITDA totaled EUR 15.9 mn, down from EUR 16.5 mn in 2011.
The Segment Plastics Products employed a total of 459 people (incl. trainees) as at December 31, 2012 (2011: 454).
The Business Unit Plastics encompasses the Thermoplastics and Polytetrafluoroethylene (PTFE) business divisions. The Thermoplastics Division consists of the construction, insulation, cable and packaging segments.
In the construction and insulation segment, the business unit manufactures roof underlinings, wind and vapor barriers as well as laminates to protect insulating materials. Sales in these
construction-related areas continued to develop well due to the extensive restoration and renovation work subsidized by the governments of many European countries. Shipment volumes of the construction segment of Lenzing's Business Unit Plastics reached a new record level in 2012.
The packaging segment once again operated in a buyer's market in 2012 due to surplus production capacities. In spite of a good level of demand, prices remained at a low level. Nevertheless, market successes were achieved with specialty products such as biodegradable tapes. Demand on the part of the cable industry was below target throughout the entire year under review.
The PTFE business division is divided into two segments, namely technical applications as well as medical and textile applications. In 2012 the priority at PTFE was on producing samples for the testing of yarns designed for surgical purposes. An important milestone was reached in 2012 thanks to the successful certification of Lenzing PROFILEN® yarns for medical uses. In the field of technical applications, the business with yarns for compression packings showed a consistently good performance. In contrast, PTFE staple fibers for use in filtration media once again suffered from strong price pressure due to lower priced offers made by Asian competitors.
The operating results before consolidation effects of the Business Unit Plastics in the year 2012 showed sales of EUR 109.4 mn and EBITDA of EUR 11.2 mn.
Lenzing continues to expect a very good development in the construction and insulation segment of the Business Unit Plastics in 2013. Demand is being driven by the growing need for housing as well as the willingness to carry out the thermal renovation of buildings due to high energy prices but also ecological considerations. One focal point of the business unit's activities will be on developing new products and thus expanding its product portfolio. In the PTFE sector, the certification of yarns for medical applications should provide a positive impetus to business development.
Product and process improvements will also be an important priority of the Business Unit Plastics in 2013 in order to remain competitive vis-à-vis competitors from countries with significantly lower production costs.
The Business Unit Filaments encompasses the business areas for acrylic fibers (marketed under the DOLAN® brand name) and precursors for carbon fibers. In its acrylic fiber business area, Lenzing manufactures high quality acrylic fibers for special applications such as awnings, convertible tops and filtration. The precursor business area manufactures precursor materials for carbon fiber production.
The acrylic fiber market developed weakly throughout 2012. In particular, sales in Southern Europe remained at a low level. In contrast, Lenzing succeeded in expanding its market share in the revitalized American market. Whereas sales of awnings and outdoor applications were below target, there was a slight upturn in the market for car tops towards the end of the reporting year.
European Precursor (EPG), the joint venture with SGL Carbon and Kelheim Fibres, suffered from a slump in sales in 2012 due to the collapse in demand from the wind turbine sector. The business partners decided to liquidate the company due to the lack of future sales potential.
A sustainable recovery in the U.S. real estate sector should lead to improved demand for special acrylic fibers for outdoor applications. In contrast, an upswing on the European market first seems like a realistic possibility in 2014, when economic experts anticipate an economic recovery in the eurozone.
The Segment Engineering encompasses Lenzing Technik GmbH and its subsidiaries Lenzing Engineering & Technical Services (Nanjing) Co., Ltd. and Leno GmbH. Lenzing Technik carries out projects, supplies plants and equipment and services around the world in the fields of engineering and contracting, mechanical construction and industrial services as well as automation and mechatronics.
The Segment Engineering profited from the positive mood in the capital goods market in 2012, and significantly increased sales and earnings. Lenzing Technik equally took advantage of the extensive investment activity within the Lenzing Group as well as growing demand on the part of external customers. Capacity utilization was very good throughout the year across all segments.
In 2012 the Segment Engineering generated total sales of EUR 121.8 mn, compared to EUR 107.0 mn in 2011. Of this amount, approximately 39% or EUR 47.1 mn (2011: EUR 40.4 mn) can be attributed to external customers outside of the Lenzing Group. Segment EBITDA amounted to EUR 10.2 mn (2011: EUR 9.0 mn). A total of 711 people (incl. trainees) were employed by the Segment Engineering as at December 31, 2012 (2011: 690). Temporary staff was also hired in 2012 in order to provide sufficient manpower for peak order times, as in previous years.
The Engineering and Contracting business area is divided into three divisions: fiber and environmental technology, pulp technology as well as filtration and separation technology. Lenzing Technik offers engineering and project services as well as mechanical and special machine construction for industrial customers.
The fiber technology product group is responsible, among other things, for the conceptual design 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 is concerned with biological
reduction processes and the elimination of greenhouse 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 know-how contribution to the conversion of the Lenzing Group's pulp plant in Paskov (Czech Republic).
In the year 2012 the filtration and separation technology division was able to consolidate its strong global market position by creating new applications and successfully launching innovative products on the marketplace.
The Engineering and Contracting business area showed a continuing good business development in 2012. Lenzing Engineering profited from the strong investment activity within the Lenzing Group as well as increasing demand for waste air purification plants by external customers along with a large filtration and separation technology project implemented in Asia.
The Mechanical Construction and Industrial Services business area of the Business Unit Engineering is positioned as a contract manufacturer for sophisticated applications. In the reporting year this business area also profited from the high level of investment activity on the part of the Lenzing Group and very strong demand by external customers, especially for industrial services.
The sheet metal technology division continued its successful growth path despite a difficult market environment, and increased sales and earnings in 2012 compared to the previous year.
In its Automation and Mechatronics division, Lenzing Technik focuses on producer-independent automation solutions for the processing industry as well as the construction of electromechanical devices and printed circuit board assembly.
Sales in the Automation segment rose in 2012. As a result, the good capacity utilization, particularly in the second half of the year, led to a perceptible improvement in earnings. Sales also increased in the Mechatronics segment, although margins were not always satisfactory due to the prevailing price pressure.
The Segment Engineering expects earnings in the current 2013 financial year to be below the comparable level achieved in 2012 due to the generally lower level of investments in mechanical engineering and construction. In order to counteract this development, existing products and services as well as the product portfolio will be consistently further developed, and sales markets will be expanded on the basis of intensified marketing activities. Lenzing will press ahead with product innovations in the fields of separation and environmental technologies.
The historically high cotton inventories are depressing global fiber markets. In particular, the high strategic cotton reserves in China pose risks which are difficult to assess for the shortand medium-term price development. Also in the fourth quarter of 2012, the cotton price changed only marginally fluctuating within a very narrow range between 80-83 US cents/lb. For these reasons, a sideways movement at a stable price level is expected in the man-made cellulose fiber segment in 2013. The Chinese spot market for viscose staple fibers was hovering at about RMB 14,000 per ton at the beginning of 2013.
The pulp market was characterized by an ongoing downward trend in the course of the reporting year. Prices for dissolving wood pulp were at a level of approximately USD 900 per ton at the beginning of 2013. The pulp supply for Lenzing's fiber production facilities is considered to be well secured for the year 2013.
At the beginning of 2013, raw material prices for chemicals were stable due to weak demand, and energy prices were at a low level. Gas prices in the USA increased in the second half of 2012, but are still relatively low in comparison to European levels. Accordingly, risks related to 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 were no significant events which took place in this regard in 2012.
Construction work on the planned viscose fiber plant in India continues to be delayed because approvals by public authorities are still outstanding. Other expansion projects in Indonesia, the USA and in Lenzing are proceeding as planned or were already completed.
The Management Board of Lenzing AG and the corporate centers assigned to it carry out extensive coordination and controlling operations for the Business Units, which serve as the operating units of the Lenzing Group. This is done within the framework of a comprehensive integrated internal control system covering all sites. The timely identification, evaluation and response to strategic and operational risks are essential components of the management activities 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:
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 the main performance indicators 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 responsibility for dealing with a particular risk is clearly assigned to the respective management.
During the year under review Deloitte Austria was contracted 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.
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. balance sheet, income statement).
Strategic market risks are assessed in a timely manner on the basis of Lenzing's own internal global market intelligence activities. Moreover, risks are evaluated jointly with the heads of the respective business units at annual medium-term planning sessions.
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 at the Business Unit Textile Fibers and to a lesser degree at the Business Unit Nonwoven Fibers are cyclically dependent, which is related to economic conditions on both a global and regional basis. Lenzing counteracts these potential risks on the basis of its international market presence, the increasingly specialized product portfolio, a local presence together with a top-notch network of first-rate agents and high product diversification.
Lenzing fibers compete with cotton and synthetics on some markets. Their price development can affect Lenzing fiber sales revenues and volumes. Lenzing counteracts this risk by continuously increasing the share of specialty products with lower substitution potential in its global product portfolio as well as high quality standards combined with value-added services in the standard viscose fiber business.
Lenzing is a niche player in all its business areas and derives a significant portion of its revenue from a relatively 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.
As a technology leader, Lenzing is exposed to the risk of losing its position on the fiber market due to technology imitators 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 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 the 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 and plastics production and their margins are subject to risks related to raw material availability and price development 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 energy strategy focuses on maintaining a maximum degree of self-sufficiency and compensating for price fluctuations by hedging, which also includes gas forward delivery contracts
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 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 in the Lenzing Group) 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 in particular is exposed to a high level of liability risk in the USA. 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, RMB and CZK. This risk is counteracted by prospective hedging of the expected net exposure on an annual basis. The objective is to limit existing currency risks arising from already concluded or planned sales 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 for each counterparty by the Management Board (counterparty risk limit). The investment limits set for each counterparty is 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 could lead to subsequent tax liabilities.
The dynamic growth of the Lenzing Group and the ongoing tightening of international laws and codes of conduct increase the demands imposed upon Lenzing to comply with and monitor compliance to these regulations. Insufficient controls in business processes or a lack of adequate documentation could potentially result in violations of relevant statutory provisions. Lenzing addressed this by developing a global compliance organization and the introduction of its own code of conduct.
Personel risks may arise as a consequence of the fluctuation of employees serving in key positions, as well as recruiting of new staff, especially with respect to the growth path of the Lenzing Group and the strong increase in the number of people working at the company's 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.
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 on the Asian market. Furthermore, the Lenzing Group aims at deriving larger 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. Even if the financing of the company's expansion plans has been secured, adverse economic or legal conditions, strong competition or a scarcity of raw materials (in particular the shortage of pulp) could hinder the planned expansion of the Lenzing Group. 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 developed by the Management Board exist for the treatment of financial risks, and are being continually monitored and evaluated. 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, RMB 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, treasury and the affected business units.
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 financial strength 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 (see note 46 for details). 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. 53.58% 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 liquid funds and if needed by internal financing.
Cash flow risks related to financial instruments arise from fluctuations in their respective payment flows. These are essentially limited to variable interest rate liabilities.
The Lenzing Group requires extensive financial resources to implement its business plan and its growth strategy. Tighter credit markets in the long-term and the continuous tense situation on capital markets related to the ongoing financial crisis in the EU member states could adversely affect the availability, terms and conditions and costs of procuring capital. In addition, declining demand or prices resulting from the financial crisis could lead to a negative impact on business operations and thus on 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 off balance 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.
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 "Mandates of the Lenzing Group" 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.
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 and 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 gathering of information on all business processes and transactions in order to make reliable data available with respect to the assets, liabilities, financial position and profit or loss of the Lenzing Group.
The subsidiaries included in the consolidated financial statements of the Lenzing Group prepare individual financial statements on a company level in a timely manner, and 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 in day-to-day business operations.
A global Tax Management department is in charge of handling tax issues in the Group.
Lenzing's Corporate Center Legal Management is responsible for dealing with legal issues. This centralized function is in charge of handling all legal issues within the Lenzing Group and in particular for those which go beyond standard business processes.
The newly created 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: identifying compliance-relevant risks, taking measures to minimize risks, complementing existing compliance-relevant guidelines by adding provisions which may be lacking, training employees, 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. In addition, a Code of Conduct binding throughout the Lenzing Group was developed and implemented.
Lenzing AG has declared its commitment to adhering to the rules contained in the Austrian Code of Corporate Governance Code (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 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. Current payments are covered by the operating cash flow. 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, 2012 that could endanger the continued existence of the company in the 2013 financial year.
Lenzing has been setting standards in the man-made cellulose fiber industry for decades, and considers itself to be a trend-setter for the entire industry. Ongoing research and development activities guarantee that Lenzing will also be able to safeguard its position as the technological and innovation leader in the future. Some 160 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.
The time to market or short time span between product development and product launch, particularly in the business-to-business segment, comprises a major competitive advantage. For this reason, research and development at Lenzing is integrated in the individual business units, ensuring a market-oriented product development tailored to customer requirements.
In the 2012 financial year, expenditures for research and development (calculated according to the Frascati method) in the Lenzing Group amounted to EUR 28.3 mn (2011: EUR 27.2 mn).
Process innovations in 2012 focused on further developing the TENCEL® technology, pursuing the objective of optimizing quality and reducing specific investment and production costs. During the reporting year Lenzing's efforts relating to viscose and modal production concentrated on further reducing the wastewater load by closing cycles and recovering the chemicals deployed. Research on process improvements is carried out within the context of research partnerships wherever it is possible and feasible. For example, in a cooperation project with other pulp producers and the University of Natural Resources and Life Sciences, Vienna, Lenzing investigated how undesired colored substances arise and how these can be avoided in order to improve fiber quality. A K-project in the COMET program* was devoted to the development of new online measuring processes for shorter reaction times in the case of malfunctions as well as the reduction of chemical use and quality control. Lenzing's longstanding research on chemical recovery and closing cycles served as the basis for launching the newly developed co-product Soda Ash Dense on the market in 2012.
Significant progress was achieved with respect to the TencelWeb™ development project in 2012. The special thing about this new technology is its ability to produce TENCEL® nonwovens directly from the spinning solution. As a result, the manufactured nonwovens feature a particularly low weight as well as a high share of microfibers. During the year under review work began on expanding the pilot facility for TencelWeb™ as the next step towards commercialization of this innovation.
In addition to the future expansion of TENCEL® production capacity at the Lenzing site, the company has made it a top priority to press ahead with the further development of its lyocell technology. A newly developed concept realized for the first time at the large-scale TENCEL® plant in Lenzing should enable capacity advantages despite lower specific investments costs.
In the autumn of 2012 Lenzing put a second TENCEL® pilot plant for high-tech applications into operation in Heiligenkreuz in the federal province of Burgenland. The new pilot plant is designed to develop fiber products for high-tech electrical applications, especially in the field of energy storage, and should also industrially exploit promising laboratory results. A material featuring a particularly high charge density can be manufactured on the basis of carbonization thanks to the special fiber structure of TENCEL®.
In 2012, the innovation activities for the Business Unit Pulp were bundled and restructured. In the first place, the focus of developments was on the process technology for the existing pulp production sites. Support was provided in Paskov for the further improvement of pulp quantities and quality for dissolving pulp, and the technological development work underlying the upcoming conversion to completely chlorine-free pulp qualities was carried out. At the Lenzing site innovations designed to enhance industrial-scale resource efficiency with respect to the use of chemicals in the pulp cooking plant were successfully tested. A second priority was the implementation of projects to ensure the short-term and medium-term supply of cost-efficient and high quality pulp for the Lenzing fiber sites tailored to viscose and TENCEL® production. The third focal point of pulp research was to enable the industrial scale production of the new co-product Soda Ash Dense and provide support to initial customer deliveries. Additional activities relating to future co-products were initiated.
The research and development priority in the Segment Plastics Products was on conducting research into bioplastics as a means of optimizing the product portfolio. Accordingly, an existing tape product on a crude oil basis was converted to bioplastics.
The renewable raw material wood serves as the starting point for all products in the core business of the Lenzing Group, namely man-made cellulose fibers. The principles of sustainable business development are "genetically" embedded at Lenzing due to this raw material basis, and are thus implemented on an industrial scale and practiced throughout the entire Lenzing Group.
The Lenzing Group is committed to the fundamental principles of sustainable development. 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 natural resources, social responsibility and a human-friendly working environment.
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, whether in clothing, home textiles, health care or for hygienic purposes and body care. Lenzing consistently pursues the goal of manufacturing these consumer goods with the least possible environmental impact, and considers this to be a continuous improvement process. Whereas the viscose fiber industry was seen as a major environmental polluter in previous decades, Lenzing has shown that this no longer has to be the case. Lenzing sets standards for the entire man-made cellulose fiber industry 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.
Environmental Standards were first defined for the Lenzing Group during the year under review. They serve as a means of more precisely formulating the existing Policy for Safety, Health and Environment. With these Environmental Standards, Lenzing voluntarily commits 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 of the Lenzing Group apply to all its sites and regions and are considered to be a yardstick according to which the future behavior of the company in the field of environmental protection will be oriented. More information is available at the following links:
The Lenzing Group operates globally, but as an Austrian company with a tradition dating back 75 years embodies values which are deeply rooted in European culture. The principles of tolerance, openness and respect to all people apply equally, regardless of the particular region in which the company operates. In its role as a European globalization pioneer, Lenzing has acted in an exemplary manner in practicing these principles for several decades, for example at its sites in Asia. Social commitment has continuously been an integrated aspect of its business activities. Employees comprise the basis of Lenzing's corporate success, which is why the company is striving to offer its employees interesting and demanding tasks combined with personal development and career advancement opportunities in a fair and safe working environment.
Time and again there are conflicts of interests between economic, ecological and social considerations. However, recent years have shown that Lenzing has continually managed to resolve these conflicts very effectively and adhere to its corporate principles and values at the same time. Economic performance indicators have been constantly improved over a longer period of time. Nevertheless, social aspects and environmental demands have always been integrated into the decision-making process with a sense of proportion.
In order to objectively evaluate the additional economic impact of the Lenzing Group, the company commissioned Professor Friedrich Schneider at the Institute of Economics of Johannes Kepler University in Linz to calculate the value creation generated at the individual production sites of the Lenzing Group as well as the entire Lenzing Group. In this case a model calculation integrating the business activities of the Lenzing Group (ongoing operations and investment activity) was contrasted with a simulation in which these activities did not take place at all. The analysis was carried out with the help of a simulation model based on economic estimates in which all significant economic parameters and all relevant business areas were taken into account.
The results of the study confirm that the ongoing operations and investment activity of the Lenzing Group generate considerable value creation. On an accumulated basis, the activities of the Lenzing Group at its seven production sites in the year 2011 increased GDP by a total of over EUR 930 mn and mass income rose by more than EUR 400 mn. Beside the jobs in the Lenzing Group itself, the company also secured or created more than 8,000 additional jobs.* On a regional level the Lenzing Group contributes to securing employment, ensuring a stable income for employees and generating added value in the producing countries.
The results of the study are described in detail in the new Sustainability Report of the Lenzing Group.
Activities designed to systematize internal sustainability management efforts were intensified during the year under review. The objective of this Lenzing "Sustainability Initiative" is to expand the catalog of indicators included in the ecological, economic and social sustainability criteria as a means of improving transparency in the sustainability reporting of the Lenzing Group. Responsibility for this initiative is in the hands of the Sustainability Steering Committee, which consists of the Management Board, the two heads of the Business Units Textile Fibers and Nonwoven Fibers as well as the heads of the two corporate centers Global Safety, Health and Environment (SHE) as well as Corporate Communications.
Once again Lenzing's efforts in the field of sustainability were recognized and honored during the reporting year.
At the "Energy Globe Award Upper Austria 2012", the Lenzing Group won second place in the category "Earth", which singles out organizations focusing on the prudent and sustainable stewardship of our planet and its resources as well as all measures which contribute to this.
During the reporting year Lenzing was once again accepted for listing in the VÖNIX index (VBV Austrian Sustainability Index of the Vienna Stock Exchange. As a result, Lenzing has been listed in this index continuously since the year 2005. In 2012 Lenzing was ranked among the five most sustainable Austrian companies for the first time.
In addition, the new Lenzing Sustainability Report was designed in 2012 and was published in the first quarter of 2013.
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 2012, Lenzing's Corporate Center Environmental Protection was once again called upon to adapt the environmental protection facilities in order to keep pace with production increases at Lenzing AG. The continuing expansion and upgrading of environmental protection measures enabled the company to fulfill these requirements very effectively.
Accordingly, the wastewater purification facility operated by the "Wasserreinhaltungsverband Lenzing – Lenzing AG" (Lenzing Water Treatment Association) was upgraded in 2012 by adding a new outlet structure and wastewater distribution system in the Ager River. As a result, the
company was able to comply with the guidelines defined by the EU Water Framework Directive with respect to releasing the treated wastewater in the river.
During the reporting year the Corporate Center Environmental Protection played a leading role in managing the preparations, submission and handling of the environmental impact assessment (EIA) for the TENCEL® production plant in Lenzing. Following the public announcement of the project, the six-week project conditionality and oral proceedings, the Upper Austrian Provincial Government in its capacity as the responsible EIA authority finally granted formal approval to the project in May 2012 in accordance with the Federal Act on the Environmental Impact Assessment. Obtaining the legally valid license in less than nine months after submission of the application confirms the good quality and preparations involved in submitting the environmental impact assessment as well as the professional project and process management displayed by both Lenzing AG as well as the responsible authorities and specialized entities of the Upper Austrian Provincial Government.
In addition to handling issues relating to the wastewater management for TENCEL® production within the context of the environmental impact assessment, the "Wasserreinhaltungsverband Lenzing – Lenzing AG" also developed a detailed project plan for the "TENCEL® Pre-treatment Plant" and submitted the concept for approval. The enlargement of the wastewater purification facility was formally approved by public authorities in April 2012. Construction of this plant is scheduled to take place in the current 2013 financial year.
The accredited Lenzing Testing Laboratory for Ecological Analysis (UAL) once again demonstrated the high quality level of its laboratory services in the field of wastewater and waste analysis as well as ecotoxicological tests. Moreover, the re-accreditation audit carried out every five years and commissioned by the accreditation authority of the Federal Ministry of Economy, Family and Youth was successfully concluded in August 2012. The technical competence of the testing center was once again given very high marks, and its accreditation was accordingly extended.
In addition, the environmental management system at the Lenzing site was subject to a renewal audit in June 2012. This recertification process implemented every three years in accordance with ISO 14001 was managed extremely well.
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 the employees comprise the basis for the sustainable success and further development of the company. For this reason, Lenzing continually implements measures for the promotion, continuing education and professional development of its individual employees and to improve the working environment of the company.
In addition to numerous specialized professional trainings, Lenzing employees were also offered a variety of seminars in 2012 designed to promote their personal development. The professional development and further education efforts at the Lenzing site are bundled in a separate institute, the "Bildungszentrum Lenzing" (Lenzing Training Center).
During the reporting year the Corporate Center Global Human Resources took the lead to successfully expand the Global Management Development Program. The focus in the 2012 financial year was on providing continuing education courses for Lenzing managers in the light of the fact that a strongly expanding company such as the Lenzing Group requires experienced executives in all regions of the world.
Accordingly, 30 staff members once again participated in the Group-wide Global Management Development Program, which consists of five modules held at five different sites of the Lenzing Group. The objective of the program is to provide Lenzing managers with the tools they need for their everyday business activities, as well as to create strong networks spanning individual sites and organizational units. In 2012 the Lenzing Global Management Development Program focused on Asia, the fastest growing region within the Lenzing Group.
The coaching training for managers initiated in the year 2011 was successfully continued in 2012. Coaching competencies enable executives to more effectively support their employees in improving their qualifications and developing their own skills. Furthermore, the first ten Lenzing managers began an in-depth 18-month coaching program.
In line with its corporate principles, Lenzing expects all its executives to analyze and competently assess business management issues as the basis for making timely decisions. In the past many managers specified the need for further financial training tailored to non-financial experts. For this reason, Lenzing offered a course entitled "Finance for Non-Financials" in 2012. This training program is designed to provide Lenzing executives with the necessary expertise to make sound decisions in day-to-day business operations.
At the reporting date of December 31, 2012, the total number of employees working for the Lenzing Group comprised 7,033 people around the world (December 31, 2011: 6,444). This increase of about 9.1% in the total staff was the result of the global capacity expansion program, which made it necessary to recruit additional staff at almost all fiber production sites. In particular, new employees were hired for the fifth viscose fiber production line at PT. South Pacific Viscose in Indonesia and for Lenzing (Nanjing) Fibers in China.
*) incl. trainees, excl. leased labor A total of 3,058 people were employed at corporate headquarters in Lenzing at the reporting date of December 31, 2012, working for the companies Lenzing AG, Lenzing Technik, Lenzing Plastics, Leno and BZL (December 31, 2011: 2,968). Of these, 180 were trainees (December 31, 2011: 188).
An additional 12 trainees received vocational instruction and training at the Lenzing sites in Heiligenkreuz (Austria) and Grimsby (Great Britain).
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 2012 financial year, its top priorities were the further development of the reporting system and performance indicators in the field of occupational safety, and the issuing of different handbooks on relevant issues.
During the year under review the annual "SHE" conference was held in June, serving as the basis for a lively exchange of views and experiences among Lenzing's SHE managers. In addition, monthly video conferences took place in which topical issues were discussed.
With respect to process safety, the development of a CS2 safety handbook in 2012 comprised an important milestone. Experts at the three Lenzing viscose production sites located in Lenzing, Purwakarta and Nanjing worked closely together to prepare this manual. CS2 or carbon disulfide is used to manufacture viscose fibers. For decades the entire Lenzing Group has complied with the strictest safety standards for handling CS2. Now unified guidelines have been established.
Fire prevention and protection was once again a focal point of the company's efforts during the reporting period. In this regard, three new handbooks were issued on this topic in 2012.
"General Safety Rules" applicable throughout the Group were developed in 2012. They set minimum standards for all production sites in the Lenzing Group, and deal with such issues as addictive behavior, fire protection, personal protective equipment as well as special safety instructions for employees facing greater risks in their work.
Efforts made in recent years to further improve safety at the company helped to slightly reduce the number of accidents per 1,000 employees in the year 2012.
In 2012 employees at the company's headquarters in Lenzing were once again able to take advantage of numerous offerings in the field of health care. During the year under review, the focus was on the issue of nutrition. As a consequence, the staff restaurant was converted to serving regional and organic food. Employees were able to gain a first-hand impression of what this change entails within the context of a day of action on healthy eating.
In order to prevent diseases of the musculoskeletal system from arising, all employees have the opportunity to take part in an appropriate spinal training program at a fitness center of their choice. About 400 employees took advantage of this offering in the 2012 financial year.
The tried and tested Lenzing Health Days were continued in 2012. Within the framework of this initiative, approximately 200 participants spent four days during the reporting year focusing on the issues of physical exercise, nutrition and relaxation under the guidance of a professional instructor and an occupational physician.
The inspections and analyses carried out by the occupational physicians at the health care center "IBG-Gesundheitszentrum Lenzing" were further extended during the year under review.
In order to assist employees in maintaining their psychological health, Lenzing once again held seminars on dealing with stress and stress management in 2012. Furthermore, there were special offerings for employees in difficult life situations.
Continuous and transparent communications are essential 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 important 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 year 2012, the Lenzing Group once again provided comprehensive and timely information to the general public and employees about the business development, current projects and important activities. Information for external stakeholders was disseminated by means of regular press releases, media events and individual talks with journalists. Furthermore, communications tools such as the employee and customer magazines, newsletters and broadcasts on a local TV station in the vicinity of the Lenzing site provided opportunities to get the latest news from the world of Lenzing.
The quarterly employee magazine "Der Lenzinger" and the monthly magazine "Zpravodaj Biocel" (Paskov, Czech Republic) provide the latest news to employees at the respective sites in their native languages. "SPV Voice", a magazine published in English and Bahasa Indonesia, provided information to employees at the Purwakarta (Indonesia) site about issues relating to the company for the first time in 2012. In the future it will appear twice a year. In addition, two issues of "Warta Comdev", which is designed to inform the population living near the Indonesian facility, came out during the reporting year. It is a magazine published in the native language of Bahasa Indonesia to report about the community development work undertaken by SPV. For example, it presents successful examples about the SPV microcredit program. The magazine "Lenzing Inside" (bilingually in English and German) reports on developments in the entire Lenzing Group and is published semi-annually. This publication is distributed to employees at all company sites as well as to interested stakeholders and customers.
Within the context of "Lenzing TV", the company broadcasted 25 reports about issues of topical interest 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.
In the year 2012 Lenzing once again presented itself to an international expert audience as an exhibitor at numerous specialized trade shows in Europe, America and Asia. In addition to introducing product innovations, these trade fairs are also used to maintain and expand contacts to customers and business partners.
During the year under review, a task carried out by the Corporate Center Corporate Communications was to provide communications support to the environmental impact assessment for the new TENCEL® production plant in Lenzing. In January 2012, a very well-attended information event held in the local community center was organized for the benefit of the interested public, amongst other measures. The range of information was complemented by publication of a separate brochure detailing the most important data on the project as well as regular reports appearing in the local media.
At the end of May, Corporate Communications hosted a two-day Corporate Communications Meeting in Lenzing for the first time. Some 30 communicators from all of Lenzing's global sites met at corporate headquarters to exchange views on topics such as corporate design, sustainability, copyrights and internal communications.
For the first time, Lenzing took part in 2012 in the "Long Night of R&D", the largest scientific event in Austria. Some 100 visitors were given a comprehensive insight into the world of Lenzing fibers, and found out more about the process steps for the production of viscose fibers and TENCEL® as well as the related challenges for the company's research work. Moreover, the visitors enthusiastically took advantage of the opportunity to take part in an experiment themselves.
Lenzing also won a variety of prizes and awards in the year 2012.
For the second time, Lenzing won the Austrian ranking in the category "Big Player" within the context of Austria's Leading Companies, an award organized by a leading Austrian business daily to honor the most sustainably successful and financially stable companies in the country.
Moreover, during the reporting year Lenzing won the award as the top company in the federal province of Upper Austria and the third best nationwide in the competition "Jobs through Innovation." This initiative showcases exemplary Austrian companies which sustainably create and preserve jobs on the basis of their research and development work.
The 2013 financial year will be fully geared to mark the 75th anniversary of Lenzing. In addition to communications and organizational preparations and implementation of a major internationally-oriented event, numerous other anniversary-related activities are planned, also for employees. Furthermore, the Lenzing Group plans to publish an updated version of its Sustainability Report in 2013.
The Lenzing share is publicly traded on the Prime Market of the Vienna Stock Exchange, and has been listed in the ATX index on the Vienna Stock Exchange since its successful "Re-IPO" in the summer of 2011. Accordingly, Lenzing ranks among the 20 largest listed companies in Austria. At the end of 2012, Lenzing was ranked 14th in terms of market capitalization.
The year 2012 was characterized by a recovery on international stock markets, though trading volumes remained low. The MSCI World Index started the year at a value of 1,186 and ended at 1,327, corresponding to an increase of about 12%. The Euro Stoxx 50 commenced the year at 2,370.20 points and closed at 2,635.93 points, a rise of approximately 11%.
The Vienna benchmark index ATX began 2012 at 1,890.45 points and reached a level of 2,401.21 points at the year-end close of trading, an improvement of about 27%. The primary reason for the upward movement of the ATX was the recovery of the banking sector, which has a high weighting in the index, starting in the fall of 2012. In turn, this can be attributed to new approaches to solve Europe's sovereign debt crisis as well as positive signs of an economic upswing in Eastern Europe, where Austrian banks have been traditionally heavily involved. In contrast, the industrial stocks listed on the ATX developed more moderately.
The Lenzing share commenced trading in 2012 at a share price of EUR 65.94, and ended the year at EUR 68.22. The year's low was EUR 61.55 per share on November 22, 2012, whereas the peak value of the Lenzing share was reached on March 19, 2012, when it was traded at EUR 87.80.
On balance, the performance of the Lenzing share in 2012 was positive, featuring a 3.5% rise in value. The Lenzing share particularly managed to make up ground in the last four weeks of trading.
The Lenzing share has been listed uninterruptedly in the VÖNIX Index (VBV Austrian Sustainability Index) since 2005. In the reporting year, Lenzing was ranked as one of the five most sustainably oriented companies for the first time.
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 Corporate Center Investor Relations is primarily responsible for providing support services to institutional investors and analysts. In addition to pursuing the primary objective of communicating in an open, transparent and proactive manner with the capital market, Lenzing's investor relations activities in 2012 focused on increasing the level of awareness of the company on international stock exchanges.
Lenzing regularly and comprehensively informed its shareholders by means of various communications channels, ranging from extensive quarterly reporting and press releases to maintaining personal contact. The information offering on the Internet, which is one of the most important communications channels, was further expanded.
In 2012 the Management Board and Investor Relations provided details about the current business development of the company, the economic environment and the strategic success factors of the Lenzing Group at some 200 talks held in Europe and the USA. Lenzing was represented at important bank conferences in Austria and internationally as well as investor conferences in London and Boston which centered on the chemical industry. Moreover, Lenzing presented itself at the Austrian Day of the Vienna Stock Exchange in Zurich and the Information Day of the Vienna Stock Exchange in Vienna. Furthermore, analysts and investors were regularly given an overview of the current strategic and corporate business development within the context of conference calls and telephone conversations. Lenzing Investor Relations also took part in private investor events in Austria, such as the Stock Exchange Club evening event held by Kremser Bank and Sparkassen AG in Krems.
About one year after its successful Re-IPO, the Lenzing Group hosted a "Capital Markets Day" at its corporate headquarters in September 2012 for national and international analysts and investors. The approximately 20 institutional investors attending the event had the opportunity to take a tour of the plant grounds and familiarize themselves with the individual production steps required in manufacturing man-made cellulose fibers. The Management Board and the heads of the Business Units Textile Fibers and Nonwoven Fibers provided insights into the value chain as well as detailed information about the latest developments on the global fiber market and the strategic orientation of the Lenzing Group. A further priority was on providing details about innovative fiber applications developed by Lenzing.
A total of six analysts regularly reported about Lenzing in 2012. In April 2012 Kepler Capital Markets resumed its analyst coverage of the Lenzing Group. The following overview lists the analysts and their investment recommendations (as at March 18, 2013):
| Analyst | Recommendation | Targeted share price | Last update |
|---|---|---|---|
| Morgan Stanley Research Europe | Buy | EUR 90.00 | November 19, 2012 |
| Deutsche Bank | Buy | EUR 80.00 | November 16, 2012 |
| Raiffeisen Centrobank AG, Wien | Hold | EUR 77.00 | February 26, 2013 |
| ERSTE Group, Wien | Accumulate | EUR 81.80 | March 5, 2013 |
| Bank of America Merrill Lynch | Underperform/Sell | EUR 59.00 | March 11, 2013 |
| Kepler Capital Markets | Hold | EUR 70.00 | March 13, 2013 |
The latest information about analyst research is available on the Lenzing Website: 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, holds about 5% of the voting rights of the company. The remaining shares are in free float with a broad shareholder base consisting of international and Austrian investors. The company does not have any treasury stock.
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.
46
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.
In November 2012 Lenzing issued a German Private Placement (Schuldschein) to the amount of EUR 200 mn (senior debt, unsecured). Lenzing was able to attain an extremely favorable interest rate of 2.55% on average, featuring an average term to maturity of six years. The transaction was multiple times oversubscribed compared to the original offering of EUR 100 mn. The German Private Placement was offered with a term to maturity of four and seven years respectively, in each case at fixed and variable interest rates, as well as a term to maturity of ten years, but only at a fixed interest rate.
Following the issuance of a corporate bond in 2010 and the capital increase within the context of the Re-IPO 2011, Lenzing thus took advantage of a further asset class for financing purposes. Accordingly, the targeted diversification of Group financing was continued, especially in the light of the possibility to optimally add further tranches in the future to the existing German Private Placement.
At the beginning of 2013, the global sales market for textile fibers as well as for nonwovens remained largely unchanged compared to the level prevailing in the fourth quarter of 2012. Cotton prices moved slightly upwards. The Cotton A Index, which was at a level of about 83 US cents/lb at the end of 2012, rose to 89 US cents/lb at the end of February 2013. In the light of the ongoing high cotton inventories, it remains to be seen whether or not this upward trend will be sustainable. Another factor is the Chinese policy towards stockpiling cotton, which is difficult to predict and which market analysts agree has a considerable influence on price developments on the cotton market. Due to the many uncertainty factors, the current market situation only allows little visibility in predicting the further development of the market in 2013.
Based on the prevailing market situation, Lenzing considers a sideways trend on the fiber market to be the most likely scenario. Therefore the 2013 financial year is expected to be a transitional year.
Based on the additional production capacities at SPV (Indonesia) and Mobile (USA), which will be available to Lenzing for the first time for an entire financial year, shipment volumes are expected to rise by about 13.5% to 920,000 tons against the backdrop of all fiber production facilities operating at full capacity. Sales should rise to a level between approximately EUR 2.15 bn and EUR 2.25 bn. This includes the budgeted decline of external sales of the Business Unit Pulp to the amount of another EUR 50 mn, due to the fact that the Paskov pulp plant in the Czech Republic will be completely converted to providing dissolving wood pulp for the Group's internal needs in the current financial year.
The expected drop in the average fiber selling price in a year-on-year comparison to a level of EUR 1.80 -1.90 per kilogram (2012: EUR 1.96/kg) will have a direct negative impact on earnings to the amount of about EUR 100 mn. The earnings contribution made possible by the higher fiber shipment volumes is expected to be largely offset by cost increases for personnel expenses (higher volumes, salary increases), CS2 and other input factors.
From today's perspective, taking account of the expected development of fiber prices, the Lenzing Group anticipates EBITDA to range between EUR 260 mn and EUR 290 mn, whereas EBIT is likely to be at a level between EUR 140 mn and EUR 170 mn. This corresponds to a forecasted EBITDA margin of about 12% - 13% in the 2013 financial year, whereas the EBIT margin is expected to be about 6% - 8%.
Investments (CAPEX) should total about EUR 260 mn, significantly below the comparable level in 2012 of EUR 346 mn. The focus will be on construction of the new TENCEL® production facilities in Lenzing and replacement investments. Thus Lenzing is taking account of the current low visibility with respect to market developments and the corresponding need to effectively manage its cash flow.
Within the context of its consistent focus on the core business of man-made cellulose fibers, Lenzing is evaluating different options on how to optimally develop its non-core plastics business in the future. These considerations do not exclude the possibility of changes in ownership.
Lenzing will respond to the low market visibility in 2013 by optimizations of market-related activities, cost structures as well as replacement and maintenance investments. The targeted volume growth of the Lenzing Group reaching the threshold of about one million tons of fiber capacity p.a. by the year 2014 remains unchanged. However, new investment projects will be subject to scrutiny with respect to the planned timeline. All megatrends on the fiber market (population growth, increased prosperity and sustainability) promoting the further growth of the man-made cellulose fiber industry remain valid on a medium- to long-term basis. However, Lenzing will flexibly adapt its pace of growth to current market conditions and place additional emphasis on cash management.
There are no significants events after the reporting date requiring disclosure.
Lenzing, March 18, 2013
Peter Untersperger
Friedrich Weninger
Thomas G. Winkler
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).
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 (1963) Member of the Management Board
First appointed: April 1, 2010
Current mandate expires: March 31, 2016
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
The Management Board consists of three members, and is responsible for managing 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.
In July 2012 the Management Board mandate of Thomas G. Winkler was extended for a further three-year period. In September 2012 the mandate of Peter Untersperger, Chairman of the Management Board, was also extended until March 2016.
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 2012 financial year Supervisory Board mandates in other companies: Semperit AG Holding, AMAG Austria
Veit Sorger (born 1942)
Metall AG
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), 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, Schöllerbank AG (Chairman), Österreichische Kontrollbank 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: Voestalpine AG, Flughafen Linz GmbH, B & C Industrieholding GmbH, BioMed-zet Life Science GmbH, AMAG Austria Metall AG (Chairman)
Martin Payer (born 1978) 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 2013 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
Supervisory Board mandates in other companies: Semperit AG Holding, VAMED AG
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
Walter Lederer (born 1961) First appointed: June 27, 2012 Mandate expired on April 19, 2012 Supervisory Board mandates in other companies: none
Rudolf Baldinger (born 1954) First appointed: 1998 Audit Committee, Nomination Committee, Strategy Committee
Georg Liftinger (born 1961) First appointed: 2008 Audit Committee, Strategy Committee Gerhard Ratzesberger (born 1951) First appointed: 2008
Johann Schernberger (born 1964) First appointed: 2001
52
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 2012 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 five Supervisory Board meetings took place during the year under review (C-Rule 36 ACCG).
In the 2012 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 2012 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. Four meetings of the Nomination Committee were held in the 2012 financial year, which focused on extending the Management Board contracts of Peter Untersperger and Thomas G. Winkler.
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 2012 financial year, focusing in particular on the remuneration model applying to the Management Board starting in 2013.
Members: Michael Junghans (Chairman), Veit Sorger
The Supervisory Board established a Strategy Committee for the first time during the year under review. This committee focuses on the business strategy of the company and the related company-specific key performance indicators in cooperation with the Management Board. Moreover, the measures designed to implement the strategy are monitored by the Management Board, which also carried out an annual review. Two meetings of the Strategy Committee were held in the 2012 financial year.
Members: Michael Junghans (Chairman), 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, financial performance and cash flows. 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 first time, the Supervisory Board carried out a self-evaluation in the 2012 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. 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 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 148% of the fixed annual salary in the future. A stock option program or a program featuring the preferential transfer of shares does not exist.
| - _________ |
۰ ___ |
|
|---|---|---|
| Peter Untersperger | Friedrich Weninger | Thomas Winkler | Total | |||||
|---|---|---|---|---|---|---|---|---|
| 2012 | 2011 | 2012 | 2011 | 2012 | 2011 | 2012 | 2011 | |
| Fix current emoluments |
484 | 468 | 433 | 391 | 405 | 390 | 1,322 | 1,249 |
| Variable current emoluments |
696 | 2,240 | 525 | 1,539 | 488 | 1,391 | 1,709 | 5,170 |
| Total | 1,180 | 2,708 | 958 | 1,930 | 893 | 1,782 | 3,032 | 6,419 |
The salaries of former members of the Management Board of Lenzing AG or their surviving dependants amounted to TEUR 895 in 2012 (2011: TEUR 860).
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 Supervisory Board will be granted in 2012 1.5% of the Group net profit for the year 2011 but a maximum of 2.5 times their annual fixed remuneration, taking account of the stipulations contained in Section 98 Austrian Stock Corporation Act. All Supervisory Board members are paid the same amount, with the exception that the Chairman is given an additional 60% and the Deputy Chairman an additional 30%. The annual fixed remuneration totals EUR 7,082. The amounts are adjusted to the consumer price index.
On balance, total remuneration for the members of the Supervisory Board amounted to EUR 222,998 for the 2011 financial year, which was resolved upon at the Annual Shareholders' Meeting 2012 and subsequently paid.
| Michael Junghans | EUR | 37,867 |
|---|---|---|
| Veit Sorger | EUR 30,431 | |
| Helmut Bernkopf | EUR | 24,788 |
| Josef Krenner | EUR | 24,788 |
| Martin Payer | EUR | 24,788 |
| Patrick Prügger | EUR | 18,879 |
| Andreas Schmidradner | EUR | 24,788 |
| Astrid Skala-Kuhmann (mandate began April 2012) | - | |
| Hermann Bell (mandate ended March 2011) | EUR | 9,562 |
| Walter Lederer (mandate ended April 2012) | EUR | 24,788 |
| Rudolf Baldinger | EUR | 679 |
| Georg Liftinger | EUR | 679 |
| Gerhard Ratzesberger | EUR | 272 |
| Johann Schernberger | EUR | 679 |
Lenzing AG observes a strict equal opportunity policy and actively promotes the career development of women in management positions in all business areas, in particular by increasingly selecting women to take part in internal management training programs.
During the year under review Ms. Skala-Kuhmann was elected to serve on the Supervisory Board.
In recent years the percentage of women holding qualified positions has steadily increased. 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.
In addition to the existing "Lenzing Principles" which serve as an orientation guide for the issues of value creation, entrepreneurial spirit, accountability, openness and honesty as well as our clear commitment to sustainable corporate management, Lenzing also developed a Code of Conduct during the reporting year. This Code of Conduct contains binding rules for all employees pertaining to the most important issues, and promotes moral and ethical behavior. A Group Compliance Officer monitors adherence to the code.
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 Corporate Center Risk Management and Internal Audit reports directly to the Management Board. The annual auditing plan is defined 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. Lenzing contracted KMPG Austria AG to evaluate its Corporate Governance Report 2012. The external evaluation concluded 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, January 31, 2013
Peter Untersperger
Friedrich Weninger
Thomas G. Winkler
| 31/12/2012 | 31/12/2011 | ||
|---|---|---|---|
| Adjusted equity1 | EUR '000 | 1,153,137 | 1,048,107 |
| Adjusted equity in %1 | % | 43.8 | 44.8 |
| Net financial debt4 | EUR '000 | 346,296 | 153,317 |
| Net debt2 4 | EUR '000 | 445,524 | 239,263 |
| Net gearing4 | % | 30.0 | 14.6 |
| Open credit lines | EUR '000 | 211,179 | 250,757 |
| Liquid assets3 4 | EUR '000 | 528,835 | 499,564 |
| Capital expenditure (Intangible assets, property, plant and equipment) | EUR '000 | 319,640 | 193,352 |
| Acquisition of non-controlling interests | EUR '000 | 26,593 | 320 |
| Number of employees at period end | Number | 7,033 | 6,444 |
| 2012 | 2011 | ||
|---|---|---|---|
| Sales | EUR '000 | 2,090,403 | 2,140,032 |
| EBITDA before result from restructuring | EUR '000 | 358,658 | 480,292 |
| EBITDA margin before result from restructuring | % | 17.2 | 22.4 |
| EBITDA after result from restructuring | EUR '000 | 352,380 | 480,292 |
| EBITDA margin after result from restructuring | % | 16.9 | 22.4 |
| EBIT before restructuring | EUR '000 | 254,994 | 363,979 |
| EBIT margin before restructuring | % | 12.2 | 17.0 |
| EBIT after restructuring | EUR '000 | 231,508 | 363,979 |
| EBIT margin after restructuring | % | 11.1 | 17.0 |
| EBT before result from restructuring | EUR '000 | 246,389 | 351,949 |
| income tax expense before result from restructuring | EUR '000 | 54,464 | 84,554 |
| Tax ratio before result from restructuring | % | 22.1 | 24.0 |
| EBT after result from restructuring | EUR '000 | 236,042 | 351,949 |
| Income tax expense after result from restructuring | EUR '000 | 55,119 | 84,554 |
| Tax ratio after result from restructuring | % | 23.4 | 24.0 |
| Profit before result from restructuring | EUR '000 | 191,926 | 267,404 |
| Attributable to shareholder of Lenzing AG before result from restructuring | EUR '000 | 186,626 | 258,671 |
| Profit after result from restructuring | EUR '000 | 180,924 | 267,404 |
| Attributable to shareholder of Lenzing AG after result from restructuring | EUR '000 | 175,624 | 258,671 |
1) Equity including grants less proportinally deferred taxes (after restructuring)
2) Including obligations for pension and severance payments
3) Including cash and cash equivalents, current and non-current securities and liquid bills of exchange.
4) As of Decmeber 2012 liquid assets also include liquid bills of exchange. The prior year figure was adjusted.
| Consolidated Financial Statements 2012 | 58 |
|---|---|
| Contents | 58 |
| Consolidated Income Statement | 59 |
| Consolidated Statement of Comprehensive Income | 60 |
| Consolidated Statement of Financial Position as at December 31, 2012 |
61 |
| Consolidated Statement of Changes in Equity | 62 |
| Consolidated Cash Flow Statement | 64 |
| Notes to the Consolidated Financial Statements | 65 |
| General Information | 65 |
| Note 1. Basis of preparation | 65 |
| Note 2. Adoption of new and revised financial reporting standards |
68 |
| Note 3. Accounting policies, valuation and consolidation principles |
71 |
| Note 4. Changes in the scope of consolidation and business combinations |
89 |
| Note 5. Non-current assets and liabilities held for sale, disposal groups and discontinued operations |
90 |
| Note 6. Segment reporting | 92 |
| Notes on the Consolidated Income Statement | 102 |
| Note 7. Sales | 102 |
| Note 8. Other operating income | 102 |
| Note 9. Cost of material and purchased services | 103 |
| Note 10. Personnel expenses | 103 |
| Note 11. Amortization of intangible assets and depreciation of property, plant and equipment |
104 |
| Note 12. Other operating expenses | 105 |
| Note 13. Result from restructuring | 106 |
| Note 14. Income from investments in associates | 109 |
| Note 15. Income from non-current and current financial assets | 109 |
| Note 16. Financing costs | 110 |
| Note 17. Income tax expense | 110 |
| Note 18. Earnings per share | 112 |
| Notes on the consolidated statement of financial posi |
tion, the statement of comprehensive income and the
| consolidated statement of changes in equity | 113 |
|---|---|
| Note 19. Intangible assets | 113 |
| Note 20. Property, plant and equipment | 117 |
| Note 21. Investments in associates | 119 |
| Note 22. Financial assets | 121 |
| Note 23. Other non-current assets | 122 |
| Note 24. Inventories | 122 |
|---|---|
| Note 25. Trade receivables | 123 |
| Note 26. Construction contracts | 124 |
| Note 27. Other current assets | 125 |
| Note 28. Current securities | 125 |
| Note 29. Equity | 126 |
| Note 30. Government grants | 129 |
| Note 31. Financial liabilities | 130 |
| Note 32. Deferred taxes (deferred tax assets and liabilities) | 132 |
| Note 33. Provisions | 136 |
| Note 34. Puttable non-controlling interests | 147 |
| Note 35. Other liabilities | 148 |
| Notes on the Consolidated Cash Flow Statement | 149 |
| Note 36. Liquid funds | 149 |
| Note 37. Other disclosures on the consolidated cash flow statement |
149 |
| Notes on Capital Risk Management and Financial Instruments |
151 |
| Note 38. Capital risk management | 151 |
| Note 39. Categories of financial instruments | 154 |
| Note 40. Interest/net result from financial instruments | 159 |
| Note 41. Financial risk management and derivative financial instruments |
160 |
| Notes on Lease Relationships | 178 |
| Note 42. Finance leases | 178 |
| Note 43. Operating leasing | 179 |
| Notes on Related Parties and Corporate Bodies | 181 |
| Note 44. Disclosures on related party transactions | 181 |
| Note 45. Corporate bodies | 185 |
| Other Disclosures | 187 |
| Note 46. Financial guarantee contracts, contingent liabilities and other financial obligations as well as legal risks |
187 |
| Note 47. Direct and indirect shareholdings of Lenzing AG as at December 31, 2012 |
188 |
| Note 48. Events after the reporting period | 189 |
| Note 49. Release of the consolidated financial statements | 189 |
for the period January 1, 2012 to December 31, 2012
| Continuing operations | Note | 2012 | 2011 |
|---|---|---|---|
| Sales | (7) | 2,090,403 | 2,140,032 |
| Changes in inventories of finished goods and work in progress | 8,229 | 28,489 | |
| Work performed by the Group and capitalized | 57,736 | 30,269 | |
| Other operating income | (8) | 45,401 | 53,134 |
| Cost of material and purchased services | (9) | (1,303,180) | (1,275,650) |
| Personnel expenses | (10) | (307,756) | (287,078) |
| Amortization of intangible assets and depreciation of property, plant and equipment | (11) | (107,253) | (120,591) |
| Other operating expenses | (12) | (228,586) | (204,625) |
| Income from operations (EBIT) before restructuring | 254,994 | 363,979 | |
| Result from restructuring | (13) | (23,486) | 0 |
| Income from operations (EBIT) after restructuring | 231,508 | 363,979 | |
| Income from investments in associates | (14) | 5,796 | 6,472 |
| Income from non-current and current financial assets | (15) | 4,733 | 5,556 |
| Financing costs | (16) | (23,309) | (23,895) |
| Financial result | (12,780) | (11,867) | |
| Allocation of profit or loss to puttable non-controlling interests | (34) | 17,314 | (163) |
| Income before tax (EBT) | 236,043 | 351,949 | |
| Income tax expense | (17) | (55,119) | (84,554) |
| Profit after taxes from continuing operations | 180,924 | 267,395 | |
| Discontinued operations | |||
| Result from discontinued operations | (5) | 0 | 9 |
| Profit for the year | 180,924 | 267,404 | |
| Attributable to shareholders of Lenzing AG | 175,624 | 258,671 | |
| Attributable to non-controlling interests | 5,300 | 8,732 | |
| Earnings per share | (18) | EUR | EUR |
| diluted = undiluted | 6.61 | 9.88 |
for the period January 1, 2012 to December 31, 2012
| EUR '000 | |||
|---|---|---|---|
| Note | 2012 | 2011 | |
| Profit for the year | 180,924 | 267,404 | |
| Items that will not be reclassified to income statement | |||
| Actuarial gains/(losses) on defined benefit plans | (33) | (16,325) | (5,222) |
| Share in other comprehensive income of associates | (21) | (592) | 0 |
| Income tax relating to components of other comprehensive income | (29) | 4,079 | 1,275 |
| (12,838) | (3,947) | ||
| Items that will be reclassified to income statement | |||
| Currency translation differences arising during the period | (29) | (4,236) | 17,287 |
| Net result on revaluation of available-for-sale financial assets during the period | (29) | 323 | 930 |
| Reclassification adjustments relating to available-for-sale financial assets disposed of in the period | (29) | 171 | 0 |
| Gains/losses from the valuation of cash flow hedges arising during the period | (29) | 8,057 | (8,969) |
| Reclassification adjustments for amounts from cash flow hedges recognized in profit or loss | (29) | 16,762 | (15,818) |
| Income tax relating to components of other comprehensive income | (29) | (6,025) | 5,730 |
| 15,053 | (841) | ||
| Other comprehensive income – net of tax | 2,214 | (4,788) | |
| Total comprehensive income | 183,138 | 262,616 | |
| Attributable to shareholders of Lenzing AG | 177,080 | 254,668 | |
| Attributable to non-controlling interests | 6,058 | 7,947 |
Consolidated Statement of Financial Position as at December 31, 2012
| EUR '000 | |||
|---|---|---|---|
| Assets | Note | 31/12/2012 | 31/12/2011 |
| Intangible assets | (19) | 90,978 | 90,072 |
| Property, plant and equipment | (20) | 1,275,169 | 1,091,697 |
| Investments in associates | (21) | 34,611 | 30,289 |
| Financial assets | (22) | 56,068 | 93,630 |
| Deferred tax assets | (32) | 6,445 | 10,771 |
| Other non-current assets | (23) | 17,241 | 9,311 |
| Non-current assets | 1,480,513 | 1,325,770 | |
| Inventories | (24) | 299,580 | 284,577 |
| Trade receivables | (25) | 264,516 | 236,764 |
| Current taxes | 11,832 | 11,692 | |
| Current securities | (28) | 0 | 6,748 |
| Other current assets | (27) | 88,914 | 64,377 |
| Cash and cash equivalents | (36) | 481,658 | 410,534 |
| 1,146,499 | 1,014,692 | ||
| Non-current assets held for sale and disposal groups | (5) | 5,639 | 0 |
| Current assets | 1,152,138 | 1,014,692 | |
| Total assets | 2,632,651 | 2,340,462 | |
| Equity and Liabilities | 31/12/2012 | 31/12/2011 | |
| Common stock | 27,574 | 27,574 | |
| Capital reserves | 133,919 | 133,919 | |
| Other reserves | (11,599) | (14,694) | |
| Retained earnings | 953,262 | 842,917 | |
| Equity attributable to shareholders of Lenzing AG | 1,103,156 | 989,716 | |
| Non-controlling interests | 27,544 | 33,978 | |
| Equity | (29) | 1,130,700 | 1,023,694 |
| Financial liabilities | (31) | 701,564 | 518,521 |
| Trade payables | 0 | 50 | |
| Government grants | (30) | 24,496 | 23,061 |
| Deferred taxes liabilities | (32) | 40,955 | 28,197 |
| Provisions | (33) | 140,046 | 112,854 |
| Puttable non-controlling interests | (34) | 28,974 | 32,081 |
| Other liabilities | (35) | 1,709 | 19,574 |
| Non-current liabilities | 937,744 | 734,338 | |
| Financial liabilities | (31) | 173,568 | 134,360 |
| Trade payables | 200,259 | 148,504 | |
| Government grants | (30) | 4,455 | 8,171 |
| Income tax liabilities | 43,726 | 74,864 | |
| Provisions | (33) | 81,644 | 144,489 |
| Puttable non-controlling interests | (34) | 0 | 1,824 |
| Other liabilities | (35) | 41,859 | 70,219 |
| 545,511 | 582,430 | ||
| Non-current liabilities held for sale and disposal groups | (5) | 18,695 | 0 |
| Current liabilities | 564,206 | 582,430 | |
| Total equity and liabilities | 2,632,651 | 2,340,462 |
for the period January 1, 2012 to December 31, 2012
| Note | Common stock | Capital reserves | Foreign currency translation reserve |
||
|---|---|---|---|---|---|
| Balance as at January 1, 2011 | 26,717 | 63,600 | (595) | ||
| Profit for the year | 0 | 0 | 0 | ||
| Other comprehensive income - net of tax | 0 | 0 | 16,931 | ||
| Total comprehensive income | 0 | 0 | 16,931 | ||
| Changes in the scope of consolidation and other changes | (4) | 0 | 0 | 0 | |
| Increase in capital | 857 | 70,320 | 0 | ||
| Dividends | 0 | 0 | 0 | ||
| Balance as at December 31, 2011 = January 1, 2012 | 27,574 | 133,919 | 16,336 | ||
| Profit for the year | 0 | 0 | 0 | ||
| Other comprehensive income - net of tax | 0 | 0 | (4,300) | ||
| Total comprehensive income | 0 | 0 | (4,300) | ||
| Changes in the scope of consolidation and other changes | (4) | 0 | 0 | 0 | |
| Dividends | 0 | 0 | 0 | ||
| Reclassification based on a settlement of defined benefit plans | (33) | 0 | 0 | 0 | |
| Balance as at December 31, 2012 | 27,574 | 133,919 | 12,036 |
Refer to Note 29
| EUR '000 | Other reserves | |||||
|---|---|---|---|---|---|---|
| Total equity | Non-controlling Interests |
Attributable to shareholder of Lenzing AG |
Retained earnings |
Actuarial gains/ (losses) on benefit plans |
Cash flow hedging reserve |
Available-for-sale financial assets |
| 732,007 | 28,089 | 703,918 | 624,301 | (11,581) | 1,531 | (55) |
| 267,404 | 8,732 | 258,671 | 258,671 | 0 | 0 | 0 |
| (4,788) | (785) | (4,003) | 0 | (3,735) | (17,896) | 697 |
| 262,616 | 7,947 | 254,668 | 258,671 | (3,735) | (17,896) | 697 |
| (737) | (564) | (173) | (183) | 10 | 0 | 0 |
| 71,176 | 0 | 71,176 | 0 | 0 | 0 | 0 |
| (41,369) | (1,495) | (39,874) | (39,874) | 0 | 0 | 0 |
| 1,023,694 | 33,978 | 989,716 | 842,916 | (15,307) | (16,365) | 642 |
| 180,924 | 5,300 | 175,624 | 175,624 | 0 | 0 | 0 |
| 2,214 | 758 | 1,457 | 0 | (12,584) | 17,969 | 371 |
| 183,138 | 6,058 | 177,080 | 175,624 | (12,584) | 17,969 | 371 |
| (5,868) | (8,603) | 2,735 | 2,735 | 0 | 0 | 0 |
| (70,264) | (3,889) | (66,375) | (66,375) | 0 | 0 | 0 |
| 0 | 0 | 0 | (1,638) | 1,638 | 0 | 0 |
| 1,130,700 | 27,544 | 1,103,156 | 953,261 | (26,252) | 1,605 | 1,013 |
for the period January 1, 2012 to December 31, 2012
| EUR '000 | |||
|---|---|---|---|
| Note | 2012 | 2011 | |
| Profit for the year | 180,924 | 267,395 | |
| + Amortization of intangible assets and depreciation of property, plant and equipment |
(11) | 107,253 | 120,591 |
| - Income from the reversal of government grants |
(3,589) | (4,278) | |
| +/- Change in non-current provisions | (3,564) | 11,491 | |
| - Income /+ expenses from deferred taxes |
15,344 | (2,124) | |
| +/- Change in receivables and liabilities of income taxes | (40,569) | 46,219 | |
| - Non-cash income from associates |
(5,020) | (5,511) | |
| - Other non-cash income /+ expenses |
(37) | (2,776) | 1,487 |
| Gross cash flow | 248,002 | 435,269 | |
| + Decrease /- increase in inventories |
(15,368) | (51,411) | |
| + Decrease /- increase in accounts receivable |
(14,841) | (80,119) | |
| - Decrease /+ increase in accounts payable |
(8,348) | 5,930 | |
| Change in working capital | (38,556) | (125,600) | |
| Operating cash flow | 209,446 | 309,669 | |
| - Acquisition of intangible assets, property, plant and equipment |
(319,640) | (193,352) | |
| - Acquisition of non-controlling interests |
(4) | (26,593) | (320) |
| - Acquisition of other financial assets |
(4,413) | (49,220) | |
| + Proceeds from the disposal/of intangible assets, property, plant and equipment |
1,137 | 2,910 | |
| + Proceeds from the sale of other financial assets |
41,121 | 23,830 | |
| Net cash used in investing activities | (308,388) | (216,152) | |
| + Capital increase |
0 | 71,176 | |
| + Payments of puttable non-controlling interests |
(34) | 0 | 1,463 |
| + payments from other shareholders |
0 | 589 | |
| - Dividends paid to shareholders |
(70,264) | (41,369) | |
| + Government grants |
806 | 3,326 | |
| +/- Change from current financial liabilities | 30,492 | 76,480 | |
| + Receipts from private placement | (31) | 199,185 | 0 |
| + Receipts from non-current financial liabilities |
129,703 | 61,564 | |
| - Repayments from non-current financial liabilities |
(124,662) | (110,747) | |
| Net cash used in (-)/ generated by (+) financing activities | 165,260 | 62,482 | |
| Change in cash and cash equivalents total | 66,318 | 155,999 | |
| +/- Reclassification of assets held for sale and disposal groups | (2,469) | 0 | |
| Change in cash and cash equivalents total | 63,849 | 155,999 | |
| Cash and cash equivalents at beginning of the year | 417,282 | 254,513 | |
| Currency translation adjustment relating to cash and cash equivalents | 528 | 6,770 | |
| Cash and cash equivalents at the end of the reporting period | (36) | 481,658 | 417,282 |
as at December 31, 2012
General Information
Basis of preparation
The Lenzing Group ("the Group") consists of Lenzing Aktiengesellschaft (Lenzing AG) and its consolidated subsidiaries. Lenzing AG is a public corporation under Austrian law. The company is entered in the commercial register with the Commercial and Regional Court of Wels under the registration number FN 96499 k. Its registered office is at 4860 Lenzing, Werkstrasse 2, Austria. The shares of Lenzing AG are listed on the Prime Market (since April 18, 2011) and on the ATX benchmark index (since September 9, 2011) of the Vienna Stock Exchange in Vienna, Austria.
As at December 31, 2012, the majority shareholder of Lenzing AG is the B & C Group, which holds, directly or indirectly, 67.6% (December 31, 2011: 67.60%) of Lenzing AG's share capital. The consolidated financial statements for the largest group of companies, which are publicly accessible and in which Lenzing AG and its subsidiaries are included, are prepared by B & C Industrieholding GmbH. The ultimate parent company of B & C Industrieholding GmbH, and thus the company, is B & C Privatstiftung, Vienna.
The core business of the Lenzing Group is the production and marketing of man-made cellulose fibers. The pulp required for producing the fibers is, for the most part, generated in the company's own pulp plants and partly purchased. The most important raw material used in producing pulp is wood which is bought. Lenzing also manufactures specialty products made of plastic polymers. Moreover, the Lenzing Group operates in the field of mechanical and plant engineering, and offers engineering services. The Lenzing Group operates production facilities in Lenzing and Heiligenkreuz, Austria, Kelheim, Germany, Paskov, Czech Republic, Grimsby, Great Britain, Mobile, USA, Purwarkarta, Indonesia and Nanjing, China. The production site in Mumbai, India is currently under construction. The sales network encompasses sales companies in Hong Kong and Shanghai, China and sales offices in Jakarta, Indonesia, Coimbatore, India and in New York, USA.
The consolidated interim financial statements of the Lenzing Group for the period from January 1, 2012 to December 31, 2012 have been prepared in accordance with International Financial Reporting Standards (IFRS) and interpretations as adopted by the European Union, and which were mandatory at the time of preparation. The additional requirements stipulated by Section 245 Para. 1 UGB (Austrian Commercial Code) were also fulfilled.
The financial statements are presented in euro (EUR) which is the functional currency of Lenzing AG and most of its subsidiaries. The figures provided in the financial statements and in these notes are rounded to the nearest thousand ("TEUR"), unless specified otherwise. Summation differences may occur due to rounded amounts based on the use of automated calculation aids.
In the preparation of financial statements in accordance with IFRS, the Management Board makes use of estimates and other discretionary decisions, especially assumptions about future developments. These estimates and assumptions are based on the expected situation at the reporting date, and could have a significant effect on the presentation of the financial position and the financial performance of the Group. They apply to the recognition and valuation of assets and liabilities, contingent assets and liabilities, the reporting of cash flows as well as income and expenses and the presentation of the notes to the consolidated financial statements.
A considerable risk exists in the Lenzing Group with respect to the following estimates and discretionary decisions which could lead to major adjustments in the reporting of assets, liabilities, financial position and profit and loss in a subsequent reporting period:
The recognition of development costs depends on the positive evaluation of various criteria (especially the future use or sale of the capitalized asset or the generation of future economic benefits from the asset).
In particular, the measurement of the intrinsic value of trade receivables and purchased bonds requires estimates to be made pertaining to the credit risk.
Specific estimates and discretionary decisions and the underlying assumptions are explained in the respective sections of the notes to the consolidated financial statements.
Estimates and discretionary decisions are based on past experience and other assumptions which the Management Board considers to be appropriate. The amounts ultimately realized could deviate from these estimates and discretionary decisions, if the assumed conditions develop contrary to expectations. Changes will be taken into account as soon as more precise information is available and the assumptions will be adapted correspondingly.
The consolidated financial statements of the Group are based on individual financial statements as at December 31, 2012 and comprise Lenzing AG as the parent company and its subsidiaries. Stakes held in associates are consolidated according to the equity method.
The number of companies included in the consolidated financial statements of the Lenzing Group changed as follows:
| Development of the number of consolidated companies |
2012 | 2011 | ||
|---|---|---|---|---|
| Full consolidation |
Equity consolidation |
Full consolidation |
Equity consolidation |
|
| As at 1/1 | 34 | 7 | 43 | 7 |
| Consolidated for the first time in reporting period |
1 | 0 | 1 | 0 |
| Deconsolidated in reporting period | 0 | 0 | (10) | 0 |
| As at 31/12 | 35 | 7 | 34 | 7 |
| thereof in Austria | 15 | 3 | 15 | 3 |
| thereof in foreign countries | 20 | 4 | 19 | 4 |
Changes in the scope of consolidation are described in Note 4. A list of the consolidated companies as at December 31, 2012 can be found in Note 47.
The Lenzing Group adopts new or revised standards and interpretations that are relevant to the Group and which are to be applied for financial years starting on January 1, 2012.
The following new or revised IFRSs and interpretations of IFRIC were adopted by the European Union and are to be applied for the first time in the 2012 financial year:
The new or revised standards which are to be applied as of January 1, 2012 have no material effect on the consolidated financial statements of the Lenzing Group. The accounting policies and valuation methods as well as the calculation methods and ways of presentation remain unchanged for the most part in comparison to the previous consolidated financial statements of the Lenzing Group as at December 31, 2011.
Amendments to IAS 1 Presentation of Financial Statements: Presentation of Items of Other Comprehensive Income
Amendments to IAS 1 on the presentation of individual items relating to other comprehensive income were already voluntarily applied ahead of schedule in the previous financial year, and are now being adjusted. Items which will never be recognized in profit or loss, for example actuarial gains and losses, are presented separately from those items which will be recycled into profit and loss in the future, for example income and expenses from cash flow hedges.
The following revised standards, new interpretations and amendments to standards had already been issued by the time these consolidated financial statements were prepared. However, it was not yet mandatory to apply these standards for financial years beginning on or before January 1, 2012, and these standards were not applied voluntarily ahead of time:
Amendments to IAS 19 Employee Benefits
IAS 27 Separate Financial Statements (Mandatory application according to the endorsement by the EU from 1 January 2014 onwards)
In connection with the presentation of IFRS consolidated financial statements, three new standards were published in May 2011. A new control concept was introduced in IFRS 10. The effects on the scope of consolidation are currently being analyzed. IFRS 11 will abolish the option to consolidate investments in joint ventures using the proportionate consolidation method. In the future these must be recognized using the equity method. No material changes will arise because this method is already used by the Lenzing Group. IFRS 12 combines all disclosures for consolidated and non-consolidated entities in a separate standard. The extent of necessary disclosures will be increased significantly by the new standard.
The revised standard IAS 19 "Employee Benefits" takes effect for financial years beginning on January 1, 2013. The Lenzing Group is not affected by the accompanying elimination of the corridor method and the obligation to recognize actuarial gains and losses in other comprehensive income. This is due to the fact that all actuarial gains and losses up until now have already been completely recognized in other comprehensive income in the period in which they were incurred.
In calculating the net interest cost, the same interest rate must be used in the future for determining the expected income from plan assets as for the discounting of the defined benefit obligation. Changes in financial reporting will also have to be implemented by the Lenzing Group with respect to the accounting treatment of unrecognized past service costs. In the future this obligation must be completely shown as a liability in the consolidated statement of financial position, regardless of when they become vested. Expenses and income must be immediately recognized in profit or loss. The effects on the Lenzing Group are of minor importance. In addition, revised requirements for the disclosures will have to be fulfilled.
IFRS 13 summarizes the requirements in determining fair value, and in this regard replaces the current regulations contained in the individual IFRSs. With few exceptions, IFRS 13 is to be applied if, according to another standard, a measurement at fair value or disclosures relating to fair value is required or permissible. The impact of these changes on earnings and the balance sheet will likely be immaterial. With respect to the notes, additional disclosures will have to be included as a result of the stipulations contained in IFRS 13.
The new IFRS 9 stipulates extensive changes concerning the classification and measurement of financial instruments, the impairment of financial assets and regulations for hedge accounting. Due to the ongoing revisions of this standard, the impact on Lenzing Group cannot be reliably determined at this time. According to the current project status, application of IFRS 9 will first be mandatory for financial years beginning on January 1, 2015.
There are a series of other standards, changes and interpretations, which are either not relevant to the Lenzing Group or do not have a material effect on the business results, assets and liabilities and cash flows of the Lenzing Group. Application of the respective standards and interpretations will be principally carried out when it is mandatory in the EU (after the so-called "endorsement" takes place).
Accounting policies, valuation and consolidation principles
Intangible assets, property, plant and equipment, loans granted by the Group, inventories, trade and other receivables and liabilities are principally measured at historical cost.
Available-for-sale financial assets and derivative financial instruments are measured at their fair value at the reporting date. Plan assets of defined benefit pension plans as well as assets and liabilities arising from business combinations are also measured at their fair value at the reporting date.
Subsidiaries are companies whose financial and business policies can be influenced by Lenzing AG in a way that Lenzing can derive economic benefits from their business activities for its own business. This is assumed to be the case if Lenzing AG holds more than 50% of the voting rights of all shareholders entitled to vote.
The acquisition of subsidiaries is accounted for on the basis of the purchase method. According to this approach, the acquired assets and liabilities (including contingent liabilities) are recognized at their fair value at the date of acquisition. Goodwill corresponds to the amount to which the sum total of the consideration transferred, the amount relating to non-controlling interests of the acquired company and, if applicable, the fair value of the equity stake previously held by the Lenzing Group exceeds the existing net assets at the date of acquisition. Any negative goodwill which arises is recognized as income following another assessment of the valuation of the net assets. Auxiliary acquisition costs are recognized in profit or loss in the period in which they are incurred.
The valuation of non-controlling interests (shares held by non-controlling shareholders) at the time of acquisition is either based on their fair values or as a proportionate share of the recognized amounts of the net assets. In principle, they are presented in the consolidated statement of changes in equity and in the consolidated statement of financial position under the item "Non-controlling interests" and in the statement of comprehensive income under "Attributable to non-controlling interests".
The equity stakes assigned to non-controlling shareholders of certain companies (at present Lenzing (Nanjing) Fibres Co., Ltd. and European Precursor GmbH) are recognized as borrowed capital. According to stipulations contained in IFRS, these stakes comprise a liability due to the time limits laid out in company law. The initial valuation is carried out at fair value, which as a rule corresponds to the fair value of the non-controlling shareholders' capital contribution at the time the contribution is made. For subsequent measurement, the amount recognized in the initial valuation within liabilities is increased by the profit achieved or reduced by the losses incurred up until the valuation date. These shares held by non-controlling shareholders are presented in the consolidated statement of financial position under the item "Puttable non-controlling interests" if on the liabilities side and under the item "Other receivables and assets" if on the assets side. The change in the net assets attributable to non-controlling interests affecting profit and loss is presented in the consolidated income statement under the item "Allocation of profit or loss to puttable non-controlling interests." In addition, if applicable, amounts recognized directly in equity are included in measuring the liability or receivable. Dividend payouts to non-controlling shareholders reduce the liability or increase the receivable. .
A change in the shares in already controlled subsidiaries is recognized as a transaction between owners. The difference between the consideration paid and the proportionate carrying amount of the non-controlling shares is directly recognized under retained earnings.
Significant assets and liabilities as well as expenses and income resulting from transactions between the companies included in the consolidated financial statements are eliminated in consolidation. Intra-group profits and losses on services and deliveries among the consolidated companies are eliminated if the respective asset is still recognized in the inventory of the company at the reporting date.
The euro is the reporting currency of Lenzing AG and the Lenzing Group. Subsidiaries prepare their annual financial statements in their respective functional currency. The functional currency is the currency governing the business activities of the respective company. The functional currency is the currency of the country where the respective subsidiary is located, with the only exception being PT. South Pacific Viscose. The functional currency of PT. South Pacific Viscose is the US dollar.
Exchange rate gains or losses which result from transactions carried out by consolidated Group companies in a currency other than the functional currency are recognized in profit or loss. Monetary assets and liabilities of subsidiaries that are denominated in currencies other than the functional currency are translated at the foreign exchange rate at the reporting date.
Within the context of consolidation, assets and liabilities of subsidiaries are translated from the functional currency to the reporting currency using the exchange rate prevailing on the reporting date. Sales and other income as well as expenses are translated at the average exchange rates of the month during which the transactions occurred. Translation differences resulting from the use of different exchange rates are recognized in a separate item under other comprehensive income.
With respect to acquisitions (business combinations), the carrying amounts of the acquired assets and liabilities are adjusted to reflect their fair values at the date of acquisition. These adjustments and goodwill resulting from business combinations are treated as the assets or liabilities of the acquired subsidiaries and are subject to currency translation within the consolidation process.
The main rates applied in translating currencies to euro were the following:
| Exchange rates | of important currencies | 2012 | 2011 | ||
|---|---|---|---|---|---|
| Unit | Currency | Balance sheet date |
Average | Balance sheet date |
Average |
| 1 EUR | USD US-Dollar |
1.3190 | 1.3119 | 1.2935 | 1.3179 |
| 1 EUR | GBP British Pound |
0.8159 | 0.8124 | 0.8352 | 0.8441 |
| 1 EUR | CZK Czech Koruna |
25.1450 | 25.2140 | 25.7685 | 25.5140 |
| 1 EUR | CNY Renminbi Yuan |
8.2172 | 8.1809 | 8.1413 | 8.3563 |
| 1 EUR | HKD Hong Kong Dollar |
10.2221 | 10.1679 | 10.0486 | 10.2496 |
| 1 EUR | INR India Rupee |
72.4075 | 71.6946 | 68.5670 | 69.2066 |
Non-current assets (or disposal groups) are to be classified as held for sale when the related carrying amount is realized primarily as a result of a disposal transaction and not on the basis of their continued use. Immediately before these assets or disposal groups are classified as held for sale, the assets (or parts of a disposal group) must be measured in accordance with the Group's accounting policies and valuation methods. Subsequently, non-current assets held for sale (or disposal groups) are measured at the lower of their carrying amount and fair value less costs to sell. Impairment losses of a disposal group are allocated in accordance with IAS 36. Impairment losses relating to the initial classification of assets as held for sale and ensuing reversals of impairments or further impairment losses arising from the subsequent valuation are recognized in profit or loss. Intangible assets and property, plant and equipment classified as held for sale are no longer subject to scheduled amortization or depreciation.
A discontinued operation is a component of the Group's business that comprises a separate major line of business or geographical area of operations that has been disposed of or is held for sale, or a subsidiary acquired exclusively with a view to resale. Classification as a discontinued operation occurs upon disposal or earlier when the business area fulfills the criteria to be classified as held for sale. If any business activity is classified as a discontinued operation, the statement of comprehensive income is presented as if the business area had been classified as a discontinued operation since the beginning of the comparative period.
Acquired intangible assets are reported at cost less accumulated amortization or impairment losses at the reporting date. Production costs encompass all costs which are attributable to the production process (direct and overhead costs).
Development costs related to internally generated intangible assets are capitalized if they fulfill the criteria contained in IAS 38. Otherwise, the respective development costs are recognized as expenses. Research costs are generally recognized as expenses.
Amortization and impairment losses on intangible assets during the financial year are reported in the consolidated income statement under "Amortization of intangible assets and depreciation of property, plant and equipment."
Amortization is determined on the basis of the estimated useful life of the intangible assets in accordance with the straight line method. The estimated useful lives for these intangible assets amount to:
| Years | |
|---|---|
| Software | 3 to 10 |
| Licenses and other intangible assets | |
| purchased | 4 to 20 |
| internally generated | 5 to 15 |
Goodwill and specified trademark rights are not amortized on a systematic basis but impaired if there is any indication for impairment.
Property, plant and equipment are recognized at cost less accumulated depreciation or impairment losses at the reporting date. Production costs encompass all costs which are attributable to the production process (direct and overhead costs) as well as the proportionate amount of borrowing costs in the case of qualifying assets.
Depreciation is determined on the basis of the estimated useful life of the respective asset in accordance with the straight line method. The estimated useful lives for property, plant and equipment are as follows:
| Years | |
|---|---|
| Land-use rights | 30 to 96 |
| Residential buildings | 30 to 50 |
| Office and factory buildings | 10 to 50 |
| Other buildings | 7 to 33 |
| Fiber production lines | 10 to 15 |
| Boiler stations, transformer stations, turbines | 10 to 25 |
| Other machinery and equipment | 5 to 20 |
| Vehicles | 4 to 20 |
| Office equipment and fixtures | 2 to 15 |
| IT hardware | 3 to 10 |
Land is not depreciated on a systematic basis but impaired if there is any indication for impairment.
Depreciation and impairment losses on property, plant and equipment during the financial year are reported in the consolidated income statement under "Amortization of intangible assets and depreciation of property, plant and equipment."
Major reconstruction or conversion work is capitalized, whereas ongoing maintenance and repair work as well as minor rebuilding is recognized in profit or loss at the time these costs are incurred.
The Lenzing Group does not own any investment properties.
If assets are leased and all the main risks and opportunities related to ownership of the leased asset are transferred to the lessee, the transaction is a finance lease. All other lease relationships are classified as operating leasing.
With respect to finance lease relationships in which the Lenzing Group serves as the lessee, the leased assets are capitalized at the lower of the fair value of the assets or the present value of the future minimum lease payments. Scheduled depreciation is carried out over the economic useful life of the respective property, plant and equipment, or if shorter, over the duration of the leasing contract. The leased assets are capitalized as property, plant and equipment, and the payment obligations are recognized as liabilities under "Financial liabilities."
The Lenzing Group does not serve as the lessor in any financing transactions and thus none are reported in the consolidated financial statements.
Within the context of operating leasing agreements, the stipulated leasing payments are recognized as expenses or income in the consolidated income statement.
Cash generating units with goodwill attributable to them and intangible assets with an indefinite useful life have to be tested for impairment at least once annually, or are subject to impairment tests if there are indications of impairment. All other intangible assets and property, plant and equipment have to be tested for impairment if there is any indication of impairment.
An asset is considered to be impaired if the recoverable amount of the asset or the cashgenerating unit is lower than the carrying amount. The recoverable amount is the higher of the value in use and fair value less costs to sell. The value in use corresponds to the present value of the estimated future cash flows discounted at an interest rate which is customary in the market and adapted to the specific risks attached to this asset. Cash flows are derived from current planning estimates. In order to determine the fair value less costs to sell, data concerning recent market transactions, if available, is used as a benchmark. If no such transactions exist, an appropriate valuation modes has to be applied.
In order to determine the recoverable amount, assumptions are made concerning the future development, especially the development of production and sales volumes which may not be achieved in reality. In addition, estimates are made concerning underlying sales conditions of these assets on the marketplace.
If the recoverable amount of an asset cannot be determined, the asset will be included in a cash generating unit. Cash generating units comprise the smallest identifiable group of assets which generate cash flows independently from the cash flows generated by other assets. Goodwill and trademark rights with indefinite useful lives are allocated to those cash generating units that are expected to benefit from synergies arising from the respective business combination and represent the lowest level within the Group at which cash flows are monitored for management purposes. In the Lenzing Group, these cash generating units in particular are the individual production sites.
The fair value less costs to sell of cash generating units to which goodwill has been allocated and which feature trademark rights with indefinite useful lives is derived on a post-tax basis by the use of cash flow projections and budgets approved by the Management Board for the next four-year period. In justified exceptional cases, the cash flow forecasts can be extended to cover a period of up to six years (2011: up to seven years). This applies to cash generating units in which expansion investments are planned and for which the cash flow potential is completely reflected in actual cash flows only after four years. Following the detailed planning period of for years, a perpetual annuity is projected based on the assumptions of the last year, taking account of a sustainable long-term growth rate of 1.0% to 3.1% (December 31, 2011: 1.0%). The estimated value of a sustainable long-term growth rate fundamentally corresponds to half the inflation rate in the particular country in the coming years on the basis of the expectations of an international credit reference agency. This value tends to compensate for the general rise in prices. The planned or projected cash flows are discounted to the present value on the basis of a capital value-oriented process (discounted cash flow method). The discount rate is an individually determined composite interest rate derived from the average interest on borrowing capital on the basis of the capital asset pricing model (CAPM) and the expected return on the capital employed (weighted average cost of capital). This discount rate reflects current market assessments and the specific risks related to the respective cash generating units. As at December 31, 2012, the WACCs used ranged from 7.7% to 14.0% (December 31, 2011: 7.7% to 14.5%).
In calculating the WACC, externally available capital market data from comparably sized companies is used for the most part (especially to determine the risk premium). Planning and forecasts of cash flows are primarily based on internal assumptions about expected selling prices and volumes in the future and the required costs involved (in particular raw materials and energy). These internal assumptions are completed by external market assumptions, for example market studies on specific industries and overall economic prospects.
If the recoverable amount is less than the carrying amount of the asset or the cash generating unit, an impairment loss reflecting the difference is recognized in profit or loss. Impairment losses are recognized in the consolidated income statement as "Amortization of intangible assets and depreciation of property, plant and equipment". Impairment losses of cash-generating units to which goodwill has been allocated mainly reduce the carrying amount of the goodwill. Impairment losses in excess of the carrying amount of goodwill also reduce the carrying amounts of the assets assigned to the cash-generating unit.
In the case of the reversal of impairment, the assets are written up to their fair value, but not more than the value that would have been determined by applying the normal amortization and depreciation to the original cost. Impairment losses on goodwill are not reversed in subsequent periods.
Investments in associates relate to stakes held in companies in which the equity stake held by Lenzing ranges between 20% and 50% of the share capital, and where the Lenzing Group exercises a significant influence on the business and financial policies.
Investments in associates are recognized according to the equity method. According to this method, acquired stakes are initially recognized at their cost of purchase. The carrying amount of the investment is then increased or reduced by the proportionate changes in equity. The goodwill related to an investment in associates is contained in the carrying amount of the investment, and is not subject to scheduled depreciation.
Apart from that, the same consolidation principles apply as for subsidiaries.
Current and non-current securities are classified as available-for-sale financial assets. It is not intended to dispose of the non-current securities within a period of one year. The valuation of the securities corresponds to their market value. The market value of bonds and shares principally corresponds to their current stock market prices, whereas the current notional value is used in the case of investment funds. Realized gains and losses as well as impairment losses are recognized in profit or loss, and unrealized gains and losses less deferred taxes are reported in other comprehensive income. The effective interest rate method is applied.
A significant or long-lasting decline in the fair value of an equity instrument classified as available for sale to a level below the cost of purchase is an objective indication of impairment. As a rule, a significant decrease in fair value is assumed if the loss in value exceeds 20% in relation to historical cost. A permanent impairment of an equity instrument occurs when the decline in the fair value of the asset below its cost of purchase takes place for a longer period than nine months.
Stakes held in non-consolidated companies are recognized at cost when reliable market prices from an active market are not available or at a lower fair value in the case of impairment.
Among other purposes, non-current securities serve as securities coverage for provisions set aside by companies, for pension obligations related to Austrian pension plans in accordance with Section 14 Austrian Income Tax Act (large-scale investor fund GF 82 – fund assets pursuant to Section 20a Austrian Investment Fund Act.
Loans are recognized at amortized costs or at the lower fair value in the case of impairment.
Current taxes and deferred tax assets and liabilities relate to income tax. Current taxes are calculated on the basis of taxable income and the tax rate applied in the respective country.
Deferred tax assets or liabilities are recognized for the respective assets and liabilities on the basis of temporary differences between the values in the consolidated financial statements and the values recognized for tax purposes. In addition, within the context of deferred taxes, any tax advantages resulting from tax loss carryforwards are also taken into account inasmuch as their utilization is deemed to be likely. Deferred tax assets and liabilities are measured at the tax rates that, in line with tax laws prevailing at the reporting date, are expected to apply to the year in which the temporary differences will likely reverse. If it is probable that the deferred tax assets, especially on tax loss carryforwards, can be realized the values are maintained. Otherwise an impairment loss is recognized. No deferred taxes are recognized on permanent differences but deferred taxes are recognized for eliminations of intra-group profits.
Deferred tax assets and deferred tax liabilities are offset in the Group if the right exists to set off current tax assets against current tax liabilities and if the current taxes relate to taxable entities within the same corporate tax group.
Lenzing AG and its subsidiaries included in the group taxation agreement are group members in the tax group formed on September 25, 2009 in accordance with Section 9 Austrian Corporate Tax Law, in which B & C Industrieholding GmbH serves as the group parent and Lenzing AG and other subsidiaries of Lenzing AG are considered to be group members.
Within the context of the group taxation system, taxable profits and losses are offset. Due to the fact that taxes are jointly assessed within the tax group, deferred tax assets and liabilities of the members of the tax group are offset. Future tax obligations from the setting off of losses incurred by foreign subsidiaries are recognized in the consolidated financial statement without discounting.
Under the group and tax settlement agreement, Lenzing AG is required to pay a tax allocation to the head of the tax group. The tax allocation equals the income tax payable by Lenzing AG and its subsidiaries included in the tax group based on their taxable profits.
Any effective domestic and foreign withholding taxes relating to total profits of the tax group as well as forwarded minimum corporate income taxes reduce the tax allocation paid by Lenzing AG to the head of the tax group.
Inasmuch as current losses or tax loss carryforwards caused by B & C Industrieholding GmbH itself as the head of the tax group in the assessment year can be offset against the positive results generated by the tax group of Lenzing AG, this will reduce the tax allocation to be paid by Lenzing. The reduction of the tax allocation amounts to 50% of the valid corporate income tax rate (thus corresponding to 12.5% at present) applicable to the current losses or tax loss carryforwards incurred in an assessment year by B & C Industrieholding GmbH as head of the tax group and set off against positive earnings.
A tax loss on the part of Lenzing AG and its subsidiaries included in the tax group is kept on record and will be used to offset future taxable profits. It is agreed that a compensation for tax losses that could not be used to offset profits shall be paid at contract end.
Trade receivables and other current assets are measured at amortized cost with the exception of derivative financial instruments which are carried at the current market value. Non-current, non-interest-bearing receivables are discounted using the effective interest method. Allowances for bad debts are recognized for those items which are deemed as being totally or partially irrecoverable. Foreign currency receivables are translated at the exchange rates applicable on the reporting date. All trade receivables are classified as current assets.
If the outcome of a production contract can be reliably estimated, the revenue and costs relating to this contract are recognized according to the degree of completion of the contract activity at the reporting date (percentage of completion method). The progress made in fulfilling the contract is measured in an input-oriented manner based on the ratio of the costs incurred for the work being carried out up until the reporting date to the estimated total contract costs (cost to cost method). Project progress is continuously monitored and deviations of any kind from the initial scope of the project are included in the assessment.
If the outcome of a production contract cannot be reliably estimated, contract revenue is only recognized to the amount of the contract costs incurred which is likely to be recoverable. Contract costs are recognized as expenses in the period in which they occur.
If it is probable that total contract costs will exceed total contract revenue, the expected loss is immediately recognized as an expense.
The receivables due from customers for long-term construction contracts in progress are recognized under "Trade receivables". The proportionate share of revenue affecting net income is reported as sales. Excess advanced payments are recognized as other liabilities.
Inventories are measured in each case at the lower of the cost of inventories and the net realizable value. The production costs encompass all costs which are attributable to the production process (direct and overhead costs). The net realizable value is determined as the probable realizable sales proceeds less the sales costs up until the sale as well as the costs of completion to be incurred. If the reasons for the write-down of inventories cease to apply, a corresponding reversal of the write-down is carried out.
The cost of raw material and supplies employed is determined according to the weighted average cost method. Any changes in inventories of finished goods and work in progress can be seen in the item with the same name in the consolidated income statement.
Cash and cash equivalents comprise cash in hand and cash at banks, sight deposits, checks and short-term deposits at banks. They are recognized at their respective nominal value. The liquid funds relevant to the consolidated cash flow statement not only include cash and cash equivalents but also current marketable securities with terms to maturity of less than three months, which are only subject to slight fluctuations in value.
Equity instruments issued by the Lenzing Group are classified as a financial liability or equity depending on the commercial substance of the contractual agreement. An equity instrument is an agreement which established a residual claim to the assets of a company after the deduction of all liabilities. Issuing costs are costs which would not have arisen without the issuing of the equity instrument. A profit or loss resulting from the issuance, sale, buyback or termination of the equity instrument is reported directly in equity less any tax effects.
Emission certificates are capitalized at their fair value at the time of allocation. The difference between the fair value and the amount paid by the Group is recognized under the heading "Government grants". Provisions are recognized at each reporting date for the value of the emission certificates used up until this date. The provision is measured at the asset value of the certificates, inasmuch as the number of emission certificates used by the Group is covered by the stock of emission certificates held at the reporting date. If the number of used certificates exceeds the number held by the Group, the provision is measured at the fair value of the certificates which must be obtained by the Group to cover its settlement obligation. The liability for the certificates used up until the reporting date is released to profit or loss.
Investment grants are reported as liability items and released to profit or loss as other operating income on a straight-line basis in accordance with the expected useful life of the funded investment. The recognition and valuation of the government grants for emission certificates are detailed in the section on "Emission certificates".
Government grants deemed as reimbursements of costs are recognized as other income in the period in which the costs are incurred, unless the payment of the grant is contingent upon conditions which are not yet likely to arise with sufficient probability.
Almost all employees working for the Lenzing Group are covered either by defined benefit or defined contribution pension plans.
The pension benefits arising within the context of defined benefit pension plans are determined by the salary upon retirement and by the duration of service. The pension plan of Lenzing AG primarily applies to employees who have already retired. The pension plan assumes a retirement age of between 58 and 63 years, depending on the gender of the employee and his or her position in the company.
The pension commitments under the defined benefit plan of Lenzing Fibers (Hong Kong) Ltd. are financed by contributions to a retirement fund. The pension commitments of Lenzing AG are in part covered by qualifying insurance policies which are recognized as pension assets.
In addition, Lenzing employees whose employment contracts with the company are regulated by Austrian law and whose employment began before January 1, 2003, are entitled to severance payments when they reach the statutory retirement age. The amount depends on the salary level at the time the contract was terminated, and the number of years at the company. These claims of staff members must therefore be treated as if they were claims under defined benefit pension plans.
The obligations arising from defined benefit pension plans and severance payment obligations have to be treated as post-employment benefits according to IAS 19, and are calculated using the projected unit credit method. Actuarial valuations are carried out at each reporting date. The benefits expected to be paid are spread over the entire period of service. Future salary and pension increases are taken into account. Actuarial gains and losses are fully recognized in the period in which they occur. They are recognized as other comprehensive income. Past service costs are recognized immediately to the extent that the benefits are already vested. Otherwise these costs are amortized on a straight-line basis over the average period until the changed benefits become vested.
The main obligations arising from defined benefit pension plans and severance payment obligations exist for Austrian companies within the Lenzing Group. A weighted discount rate was used for these obligations on the basis of the pension, severance payment and anniversary bonus obligations. The discount rate was derived from senior, fixed-interest industrial bonds with an AA-rating according to the standard of an internationally operating actuary. Bonds which show much higher or lower interest rates compared to other bonds on the basis of their respective risk assessments ("statistical outliers") were not taken into account. The currency and terms to maturity of the bonds used as the basis for the evaluation are oriented to the currency and probable terms to maturity of the obligations to be fulfilled. The estimated increases in salaries and pensions are determined by taking the average over past years which is also considered to be realistic for the future. Labor turnover rates are recognized for each company depending on the composition of the work force and the length of service on behalf of the company.
The obligation recognized in the consolidated statement of financial position comprises the present value of the defined benefit obligation adjusted for unrecognized past service costs and reduced by the fair value of plan assets.
All expenses relating to the discounting of pension and severance payment provisions, especially interest cost and expected return on plan assets are recognized as personnel expenses.
The Group pays into pension funds for defined contribution pension commitments. For employees whose employment contracts are regulated by Austrian law and who joined the company after December 31, 2002, the Group is legally required to pay 1.53% of the employee's gross salary into a statutory staff provision fund. The Lenzing Group has no further obligations with regard to defined contribution pension plans except for paying the stipulated premiums. For this reason, a provision is not established.
Collective bargaining agreements stipulate that Lenzing AG and several subsidiaries, especially in Austria, are required to pay anniversary bonuses to staff members who have been working for the company for a specified number of years. The payments are generally based on the remuneration at the time of the respective anniversary. No company assets were segregated and no contributions were paid to any separate pension funds in order to cover these obligations.
In accordance with IAS 19, anniversary bonuses are considered as other long-term employee benefits. The obligations of the Group are measured according to the projected unit credit method using actuarial valuations. The expected benefits are accrued over the entire period of service, and future salary and pension increases are taken into account. Actuarial gains and losses and past service costs are recognized immediately in profit or loss.
The main obligations arising from anniversary bonuses exist for Austrian companies within the Lenzing Group. A weighted discount rate was used for these obligations on the basis of the pension, severance payment and anniversary bonus obligations. The discount rate was derived from senior, fixed-interest industrial bonds with an AA rating according to the standard of an internationally operating actuary. Bonds which show much higher or lower interest rates compared to other bonds on the basis of their respective risk assessments ("statistical outliers") were not taken into account. The currency and terms to maturity of the bonds used as the basis for the evaluation are oriented to the currency and probable terms to maturity of the obligations to be fulfilled Labor turnover rates are defined for each company depending on the composition of the work force, and the length of service.
All expenses relating to anniversary bonus provisions, especially interest cost, are recognized as personnel expenses.
Provisions are recognized if the Group has legal or constructive obligations against third parties which result from past transactions or events, will likely lead to an outflow of assets and can be reliably estimated. They are recognized with the amount required to settle the obligation, taking account of all identifiable risks. Thereby the settlement amount with the highest probability of occurrence is used.
The assumptions underlying the setting aside of provisions are evaluated on an ongoing basis. The actual amounts could deviate from these assumptions if conditions develop contrary to expectations at the reporting date. Changes will be recognized in profit or loss as soon as more precise information is available and the assumptions will be adapted correspondingly. The reversal of provisions is recognized as income in the particular expense items which were originally burdened when the provision was established in the first place.
Non-current provisions are discounted if the discounted effect is material and the discounting period can be reliably estimated.
Provisions also encompass accruals. Compared to provisions in line with IFRS stipulations, accruals undoubtedly exist and they only feature an insignificant risk with respect to the amount and time of occurrence. The accruals are separately reported in the development of provisions. If they are financial instruments, they are treated like financial liabilities which are reported at amortized cost.
With the exception of derivative financial instruments which are measured at fair value, liabilities are recognized at amortized cost. Foreign currency liabilities are translated at the exchange rates applicable on the reporting date..
Non-current liabilities at interest rates which do not reflect market standards are discounted using the effective interest rate method.
Contingent liabilities are current obligations which arise as a result of past events, but in which case an outflow of resources is not considered to be likely. If in extremely rare cases an existing liability cannot be recognized as a liability in the consolidated statement of financial position because no reliable valuation of the liability is possible, then a contingent liability is considered to exist as well. Contingent liabilities are not presented in the consolidated statement of financial position but are detailed in the notes to the consolidated financial statements.
Sales include all revenues from product sales and services rendered less price discounts and other sales deductions.
The changes in inventories of finished goods and work in progress serves the purpose of neutralizing expenses for products which were still on stock at the reporting date. Work performed by the Group and capitalized serves to neutralize expenses which are to be capitalized as part of the production costs of non-current assets. Other revenue from business operations is recognized as other operating income.
Sales are recognized at the point in time when product ownership is transferred to the customer, or when the respective service is rendered, and the amount of sales and related costs can be reliably determined, and the company is likely to derive the economic benefits from the business transaction. Revenues from construction contracts are recognized according to the percentage of completion (refer to details on construction contracts provided above).
Operating expenses are recorded at the time the service is utilized or at the time these costs have been incurred.
Dividends are generally recognized when the legal claim to payment arises. Interest and other finance costs or financial income are recognized in the period in which they arise as income or expenses using the effective interest method.
Borrowing costs that are attributable to financing the acquisition, construction or production of a qualifying asset and which arise during the production period are capitalized and then subsequently written down. The capitalization is presented under the item "Work performed by the Group and capitalized" as well as the related asset investment account, whereas the write-downs are recognized under "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 computed by dividing net income for the year attributable to ordinary shareholders of the parent company by the average number of ordinary shares outstanding during the period.
Financial instruments encompass financial assets and financial liabilities. Depending on their classification or valuation category, the financial instruments are recognized either at amortized cost or at their fair value.
The Lenzing Group makes use of the following valuation categories: "Loans and receivables", "Available-for-sale financial assets" and "Financial liabilities at amortized cost". The category "Financial instruments measured at fair value through profit or loss" is only used in the case of trading derivatives. No use is currently being made of the fair value option. The Lenzing Group does not own any financial assets held to maturity.
If there are indications of a potential impairment (especially considerable financial difficulties on the part of the debtor, default or delay in payments or an increased probability that the debtor will declare bankruptcy), then financial assets are written down through profit or loss. Impairment losses are generally implemented by using an impairment account. An asset can only be directly derecognized if the contractual rights to payments arising from the financial assets no longer exist (particularly in the case of insolvency). If the reasons for an earlier impairment no longer apply, then the write-down is reversed up to the cost of purchase.
Financial assets and liabilities are recognized in the consolidated statement of financial position if the Group is a contractual party to the financial instrument. Financial assets are derecognized if the contractual rights to payments arising from the financial assets no longer exist or if ownership of the financial assets with all material risks and opportunities is transferred to third parties. Financial liabilities are derecognized if the contractual obligations have been settled, waived or have expired. The financial assets are recognized or derecognized at the settlement date.
The Group uses derivative financial instruments to hedge currency risks arising in the course of business operations and to manage the raw material price risk. These derivative financial instruments serve to balance the variability of cash flows from future transactions. Hedging transactions are determined in advance on the basis of anticipated sales and planned raw material consumption in the respective foreign currency.
The Group generally applies the rules of hedge accounting as stipulated in IAS 39. The prerequisite for applying hedge accounting is the documentation of the hedging relationship and regular measurement of the effectiveness of the hedge, which must be in the range of 80% to 125%. The effective offset of unrealized gains and losses is demonstrated by means of effectiveness tests. In the evaluation of the hedging, the effectiveness tests pools the basic transactions and hedging instruments for each hedged risk in no fewer than quarterly maturity bands. The prospective effectiveness of the hedging relationships is demonstrated by a comparison of the main conditions. In this case the planned basic transaction is compared to the concluded hedging instrument. The retrospective effectiveness of the hedge is evaluated by using the dollar offset method on the basis of comparing the accumulated changes in the fair value of the hedged items with the accumulated changes in the fair value of the hedging transactions, according to the compensation method.
If the conditions for the application of hedge accounting are fulfilled, the results from the changes in the market valuation of the derivative financial instruments are recognized either in profit or loss or in other comprehensive income. This depends on whether the hedging transaction is a fair value hedge or a cash flow hedge. In the case of a fair value hedge the gain or loss from the market valuation of the hedging transaction and the related hedged item (basis adjustment) is recorded in the earnings before interest and tax. Unrealized gains and losses from changes in the market valuations of cash flow hedges are initially recognized as other comprehensive income, and first affect profit or loss at the point in time in which the underlying hedged items are realized. Within the context of hedging future payment flows in a foreign currency (cash flow hedges), the risk up until the time of payment in the foreign currency is typically hedged in the Lenzing Group. The reclassification from other comprehensive income to profit or loss takes place at the time when sales are realized or material costs are incurred in the foreign currency. Subsequently the change in the market valuation of the derivative is recognized in profit or loss. As of this point in time, the change in the market valuation is offset against the valuation of foreign currency receivables and payables at the reporting date. The ineffective portion of the change in the fair value of the cash flow hedge and the valuation of derivatives for which a hedging relationship cannot be established (trading derivative) is immediately recognized in profit or loss.
Derivatives embedded in other financial instruments or host contracts are treated as freestanding derivatives if the economic characteristics and risks of the embedded derivative are not closely related to the host contract and the entire contract is not measured at fair value in profit or loss.
Derivatives are measured at fair value. The fair value corresponds to the market value, if available, or is determined on the basis of market data available on the valuation date (in particularly currency exchange rates, raw material prices and interest rates) using customary valuation methods. The measurement of currency and commodity contracts takes place using the respective forward rates and prices at the reporting date. The forward rates and prices are oriented to spot rates and prices, taking account of forward premiums and discounts. In the case of positive market values, the creditworthiness of the contractual partners is included in the valuation. In order to assess the valuation, assessments made by banks and other contractual partners as well as the company's own models are used.
The presentation of assets and liabilities, expenses and income, other comprehensive income, other equity items as well as the cash flows in the consolidated cash flow statement remained basically unchanged in the 2012 financial year compared to the previous financial year.
In order to enhance the informative value and readability of the consolidated financial statements, a change was made in the presentation of the consolidated cash flow statement, in which the income tax is now completely included as part of the gross cash flow. In earlier financial statements, tax deferrals resulting from changes in receivables and liabilities from current taxes were recognized in the cash flow statement as the change in working capital. By making this change, a shift resulted between the gross cash flow and the cash flow from the change in working capital. On balance, the total reported operating cash flow does not change.
The change has the following effects on the consolidated financial statements:
| Change of presentation of the group cash flow | EUR '000 | |
|---|---|---|
| before 2011 | adjusted 2011 | |
| Gross cash flow | 389,049 | 435,269 |
| Change in working capital | (79,381) | (125,600) |
Operating cash flow 309,669 309,669
In order to improve the informative value and readability of the consolidated financial statements, a special classification was used in the item "Other provisions." The other provisions also include accruals amounting to TEUR 64,507 as at December 31, 2012 (December 31, 2011 and January 1, 2012: TEUR 76,059; January 1, 2011: TEUR 93.080). In comparison to provisions pursuant to IFRS, accruals exist undoubtedly as a rule and they only feature an insignificant risk with respect to the amount and time of occurrence. Accruals are now separately reported as "accruals" in the development of provisions. If they are financial instruments, they are treated similarly to financial liabilities, which are recognized at amortized cost.
In the segment reporting, EBITDA before restructuring (earnings before interest, tax, amortization of intangible assets and depreciation of property, plant and equipment taking account of the reversal of investment grants but before restructuring) will now be used as the "segment result", due to the fact that this figure has emerged as the primary indicator to measure performance.
In addition, other changes were implemented as a means of improving the informative value and readability of the consolidated financial statements. The following items or presentation were restructured:
Changes in the presentation did not result in any differences in the valuation. The previous year's figures (including the related notes) were correspondingly adapted.
Refer to Note 2 for information on the effects of applying new and revised reporting standards.
On January 19, 2011, Beta LAG Holding GmbH was founded to assume responsibility for holding functions. This company was assigned to B & C Industrieholding GmbH on May 27, 2011 and deconsolidated by the Lenzing Group.
The other deconsolidations in the year 2011 were in connection with the discontinued operations (Hahl-Pedex Group). They are described in greater detail in Note 5.
As at June 15, 2011, the Lenzing Group acquired a further 45% of the shares in Leno Electronics GmbH (Leno), which had been previously fully consolidated, for TEUR 320. As a result, Lenzing's stake in the company increased from 55% to 100%. The value of shares owned by non-controlling interests thus declined by TEUR 301.
Since April 2010, the Lenzing Group has increased its interest in Lenzing Modi Fibers India Private Limited, a joint venture with the Modi Group of India, in several tranches. In the 2011 financial year, a capital increase of TEUR 1,397 was carried out which did not preserve the previous ownership ratios. Accordingly, shares owned by the Lenzing Group declined from 99.9% (as at December 31, 2010) to 95.4% (as at December 31, 2011). Based on this transaction, the value of the shares owned by non-controlling interests increased, on balance, by TEUR 113.
In the 2012 financial year, a further capital increase to the amount of TEUR 3,136 which did not preserve the previous ownership ratios was carried out, so that the stake held by the Lenzing Group rose from 95.4% (as at December 31, 2011) to 96.3% (as at December 31, 2012). As a result, the value of the shares owned by non-controlling interests decreased, on balance, by TEUR 12.
Effective September 26, 2012, the Lenzing Group acquired a 100% stake in a previously nonoperating shell company based in Munich, Germany for the acquisition price of TEUR 28. At the date of acquisition, the company had a share capital and bank deposits of TEUR 25 each. No tax-deductible goodwill arose as a result of the acquisition. The acquisition was carried out in order to reduce the time involved in comparison to establishing a separate company. The acquired company was renamed Lenzing Global Finance GmbH, whose purpose within the Lenzing Group is to issue Private placements and to pass on the proceeds received from the transactions to associates. Since its founding, the company did not achieve any notable earnings and did not cause any notable operating expenses.
Effective October 1, 2012, the Lenzing Group acquired an additional 25% of the shares in Biocel Paskov a.s. (Biocel), Paskov, Czech Republic, which had been previously fully consolidated, for the purchase price of TEUR 26,593. Accordingly Lenzing's stake in this company rose from 75% to 100%, whereas the shares held by non-controlling interests declined by TEUR 8,591 as a consequence of this transaction. The liabilities relating to the dividend guarantee for non-controlling interests decreased by TEUR 19,666 as a result of this transaction. The difference of TEUR 1,661 resulting from this transaction was offset against retained earnings.
Non-current assets and liabilities held for sale, disposal groups and discontinued operations
European Precursor GmbH (EPG) is a fully consolidated company of the Lenzing Group assigned to the Segment Plastics Products. In December 2012, the Management Board of Lenzing AG decided to liquidate EPG. The liquidation process was initiated in January 2013 following the general shareholders' meeting of EPG. Due to the liquidation and the related disposal of the assets and the company, EPG was recognized as a disposal group as at December 31, 2012. The liquidation is expected to be completed over the next twelve months.
The main groups of assets and liabilities as at December 31, 2012 comprise the following:
| 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 held for sale | 5,639 |
| Current financial liabilities | 9,707 |
| Provisions | 8,336 |
| Other current liabilities | 653 |
| Liabilities held for sale | 18,695 |
| Offsetted group liabilities | 12,659 |
| Total | (25,716) |
The measurement of intangible assets and property, plant and equipment of the disposal group EPG at their fair value less costs to sell led to an impairment loss of TEUR 17,208. The impairment loss and other valuation measures within the context of the liquidation of EPG are contained in the result from restructuring (see Note 13).
The operating income of the disposal group EPG before the valuation measures within the context of the liquidation and before consolidation effects was as follows:
| 2012 | |
|---|---|
| Sales | 10,230 |
| Operating expenses | (10,143) |
| Income from operations (EBIT) | 87 |
| Financial result and income tax expenses | (1,031) |
| Annual result | (944) |
| EBITDA | 1,841 |
In order to enable the company to more intensively focus its resources on its core business of cellulose fibers in the future, Lenzing Group sold parts of its plastics filaments business (Hahl-Pedex Group) to a consortium led by Global Equity Partners (GEP) in February 2011. This comprises a further step in Lenzing's efforts to streamline its portfolio. The sale was already presented as discontinued operations in the consolidated financial statements of the Lenzing Group as at December 31, 2010 and December 31, 2011.
GEP acquired 100% of the shares in the two German companies Hahl Filaments GmbH, Munderkingen and Pedex Gmbh, Affolterbach, in the US company Hahl Inc., Lexington and in the Czech company Hahl Filaments s.r.o., Plana as well as in the related commercial properties and holding companies. The sales price amounted to TEUR 1,526.
The discontinued operations were part of the Segment Plastics Products.
In the months of January and February 2011, the Hahl-Pedex Group generated sales of TEUR 9,428 (of which TEUR 7,793 were generated in Europe and TEUR 1,635 in the USA), in comparison to operating expenses (including depreciation and amortization) of TEUR 9,109. EBIT amounted to TEUR 319, whereas depreciation and amortization totaled TEUR 438 and EBITDA was TEUR 757. The investments in intangible assets and property, plant and equipment totaled TEUR 42 (of which TEUR 38 were in Europe and TEUR 4 in the USA). No amounts were accrued in other comprehensive income in the months of January and February 2011.
The main groups of assets and liabilities of discontinued operations at the time of deconsolidation comprise the following:
| Assets and liabilities of discontinued | |
|---|---|
| operations at date of deconsolidation | EUR '000 |
| 2011 | |
| Non-current assets | 17,170 |
| Current assets | 18,906 |
| Assets | 36,076 |
| Non-current liabilities | 26,076 |
| Current liabilities | 8,474 |
| Liabilities | 34,550 |
| Net assets (equity) | 1,526 |
In 2011, the deconsolidation effects resulted in a profit for the period from discontinued operations of TEUR 9. This profit for the period was recognized in the consolidated income statement of the Lenzing Group under the item "Result from discontinued operations". The undiluted earnings per share from discontinued operations amounted to EUR 0.00 in 2011. In 2011, there were no material cash flows to discontinued operations.
In the Lenzing Group the segments are classified on the basis of differences between the products and services, which in turn require different technologies and market strategies. Every segment is separately managed based on the specific responsibilities of the Management Board members. The chief operating decision maker of relevance for segment reporting is the entire Management Board of Lenzing AG. The following segments are presented separately in the internal reporting of the Lenzing Group to the Management Board.
The Segment Fibers is responsible for manufacturing and marketing man-made cellulose fibers. The pulp required for producing the fibers is, for the major part, generated in the company's own pulp plants and partly purchased. The most important raw material used in producing pulp is wood which is bought. The Segment Fibers constitutes the core business of the Lenzing Group.
The Business Units Textile Fibers, Nonwoven Fibers and Pulp are encompassed in the Segment Fibers, in light of the fact that they are comparable to each other with respect to their economic characteristics. The business units are all part of an integrated value chain with comparable opportunities and risks. In addition, the Business Unit Energy is assigned to the Segment Fibers, considering that the energy-intensive fiber and pulp production processes consume the vast majority of the energy required by the Lenzing Group.
The Segment Plastics Products produces specialty products from plastic polymers. It encompasses the Business Units Plastics and Filaments.
The Segment Engineering operates in the field of mechanical and plant engineering, and provides engineering services. It encompasses the Business Unit Engineering.
The residual Segment Other mainly consists of the business activities of the training center BZL-Bildungszentrum Lenzing GmbH, Lenzing. The "Share in the result of associates" and "Investments in associates" in this segment relate to Lenzing's stakes in WWE Wohn- und Wirtschaftspark Entwicklungsgesellschaft m.b.H., Vienna and Lenzing Papier GmbH, Lenzing.´
No business segments are contained in the Segment "Other" which would surpass the quantitative threshold values for reportable segments disclosure.
| 2012 or 31/12/2012 | Fibers | Plastics Products | |
|---|---|---|---|
| Sales to external customers | 1,883,023 | 158,453 | |
| Inter-segment sales | 12,965 | 1,489 | |
| Total sales | 1,895,988 | 159,942 | |
| EBITDA (Segment result) | 338,684 | 15,932 | |
| EBIT | 239,532 | 10,153 | |
| Amortization/depreciation of intangible assets and property, plant and equipment | 102,718 | 5,798 | |
| thereof impairments | 0 | 0 | |
| thereof write-ups | 954 | 0 | |
| Share in the result of associates | 5,801 | 0 | |
| Investments in intangible assets and property, plant and equipment | 318,854 | 3,161 | |
| EBITDA margin | 17.9% | 10.0% | |
| EBIT margin | 12.6% | 6.3% | |
| Segment assets | 1,945,428 | 94,971 | |
| Segment liabilities | 450,311 | 25,109 | |
| Investments in associates | 33,883 | 0 |
| 2011 or 31/12/2011 | Fibers | Plastics Products | |
|---|---|---|---|
| Sales to external customers | 1,927,630 | 170,641 | |
| Inter-segment sales | 11,848 | 1,984 | |
| Total sales | 1,939,477 | 172,624 | |
| EBITDA (Segment result) | 458,638 | 16,476 | |
| EBIT | 360,943 | (3,489) | |
| Amortization/depreciation of intangible assets and property, plant and equipment | 101,951 | 19,982 | |
| thereof impairments | 4,551 | 13,322 | |
| thereof write-ups | 0 | 0 | |
| Share in the result of associates | 6,474 | 0 | |
| Investments in intangible assets and property, plant and equipment | 189,591 | 4,550 | |
| EBITDA margin | 23.6% | 9.5% | |
| EBIT margin | 18.6% | -2.0% | |
| Segment assets | 1,659,175 | 105,816 | |
| Segment liabilities | 479,933 | 29,049 | |
| Investments in associates | 29,557 | 0 |
| Group | Reconciliation | Segment sum | Other | Engineering |
|---|---|---|---|---|
| 2,090,403 | 0 | 2,090,403 | 1,875 | 47,052 |
| 0 | (90,760) | 90,760 | 1,599 | 74,706 |
| 2,090,403 | (90,760) | 2,181,163 | 3,474 | 121,758 |
| 352,380 | (13,106) | 365,486 | 696 | 10,173 |
| 231,508 | (27,311) | 258,819 | 620 | 8,515 |
| 107,253 | (3,003) | 110,255 | 76 | 1,662 |
| 0 | 0 | 0 | 0 | |
| 954 | 0 | 954 | 0 | 0 |
| 5,796 | 0 | 5,796 | (5) | 0 |
| 319,640 | (4,721) | 324,361 | 154 | 2,192 |
| 16.9% | 16.8% | 20.0% | 8.4% | |
| 11.1% | 11.9% | 17.8% | 7.0% | |
| 2,632,651 | 544,675 | 2,087,975 | 795 | 46,782 |
| 1,501,951 | 983,731 | 518,219 | 978 | 41,821 |
| 34,611 | 0 | 34,611 | 728 | 0 |
| Group | Reconciliation | Segment sum | Other | Engineering |
|---|---|---|---|---|
| 2,140,032 | 0 | 2,140,032 | 1,381 | 40,380 |
| 0 | (81,893) | 81,893 | 1,418 | 66,644 |
| 2,140,032 | (81,893) | 2,221,924 | 2,799 | 107,024 |
| 480,292 | (4,182) | 484,474 | 347 | 9,014 |
| 363,979 | (1,304) | 365,284 | 298 | 7,531 |
| 120,591 | (2,878) | 123,469 | 48 | 1,487 |
| 17,873 | 0 | 17,873 | 0 | 0 |
| 0 | 0 | 0 | 0 | 0 |
| 6,472 | 0 | 6,472 | (2) | 0 |
| 193,352 | (3,114) | 196,466 | 97 | 2,229 |
| 22.4% | 21.8% | 12.4% | 8.4% | |
| 17.0% | 16.4% | 10.7% | 7.0% | |
| 2,340,462 | 529,552 | 1,810,910 | 454 | 45,466 |
| 1,316,768 | 776,352 | 540,417 | 979 | 30,455 |
| 30,289 | 0 | 30,289 | 733 | 0 |
In order to measure the performance of the segments, the EBITDA before restructuring (earnings before interest, tax, amortization of intangible assets and depreciation of property, plant and equipment taking account of the reversal of investment grants but before restructuring) is used. The reconciliation to the earnings before interest and tax (EBIT) and the earnings before tax (EBT) is as follows:
| (EBITDA) to the income before tax (EBT) | EUR '000 | ||
|---|---|---|---|
| 2012 | 2011 | ||
| Segment result (EBITDA) | 365,486 | 484,474 | |
| Consolidation | (6,828) | (4,182) | |
| Group result (EBITDA) before restructuring | 358,657 | 480,292 | |
| Capitalization of receivables due to payment claims of the liquidation | 1,821 | 0 | |
| Recognition of provisions for payment obligations of the liquidation (incl. Consolidation) |
(8,099) | 0 | |
| Group result (EBITDA) after restructuring | 352,380 | 480,292 | |
| Segment depreciation | (110,255) | (123,469) | |
| Consolidation | 3,003 | 2,878 | |
| Income from the reversal of government grants | 3,589 | 4,278 | |
| Impairment of property, plant and equipment from measurement at fair value less costs to sell (in the result from restructuring) |
(17,208) | 0 | |
| Income from operations (EBIT) after result from restructuring | 231,508 | 363,979 | |
| Financial result | (12,780) | (11,867) | |
| Allocation of profit or loss to puttable non-controlling interests | 17,314 | (163) | |
| Income before tax (EBT) | 236,043 | 351,949 |
The reconciliation of the income before tax (EBT) to the profit for the year can be seen in the consolidated income statement. The result from restructuring is explained in detail in Notes 5 and 13.
The reconciliation of segment EBIT to the income from operations (EBIT) after result from restructuring is as follows:
| Reconciliation from the Segment-EBIT to the Group-EBIT after result from restructuring |
EUR '000 | |
|---|---|---|
| 2012 | 2011 | |
| Segment-EBIT | 258,819 | 365,284 |
| Result from restructuring | (23,486) | 0 |
| Consolidation | (3,825) | (1,304) |
| Group-EBIT after result from restructuring | 231,508 | 363,979 |
The reconciliation of segment amortization of intangible assets and depreciation of property, plant and equipment to Group amortization and depreciation is as follows:
| 2012 | 2011 | |
|---|---|---|
| Segment depreciation | 110,255 | 123,469 |
| Consolidation | (3,003) | (2,878) |
| Depreciation on intangible assets and property, | 107,253 | 120,591 |
| plant and equipment | ||
| Impairments on property, plant and equipment from measurement at fair value less costs to sell (in the result from restructuring) |
17,208 | 0 |
| Group depreciation | 124,461 | 120,591 |
Segment assets mainly comprise intangible assets and property, plant and equipment, inventories, trade receivables and other receivables excluding income tax receivables. The reconciliation of segment assets to Group assets (corresponds to total assets) is as follows:
| Reconciliation of segment assets to group assets | EUR '000 | ||
|---|---|---|---|
| 31/12/2012 | 31/12/2011 | ||
| Segment assets | 2,087,975 | 1,810,910 | |
| Investments in associates | 34,611 | 30,289 | |
| Assets not assigned to segments | |||
| Securities and other financial assets | 57,218 | 101,528 | |
| Deferred tax assets and tax receivables | 27,098 | 22,463 | |
| Cash and cash equivalents | 481,658 | 410,534 | |
| Non-current assets held for sale and disposal groups | 5,639 | 0 | |
| Consolidation | (61,549) | (35,262) | |
| Group assets | 2,632,651 | 2,340,462 |
Segment liabilities mainly comprise trade payables, provisions and other liabilities excluding income tax liabilities. The reconciliation of segment liabilities to Group liabilities is as follows:
| Reconciliation of segment liabilities to group liabilities | EUR '000 | |
|---|---|---|
| 31/12/2012 | 31/12/2011 | |
| Segment liabilities | 518,219 | 540,417 |
| Liabilities not assigned to segments | ||
| Financial liabilities | 875,132 | 652,881 |
| Deferred tax liabilities and income tax liabilities | 84,681 | 103,061 |
| Government grants | 28,952 | 31,232 |
| Non-current liabilities held for sale and disposal groups | 18,695 | 0 |
| Consolidation | (23,729) | (10,822) |
| Group liabilities | 1,501,951 | 1,316,768 |
The reconciliations from segment items to Group Items which are not described in detail above (sales and investments) exclusively refer to consolidation effects.
Deliveries and services rendered by one segment to another take place at prevailing market terms and conditions.
Valuations used in segment reporting are in accordance with the accounting policies and valuation methods applied in preparing the IFRS consolidated financial statements.
The sales to external customers are classified according to products and services and comprise the following:
| Sales from external customers according to products and services |
EUR '000 | |
|---|---|---|
| 2012 | 2011 | |
| Lenzing Viscose® | 1,020,688 | 1,020,378 |
| Lenzing Modal® (inclusive Lenzing FR®) | 232,598 | 266,871 |
| TENCEL® | 331,547 | 293,877 |
| Industrially manufactured cellulose fibers | 1,584,833 | 1,581,126 |
| Sodium Sulfate and Black Liquor | 49,364 | 44,064 |
| Pulp, Wood, Energy and Others | 261,791 | 314,287 |
| Segment Fibers | 1,895,988 | 1,939,477 |
| Special products from plastics | ||
| polymers - Segment Plastics Products | 159,942 | 172,624 |
| Machine and plant engineering and | ||
| engineering services - Segment Engineering | 121,758 | 107,024 |
| Others and Consolidation | (87,285) | (79,093) |
| Sales according to the consolidated income statement |
2,090,403 | 2,140,032 |
There is no single external customer which accounts for more than 10% of total external sales.
Sales to external customers according to sales markets as well as total assets (corresponds to total assets in the statement of financial position), non-current assets (excluding financial instruments and deferred tax assets) and investments in intangible assets and property, plant and equipment, classified by geographic areas, are as follows:
| Sales | |||
|---|---|---|---|
| 2012 | 2011 | ||
| Austria | 185,873 | 181,718 | |
| Europe (without Austria including Turkey) | 740,851 | 780,483 | |
| Asia | 973,520 | 962,222 | |
| America | 153,596 | 177,255 | |
| Rest of the world | 36,563 | 38,353 | |
| Subtotal | 2,090,403 | 2,140,032 | |
| Reconciliation to group values | 0 | 0 | |
| Total | 2,090,403 | 2,140,032 |
Sales are assigned according to the location of the geographic areas of the customers, whereas assets and investments are assigned according to the geographic location of the assets.
The amounts shown above encompass all segments of the Lenzing Group.
The production sites of the Segment Fibers are located in Austria, including the main site in Lenzing which manufactures standard viscose fibers as well as the fiber specialties Lenzing Modal® (including Lenzing FR®) and the lyocell production plant (Tencel®) in Heiligenkreuz. Other lyocell production facilities are located in Grimsby, Great Britain and Mobile, USA. The Group
| Non-current Assets | Total assets | Capital expenditure | |||
|---|---|---|---|---|---|
| 31/12/2012 | 31/12/2011 | 31/12/2012 | 31/12/2011 | 2012 | 2011 |
| 698,368 | 619,461 | 981,886 | 863,896 | 135,736 | 67,411 |
| 198,480 | 162,273 | 296,514 | 260,071 | 67,761 | 41,188 |
| 459,091 | 404,411 | 737,481 | 645,175 | 92,626 | 72,990 |
| 45,041 | 26,147 | 72,094 | 41,768 | 23,516 | 11,763 |
| 0 | 0 | 0 | 0 | 0 | 0 |
| 1,400,979 | 1,212,292 | 2,087,975 | 1,810,910 | 319,640 | 193,352 |
| 79,533 | 113,479 | 544,675 | 529,552 | 0 | 0 |
| 1,480,513 | 1,325,770 | 2,632,651 | 2,340,462 | 319,640 | 193,352 |
also operates two viscose fiber production plants in Asia, namely in Purwakarta, Indonesia and Nanjing, China. The production site in Mumbai, India is currently under construction. The pulp plants are located in Lenzing, Austria and in Paskov, Czech Republic. The Segment Fibers sales network encompasses sales companies in Hong Kong and Shanghai, China and sales offices in Jakarta, Indonesia, Coimbatore, India and in New York, USA.
The production facilities of the Segments Plastics Products and Engineering are located in Lenzing, Austria, in Kelheim, Germany and in Nanjing, China
Notes on the Consolidated Income Statement
The Lenzing Group generates its sales by selling products and rendering services. The composition of sales according to the different revenue categories is shown in the segment reporting section (see Note 6, especially the information on products and services). The revenues from long-term construction contracts can be seen in Note 26.
Other operating income comprise the following:
| Other operating income | EUR '000 | |
|---|---|---|
| 2012 | 2011 | |
| Income from recharging services, other products and energy | 22,269 | 27,679 |
| Income from the reversal of the liability item for emission certificates as well as other fundings |
15,869 | 14,758 |
| Sundry operating income | 7,263 | 10,697 |
| Total | 45,401 | 53,134 |
Income from energy contains, amongst other items, refunds for green electricity to the amount of TEUR 6,511 (2011: TEUR 7,210).
Sundry operating income includes, amongst other items, rental income totaling TEUR 2,709 (2011: TEUR 2,682), income from the disposal of property, plant and equipment to the amount of TEUR 711 (2011: TEUR 2,607) and insurance reimbursements of TEUR 874 (2011: TEUR 2,089).
The cost of material and purchased services comprises the following:
| Cost of material and purchased services | EUR'000 | |
|---|---|---|
| 2012 | 2011 | |
| Cost of material | 1,157,902 | 1,143,472 |
| Purchased services | 145,279 | 132,178 |
| Total | 1,303,180 | 1,275,650 |
The costs of material mainly relate to the consumed input factors, namely pulp (or wood in the company's own production of pulp), key chemicals (sodium hydroxide, carbon disulphide and sulfuric acid), raw materials for the production of plastic products and commodities. Costs for purchased services mainly relate to the energy consumed.
Personnel expenses consist of the following:
| Personnel expenses | EUR '000 | |
|---|---|---|
| 2012 | 2011 | |
| Wages and salaries | 237,804 | 222,421 |
| Expenses for severance payments | 6,235 | 5,569 |
| Pension expenses | 5,923 | 4,614 |
| Statutory social security contributions | 53,054 | 49,573 |
| Voluntary social spending | 4,739 | 4,901 |
| Total | 307,756 | 287,078 |
Collective bargaining agreements for the Austrian sites as of May 1, 2012 resulted in an increase of 4.35% to 4.5%. Comparable agreements at the subsidiaries resulted in increases of 4.7% in Great Britain, 2.0% in the Czech Republic and 3.79% in Indonesia. There were no comparable, generally binding wage agreements in the other countries. The collective wage agreements at the Austrian sites led to wage increases ranging from 3.05% to 3.15% as of May 1, 2011. Comparable agreements at the subsidiaries resulted in wage increases of 4.6% in Great Britain, 4.0% in the Czech Republic and 5.98% in Indonesia. There were no comparable, generally binding wage agreements in the other countries.
Expenses for severance payments mainly comprise expenses for statutory obligations on the part of Lenzing AG and its Austrian subsidiaries towards their staff members (refer to Note 33) as well as voluntary severance payments.
The number of employees in the Lenzing Group is as follows:
| 2012 | 2011 | |
|---|---|---|
| Average | 6,739 | 6,294 |
| As at 31 December | 7,033 | 6,444 |
The number of employees at Lenzing AG and in the Austrian subsidiaries of the Lenzing Group is as follows:
| 2012 | 2011 | |
|---|---|---|
| Workers | 2,168 | 1,959 |
| Salaried employees | 1,215 | 1,149 |
| Total | 3,383 | 3,108 |
Depreciation of property, plant and equipment and amortization of intangible assets comprise the following:
| Amortization of intangible assets and depreciation of property, plant and equipment |
EUR '000 | |
|---|---|---|
| 2012 | 2011 | |
| Systematic depreciation and amortization | 108,207 | 102,718 |
| Impairment | 0 | 17,873 |
| Reversal of impairment losses (write-ups) | (954) | 0 |
| Total | 107,253 | 120,591 |
For more information on the impairment losses on property, plant and equipment from the valuation of the fair value of the assets less costs to sell within the context of the liquidation of EPG, as recognized in the result from restructuring, refer to Notes 5 and 13. Further details are also provided in the segment report (Note 6) and the explanatory notes on intangible assets (Note 19) and property, plant and equipment (Note 20).
Other operating expenses comprise the following:
| 2012 | 2011 | |
|---|---|---|
| Selling expenses | 106,486 | 96,474 |
| Expenses for service, maintenance and other purchased services | 35,344 | 33,265 |
| Legal, audit and consultancy fees | 10,262 | 13,670 |
| Insurance expenses | 9,903 | 9,492 |
| Travel expenses | 10,466 | 8,925 |
| Expenses for waste disposal | 7,000 | 6,384 |
| Other | 49,124 | 36,415 |
| Total | 228,586 | 204,625 |
Selling expenses primarily relate to outward freight charges amounting to TEUR 79,038 (2011: TEUR 67,774) as well as commissions and advertising costs of TEUR 26,854 (2011: TEUR 28,508).
Other operating expenses include rental and leasing expenditures totaling TEUR 7,437 (2011: TEUR 4,820), expenses for emission certificates of TEUR 3,368 (2011: TEUR 3,867), foreign currency losses to the amount of TEUR 3,325 (2011: TEUR 2,249) and losses from the disposal of property, plant and equipment of TEUR 515 (2011: TEUR 1,653).
Expenses for the auditor of Lenzing AG consist of the following:
| Auditors' fees | EUR '000 | |
|---|---|---|
| 2012 | 2011 | |
| Audit of group accounts and annual financial statements audit | 259 | 255 |
| Other confirmation services | 55 | 0 |
| Other services (in 2011: Comfort Letter) | 7 | 697 |
| Tax advisory services | 191 | 97 |
| Total | 511 | 1,049 |
The expenses listed above are for the services provided by Deloitte Audit Wirtschaftsprüfungs GmbH, Vienna, and Deloitte Tax Wirtschaftsprüfungs GmbH, Vienna.
For the Lenzing Group, EBITDA (earnings before interest, tax, amortization of intangible assets and depreciation of property, plant and equipment taking account of the reversal of investment grants and before restructuring) is an important indicator to measure performance. In addition, EBIT (earnings before interest and tax) is also of particular interest to the Group. For the purposes of evaluating performance, these two indicators were adjusted to take account of special effects arising from restructuring. These special effects represent one-off effects, and are non-recurring effects with regard to the type and scope of these measures, especially in connection with corporate transactions. By adding the indicators of EBIT and EBITDA, as well as earnings before tax (EBT), income tax expense and profit for the year before restructuring, stakeholders will be given an insight in the operating earnings situation of the Lenzing Group. Over a period of time, these indicators are more accurate and effectively subject to comparison than presenting EBIT and EBITDA after restructuring.
In the 2012 financial year, the valuation measures relating to the liquidation of EPG are considered as restructuring measures (refer also to Note 5). No restructuring took place in the 2011 financial year.
The result from restructuring (in the income from operations/EBIT) comprises the following (- = expenses, + = income):
| EUR '000 |
|---|
| 2012 |
| (17,208) |
| 1,821 |
| (8,099) |
| (23,486) |
The income from operations (EBIT) before and after the result from restructuring is as follows:
| 2012 | |
|---|---|
| EBIT before result from restructuring | 254,994 |
| EBIT margin before result from restructuring | 12.2% |
| 2012 | |
|---|---|
| EBIT before result from restructuring | 254,994 |
| Result from restructuring | (23,486) |
| Total | 231,508 |
| EBIT margin after result from restructuring | 11.1% |
EBITDA before and after the result from restructuring consists of the following:
| EBITDA before result from restructuring | EUR '000 | |
|---|---|---|
| 2012 | ||
| EBIT before result from restructuring | 254,994 | |
| Depreciation and amortization (+) | 107,253 | |
| Income from the reversal of government grants (-) | (3,589) | |
| Total | 358,658 | |
| EBITDA margin before result from restructuring | 17.2% |
| 2012 | |
|---|---|
| EBIT after result from restructuring | 231,508 |
| Depreciation and amortization (+) | 107,253 |
| Depreciation in the result from restructuring (+) | 17,208 |
| Income from the reversal of government grants (-) | (3,589) |
| Total | 352,380 |
| EBITDA margin after result from restructuring | 16.9% |
Earnings before tax (EBT), the income tax expense and the tax rate before and after restructuring are as follows:
| Income before tax (EBT) before result from restructuring | EUR '000 | |||
|---|---|---|---|---|
| -- | -- | ---------------------------------------------------------- | -- | ---------- |
| 2012 | |
|---|---|
| Income from operations (EBIT) before result from restructuring | 254,994 |
| Financial result before result from restructuring | (11,960) |
| Allocation to profit or loss to puttable non-controlling interests before result from restructuring | 3,355 |
| Total | 246,389 |
| Income tax expense before result from restructuring | EUR '000 |
|---|---|
| 2012 | |
| Total | 54,464 |
| Tax ratio before result from restructuring | |
| 2012 |
| Total | 22.1% |
|---|---|
| 2012 | |
|---|---|
| Income from operations (EBIT) after result from restructuring | 231,508 |
| Financial result | (12,780) |
| Allocation to profit or loss to puttable non-controlling interests | 17,314 |
| Total | 236,042 |
| Income tax expense after result from restructuring | EUR '000 |
|---|---|
| 2012 | |
| Total | 55,119 |
| 2012 | |
|---|---|
| Total | 23.4% |
The profit for the year before and after restructuring is as follows:
| Profit before restructuring | EUR '000 |
|---|---|
| 2012 | |
| EBIT before result from restructuring | 254,994 |
| Financial result before result from restructuring | (11,960) |
| Allocation of profit or loss to puttable non-controlling interests before result from restructuring | 3,355 |
| Income tax expense before result from restructuring | (54,464) |
| Total | 191,926 |
| Attributable to shareholders of Lenzing AG | 186,626 |
| Attributable to non-controlling interests | 5,300 |
| 2012 | |
|---|---|
| EBIT after result from restructuring | 231,508 |
| Financial result | (12,780) |
| Allocation of profit or loss to puttable non-controlling interests | 17,314 |
| Income tax expense | (55,119) |
| Total | 180,924 |
| Attributable to shareholders of Lenzing AG | 175,624 |
| Attributable to non-controlling interests | 5,300 |
The income from investments in associates of TEUR 5,796 (2011: TEUR 6,472) results from the Group's share in the profit for the period of the associates.
Income from non-current and current financial assets comprises the following:
| Income from non-current and current financial assets | EUR '000 | |
|---|---|---|
| 2012 | 2011 | |
| Income from non-current and current financial assets | ||
| Interest income from bank deposits, loans and other receivables | 4,798 | 4,231 |
| Interest income from available-for-sale investments and others | 673 | 1,759 |
| Net exchange gains from financial assets | 0 | 216 |
| 5,471 | 6,206 | |
| Expenses from non-current and current financial assets | ||
| Discounting and write-off of non-current loans | (15) | (19) |
| Losses on disposal of investments available-for-sale | (68) | (631) |
| Net exchange losses from financial assets | (655) | 0 |
| (738) | (650) | |
| Total | 4,733 | 5,556 |
Financing costs comprise the following:
| Financing costs | EUR '000 | |
|---|---|---|
| 2012 | 2011 | |
| Net exchange gains/losses from financial liabilities | 1,532 | (425) |
| Interest expenses from bonds and private placement | (5,621) | (4,940) |
| Interest expenses from bank loans, other interest and similar expenses | (19,220) | (18,531) |
| Total | (23,309) | (23,895) |
Income tax expense comprise the current tax expense and the income or expense from deferred taxes (change in deferred tax assets and liabilities) of companies included in the consolidated financial statements of the Lenzing Group.
The income tax expenses consists of the following:
| Income tax expense according to origin | EUR '000 | |
|---|---|---|
| 2012 | 2011 | |
| Current tax expense | ||
| Austria | 24,224 | 51,334 |
| Foreign | 15,550 | 35,344 |
| 39,774 | 86,678 | |
| Deferred tax | 15,344 | (2,124) |
| Total | 55,119 | 84,554 |
| 2012 | 2011 | |
|---|---|---|
| Current tax expense | ||
| Current tax expense relating to current year | 51,949 | 91,547 |
| Reduction because of the use of tax loss carry forwards | (174) | (380) |
| Adjustment of income taxes related to prior periods | (12,001) | (4,489) |
| 39,774 | 86,678 | |
| Deferred tax | ||
| Origination and reversal of temporary differences | 20,599 | (4,000) |
| Effects of changes in tax rates | -666 | (889) |
| Changes in tax loss carryforward recognized | -4,361 | 303 |
| Effects from the change of previously unrecognized temporary differ ences of former periods |
1,176 | 933 |
| Changes in valuation allowances relating to temporary differences (without loss carry forwards) |
-1,403 | 1,529 |
| 15,344 | (2,124) | |
| Total | 55,119 | 84,554 |
The reconciliation from the computed tax expense according to the statutory corporate income tax rate in Austria of 25% (December 31, 2011: 25%) to the effective tax expense is presented below:
| Tax reconciliation | EUR '000 | |
|---|---|---|
| 2012 | 2011 | |
| Income before tax | 236,043 | 351,949 |
| Calculated tax expense | 59,011 | 87,987 |
| Tax free income and tax allowances (in particular allowances for research and development) |
(2,507) | (1,908) |
| Non-deductable expenses and withholding taxes | 6,034 | 3,066 |
| Income from investments in associates | (1,449) | (1,629) |
| Effect of different tax rates | (153) | (63) |
| Changes of tax rates | (666) | (889) |
| Tax income relating to prior periods | (10,825) | (3,556) |
| Exchange rate differences between functional and local currency | 2,470 | 1,632 |
| Change of unrecognized deferred tax assets from tax losses and other temporary differences |
7,892 | 1,786 |
| Tax effect of puttable non-controlling interest | (4,329) | 40 |
| Other | (360) | (1,912) |
| Effective tax expense | 55,119 | 84,554 |
This corresponds to an average tax rate of 23.4% (2011: 24.0%).
The item "Tax expense relating to prior periods" includes a tax credit of TEUR 10,115 (2011: TEUR 5,066) from the tax group of B & C Industrieholding GmbH (refer to Note 44).
The Austrian subsidiaries of Lenzing Group are subject to an income tax rate of 25% (December 31, 2011: 25%). The applied income tax rates for foreign entities are between 16.5% and 34.0% (December 31, 2011: 12.5% and 34%).
Compared to the previous financial year, there was a change of the applicable tax rate in Great Britain from 26.0% to 24.0%. Starting in the 2013 financial year, a tax rate of 23.0% will apply, which was already used for calculating deferred taxes as at December 31, 2012 for deferred taxes.
Earnings per share are determined as follows:
| Earnings per share | EUR '000 | |
|---|---|---|
| 2012 | 2011 | |
| Profit attributable to shareholders of Lenzing AG used in the computa | ||
| tion of earnings per share | 175,624 | 258,671 |
| Weighted average number of shares | 26,550,000 | 26,170,274 |
| EUR | EUR | |
| Diluted = undiluted | 6,61 | 9,88 |
Notes on the consolidated statement of financial position, the statement of comprehensive income and the consolidated statement of changes in equity
| Note 19 | |
|---|---|
The value of intangible assets developed as follows:
| Concessions, industrial prop erty rights and |
Internally generated intangible |
|||
|---|---|---|---|---|
| 2012 | Goodwill | similar rights | assets | Total |
| Costs of acquisition and production | ||||
| 01/01/2012 | 83,143 | 17,699 | 24,447 | 125,289 |
| Currency translation adjustment | (1,052) | (5) | 0 | (1,056) |
| Additions | 0 | 663 | 2,387 | 3,050 |
| Disposals | 0 | (589) | 0 | (589) |
| Reclassification | 0 | (19) | 0 | (19) |
| Reclassification to assets held for sale | 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 adjustment | (2) | 9 | 0 | 6 |
| Depreciation | 0 | (653) | (382) | (1,035) |
| Impairments | 0 | (5) | 0 | (5) |
| Reclassification to assets held for sale | 0 | 41 | 12,438 | 12,479 |
| Disposals | 0 | 553 | 0 | 553 |
| 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 |
| Concessions, industrial |
Internally | |||
|---|---|---|---|---|
| property rights and similar |
generated intangible |
|||
| 2011 | Goodwill | rights | assets | Total |
| Costs of acquisition and production | ||||
| 01/01/2011 | 80,948 | 16,567 | 24,180 | 121,694 |
| Currency translation adjustment | 2,195 | 44 | 0 | 2,239 |
| Additions | 0 | 1,098 | 267 | 1,365 |
| Disposals | 0 | (10) | 0 | (10) |
| 31/12/2011 | 83,143 | 17,699 | 24,447 | 125,289 |
| Development of amortization | ||||
| 01/01/2011 | (36) | (11,589) | (22,390) | (34,015) |
| Currency translation adjustment | (87) | (26) | 0 | (113) |
| Depreciation | 0 | (697) | (402) | (1,099) |
| Impairments | 0 | 0 | 0 | 0 |
| Disposals | 0 | 10 | 0 | 10 |
| 31/12/2011 | (122) | (12,302) | (22,792) | (35,216) |
| Carrying amount 01/01/2011 | 80,913 | 4,978 | 1,790 | 87,681 |
| Carrying amount 31/12/2011 | 83,021 | 5,397 | 1,655 | 90,072 |
The above-mentioned additions of internally generated intangible assets to the amount of TEUR 2,387 (2011: TEUR 267) relate to additions from intra-group development. All other additions refer to additions from separate acquisitions.
In the 2012 financial year, the Lenzing Group incurred research and development expenditures amounting to TEUR 18,246 (2011: TEUR 23,622). These R&D expenditures were determined in accordance with IFRS criteria. They encompasses costs related to the targeted search for new findings with respect to the development and material improvement of products, services and processes, and which arise within the context of research activities. They do not include any investments which must be capitalized, and take account of income from reimbursements (especially subsidies). The research and development expenditures are recognized in the earnings before interest and tax (EBIT) before restructuring.
In the two periods under consideration, there was no need to recognize impairment losses on goodwill and trademarks with indefinite useful lives on the basis of the implemented impairment tests. With respect to other intangible assets, there were impairment losses in the 2012 financial year on the basis of the valuation of assets at fair value less costs to sell amounting to TEUR 5 (2011: TEUR 0), which are reported under "Result from restructuring" (refer to Notes 5 and 13).
There were no reversals of impairment losses in the two presented periods.
Goodwill and trademarks with indefinite useful lives are assigned to the following segments or cash generating units (CGU) at the reporting date:
31/12/2012 31/12/2011 Fibers CGU Fiber Site Indonesia 67,852 69,187 CGU Pulp Site Czech Republic 10,503 10,249 Other 3,389 3,362 81,744 82,798 Plastics Products 3,313 3,313 Total 85,057 86,111
In the table shown above, trademarks with indefinite useful lives to the amount of TEUR 3,090 are assigned to the Segment Plastics Products at the reporting date. These trademarks are classified as featuring indefinite lives due to the fact that an end to their economic benefits cannot be foreseen. The other amounts apply exclusively to goodwill.
The recoverable amounts for the biggest goodwill-carrying cash generating units, the CGU Fiber Site Indonesia and the CGU Pulp Site Czech Republic, are calculated on the basis of the fair value less costs to sell employing the discounted cash flow method. The underlying methods and assumptions used are explained in Note 3, "Impairments". The following individual as-sumptions are also relevant in the case of the CGU Fiber Site Indonesia and the CGU Pulp Site Czech Republic:
| 31/12/2012 | 31/12/2011 | |
|---|---|---|
| CGU Fiber Site Indonesia | ||
| Time period for the cash flow forecast | 6 years | 4 years |
| Long-term growth rate for the perpetual annuity | 3.1% | 1.0% |
| Discount rate (WACC) | 14.0% | 14.5% |
| CGU Pulp Site Czech Republic | ||
| Time period for the cash flow forecast | 4 years | 7 years |
| Long-term growth rate for the perpetual annuity | 1.1% | 1.0% |
| Discount rate (WACC) | 9.0% | 9.4% |
The planning and forecasts relating to the cash flows of the CGU Fiber Site Indonesia are based particularly on internal assumptions about future sales prices and volumes, as well as production volumes of fibers and the required costs (especially for pulp and energy). They assume that sales growth will take place, especially as a result of planned capacity expansion measures. These internal assumptions are complemented by external market assumptions.
The planning and forecasts relating to the cash flows of the CGU Pulp Site Czech Republic are based particularly on internal assumptions about future sales prices and volumes, as well as production volumes of pulp and the required costs (especially for wood and energy). They as-sume that sales growth will take place, especially as a result of planned capacity expansion measures. These assumptions take account of assumptions derived from the downstream fiber business in the value chain.
The estimates of the fair value less costs to sell of the CGU Fiber Site Indonesia and the CGU Pulp Site Czech Republic are considered to be appropriate. However, changes in the assumptions or changed conditions could make it necessary to revise these estimates. The following chart shows hypothetical scenarios within the context of a sensitivity analysis concerning the main assumptions and potential changes in value on the reporting date, in which case the recoverable amount would correspond to the carrying amount plus goodwill.
| Key assumptions in value terms |
Value-based changes of the key assumptions, where the recoverable amount would be equal to the carrying amount |
|
|---|---|---|
| CGU Fiber Site Indonesia | ||
| Free cash flow | 100% | minus 19.0% |
| Growth rate of the perpetual annuity | 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% |
| Growth rate of the perpetual annuity | 1.1% | minus 1.5 percentage points |
| Discount rate (WACC) | 9.0% | plus 1.1 percentage points |
The value of the property, plant and equipment developed as follows:
| Development of the property, plant and equipment | ||||
|---|---|---|---|---|
| 2012 | Land and buildings |
Plants and machinery, fixtures, fittings and other assets |
Assets under construction and Payments in advance |
Total |
| 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) |
| Additions | 8,791 | 91,548 | 216,251 | 316,590 |
| Disposals | (455) | (13,757) | 0 | (14,212) |
| Reclassification | 20,058 | 119,019 | (139,058) | 19 |
| Reclassification to assets held for sale | (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 |
| Depreciation | (12,201) | (94,971) | 0 | (107,172) |
| Impairments | (0) | (17,204) | 0 | (17,204) |
| Reclassification | 1 | (1) | 0 | 0 |
| Reclassification to assets held for sale | 3,188 | 29,374 | 0 | 32,562 |
| Disposals | 78 | 13,228 | 0 | 13,306 |
| Write-ups | 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 |
| Development of the property, plant and equipment | ||||
|---|---|---|---|---|
| 2011 | Land and buildings |
Plants and machinery, fixtures, fittings and other assets |
Assets under construction and Payments in advance |
Total |
| Costs of acquisition and production | ||||
| 01/01/2011 | 339,687 | 1,710,898 | 84,587 | 2,135,172 |
| Currency translation adjustment | 3,645 | 15,361 | 3,377 | 22,383 |
| Additions | 10,186 | 86,155 | 98,323 | 194,664 |
| Disposals | (1,204) | (12,324) | (472) | (14,001) |
| Reclassification | 18,854 | 44,888 | (63,742) | 0 |
| 31/12/2011 | 371,167 | 1,844,978 | 122,073 | 2,338,218 |
| Development of depreciation | ||||
| 01/01/2011 | (157,519) | (974,808) | (46) | (1,132,374) |
| Currency translation adjustment | (564) | (6,174) | 38 | (6,701) |
| Depreciation | (11,141) | (90,478) | 0 | (101,619) |
| Impairments | (2,977) | (14,896) | 0 | (17,873) |
| Reclassification | (743) | 261 | 481 | 0 |
| Disposals | 535 | 11,510 | 0 | 12,045 |
| Write-ups | 0 | 0 | 0 | 0 |
| 31/12/2011 | (172,410) | (1,074,585) | 473 | (1,246,521) |
| Carrying amount 01/01/2011 | 182,168 | 736,089 | 84,541 | 1,002,798 |
| Carrying amount 31/12/2011 | 198,757 | 770,393 | 122,547 | 1,091,697 |
Property, plant and equipment include fixed assets acquired under a finance lease contract (refer to Note 42).
Furthermore, collateral securities exist on property, plant and equipment for borrowings of the Group. Refer to Note 31 for details. The carrying amount of the fixed assets pledged as collateral for financial liabilities totals TEUR 258,517 (December 31, 2011: TEUR 264,622).
Obligations relating to open purchase orders for the delivery of property, plant and equipment amounted to TEUR 119,977 as at December 31, 2012 (December 3, 2011: TEUR 105,464).
During the 2012 financial year, borrowing costs for property, plant and equipment to the amount of TEUR 3,171 (2011: TEUR 304) were capitalized. Capitalization rates ranging from 2.23% to 2.91% were used (2011: weighted average of 2.7%).
Due to the valuation of assets at fair value less costs to sell, impairment losses were recognized on property, plant and equipment in the 2012 financial year to the amount of TEUR 17,203 (2011: TEUR 0) and reported under "Result from restructuring" (refer to Notes 5 and 13).
Due to impairment tests carried out on property, plant and equipment, impairment losses totaling TEUR 0 (2011: TEUR 17,873) were recognized on property, plant and equipment and reported under "Amortization of intangible assets and depreciation of property, plant and equipment". In the 2011 financial year, material impairments on property, plant and equipment primarily related to technical plant and machinery as well as buildings. These impairment losses were necessary due to technical and economic obsolescence as well as reduced profitability. They arose in the Segments Plastics Products (TEUR 13,322) and Fibers (TEUR 4,551).
In the 2012 financial year, reversals of impairment losses on property, plant and equipment totaling TEUR 954 (2011: TEUR 0) were recognized under "Amortization of intangible assets and depreciation of property, plant and equipment". The reversals of impairment in the 2012 financial year relate to technical plant and machinery. They were necessitated on the basis of increased profitability of previously impaired property, plant and equipment as well as adjustments to the costs of purchase.
All impairment losses and reversals of impairment are recognized on the basis of internal estimates of their recoverable amount.
Investments in associates comprises the following:
| 31/12/2012 | 31/12/2011 | |
|---|---|---|
| EQUI-Fibres Beteiligungsgesellschaft mbH | 30,188 | 26,330 |
| Lenzing Papier GmbH | 0 | 0 |
| RVL Reststoffverwertung Lenzing GmbH | 37 | 36 |
| PT Pura Golden Lion | 3,632 | 3,167 |
| Wood Paskov s.r.o. | 26 | 23 |
| WWE Wohn- und Wirtschaftspark Entwicklungsgesellschaft m.b.H. | 728 | 733 |
| LKF Tekstil Boya Sanayi ve Tikaret A.S. | 0 | 0 |
| Total | 34,611 | 30,289 |
These investments have developed as follows:
| 2012 | 2011 | |
|---|---|---|
| Balance at 1/1 | 30,289 | 24,738 |
| Income from investments in associates | 5,796 | 6,472 |
| Share in other comprehensive income of associates | (592) | 0 |
| Currency translation adjustment | (107) | 40 |
| Dividends | (775) | (961) |
| Balance at 31/12 | 34,611 | 30,289 |
The financial position and financial performance of these associates are as follows (in each case 100%, therefore not adjusted to the respective at-equity share held by the Lenzing Group):
| EQUI | LPP1 | RVL | PGL1 | LWP | WWE | LKF2 | |
|---|---|---|---|---|---|---|---|
| 2012 | |||||||
| Sales | 181,041 | 73,522 | 11,992 | 0 | 339 | 0 | 0 |
| Net income/loss | 9,904 | 1,037 | 1 | 3,329 | 11 | (20) | 0 |
| 31/12/2012 | |||||||
| Non-current assets | 71,884 | 8,566 | 0 | 2,604 | 27 | 0 | 0 |
| Current assets | 61,022 | 20,545 | 79 | 1,724 | 146 | 2,995 | 0 |
| Non-current liabilities | 21,860 | 7,717 | 0 | 0 | 22 | 0 | 0 |
| Current liabilities | 41,895 | 17,349 | 6 | 109 | 106 | 84 | 0 |
| Government grants | 2,328 | 11 | 0 | 0 | 0 | 0 | 0 |
| Equity | 66,823 | 4,034 | 73 | 4,219 | 45 | 2,911 | 0 |
| EQUI | LPP1 | RVL | PGL1 | LWP | WWE | LKF1 | |
|---|---|---|---|---|---|---|---|
| 2011 | |||||||
| Sales | 178,193 | 66,196 | 10,875 | 0 | 292 | 0 | 0 |
| Net income/loss | 13,597 | (3,005) | 1 | 867 | 2 | (7) | (31) |
| 31/12/2011 | |||||||
| Non-current assets | 65,195 | 8,859 | 0 | 2,635 | 36 | 0 | 1 |
| Current assets | 67,928 | 18,892 | 82 | 803 | 99 | 2,995 | 2,006 |
| Non-current liabilities | 22,065 | 11,192 | 0 | 0 | 29 | 0 | 0 |
| Current liabilities | 50,692 | 13,292 | 9 | 108 | 73 | 64 | 1,860 |
| Government grants | 2,117 | 13 | 0 | 0 | 0 | 0 | 0 |
| Equity | 58,250 | 3,253 | 73 | 3,330 | 33 | 2,931 | 147 |
Financial assets consist of the following:
| Financial assets | EUR '000 | |
|---|---|---|
| 31/12/2012 | 31/12/2011 | |
| Non-current securities | 53,847 | 90,948 |
| Loans | 2,221 | 2,682 |
| Total | 56,068 | 93,630 |
Non-current securities are generally measured at current stock exchange prices or other market prices (especially the notional values in investment funds) and comprise the following:
| Non current securities by asset classes | EUR '000 | ||
|---|---|---|---|
| 2012 | Market value 31/12 |
Average effective interest rate in % |
Income for the business year |
| Government bonds | 27,160 | ||
| Other bonds | 18,690 | ||
| Other securities and non securitized rights (thereof investments EUR 19 thousand) |
7,998 | ||
| Total | 53,847 | 2.38 | 1,019 |
| 2011 | Market value 31/12 |
Average effective interest rate in % |
Income for the business year |
|---|---|---|---|
| Government bonds | 36,723 | ||
| Other bonds | 46,854 | ||
| Other securities and non securitized rights (therof investmens EUR 13 thousand) |
7,371 | ||
| Total | 90,948 | 1.92 | 1,062 |
The main government bonds are federal bonds issued by the Republic of Austria to the amount of TEUR 10,800 (December 31, 2011: TEUR 10,889) and bonds issued by the Federal Republic of Germany totaling TEUR 12,154 (December 31, 2011: TEUR 11,854). Bonds of other issuers refer to bank bonds of TEUR 2,124 (December 31, 2011: TEUR 20,475) and corporate bonds amounting to TEUR 16,257 (December 31, 2011: TEUR 26,379). Other securities and nonsecuritized rights mainly refer to shares.
Loans amounting to TEUR 2,221 (December 31, 2011: TEUR 2,682) exclusively comprise loans to third parties.
Other non-current assets comprise the following:
| Other non-current assets | EUR '000 | |
|---|---|---|
| 31/12/2012 | 31/12/2011 | |
| Other non-current financial assets | ||
| Share held in a non-consolidated company | 1,150 | 1,150 |
| Derivative financial instruments (open positions) | 162 | 0 |
| Long-term receivables | 1,731 | 7,928 |
| 3,043 | 9,078 | |
| Other non-current assets (non-financial) | ||
| Receivables from taxes | 13,977 | 0 |
| Prepaid expenses and deferred costs | 221 | 233 |
| 14,199 | 233 | |
| Total | 17,241 | 9,311 |
| Inventories | |||
|---|---|---|---|
Inventories consist of the following:
| 2012 | 2011 | |
|---|---|---|
| Raw materials and supplies | 188,552 | 181,960 |
| Work in progress | 10,332 | 11,270 |
| Finished goods and merchandise | 98,919 | 89,566 |
| Down payments | 1,776 | 1,781 |
| Total | 299,580 | 284,577 |
The raw materials and supplies mainly comprise beech wood for pulp production, pulp and chemicals for cellulose fiber production, plastic granules as well as various small parts and re-placement parts.
Finished goods and merchandise and work in progress encompass Lenzing Viscose®, Lenzing Modal® (including Lenzing FR®-) and TENCEL® cellulose fibers, sodium sulfate, acetic acid, furfural, plastics products as well as products of the segment Lenzing Technik.
In the 2012 financial year, write-downs of inventories of TEUR 1,585 (2011: TEUR 2,261) were recognized as an expense. The carrying amount of the inventories recognized at their net realizable value totaled TEUR 146,853 (December 31, 2011: 125,293 TEUR). Expenses for inventories are mainly recognized under the item "Cost of material and other purchased services." Inventories recognized as cost of material during the reporting period totaled TEUR 1,157.902 (2011: TEUR 1,143.472).
The carrying amount of the inventories pledged as security for financial liabilities amounts to TEUR 66,610 (December 31, 2011: TEUR 66,363).
Trade receivables consist of the following:
| 31/12/2012 | 31/12/2011 | |
|---|---|---|
| Trade receivables (gross) | 269,361 | 241,727 |
| Provisions for doubtful accounts | (7,857) | (7,950) |
| 261,504 | 233,776 | |
| Amounts due from customers for long-term construction contracts | 3,012 | 2,988 |
| Total | 264,516 | 236,764 |
The carrying amount of trade receivables pledged or assigned as collateral security for financial liabilities or trade receivables amounted to TEUR 0 (December 31, 2011: TEUR 65,722). These pledged or assigned receivables mainly relate to export receivables assigned to customers with impeccable credit ratings in order to secure loans. These receivables are fully recognized, and the cash received is reported as secured loans.
| 31/12/2012 | 31/12/2011 | |
|---|---|---|
| Aggregate amount of costs incurred up to the reporting date | 4,413 | 3,535 |
| Aggregate amount of accrued profits up to the reporting date | 806 | 789 |
| Aggregate amount of incurred losses up to the reporting date | (147) | (67) |
| Amounts due from customers for contract work (gross) | 5,072 | 4,257 |
| Less amount of advances received | (2,061) | (1,269) |
| Amounts due from customers for contract work (net) | 3,012 | 2,988 |
| thereof financial retentions | 0 | 0 |
| Total advances received | 3,433 | 2,232 |
| thereof presented as part of down-payments included in other current liabilities (non-financial) |
1,372 | 963 |
| thereof presented as part of trade receivables | 2,061 | 1,269 |
Revenues from long-term construction contracts amounted to TEUR 26,321 in the 2012 financial year (2011: 25,373).
Other current assets consist of the following:
| 31/12/2012 | 31/12/2011 | |
|---|---|---|
| Other current financial assets | ||
| Down payments for derivatives and closed positions | 2,081 | 2,472 |
| Derivative financial instruments (open positions) | 5,538 | 16 |
| Puttable non-controlling interests | 12,601 | 0 |
| Debit balances on creditors | 1,921 | 2,715 |
| Recharge of maintenance costs | 5,000 | 5,075 |
| Insurance compensation | 529 | 0 |
| Other | 5,390 | 11,692 |
| Carrying amount 31/12 | 33,058 | 21,971 |
| Other current assets (non-financial) | ||
| Tax receivables | 42,012 | 27,354 |
| Payments in advance | 5,693 | 7,055 |
| Emission certificates | 4,477 | 4,936 |
| Prepaid expenses and deferred costs | 3,142 | 3,061 |
| Other | 531 | 0 |
| Carrying amount 31/12 | 55,856 | 42,406 |
| Total | 88,914 | 64,377 |
Current securities comprise short-term money market investments in the form of bonds, which are available for sale at any time. They comprised the following:
| Market Value | Average yield in % | |||
|---|---|---|---|---|
| 31/12/2012 | 31/12/2011 | 2012 | 2011 | |
| Bonds | 0 | 6,748 | - | 1.50% |
Equity
The share capital of Lenzing AG as at December 31, 2012 amounted to EUR 27,574,071.43 (December 31, 2011: 27,574,071.43), and is divided into a total of 26,550,000 no par value shares (December 31, 2011: 26,550,000 shares). The proportion of the share capital allotted to one no par value share amounts to approximately EUR 1.04. Each ordinary share is of equal value and conveys the same rights and obligations, in particular the right to be paid approved dividends and voting rights at the Shareholders' Meeting. The share capital is paid in full. No other classes of shares have been issued.
The resolution passed by the Shareholders' Meeting held on December 10, 2010 authorized the Management Board to increase the share capital, with the consent of the Supervisory Board, by a maximum of EUR 13,358,625.00 (corresponding to 12,862,500 ordinary shares or 50% of the share capital as at December 31, 2010) within a period of five years, against contributions in cash or in kind, if necessary in tranches ("authorized capital").
Effective June 17, 2011 (first day of trading of the newly issued shares), Lenzing AG carried out a capital increase approved by the Extraordinary Shareholders' Meeting held on December 10, 2010. A total of 825,000 new shares were issued. The share capital was fully paid.
Furthermore, the Management Board was authorized, on the basis of the resolution passed by the Shareholders' Meeting of December 10, 2010 to issue, with the approval of the Supervisory Board, convertible bonds which grant subscription rights or a conversion obligation on up to 12,862,500 ordinary shares (corresponding to 50% of the share capital as at December 31, 2010) no later than December 9, 2015 ("conditional capital"). Following implementation of the capital increase in the financial year 2011, the number of subscribed shares to be issued was reduced to 12,037,500.
The capital reserves comprise an appropriated reserve of Lenzing AG which may only be used to offset accumulated losses of Lenzing AG. These reserves are composed of shareholder funds paid in to Lenzing AG in excess of the share capital.
The item other reserves contains all other accumulated comprehensive income, and comprises the foreign currency translation reserve, the reserve for available-for-sale financial assets, the hedging reserve and actuarial gains and losses. The foreign currency translation reserve comprises all foreign currency differences arising from the translation of the financial statements of consolidated subsidiaries in a foreign currency to the EUR, the group currency. The reserve for available-for-sale financial assets comprises the valuation gains/losses from the related assets less deferred tax, which were not recognized in profit or loss. The hedging reserve comprises the effective portion of the cash flow hedging relationships less deferred tax up until the underlying transaction is recognized in profit or loss. Actuarial gains and losses comprise the effects from the valuation of pensions and similar obligations less deferred tax which are not recognized in profit or loss.
The amounts relating to items of other comprehensive income comprise the following:
| 2012 | 2011 | |||||
|---|---|---|---|---|---|---|
| before taxes |
tax effect |
after taxes |
before taxes |
tax ef fect |
after taxes |
|
| Currency translation | (4,236) | 0 | (4,236) | 17,287 | 0 | 17,287 |
| Subsequent measurement of available-for-sale financial assets |
494 | (124) | 371 | 930 | (232) | 697 |
| Cash flow hedge | 24,819 | (5,901) | 18,918 | (24,787) | 5,962 | (18,825) |
| Actuarial gains/losses on defined benefit plans |
(16,325) | 4,079 | (12,246) | (5,222) | 1,275 | (3,947) |
| Share in other comprehensive income of associates |
(592) | 0 | (592) | 0 | 0 | 0 |
| 4,160 | (1,946) | 2,214 | (11,793) | 7,005 | (4,788) |
The reserve designed to secure cash flows (hedging reserve) developed as follows:
| Change of the hedging reserve | EUR '000 | |
|---|---|---|
| 2012 | 2011 | |
| Income/expenses from cash flow hedges recognized in the reporting period |
||
| from gas swaps | 503 | (398) |
| from currency forward contracts | 7,554 | (8,571) |
| from other derivative financial instruments | 0 | 0 |
| 8,057 | (8,969) | |
| Reclassification to income statement of amounts related to cash flow hedges |
||
| from gas swaps | 630 | (2,396) |
| from currency forward contracts | 15,946 | (13,607) |
| from other derivative financial instruments | 185 | 185 |
| 16,762 | (15,818) | |
| Total | 24,819 | (24,787) |
Retained earnings (excluding other reserves) comprised the following:
| Retained earnings | EUR '000 | |
|---|---|---|
| 31/12/2012 | 31/12/2011 | |
| Retained earnings of Lenzing AG | 257,447 | 257,447 |
| Accumulated profit of Lenzing AG | 147,111 | 133,734 |
| Retained earnings of the subsidiaries and effects of adjusting the financial statements of Lenzing AG and its subsidiaries to IFRS |
548,703 | 451,735 |
| Total (without other reserves) | 953,261 | 842,916 |
The free retained earnings of Lenzing AG can be released at any time, and can be distributed to shareholders as part of the balance sheet profit.
Under Austrian law, only the balance sheet profit of the parent company as presented in the approved annual financial statements according to the Austrian Commercial Code (UGB) can be distributed as a dividend to shareholders.
The following dividends were approved and paid to the shareholders of Lenzing AG:
| Approved and paid dividends of Lenzing AG |
Total | Number of shares |
Dividend per share |
|---|---|---|---|
| EUR '000 | EUR | ||
| Dividend approved in the Annual General Meeting on April 19, 2012 for financial year 2011 (payment April 25, 2012) |
66,375 | 26,550,000 | 2.50 |
| Dividend approved in the Annual General Meeting on March 29, 2011 for financial year 2010 (payment April 1, 2011) |
39,874 | 25,725,000 | 1.55 |
The Management Board makes the following proposal for the distribution of the balance sheet profit 2012 as presented in the annual financial statements of Lenzing AG according to the Austrian Commercial Code (UGB):
| Proposal for distribution of profit 2012 | EUR '000 |
|---|---|
| The business year 2012 of Lenzing AG ends with a net income under austrian law (Austrian Commercial Code) of |
79,752 |
| After adding the amount carried forward from 2011 of | 67,359 |
| Accumulated balance sheet profit | 147,111 |
| The Board of Management proposes the following distribution of profit: Payment of a dividend of EUR 2,50 per share of dividend-bearing capital stock of EUR 27,574,071,43 respectively 26,550,000 shares |
53,100 |
| Carried forward to new account | 94,011 |
The dividend proposed by the Management Board is subject to the approval of shareholders at the Shareholders' Meeting. For this reason, it is recognized in equity at the reporting date.
Dividends are generally subject to the deduction of a capital gains tax of 25%. This covers the income tax for individuals with unlimited tax liability (final taxation). Entities with unlimited tax liability holding at least 10% of the share capital are exempt from the capital gains tax. Double taxation agreements must be observed in the event of limited tax liability.
Payment of dividends to the shareholders of Lenzing AG does not affect the income taxes imposed on the company.
The amount presented under this item mainly comprises grants received from the public sector to promote investment in economically underdeveloped regions and investments in environmental protection projects and other grants aimed at stimulating capital expenditure, such as the investment premium.
During the reporting period, government grants amounting to TEUR 8,604 (2011: TEUR 5,945) and recognized in profit or loss primarily related to funds designed to promote research activities.
Due to the fact that the conditions attached to these grants are being fulfilled, it is considered unlikely that even part of the grants will have to be repaid.
The public subsidies also include the market value of the emission certificates at TEUR 1,720 as at December 31, 2012 (December 31, 2011: TEUR 1,193). On the basis of the Directive 2003/87/EC of the European Parliament and the European Council establishing a scheme for greenhouse gas emission certificate trading, a total of 341,780 emission certificates were allocated to the Lenzing Group free of charge for the year 2012 as part of the national allocation plans for the affected companies (2011: 328,156 emission certificates). The number of emission certificates developed as follows:
| Development of the emission certificates | Units | |
|---|---|---|
| 2012 | 2011 | |
| Balance as at 1/1 | 431.703 | 362.400 |
| Allocation for the year | 341.780 | 328.156 |
| Returned due to actual emissions of the prior year | (251.641) | (278.853) |
| Net-purchases and -sales during the year | 20.000 | 20.000 |
| Balance as at 31/12 | 541.842 | 431.703 |
As at December 31, 2012, there was no lack of emission certificates for the Lenzing Group. As at December 31, 2011, a provision of TEUR 149 was set aside to cover the shortfall of emission certificates.
Financial liabilities as at December 31, 2012 comprise the following:
| Financial liabilities | EUR '000 | |||
|---|---|---|---|---|
| 31/12/2012 | Currency | Nominal amount |
Carrying amount |
Average effective interest rate in % |
| Bond | ||||
| Fixed interest | EUR | 120,000 | 119,504 | 3.91 |
| 119,504 | ||||
| Private placement | ||||
| Fixed interest | EUR | 110,500 | 110,112 | 3.07 |
| Variable interest | EUR | 89,500 | 89,091 | 1.88 |
| 199,202 | ||||
| Liabilities with banks | ||||
| Loans: | ||||
| Fixed interest | EUR | 72,384 | 72,384 | 3.69 |
| Variable interest | EUR | 212,070 | 211,556 | 1.72 |
| Variable interest | USD | 213,333 | 159,490 | 2.79 |
| Variable interest | CNY | 170,480 | 20,747 | 6.49 |
| Working capital loans1 : |
||||
| Variable interest | EUR | 0 | 0 | 0.00 |
| Variable interest | CNY | 450,000 | 54,764 | 6.54 |
| 518,940 | ||||
| Lease payables | ||||
| Fixed interest | EUR | 1,831 | 1,831 | 4.00 |
| 1,831 | ||||
| Other loans | ||||
| Fixed interest | EUR | 3,152 | 3,152 | 1.73 |
| Fixed and variable interest | EUR | 30,139 | 30,139 | 1.32 |
| Variable interest | EUR | 79 | 79 | 1.00 |
| Variable interest | USD | 3,011 | 2,283 | 2.75 |
| 35,654 | ||||
| Total | 875,132 | |||
| thereof short-term | 173,568 | |||
| thereof long-term | 701,565 |
| Nominal | Carrying | Average effective interest rate |
||
|---|---|---|---|---|
| 31/12/2011 | Currency | amount | amount | in % |
| Bond | ||||
| Fixed interest | EUR | 120,000 | 119,400 | 3.91 |
| 119,400 | ||||
| Liabilities with banks | ||||
| Loans: | ||||
| Fixed interest | EUR | 92,778 | 92,778 | 3.85 |
| Variable interest | EUR | 191,986 | 191,986 | 2.38 |
| Variable interest | USD | 168,640 | 130,378 | 2.72 |
| Variable interest | CNY | 311,500 | 38,262 | 6.01 |
| Working capital loans1 : |
||||
| Variable interest | EUR | 19,860 | 19,860 | 1.58 |
| Variable interest | CNY | 150,000 | 18,425 | 7.23 |
| 491,689 | ||||
| Lease payables | ||||
| Fixed interest | EUR | 1,781 | 1,781 | 4.00 |
| 1,781 | ||||
| Other loans | ||||
| Fixed interest | EUR | 2,098 | 2,098 | 2.10 |
| Fixed and variable interest | EUR | 33,840 | 33,840 | 1.40 |
| Variable interest | EUR | 1,814 | 1,814 | 3.23 |
| Variable interest | USD | 2,921 | 2,258 | 2.72 |
| 40,010 | ||||
| Total | 652,880 | |||
| thereof short-term | 134,359 | |||
| thereof long-term | 518,521 |
In the 2010 financial year, the Lenzing Group issued a seven-year corporate bond featuring a fixed interest rate of 3.875% and a nominal value of TEUR 120,000. The bond is due on September 27, 2017.
In the 2012 financial year, the Lenzing Group issued and placed private placement to the amount of TEUR 200,000, featuring terms to maturity of four and seven years, with fixed and variable interest rates respectively, as well as with a term to maturity of ten years, but only at a fixed interest rate. The average term to maturity is six years. The average effective interest rate is detailed in the chart above.
The next adjustment of interest rates for variable interest loans and loans combining fixed and variable interest rates will take place within the next six months, depending on the credit agreement.
The terms and conditions relating to loans granted under revolving lines of credit are fixed for a specified period of time and are generally subject to variable interest rates.
Other loans mainly consist of loans granted by the Austrian Research Promotion Fund and the ERP Fund as well as loans from non-controlling shareholders.
The reported financial liabilities include TEUR 176,740 (December 31, 2011: TEUR 215,756) in liabilities secured by mortgages and other collateral securities as well as TEUR 0 (December 31, 2011: TEUR 14,742) secured by receivables. In financing the acquisition price for the shares obtained in Biocel Paskov a.s., its shares were pledged as collateral.
Deferred tax assets and liabilities relate to the following items in the consolidated statement of financial position:
| 31/12/2012 | 31/12/2011 | |
|---|---|---|
| Intangible assets | 13 | 15 |
| Property, plant and equipment | 348 | 1,942 |
| Financial assets | 3,608 | 4,930 |
| Other assets | 6,635 | 9,467 |
| Provisions | 14,208 | 14,779 |
| Government grants | 202 | 166 |
| Other liabilities | 1,507 | 3,646 |
| Tax loss carry forwards | 8,673 | 8,957 |
| 35,194 | 43,903 | |
| Valuation allowance on deferred tax asset | (4,224) | (10,298) |
| thereof tax loss carry forwards | (3,176) | (7,756) |
| Total deferred tax assets | 30,970 | 33,605 |
| Offset against deferred tax liabilities | (24,525) | (22,834) |
| Net deferred tax assets | 6,445 | 10,771 |
| Deferred tax liabilities | EUR '000 | |
|---|---|---|
| 31/12/2012 | 31/12/2011 | |
| Intangible assets | 1,513 | 965 |
| Property, plant and equipment | 52,561 | 39,160 |
| Other assets | 466 | 3,371 |
| Accelerated depreciation for taxation purposes | 4,782 | 4,889 |
| Provisions | 116 | 0 |
| Government grants | 2,105 | 2,246 |
| Other liabilities | 3,938 | 401 |
| 65,480 | 51,032 | |
| Offset against deferred tax assets | (24,525) | (22,834) |
| Net deferred tax liabilities | 40,955 | 28,197 |
Of the deferred tax assets, TEUR 10,552 (December 31, 2011: TEUR 19,552) are due within one year. Of the deferred tax liabilities, a total of TEUR 782 (December 31, 2011: TEUR 3,371) are due within a period of one year.
In the 2012 financial year, subsidiaries which generated losses in 2012 or in the previous year recognized net deferred tax assets on temporary differences and tax loss carryforwards to the amount of TEUR 3,231 (2011: TEUR 100). These assets were considered to be unimpaired because the companies involved were expected to generate taxable income in the future.
The deferred taxes developed as follows:
| Balance as at 1/1/2011 |
Recognized in profit or loss |
Recognized in other compre hensive income |
Currency translation adjustment |
||
|---|---|---|---|---|---|
| Intangible assets | (370) | (576) | 0 | (3) | |
| Property, plant and equipment | (34,345) | (2,838) | 0 | (34) | |
| Financial assets | 6,975 | (1,813) | (232) | 0 | |
| Other assets | (1,755) | 6,749 | 1,126 | (23) | |
| Accelerated depreciation for tax purposes | (6,713) | 1,825 | 0 | 0 | |
| Provisions | 12,983 | 310 | 1,272 | 214 | |
| Government grants | (459) | (1,626) | 0 | 6 | |
| Other liabilities | (4,827) | 3,196 | 4,839 | 36 | |
| Tax loss carry forwards | 10,785 | (1,931) | 0 | 104 | |
| Provisions for doubtful accounts | (8,996) | (1,171) | 0 | (131) | |
| Total | (26,723) | 2,123 | 7,004 | 170 |
In the Lenzing Group, income tax loss carryforwards amounted to TEUR 38,332 as at December 31, 2012 (excluding the tax loss carryforwards of the disposal group EPG; December 31, 2011: TEUR 33,041). The existing tax loss carryforwards can be used as follows:
| 31/12/2012 | 31/12/2011 | |
|---|---|---|
| Total | 38,332 | 33,041 |
| thereof capitalized tax loss carry forwards | 24,112 | 4,108 |
| thereof tax loss carry forwards not capitalized | 14,220 | 28,933 |
| possible expiration of tax loss carry forwards not capitalized | ||
| within 1 year | 0 | 0 |
| within 2 years | 0 | 0 |
| within 3 years | 40 | 0 |
| within 4 years | 38 | 39 |
| within 5 years | 31 | 37 |
| Tax loss carry forwards not subject to expiration | 14,111 | 28,857 |
In addition to the amounts listed above, the disposal group EPG also contains tax loss carryfowards which have not been capitalized as at December 31, 2012, which correspond to a tax base of TEUR 49,946.
| Balance as at 31/12/2011 = 1/1/2012 |
Recognized in profit or loss |
Recognized in other compre hensive income |
Reclassification to liabilities held for disposal and disposal groups |
Currency translation adjustment |
Balance as at 31/12/2012 |
|---|---|---|---|---|---|
| (950) | (551) | 0 | 0 | 0 | (1,500) |
| (37,218) | (15,273) | 0 | 0 | 278 | (52,213) |
| 4,930 | (1,198) | (124) | 0 | 0 | 3,608 |
| 6,096 | 1,499 | (1,387) | 0 | (38) | 6,169 |
| (4,889) | 107 | 0 | 0 | 0 | (4,782) |
| 14,779 | (4,572) | 4,062 | (31) | (145) | 14,093 |
| (2,079) | 177 | 0 | 0 | (1) | (1,903) |
| 3,245 | (1,213) | (4,493) | 0 | 30 | (2,431) |
| 8,957 | 14,219 | 0 | (14,707) | 204 | 8,673 |
| (10,298) | (8,540) | (5) | 14,738 | (121) | (4,224) |
| (17,426) | (15,344) | (1,946) | 0 | 207 | (34,510) |
Restrictions exist on the economic utilization of tax loss carryforwards which are not capitalized. If the tax loss carryforwards could have been used to the full amount, theoretically deferred tax assets on tax loss carryforwards to the amount of TEUR 8,673 (December 31, 2011: TEUR 8,957) would have had to be recognized (excluding non-capitalized tax loss carryforwards of the disposal group EPG) instead of the sum of TEUR 5,497 (December 31, 2011: TEUR 1,201).
With respect to deferred tax assets, the item financial assets includes the outstanding oneseventh shares of the write-downs on investments in other companies in accordance with Section 12 Para. 3 (2) of the Austrian Corporate Income Tax Act, which total TEUR 10,254 (December 31, 2011: TEUR 13,982). In the 2012 financial year, one-seventh shares amounting to TEUR 3,728 were written down (2011: TEUR 3,728).
In the 2011 financial year, the costs relating to the capital increase of TEUR 6,298 less the resulting tax effects of TEUR 1,575 were recognized directly in equity.
No deferred tax liabilities were recognized on temporary differences in relation to investments in subsidiaries and associates held by Group subsidiaries amounting to TEUR 194,070 (December 31, 2011: TEUR 109,001). This can be attributed to the fact that the Lenzing Group can manage the timing of the reversal of the temporary differences, and the temporary differences are unlikely to be reversed in the foreseeable future.
The provisions set aside by the Lenzing Group comprise of the following:
| total | thereof current | thereof non-current | ||||
|---|---|---|---|---|---|---|
| Pension provisions and similar liabilities | 31/12/2012 | 31/12/2011 | 31/12/2012 | 31/12/2011 | 31/12/2012 | 31/12/2011 |
| Severance payments | 64,420 | 54,803 | 2,239 | 1,960 | 62,181 | 52,843 |
| Pensions | 34,808 | 31,143 | 2,018 | 1,922 | 32,790 | 29,221 |
| Anniversary bonuses | 13,774 | 12,075 | 1,346 | 1,021 | 12,429 | 11,054 |
| 113,002 | 98,021 | 5,602 | 4,903 | 107,400 | 93,119 | |
| Other provisions | ||||||
| Guarantees and warranties | 12,294 | 22,919 | 1,494 | 9,619 | 10,800 | 13,300 |
| Anticipated losses and other risks | 7,918 | 22,872 | 3,371 | 16,437 | 4,546 | 6,435 |
| Emission certificates | 2,757 | 3,828 | 2,757 | 3,828 | 0 | 0 |
| Other | 21,212 | 33,642 | 3,912 | 33,642 | 17,300 | 0 |
| 44,181 | 83,262 | 11,535 | 63,527 | 32,646 | 19,735 | |
| Accruals | ||||||
| Personnel expenses (non-financial) | 37,709 | 46,766 | 37,709 | 46,766 | 0 | 0 |
| Other (financial) | 26,798 | 29,293 | 26,798 | 29,293 | 0 | 0 |
| 64,507 | 76,059 | 64,507 | 76,059 | 0 | 0 | |
| Total | 221,690 | 257,343 | 81,644 | 144,489 | 140,046 | 112,854 |
Pension provisions
The amounts presented in the consolidated statement of financial position relating to obligations from defined benefit pension plans are derived as follows:
| 31/12/2012 | 31/12/2011 | |
|---|---|---|
| Present value of obligation (DBO) | 39,551 | 38,443 |
| Fair value of plan assets | (4,708) | (7,209) |
| Deficit in plan | 34,843 | 31,233 |
| Unrecognized past service cost | (35) | (90) |
| Net amount recognized in the statement of financial position | 34,808 | 31,143 |
| Presented as: | ||
| Non-current provision | 32,790 | 29,221 |
| Current provision | 2,018 | 1,922 |
| Total | 34,808 | 31,143 |
The present value of the obligations from the defined benefit pension plans and the fair value of the plan assets developed as follows:
| Development of the defined benefit pension plans | EUR '000 | ||
|---|---|---|---|
| 2012 | 2011 | ||
| Present value of obligation (DBO) as at 1/1 | 38,443 | 35,292 | |
| Interest Cost | 1,864 | 1,812 | |
| Current Service Cost | 800 | 601 | |
| Actuarial gains (+)/losses (-) | 6,972 | 3,461 | |
| Benefits paid | (2,955) | (2,979) | |
| Cost of plan settlements | 471 | 0 | |
| Plan settlements | (5,255) | 0 | |
| Currency translation adjustment | (856) | 256 | |
| Assumed obligations | 108 | 0 | |
| Reclassification to liabilities held-for-sale and disposal groups | (41) | 0 | |
| Present value of obligation (DBO) as at 31/12 | 39,551 | 38,443 | |
| Fair value of plan assets as at 1/1 | 7,209 | 7,363 | |
| Contributions | 2,904 | 196 | |
| Administrative and other costs | (1) | (1) | |
| Expected return on plan assets | 295 | 423 | |
| Actuarial gains (+)/losses (-) | 6 | (501) | |
| Benefits paid | (431) | (408) | |
| Plan settlements | (5,255) | 0 | |
| Currency translation adjustment | (20) | 137 | |
| Fair value of plan assets as at 31/12 | 4,708 | 7,209 |
The defined benefit plans in the USA were settled in the 2012 financial year, and pension contributions were either paid directly to the beneficiaries as one-off payments, or compensation was made for the purchase of individual pension schemes of an external pension fund. Additional expenses to the amount of TEUR 2,570 were incurred to completely compensate for the respective pension benefits. The resulting expenditures from the planned compensation amounted to TEUR 471.
| Actuarial assumptions | 31/12/2012 | 31/12/2011 |
|---|---|---|
| Discount rate p.a. in % | ||
| Austria | 3.5 | 4.5 |
| Germany | 3.5 | 4.5 |
| USA | n/a | 4.6 |
| Indonesia | 6.0 | 7.5 |
| Hong Kong | 0.6 | 1.5 |
| Estimated future salary and pension increases p.a. in % | ||
| Austria | 2.5-3.0 | 2.5-3.0 |
| Germany | 2.0-2.5 | 2.0-2.5 |
| USA | n/a | 0.0 |
| Indonesia | 7.5 | 8.0 |
| Hong Kong | 5.5 | 4.0 |
| Expected rate of return on plan assets p.a. in % | ||
| Austria | 4.7 | 4.7 |
| Germany | n/a | n/a |
| USA | n/a | 7.5 |
| Indonesia | n/a | n/a |
| Hong Kong | 6.0 | 6.0 |
The expected yields from plan assets are determined by the portfolio structure of the plan assets, empirical values from the past and expected returns in the future.
The biometric assumptions used for Lenzing AG and its subsidiaries are based on the following mortality tables:
| Austria | AVÖ 2008-P "Angestellte" (Pagler & Pagler) |
|---|---|
| Germany | Guidance tables 2005 G (Prof. Dr. Klaus Heubeck) |
| Indonesia | Tabel Mortalita Indonesia (TMI '99) |
| Hong Kong | Because of the low number of claimants no demographic assumptions have been made |
The plan assets are classified according to asset values as follows:
| Plan assets | EUR '000 | |
|---|---|---|
| 2012 | 2011 | |
| Equity instruments | 728 | 604 |
| Debt instruments | 208 | 2,532 |
| Insurance policies qualifying as plan assets | 3,763 | 3,876 |
| Other assets | 9 | 198 |
| Balance as at 31/12 | 4,708 | 7,209 |
The following amounts are recognized in the consolidated income statement with respect to these plans:
| Expenses for defined benefit pension plans | EUR '000 | |
|---|---|---|
| 2012 | 2011 | |
| Interest cost | 1,864 | 1,812 |
| Current service cost | 800 | 601 |
| Past service cost | 52 | 52 |
| Administrative and other costs | 1 | 1 |
| Expected return on plan assets | (295) | (423) |
| Cost of plan settlements | 471 | 0 |
| Total | 2,892 | 2,042 |
These amounts are reported under personnel expenses as "Pension expenses".
The actual return from the plan assets amounted to TEUR 302 (2011: losses of TEUR 78).
The actuarial gains and losses recognized in other comprehensive income developed as follows:
| Development of the actuarial gains/losses | EUR '000 | |
|---|---|---|
| 2012 | 2011 | |
| Actuarial gains (+)/losses (-) as at 1/1 | (13,639) | (9,678) |
| Actuarial gains (+)/losses (-) for the financial year | (6,966) | (3,962) |
| Plan settlements | 2,469 | 0 |
| Actuarial gains (+)/losses (-) as at 31/12 | (18,137) | (13,639) |
According to the funding status, the present value of the obligations relating to defined benefit pension plans comprises of the following:
| 31/12/2012 | 31/12/2011 | |
|---|---|---|
| Present value of defined benefit obligation (DBO) of funded plans - | ||
| gross | 27,701 | 29,112 |
| Market value of the plan assets | (4,708) | (7,209) |
| Present value of defined benefit obligation (DBO) of funded plans - net | 22,993 | 21,902 |
| Present value of defined benefit obligation (DBO) of unfunded plans | 11,850 | 9,331 |
| Actuarial projected benefit obligation | 34,843 | 31,233 |
The development of the present value of the obligations relating to defined benefit pension plans over a period of time is as follows:
| History of pension obligations | EUR '000 |
||||
|---|---|---|---|---|---|
| 2012 | 2011 | 2010 | 2009 | 2008 | |
| Present value of defined benefit obligation (DBO) |
39,551 | 38,443 | 35,292 | 37,480 | 37,997 |
| Fair value of plan assets | (4,708) | (7,209) | (7,363) | (7,391) | (6,951) |
| Deficit | 34,843 | 31,233 | 27,929 | 30,089 | 31,046 |
| thereof shortfall | 34,843 | 31,233 | 27,994 | 30,149 | 31,046 |
| thereof coverage | 0 | 0 | 65 | 60 | 0 |
| Experience adjustments (gain (+)/(loss (-)): | |||||
| on present value of obligation (DBO) | (2,905) | (1,825) | 622 | 362 | (1,527) |
| on plan assets | 7 | (475) | (17) | 339 | (1,038) |
The Group expects to make contributions of TEUR 43 in the coming year (2011: TEUR 308) to the defined benefit plans during the next business year.
Expenses amounting to TEUR 3,031 were incurred in the 2012 financial year for defined contribution plans (2011: TEUR 2,572).
The following table shows the development of the provision:
| Development of provisions for severance payments | EUR '000 | |
|---|---|---|
| 2012 | 2011 | |
| Present value of obligation (DBO) as at 1/1 | 54.803 | 53.479 |
| Interest cost | 2.395 | 2.341 |
| Current service cost | 2.425 | 2.370 |
| Total expense | 4.819 | 4.711 |
| Benefits paid | (4.593) | (4.619) |
| Actuarial gains (+)/losses (-) | 9.360 | 1.262 |
| Currency translation adjustment | 29 | (29) |
| Present value of obligation (DBO) as at 31/12 | 64.420 | 54.803 |
| Number of eligible persons | 2.261 | 2.317 |
The most important actuarial parameters applied are as follows:
| Actuarial assumptions | 31/12/2012 | 31/12/2011 |
|---|---|---|
| Discount rate in % p.a. | 3.5 | 4.5 |
| Estimated future salary increases in % p.a. | 3.0 | 3.0 |
The calculations used to determine severance payments for Lenzing AG and its subsidiaries are based on following demographic assumptions:
| Austria | Withdrawal rates determined in-house |
|---|---|
| Czech Republic | AVÖ 2008 (Pagler & Pagler) |
These expenses are reported in the consolidated income statement under the item personnel expenses as "Expenses for severance payments".
The actuarial gains and losses recognized in other comprehensive income developed as follows:
| Development of the actuarial gains/losses | EUR '000 | |
|---|---|---|
| 2012 | 2011 | |
| Actuarial gains (+)/losses (-) as at 1/1 | (6,972) | (5,710) |
| Actuarial gains (+)/losses (-) for the year | (9,360) | (1,262) |
| Actuarial gains (+)/losses (-) as at 31/12 | (16,332) | (6,972) |
The development of the provision for severance payments over a period of time was as follows:
| History of obligations for severance payments | EUR '000 | ||||
|---|---|---|---|---|---|
| 2012 | 2011 | 2010 | 2009 | 2008 | |
| Present value of defined benefit obligation (DBO) |
64,420 | 54,803 | 53,479 | 51,549 | 55,215 |
| Experience adjustments (gains (+)/losses (-)) on present value of obligation (DBO) |
(2,781) | (1,278) | (840) | (138) | (3,505) |
For defined contribution plans within the context of Austria's statutory system for severance payments, contributions by Lenzing amounted to TEUR 994 in 2012 (2011: TEUR 793).
The following chart shows the development of this provision:
| 2012 | 2011 | |
|---|---|---|
| Present value of obligation (DBO) as at 1/1 | 12,075 | 11,906 |
| Interest cost | 524 | 518 |
| Current service cost | 593 | 575 |
| Actuarial gains (+)/losses (-) | 1,672 | (53) |
| Total expense | 2,789 | 1,040 |
| Benefits paid | (1,023) | (869) |
| Currency translation adjustment | 2 | (2) |
| Reclassification to liabilities held-for-sale and disposal groups | (69) | 0 |
| Present value of obligation (DBO) as at 31/12 | 13,774 | 12,075 |
| Number of eligible persons | 3,174 | 3,167 |
The most important actuarial assumptions applied are as follows:
| Actuarial assumptions | 31/12/2012 | 31/12/2011 |
|---|---|---|
| Discount rate in % p.a. | 3.5 | 4.5 |
| Estimated future salary increases in % p.a. | 2.5 - 3.0 | 2.5 - 3.0 |
The calculations used to determine anniversary bonuses for Lenzing AG and its subsidiaries are based on the following mortality tables:
| Austria | Withdrawal rates determined in-house |
|---|---|
| Czech Republic | AVÖ 2008 (Pagler & Pagler) |
| Germany | Guidance tables 2005 G (Prof. Dr. Klaus Heubeck) |
Other provisions and accruals developed as follows:
| Balance | Currency translation |
Reclassification to liabilities held-for-sale, |
||
|---|---|---|---|---|
| 2012 | as at 1/1 | adjustment | disposal groups and other | |
| Other provisions | ||||
| Guarantees and warranties | 22,919 | (22) | (7,314) | |
| Anticipated losses and other risks | 22,872 | 79 | 0 | |
| Emission certificates | 3,828 | 19 | 0 | |
| Other | 33,642 | 11 | (8,099) | |
| 83,262 | 87 | (15,413) | ||
| Accruals | ||||
| Other personnel costs (non-financial) | 46,766 | (94) | (109) | |
| Other (financial) | 29,293 | (83) | 7,295 | |
| 76,059 | (177) | 7,186 | ||
| Total | 159,321 | (89) | (8,226) |
| 2011 | Balance as at 1/1 |
Currency translation adjustment |
Reclassification to discontinued operations |
|
|---|---|---|---|---|
| Other provisions | ||||
| Guarantees and warranties | 9,590 | 42 | 0 | |
| Anticipated losses and other risks | 18,819 | 357 | 0 | |
| Emission certificates | 3,691 | 1 | 0 | |
| Other | 39,908 | 595 | 0 | |
| 72,007 | 995 | 0 | ||
| Accruals | ||||
| Other personnel costs (non-financial) | 40,574 | 252 | 0 | |
| Other (financial) | 52,506 | 359 | 0 | |
| 93,080 | 611 | 0 | ||
| Total | 165,087 | 1,606 | 0 |
| thereof thereof current non-current |
Balance as at 31/12 |
Compounding of interest |
Period Charge | Reversal | Utilization |
|---|---|---|---|---|---|
| 1,494 10,800 |
12,294 | 0 | 1,036 | (4,079) | (247) |
| 3,371 4,546 |
7,918 | 539 | 1,389 | (15,441) | (1,520) |
| 2,757 | 2,757 | 0 | 2,761 | 0 | (3,851) |
| 3,912 17,300 |
21,212 | 0 | 9,322 | (6,799) | (6,864) |
| 11,535 32,646 |
44,181 | 539 | 14,507 | (26,319) | (12,482) |
| 37,709 | 37,709 | 0 | 36,807 | (2,610) | (43,052) |
| 26,798 | 26,798 | 0 | 20,935 | (9,335) | (21,307) |
| 64,507 | 64,507 | 0 | 57,742 | (11,944) | (64,360) |
| 76,041 32,646 |
108,688 | 539 | 72,249 | (38,264) | (76,842) |
| thereof thereof current non-current |
Balance as at 31/12 |
Compounding of interest |
Period Charge | Reversal | Utilization |
|---|---|---|---|---|---|
| 9,619 13,300 |
22,919 | 0 | 14,316 | (637) | (391) |
| 16,437 | 22,872 | 1,267 | 4,302 | (1,819) | (55) |
| 3,828 | 3,828 | 0 | 3,351 | 0 | (3,215) |
| 33,642 | 33,642 | 0 | 8,601 | (12,915) | (2,547) |
| 63,527 19,735 |
83,262 | 1,267 | 30,570 | (15,370) | (6,208) |
| 46,766 | 46,766 | 0 | 44,838 | (1,399) | (37,498) |
| 29,293 | 29,293 | 0 | 31,228 | (20,155) | (34,644) |
| 76,059 | 76,059 | 0 | 76,065 | (21,554) | (72,142) |
| 139,586 19,735 |
159,321 | 1,267 | 106,636 | (36,924) | (78,350) |
Provisions for guarantees and warranties mainly comprise provisions for warranty risks relating to the sale of defective products. Other provisions for anticipated losses and other risks primarily relate to obligations to render infrastructure services to third parties, and provisions for additional claims from procurement contracts. The other provisions for emission certificates encompass the equivalent value of the used emission certificates.
The other provisions mainly involve obligations for environmental restoration measures, obligatory maintenance expenses and legal conflicts. The provisions for environmental restoration measures are formed if future funds are likely to be required to fulfill environmental regulations or clean-up measures, the costs can be reliably estimated and these measures are not expected to result in any future economic benefit. The Lenzing site has been used for industrial purposes for decades, and thus entails the inherent risk of environmental damage. In 1990, Lenzing AG was informed that a presumably contaminated site exists which had been previously used as a clarification pond and could comprise an environmental burden. The company sealed off the area in order to prevent any contamination of the groundwater. The obligatory maintenance costs relate to expenses designed to safeguard assets for which there is a legal or constructive obligation. Provisions for legal risks are for the purpose of covering the costs of legal proceedings.
The accruals for personnel expenses primarily involve liabilities in connection to current claims of existing and former employees (in particular for unused holidays and compensatory time off from work, overtime and performance bonuses.
Other accruals primarily comprise anticipated decreases in earnings due to sales reductions or increased expenses from the company's business with customers and suppliers (especially discounts and rebates) as well as liabilities for services rendered by third parties but not yet invoiced trade receivables.
A cash outflow is considered to be probable over the next five months with regard to other current provisions and deferred liabilities. With respect to non-current aspects of other provisions, the cash outflow depends on different factors (in particular warranty periods and contract periods), leading to the conclusion that the cash outflow will take place no later than June 30, 2028.
The puttable non-controlling interests developed as follows:
| Development of puttable non-controlling interests | EUR '000 | |
|---|---|---|
| -- | --------------------------------------------------- | ---------- |
| 2012 | 2011 | |
|---|---|---|
| Carrying amount as at 1/1 | 33,906 | 29,613 |
| Increase of capital due to contribution | 0 | 1,463 |
| Share of the profit for the year | (17,314) | 163 |
| Share in other comprehensive income | (3) | 1 |
| Currency translation differences | (215) | 2,666 |
| Carrying amount as at 31/12 | 16,373 | 33,906 |
| Thereof recognized in: | ||
| Other current assets | 12,601 | 0 |
| Non-current liaiblities | 28,974 | 32,081 |
Current liabilities 0 1,824
Other liabilities comprise the following:
| Other liabilities | EUR '000 | |
|---|---|---|
| 31/12/2012 | 31/12/2011 | |
| Other non-current financial liabilities | ||
| Dividend guarantee for non-controlling interests | 0 | 18,821 |
| Derivative financial instruments (open positions) | 738 | 0 |
| Interest accruals | 18 | 16 |
| 756 | 18,838 | |
| Other non-current liabilities (non-financial) | ||
| Early retirement | 870 | 590 |
| Deferred income | 83 | 146 |
| 953 | 736 | |
| Total other non-current liabilities | 1,709 | 19,574 |
| Other current financial liabilities | ||
| Settled derivative financial instruments (closed positions) | 1,417 | 514 |
| Derivative financial instruments (open positions) | 3,344 | 25,126 |
| Credit balances on debtors | 1,093 | 3,850 |
| Sundry | 6,979 | 9,004 |
| 12,832 | 38,494 | |
| Other current liabilities (non-financial) | ||
| Tax liabilities | 6,058 | 6,903 |
| Payroll | 4,983 | 4,751 |
| Social security and other statutory contributions | 4,942 | 4,432 |
| Early retirement | 925 | 1,304 |
| Advances from customers | 10,886 | 13,510 |
| Deferred income | 1,233 | 825 |
| 29,027 | 31,725 | |
| Total other current liabilities | 41,859 | 70,219 |
| Liquid funds | |||
|---|---|---|---|
The consolidated cash flow statement shows the change in liquid funds in the course of the reported year as a result of cash inflows and outflows. Liquid funds comprise of the following:
| Liquid funds | EUR '000 | |
|---|---|---|
| 31/12/2012 | 31/12/2011 | |
| Cash and cash equivalents | 481,658 | 410,534 |
| Current securities | 0 | 6,748 |
| Total | 481,658 | 417,282 |
Other non-cash income and expenses consist of the following:
| Other non-cash income and expenses | EUR '000 | ||
|---|---|---|---|
| 2012 | 2011 | ||
| + Depreciation of financial assets | 15 | 19 | |
| - Write-ups of financial assets | (11) | (3) | |
| - Gains/ + Losses on the disposal of intangible assets, property, plant and equipment |
(196) | (955) | |
| - Gains/ + Losses on the disposal of financial assets and current securities |
(25) | 289 | |
| + Allocation of profit or loss to puttable non-controlling interests | (17,314) | 163 | |
| - Other non-cash income/+ expenses | 14,755 | 1,973 | |
| Total | (2,776) | 1,487 |
The other non-cash income and expenses in the 2012 financial year mainly include impairment losses on the valuation of intangible assets and property, plant and equipment of the disposal group EPG to the amount of TEUR 17,208 (refer to Note 5).
The following payments are contained in the consolidated cash flow statement:
| Payments in the cash flow statement | EUR '000 |
|---|---|
| ------------------------------------- | ---------- |
| 2012 | 2011 | |
|---|---|---|
| Interest received | 6,485 | 5,199 |
| Interest paid | 23,149 | 22,641 |
| Income taxes paid | 78,672 | 41,835 |
| Dividends received from associates | 775 | 961 |
| Dividends paid to shareholders | 70,264 | 41,369 |
With the exception of the dividends distributed to shareholders, the above-mentioned payments are recognized in the operating cash flow. The dividends paid to shareholders are reported under the net cash used in/generated by financing activities.
With respect to the acquisition of non-controlling interests by the Lenzing Group, payments to the amount of TEUR 26,596 (2011: TEUR 320) were made to shareholders of non-controlling interests (also refer to Note 4).
The payments to puttable non-controlling interests amounting to TEUR 0 (2011: TEUR 1,463) relate to payments on the part of Lenzing (Nanjing) Fibers Co., Ltd. for their shares of the capital. The change in the ownership interests of Lenzing Modi Fibers India Pvt. Ltd. resulted in a cash inflow of TEUR 0 (2011: TEUR 589).
The Lenzing Group manages its equity and debt with the clear goal of optimizing revenues, costs and assets of its individual operations, its business units and the Group as such for the purpose of a desired sustainable and high profitability and a solid balance sheet structure. Financial leveraging, sufficient liquidity at any time, and a clear focus on cash-based management ratios and control parameters play a major role against the backdrop of the strategic direction the company is taking and the long-term objectives of the Group.
This approach ensures that all Group companies can operate on a going concern basis. Furthermore, the authorized capital and the contingent capital allow Lenzing Group to flexibly raise further equity to make use of market opportunities arising in the future.
Lenzing AG is subject to the minimum equity requirements stipulated by Austrian corporate law. No minimum equity requirements have been laid out in Lenzing AG's Articles of Association. The aim of Lenzing Group's equity management strategy is that Lenzing AG and the Group entities have an equity base, which is in accordance with local requirements. In addition to that, some of the credit agreements with banks include covenants, which especially relate to the amount of equity in the entities of the Group. The equity ratio of the concerned entities and the resulting liquidity risk in the case of default (banks can partly demand repayment of the loans) is being continuously monitored by Global treasury.
All related capital requirements were basically fulfilled during the reporting period. In the case of one credit agreement for a subsidiary of the Lenzing Group, the management of the Group was informed before preparing the consolidated financial statements for the 2011 financial year that the related covenants had not been fulfilled. The subsequent negotiations were concluded in the 2012 financial year with the result that the credit agreement in question was refinanced.
For purposes of internal regulation, the management uses an adjusted equity ratio. The adjusted equity is determined according to IFRS and includes, in addition to equity, government grants less the related deferred tax. The adjusted equity ratio was 43.8% as at December 31, 2012 (December 31, 2011: 44.8%).
The dividend policy of Lenzing AG as the parent company of the Lenzing Group is oriented to the principles of continuity and longevity with the underlying aim to foster the future development of the company, to distribute a dividend to the shareholders commensurate with the opportunity and risk situation of the company and to adequately take account of the interests of all other stakeholders which are relevant for the company's success. The dividends are paid in relation to the net profit generated by the Lenzing Group.
The Management Board and the Supervisory Board of Lenzing AG jointly and regularly monitor the development of the capital structure and the underlying control parameters, key indicators and influencing factors. Within the context of this review, various risk profiles and sensitivity analyses are prepared and considered for any investments in property, plant and equipment and intangible assets as well as for specific projects and acquisitions. Projects and investments are planned on the basis of projected future cash flows, applying different weighted discount rates (WACCs) dependent on the specific country risks and other micro risks. These processes are regularly monitored and adjusted, and coordinated with the Management Board. The development of competitors and market factors along with market parameters play an essential role.
Special attention is paid to the development of net financial debt in the light of the fact that the two key indicators of net financial debt and EBITDA have become essential control parameters for the management of the Group as well as for financing banks in recent years. Therefore, the ongoing optimal development of the Lenzing Group is only ensured by a very good equity financing strength as the basis for a higher capacity to incur debt.
Interest-bearing financial liabilities comprise the following:
| Interest bearing financial liabilities | EUR '000 | ||
|---|---|---|---|
| 31/12/2012 | 31/12/2011 | ||
| Non-current financial liabilities | 701,564 | 518,521 | |
| Current financial liabilities | 173,568 | 134,360 | |
| Total | 875,132 | 652,881 |
Liquid assets of the Lenzing Group comprise the following:
| Liquid assets* | EUR '000 | |
|---|---|---|
| 31/12/2012 | 31/12/2011 | |
| Cash and cash equivalents | 481,658 | 410,534 |
| Current securities | 0 | 6,748 |
| Liquid investments (in the financial assets) | 38,646 | 76,518 |
| Liquid bill of exchanges (in the trade receivables ) | 8,531 | 5,764 |
| Total | 528,835 | 499,564 |
*) As of December 31, 2012 in addition to cash and cash equivalents and liquid investments, liquid assets now also encompasses liquid bills of exchange. For this reason the previous year's figure for liquid assets (December 31, 2011 before: EUR 493,800 thousand) was increased by TEUR 5,764 thousand and the net financial debt was adapted accordingly.
Net financial debt and EBITDA before restructuring are as follows:
| Net financial debt | EUR '000 | |
|---|---|---|
| 31/12/2012 | 31/12/2011 | |
| Interest bearing financial debt | 875,132 | 652,881 |
| Liquid assets (-) | (528,835) | (499,564) |
| Total | 346,296 | 153,317 |
| EBITDA before result from restructuring | EUR '000 | |
|---|---|---|
| 2012 | 2011* | |
| EBIT before result from restructuring | 254,994 | 363,979 |
| Depreciation (+) | 107,253 | 120,591 |
| Reversal of government grants (-) | (3,589) | (4,278) |
| Total | 358,658 | 480,292 |
| Net financial debt/EBITDA before result from restructuring |
0.97 | 0.32 |
The carrying amounts, fair values and the valuation of financial assets (financial instruments on the assets side) by classes and valuation categories comprise the following as at December 31, 2012 and December 31, 2011 respectively:
31/12/2012 Valuation according to IAS 39 Carrying amount Fair Value At amortized cost At cost At fair value through profit or loss At fair value through other comprehensive income Loans and receivables: Cash and cash equivalents (cf. Note 36) 481,658 481,658 Trade receivables (cf. Note 25) 264,516 264,516 Financial assets – long-term loans to third parties (cf. Note 22) 2,221 2,221 Puttable non-controlling interests (cf Note 27) 12,601 12,601 Other long-term financial assets – long-term receivables (cf. Note 23) 1,731 1,731 Other short-term financial assets (without derivates – open positions and puttable non-controlling interests) (cf. Note 27) 14,920 14,920 Available-for-sale financial assets: Financial assets – non-current securities (cf Note 22) 53,828 53,828 Currrent securities (cf Note 28) 0 0 Other financial assets – share held in a non-consolidated company (cf Note 23) 1,150 1,150 Financial assets – other investments (cf Note 22) 19 19 Other: Other financial assets – derivative financial instruments at positive fair value (cash flow hedges) (cf Note 27) 5,330 5,330 Other financial assets – derivative financial instruments at positive fair value (cash flow hedges, underlying already realized in profit or loss) (cf Note 27) 343 343 Other financial assets – derivative financial instruments at positive fair value (trading) (cf Note 27) 26 26 Total 838,343 838,343
| thereof: | ||
|---|---|---|
| at amortized cost | 765,045 | 765,045 |
| at cost | 1,169 | 1,169 |
| at fair value through profit or loss | 370 | 370 |
| at fair value through other comprehensive income | 59,158 | 59,158 |
| not applicable | 12,601 | 12,601 |
| Total | 838,343 | 838,343 |
valuation categories by classes of financial asset (prior year) EUR '000
| 31/12/2011 | Valuation according to IAS 39 | |||||
|---|---|---|---|---|---|---|
| Carrying amount |
Fair Value | At amortized cost |
At cost | At fair value through profit or loss |
At fair value through other com prehensive income |
|
| Loans and receivables: | ||||||
| Cash and cash equivalents | 410,534 | 410,534 | | |||
| Trade receivables | 236,764 | 236,764 | | |||
| Financial assets – long-term loans to third parties (cf. Note 22) |
2,682 | 2,682 | | |||
| Other long-term financial assets – long-term receivables (cf. Note 23) |
7,928 | 7,928 | | |||
| Other short-term financial assets (without derivates – open positions and puttable non-controlling interests) (cf. Note 27) |
21,955 | 21,955 | | |||
| Available-for-sale financial assets: | ||||||
| Financial assets – non-current securities (cf Note 22) | 90,945 | 90,945 | | |||
| Currrent securities (cf Note 28) | 6,748 | 6,748 | | |||
| Other financial assets – share held in a non-consolidated company (cf Note 23) |
1,150 | 1,150 | | |||
| Financial assets - other investments (cf Note 22) | 3 | 3 | | |||
| Other: | ||||||
| Other financial assets – derivative financial instruments at positive fair value (cash flow hedges |
0 | 0 | | |||
| Other financial assets – derivative financial instruments at positive fair value (cash flow hedges, underlying already realized in profit or loss) |
0 | 0 | | |||
| Other financial assets – derivative financial instruments at positive fair value (trading) |
16 | 16 | | |||
| Total | 778,724 | 778,724 |
| thereof: | ||
|---|---|---|
| at amortized cost | 679,862 | 679,862 |
| at cost | 1,153 | 1,153 |
| at fair value through profit or loss | 16 | 16 |
| at fair value through other comprehensive income | 97,693 | 97,693 |
| Total | 778,724 | 778,724 |
The market values of cash and cash equivalents and securities are equivalent to their carrying amounts. The carrying amount of loans receivable approximately corresponds to the market value, because they have been concluded at variable interest rates for the most part.
The market value of receivables and other assets also approximately corresponds to their carrying amounts, as these mainly are of a short-term nature and credit risk is covered by the allowance for bad debt (bad debt provisions).
The carrying amounts, fair values and the valuation of financial liabilities (financial instruments on the liability side) by classes and valuation categories are comprised of the following as at December 31, 2012 and December 31, 2010 respectively:
| 31/12/2012 | Valuation according to IAS 39 | ||||||
|---|---|---|---|---|---|---|---|
| Carrying amount |
Fair Value | At amortized cost |
At cost | At fair value through profit or loss |
At fair value through other compre hensive income |
Measure ment ac cording to IAS 17 |
|
| Financial liabilities at amortized cost | |||||||
| Bond (cf Note 31) | 119,504 | 128,400 | | ||||
| Private placement (cf Note 31) | 199,202 | 200,314 | | ||||
| Bank loans (cf Note 31) | 518,940 | 522,554 | | ||||
| Other loans (cf Note 31) | 35,654 | 35,610 | | ||||
| Trade payables | 200,259 | 200,259 | | ||||
| Puttable non-controlling interests (cf Note 34) | 28,974 | 28,974 | |||||
| Other long-term financial liabilities (cf Note 35) | 18 | 18 | | ||||
| Other short-term financial liabilities (without derivates – open positions) (cf. Note 35) |
9,488 | 9,488 | | ||||
| Accruals – other (financial) (cf Note 33) | 26,798 | 26,798 | | ||||
| Other | |||||||
| Lease payables (cf Note 31) | 1,831 | 1,831 | | ||||
| Other financial liabilities – derivative financial instruments at negative fair value (cash flow hedges) (cf Note 35) |
2,042 | 2,042 | | ||||
| Other financial liabilities – derivative financial instruments at negative fair value (cash flow hedges, underlying already realized in profit or loss) (cf Note 35) |
1,808 | 1,808 | | ||||
| Other financial liabilities – derivative financial instruments at negative fair value (trading) (cf Note 35) |
233 | 233 | | ||||
| Total | 1,144,751 | 1,158,329 |
| thereof: | ||
|---|---|---|
| at amortized cost | 1,109,864 | 1,123,441 |
| at fair value through profit or loss | 2,041 | 2,041 |
| at fair value through other comprehensive income | 2,042 | 2,042 |
| measurement according to IAS 17 | 1,831 | 1,831 |
| not applicable | 28,974 | 28,974 |
| Total | 1,144,751 | 1,158,329 |
and valuation categories by financial liability classes (prior year) EUR '000
| 31/12/2011 | Valuation according to IAS 39 | ||||||
|---|---|---|---|---|---|---|---|
| Carrying amount |
Fair Value | At amortized cost |
At cost | At fair value through profit or loss |
At fair value through other compre hensive income |
Measure ment ac cording to IAS 17 |
|
| Financial liabilities at amortized cost | |||||||
| Bond (cf Note 31) | 119,400 | 123,360 | | ||||
| Bank loans (cf Note 31) | 491,689 | 493,891 | | ||||
| Other loans (cf Note 31) | 40,010 | 39,373 | | ||||
| Trade payables | 148,553 | 148,553 | | ||||
| Puttable non-controlling interests (cf Note 34) | 33,906 | 33,906 | |||||
| Other long-term financial liabilities (cf Note 35) | 18,838 | 18,838 | | ||||
| Other short-term financial liabilities (without derivates – open positions) (cf. Note 35) |
13,368 | 13,368 | | ||||
| Accruals – other (financial) (cf Note 33)* | 29,293 | 29,293 | | ||||
| Other | |||||||
| Lease payables | 1,781 | 1,781 | | ||||
| Other financial liabilities – derivative financial instruments at negative fair value (cash flow hedges) (cf Note 35) |
21,169 | 21,169 | | ||||
| Other financial liabilities – derivative financial instruments at negative fair value (cash flow hedges, underlying already realized in profit or loss) (cf Note 35) |
2,515 | 2,515 | | ||||
| Other financial liabilities – derivative financial instruments at negative fair value (trading) (cf Note 35) |
1,442 | 1,442 | | ||||
| Total | 921,964 | 927,489 |
| thereof: | ||
|---|---|---|
| at amortized cost | 861,152 | 866,676 |
| at fair value through profit or loss | 3,956 | 3,956 |
| at fair value through other comprehensive income | 21,169 | 21,169 |
| measurement according to IAS 17 | 1,781 | 1,781 |
| not applicable | 33,906 | 33,906 |
| Total | 921,964 | 927,489 |
The market value of the bond was reported as the stock market price at the end of the year. The market value of bank loans and other loans as well as the Private placement was determined by discounting the future cash flows relating to these liabilities with the market interest rate at the reporting date. The market value of other financial liabilities corresponds to their carrying amount due to their predominantly short-term nature.
The following table presents an analysis of financial instruments measured at fair value according to the technique of valuation which was used. In this regard, three levels of measurement methods have been defined.
| Inputs for financial instruments (prior year) | EUR '000 | |||
|---|---|---|---|---|
| As at 31/12/2011 | Level 1 | Level 2 | Level 3 | Total |
| Securities, investments | 97,676 | 0 | 0 | 97,676 |
| Derivative financial instruments at positive fair value |
0 | 16 | 0 | 16 |
| Cash flow hedges | 0 | 0 | 0 | 0 |
| Cash flow hedges, underlying already realized in profit or loss |
0 | 0 | 0 | 0 |
| Trading | 0 | 16 | 0 | 16 |
| Derivative financial instruments at negative fair value |
0 | 25,126 | 0 | 25,126 |
| Cash flow hedges | 0 | 21,169 | 0 | 21,169 |
| Cash flow hedges, underlying already realized in profit or loss |
0 | 2,515 | 0 | 2,515 |
| Trading | 0 | 1,442 | 0 | 1,442 |
As at December 31, 2011, there were no shifts in financial instruments having been in the Group's portfolio on the previous balance sheet date among the different levels of the fair value hierarchy.
As at December 31, 2012, derivatives (gas swaps) featuring a market value of TEUR 124 and TEUR -1,262 (December 31, 2011: TEUR -2,214) were reclassified from Level 1 to Level 2 because there was no listed prices for this derivatives on an active market. The valuations will be maintained, and the previous year's figures in the chart above were correspondingly adjusted.
The interest result and net result from financial instruments according to classes or valuation categories in line with the stipulations contained in IAS 39 includes net gains or losses, total interest income and total interest expenses as well as expenses relating to impairment losses on financial instruments, and comprise the following:
| Interest and net result of financial instruments | EUR '000 | |||||||
|---|---|---|---|---|---|---|---|---|
| 2012 | Interest income |
Interest expense |
Interest result |
Result from subse quent mea sure ment at fair value through profit or loss |
Result from subse quent mea sure ment at fair value through other compre hensive income |
Result from subse quent mea sure ment (impair ment) |
Result on dis posal |
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 assets at fair value through profit or loss Financial liabilities |
0 | 0 | 0 | 1,220 | 0 | 0 | 0 | 1,220 |
| 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) |
| Interest and net result of financial instruments (prior year) | EUR '000 | |||||||
|---|---|---|---|---|---|---|---|---|
| 2011 | Interest income |
Interest expense |
Interest result |
Result from subse quent mea sure ment at fair value through profit or loss |
Result from subse quent mea sure ment at fair value through other compre hensive income |
Result from subse quent mea sure ment (impair ment) |
Result on dis posal |
Net result (total) |
| Loans and receivables |
4,231 | (19) | 4,212 | 0 | 0 | (2,708) | 0 | 1,504 |
| Available-for-sale financial assets |
1,679 | 0 | 1,679 | 0 | 930 | 0 | (632) | 1,977 |
| Financial assets at fair value through profit or loss Financial liabilities |
0 | 0 | 0 | (1,426) | 0 | 0 | 0 | (1,426) |
| at amortized cost Total |
0 5,910 |
(23,471) (23,489) |
(23,471) (17,580) |
0 (1,426) |
0 930 |
0 (2,708) |
0 (632) |
(23,471) (21,416) |
The changes in bad debt provisions on "Loans and receivables recognized at amortized cost" are presented under "Other operating expenses." The subsequent measurement at fair value of available-for-sale financial assets recognized directly in equity is presented in the "Reserve for available-for-sale financial assets." The other components of the net result from financial instruments are recognized as "Other investment income" or as "Financing costs".
In the financial year under review, expenses amounting to TEUR 1,585 (2011: TEUR 1,784) were recognized for the provision of loans.
Net foreign exchange losses/gains are included in the other operating expenses/income in the amount of TEUR -12,144 (2011: TEUR +7,410) in other investment income in the amount of TEUR -655 (2011: TEUR + 216) in financing costs in the amount of TEUR 1,532 (2011: TEUR -425)
As a company operating on an international basis, the Lenzing Group is exposed to various financial risks and other market risks. A Group-wide risk management system comprehensively governed by guidelines ensures that potential risks are identified at an early stage and assessed. The highest possible risk transparency and quality of information should be ensured by quantifying all risk categories. The efficiency of the Group-wide risk management system is continuously evaluated and monitored by the internal control system (ICS) and the internal audit department.
Financial risks from financial instruments i.e. credit risk, liquidity risk, foreign currency risk – particularly in USD), raw material price risk and interest rate risk have been identified as the areas of risk for the Lenzing Group. Appropriate hedging arrangements are used as means of striving to minimize those risks.
Credit risk describes the risk of incurring losses on assets resulting from the failure of individual business partners to fulfill their contractual obligations. The risk of non-payment in supply transactions inherent in the Group's operations is largely covered by credit insurance and bank col-laterals (guarantees, letters of credit).
The development of the allowance for bad debts was as follows:
| Loans (non current and current) |
Trade receivables |
Other receiv ables (non current and current) |
|
|---|---|---|---|
| Bad debt provisions as at 31/12/2011 | 2,041 | 5,893 | 553 |
| Acquisition of subsidiaries | 0 | 0 | 0 |
| Utilization | 0 | (542) | 0 |
| Reversal | 0 | (103) | 0 |
| Addition | 19 | 2,813 | 0 |
| Currency translation adjustment | 51 | (111) | 0 |
| Bad debt provisions as at 31/12/2011 | 2,111 | 7,950 | 553 |
| Acquisition of subsidiaries | 0 | 0 | 0 |
| Utilization | 0 | (416) | 0 |
| Reversal | 0 | (890) | 0 |
| Addition | 23 | 1,120 | 621 |
| Currency translation adjustment | 141 | 93 | 0 |
| Bad debt provisions as at 31/12/2012 | 2,275 | 7,857 | 1,174 |
Bad debt provisions on trade receivables contain bad debt allowances for recivables from associates to the amount of TEUR 2,366 (2011: TEUR 1,566).
Bad debt provisions recognized for trade receivables mainly relate to losses for overdue receivables which are not covered by credit insurance.
The age structure of receivables is as follows:
| Loans (non current and current) |
Trade receivables |
Other receiv ables (non current and current) |
|
|---|---|---|---|
| Carrying amount as at 31/12/2012 | 2,221 | 264,516 | 36,101 |
| Thereof not impaired at the reporting date and: | |||
| not overdue | 2,071 | 230,808 | 36,101 |
| overdue up to 30 days | 0 | 24,272 | 0 |
| overdue for 31 to 90 days | 0 | 1,960 | 0 |
| overdue for 91 to 365 days | 0 | 1,128 | 0 |
| overdue for more than one year | 0 | 234 | 0 |
| Thereof impaired | 150 | 6,112 | 0 |
| Loans (non current and current) |
Trade receivables |
Other receiv ables (non current and current) |
|
|---|---|---|---|
| Carrying amount as at 31/12/2011 | 2,682 | 236,764 | 31,033 |
| Thereof not impaired at the reporting date and: | |||
| not overdue | 2,493 | 203,516 | 31,033 |
| overdue up to 30 days | 0 | 23,501 | 0 |
| overdue for 31 to 90 days | 0 | 1,980 | 0 |
| overdue for 91 to 365 days | 0 | 510 | 0 |
| overdue for more than one year | 0 | 164 | 0 |
| Thereof impaired | 188 | 7,093 | 0 |
The maximum cedit risk for recognized financial assets can be depicted as follows:
| Maximum risk of default from financial assets | EUR '000 | ||
|---|---|---|---|
| 31/12/2012 | 31/12/2011 | ||
| Carrying amount of financial instruments on the assets-side (cf note 39) |
838,343 | 778,724 | |
| Less risk deduction from receivables through | 0 | 0 | |
| received credit insurances (without deductibles) | (81,824) | (69,766) | |
| received guarantees | (4,895) | (2,640) | |
| Total | 751,624 | 747,226 |
The maximum quantifiable credit risk from financial guarantee contracts and contingent liabilities is shown in Note 46.
There are no doubts regarding the collectability of financial assets that are not impaired and not overdue.
Receivables are measured individually. If a receivable is entirely uncollectible, this receivable is impaired at 100% (on the basis of the net amount). For all other receivables, an allowance for bad debt is recognized, provided that they are assumed not be fully collectible.
In addition, the Group has assumed liability for other companies amounting to TEUR 583 (December 31, 2011: TEUR 1,167), of which TEUR 583 (December 31, 2011: TEUR 1,167) relate to associates. The Group will be required to assume responsibility for these liabilities if these companies fail to fulfill their contractual commitments. The risk of the Group actually being called upon to meet these obligations is considered to be low.
No significant concentration of risk exists relating to investments in financial assets with only one business partner.
Liquidity risk is defined as the risk of not being able to obtain financial resources at any time in order to meet liabilities which were incurred. Corporate guidelines require uniform and anticipatory liquidity planning throughout the Group. As part of the budgeting process, all Group data is consolidated in a budget-relevant one-year and medium-term four-year liquidity plan.
The Lenzing Group has a strategic liquidity reserve consisting of cash, cash equivalents, marketable securities and liquid bills of exchange amounting to TEUR 528,835 (adjusted figure for December 31, 2011: TEUR 499,564). As of December 31, 2012, the liquid assets not only consists of cash and cash equivalents and marketable securities but also encompasses liquid bills of exchange. For this reason, the previous year's figure for the strategic liquidity reserve (December 31, 2011: TEUR 493,800) was correspondingly increased by TEUR 5,764.
As at December 31, 2012, the Lenzing Group had unused lines of credit at its disposal to the amount of TEUR 211,179 (December 31, 2011: TEUR 250,757) for the purpose of financing working capital as well as for covering potential cyclical financial shortfalls.
The contractually stipulated undiscounted interest and principal payments on primary financial liabilities consist of the following:
| Valuation category according to IAS 39 | 31/12/2012 | |
|---|---|---|
| Carrying amount |
||
| Bond | Financial Liabilities at Amortized Cost (FLAC) | 119,504 |
| German private placement | Financial Liabilities at Amortized Cost (FLAC) | 199,202 |
| Bank loans | Financial Liabilities at Amortized Cost (FLAC) | 518,940 |
| Other loans | 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 |
| Lease payables | n/a (IAS 17) | 1,831 |
| Non-derivative financial instruments | 1,140,669 |
| Valuation category according to IAS 39 | 31/12/2011 | ||
|---|---|---|---|
| Carrying | |||
| amount | |||
| Bond | Financial Liabilities at Amortized Cost (FLAC) | 119,400 | |
| Bank loans | Financial Liabilities at Amortized Cost (FLAC) | 491,689 | |
| Other loans | Financial Liabilities at Amortized Cost (FLAC) | 40,010 | |
| Trade payables | Financial Liabilities at Amortized Cost (FLAC) | 148,553 | |
| Puttable non-controlling interests | Financial Liabilities at Amortized Cost (FLAC) | 33,906 | |
| Other liabilities – other financial liabilities | Financial Liabilities at Amortized Cost (FLAC) | 32,206 | |
| Accruals – other (financial) | Financial Liabilities at Amortized Cost (FLAC) | 29,293 | |
| Lease payables | n/a (IAS 17) | 1,781 | |
| Non-derivative financial instruments | 896,838 |
| Cash flows 2013 | Cash flows 2014 to 2017 | Cash flows from 2018 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Fixed interest |
Fixed and variable interest |
Variable interest |
Repay ment |
Fixed interest |
Fixed and variable interest |
Variable interest |
Repay ment |
Fixed interest |
Fixed and variable interest |
Variable interest |
Repay ment |
| 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 |
| Cash flows 2012 | Cash flows 2013 to 2016 | Cash flows from 2017 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Fixed interest |
Fixed and variable interest |
Variable interest |
Repay ment |
Fixed interest |
Fixed and variable interest |
Variable interest |
Repay ment |
Fixed interest |
Fixed and variable interest |
Variable interest |
Repay ment |
| 4,650 | 0 | 0 | 0 | 18,600 | 0 | 0 | 0 | 4,650 | 0 | 0 | 120,000 |
| 3,126 | 0 | 11,461 | 122,570 | 4,073 | 0 | 18,286 | 318,384 | 2 | 0 | 2,506 | 50,735 |
| 40 | 472 | 79 | 11,790 | 65 | 759 | 94 | 28,123 | 0 | 0 | 0 | 97 |
| 0 | 0 | 0 | 148,504 | 0 | 0 | 0 | 50 | 0 | 0 | 0 | 0 |
| 0 | 0 | 0 | 1,824 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 32,081 |
| 0 | 0 | 0 | 13,368 | 0 | 0 | 0 | 12,517 | 0 | 0 | 0 | 12,500 |
| 0 | 0 | 0 | 29,293 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 72 | 0 | 0 | (50) | 306 | 0 | 0 | (225) | 4,477 | 0 | 0 | 2,056 |
| 7,888 | 472 | 11,540 | 327,299 | 23,044 | 759 | 18,380 | 358,848 | 9,129 | 0 | 2,506 | 217,469 |
The contractually stipulated undiscounted interest and principal payments on derivative financial liabilities are comprised of the following:
| Valuation category according to IAS 39 | 31/12/2012 | ||
|---|---|---|---|
| Carrying | |||
| amount | |||
| Foreign currency forward contracts | |||
| Cash flow hedges | n/a | 5,206 | |
| Cash flow hedges, underlying already realized in income statement |
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, | |||
| underlying already realized in income statement | n/a | (1,808) | |
| Trading | At Fair Value through Profit or Loss (Trading) | (233) | |
| Negative fair value | (2,821) | ||
| Total foreign currency forward contract | 2,754 | ||
| Natural gas swaps | |||
| Cash flow hedges | n/a | 124 | |
| Cash flow hedges, | |||
| underlying already realized in income statement | n/a | 0 | |
| Trading Positive fair value |
At Fair Value through Profit or Loss (Trading) | 0 124 |
|
| Cash flow hedges | n/a | (1,262) | |
| Cash flow hedges, | |||
| underlying already realized in income statement | 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 | ||
| Cash flows 2013 | Cash flows 2014 to 2017 | Cash flows from 2018 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Fixed interest |
Fixed and variable interest |
Variable interest |
Repay ment |
Fixed interest |
Fixed and variable interest |
Variable interest |
Repay ment |
Fixed interest |
Fixed and variable interest |
Variable 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 | (1,808) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| 0 | 0 | 0 | (233) | 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 |
| Valuation category according to IAS 39 | 31/12/2011 | |
|---|---|---|
| Carrying | ||
| amount | ||
| Foreign currency forward contracts | ||
| Cash flow hedges Cash flow hedges, |
n/a | 0 |
| underlying already realized in income statement | n/a | 0 |
| Trading | At Fair Value through Profit or Loss (Trading) | 16 |
| Positive fair value | 16 | |
| Cash flow hedges Cash flow hedges, |
n/a | (18,955) |
| underlying already realized in income statement | n/a | (2,515) |
| Trading | At Fair Value through Profit or Loss (Trading) | (1,442) |
| Negative fair value | (22,912) | |
| Total foreign currency forward contract | (22,896) | |
| Natural gas swaps | ||
| n/a | 0 | |
| Cash flow hedges | ||
| Cash flow hedges, underlying already realized in income statement |
n/a | 0 |
| Trading | At Fair Value through Profit or Loss (Trading) | 0 |
| Positive fair value | 0 | |
| Cash flow hedges | n/a | (2,214) |
| Cash flow hedges, underlying already realized in income statement |
n/a | 0 |
| Trading | At Fair Value through Profit or Loss (Trading) | 0 |
| Negative fair value | (2,214) | |
| Total gas swaps | (2,214) | |
| Total | (25,110) |
| Cash flows 2012 | Cash flows 2013 to 2016 | Cash flows from 2017 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Fixed interest |
Fixed and variable interest |
Variable Repay interest ment |
Fixed interest |
Fixed and variable interest |
Variable interest |
Repay ment |
Fixed interest |
Fixed and variable interest |
Variable interest |
Repay ment |
|
| 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 16 |
0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| 0 | 0 | 0 16 |
0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| 0 | 0 | 0 (18,228) |
0 | 0 | 0 | (728) | 0 | 0 | 0 | 0 | |
| 0 | 0 | 0 (2,515) |
0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| 0 | 0 | 0 (1,442) |
0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| 0 | 0 | 0 (22,184) |
0 | 0 | 0 | (728) | 0 | 0 | 0 | 0 | |
| 0 | 0 | 0 (22,168) |
0 | 0 | 0 | (728) | 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 0 |
0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| 0 | 0 | 0 0 |
0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| 0 | 0 | 0 (1,230) |
0 | 0 | 0 | (984) | 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 (1,230) |
0 | 0 | 0 | (984) | 0 | 0 | 0 | 0 | |
| 0 | 0 | 0 (1,230) |
0 | 0 | 0 | (984) | 0 | 0 | 0 | 0 | |
| 0 | 0 | 0 (23,398) |
0 | 0 | 0 | (1,712) | 0 | 0 | 0 | 0 | |
The Lenzing Group is subject to exchange rate risks as a result of cash flows relating to investments and the company's business operations. Foreign exchange risks are hedged to the greatest possible extent if these risks affect the Group's cash flows. The operating activities expose the individual Group subsidiaries to foreign exchange risks relating to planned payment inflows and outflows not denominated in the functional currency. The exchange rate risk arising from foreign currency positions relating to expected future transactions not denominated in an entity's functional currency is hedged with foreign currency forward contracts and options which are recognized at market value.
For companies with the same functional currency, the respective net exposures in foreign currency are determined for the following accounting year within the course of the budgeting process. Purchases and sales in a specified foreign currency are pooled in one group. Approximately 67% of the budgeted net exposure of the currency pair EUR/USD - which dominates Lenzing Group transactions – was hedged as at December 31, 2012 (December 31, 2011: approx. 69%).
On a Group level, the currency translation risk is regularly evaluated and monitored. Currency translation risk refers to the risk resulting from the consolidation of foreign companies in the Group in which the euro is not the functional currency. Transactions in USD comprise the largest currency translation risk position of the Lenzing Group.
Cash flow hedge derivatives are designated for sales denominated in the hedged currency and relating to the operating business of the following financial year. The resulting cash flows are planned on a monthly basis, and the total of cash inflows and cash outflows of a month are settled at the close of each month. The cash flow hedge derivatives whose underlying transactions have already been recognized in profit or loss, serve to hedge foreign currency receivables and liabilities which are already recognized in the consolidated statement of financial position but are encompassed in the cash flows after the reporting date. In part, Group subsidiaries make use of derivatives to hedge foreign exchange risks which are not assigned to any underlying transactions in the consolidated statement of financial position (trading derivatives). For this reason hedge accounting is not applied with these derivatives.
The ineffective share of the cash flow hedge derivatives amounted to TEUR 77 in the 2012 financial year (2011: TEUR 0).
Cash flow hedge derivatives for foreign currency risks
The nominal and market values of the cash flow hedge derivatives at the reporting dates were as follows:
| 31/12/2012 | 30/12/2011 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Nominal amount |
Market value |
Hedging period until |
Nominal amount |
Market value |
Hedging period until |
||||||
| Forward contracts | |||||||||||
| CNH purchase/EUR sale | CNH | 336,000 | (172) | 05/2014 | CNH | 0 | 0 | n/a | |||
| CZK purchase/EUR sale | CZK | 200,000 | (24) | 12/2013 | CZK | 200,000 | (187) | 12/2012 | |||
| EUR sale/CZK purchase | EUR | 0 | 0 | n/a | EUR | 17,200 | (873) | 01/2013 | |||
| EUR sale/GBP purchase | EUR | 0 | 0 | n/a | EUR | 6,000 | 273 | 01/2013 | |||
| USD sale/CZK purchase | USD | 74,300 | 978 | 01/2014 | USD | 52,200 | (4,086) | 01/2013 | |||
| USD sale/EUR purchase | USD | 229,492 | 3,541 | 01/2014 | USD | 276,246 | (13,510) | 01/2013 | |||
| USD sale/GBP purchase | USD | 35,200 | 104 | 05/2014 | USD | 31,800 | (573) | 12/2012 | |||
| Total | 4,425 | (18,955) |
Cash flow hedge derivatives for foreign currency risks whose underlying transactions were already recognized in income statement
Nominal and market values of cash flow hedge derivatives whose underlying transactions were already recognized in income statement were as follows at the reporting dates:
| 31/12/2012 | 31/12/2011 | |||||||
|---|---|---|---|---|---|---|---|---|
| Nominal amount |
Market value |
Nominal amount |
Market value |
|||||
| Forward contracts | ||||||||
| EUR purchase/GBP sale | EUR | 1,000 | 72 | EUR | 0 | 0 | ||
| USD purchase/EUR sale | USD | 0 | 0 | USD | 226 | 13 | ||
| CNY sale/EUR purchase | CNY | 0 | 0 | CNY | 36,000 | (41) | ||
| EUR sale/CZK purchase | EUR | 400 | (6) | EUR | 7,300 | (373) | ||
| USD sale/CZK purchase | USD | 5,800 | (149) | USD | 3,700 | (329) | ||
| USD sale/EUR purchase | USD | 95,579 | (1,442) | USD | 44,112 | (1,717) | ||
| USD sale/GBP purchase | USD | 6,000 | 61 | USD | 3,600 | (68) | ||
| Total | (1,465) | (2,515) |
Trading derivatives for foreign currency risks
The nominal and market values of trading derivatives at the reporting dates were as follows:
| 31/12/2012 | 31/12/2011 | |||||||
|---|---|---|---|---|---|---|---|---|
| Nominal amount |
Market value |
Nominal amount |
Market value |
|||||
| Forward contracts | ||||||||
| CHF purchase/USD sale | CHF | 67 | 1 | CHF | 610 | (26) | ||
| EUR purchase/CNY sale | EUR | 0 | 0 | EUR | 376 | 16 | ||
| EUR purchase/USD sale | EUR | 1,009 | 25 | EUR | 10,760 | (801) | ||
| IDR purchase/USD sale | IDR | 194,904,500 | (232) | IDR | 385,847,350 | (618) | ||
| GBP purchase/USD sale | GBP | 42 | (0) | GBP | 0 | 0 | ||
| JPY purchase/USD sale | JPY | 0 | 0 | JPY | 6,700 | 0 | ||
| SGD purchase/USD sale | SGD | 0 | 0 | SGD | 1,795 | 3 | ||
| Total | (206) | (1,426) |
Sensitivity analysis and exposure to foreign exchange risks
Sensitivity analyses are carried out with respect to foreign exchange risks. They assess effects arising from hypothetical changes in exchange rates on income statement, other comprehensive income and equity.
The analysis implemented by the Lenzing Group is based on the following assumptions:
The sensitivities and exposure relating to the foreign currency risk at the reporting dates were as follows:
| 31/12/2012 | 31/12/2011 | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Group exposure related to EUR |
Sensitivity of devalua tion of the EUR up to 10 % |
Sensitivity of revalua tion of the EUR up to 10% |
Group exposure related to EUR |
Sensitivity of devalua tion of the EUR up to 10 % |
Sensitivity of revalua tion of the EUR up to 10% |
||||
| EUR-USD | 61,197 | 5,588 | (6,770) | 57,940 | 5,152 | (6,578) | |||
| EUR-GBP | (13,474) | (1,171) | 1,563 | 7,954 | 800 | (790) | |||
| EUR-CNY | 4,691 | 466 | (473) | 2,383 | 223 | (257) | |||
| EUR-CZK | 73,216 | 7,329 | (7,312) | 36,023 | 3,575 | (3,636) | |||
| Sensitivity of the income or loss (through receivables and payables) |
12,212 | (12,992) | 9,750 | (11,261) | |||||
| Sensitivity of the other comprehensive income (through cash flow hedge derivatives) |
(22,522) | 19,054 | (20,670) | 16,491 | |||||
| Sensitivity of the equity |
(10,311) | 6,062 | (10,920) | 5,229 |
| 31/12/2012 | 31/12/2011 | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Group exposure related to USD |
Sensitivity of devalua tion of the USD up to 10 % |
Sensitivity of revalua tion of the USD up to 10 % |
Group exposure related to USD |
Sensitivity of devalua tion of the USD up to 10 % |
Sensitivity of revalua tion of the USD up to 10 % |
||||
| USD-IDR | 16,158 | 1,469 | (1,795) | 34,328 | 3,121 | (3,814) | |||
| USD-GBP | (10,074) | (1,008) | 1,007 | (8,296) | (830) | 829 | |||
| USD-HKD | (4,562) | (456) | 456 | (4,605) | (461) | 461 | |||
| USD-CNY | 88,506 | 8,851 | (8,851) | 86,717 | 8,672 | (8,672) | |||
| USD-CZK | (5,518) | (552) | 552 | (1,205) | (121) | 121 | |||
| Sensitivity of the income or loss (through receivables and payables) |
8,304 | (8,631) | 10,382 | (11,076) | |||||
| Sensitivity of the other comprehensive income (through cash flow hedge derivatives) |
11,982 | (11,442) | 6,786 | (6,284) | |||||
| Sensitivity of the equity |
20,285 | (20,073) | 17,167 | (17,360) |
Within the context of efforts being made to optimize energy costs, natural gas procurement has been largely centralized in the Lenzing Group. In order to manage the gas price risk, the Group makes use of OTC gas swaps as part of its cash flow hedging relationships. The hedging strategies are determined on the basis of planned gas consumption volumes in the respective currency, and compared with current market prices by a market to market valuation implemented on a monthly basis. Due to these gas swaps, the Lenzing Group is subject to price risks. The major risk in this context is that the valuation of gas swaps at fair value can have a negative impact on other comprehensive income and equity in the case of an adverse change in market prices.
Embedded derivatives are contained especially in long-term gas supply contracts. These embedded derivatives are closely linked to the underlying contracts. For this reason, these financial instruments are not separated from the respective underlying contracts.
Otherwise the Group and its business operations are subject to market price risks typical for the industry (especially with respect to wood, pulp and energy), which are not hedged using derivatives but using other hedging measures (in particular long-term and short-term procurement agreements).
Instruments to hedge commodity price risks – cash flow hedges
The nominal and market values of cash flow hedge derivatives at the reporting dates were as follows:
| 31/12/2012 | 31/12/2011 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Nominal contract value* |
Hedging Market period Nominal value until contract value* |
Market value |
Hedging period until |
||||||||
| Natural gas swaps |
|||||||||||
| USD | 7,380 | (657) | 12/2015 | USD | 6,015 | (984) | 12/2014 | ||||
| GBP | 9,926 | (481) | 10/2015 | GBP | 11,778 | (1,230) | 12/2014 | ||||
| Total | 17,306 | (1,137) | 17,793 | (2,214) |
Sensitivity analyses are carried out for price fluctuation risks relating to natural gas swaps. They assess effects arising from hypothetical changes in gas prices on income statement, other comprehensive income and equity.
The analysis implemented by the Lenzing Group is based on the following assumptions:
If the market prices for natural gas increased (decreased) by 10% as at December 31, 2012, this would result in a change of other comprehensive income and equity by +/- TEUR 1,666 TEUR (December 31, 2011: +/- TEUR 1,572).
Due to business-related financing and investment activities, the Lenzing Group is subject to interest rate risks. These interest rate risks arise because of potential changes in the market interest rate, and could lead to a change in the fair value in the case of fixed interest financial instruments, and to cash flow fluctuations relating to interest payments in the case of variableinterest financial instruments. Interest rate risk management is carried out by the ongoing monitoring and adjustment of the composition of fixed and variable-interest primary financial
instruments, and in isolated cases by the use of derivative financial instruments. The major prerequisite for managing interest rate risk is its effect on the company's business results. There were no open interest rate derivatives on the reporting dates.
The exposure for interest rate risks at the balance sheet dates in the form of the carrying amount of the interest-bearing non-derivative financial instruments is as follows:
| Risk position for interest rate risks EUR '000 |
||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 31/12/2012 | ||||||||||
| Fixed interest |
Fixed and variable interest |
Variable interest |
Non interest bearing |
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 carried out for financial instruments at variable-interest. They assess effects arising from hypothetical changes in interest rates on profit and loss, other comprehensive income and equity.
The analysis implemented by the Lenzing Group is based on the following assumptions:
The sensitivities and exposure for the interest rate risk related to financial instruments with a variable interest rate at the balance sheet date are as follows:
| 31/12/2012 | Exposure variable interest |
Sensitivity of increase of the interest rate level of 100 bps |
Sensitivity of decrease of the interest rate level of 100 bps |
|---|---|---|---|
| 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 the income/loss and equity |
(54,662) | (547) | 547 |
| 31/12/2011 | Exposure variable interest |
Sensitivity of increase of the interest rate level of 100 bps |
Sensitivity of decrease of the interest rate level of 100 bps |
|---|---|---|---|
| Cash and cash equivalents | 410,534 | 4,105 | (4,105) |
| Financial assets | 2,044 | 20 | (20) |
| Current securities | 6,748 | 67 | (67) |
| Financial liabilities | (402,983) | (4,030) | 4,030 |
| Sensitivity of the income/loss and equity |
16,343 | 163 | (163) |
Additional details on the financial risk management and financial instruments are included in the Risk Report of the Lenzing Group, which in turn is part of the Management Report as at December 31, 2012 (particularly in the section "Use of financial instruments").
Property, plant and equipment include building rights and other facilities acquired as a result of financial lease agreements in which the Lenzing Group serves as the lessee.
The financial leasing contract on building rights refers to plots of land which are put at the disposal of Lenzing AG for its use in return for payment of an index-secured leasing fee. After the expiration of the contract, Lenzing AG has the right to acquire the land at market value.
Other financial lease relationships refer to the renewal of small hydropower plants. In the course of the renewal, the lessor is required to build, operate and maintain the power stations. For its part, Lenzing AG purchases all the energy generated by the power plants at a contractually stipulated price. Part of this price serves to cover investment costs, and part comprises a contingent lease payment. Following the expiration of the agreements, the power plants become the property of Lenzing AG in return for payment of a transfer fee.
The carrying amounts of the leased facilities are as follows:
2012 Land and buildings Plants and machinery, fixtures, fittings and other assets Total Costs of acquisition and production 660 848 1,508 Accumulated depreciation (65) (140) (205) Carrying amount 31/12/2012 595 708 1,303
| 2011 | Land and buildings |
Plants and machinery, fix tures, fittings and other assets |
Total |
|---|---|---|---|
| Costs of acquisition and production | 660 | 848 | 1,508 |
| Accumulated depreciation | (58) | (117) | (176) |
| Carrying amount 31/12/2011 | 601 | 731 | 1,332 |
The net present value of the minimum lease payments consists of the following:
| 31/12/2012 31/12/2011 |
||||||||
|---|---|---|---|---|---|---|---|---|
| < 1 year |
1-5 years |
> 5 years |
Total | < 1 year |
1-5 years |
> 5 years |
Total | |
| Total future minimum lease commitments |
22 | 79 | 6,513 | 6,614 | 22 | 81 | 6,533 | 6,636 |
| thereof interest component |
(1) | (10) | (4,772) | (4,783) | (72) | (306) | (4,477) | (4,855) |
| Total | 21 | 69 | 1,741 | 1,831 | (50) | (225) | 2,056 | 1,781 |
Obligations relating to finance leases are reported in the consolidated statement of financial position under "Financial liabilities" (refer to Note 31).
In the 2012 financial year, contingent lease payments to the amount of TEUR 509 (2011: TEUR 346)) were recognized as an expense. These payments relate to maintenance fees for the power plant facilities.
Operating leasing
The Lenzing Group has obligations relating to leasing and rental agreements for property, plant and equipment which are not recognized in the consolidated statement of financial position. The operating results in 2012 include expenses to the amount of TEUR 7,437 (2011: TEUR 4,820) arising from leasing and rental agreements.
Future minimum lease payments for the non-cancellable term of these leases relating to IT equipment, vehicles, wagons and office premises are classified according to their term structure as follows:
| Minimum lease payments as lessee (operating leases) | EUR '000 | |
|---|---|---|
| 2012 | 2011 | |
| Within one year | 6,379 | 5,875 |
| In the following 2 to 5 years | 12,293 | 12,651 |
| Thereafter | 561 | 886 |
| Total | 19,233 | 19,412 |
The chart above was expanded in 2012, in particular to include the leased wagons. The previous year's values were correspondingly adjusted. The minimum lease payments before the adjustments were made amounted to TEUR 11,501 in 2011.
Terms and conditions for the main operating lease agreements can be summarized as follows:
Future minimum lease payments for the non-cancellable term of leases mainly refer to land and buildings, and are classified according to their term structure:
| Minimum lease payments as lessor (operating leases) | EUR '000 | |
|---|---|---|
| 2012 | 2011 | |
| Within one year | 2,135 | 1,933 |
| In the following 2 to 5 years | 4,905 | 4,733 |
| Thereafter | 13,220 | 13,889 |
| Total | 20,259 | 20,555 |
The most important leasing agreement relates to a commercial property on which the recycling facility is operated by RVL Reststoffverwertung Lenzing GmbH. The leasing payments are index-secured. The contract was concluded for an indefinite period of time, and may be terminated with a six-year period of notice, but not before December 31, 2029.
Related parties (companies and persons) of the Lenzing Group comprise all affiliated and associates, as well as the members of the corporate bodies (Management Board and Supervisory Board) of Lenzing AG, B & C Industrieholding GmbH and B & C Privatstiftung. B & C Industrieholding GmbH and its subsidiaries are also considered to be affiliated companies.
Amounts and transactions between Lenzing AG and its affiliated companies are eliminated in the course of consolidation, and will not be described here.
Lenzing AG and its subsidiaries included in the Group taxation agreement are Group members in the tax group formed on September 25, 2009 in accordance with Section 9 Austrian Corporate Tax Law (refer to explanations on "Current and deferred taxes" included under "Accounting policies, valuation and consolidation principles"), in which B & C Industrieholding GmbH serves as the group parent and Lenzing AG and other subsidiaries of Lenzing AG are considered to be group members.
From the tax group, the Lenzing Group received a tax credit amounting to TEUR 10,115 in the 2012 financial year (2011: TEUR 5,066). In May 2012, an advance payment of TEUR 42,500 relating to the tax allocation was made to B & C Industrieholding GmbH in accordance with the contractual obligation (no such advance payment was made in the previous year).
As at December 31, 2012, the Lenzing Group recognized a liability of TEUR 38,237 (December 31, 2011: TEUR 57,732) payable to B & C Industrieholding GmbH relating to the tax allocation. This liability for the tax allocation was reported under the item "Income tax liabilities" in the consolidated statement of financial position.
Transactions with associates mainly refer to the following:
Provision of infrastructure and administrative services
Loans payable
Operation of a recycling facility and purchase of generated steam
Supply of wood
The scope of significant transactions and outstanding balances with associates are as follows:
| EQUI | LPP | PGL | RVL | LWP | |
|---|---|---|---|---|---|
| 2012 | |||||
| Sales | 58,829 | 11,825 | 0 | 11,716 | 0 |
| Other operating income | 1,027 | 0 | 0 | 0 | 20 |
| Cost of material | (77,335) | (5) | 0 | 0 | (192) |
| Cost of purchased services | (11,296) | (1) | 0 | (11,716) | 0 |
| Other operating expenses | (452) | (255) | 0 | (2) | 0 |
| Interest expense | 0 | 0 | (70) | 0 | 0 |
| Interest income | 0 | 0 | 0 | 0 | 0 |
| 31/12/2012 | |||||
| Trade receivables | 9,227 | 3,748 | 0 | 0 | 7 |
| Trade payables | 10,772 | 6 | 0 | 0 | 15 |
| Loan payables | 991 | 0 | 1,916 | 0 | 0 |
| Other liabilities | 0 | 0 | 0 | 0 | 0 |
| EQUI | LPP | PGL | RVL | LWP | |
|---|---|---|---|---|---|
| 2011 | |||||
| Sales | 58,144 | 10,292 | 0 | 10,583 | 0 |
| Other operating income | 1,115 | 0 | 0 | 0 | 18 |
| Cost of material | (46,254) | (5) | 0 | 0 | (151) |
| Cost of purchased services | (10,626) | 0 | 0 | (10,583) | 0 |
| Other operating expenses | (871) | (1,765) | 0 | (9) | 0 |
| Interest expense | 0 | 0 | (63) | 0 | 0 |
| Interest income | 0 | 0 | 0 | 0 | 0 |
| 31/12/2011 | |||||
| Trade receivables | 10,930 | 3,230 | 0 | 0 | 7 |
| Trade payables | 4,797 | 4 | 0 | 0 | 14 |
| Loan payables | 0 | 0 | 1,895 | 0 | 0 |
| Other liabilities | 74 | 0 | 0 | 0 | 0 |
Deliveries and services provided to or by related companies and individuals are carried out in line with prevailing market terms and conditions.
Lenzing AG has assumed liability for specified loans to a subsidiary of EQUI-Fibres Beteiligungsgesellschaft mbH on a pro rata basis (refer to Note 46).
The remuneration granted by Lenzing AG (i.e. paid short-term employee benefits) to active members of the Management Board comprises the following:
| Peter Untersperger | Friedrich Weninger | Thomas Winkler | Total | |||||
|---|---|---|---|---|---|---|---|---|
| 2012 | 2011 | 2012 | 2011 | 2012 | 2011 | 2012 | 2011 | |
| Fix current emoluments |
484 | 468 | 433 | 391 | 405 | 390 | 1,322 | 1,249 |
| Variable current emoluments |
696 | 2,240 | 525 | 1,539 | 488 | 1,391 | 1,709 | 5,170 |
| Total | 1,180 | 2,708 | 958 | 1,930 | 893 | 1,782 | 3,032 | 6,419 |
Due to changes in provisions, the expenditures recognized in the accounts for the remuneration granted to active members of the Management Board were TEUR 328 lower in the 2012 financial year (2011: TEUR 15) than the payments listed in the chart above.
Moreover, contributions were made by Lenzing AG into a pension fund for active members of the Management Board (benefits disbursed and paid after termination of the employment contracts with the Management Board members) to the amount of TEUR 100 (2011: TEUR 94). The company pension scheme as well as severance payment entitlements and pension entitlements in case the employment relationship of active members of the Management Board is terminated is oriented to legal regulations. The expenditures recognized in income statement and the expenses recognized directly in equity amounted to TEUR 127 in the 2012 financial year due to changes in provisions (2011: TEUR 61).
The remuneration granted to former members of the Management Board of Lenzing AG or their surviving dependents (benefits due to employees after termination of their Management Board employment contracts) amounted to TEUR 895 in 2012 (2011: TEUR 860). The expenditures recognized in income statement and the expenses recognized directly in equity amounted to TEUR 776 in the 2012 financial year due to changes in provisions (2011: positive change of TEUR 128).
The remuneration granted to active members of the Supervisory Board of Lenzing AG (disbursed remuneration for Supervisory Board members incl. attendance fees) totaled TEUR 223 in the 2012 financial year (2011: TEUR 74). The expenditures recognized in the accounts were TEUR 34 (2011: TEUR 8) above the actual payments due to changes in provisions.
The principles underlying the remuneration system for the Management Board and Supervisory Board are presented in detail in the Corporate Governance Report.
No advance payments or loans are granted to members of the Management Board and Supervisory Board. The Lenzing Group did not assume any guarantees or accept any liabilities on behalf of the Management Board and Supervisory Board. Announcements of directors' dealings on the part of the members of the Management Board and Supervisory Board are published on the Website of the Austrian Financial Market Authority (refer to http://www.fma. gv.at).
D & O liability insurance has been taken out for members of the Management Board (as well as top executives) and members of the Supervisory Board. The insurance costs amounting to TEUR 67 in 2012 (2011: TEUR 77) were borne by the Group.
Corporate bodies
Michael Junghans, Vienna Chairman
Veit Sorger, Vienna Deputy Chairman
Helmut Bernkopf, Vienna
Josef Krenner, Linz
Walter Lederer, Vienna (until April 19, 2012)
Martin Payer, Leoben
Patrick Prügger, Vienna
Andreas Schmidradner, Vienna
Astrid Skala-Kuhmann, Icking (Germany) (since April 19, 2012)
Works Council representatives:
Rudolf Baldinger, Lenzing Chairman of the Works Committee Chairman of the Waged Employees Works' Council
Georg Liftinger, Weyregg Deputy Chairman of the Works Committee Chairman of the Salaried Employees Works' Council
Gerhard Ratzesberger, Lenzing Deputy Chairman of the Salaried Employees Works' Council
Johann Schernberger, Regau Deputy Chairman of the Waged Employees Works' Council
Peter Untersperger, Linz Chief Executive Officer (CEO) Chairman of the Management Board
Friedrich Weninger, Mondsee Chief Operating Officer (COO)
Thomas G. Winkler, Salzburg Chief Financial Officer (CFO)
Financial guarantee contracts, contingent liabilities and other financial obligations as well as legal risks
As at December 31, 2012, the Group assumed liability for associates amounting to TEUR 583 (December 31, 2011: TEUR 1,167).
Moreover, the Group assumed bank guarantees, particularly to secure claims of suppliers, and to a lesser extent, granted financial retentions to the amount of TEUR 2,287 (December 31, 2011: TEUR 1,647), which were not yet recognized as liabilities. It is considered unlikely that the Group will be held liable as a result of these obligations. No liability was recognized in the consolidated statement of financial position for these guarantees, as the fair value amounted to TEUR 0 at the reporting date (December 31, 2011: TEUR 0).
The Management Board is not aware of any other commitments which would have any material effect on the financial position and financial performance of the Group.
As an internationally operating company, the Lenzing Group is subject to a wide range of legal risks. In particular, these include risks relating to product defects, competition and anti-trust laws, patent and tax regulations, employee protection provisions and environmental protection regulations. The results of currently pending or future legal proceedings are not predictable, so that expenses can arise as a result of decisions made by courts or government authorities, or on the basis of concluding legal settlements, which are not fully covered by insurance policies, and could thus potentially have a material effect on the future financial position and financial performance of the Lenzing Group. Further information is contained in the Risk Report, which is part of the Group Management Report of the Lenzing Group as at December 31, 2012.
Various legal proceedings arising as a result of the Group's ordinary business operations are pending. The Management Board currently assumes that the legal proceedings which are currently known to it will not have any material effect on the financial position and financial performance of the Group at the present time, or else sufficient provisions for risks have been set aside. Some residual risks remain independent of this cautious assessment.
Lenzing AG has direct and indirect shareholdings as follows:
| Investments | 31/12/2012 | 31/12/2011 | |||
|---|---|---|---|---|---|
| Cur rency |
Common stock | Ownership interest |
Common stock | Ownership interest |
|
| 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 | 75.00 |
| 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 Precursor GmbH, Kelheim, Germany | EUR | 25,000 | 51.00 | 25,000 | 51.00 |
| 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, Austria | 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, UK1 | 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 | - | - |
| 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 | 899,064,800 | 95.41 |
| Lenzing (Nanjing) Fibers Co., Ltd., Nanjing, China | USD | 64,440,000 | 70.00 | 64,440,000 | 70.00 |
| Lenzing Plastics GmbH, Lenzing, Austria | EUR | 35,000 | 100.00 | 35,000 | 100.00 |
| LP Automotive GmbH, Lenzing, Austria | EUR | 35,000 | 100.00 | 35,000 | 100.00 |
| Lenzing Technik GmbH, Lenzing, Austria | EUR | 35,000 | 100.00 | 35,000 | 100.00 |
| Lyocell Holding Limited, Manchester, UK | GBP | 1,000 | 100.00 | 1,000 | 100.00 |
| Penique S.A., Panama | USD | 5,000 | 100.00 | 5,000 | 100.00 |
| PT. South Pacific Viscose, Purwakarta, Indonesia | IDR | 72,500,000,000 | 90.561 | 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 | 75.00 |
| Tencel Holding Limited, Manchester, UK | GBP | 1 | 100.00 | 1 | 100.00 |
| Tencel Holding Overseas Limited, St. Helier, Jersey | GBP | 1,001 | 100.00 | 1,001 | 100.00 |
| Wasserreinhaltungsverband Lenzing – Lenzing AG, Lenzing, Austria | EUR | 0 | Membership | 0 | Membership |
| Companies accounted for at equity: | |||||
| RVL Reststoffverwertung Lenzing GmbH, Lenzing, Austria | EUR | 36,336 | 50.00 | 36,336 | 50.00 |
| WWE Wohn- und Wirtschaftspark Entwicklungsgesellschaft m.b.H., Vienna, Austria | EUR | 36,336 | 25.00 | 36,336 | 25.00 |
| EQUI-Fibres Beteiligungsgesellschaft mbH, Kelheim, Germany | EUR | 2,000,000 | 45.00 | 2,000,000 | 45.00 |
| LKF Tekstil Boya Sanayi ve Ticaret Anonim Sirketi, Istanbul, Turkey | TRY | 200,000 | 33.34 | 200,000 | 33.34 |
| Lenzing Papier GmbH, Lenzing, Austria | EUR | 35,000 | 40.00 | 35,000 | 40.00 |
| PT. Pura Golden Lion, Jakarta, Indonesia | IDR | 2,500,000,000 | 40.00 | 2,500,000,000 | 40.00 |
| Wood Paskov s.r.o., Paskov, Czech Republic | CZK | 2,000,000 | 50.00 | 2,000,000 | 37.50 |
| Companies that are not consolidted:2 | |||||
| Gemeinnützige Siedlungsgesellschaft m.b.H. für den Bezirk Vöcklabruck, | |||||
| Lenzing, Austria | EUR | 1,155,336 | 99.90 | 1,155,336 | 99.90 |
1) Thereof holding 4.77 % indirectly through PT. Pura Golden Lion, Jakarta, Indonesia. 2) Although the Lenzing Group holds the majority of shares in this company it is not consolidated as the Group does not exercise any control in the management sense of the term. According to the Austrian Commercial Code the equity amounts as of December 3, 2011 EUR 28,607 thousand (EUR 27,106 thousand as of December 31, 2010) and the profit for the year amounts to EUR 1,484 thousand in 2011 (2010: EUR 1,582 thousand).
The stake held by Lenzing AG in Gemeinnützige Siedlungsgesellschaft m.b.H. (GSG) amounts to TEUR 1,150 (December 31, 2011: TEUR 1,150). As a capital share in a non-consolidated company, it is reported under the item non-current financial assets. In spite of the majority share held by the Lenzing Group, it is not consolidated due to the fact that from an economic perspective the Lenzing Group does not exert control over this company.
GSG is an Austrian joint stock company which constructs, sells, rents and administers regional properties. The capital share is recognized at the cost of acquisition due to the lack of a reliable market price on an active market. For this reason its fair value cannot be disclosed. The Lenzing Group does not intend to sell this capital share.
There were no significant events emerging after the reporting date of December 31, 2012 which would have a material impact on the presentation of the financial position and financial performance of the Lenzing Group and hence require disclosure.
The present consolidated financial statements were released on March 18, 2013 (December 31, 2011: March 2, 2012) by the Management Board for review by the Supervisory Board, for submission to the Shareholders' Meeting and for subsequent publication. Within the context of the above-mentioned examination, the Supervisory Board is entitled to initiate changes to the consolidated financial statements.
Lenzing, March 18, 2013
Chief Executive Officer Chairman of the Management Board
Business Unit Engineering Corporate Communications Global Human Resources Internal Audit Mergers & Acquisitions Wood Purchasing
Chief Operating Officer Member of the Management Board
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
Chief Financial Officer Member of the Management Board
Global Finance Global Information Technology Global Purchasing Investor Relations Legal Management Risk Management Group Compliance
We have audited the accompanying consolidated financial statements of Lenzing Aktiengesellschaft, Lenzing, for the fiscal year from January 1, 2012 to December 31, 2012. These consolidated financial statements comprise the consolidated balance sheet as of December 31, 2012, the consolidated income statement, the consolidated cash flow statement and the consolidated statement of changes in equity for the fiscal year ended December 31, 2012, and a summary of significant accounting policies and other explanatory notes.
The Company's management is responsible for the group accounting system and for the preparation and fair presentation of these consolidated financial statements in accordance with International Financial Reporting Standards (IFRSs) as adopted by the EU. 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; and 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 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, 2012 and of its financial performance and its cash flows for the fiscal year from January 1, 2012 to December 31, 2012 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 18, 2013
Deloitte Audit Wirtschaftsprüfungs GmbH
Harald Breit Ulrich Dollinger Certified Public Accountant Certified Public Accountant
The publication or dissemination of the consolidated financial statements bearing our opinion may only take place in the approved version. This Opinion relates exclusively to the German language version of the complete consolidated financial statements including the Group management report. For any other versions, the regulations contained in Section 281 para 2 UGB (Austrian Commercial Code) are to be observed.
At five meetings held during the 2012 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 profit and loss 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.
The Audit Committee of the Supervisory Board convened three times, and in addition to examining the annual and 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.
Four meetings of the Nomination Committee took place in the 2012 financial year, which in particular focused on proposals to filling Supervisory Board positions which would become vacant as well as the extension of the Management Board mandates of Peter Untersperger and Thomas G. Winkler.
The Remuneration Committee convened eight times in the course of the 2012 financial year, dealing in particular with the remuneration model applying to the Management Board as of 2013 as well as the terms of the employment contracts with the Management Board members Peter Untersperger and Thomas G. Winkler.
For the first time, the Supervisory Board established a Strategy Committee in 2012, which met twice. The committee dealt with the business strategy of the company and monitored the strategic measures being implemented by the Management Board.
Further information pertaining to the composition and mode of operation of the Supervisory Board and its remuneration is available in the Corporate Governance Report.
In its meeting held on July 3, 2013, the Supervisory Board reappointed Thomas G. Winkler to serve as the Chief Financial Officer for a period of three years, until March 31, 2016. The Supervisory Board session of September 28, 2012, passed a resolution reappointing Peter Untersperger to the position of Chief Executive Officer for a further three-year term of office, until March 31, 2016.
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 2012 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 consolidated financial statements, the Management Report and Group Management Report, the proposal of the Management Board for the appropriation of the total accumulated profit, as well as 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 Wirtschaftsprüfungsgesellschaft mbH, Vienna again to the Shareholders' Meeting to serve as the auditors for the 2013 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 2012 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 53,100,000.00 or EUR 2.00 per no par value share is to be paid from the reported accumulated profit of EUR 147,111,280.58 and to carry forward the balance of EUR 94,011,280.58 to the new account.
The Supervisory Board agreed with the recommendation of the Audit Committee and will thus propose to the 69th Shareholders' Meeting to appoint Deloitte Audit Wirtschaftsprüfungs GmbH, Vienna, as the auditors for the annual financial statements of the 2013 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 18, 2013
Michael Junghans Chairman of the Supervisory Board
| Sales and result | 2012 | 2011 | 2010 | 2009*) | 2009 | 2008 | 2007 | 2006 | 2005 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | EUR mn | 2.090,4 | 2.140,0 | 1.766,3 | 1.218,0 | 1.254,7 | 1.329,1 | 1.260,5 | 1.042,6 | 942,6 |
| Sales outside of Austria | % | 91,1 | 91,5 | 91,3 | 88,1 | 88,4 | 87,8 | 85,9 | 85,6 | 85,0 |
| Income from operations (EBIT), Operating result** | EUR mn | 255,0 | 364,0 | 231,9 | 114,2 | 100,7 | 130,3 | 162,3 | 107,8 | 81,8 |
| Financial result** | EUR mn | (12,0) | (10,9) | (12,9) | (11,3) | (12,2) | (15,6) | (11,3) | (8,5) | (2,5) |
| Income before taxes (EBT)** | EUR mn | 246,4 | 351,9 | 216,9 | 102,9 | 88,5 | 114,7 | 151,0 | 99,2 | 79,3 |
| Income tax expense** | EUR mn | 54,5 | 84,6 | 40,2 | 23,0 | 21,6 | 36,6 | 32,8 | 10,4 | 18,6 |
| Profit for the year** | EUR mn | 191,9 | 267,4 | 169,9 | 66,8 | 66,8 | 78,7 | 117,6 | 88,4 | 60,7 |
| Profit for the year attributable | ||||||||||
| to shareholders of Lenzing AG** | EUR mn | 186,6 | 258,7 | 159,1 | 64,4 | 64,4 | 77,7 | 109,6 | 83,9 | 56,9 |
| Cash flow | ||||||||||
| Gross cash flow6 | EUR mn | 248,0 | 435,3 | 282,3 | 147,4 | 140,9 | 157,8 | 203,6 | 146,9 | 120,4 |
| Gross cash flow as percentage of sales6 | % | 11,9 | 20,3 | 16,0 | 12,1 | 11,2 | 11,9 | 16,2 | 14,1 | 12,8 |
| Net cash from operating activities | EUR mn | 209,4 | 309,7 | 294,0 | 250,9 | 250,9 | 50,4 | 223,8 | 146,1 | 124,3 |
| Free cash flow | EUR mn | (98,9) | 93,5 | 13,3 | 92,9 | 92,9 | (96,3) | (36,4) | 43,7 | 35,1 |
| Capital expenditure (Intangible assets, property, | ||||||||||
| plant and equipment and non-controlling interest) | EUR mn | 346,2 | 193,7 | 230,0 | 150,4 | 151,7 | 158,6 | 136,7 | 104,1 | 82,4 |
| Assets structure | ||||||||||
| Non-current assets | % | 56,2 | 56,6 | 60,9 | 67,5 | 67,5 | 64,2 | 62,1 | 63,0 | 63,5 |
| Current assets | % | 43,8 | 43,4 | 39,1 | 32,5 | 32,5 | 35,8 | 37,9 | 37,0 | 36,5 |
| Total assets | EUR mn | 2.632,7 | 2.340,5 | 1.963,4 | 1.447,2 | 1.447,2 | 1.415,8 | 1.308,6 | 1.061,7 | 1.010,1 |
| Capital structure | ||||||||||
| Adjusted Equity1 | % | 43,8 | 44,8 | 38,6 | 42,0 | 42,0 | 42,7 | 44,8 | 51,1 | 48,0 |
| Post employment benefits | % | 3,8 | 3,7 | 4,2 | 5,7 | 5,7 | 6,2 | 6,3 | 7,0 | 7,2 |
| Liabilities (excl. post employment benefits) | % | 52,4 | 51,5 | 57,2 | 52,3 | 52,3 | 51,1 | 48,9 | 41,9 | 44,8 |
| Key data | ||||||||||
| Return on sales (ROS)2 ** |
% | 10,2 | 12,8 | 10,8 | 7,0 | 5,7 | 7,1 | 10,6 | 7,8 | 6,5 |
| Return on capital employed (ROCE)3 ** |
% | 15,3 | 23,3 | 18,4 | 8,6 | 7,2 | 10,0 | 17,5 | 11,9 | 9,0 |
| Return on equity (ROE)7 ** |
% | 16,4 | 29,6 | 24,5 | 11,0 | 11,0 | 13,2 | 20,8 | 17,2 | 12,8 |
| EBIT4 ** |
EUR mn | 255,0 | 364,0 | 231,9 | 114,2 | 100,7 | 130,3 | 162,3 | 107,8 | 81,8 |
| EBIT margin** | % | 12,2 | 17,0 | 13,1 | 9,4 | 8,0 | 9,8 | 12,9 | 10,3 | 8,7 |
| EBITDA5 ** |
EUR mn | 358,7 | 480,3 | 330,6 | 187,9 | 182,0 | 200,8 | 229,3 | 169,3 | 141,6 |
| EBITDA margin** | % | 17,2 | 22,4 | 18,7 | 15,4 | 14,5 | 15,1 | 18,2 | 16,2 | 15,0 |
| Earnings per share | EUR | 6,6 | 9,9 | 6,2 | 2,5 | 2,5 | 3,0 | 4,3 | 3,3 | 2,2 |
| Number of employees at year-end | 7.033 | 6.444 | 6.143 | 6.021 | 6.021 | 5.945 | 6.043 | 5.044 | 4.860 |
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. grants less prop. deferred taxes (after restructurig)
2) = NOPAT (= Income from operations (EBIT) less proportional income 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 in associates 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 revenues from investment grants
6) = As of 2012 income tax is now completely included as part of gross cashflow. The prior year figure was adjusted.
7) = NOPAT
*)
Average of adjusted equity (after restructuring)
values adjusted according to IFRS 5
**) before restructuring
| Final results 2012 | Friday, 22 March |
|---|---|
| 69th Shareholders' Meeting | Wednesday, 24 April |
| Quotation ex dividend | Friday, 26 April |
| Dividend distribution | Tuesday, 30 April |
| Results 1st quarter | Wednesday, 8 May |
| Half year results | Wednesday, 21 August |
| Results 3rd quarter | Thursday, 14 November |
This English translation of the financial statements for the financial year ending 31 December 2012 was prepared for the company's convenience only. It is a nonbinding translation of the German financial statements for the financial year ending 31 December 2012. 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 terms. 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 18, 2013
| lagebericHt 2012 | 200 |
|---|---|
| Allgemeines Marktumfeld | 200 |
| Entwicklung der Lenzing AG | 203 |
| Bilanzstruktur und Liquidität | 204 |
| Kennzahlen der Lenzing AG | 205 |
| Die Lenzing Aktie | 206 |
| Risikobericht | 208 |
| Verwendung von Finanzinstrumenten | 213 |
| Bericht über wesentliche Merkmale des internen Kontrollsystems (§ 243a Abs. 2 UGB) |
215 |
| Forschung und Entwicklung | 217 |
| Umwelt und Nachhaltigkeit | 218 |
| Mitarbeiter | 219 |
| Ausblick | 220 |
| Ereignisse nach dem Bilanzstichtag | 221 |
| JaHresabscHluss 2012 | 222 |
|---|---|
| Gewinn- und Verlustrechnung für den Zeitraum 01.01.2012 bis 31.12.2012 |
222 |
| Bilanz zum 31. Dezember 2012 | 224 |
| Entwicklung der Zuschüsse der öffentlichen Hand und der unversteuerten Rücklagen für den Zeitraum 01.01.2012 bis 31.12.2012 |
226 |
| Entwicklung des Anlagevermögens für den Zeitraum 01.01.2012 bis 31.12.2012 |
228 |
| Anhang zum Jahresabschluss für das Geschäftsjahr 2012 |
230 |
| Anwendung der unternehmensrechtlichen Vorschriften und allgemeine Angaben |
230 |
| Bilanzierungs- und Bewertungsmethoden | 231 |
| Erläuterungen zur Bilanz | 234 |
| Aktiva | 234 |
| Passiva | 238 |
| Haftungsverhältnisse | 244 |
| Erläuterungen zur Gewinn- und Verlustrechnung | 245 |
| Sonstige Angaben | 249 |
| Organe der Gesellschaft | 260 |
| bestÄtigungsVerMerk | 262 |
declaration oF tHe ManageMent board 264 200
Die Weltwirtschaft entwickelte sich im Jahr 2012 schwächer als noch Anfang des Jahres erwartet. Für das Berichtsjahr nannte der Internationale Währungsfonds (IWF) zuletzt ein durchschnittliches globales Wachstum von 3,2% (nach 3,9% im Jahr 2011). Europa stand im gesamten Berichtsjahr im Zeichen der Staatsschuldenkrise, in deren Folge Einsparungsprogramme, insbesondere in den Peripheriestaaten, zum Schrumpfen der Wirtschaft führten. Diesen Nachfrageeinbruch aus Europa konnten selbst aufstrebende Entwicklungs- und Schwellenländer nicht durch deren Inlandsnachfrage ausgleichen.
Für die westlichen Industriestaaten berechnete der IWF für 2012 ein BIP-Wachstum von nur 1,3% (nach 1,6% 2011). Während die Wirtschaft im Euroraum 2012 um 0,4% schrumpfte, konnten die USA eine Expansion um 2,3% erzielen. In den Entwicklungs- und Schwellenländern wuchs die Wirtschaft im Jahr 2012 laut IWF-Berechnungen um 5,1% (nach 6,3% im Jahr 2011).
Für 2013 prognostiziert der IWF ein durchschnittliches Wachstum der Weltwirtschaft um 3,5%. Die Wirtschaft der westlichen Industriestaaten soll laut IWF 2013 um 1,4% zulegen. Das Sorgenkind bleibt dabei die Eurozone, die 2013 erneut um 0,2% schrumpfen soll. In den USA erwartet der IWF für 2013 eine stabile Entwicklung mit einem BIP-Wachstum von 2,0%. Die Wachstumstreiber der Weltwirtschaft bleiben damit einmal mehr die Entwicklungs- und Schwellenländer mit einem geschätzten Plus von 5,5% im Jahr 2013. Besonders starke Impulse für das globale Wirtschaftswachstum sollen laut IWF-Prognose erneut von China und Indien kommen mit BIP-Wachstumsraten zwischen 7% und 8% Prozent.
Das Wachstum der Welt-Faserproduktion wurde im Geschäftsjahr 2012 im Gegensatz zur kräftigen Dynamik der beiden vorangegangenen Jahre von der anhaltend schwachen Konjunkturentwicklung deutlich gedämpft.
Nach ersten Schätzungen2 betrug der Anstieg der Welt-Faserproduktion im Berichtsjahr nur mehr 1,2% von 81,0 Mio Tonnen auf 82,0 Mio Tonnen nach einem Anstieg um 6,4% im Jahr zuvor. Das leichte Wachstum fand in den Emerging Markets statt, allerdings wirkte sich die lahmende Konjunktur in den westlichen Industriestaaten auf die Textilexporte Asiens stark dämpfend aus. So wuchsen die chinesischen Textil- und Bekleidungsexporte im Jahr 2012 nur mit einem Plus von 2,8% auf USD 254 Mrd und damit wesentlich moderater als in den Vorjahren3 , als noch zweistellige Prozent-Zuwachsraten verzeichnet wurden. Im Gegensatz zu früheren Jahren konnten die asiatischen Binnenmärkte die rückläufige Nachfrage aus dem Exportgeschäft nicht ausgleichen, was 2012 insgesamt zu einer sehr schwachen Marktsituation für die gesamte Textilfaserindustrie führte.
Wolle stagnierte bei einer Jahresproduktion von geschätzten rund 1 Mio Tonnen.
Die Baumwollproduktion sank 2012 nur um rund 4,8% von 27,3 Mio Tonnen im Vorjahr auf 26,0 Mio Tonnen, womit die Produktionsmenge 2012 jener der Jahre 2006 und 2007 entsprach. Ursprünglich war für 2012 eine deutlich geringere Baumwollproduktion erwartet worden. Weiters gingen die Baumwollpreise nach den Höchstständen des Kalenderjahres 2011 ab dem zweiten Quartal 2012 noch einmal deutlich zurück. Damit hat sich Baumwolle im Jahr 2012 vom aktuellen Zyklus der Agrar-Commodities abgekoppelt.
Andererseits lag die Produktion 2012 neuerlich über dem tatsächlichen Verbrauch, was zu einem weiteren Anstieg der Baumwolllager führte. Bis Abschluss der Erntesaison 2012/13 wird nach Expertenschätzungen ein Anstieg der Baumwolllagerbestände auf einen neuen Rekordwert von 16,7 Mio Tonnen gerechnet, was einer Stock-to-Use-Ratio* von 71% entsprechen würde. Der Großteil der Baumwolllagerbestände befindet sich nach Meinung von Marktexperten in China.
Wolle stagnierte wie in den Jahren zuvor bei einer Jahresproduktion von rund 1 Mio Tonnen.
Trotz der verhaltenen Gesamt-Fasernachfrage stieg im Jahr 2012 die globale Chemiefaserproduktion nach vorläufigen Zahlen neuerlich um 4,4% von 52,6 Mio Tonnen auf 54,9 Mio Tonnen, einen neuen Rekordwert, an. Rund drei Viertel der Chemiefaserproduktion entfielen auf die Synthesefaser Polyester, wo ein Zuwachs um 4,1% erreicht wurde. Stark gestiegen ist zudem die Produktion von Polyamidfasern (plus 3,8%), Polypropylen stagnierte und die Produktion von Acrylfasern sank um 4,0%.
Die stärksten Steigerungsraten gab es 2012 in China mit plus 7,6%. Mit einer Jahresproduktion von rund 35,5 Mio Tonnen erzeugte China 2012 beinahe zwei Drittel aller Chemiefasern weltweit. Die Chemiefaserproduktion stieg auch in Indonesien, den USA und Korea an, Rückgänge waren dagegen in Taiwan, Japan und Westeuropa zu verzeichnen.
Deutlich stärker als der globale Gesamt-Fasermarkt und überproportional zur globalen Chemiefaserindustrie wuchs die Produktion von Man-made Cellulosefasern. Mit rund 5 Mio Tonnen und einem Zuwachs von 6,8% gegenüber dem Vorjahr wurde 2012 ein neuer Produktionsrekord erzielt. Davon entfielen rund 3,66 Mio Tonnen auf Cellulose-Stapelfasern, was einem Zuwachs von 9,2% entsprach. Neue Produktionskapazitäten kamen 2012 vor allem in China und Indonesien auf den Markt.
Der Baumwollpreis, der als Benchmark für die gesamte Faserindustrie gilt, war 2012 zum Halbjahr von einem deutlichen Abwärtstrend geprägt. Der Cotton "A" Index startete im Geschäftsjahr 2012 bei 96,7 US-Cent/Pfund. Ab Jahresmitte pendelte der Preis zwischen rund 80 und 85 US-Cent/Pfund und beendete das Jahr mit 83,0 US-Cent/Pfund. Dies entsprach einem Rückgang von rund 14%. Der Jahresdurchschnittspreis lag mit 88,9 US-Cent/Pfund gut 40% unter dem Vorjahres-Vergleichswert. Trotz der hohen Lagerbestände lag der Durchschnittspreis 2012 jedoch substanziell über den Tiefstständen der vergangenen Jahre, was auf die langfristige strukturelle Veränderung des Baumwollmarktes zurückzuführen ist. Zum Jahreswechsel 2013 war ein leichter Preisanstieg bei Baumwolle feststellbar.
In China verfolgte die Regierung 2012 bei Baumwolle eine rigide Schutzpolitik zugunsten der chinesischen Baumwollproduktion und setzte Einkaufspreise fest, die mehr als ein Viertel über den Weltmarktpreisen lagen. Zusätzlich erfolgte 2012 ein massiver Aufbau von Lagerbeständen in China.
Aufgrund der gegenüber dem Vorjahr deutlich niedrigeren Weltmarktpreise für Baumwolle kamen auch alle anderen Fasern unter Druck. Die Preise für Polyesterstapelfasern verharrten im gesamten Jahresverlauf 2012 auf niedrigem Niveau und erreichten im Juni mit USD 1,40 je kg ihren Jahrestiefstwert.
Die Viscosestapelfaserpreise folgten 2012 mit einer gewissen zeitlichen Verzögerung dem Preistrend aller anderen Fasern. Am weltgrößten Fasermarkt China notierten Standard-Viscosestapelfasern am Spotmarkt zu Jahresbeginn deutlich höher und sanken bis Jahresende um ca. 15%. Gegen Jahreswechsel 2012/13 erfolgte eine Konsolidierung des Abwärtstrends bei den chinesischen Viscosefaser-Spotmarktpreisen.
Viscosefasern konnten ihre Preisprämie gegenüber Baumwolle, die im langjährigen Schnitt bei 10% –15% liegt, ab dem zweiten Halbjahr 2012 teilweise wieder behaupten.
Die gegenüber dem Vorjahr deutlich niedrigeren Viscosefaserpreise bei weniger stark gesunkenen Rohstoffpreisen führten zu Produktionskürzungen und Unterauslastungen bei einer Reihe von asiatischen Herstellern. Ein südeuropäischer Mitbewerber stellte zu Jahreswechsel die Produktion überhaupt ein.
Die Lenzing AG konnte sich dem globalen Preistrend bei Man-made Cellulosefasern im Geschäftsjahr 2012 nicht entziehen. Trotz Vollauslastung der Faser-Produktionskapazitäten sank der Umsatz von EUR 839,5 Mio im Geschäftsjahr 2011 um 8,7% auf EUR 766,1 Mio. Grund dafür waren die gegenüber dem Boomjahr 2011 deutlich niedrigeren Faserdurchschnittserlöse. Der Preistrend konnte selbst durch einen neuen Verkaufsrekord bei Lenzing Modal® von rund 90.000 Tonnen nur teilweise ausgeglichen werden.
Die Aufwendungen für Material und sonstige bezogene Herstellleistungen stiegen von EUR 383,8 Mio um 6,8% auf EUR 410,2 Mio an. Dafür waren vor allem ein Anstieg der Kosten für Handelswaren und leicht gestiegene Holzeinkaufspreise für die Zellstoffherstellung verantwortlich. Der Personalaufwand stieg von EUR 149,8 Mio um 6,1% auf EUR 158,9 Mio. Dies war im Wesentlichen auf die kollektivvertragliche Lohn- und Gehaltsrunde und auf eine erhöhte Mitarbeiterzahl zurückzuführen.
Die gegenüber dem Boomjahr 2011 ungünstigere Preis-Kosten Relation führte zu einem Rückgang des EBITDA (Ergebnis vor Abschreibungen, Zinsen und Steuern) auf EUR 145,5 Mio (nach EUR 233,3 Mio im Jahr zuvor). Dabei ist festzuhalten, dass aufgrund der außerordentlichen Marktverhältnisse im Jahr 2011 ein EBITDA-Anstieg gegenüber 2010 um über 80% erfolgte. Das EBITDA 2012 war jedenfalls das zweitbeste der Lenzing AG und es lag auch substanziell über jenem des sehr guten Jahres 2010 (EUR 127,8 Mio). Die trotz der schwierigeren Marktsituation attraktive Ertragslage der Lenzing AG zeigt auch die im Berichtsjahr mit 19,0% nach wie vor überdurchschnittlich hohe EBITDA-Marge (nach 27,8% im Jahr 2011).
Das EBIT des Geschäftsjahres 2012 betrug EUR 103,7 Mio (nach EUR 183,6 Mio im Geschäftsjahr 2011). Bessere Erträge aus Zinsen, Finanzanlagen und Beteiligungen ermöglichten ein positives Finanzergebnis von EUR 1,8 Mio (nach minus EUR 4,7 Mio im Jahr zuvor). Das Ergebnis der gewöhnlichen Geschäftstätigkeit betrug EUR 92,6 Mio nach EUR 172,0 Mio. Der Jahresüberschuss sank auf EUR 79,4 Mio nach EUR 133,4 Mio. Unter Hinzurechnung des Gewinnvortrages aus dem Vorjahr ergab sich ein Bilanzgewinn der Lenzing AG von EUR 147,1 Mio (nach EUR 133,7 Mio).
Die Investitionen in immaterielle Vermögensgegenstände und Sachanlagen stiegen auf insgesamt EUR 125,0 Mio (nach EUR 59,6 Mio). Schwerpunkte waren laufende Erweiterungs- und Modernisierungsinvestitionen in den Bereichen Fasern und Energie sowie die 2012 angelaufenen Investitionen für das neue TENCEL® Werk.
Das bereinigte Eigenkapital der Lenzing AG betrug zum Bilanzstichtag Ende 2012 EUR 587,3 Mio (nach EUR 574,5 Mio). Die Eigenkapitalquote lag zu Jahresende 2012 bei rund 43% der Bilanzsumme. Bei den Verbindlichkeiten erfolgte 2012 die erstmalige Platzierung von Schuldscheinen mit einer Laufzeit von durchschnittlich rund sechs Jahren vor allem bei internationalen institutionellen Investoren. Daraus ergab sich ein Mittelzufluss von EUR 184,5 Mio bei der Lenzing AG. Die durchschnittliche Verzinsung der gesamten Emission im Ausmaß von EUR 200 Mio lag bei 2,55% p.a. Diese erfolgreiche Schuldscheinemission ermöglichte nach der 2010 erfolgten Anleiheemission eine weitere Diversifizierung und Optimierung der Verbindlichkeiten der Lenzing AG. Die Nettofinanzverschuldung (Net Financial Debt) der Lenzing AG stieg zum Jahresende 2012 auf EUR 144,7 Mio (nach EUR 45,9 Mio im Jahr zuvor).
Die liquiden Mittel der Lenzing AG erhöhten sich zum Bilanzstichtag 2012 auf EUR 282,0 Mio nach EUR 199,1 Mio. Diese hohe Liquidität wird vor allem für das laufende Kapazitätserweiterungsprogramm, insbesondere für den Bau der TENCEL® Großanlage, benötigt.
Die Lenzing AG kommt ihren Zahlungsverpflichtungen zeitgerecht nach. Die laufenden Zahlungen können aus dem operativen Cashflow gedeckt werden. 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 2012 keine Risiken bekannt, die den Bestand des Unternehmens im Geschäftsjahr 2013 gefährden könnten.
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 Vergleichszahlen 2011 und 2010 wurden an diese Definition angepasst)
Ø bereinigtes Eigenkapital = Durchschnitt des bereinigten Eigenkapitals zum 31.12.2012 und 31.12.2011
6) Gesamtkapitalrentabilität (ROI)=EBIT/Ø Gesamtkapital
Ø Gesamtkapital=Durchschnitt des Gesamtkapitals zum 31.12.2012 und 31.12.2011
| Ergebnissituation | 2012 | 2011 | 2010 |
|---|---|---|---|
| EUR Mio | EUR Mio | EUR Mio | |
| Umsatz | 766,13 | 839,52 | 698,72 |
| EBITDA1 | 145,51 | 233,26 | 127,78 |
| EBITDA Marge2 | 18,99% | 27,78% | 18,29% |
| EBIT3 | 103,72 | 183,57 | 67,13 |
| Ergebnis der gewöhnlichen Geschäftstätigkeit | 92,63 | 171,99 | 56,92 |
Investitionskennzahlen
| 2012 | 2011 | 2010 |
|---|---|---|
| EUR Mio | EUR Mio | EUR Mio |
| 125,00 | 59,56 | 53,38 |
| 56,16 | 58,06 | 53,58 |
| Kapitalstruktur / Rentabilität | 2012 | 2011 | 2010 |
|---|---|---|---|
| EUR Mio | EUR Mio | EUR Mio | |
| Fremdkapital (ohne Sozialkapital) am Bilanzstichtag | 684,04 | 550,66 | 540,61 |
| Sozialkapital am Bilanzstichtag | 85,22 | 75,37 | 74,92 |
| bereinigtes Eigenkapital am Bilanzstichtag4 | 587,26 | 574,49 | 405,80 |
| bereinigte Eigenkapitalquote | 43,29% | 47,85% | 39,73% |
| ROE in %5 | 15,95% | 35,09% | 13,99% |
| ROI in %6 | 8,11% | 16,52% | 7,11% |
| Nettoumlaufvermögen am Bilanzstichtag | 314,72 | 157,39 | 64,66 |
| Nettoverschuldung am Bilanzstichtag7 | 229,95 | 121,26 | 236,57 |
| Nettoverschuldungsgrad am Bilanzstichtag8 | 39,16% | 21,11% | 58,30% |
| Nettofinanzverschuldung am Bilanzstichtag9 | 144,73 | 45,88 | 161,65 |
| Cash Flow | 2012 | 2011 | 2010 |
|---|---|---|---|
| EUR Mio | EUR Mio | EUR Mio | |
| Cash Flow aus der Betriebstätigkeit | 94,32 | 139,57 | 148,72 |
| Cash Flow aus der Investitionstätigkeit | -104,44 | -86,1 | -146,93 |
| Cash Flow aus der Finanzierungstätigkeit | 92,97 | 19,48 | 79,17 |
| Veränderung der liquiden Mittel | 82,85 | 72,93 | 80,95 |
| Anfangsbestand liquide Mittel Lenzing AG | 199,13 | 126,2 | 65,79 |
| Anfangsbestand liquide Mittel LAGG | 0,00 | 0,00 | -20,55 |
| Endbestand liquide Mittel | 281,98 | 199,13 | 126,20 |
| Börsenkennzahlen | 2012 | 2011 | 2010 |
|---|---|---|---|
| EUR Mio | EUR Mio | EUR Mio | |
| Grundkapital am Bilanzstichtag | 27,6 | 27,6 | 26,7 |
| Anzahl der Aktien am Bilanzstichtag in Stk. | 26.550.000 | 26.550.000 | 25.725.000 |
| Börsenkapitalisierung | 1.811,2 | 1.697,6 | 2.238,1 |
| Aktienkurs am Bilanzstichtag in EUR | 68,22 | 63,94 | 87,00 |
Die Lenzing Aktie notiert im Prime Market der Wiener Börse und ist seit dem erfolgreichen Re-IPO im Sommer 2011 im österreichischen Leitindex ATX gelistet. Damit zählt Lenzing zu den 20 größten börsenotierten Unternehmen Österreichs. Zum Jahresende 2012 notierte Lenzing gemessen an der Marktkapitalisierung auf Platz 14.
Die Lenzing Aktie notierte zu Jahresbeginn 2012 bei EUR 65,94 und beschloss das Jahr mit einem Kurs von EUR 68,22. Ihr Jahrestief erreichte die Lenzing Aktie am 22. November 2012 mit EUR 61,55. Das Jahreshoch betrug EUR 87,80 je Aktie am 19. März 2012.
Die Jahresperformance der Lenzing Aktie war mit +3,5% positiv. Insbesondere in den letzten vier Handelswochen konnte die Aktie deutlich aufholen.
Der Wiener Leitindex ATX startete mit 1.890,45 Punkten in das Jahr 2012 und lag zum Ultimo mit 2.401,21 Punkten mit rund 27% im Plus. Der Grund für die Aufholjagd des ATX lag im Wesentlichen in der Erholung des sehr hoch im Index gewichteten Bankensektors ab Herbst 2012 nach Bekanntwerden neuer Lösungsansätze für die europäische Schuldenkrise sowie in positiven Signalen zur wirtschaftlichen Entwicklung in Osteuropa, wo österreichische Banken traditionell stark engagiert sind. Die im ATX enthaltenen Industriewerte entwickelten sich hingegen moderater.
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 Mehrheitseigentümer und versteht sich als langfristiger, industriell orientierter österreichischer Kernaktionär der Lenzing AG. 5% der Stimmrechte hält die Oberbank AG, eine führende österreichische Regionalbank. Die restlichen Anteile befinden sich in breitem Streubesitz bei internationalen und österreichischen Investoren. Das Unternehmen hält keine eigenen Aktien.
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. Es besteht kein Aktienrückkaufprogramm. Hinsichtlich der Mitglieder des Vorstandes und des Aufsichtsrates bestehen keine über das Gesetz hinausgehenden Bestimmungen betreffend deren Bestellung und Abberufung.
Im November 2012 platzierte Lenzing erstmals Schuldscheine in Höhe von EUR 200 Mio (Senior Debt, Unsecured). Dabei konnte ein für die Lenzing AG äußerst günstiger Zinssatz von durchschnittlich 2,55% p.a. über die durchschnittliche Laufzeit von 6 Jahren erzielt werden. Die Transaktion war gegenüber dem ursprünglich angestrebten Betrag von EUR 100 Mio vielfach überzeichnet. Die Schuldscheine wurden mit einer Laufzeit von vier und sieben Jahren mit jeweils fixer und variabler Verzinsung und mit einer Laufzeit von zehn Jahren nur mit fixer Verzinsung angeboten.
Nach der Emission eines Corporate Bonds 2010 und der Kapitalerhöhung im Zuge des Re-IPO 2011 konnte Lenzing damit eine weitere Assetklasse zur Finanzierung erschließen. Die angestrebte Diversifizierung der Konzernfinanzierung wurde damit fortgesetzt, zumal auf die nunmehrige Schuldscheinemission in Zukunft weitere Tranchen optimal aufgesetzt werden können.
Die historisch hohen Baumwolllagerbestände belasten die weltweiten Fasermärkte. Vor allem die hohen strategischen Lagerreserven in China stellen ein schwer einzuschätzendes Risiko für die kurz- und mittelfristige Preisentwicklung dar. Der Baumwollpreis veränderte sich auch im 4. Quartal 2012 nur unwesentlich und schwankte in einer sehr engen Bandbreite zwischen 80 und 83 US-Cent/Pfund. Im Man-made Cellulosefasersegment, ist im Jahr 2013 aus diesen Gründen mit einer Seitwärtsbewegung bei gleichbleibenden Preisniveaus zu rechnen. Die chinesischen Spotmärkte für Viscosestapelfaserpreise schwankten zu Jahresbeginn 2013 um ca. 14.000 RMB je Tonne.
Der Zellstoffmarkt entwickelte sich im Laufe des Berichtsjahres kontinuierlich nach unten. Die Preise für Faserzellstoff (Dissolving Wood Pulp) lagen zu Jahresbeginn 2013 bei ca. USD 900/ Tonne. Die Zellstoffversorgung der Lenzing-Faserproduktionsstandorte gilt für das Jahr 2013 als gesichert.
Die Rohstoffpreise für Chemikalien waren zu Jahresbeginn 2013 aufgrund der schwachen Nachfrage stabil, die Energiepreise bewegten sich auf niedrigem Niveau. In den USA stiegen die Gaspreise zwar im zweiten Halbjahr 2012 an, befinden sich jedoch im Vergleich zu Europa nach wie vor auf niedrigem Niveau. Risiken in Folge von starken Preisschwankungen sind somit kurzfristig nicht zu erwarten.
Allgemeine Risiken wie Naturkatastrophen, Feuer oder Explosionen, Umweltschäden und Haftungsrisiken stellen nach wie vor ein hohes Schadenspotenzial für die Lenzing AG dar und werden daher unverändert hoch eingestuft. Im Berichtszeitraum gab es keine wesentlichen Ereignisse.
Der Bau einer geplanten Viscosefaserfabrik in Indien verzögert sich nach wie vor aufgrund ausstehender behördlicher Genehmigungen. Ausbauprojekte in Indonesien, den USA und Lenzing verlaufen planmäßig bzw. wurden bereits fertiggestellt.
Der Vorstand der Lenzing AG und die ihm zugeordneten Corporate Centers übernehmen für die in Business Units aufgeteilten operativen Einheiten der Lenzing Gruppe gemeinsam mit der Leitung dieser Business Units umfangreiche Steuerungs- und Controllingaufgaben im Rahmen eines internen, alle Standorte umfassenden integrierten Kontrollsystems. Das rechtzeitige Erkennen, Evaluieren und Reagieren auf strategische und operative Risiken ist ein wesentlicher Bestandteil der Führungstätigkeit dieser Einheiten. 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 der Business Units. Eine präventive Analyse von potenziellen oder Beinahe-Ereignissen ist ebenso mit eingeschlossen. 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 die wesentlichen Unternehmenskennzahlen 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.
Jedes Risiko ist dem jeweiligen Management klar zugeordnet.
Im Berichtsjahr wurde durch Deloitte Österreich die Funktionsfähigkeit des RMS der Lenzing AG gemäß Regel 83 ÖCGK im Rahmen einer sonstigen Prüfung beurteilt. Die entsprechende Bestätigung ist auf der Homepage der Lenzing AG 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, auch 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, die im ordentlichen Rechnungslegungswerk (Bilanz, Gewinn- und Verlustrechnung) nicht abgebildet sind.
Strategische Marktrisiken werden auf Basis einer global agierenden, Lenzing-internen Marktforschung rechtzeitig analysiert. Zudem werden Risiken mit den Leitern der Business Units in Zusammenhang mit der jährlich zu erstellenden Mittelfristplanung evaluiert.
Insgesamt wurden vom Risikomanagement 29 Risiken identifiziert und in 5 Hauptbereiche, wie in weiterer Folge ersichtlich, geclustert.
Als weltweit agierendes Unternehmen ist Lenzing einer Vielzahl von makroökonomischen Risiken ausgesetzt. Die Preis- und Mengenentwicklung der Business Units Textile Fibers und in geringerem Maße auch Nonwoven Fibers ist zyklisch. Sie ist von globalen und regionalen Konjunkturlagen abhängig. Lenzing setzt diesen potenziellen Risiken internationale Marktpräsenz, ein spezialisiertes Produktportfolio, Vor-Ort-Präsenz gemeinsam mit einem erstklassigen Betreuungsnetzwerk für die Kunden und eine hohe Produkt-Diversifikation entgegen.
Auf bestimmten Märkten konkurrieren Lenzing Fasern mit Baumwolle und Synthesefasern. Deren Preisentwicklung beeinflusst somit auch die Erlöse und Mengenbewegungen von Lenzing Fasern. Diesem Risiko wirkt Lenzing durch einen hohen Spezialitätenanteil (geringere Austauschbarkeit) im globalen Produktportfolio sowie durch hohe Qualitätsstandards in Verbindung mit dem Angebot von Mehrwertdiensten im Standardbereich Viscosefasern entgegen.
Lenzing ist ein Nischenplayer in allen Geschäftsfeldern und bezieht einen signifikanten Anteil der Gewinne von 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 und Absatzmärkte entgegenwirkt.
Als Technologieführer ist Lenzing dem Risiko ausgesetzt, seine Position auf dem Fasermarkt durch Technologie-Nachahmungen oder neue Technologien von Mitbewerbern zu verlieren. Der Verlust der Marktposition könnte insbesondere dann erfolgen, wenn Lenzing nicht in der Lage ist, seine Produkte zu wettbewerbsfähigen Preisen anzubieten, wenn die Produkte nicht den Vorgaben oder Qualitätsstandards der Kunden entsprechen oder wenn die Kundenbetreuung hinter den Erwartungen der Kunden zurückbleibt. Diesem Risiko steuert Lenzing durch eine für die Branche überdurchschnittliche Forschungs- und Entwicklungstätigkeit, eine hohe Produkt-Innovationsrate sowie durch aktives Technologie-Screening entgegen. Die Lenzing AG 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 AG 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 Faser- und auch die Kunststoffproduktion und deren Margen sind Risiken bei der Verfügbarkeit und der Preisentwicklung dieser Rohstoffe unterworfen, die zum Nachteil der Lenzing AG 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 Energie verfolgt Lenzing die Strategie, den Autarkiegrad möglichst hoch zu halten bzw. Preisschwankungen durch Sicherungsgeschäfte, dazu gehören unter anderem auch Termingeschäfte für Gas, auszugleichen.
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 AG Produktionsstätten an mehreren Orten für industrielle Zwecke seit Jahrzehnten nutzt, können Risiken für Umweltschäden aus früheren Perioden nicht gänzlich ausgeschlossen werden. Obwohl die Lenzing AG 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 AG 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 AG 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 (um die beiden Betriebsstätten mit der größten Produktionskapazität zu nennen), würde einen wesentlichen Teil der Geschäftstätigkeit beeinträchtigen.
Lenzing vertreibt seine Produkte und Leistungen an Kunden in der ganzen Welt. 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. Haftpflichtschäden, welche durch Lenzing verursacht werden, sind in einem eigenen Haftpflicht-Versicherungsprogramm versichert.
Aufgrund internationaler Handelsbeziehungen der Konzerngesellschaften ist die Lenzing AG Währungsrisiken ausgesetzt. Transaktionsrisiken und Wechselkursrisiken bestehen insbesondere mit Blick auf USD, RMB und CZK. Dieses Risiko wird durch vorausgehendes Absichern des erwarteten Netto-Exposures auf Jahresbasis großteils eingegrenzt. Ziel ist es, bestehende Fremdwährungsrisiken aus bereits abgeschlossenen oder geplanten Umsatzgeschäften zu begrenzen. Diese Derivate werden bilanziell als Sicherungsinstrumente in Sicherungsbeziehungen mit abgesicherten Grundgeschäften dargestellt.
Die Lenzing AG schließt mit einer Vielzahl von Banken Geschäfte zur Veranlagung ihrer liquiden Mittel ab. Das Risiko eines möglichen Ausfalles dieser Kontrahenten und dessen negative Auswirkung wird durch ein vom Vorstand jährlich maximal akzeptiertes Veranlagungslimit (Kontrahentenrisikolimit) pro Kontrahent begrenzt. Die Limitierung der Veranlagung bei jedem einzelnen Kontrahenten basiert auf seiner Ausfallswahrscheinlichkeit. Die Limits werden unter Berücksichtigung des jeweiligen Ratings und der publizierten "Corporate Default Swap" Spreads festgelegt und können auch unterjährig bei Veränderung der Bonität entsprechend angepasst werden.
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 können zu nachträglichen Steuerbelastungen führen.
Das dynamische Wachstum der Lenzing AG und die ständige Verschärfung von internationalen Verhaltensrichtlinien und Gesetzen erhöhen für Lenzing die Anforderungen zur Einhaltung und Überwachung dieser Bestimmungen. Unzureichende Kontrolle in den Geschäftsprozessen oder mangelnde Dokumentation kann zur Verletzung von geltenden Regeln führen. Lenzing begegnete diesem Risiko mit dem Aufbau einer globalen Compliance Organisation und der Einführung eines Verhaltenskodex.
Personalrisiken können sich aus der Fluktuation von Mitarbeitern in Schlüsselpositionen sowie bei der Rekrutierung von neuen Mitarbeitern speziell im Hinblick auf den Wachstumskurs der Lenzing AG und die damit geplante stark wachsende Mitarbeiterzahl an den verschiedenen Standorten weltweit 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.
Die Lenzing AG plant, ihr bisheriges Wachstum durch Erweiterung der Produktionskapazitäten sowie des Produktangebotes und der Anwendungen – insbesondere auf dem asiatischen Markt – fortzusetzen. Überdies beabsichtigt die Lenzing AG, größere Mengen an Zellstoff von ihren eigenen Zellstoffproduktionsstandorten zu beziehen. Aufbau und Aufrechterhaltung des Betriebs einer Produktionsstätte im Bereich der Man-made Cellulosefaserindustrie erfordern einen beträchtlichen Investitionsaufwand. Selbst wenn die Finanzierung von Expansionsplänen gesichert ist, können ungünstige ökonomische oder rechtliche Bedingungen, starker Wettbewerb oder Rohstoffknappheit (insbesondere Knappheit von Zellstoff) einer geplanten Expansion der Lenzing AG entgegenstehen. Die Lenzing AG ist weiters mit dem Risiko konfrontiert, dass sich die Nachfrage auf Abnehmerseite als unzureichend erweisen könnte, um eine volle Ausnutzung der erweiterten Produktionskapazitäten zu gewährleisten.
Für die Behandlung finanzieller Risiken bestehen klare, schriftliche Richtlinien, die vom Vorstand der Gesellschaft erlassen und laufend überwacht und überprüft werden. Die Lenzing AG verwendet zur Absicherung von operativen Währungsrisiken – hauptsächlich aus Umsätzen in USD, RMB 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 Zah-
lungsströme auswirken. Translationsrisiken werden grundsätzlich nicht abgesichert, jedoch laufend beobachtet. Es findet ein reger Austausch von Informationen zwischen Management, Treasury und den betroffenen Business Units statt.
Das Ausfallsrisiko in Bezug auf diese derivativen Finanzinstrumente ist im Hinblick auf die gute Bonität der Vertragspartner als relativ gering einzustufen und es 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 24,18% 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 Wachstumsstrategie umsetzen zu können. Ein langfristig erschwerter Zugang zu Kreditmärkten und eine weiterhin angespannte Situation auf den Kapitalmärkten aufgrund der anhaltenden Finanzkrise in den EU-Ländern können 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, welche durch die Finanzkrise hervorgerufen werden, resultieren.
Das Interne Kontrollsystem der Lenzing AG 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 AG bilden die wesentliche Basis für das Kontrollumfeld und das Interne Kontrollsystem im Unternehmen.
Im Bereich der Aufbauorganisation bestehen eindeutige Kompetenz- und Verantwortungszuweisungen auf den unterschiedlichen Führungs- und Hierarchieebenen des Konzerns. Dies umfasst neben den österreichischen Standorten, ebenso alle internationalen Tochtergesellschaften. Der globalen Präsenz der Lenzing Gruppe und damit der dezentralen Gesellschaftsund Standortstrukturen wird durch die Zentralisierung von wesentlichen Unternehmensfunktionen in Corporate Centers Rechnung getragen. Die Wahrnehmung und Steuerung der nationalen Geschäftstätigkeiten obliegt dem jeweiligen Management.
Die Ablauforganisation des Unternehmens ist durch ein stark ausgeprägtes und umfangreiches Regelwerk gekennzeichnet. Dies stellt eine angemessene Basis für ein starkes Kontrollumfeld und Kontrollsystem dar. Die wesentlichen Bereiche im Hinblick auf Freigaben und Kompetenzen für den Gesamtkonzern regeln die "Mandates of the Lenzing Group". Die Überwachung der Einhaltung der Regelungen und Kontrollen liegt in der Verantwortung des jeweils zuständigen Business Unit oder Corporate Center Managements.
Mit der zentralen Zuständigkeit des Corporate Centers Global Finance für den Bereich der Finanzberichterstattung ist eine klare Struktur und Verantwortlichkeit für diesen Bereich gesichert. Zur Ausübung der Kontrollfunktion in diesem Bereich wurden ein umfassendes Regelwerk und Richtlinien definiert und eingesetzt.
Die Lenzing AG 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 International 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-, Finanz- und Ertragslage der Lenzing AG vorliegen.
Die in den Konzernabschluss von Lenzing einbezogenen Unternehmen erstellen auf Gesellschaftsebene zeitgerecht lokale Abschlüsse und sind dafür 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 Sicherungsbedürfnis 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 Anwendung und Einhaltung der Kontrollen im operativen Betrieb obliegt dem Corporate Center Internal Audit.
Ein globales Tax Management zeichnet für die Steuerthemen im Konzern verantwortlich.
Das Rechtsmanagement der Lenzing AG wird vom Corporate Center Legal Management wahrgenommen. Diese zentrale Funktion ist für alle Rechtsangelegenheiten der Lenzing AG zuständig und insbesondere mit allen Rechtsangelegenheiten betraut, die keine Standardabläufe darstellen.
Das neu geschaffene Corporate Center Group Compliance sorgt mit dem Aufbau eines Compliance Management Systems (CMS) für Prozesse, welche gruppenweit regeln, wie Gesetze und unternehmensinterne Richtlinien einzuhalten sind und vorbeugen, dass keine gesetzesoder regelwidrige Handlungen begangen werden. Group Compliance untersteht direkt dem CFO. Im Rahmen des CMS werden Compliance-relevante Risken erfasst und Maßnahmen zur Verminderung derselben getroffen, fehlende Compliance-relevante Richtlinien ergänzt, Mitarbeiter geschult, Hilfestellung bei Compliance-Themen gegeben, die Einhaltung der Vorschriften überprüft, regelwidriges Verhalten bearbeitet und regelmäßig dem Vorstand und Aufsichtsrat berichtet. Weiters wurde ein für die ganze Lenzing Gruppe verbindlicher Verhaltenskodex (Code of Conduct) erstellt und implementiert.
Die Lenzing AG hat sich den Vorschriften des Österreichischen Corporate Governance Kodex (ÖCGK) unterworfen 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.
Das Corporate Center Internal Audit ist unabhängig von den Organisationseinheiten und Geschäftsprozessen, und untersteht bzw. 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 Berichterstattung an den Vorstand und einmal jährlich direkt an den Prüfungsausschuss gewährleistet das Funktionieren des Internen Kontrollsystems.
Das Corporate Center Risk Management bildet die Risken außerhalb der Bilanz und GuV ab, indem ein halbjährlicher Risikobericht erstellt wird. Die wesentlichen Risken des Risikoberichts sind auch im Geschäftsbericht erwähnt. Beim Risikobericht wird nach den international anerkannten Standards von COSO (Committee of Sponsoring Organizations of the Treadway Commission) vorgegangen.
Im Geschäftsjahr 2012 investierte Lenzing EUR 23,0 Mio (2011: rund EUR 22,6 Mio) in Forschung und Entwicklung (berechnet nach Frascati).
Im Bereich der Prozessinnovation lag 2012 ein Schwerpunkt auf der Weiterentwicklung der TENCEL® Technologie mit dem Ziel, Qualitätsoptimierungen zu erreichen und die spezifischen Investitionskosten sowie die Produktionskosten zu senken. In der Viscose- und Modalfaserherstellung konzentrierte sich Lenzing im Berichtsjahr auf eine weitere Reduktion der Abwasserbelastung durch zusätzliche Kreislaufschließungen und die Rückgewinnung eingesetzter Chemikalien. Wo immer möglich und sinnvoll, wurde im Rahmen von Forschungskooperationen an Prozessverbesserungen geforscht. So untersuchte Lenzing in kooperativen Projekten mit anderen Zellstoffherstellern und der Universität für Bodenkultur in Wien, wie ungewollt farbgebende Substanzen entstehen und wie diese zur Verbesserung der Faserqualität vermieden werden können. Ein K-Projekt im COMET-Programm* widmete sich der Entwicklung neuer Online-Messverfahren für kürzere Reaktionszeiten bei Störungen sowie der Einsparung von Chemikalien und der Qualitätskontrolle. Durch die langjährige Forschung zu Chemikalienrückgewinnung und Kreislaufschließungen im Produktionsprozess konnte im Jahr 2012 mit Schwersodagranulat ein neues Co-Product zur Marktreife gebracht werden.
Begleitend zur zukünftigen Erweiterung der Produktionskapazität für TENCEL® am Standort Lenzing wurde die Weiterentwicklung der Lyocelltechnologie mit hoher Priorität vorangetrieben. Ein neu entwickeltes Konzept, welches erstmals an der TENCEL® Großanlage in Lenzing realisiert werden wird, soll Kapazitätsvorteile bei geringeren spezifischen Investitionskosten ermöglichen. In der neuen Anlage werden in der Fasernachbehandlung die Vorteile der Faserkabelwäsche mit der Vliesnachbehandlung vereint.
Deutliche Fortschritte wurden 2012 beim Entwicklungsprojekt TencelWeb™ erzielt. Die Besonderheit dieser neuen Technologie liegt in der Herstellung von Vliesstoffen direkt aus der Spinnlösung. Dadurch weisen die so produzierten Vliesstoffe ein besonders geringes Flächengewicht auf und besitzen einen hohen Mikrofaseranteil. Im Berichtsjahr wurde mit dem Ausbau der Pilotanlage für TencelWeb™ als nächstem Schritt in Richtung Kommerzialisierung begonnen.
Im Herbst 2012 nahm Lenzing eine zweite TENCEL® Pilotanlage für Hochtechnologieanwendungen in Heiligenkreuz in Betrieb. Die neue Pilotanlage dient der Entwicklung von Faserprodukten für elektrische High-Tech-Anwendungen, insbesondere im Bereich Energiespeicherung, und soll vielversprechende Laborergebnisse auf ein industrielles Niveau bringen. Wegen der besonderen Faserstruktur von TENCEL® kann durch Karbonisierung ein Material mit besonders hoher Ladungsdichte hergestellt werden.
2012 wurden die Innovationsaktivitäten für die Business Unit Pulp gebündelt und neu strukturiert. Schwerpunkte der Entwicklungen lagen erstens auf der Prozesstechnologie für die bestehenden Zellstoffstandorte. In Paskov wurden unter anderem der weitere Mengen- und Qualitätshochlauf für Faserzellstoff unterstützt und die Technologieentwicklung für die kommende Umstellung auf völlig chlorfrei gebleichte Qualitäten durchgeführt. In Lenzing wurden Innovationen zur erhöhten Ressourceneffizienz im Bereich Kochereichemikalien im Betriebsmaßstab erfolgreich getestet. Zweiter Fokus waren Projekte zur kurz- und mittelfristigen kosteneffizienten und hochqualitativen Zellstoffversorgung der Lenzinger Faserstandorte in Abstimmung auf die Viscose- und TENCEL® Produktion. Im dritten Schwerpunkt wurden die Entwicklungen für das neue Co-Product Schwersoda in den Betriebsmaßstab überführt und die ersten Kundenbelieferungen begleitet. Weitere Aktivitäten für zukünftige Co-Products wurden gestartet.
Der Geschäftsbereich Umweltschutz war im Jahr 2012 erneut gefordert, die Umweltschutzanlagen so zu adaptieren, dass diese mit den Produktionssteigerungen der Lenzing AG Schritt halten können. Durch den laufenden Ausbau der Anlagen konnte diese Anforderung im Berichtsjahr wiederum sehr gut erfüllt werden.
So wurde die Abwasserreinigungsanlage des Wasserreinhaltungsverbandes Lenzing – Lenzing AG im Jahr 2012 um ein neues Auslaufbauwerk und Abwasserverteilsystem in den Fluss Ager ergänzt. Damit wurde auch den Vorgaben der EU-Wasserrahmenrichtlinie hinsichtlich der Einmischung der gereinigten Abwässer in den Fluss entsprochen.
Der Geschäftsbereich Umweltschutz leitete im Berichtsjahr die Vorbereitung, Einreichung und Abwicklung der Umweltverträglichkeitsprüfung für die TENCEL® Produktionsanlage in Lenzing. Nach der öffentlichen Bekanntmachung des Projektes, der sechswöchigen Projektauflage und einer mündlichen Verhandlung erteilte die OÖ. Landesregierung als UVP-Behörde schließlich im Mai 2012 die Genehmigung nach dem Umweltverträglichkeitsprüfungsgesetz. Der Erhalt der rechtskräftigen Genehmigung in weniger als neun Monaten nach der Einreichung bestätigt die gute Qualität und Vorbereitung der Projekteinreichung und ein professionelles Projekt- und Verfahrensmanagement sowohl von Seiten der Lenzing AG als auch seitens der Behörde und Fachabteilungen des Amtes der OÖ. Landesregierung.
Zusätzlich zur Behandlung der abwasserwirtschaftlichen Belange der TENCEL® Produktion im UVP-Verfahren erarbeitete der Wasserreinhaltungsverband Lenzing – Lenzing AG ein Detailprojekt "Vorreinigungsanlage TENCEL®"und reichte dieses ein. Die Erweiterung der Verbandkläranlage für das TENCEL® Werk wurde im April 2012 behördlich bewilligt. Die Errichtung dieser Anlage ist im angelaufenen Geschäftsjahr 2013 vorgesehen.
Die akkreditierte Prüfstelle Umweltanalytik Lenzing (UAL) bewies auch 2012 ihr hohes Niveau an Laborleistungen in den Bereichen Abwasser- und Abfallanalytik sowie ökotoxikologische Untersuchungen. Auch das alle fünf Jahre durchzuführende Re-Akkreditierungsaudit im Auftrag der Akkreditierungsstelle Bundesministerium für Wirtschaft, Familie und Jugend wurde im August 2012 erfolgreich absolviert. Die Fachkompetenz der Prüfstelle wurde überaus positiv beurteilt und die Akkreditierung weiter verliehen.
Weiters wurde das Umweltmanagementsystem des Standortes Lenzing im Juni 2012 einem Erneuerungsaudit unterzogen. Diese alle drei Jahre zu absolvierende Re-Zertifizierung nach ISO 14001 wurde sehr gut bewältigt.
Die Marktführerschaft und der technologische Vorsprung der Lenzing AG beruhen zu einem Gutteil auf dem Engagement, der Kreativität und der Qualifikation ihrer Mitarbeiter. Diese bilden die Basis für den nachhaltigen Erfolg und die Weiterentwicklung des Unternehmens. Deshalb setzt Lenzing laufend Maßnahmen zur Förderung und Fortbildung der einzelnen Mitarbeiter sowie zur Verbesserung des Betriebsklimas.
Um eine bestmögliche Aus- und Weiterbildung der Mitarbeiter zu ermöglichen, betreibt die Lenzing AG ein eigenes Ausbildungszentrum, das Bildungszentrum Lenzing. Die Trainingsinhalte reichen dabei von technischen Aspekten der Mechanik oder Chemie bis hin zu Soft Skills wie Coaching oder Präsentationstechniken.
2012 wurden alleine im Bildungszentrum Lenzing 240 verschiedene Kurse mit insgesamt 2.950 Teilnehmern abgehalten. Knapp die Hälfte der Kursteilnehmer waren Mitarbeiter des Standortes Lenzing. Das Ausmaß der Kurse variierte dabei je nach Bedürfnissen und Ansprüchen von einzelnen Tagen über wochenübergreifende Schulungen bis hin zu mehrmonatigen Ausbildungsprogrammen.
Im Berichtsjahr wurde das Führungskräfte-Ausbildungsprogramm der Lenzing AG ausgebaut. Die 2011 ins Leben gerufene Coaching-Ausbildung für Manager wurde 2012 erfolgreich fortgeführt. Coaching-Kompetenz befähigt Führungskräfte, ihre Mitarbeiter beim Ausbau ihrer Qualifikationen und der Entwicklung ihrer Fähigkeiten noch besser zu unterstützen. Weiters starteten im Berichtsjahr die ersten zehn Lenzing Manager das vertiefende, 18-monatige Coaching-Programm.
Lenzing erwartet von allen Führungskräften gemäß den Unternehmensgrundsätzen, dass sie betriebswirtschaftliche Fragen analysieren, fundiert beurteilen und zeitgerechte Entscheidungen treffen. Viele Manager gaben in der Vergangenheit das Thema Finanzwissen für Nicht-Finanzer als Weiterbildungsbedarf an. Aus diesem Grund wurde 2012 eine Ausbildung "Finance for Non-Financials" angeboten. Dieses Schulungsprogramm verschafft Lenzing Führungskräften entsprechendes Fachwissen, um fundierte Entscheidungen im Tagesgeschäft zu treffen.
Für die gesundheitliche Betreuung der MitarbeiterInnen steht am Standort Lenzing ein eigenes Gesundheitszentrum (IBG-Gesundheitszentrum Lenzing) sowie das Gesundheitsteam des Corporate Center Global Safety, Health & Environment (SHE) zur Verfügung, Im Rahmen der Arbeit des IBG-Gesundheitszentrums wurden die arbeitsmedizinischen Begehungen und Untersuchungen weiter ausgebaut. In Zusammenarbeit mit dem SHE-Gesundheitsteam konnten auch die bewährten viertägigen Gesundheitstage 2012 wieder erfolgreich abgewickelt werden. Am Arbeitsplatz stand neben den arbeitsmedizinischen Aspekten die Beratung durch eine qualifizierte Ergonomin im Vordergrund. Es wurden neben Büro- und Laborarbeitsplätzen auch eine Reihe von Betriebswarten analysiert und umgestaltet.
Zum Stichtag 31. Dezember 2012 beschäftigte die Lenzing AG 2.019 Mitarbeiter (nach 1.951 per Ende 2011), davon 113 Lehrlinge (Ende 2011: 114).
Auf den wichtigsten Absatzmärkten der Lenzing AG ist 2013 mit keiner durchgreifenden Änderung der makroökonomischen Rahmenbedingungen zu rechnen. Insbesondere der private Konsum in den westlichen Industrieländern entwickelte sich zu Jahresbeginn 2013 noch immer schleppend.
Der globale Fasermarkt ist derzeit durch die sehr hohen Baumwolllagerbestände belastet. In den ersten Wochen 2013 war zwar ein leichter Aufwärtstrend bei Baumwolle feststellbar, eine nachhaltige Änderung der Situation ist jedoch erst bei einem kräftigen Anziehen der Nachfrage und einer gleichzeitig unter dem Verbrauch liegenden Baumwollernte möglich. Für das Geschäftsjahr 2013 wird daher mit einer Fortsetzung der aktuellen Markt-Konsolidierungsphase gerechnet. Dies bedeutet vorerst auch keine substanzielle Änderung der aktuellen Preissituation für Man-made Cellulosefasern.
Die Lenzing AG strebt für das Jahr 2013 abermals die Vollauslastung all ihrer Faserproduktionskapazitäten an. Aufgrund der Marktgegebenheiten wird mit einem gegenüber Jahreswechsel 2012/13 weitgehend unveränderten Preisniveau bei Lenzing Viscose- und Modalfasern gerechnet, sodass 2013 ein Übergangsjahr wird. Die Lenzing AG erwartet insgesamt für 2013 ein vergleichsweise gedämpftes Geschäftsergebnis, die Ergebnismargen werden nicht an jene der beiden vorangegangenen Jahre anschließen können.
Berichtspfl ichtige Ereignisse nach dem Bilanzstichtag liegen nicht vor.
Lenzing, am 20. Februar 2013
Mag. Dr. Peter Untersperger
Dipl.-Ing. Friedrich Weninger, MBA
Mag. Thomas G. Winkler, LL.M.
| für den Zeitraum 01.01.2012 bis 31.12.2012 | 2012 | 2011 |
|---|---|---|
| EUR | TEUR | |
| 1. Umsatzerlöse | 766.128.273,46 | 839.523,9 |
| 2. Veränderung des Bestandes an fertigen und unfertigen Erzeugnissen | -3.406.300,00 | 6.281,0 |
| 3. andere aktivierte Eigenleistungen | 3.508.413,70 | 1.362,6 |
| 4. sonstige betriebliche Erträge: | ||
| a) Erträge aus dem Abgang vom und der Zuschreibung zum Anlagevermögen | ||
| mit Ausnahme der Finanzanlagen | 390.685,48 | 2.415,7 |
| b) Erträge aus der Auflösung von Rückstellungen | 21.848.928,01 | 33.598,6 |
| c) übrige | 50.645.082,27 | 27.052,9 |
| 72.884.695,76 | 63.067,2 | |
| 5. Aufwendungen für Material und sonstige bezogene Herstellungsleistungen | ||
| a) Materialaufwand | -356.622.748,24 | -331.311,2 |
| b) Aufwendungen für bezogene Leistungen | -53.604.694,93 | -52.529,0 |
| -410.227.443,17 | -383.840,2 | |
| 6. Personalaufwand: | ||
| a) Löhne | -56.696.645,84 | -54.102,7 |
| b) Gehälter | -54.995.366,17 | -57.981,9 |
| c) Aufwendungen für Abfertigungen und Leistungen an betriebliche Mitarbeitervorsorgekassen | -11.011.989,62 | -4.901,9 |
| d) Aufwendungen für Altersversorgung | -5.264.761,61 | -2.638,3 |
| e) Aufwendungen für gesetzlich vorgeschriebene Sozialabgaben | ||
| sowie vom Entgelt abhängige Abgaben und Pflichtbeiträge | -28.536.560,04 | -27.759,3 |
| f) sonstige Sozialaufwendungen | -2.420.139,70 | -2.378,7 |
| -158.925.462,98 | -149.762,9 | |
| 7. Abschreibungen auf immaterielle Gegenstände des Anlagevermögens und Sachanlagen | ||
| a) planmäßige Abschreibungen | -56.161.198,70 | -55.818,2 |
| b) außerplanmäßige Abschreibungen | 0,00 | -2.238,5 |
| c) Auflösung Investitionszuschüsse der öffentlichen Hand | 1.175.784,58 | 1.449,8 |
| -54.985.414,12 | -56.606,9 | |
| 8. sonstige betriebliche Aufwendungen | ||
| a) Steuern, soweit sie nicht unter Ziffer 18 fallen | -153.407,11 | -906,0 |
| b) übrige | -124.012.425,23 | -142.466,7 |
| -124.165.832,34 | -143.372,7 | |
| 9. Zwischensumme aus Ziffer 1 bis 8 (Übertrag) | 90.810.930,31 | 176.652,0 |
| für den Zeitraum 01.01.2012 bis 31.12.2012 | 2012 | 2011 | |
|---|---|---|---|
| EUR | TEUR | ||
| 9. | Zwischensumme aus Ziffer 1 bis 8 (Übertrag) | 90.810.930,31 | 176.652,0 |
| 10. Erträge aus Beteiligungen | 12.361.033,82 | 10.037,4 | |
| davon aus verbundenen Unternehmen EUR 11.585.614,82 (2011: TEUR 9.031,6) | |||
| 11. Erträge aus anderen Wertpapieren und Ausleihungen des Finanzanlagevermögens | 4.189.734,94 | 7.500,0 | |
| davon aus verbundenen Unternehmen EUR 2.037.328,95 (2011: TEUR 4.960,3) | |||
| 12. sonstige Zinsen und ähnliche Erträge | 3.506.772,12 | 2.928,3 | |
| davon aus verbundenen Unternehmen EUR 973.144,57 (2011: TEUR 101,3) | |||
| 13. Erträge aus dem Abgang von und der Zuschreibung zu Finanzanlagen | 7.477.131,46 | 184,7 | |
| davon aus verbundenen Unternehmen EUR 6.831.246,41 (2011: TEUR 120,7) | |||
| 14. Aufwendungen aus Finanzanlagen und aus Wertpapieren des Umlaufvermögens | -14.626.509,68 | -13.736,8 | |
| davon: | |||
| a) Abschreibungen EUR 11.439.001,68 (2011: TEUR 13.479,9) | |||
| b) Aufwendungen aus verbundenen Unternehmen EUR 13.734.326,44 (2011: TEUR 12.415,4) | |||
| 15. Zinsen und ähnliche Aufwendungen | -11.086.292,51 | -11.577,1 | |
| davon betreffend verbundene Unternehmen EUR 38.596,79 (2011: TEUR 0,0) | |||
| 16. Zwischensumme aus Ziffer 10 bis 15 | 1.821.870,15 | -4.663,6 | |
| 17. Ergebnis der gewöhnlichen Geschäftstätigkeit | 92.632.800,46 | 171.988,4 | |
| 18. Steuern vom Einkommen und Ertrag | -13.235.109,44 | -38.563,0 | |
| 19. Jahresüberschuss | 79.397.691,02 | 133.425,5 | |
| 20. Auflösung unversteuerter Rücklagen | 354.098,93 | 303,0 | |
| 21. Jahresgewinn | 79.751.789,95 | 133.728,5 | |
| 22. Zuweisung von Gewinnrücklagen (freie) | 0,00 | -40.000,0 | |
| 23. Gewinnvortrag aus dem Vorjahr | 67.359.490,63 | 40.006,0 | |
| 24. Bilanzgewinn | 147.111.280,58 | 133.734,5 |
| Aktiva | 31.12.2012 | 31.12.2011 |
|---|---|---|
| A. Anlagevermögen | EUR | TEUR |
| I. Immaterielle Vermögensgegenstände | ||
| Rechte | 1.065.602,43 | 973,6 |
| II. Sachanlagen | ||
| 1. Grundstücke, grundstücksgleiche Rechte und Bauten, einschließlich der Bauten auf fremdem Grund |
76.514.874,19 | 75.819,4 |
| 2. technische Anlagen und Maschinen | 234.456.730,31 | 229.817,5 |
| 3. andere Anlagen, Betriebs- und Geschäftsausstattung | 12.594.368,97 | 10.802,8 |
| 4. Anlagen in Bau | 67.711.589,29 | 25.589,2 |
| 5. geleistete Anzahlungen | 19.899.569,63 | 215,3 |
| 411.177.132,39 | 342.244,1 | |
| III. Finanzanlagen | ||
| 1. Anteile an verbundenen Unternehmen | 264.415.676,91 | 254.420,5 |
| 2. Ausleihungen an verbundene Unternehmen | 83.322.908,11 | 57.911,0 |
| 3. Beteiligungen | 5.110.143,91 | 5.110,1 |
| 4. Wertpapiere (Wertrechte) des Anlagevermögens | 56.795.535,69 | 94.345,7 |
| 5. sonstige Ausleihungen | 823.759,11 | 1.355,6 |
| 410.468.023,73 | 413.143,0 | |
| 822.710.758,55 | 756.360,7 | |
| B. Umlaufvermögen | ||
| I. Vorräte | ||
| 1. Roh-, Hilfs- und Betriebsstoffe | 30.578.063,56 | 29.443,2 |
| 2. unfertige Erzeugnisse | 577.903,00 | 613,6 |
| 3. fertige Erzeugnisse und Waren | 25.345.179,00 | 28.715,8 |
| 4. geleistete Anzahlungen | 547.875,25 | 632,6 |
| 57.049.020,81 | 59.405,1 | |
| II. Forderungen und sonstige Vermögensgegenstände | ||
| 1. Forderungen aus Lieferungen und Leistungen | 80.137.003,31 | 64.967,7 |
| 2. Forderungen gegenüber verbundenen Unternehmen | 77.131.401,06 | 95.322,0 |
| 3. Forderungen gegenüber Unternehmen, mit denen ein Beteiligungsverhältnis besteht |
3.703.221,48 | 3.114,4 |
| 4. sonstige Forderungen und Vermögensgegenstände | 32.521.708,69 | 20.925,7 |
| 193.493.334,54 | 184.329,8 | |
| III. Wertpapiere und Anteile | 0,00 | 6.748,0 |
| IV. Kassenbestand, Guthaben bei Kreditinstituten | 281.975.989,89 | 192.378,7 |
| 532.518.345,24 | 442.861,7 | |
| C. Rechnungsabgrenzungsposten | 1.295.221,42 | 1.301,4 |
| 1.356.524.325,21 | 1.200.523,8 |
| Passiva | 31.12.2012 | 31.12.2011 |
|---|---|---|
| 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 | 147.111.280,58 | 133.734,5 |
| davon Gewinnvortrag EUR 67.359.490,63 (31.12.2011: TEUR 40.006,0) | ||
| 570.774.810,57 | 557.398,0 | |
| B. Zuschüsse der öffentlichen Hand | 5.255.652,33 | 5.568,7 |
| C. Unversteuerte Rücklagen | ||
| Bewertungsreserve auf Grund von Sonderabschreibungen gem. § 7a EStG bzw. § 8 EStG | 16.722.940,04 | 17.077,0 |
| D. Rückstellungen | ||
| 1. Rückstellungen für Abfertigungen | 49.256.124,02 | 42.641,0 |
| 2. Rückstellungen für Pensionen | 26.218.517,00 | 23.959,8 |
| 3. Steuerrückstellungen | 190.329,53 | 232,3 |
| 4. sonstige Rückstellungen | 79.664.431,39 | 111.736,7 |
| 155.329.401,94 | 178.569,8 | |
| E. Verbindlichkeiten | ||
| 1. Anleihen | 120.000.000,00 | 120.000,0 |
| 2. Verbindlichkeiten aus Schuldscheindarlehen | 184.500.000,00 | 0,0 |
| 3. Verbindlichkeiten gegenüber Kreditinstituten | 137.589.833,30 | 178.693,7 |
| 4. sonstige zinstragende Verbindlichkeiten | 23.263.806,38 | 22.834,0 |
| 5. erhaltene Anzahlungen auf Bestellungen | 488.966,42 | 527,1 |
| 6. Verbindlichkeiten aus Lieferungen und Leistungen | 67.463.655,75 | 44.733,4 |
| 7. Verbindlichkeiten gegenüber verbundenen Unternehmen | 65.510.426,95 | 65.443,4 |
| 8. Verbindlichkeiten gegenüber Unternehmen, mit denen ein Beteiligungsverhältnis besteht | 307,25 | 0,0 |
| 9. sonstige Verbindlichkeiten | 9.444.728,32 | 9.397,8 |
| davon aus Steuern EUR 242.681,76 (31.12.2011: TEUR 241,7) | ||
| davon im Rahmen der sozialen Sicherheit EUR 2.809.908,33 (31.12.2011: TEUR 2.595,8) | ||
| 608.261.724,37 | 441.629,4 | |
| F. Rechnungsabgrenzungsposten | 179.795,96 | 280,8 |
| 1.356.524.325,21 | 1.200.523,8 |
| Haftungsverhältnisse | 165.247.561,62 | 87.343,5 | |
|---|---|---|---|
| -- | ---------------------- | ---------------- | ---------- |
Lenzing AG
für den Zeitraum 01.01.2012 bis 31.12.2012
| Stand am 01.01.2012 | Zugang | |
|---|---|---|
| EUR | EUR | |
| 1.851.076,58 | 0,00 | |
| 2.637.193,20 | 21.700,00 | |
| 382.976,66 | 0,00 | |
| 4.871.246,44 | 21.700,00 | |
| 258.778,12 | 1.638.453,90 | |
| 438.701,75 | 0,00 | |
| 5.568.726,31 | 1.660.153,90 | |
| 1.238.101,76 | 0,00 | |
| 16.000.027,57 | 0,00 | |
| 1.077.011,40 | 0,00 | |
| 2.652.481,28 12.109.444,53 |
0,00 0,00 |
| Stand am 31.12.2012 | Umbuchung | Auflösung | Abgang |
|---|---|---|---|
| EUR | EUR | EUR | EUR |
| 1.734.205,06 | 0,00 | -116.871,52 | 0,00 |
| 2.073.554,96 | 0,00 | -585.338,24 | 0,00 |
| 347.526,49 | 0,00 | -35.450,17 | 0,00 |
| 4.155.286,51 | 0,00 | -737.659,93 | 0,00 |
| 1.099.788,72 | 0,00 | -797.443,30 | 0,00 |
| 577,10 | 0,00 | -438.124,65 | 0,00 |
| 5.255.652,33 | 0,00 | -1.973.227,88 | 0,00 |
| 2.382.536,85 | 0,00 | -259.668,49 | -10.275,94 |
| 12.266.803,56 | 198.098,21 | -40.158,41 | -580,77 |
| 996.588,23 | -198.098,21 | -34.925,65 | -8.489,67 |
| 15.645.928,64 | 0,00 | -334.752,55 | -19.346,38 |
| 1.077.011,40 | 0,00 | 0,00 | 0,00 |
| 16.722.940,04 | 0,00 | -334.752,55 | -19.346,38 |
für den Zeitraum 01.01.2012 bis 31.12.2012
| Anschaffungs bzw. Herstellungs kosten |
Zugänge | Abgänge | Umbuchungen | ||
|---|---|---|---|---|---|
| 01.01.2012 | 2012 | 2012 | 2012 | ||
| I. Immaterielle Vermögensgegenstände |
EUR | EUR | EUR | EUR | |
| Rechte | 54.248.258,50 | 516.327,29 | -463.287,75 | 36,69 | |
| II. Sachanlagen | |||||
| 1. Grundstücke, grundstücksgleiche Rechte und Bauten, einschließlich der Bauten auf fremdem Grund |
|||||
| a) Wohngebäude |
|||||
| Grundwert | 839.176,90 | 88.809,26 | -10.418,23 | 0,00 | |
| Gebäudewert | 1.672.918,85 | 8.010,23 | -87.029,86 | 0,00 | |
| b) Geschäfts- und Fabriksgebäude und andere Baulichkeiten |
|||||
| Grundwert | 1.683.122,57 | 0,00 | 0,00 | 0,00 | |
| Grundstücksgleiche Rechte | 659.676,21 | 0,00 | 0,00 | 0,00 | |
| Gebäudewert | 171.319.056,35 | 2.374.656,33 | -33.009,03 | 1.819.970,41 | |
| c) unbebaute Grundstücke |
1.492.563,64 | 205.463,91 | 0,00 | 0,00 | |
| 177.666.514,52 | 2.676.939,73 | -130.457,12 | 1.819.970,41 | ||
| 2. technische Anlagen und Maschinen | 957.144.164,53 | 31.341.989,59 | -4.791.815,27 | 21.117.571,55 | |
| 3. andere Anlagen, Betriebs- und Geschäftsausstattung |
48.817.179,94 | 5.204.577,46* | -2.931.421,44* | 520.273,68 | |
| 4. Anlagen in Bau | 25.589.232,90 | 65.364.909,52 | 0,00 | -23.242.553,13 | |
| 5. geleistete Anzahlungen | 215.299,20 | 19.899.569,63 | 0,00 | -215.299,20 | |
| Summe Sachanlagen | 1.209.432.391,09 | 124.487.985,93 | -7.853.693,83 | -36,69 | |
| III. Finanzanlagen | |||||
| 1. Anteile an verbundenen Unternehmen | 407.388.532,27 | 3.163.935,17 | 0,00 | 0,00 | |
| 2. Ausleihungen an verbundene Unternehmen | 61.807.975,27 | 28.031.067,00 | -2.000.000,00 | 0,00 | |
| 3. Beteiligungen | 7.142.928,86 | 0,00 | 0,00 | 0,00 | |
| 4. Wertpapiere (Wertrechte) des Anlagevermögens |
116.479.046,04 | 0,00 | -38.233.415,20 | 0,00 | |
| 5. sonstige Ausleihungen | 3.683.497,30 | 312.249,49 | -902.036,63 | 0,00 | |
| Summe Finanzanlagen | 596.501.979,74 | 31.507.251,66 | -41.135.451,83 | 0,00 | |
| 1.860.182.629,33 | 156.511.564,88 | -49.452.433,41 | 0,00 |
| Zuschreibungen | Abschreibungen | Buchwert | Buchwert | Abschreibungen kumuliert |
Anschaffungs bzw. Herstellungs kosten |
|---|---|---|---|---|---|
| 2012 | 2012 | 31.12.2011 | 31.12.2012 | 31.12.2012 | 31.12.2012 |
| EUR | EUR | EUR | EUR | EUR | EUR |
| 0,00 | 424.333,66 | 973.572,11 | 1.065.602,43 | 53.235.732,30 | 54.301.334,73 |
| 0,00 | 0,00 | 839.176,86 | 917.567,89 | 0,04 | 917.567,93 |
| 0,00 | 29.071,42 | 766.502,87 | 703.528,29 | 890.370,93 | 1.593.899,22 |
| 0,00 | 0,00 | 1.683.122,57 | 1.683.122,57 | 0,00 | 1.683.122,57 |
| 0,00 | 6.663,40 | 599.705,61 | 593.042,21 | 66.634,00 | 659.676,21 |
| 0,00 | 3.713.343,89 | 70.438.302,83 | 70.919.585,68 | 104.561.088,38 | 175.480.674,06 |
| 0,00 | 0,00 | 1.492.563,64 | 1.698.027,55 | 0,00 | 1.698.027,55 |
| 0,00 | 3.749.078,71 | 75.819.374,38 | 76.514.874,19 | 105.518.093,35 | 182.032.967,54 |
| -285.713,63 | 48.076.236,84 | 229.817.451,58 | 234.456.730,31 | 770.355.180,09 | 1.004.811.910,40 |
| 0,00 | 3.911.549,49* | 10.802.772,59 | 12.594.368,97 | 39.016.240,67 | 51.610.609,64 |
| 0,00 | 0,00 | 25.589.232,90 | 67.711.589,29 | 0,00 | 67.711.589,29 |
| 0,00 | 0,00 | 215.299,20 | 19.899.569,63 | 0,00 | 19.899.569,63 |
| -285.713,63 | 55.736.865,04 | 342.244.130,65 | 411.177.132,39 | 914.889.514,11 | 1.326.066.646,50 |
| -6.831.246,41 | 0,00 | 254.420.495,33 | 264.415.676,91 | 146.136.790,53 | 410.552.467,44 |
| 0,00 | 619.186,86 | 57.911.027,97 | 83.322.908,11 | 4.516.134,16 | 87.839.042,27 |
| 0,00 | 0,00 | 5.110.143,91 | 5.110.143,91 | 2.032.784,95 | 7.142.928,86 |
| -434.434,96 | 696.600,00 | 94.345.715,93 | 56.795.535,69 | 21.450.095,15 | 78.245.630,84 |
| -78.010,12 | 20.063,24 | 1.355.599,37 | 823.759,11 | 2.269.951,05 | 3.093.710,16 |
| -7.343.691,49 | 1.335.850,10 | 413.142.982,51 | 410.468.023,73 | 176.405.755,84 | 586.873.779,57 |
| -7.629.405,12 | 57.497.048,80 | 756.360.685,27 | 822.710.758,55 | 1.144.531.002,25 | 1.967.241.760,80 |
Lenzing AG
Anhang zum Jahresabschluss für das Geschäftsjahr 2012
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 2012 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 2012.
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.
Die AFRAC-Stellungnahme "Die unternehmensrechtliche Bilanzierung von Derivaten und Sicherungsinstrumenten" vom 24. September 2010 wurde von der Gesellschaft zum Stichtag 31. Dezember 2011 erstmals angewendet.
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.
Bilanzierungs- und Bewertungsmethoden
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 |
| 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 voraussichtliche 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 2012 wurden insgesamt 179.066 Stück (2011: 179.066 Stück) Emissionszertifikate zugeteilt und 126.542 Stück (2011: 134.068 Stück) verbraucht. Die aus dem aktuellen Geschäftsjahr und dem Vorjahr nicht verbrauchten Emissionszertifikate von insgesamt 168.421 Stück (31.12.2011: 110.356 Stück) hatten zum 31. Dezember 2012 einen Marktwert von TEUR 1.099,8 (31.12.2011: TEUR 761,5).
Betreffend die Bewertung von Guthaben bei Kreditinstituten in Fremdwährungen wird auf die unter dem Punkt Fremdwährungsumrechnung beschriebene Vorgehensweise verwiesen.
Wertpapiere des Umlaufvermögens werden mit den Anschaffungskosten oder dem niedrigeren Kurswert zum Bilanzstichtag bewertet.
Vom Wahlrecht des bilanziellen Ansatzes des gemäß § 198 Abs. 10 UGB aktivierbaren Betrages für aktive Steuerabgrenzungen von TEUR 8.411,1 (31.12.2011: TEUR 7.044,3) 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) 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 3,8 (31.12.2011: TEUR 9,2) 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 Gehalts- und 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. 234
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 | 31.12.2012 | 31.12.2011 | |
|---|---|---|---|
| Stichtagskurs | EUR/USD | 1,31898 | 1,29360 |
| durchschnittlicher Sicherungskurs | EUR/USD | 1,35597 | 1,36180 |
| Verbindlichkeiten | 31.12.2012 | 31.12.2011 | |
| Stichtagskurs | EUR/USD | 1,31893 | 1,29340 |
Aktiva
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 laufenden Geschäftsjahr wurden immaterielle Vermögensgegenstände mit Anschaffungskosten in Höhe von TEUR 31,2 (2011: TEUR 0,0) von verbundenen Unternehmen erworben. In den immateriellen Vermögensgegenständen sind solche immateriellen Vermögensgegenstände, die von einem verbundenen Unternehmen erworben wurden, mit einem Buchwert von TEUR 27,3 (31.12.2011: TEUR 0,0) enthalten.
Im Berichtsjahr wurden TEUR 125.004,3 (2011: TEUR 59.557,0) in immaterielle Vermögensgegenstände sowie in Sachanlagen investiert.
Nach Unternehmensbereichen ergibt sich folgende Aufgliederung:
| Unternehmensbereich | 2012 | 2011 |
|---|---|---|
| TEUR | TEUR | |
| Fasern | 79.973,9 | 28.371,8 |
| Zentralbereiche (Umwelt, Information & Kommunikation, Infrastruktur) | 29.101,9 | 16.012,8 |
| Zellstoff | 6.944,8 | 11.606,0 |
| Energie | 8.487,9 | 3.426,6 |
| Übrige | 495,8 | 139,8 |
| Gesamt | 125.004,3 | 59.557,0 |
Die Abgänge von immateriellen Vermögensgegenständen und von Sachanlagen hatten Anschaffungs- und Herstellungskosten von TEUR 8.317,0 (2011: TEUR 3.807,4) und einen Buchwert von TEUR 103,8 (2011: TEUR 579,7).
Die grundstücksgleichen Rechte beinhalten im Wesentlichen ein erworbenes Baurecht mit einem Buchwert von TEUR 593,0 (31.12.2011: TEUR 599,7).
Die Zugänge bei den Anteilen an verbundenen Unternehmen betreffen die Eigenkapitalzufuhr an die Lenzing Modi Fibers India Private Limited (TEUR 3.135,9) sowie den Erwerb der Anteile an der Lenzing Global Finance GmbH (TEUR 28,0). Im Vorjahr erfolgte im Wesentlichen eine Eigenkapitalzufuhr an die Lenzing (Nanjing) Fibers Co., Ltd. (TEUR 3.440,0) sowie an die Lenzing Modi Fibers India Private Limited (TEUR 1.397,0).
Der Vorstand 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. Die Auswirkungen der Liquidation auf das Finanzergebnis im Geschäftsjahr 2012 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 84.146,7 (31.12.2011: TEUR 59.266,6) 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 | 83.322,9 | 11.279,7 | 72.043,2 |
| Vorjahr | 57.911,0 | 11.200,0 | 46.711,0 |
| Sonstige Ausleihungen | 823,8 | 344,6 | 479,2 |
| Vorjahr | 1.355,6 | 750,3 | 605,3 |
| Gesamt | 84.146,7 | 11.624,3 | 72.522,4 |
| Vorjahr | 59.266,6 | 11.950,3 | 47.316,3 |
Die Wertpapiere (Wertrechte) des Anlagevermögens enthalten festverzinsliche Anleihen von TEUR 38.646,5 (31.12.2011: TEUR 76.518,2) sowie den Großanlegerfonds GF82 von TEUR 8.655,4 (31.12.2011: TEUR 8.221,0), der zur Deckung der Pensionsrückstellung dient. Dieser Fonds veranlagt nach den Vorschriften des Pensionskassengesetzes. Der Fonds ist per Jahresende im Wesentlichen in Euro-Renten veranlagt.
Ebenfalls beinhaltet dieser Posten Ansprüche aus Rückdeckungsversicherungen von TEUR 3.762,7 (31.12.2011: TEUR 3.875,6) betreffend Pensionsverpflichtungen und sonstige Wertpapiere (Wertrechte) des Anlagevermögens von TEUR 5.730,9 (31.12.2011: TEUR 5.730,6).
Die Roh-, Hilfs- und Betriebsstoffe beinhalten im Wesentlichen Buchenholz für die Zellstoffproduktion, Chemikalien für sämtliche Geschäftsbereiche sowie diverse Kleinmaterialien und Ersatzteile.
Die Bestände an unfertigen und fertigen Erzeugnissen betreffen im Wesentlichen Viscosefaser und Zellstoff.
Die geleisteten Anzahlungen betreffen Vorauszahlungen an Lieferanten für Roh-, Hilfs- und Betriebsstoffe.
Die Forderungen und sonstigen Vermögensgegenstände über insgesamt TEUR 193.493,3 (31.12.2011: TEUR 184.329,8) setzen sich wie folgt zusammen:
| Forderungen | Bilanzwert |
|---|---|
| TEUR | |
| Forderungen aus Lieferungen und Leistungen | 80.137,0 |
| Vorjahr | 64.967,7 |
| Forderungen gegenüber verbundenen Unternehmen | 77.131,4 |
| Vorjahr | 95.322,0 |
| Forderungen gegenüber Unternehmen, mit denen ein Beteiligungsverhältnis besteht | 3.703,2 |
| Vorjahr | 3.114,4 |
| sonstige Forderungen und Vermögensgegenstände | 32.521,7 |
| Vorjahr | 20.925,7 |
| Gesamt | 193.493,3 |
| Vorjahr | 184.329,8 |
Sämtliche Forderungen und sonstigen Vermögensgegenstände sind bis auf Forderungen gegenüber verbundenen Unternehmen in Höhe von TEUR 3.532,8 (31.12.2011: TEUR 2.010,4) kurzfristig.
Von den Forderungen aus Lieferungen und Leistungen sind TEUR 61.042,9 (31.12.2011: TEUR 49.549,4) nach Abzug von Selbstbehalten versichert und in Höhe von TEUR 4.895,0 (31.12.2011: TEUR 2.640,0) durch Garantien besichert. Wechselmäßige Verbriefungen liegen weder zum 31. Dezember 2012 noch zum 31. Dezember 2011 vor.
Forderungen gegenüber verbundenen Unternehmen resultieren aus Liefererungen und Leistungsverrechnungen in Höhe von TEUR 48.854,6 (31.12.2011: TEUR 42.293,3), gewährten kurzfristigen Darlehen von TEUR 2.000,0 (31.12.2011: TEUR 24.000,0) sowie sonstigen Verrechnungen von TEUR 9.185,7 (31.12.2011: TEUR 12.220,7) und Forderungen aus Steuerumlagen in Höhe von TEUR 17.091,2 (31.12.2011: TEUR 16.808,0).
Soweit Forderungen und Verbindlichkeiten zwischen verbundenen Unternehmen in wirtschaftlicher Betrachtungsweise einander aufrechenbar gegenüberstehen, werden diese bei gleichem Gläubiger und Schuldner gegeneinander aufgerechnet.
Forderungen gegenüber Unternehmen, mit denen ein Beteiligungsverhältnis besteht, resultieren aus der Leistungsverrechnung an die Lenzing Papier GmbH.
Die sonstigen Forderungen und Vermögensgegenstände beinhalten:
| sonstige Forderungen und Vermögensgegenstände |
31.12.2012 | 31.12.2011 |
|---|---|---|
| TEUR | TEUR | |
| Guthaben aus der Verrechnung mit dem Finanzamt | 20.354,9 | 8.823,4 |
| An- und Vorauszahlungen | 1.238,9 | 1.459,2 |
| Abgrenzung von Kostenersätzen | 5.000,0 | 5.713,5 |
| Emissionszertifikate | 1.996,9 | 2.469,0 |
| übrige (insbesondere Zinsforderungen) | 3.931,0 | 2.460,6 |
| Gesamt | 32.521,7 | 20.925,7 |
In den sonstigen Forderungen und Vermögensgegenständen sind Erträge in Höhe von TEUR 21.860,7 (31.12.2011: TEUR 11.501,6) enthalten, die erst nach dem Bilanzstichtag zahlungswirksam werden.
Passiva
Das Grundkapital der Lenzing AG zum 31. Dezember 2012 beträgt EUR 27.574.071,43 (31.12.2011: TEUR 27.574,1) und ist in 26.550.000 Stückaktien (31.12.2011: 26.550.000) eingeteilt. Der auf eine Stückaktie entfallende Anteil am Grundkapital beträgt etwa 1,04 EUR. 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.
Die Kapitalrücklagen betragen TEUR 138.642,8 (31.12.2011: TEUR 138.642,8) und betreffen überwiegend das bei den Aktienemissionen erzielte Agio.
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:
| 2012 Rückstellungen für |
Stand 01.01.2012 |
Verbrauch | Auflösung | Zugang | Stand 31.12.2012 |
|---|---|---|---|---|---|
| TEUR | TEUR | TEUR | TEUR | TEUR | |
| 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 |
| 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 |
| 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 |
| 2011 Rückstellungen für |
Stand 01.01.2011 |
Verbrauch | Auflösung | Zugang | Stand 31.12.2011 |
|---|---|---|---|---|---|
| TEUR | TEUR | TEUR | TEUR | TEUR | |
| Noch nicht abgerechnete Lieferungen und Leistungen |
5.775,6 | 4.718,9 | 3,5 | 7.259,9 | 8.313,1 |
| Jubiläumsgelder | 8.683,3 | 649,3 | 0,0 | 739,0 | 8.773,0 |
| Sonderzahlungen | 12.397,2 | 12.397,2 | 0,0 | 14.871,6 | 14.871,6 |
| Resturlaube | 4.143,2 | 4.143,2 | 0,0 | 4.781,4 | 4.781,4 |
| Sonstige Personalaufwendungen |
6.310,7 | 4.278,7 | 970,6 | 5.263,4 | 6.324,8 |
| Drohende Verluste | 39.144,4 | 2.295,9 | 18.718,3 | 11.100,0 | 29.230,2 |
| Schadensfälle | 30.305,4 | 973,3 | 6.223,2 | 7.497,6 | 30.606,5 |
| Übrige | 12.794,2 | 4.497,1 | 7.682,9 | 8.221,9 | 8.836,1 |
| Gesamt | 119.554,0 | 33.953,6 | 33.598,5 | 59.734,8 | 111.736,7 |
Die Rückstellungen für drohende Verluste betreffen im Wesentlichen Vorsorgen für Haftungsübernahmen und Verpflichtungen aus zu erbringenden Infrastrukturleistungen.
In den Rückstellungen für Schadensfälle sind vor allem Rückstellungen für Sanierungs- und Infrastrukturmaßnahmen in Zusammenhang mit geplanten Investitionen sowie für Prozessrisiken 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:
| 2012 | Abferti | Jubiläums | |
|---|---|---|---|
| Rückstellungen für | Pensionen | gungen | gelder |
| TEUR | TEUR | TEUR | |
| In der Bilanz erfasste Werte: | |||
| Rückstellung zum 01.01.2012 | 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 (+) /Gewinn (-) |
3.470,9 | 6.843,9 | 1.091,8 |
| 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 |
Jahre 58/63/57 |
Jahre 58/63/57 |
Jahre 58/63/57 |
| 2011 Rückstellungen für |
Pensionen | Abferti gungen |
Jubiläums gelder |
|---|---|---|---|
| TEUR | TEUR | TEUR | |
| In der Bilanz erfasste Werte: | |||
| Rückstellung zum 01.01.2011 | 24.022,1 | 42.213,6 | 8.683,3 |
| Periodenaufwand | 2.007,7 | 4.389,1 | 738,9 |
| Auszahlungen | -2.070,0 | -3.961,7 | -649,2 |
| Rückstellung zum 31.12.2011 | 23.959,8 | 42.641,0 | 8.773,0 |
| Wert nach § 14 EStG | 17.338,1 | 32.281,6 | 6.661,2 |
| Aufwand im Geschäftsjahr: | |||
| Laufender Dienstzeitaufwand | 5,6 | 1.637,8 | 362,9 |
| Zinsaufwand | 1.037,8 | 1.838,2 | 376,9 |
| Realisierung versicherungs mathematischer Verlust (+) /Gewinn (-) |
964,3 | 913,1 | -0,9 |
| Periodenaufwand | 2.007,7 | 4.389,1 | 738,9 |
| Annahmen zur Berechnung der erwarteten leistungsorientierten Ansprüche zum 31.12.2011: |
|||
| Diskontierungszinssatz | 4,5% | 4,5% | 4,5% |
| Pensionssteigerung | 2,5% / 3,0% | - | - |
| Gehaltssteigerung | 3,0% | 3,0% | 3,0% |
| Pensionseintrittsalter Frauen/Männer/Schwerarbeiter |
Jahre 58/63/57 |
Jahre 58/63/57 |
Jahre 58/63/57 |
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.
242
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), 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:
| mit einer Restlaufzeit bis zu |
mit einer Restlaufzeit 1 bis 5 |
mit einer Restlaufzeit über 5 |
||
|---|---|---|---|---|
| Verbindlichkeiten | Bilanzwert | 1 Jahr | Jahren | Jahren |
| TEUR | TEUR | TEUR | TEUR | |
| Anleihen | 120.000,0 | 0,0 | 120.000,0 | 0,0 |
| Vorjahr | 120.000,0 | 0,0 | 0,0 | 120.000,0 |
| Schuldscheindarlehen | 184.500,0 | 0,0 | 88.500,0 | 96.000,0 |
| Vorjahr | 0,0 | 0,0 | 0,0 | 0,0 |
| Verbindlichkeiten gegenüber Kreditinstituten |
137.589,8 | 47.431,5 | 90.158,3 | 0,0 |
| Vorjahr | 178.693,7 | 54.263,9 | 124.202,3 | 227,5 |
| Sonstige zinstragende Verbindlichkeiten |
23.263,8 | 4.485,2 | 16.214,3 | 2.564,3 |
| Vorjahr | 22.834,0 | 6.355,3 | 14.701,9 | 1.776,8 |
| Erhaltene Anzahlungen auf Bestellungen |
489,0 | 489,0 | 0,0 | 0,0 |
| Vorjahr | 527,1 | 527,1 | 0,0 | 0,0 |
| Verbindlichkeiten aus Lieferungen und Leistungen |
67.463,7 | 67.360,1 | 103,6 | 0,0 |
| Vorjahr | 44.733,4 | 44.684,4 | 49,0 | 0,0 |
| Verbindlichkeiten gegenüber | ||||
| verbundenen Unternehmen | 65.510,4 | 46.477,6 | 18.032,8 | 1.000,0 |
| Vorjahr | 65.443,4 | 65.443,4 | 0,0 | 0,0 |
| Verbindlichkeiten gegenüber | ||||
| Unternehmen mit Beteiligungsverhältnis | 0,3 | 0,3 | 0,0 | 0,0 |
| Vorjahr | 0,0 | 0,0 | 0,0 | 0,0 |
| Sonstige Verbindlichkeiten | 9.444,7 | 8.969,8 | 474,9 | 0,0 |
| Vorjahr | 9.397,8 | 9.089,4 | 308,4 | 0,0 |
| Gesamt | 608.261,7 | 175.213,5 | 333.483,9 | 99.564,3 |
| Vorjahr | 441.629,4 | 180.363,5 | 139.261,6 | 122.004,3 |
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.
Die sonstigen zinstragenden Verbindlichkeiten enthalten ERP-Kredite, Forschungsförderungskredite und Verbindlichkeiten aus Finanzierungsleasing.
Von den Verbindlichkeiten gegenüber Kreditinstituten und sonstigen zinstragenden Verbindlichkeiten von TEUR 160.853,6 (31.12.2011: TEUR 201.527,7) sind TEUR 0,0 (31.12.2011: TEUR 6.453,3) durch Grundpfandrechte und sonstige dingliche Sicherheiten besichert.
Von den Verbindlichkeiten gegenüber verbundenen Unternehmen betreffen TEUR 11.124,1 (31.12.2011: TEUR 7.152,8) Lieferungen und Leistungsverrechnungen, TEUR 204,4 (31.12.2011: TEUR 119,6) sonstige Verrechnungen sowie TEUR 38.682,0 (31.12.2011: TEUR 58.171,1) Verbindlichkeiten aus Steuerumlagen. Weiters bestehen Verbindlichkeiten aus Darlehen in Höhe von TEUR 15.500,0 (31.12.2011: TEUR 0,0) gegenüber der Lenzing Global Finance GmbH aus der Weiterverrechnung der vereinnahmten finanziellen Mittel aus den von der Lenzing Global Finance GmbH begebenen Schuldscheinen.
In den sonstigen Verbindlichkeiten sind Aufwendungen in Höhe von TEUR 9.280,7 (31.12.2011: TEUR 8.365,8) enthalten, die erst nach dem Bilanzstichtag zahlungswirksam werden. Davon betreffen TEUR 922,5 (31.12.2011: TEUR 1.083,7) 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 | 31.12.2012 | 31.12.2011 |
|---|---|---|
| TEUR | TEUR | |
| Bürgschafts- und Garantieerklärungen für den Wasserreinhaltungs verband Lenzing-Lenzing AG für den Bau der zweiten und dritten Ausbaustufe der Abwasserreinigungsanlage |
8.198,2 | 9.913,8 |
| Haftungsübernahmen für verbundene Unternehmen | 156.466,0 | 76.263,0 |
| Haftungsübernahmen für Unternehmen, mit denen ein Beteiligungsverhältnis besteht |
583,4 | 1.166,7 |
| Gesamt | 165.247,6 | 87.343,5 |
Die Lenzing AG hat im Geschäftsjahr 2012 eine Garantie über sämtliche Kapital- und Zinszahlungen für die von der Lenzing Global Finance GmbH platzierten Schuldscheine in Höhe von TEUR 15.500 abgegeben. Die Schuldscheine wurden mit einer Laufzeit von 4 Jahren mit variabler und von 10 Jahren mit fixer Verzinsung abgeschlossen.
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.
Als international tätiges Unternehmen ist die Lenzing AG einer Vielzahl von rechtlichen Risiken ausgesetzt. Hierzu können insbesondere Risiken aus den Bereichen Produktmängeln, Wettbewerbs- und Kartellrecht, Patentrecht, Steuerrecht, Arbeitnehmer und Umweltschutz gehören. Weitere Ausführungen sind dem Risikobericht im Lagebericht zu entnehmen. Die Ergebnisse von gegenwärtig anhängigen bzw. künftigen Verfahren sind nicht vorhersagbar, sodass auf Grund 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.
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.
Im Berichtsjahr erzielte die Gesellschaft einen Umsatz von TEUR 766.128,3 (2011: TEUR 839.523,9), der sich wie folgt gliedert:
| Umsatzerlöse nach Märkten | 2012 | 2011 |
|---|---|---|
| TEUR | TEUR | |
| Österreich | 149.713,1 | 147.349,5 |
| Europa inkl. Türkei ohne Österreich | 386.524,5 | 368.697,5 |
| Asien | 169.666,7 | 240.851,1 |
| Amerika | 45.551,1 | 63.824,7 |
| Sonstige | 14.672,9 | 18.801,2 |
| Gesamt | 766.128,3 | 839.523,9 |
| Umsatzerlöse nach Business Units | 2012 | 2011 |
|---|---|---|
| TEUR | TEUR | |
| Textile Fibers | 409.916,0 | 475.500,0 |
| Nonwoven Fibers | 217.043,0 | 221.050,0 |
| Pulp, Energy, Sonstige | 139.169,3 | 142.973,9 |
| Gesamt | 766.128,3 | 839.523,9 |
| übrige sonstige betriebliche Erträge | 2012 | 2011 |
|---|---|---|
| TEUR | TEUR | |
| Leistungsverrechnungen und Kostenersätze | 32.694,0 | 11.280,9 |
| Forschungs-, Lehrlings- und Bildungsprämien | 4.635,0 | 3.057,3 |
| Beiträge des Österr. Forschungsförderungsfonds | 2.877,5 | 1.522,1 |
| Mieteinnahmen | 2.025,6 | 1.971,8 |
| Umsätze der werkseigenen Küche | 1.638,9 | 1.383,7 |
| Auflösung von Zuschüssen (Emissionszertifikaten) | 1.339,0 | 2.786,0 |
| übrige | 5.435,1 | 5.051,1 |
| Gesamt | 50.645,1 | 27.052,9 |
Die Aufwendungen für Abfertigungen und Leistungen an betriebliche Mitarbeitervorsorgekassen setzen sich wie folgt zusammen:
| Aufwendungen für | 2012 | 2011 |
|---|---|---|
| TEUR | TEUR | |
| Abfertigungen (inkl. freiwilligen Abfertigungen) | 10.447,1 | 4.459,9 |
| Leistungen an betriebliche Mitarbeitervorsorgekassen | 564,9 | 442,0 |
| Gesamt | 11.012,0 | 4.901,9 |
Die Aufwendungen für Abfertigungen und Leistungen an betriebliche Mitarbeitervorsorgekassen (inkl. Rückstellungsdotierungen und -auflösungen) verteilen sich wie folgt:
| Aufwendungen für | 2012 | 2011 |
|---|---|---|
| TEUR | TEUR | |
| Mitglieder des Vorstandes | ||
| aktive Mitglieder | 127,1 | 60,9 |
| Leitende Arbeitnehmer | 401,6 | -42,6 |
| Andere Arbeitnehmer | 10.483,3 | 4.883,6 |
| Gesamt | 11.012,0 | 4.901,9 |
Die Aufwendungen für Altersversorgung (inkl. Rückstellungsdotierungen und -auflösungen) verteilen sich wie folgt:
| Aufwendungen für | 2012 | 2011 |
|---|---|---|
| TEUR | TEUR | |
| Mitglieder des Vorstandes | ||
| aktive Mitglieder | 99,9 | 93,5 |
| ehemalige Mitglieder und deren Hinterbliebene | 776,2 | -128,3 |
| Leitende Arbeitnehmer | 82,0 | 67,5 |
| Andere Arbeitnehmer | 4.306,6 | 2.605,6 |
| Gesamt | 5.264,8 | 2.638,3 |
Die Lenzing AG hat eine Rückdeckungsversicherung für Pensionsansprüche abgeschlossen. Der Aufwand aus diesen Pensionszusagen in Höhe von TEUR 565,0 (2011: TEUR 542,6) sowie der Ertrag aus der Rückdeckungsversicherung von TEUR 164,3 (2011: TEUR 172,7) sind im Posten Aufwendungen für Altersversorgung enthalten.
Die Abschreibungen auf immaterielle Gegenstände des Anlagevermögens und Sachanlagen beinhalten die planmäßigen Abschreibungen in Höhe von TEUR 56.161,2 (2011: TEUR 55.818,2) und außerplanmäßige Abschreibungen von TEUR 0,0 (2011: TEUR 2.238,5).
Die Erträge aus der Auflösung der Investitionszuschüsse der öffentlichen Hand und der Investitionszuwachsprämie vermindern die Abschreibungen in folgender Höhe:
| Auflösung der | 2012 | 2011 |
|---|---|---|
| TEUR | TEUR | |
| Investitionszuschüsse der öffentlichen Hand | 737,7 | 922,8 |
| Investitionszuwachsprämie | 438,1 | 527,0 |
| Gesamt | 1.175,8 | 1.449,8 |
| übrige sonstige betriebliche Aufwendungen | 2012 | 2011 |
|---|---|---|
| TEUR | TEUR | |
| Vertriebsaufwendungen (inkl. Werbeaufwendungen) | 47.418,9 | 39.841,6 |
| Instandhaltungen und Fremdleistungen | 18.873,6 | 23.220,8 |
| Konzernleistungen | 13.185,1 | 10.136,9 |
| Rechts-, Prüfungs- und Beratungsaufwendungen | 6.685,8 | 10.003,5 |
| Reise- und Fahrtkosten | 5.057,2 | 4.109,8 |
| Abfallentsorgung | 4.666,0 | 4.979,7 |
| Versicherungsaufwendungen | 3.917,1 | 4.264,0 |
| Gebühren, Spesen und sonstige Beiträge | 2.955,2 | 3.106,7 |
| Schulung der Belegschaft | 2.933,2 | 2.470,1 |
| Fremdwährungsdifferenzen | 2.103,8 | 4.969,3 |
| sonstige Aufwendungen | 16.216,5 | 35.364,3 |
| Gesamt | 124.012,4 | 142.466,7 |
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 PT. South Pacific Viscose in Höhe von TEUR 11.387,7 (2011: TEUR 4.246,6) sowie der PT. Pura Golden Lion von
TEUR 775,4 (2011: TEUR 1.005,8) und der Lenzing Fibers (Shanghai) Co., Ltd. TEUR 0,0 (2011: TEUR 4.594,5).
In den Erträgen aus anderen Wertpapieren und Ausleihungen des Finanzanlagevermögens sind Erträge aus Zinsforderungen an verbundene Unternehmen von TEUR 2.037,3 (2011: TEUR 4.960,3) erfasst.
Die Erträge aus dem Abgang von und der Zuschreibung zu Finanzanlagen enthalten im Wesentlichen die Zuschreibung der Beteiligung an der Pulp Trading GmbH in Höhe von TEUR 6.831,2 (2011: TEUR 0,0).
Die Aufwendungen aus Finanzanlagen und aus Wertpapieren des Umlaufvermögens beinhalten im Wesentlichen Wertberichtigungen von kurzfristigen Finanzdarlehen von TEUR 10.103,2 (2011: TEUR 0,0) und Risikovorsorgen von TEUR 3.012,0 (2011: TEUR 0,0) im Zusammenhang mit der Liquidation der European Precursor GmbH. Des Weiteren sind Wertberichtigungen von Wertpapieren des Anlagevermögens in Höhe von TEUR 696,6 (2011: TEUR 983,3) enthalten. Im Vorjahr wurden Wertberichtigungen von Anteilen an verbundenen Unternehmen von TEUR 12.415,4 erfasst.
Die Steuern vom Einkommen und Ertrag setzen sich wie folgt zusammen:
| Steuern vom Einkommen und Ertrag | 2012 | 2011 |
|---|---|---|
| TEUR | TEUR | |
| Körperschaftsteuer aus der Gruppenbesteuerung | 32.947,0 | 52.408,9 |
| Steuergutschrift vom Gruppenträger B & C Industrieholding GmbH | -10.114,6 | -5.066,1 |
| Steuerumlagen der Gruppenmitglieder | -11.259,8 | -11.374,2 |
| Steuerumlagen an Gruppenmitglieder | 444,0 | 298,2 |
| Sonstige Steuern vom Einkommen und Ertrag | 1.218,5 | 2.296,2 |
| Gesamt | 13.235,1 | 38.563,0 |
Die sonstigen Steuern vom Einkommen und Ertrag enthalten im Wesentlichen ausländische Quellensteuern.
Der Ertrag aus der Auflösung unversteuerter Rücklagen in der Höhe von TEUR 354,1 (2011: TEUR 303,0 ) ist in voller Höhe steuerpflichtig, sodass daraus eine Steuerbelastung von insgesamt TEUR 88,5 (2011: TEUR 75,8) resultiert.
Verpflichtungen aus der Nutzung von in der Bilanz nicht ausgewiesenen Sachanlagen liegen aufgrund von Leasing-, Pacht- und Mietverträgen in folgendem Umfang vor:
| Nutzungsverpflichtungen | 31.12.2012 | 31.12.2011 |
|---|---|---|
| TEUR | TEUR | |
| im Folgejahr | 3.452,1 | 1.704,3 |
| in den folgenden fünf Jahren | 11.077,5 | 6.719,7 |
Verpflichtungen aus offenen Bestellungen für die Lieferung von Sachanlagen liegen in folgender Höhe vor:
| Bestellobligo | 31.12.2012 | 31.12.2011 |
|---|---|---|
| TEUR | TEUR | |
| Bestellobligo für Investitionsvorhaben | 76.142,1 | 10.040,4 |
| davon gegenüber verbundenen Unternehmen | 3.326,3 | 1.667,0 |
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.
Bankgarantien für Verbindlichkeiten aus laufenden Geschäftsbeziehungen betragen zum 31. Dezember 2012 TEUR 3.433,9 (31.12.2011: TEUR 2.644,7).
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
2012 für verbundene Unternehmen Devisentermingeschäfte mit externen Banken auf eigenem Namen und eigene Rechnung abgeschlossen.
Zum Bilanzstichtag bestanden folgende Devisentermingeschäfte:
3) darin enthalten: Nominale USD 14.400.000 und beizulegender Wert EUR +227.821,61 für verbundene Unternehmen
1) Der Nominalwert wird als Bruttovolumen ausgewiesen
| 31.12.2012 | |||||||
|---|---|---|---|---|---|---|---|
| Art der derivativen | Siche | Beizulegender Wert2) | |||||
| Finanzinstrumente | Nominale1) | rungs zeitraum |
positiv | negativ | Buch wert |
Bilanz 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 | - |
| CNH-Verkauf/EUR-Kauf | CNH | 209.000,0 | 05/2014 | 23,3 | -126,6 | 0,0 | - |
| USD-Verkauf/EUR-Kauf3) | 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 |
| 31.12.2011 | |||||||
|---|---|---|---|---|---|---|---|
| Art der derivativen | Siche | Beizulegender Wert2) | |||||
| Finanzinstrumente | Nominale1) | rungs zeitraum |
positiv | negativ | Buch wert |
Bilanz posten |
|
| FW 1.000 | bis | TEUR | TEUR | TEUR | TEUR | ||
| Devisen termingeschäfte |
|||||||
| CZK-Kauf/EUR-Verkauf | CZK | 200.000,0 | 12/2012 | 0,0 | -186,7 | 0,0 | - |
| CNY-Verkauf/EUR-Kauf | CNY | 36.000,0 | 01/2012 | 0,0 | -41,0 | 0,0 | - |
| USD-Verkauf/EUR-Kauf | USD | 273.000,0 | 01/2013 | 0,0 | -13.003,0 | 0,0 | - |
| Summe | 0,0 | -13.230,7 | 0,0 | ||||
| Nettoposition | -13.230,7 |
Darüber hinaus hat die Lenzing AG im Geschäftsjahr 2011 für verbundene Unternehmen Rohstoffpreisderivate mit externen Banken auf eigenem Namen und eigene Rechnung abgeschlossen. Zum Bilanzstichtag 31.12.2012 bestanden keine Rohstoffpreisderivate.
1) beizulegender Wert: + = Forderung/ - = Verbindlichkeit aus Sicht der Lenzing AG
| 31.12.2011 | |||||||
|---|---|---|---|---|---|---|---|
| Art der derivativen | Siche | Beizulegender Wert 1) | |||||
| Finanzinstrumente | Kontrakt wert |
rungs zeitraum |
positiv | negativ | Buch wert |
Bilanz posten |
|
| FW 1.000 | bis | TEUR | TEUR | TEUR | TEUR | ||
| Gas-Swaps | USD | 3.808,8 | 12/2014 | 0,0 | -384,0 | 0,0 | - |
| GBP | 8.182,0 | 01/2015 | 0,0 | -603,1 | 0,0 | - | |
| Summe | 0,0 | -987,1 | 0,0 |
Die in den obigen Tabellen angegebenen beizulegenden Werte der derivativen Finanzinstrumente entsprechen den Marktwerten zum Bilanzstichtag. Sie wurden unter Anwendung anerkannter finanzmathematischer und ggf. statistischer Bewertungsmodelle und aktueller Marktparameter zum Bilanzstichtag durch Banken, andere externe Partner bzw. intern ermittelt.
Bei den beizulegenden Werten der Sicherungsgeschäfte handelt es sich um unrealisierte Gewinne bzw. Verluste, die sich mit den gegenläufigen Verlusten bzw. Gewinnen aus den dazugehörigen Grundgeschäften (bestehende und künftige Fremdwährungsforderungen bzw. -verbindlichkeiten) ausgleichen.
Die Lenzing AG wendet die AFRAC-Stellungnahme "Die unternehmensrechtliche Bilanzierung von Derivaten und Sicherungsinstrumenten" vom September 2010 für alle am 31. Dezember 2012 bestehenden Derivate 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 2012 wurde insgesamt auf eine Drohverlustrückstellung aus Sicherungsbeziehungen zukünftiger Zahlungsströme in Höhe von TEUR 1.962,6 (31.12.2011: TEUR 11.733) 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 | 2012 | 2011 |
|---|---|---|
| Angestellte | 758 | 714 |
| Arbeiter | 1.219 | 1.187 |
| Gesamt | 1.977 | 1.901 |
Bezüge der Mitglieder des Vorstandes und der Mitglieder des Aufsichtsrates
Die seitens der Lenzing AG gewährten Bezüge (ausgezahlte kurzfristig fällige Leistungen) der aktiven Mitglieder des Vorstandes setzen sich wie folgt zusammen:
| Mag. Dr. Untersperger |
Dipl.-Ing. Weninger, MBA |
Mag. Winkler, LL.M. |
Gesamt | |||||
|---|---|---|---|---|---|---|---|---|
| 2012 | 2011 | 2012 | 2011 | 2012 | 2011 | 2012 | 2011 | |
| TEUR | TEUR | TEUR | TEUR | TEUR | TEUR | TEUR | TEUR | |
| fix | 484 | 468 | 433 | 391 | 405 | 390 | 1.322 | 1.249 |
| variabel | 696 | 2.240 | 525 | 1.539 | 488 | 1.391 | 1.709 | 5.170 |
| Gesamt | 1.180 | 2.708 | 958 | 1.930 | 893 | 1.782 | 3.032 | 6.419 |
Die buchhalterischen Aufwendungen für die gewährten Bezüge der aktiven Mitglieder des Vorstandes liegen im Geschäftsjahr 2012 auf Grund von Rückstellungsveränderungen um TEUR 328 (2011: TEUR 15) unter dem Betrag der oben in der Tabelle angeführten Auszahlungen.
Darüber hinaus wurden für die aktiven Mitglieder des Vorstandes Beiträge an eine Pensionskasse (ausgezahlte und aufgewendete nach Beendigung des Vorstandsvertrages fällige Vergütungen) in Höhe von TEUR 100 (2011: TEUR 94) von der Lenzing AG geleistet. Die betriebliche Altersversorgung sowie Abfertigungsansprüche und Anwartschaften für den Fall der Beendigung der Funktion richten sich bei den aktiven Mitgliedern des Vorstandes sinngemäß nach den gesetzlichen Vorgaben. Die dabei verursachten buchhalterischen Aufwendungen sind den Angaben zum Personalaufwand (siehe oben) zu entnehmen.
Die gewährten Bezüge für ehemalige Mitglieder des Vorstandes der Lenzing AG oder deren Hinterbliebene (ausgezahlte nach Beendigung des Vorstandsvertrages fällige Vergütungen) betragen 2012 TEUR 895 (2011: TEUR 860). Die dabei verursachten buchhalterischen Aufwendungen sind den Angaben zum Personalaufwand (siehe oben) zu entnehmen.
Die gewährten Bezüge für Mitglieder des Aufsichtsrates der Lenzing AG (ausgezahlte Aufsichtsratsvergütungen inkl. Sitzungsgelder) betragen im Geschäftsjahr 2012 TEUR 223 (2011: TEUR 74). Die dabei verursachten buchhalterischen Aufwendungen liegen im Geschäftsjahr 2012 auf Grund von Rückstellungsveränderungen um TEUR 34 (2011: TEUR 8) über den Auszahlungen.
Die Grundsätze des Vergütungssystems für Vorstand und Aufsichtsrat sind im Corporate Governance-Bericht detailliert ausgeführt und veröffentlicht.
Mitgliedern des Vorstandes und des Aufsichtsrates wurden keine Vorschüsse oder Kredite 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 Mitglieder des Vorstandes (wie auch für die leitenden Angestellten) und des Aufsichtsrates besteht eine D&O-Versicherung, deren Kosten in Höhe von TEUR 67 (2011: TEUR 77) von der Lenzing AG getragen werden.
Die Aufwendungen für den Abschlussprüfer setzen sich wie folgt zusammen:
| Aufwendungen für den Abschlussprüfer | 2012 | 2011 |
|---|---|---|
| TEUR | TEUR | |
| Prüfung des Jahresabschlusses (inkl. Konzernabschluss) | 258,6 | 255,3 |
| Andere Bestätigungsleistungen | 54,8 | 0,0 |
| Sonstige Leistungen (in 2011: Comfort Letter) | 6,9 | 697,3 |
| Steuerberatung | 190,8 | 96,7 |
| Gesamt | 511,1 | 1.049,3 |
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 2012 ist die B & C Gruppe, welche direkt oder indirekt mit 67,60 % (31.12.2011: 67,60 %) 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 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 inund ausländische Quellensteuern sowie weitergeleitete Mindestkörperschaftsteuern kürzen die von der Lenzing AG zu zahlende Steuerumlage.
Sofern im Veranlagungsjahr laufende Verluste bzw. Verlustvorträge, die von der B & C Industrieholding GmbH als Gruppenträger selbst verursacht wurden, gegen positive Ergebnisse der Steuergruppe der Lenzing AG verrechnet werden können, kommt es zu einer Reduktion der von der Lenzing AG zu leistenden Steuerumlage. Die Reduktion der Steuerumlage beträgt 50 % des geltenden Körperschaftsteuersatzes (somit derzeit 12,5 %) der in einem Veranlagungsjahr der B & C Industrieholding GmbH mit positiven Ergebnissen verrechneten gruppenträgereigenen laufenden Verluste bzw. Verlustvorträge. Im Geschäftsjahr 2012 betrug diese Steuergutschrift vom Gruppenträger B & C Industrieholding GmbH TEUR 10.114,6 (2011: TEUR 5.066,1).
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.
Der Umfang der wesentlichen Geschäftsvorfälle mit verbundenen Unternehmen stellt sich wie folgt dar:
| Beziehungen zu verbundenen Unternehmen | 2012 | 2011 |
|---|---|---|
| TEUR | TEUR | |
| bezogene Lieferungen und Leistungen | 66.973,4 | 62.070,4 |
| erbrachte Faser- und Zellstofflieferungen | 77.260,4 | 100.516,3 |
| erbrachte Leistungen | 47.192,2 | 40.483,7 |
Sämtliche Transaktionen mit verbundenen Unternehmen wurden zu fremdüblichen Konditionen getätigt.
| Beteiligung | Währung | Stamm kapital |
Anteil in % |
Eigen kapital 31.12.2012 |
Jahres überschuss/ -fehlbetrag 2012 |
|---|---|---|---|---|---|
| Unternehmensbereich Fasern: | TEUR | TEUR | |||
| Avit Investments Limited, Providenciales, Turks & Caicos |
USD | 2.201.000 | 100,00 | 86.299,54 | 7.014,14 |
| Beech Investment s.r.o., Zlaté Moravce, Slowakei |
EUR | 6.639 | 100,00 | 91,24 | 14,54 |
| EQUI-Fibres Beteiligungsgesellschaft mbH, Kelheim, Deutschland |
EUR | 2.000.000 | 45,00 | 1.336,33 | -115,23 |
| 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 | 4.698,14 | 88,34 |
| 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 | 36,53 | 11,53 |
| 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 | 0,05 | 0,05 |
| Penique S.A., Panama, Panama | USD | 5.000 | 100,00 | 27.567,04 | 2.635,64 |
| PT. Pura Golden Lion, Jakarta, Indonesien |
IDR 1.000 | 2.500.000 | 40,00 | 4.218,93,6 | 3.329,23,6 |
| 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 | 24,94 | -0,34 |
| 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 | 28.607,31 | 1.484,41 |
| Lenzing Papier GmbH, Lenzing | EUR | 35.000 | 40,00 | 3.646,46 | 214,26 |
| 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 |
| Beteiligung | Währung | Stamm kapital |
Anteil in % |
Eigen kapital 31.12.2011 |
Jahres überschuss/ -fehlbetrag 2011 |
|---|---|---|---|---|---|
| Unternehmensbereich Fasern: | TEUR | TEUR | |||
| Avit Investments Limited, Providenciales, Turks & Caicos |
USD | 2.201.000 | 100,00 | 79.563,7 4 | 2.708,6 4 |
| Beech Investment s.r.o., Zlaté Moravce, Slowakei |
EUR | 6.639 | 100,00 | 76,7 4 | 13,0 4 |
| EQUI-Fibres Beteiligungsgesellschaft mbH, Kelheim, Deutschland |
EUR | 2.000.000 | 45,00 | 1.451,5 3 | -92,0 3 |
| Lenzing Fibers Holding GmbH, Lenzing |
EUR | 35.000 | 100,00 | 88.718,8 | 174,6 |
| Lenzing Fibers (Hongkong) Ltd., Hongkong, China |
HKD | 16.000.000 | 100,00 | 4.946,7 4 | 100,9 4 |
| Lenzing Fibers (Shanghai) Co. Ltd., Shanghai, China |
USD | 200.000 | 100,00 | k. A. | k. A. |
| Lenzing Modi Fibers India Private Limited, Mumbai, Indien |
INR 1.000 | 899.065 | 95,41 | k. A. | k. A. |
| LKF Tekstil Boya Sanayi ve Ticaret Anonim Sirketi, Istanbul, Türkei |
TRY | 200.000 | 33,34 | 146,9 3 | -31,1 3 |
| Penique S.A., Panama, Panama | USD | 5.000 | 100,00 | 25.041,5 4 | 1.022,6 4 |
| PT. Pura Golden Lion, Jakarta, Indonesien |
IDR 1.000 | 2.500.000 | 40,00 | 3.329,8 3 | 867,1 3 |
| PT. South Pacific Viscose, Purwakarta, Indonesien |
IDR 1.000 | 72.500.000 | 41,98 2 | k. A. | k. A. |
| Sonstige Beteiligungen: | |||||
| BZL-Bildungszentrum Lenzing GmbH, Lenzing |
EUR | 43.604 | 75,00 | 611,7 | 216,5 |
| European Carbon Fiber GmbH, Kelheim, Deutschland |
EUR | 25.000 | 100,00 | 25,2 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 | 27.106,3 1 | 1.582,0 1 |
| Lenzing Papier GmbH, Lenzing | EUR | 35.000 | 40,00 | 3.432,2 | -2.227,0 |
| Pulp Trading GmbH, Lenzing | EUR | 40.000 | 100,00 | 50.286,1 | 15.482,3 |
| RVL Reststoffverwertung Lenzing GmbH, Lenzing |
EUR | 36.336 | 50,00 | 72,9 | 0,7 |
| WWE Wohn- und Wirtschaftspark Entwicklungsgesellschaft m.b.H., Wien |
EUR | 36.336 | 25,00 | 2.931,20 | -7,2 |
| EUR | |
|---|---|
| Das Geschäftsjahr endet mit einem Gewinn von | 79.751.789,95 |
| nach Hinzurechnung des Gewinnvortrages aus 2011 von | 67.359.490,63 |
| ergibt sich ein Bilanzgewinn von | 147.111.280,58 |
| Der Vorstand schlägt folgende Verteilung des Bilanzgewinnes vor: | |
| Ausschüttung einer Dividende von | 53.100.000,00 |
| entsprechend einem Betrag von EUR 2,00 je Aktie auf das dividendenberechtigte Grundkapi tal von EUR 27.574.071,43 bzw. 26.550.000 Stückaktien |
|
| Auf neue Rechnung werden vorgetragen | 94.011.280,58 |
Vorbehaltlich des Beschlusses der Hauptversammlung erfolgt auf je eine Aktie die Auszahlung einer Dividende in der oben angegeben Höhe. Die Dividendenauszahlung erfolgt ab 30. April 2013 bei der
Uni Credit Bank Austria AG Schottengasse 6-8 1010 Wien
Die Aktien werden ab 26. April 2013 an der Wiener Börse ex Dividende gehandelt.
MMag. Dr. Michael Junghans, Wien Vorsitzender (ab 29. März 2011) Stellvertretender Vorsitzender (bis 29. März 2011)
Dr. Veit Sorger, Wien Stellvertretender Vorsitzender (ab 29. März 2011)
Mag. Helmut Bernkopf, Wien
Dr. Josef Krenner, Linz
Mag. Martin Payer, Leoben
Mag. Patrick Prügger, Wien (ab 29. März 2011)
Mag. Andreas Schmidradner, Wien
Dr. Astrid Skala-Kuhmann, Icking, Deutschland (ab 19. April 2012)
Dr. Walter Lederer, Wien (bis 19. April 2012)
Konsul KR Dkfm. Dr. Hermann Bell, Linz Vorsitzender (bis 29. März 2011)
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 Offi cer Vorstandsvorsitzender
Dipl.-Ing. Friedrich Weninger, MBA, Mondsee Chief Operating Offi cer Mitglied des Vorstandes
Mag. Thomas G. Winkler, LL.M., Salzburg Chief Financial Offi cer Mitglied des Vorstandes
Lenzing, 20. Februar 2013
Mag. Dr. Peter Untersperger Chief Executive Offi cer Vorstandsvorsitzender
Business Unit Engineering Corporate Communications Global Human Resources Internal Audit Mergers & Acquisitions Wood Purchasing
Dipl.-Ing. Friedrich Weninger, MBA Chief Operating Offi cer Mitglied des Vorstandes
mit Verantwortung für:
Business Unit Textile Fibers Business Unit Nonwoven Fibers
Environment Lenzing Site Infrastructure Lenzing Site Business Planning
Global Safety, Health & Environment
Business Unit Pulp Business Unit Energy Business Unit Plastics Business Unit Filaments
Mag. Thomas G. Winkler, LL.M. Chief Financial Offi cer Mitglied des Vorstandes
Global Finance Global Information Technology Global Purchasing Investor Relations Legal Management Risk Management Group Compliance
Wir haben den beigefügten Jahresabschluss der Lenzing Aktiengesellschaft, Lenzing, für das Geschäftsjahr vom 1. Jänner 2012 bis zum 31. Dezember 2012 unter Einbeziehung der Buchführung geprüft. Dieser Jahresabschluss umfasst die Bilanz zum 31. Dezember 2012, die Gewinn- und Verlustrechnung für das am 31. Dezember 2012 endende Geschäftsjahr sowie den Anhang.
Die gesetzlichen Vertreter der Gesellschaft sind für die Buchführung sowie für die Aufstellung und den Inhalt des 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 2012 sowie der Ertragslage der Gesellschaft für das Geschäftsjahr vom 1. Jänner 2012 bis zum 31. Dezember 2012 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 im Einklang mit dem Jahresabschluss. Die Angaben gemäß § 243a UGB sind zutreffend.
Wien, am 20. Februar 2013
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.
We declare to the best of our knowledge that the consolidated fi nancial statements of the Lenzing Group for the 2012 fi nancial year ending on December 31, 2012, 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, fi nancial position and profi t 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 fi nancial statements of Lenzing AG Group for the 2012 fi nancial year ending on December 31, 2012, 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, fi nancial position and profi t 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, 18 March 2013
Peter Untersperger Chief Executive Offi cer Chairman of the Board
Business Unit Engineering Corporate Communications Global Human Resources Internal Audit Mergers & Acquisitions Wood Purchasing
Friedrich Weninger Chief Operating Offi cer Member of the Board
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
Thomas G. Winkler Chief Financial Offi cer Member of the Board
Global Finance Global Information Technology Global Purchasing Investor Relations Legal Management Risk Management Group Compliance
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 zukunftsbezogenen 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 vorhandene Informationen gemacht wurden. Sollten die den Prognosen zugrunde liegenden Annahmen nicht eintreffen oder Risiken in nicht kalkulierter Höhe eintreten, so können die tatsächlichen Ergebnisse von den Prognosen abweichen.
Bei der Summierung von gerundeten Beträgen und Prozentangaben können Rundungsdifferenzen auftreten. Der Geschäftsbericht wurde mit größtmöglicher Sorgfalt erstellt, um die Richtigkeit und Vollständigkeit der Angaben in allen Teilen sicherzustellen. Rundungs-, Satz- und Druckfehler können dennoch nicht ganz ausgeschlossen werden.
Redaktionsschluss: 1. März 2013
Lenzing Aktiengesellschaft 4860 Lenzing, Austria www.lenzing.com
Lenzing Aktiengesellschaft Corporate Communications Mag. Angelika Guldt Tel: +43 (0) 76 72 701-21 27 Fax: +43 (0) 76 72 918-21 27 E-Mail: [email protected]
Metrum Communications GmbH, Wien
ElectricArts GmbH
kb-offset Kroiss & Bichler GmbH & CoKG
Lenzing AG Elisabeth Grebe
Lenzing Aktiengesellschaft . 4860 Lenzing, Austria . Tel.: +43 (0) 76 72 701-0 Fax: +43 (0) 76 72 701-38 80 . 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.