Years of Innovation Annual Report 2012
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COPYRIGHT AND PUBLISHED BY Lenzing Aktiengesellschaft LENZING GROUP LENZING 4860 Lenzing, Austria . www.lenzing.com EDITED BY YEARS OF Lenzing Aktiengesellschaft Corporate Communications INNOVATION ANNUAL REPORT 2012 . Angelika Guldt ANNUAL REPORT 2012 LENZING GROUP Phone: +43 (0) 76 72 701-21 27 Fax: +43 (0) 76 72 918-21 27 E-mail: [email protected] Metrum Communications GmbH, Vienna IDEA AND DESIGN BY ElectricArts GmbH PRINTED BY kb-o set Kroiss & Bichler GmbH & CoKG PHOTOGRAPHY BY Lenzing AG Dave Moss manfredlang VISUELLE KOMMUNIKATION GMBH Trumph GmbH & Co. KG Boris Renner Elisabeth Grebe Foto Humer Joachim Haslinger Michael Hägele ElectricArts GmbH Fotostudio Attersee o m a s T o p f YEARS OF INNOVATION OF YEARS Lenzing Aktiengesellschaft . 4860 Lenzing, Austria . Phone: +43 (0) 76 72 701-0 Fax: +43 (0) 76 72 701-38 80 . E-mail: o [email protected] . www.lenzing.com www.facebook.com/LenzingGroup www.lenzing.com Key Data of the Lenzing Group according to IFRS Business Results Financing Structure Net Gearing Sales compared to EBITDA EUR mn 2010 2011 20121 EUR mn 31/12/2010 31/12/2011 31/12/2012 in % EUR Mn Sales EBITDA Sales 1,766.3 2,140.0 2,090.4 Cash and cash EBITDA 330.6 480.3 358.7 equivalents 305.6 499.6 528.8 60 2,500 500 EBITDA margin in % 18.7 22.4 17.2 Inventories 222.8 284.6 299.6 EBIT 231.9 364.0 255.0 Receivables 254.9 312.8 365.3 2,000 400 EBIT margin in % 13.1 17.0 12.2 Liabilities 591.8 639.5 604.4 480.3 Net financial debt3 307.2 153.3 346.3 40 EBT 216.9 351.9 246.4 358.71 2 3 1,500 300 Tax rate in % 18.5 24.0 22.1 Net debt 388.5 239.3 445.5 330.6 Profit for the year Retained earnings 613.6 828.2 941.7 1,000 200 attributable to sharehol- Net Gearing in %3 40.5 14.6 30.0 20 ders of Lenzing AG 159.1 258.7 186.6 500 100 40.5 14.6 30.03 1,766.3 2,140.0 2,090.4 0 0 0 2010 2011 2012 2010 2011 2012 Capital Expenditure (Property, plant and equipment) Cash Flow EUR mn 2010 2011 2012 EUR mn 2010 2011 2012 Capital expenditure Gross cash flow7 282.3 435.3 248.0 Lenzing AG 53.6 59.8 128.4 Operating cash flow 294.0 309.7 209.4 Group total 230.0 196.3 346.2 Cash flow after Group depreciation investments 64.0 113.4 (136.7) and amortization Cash and cash (without restructuring) 102.5 120.6 107.3 equivalents 306.6 499.6 528.8 Dividend3 Sales compared to EBT in % Dividend in EUR Dividend-yield in % EUR Mn Sales EBT Capital Structure Stock Exchange 2.5 12.5 2,500 500 EUR mn 31/12/2010 31/12/2011 31/12/2012 EUR 31/12/2010 31/12/2011 31/12/2012 2.0 10.0 2,000 351.9 400 Liabilities (w/o post Common stock in mill. 26.7 27.6 27.6 1 9 246.4 employment benefits) 1,123.3 1,206.4 1,380.3 Market capitalization 1.5 7.5 1,500 300 Post employment in mn 2,238.1 1,697.6 1,811.2 benefits 81.3 85.9 99.2 Share price as at 31 Dec. 87.0 63.9 68.2 1.0 3.91 5.0 1,000 200 8 Adjusted equity 758.8 1048.1 1153.1 Earnings per share4 5 8 6.19 9.88 6.61 2.932 216.9 ROCE in %10 18.4 23.3 15.3 1.78 0.5 2.5 500 100 ROE in %10 24.90 29.6 16.4 1.55 2.5 2.002 1,766.3 2,140.0 2,090.4 0.0 0.0 0 0 2010 2011 2012 2010 2011 2012 Production 1) Earnings situation 2012: all figures before restructuring in 1,000 tons 2010 2011 2012 2 Including obligations for pension and severance payments 1) Fibers (total) 653.7 705.1 778.5 3) Earnings situation 2012: all figures before restructuring As of Decmeber 2012 liquid assets also include liquid bills of 6) Plastics 35.7 39.3 39.3 exchange. The prior year figure was adjusted. 2) Based on the proposed dividend distribution 4) Based on the weighted average number of shares 3) As of 2012 income tax is now completely included as part of gross cash flow. 5) From continuing operations and discontinued operations The prior year figure was adjusted. 6) From continuing operations 7) As of 2012 income tax is now completely included as part of gross cash flow. The prior year figure was adjusted. 8) After restructuring 9) Excluding grants less proportinally deferred taxes 10) Calculation: please see long-term comparison in the rearpart of annual report. Key Data of the Lenzing Group according to IFRS Business Results Financing Structure Net Gearing Sales compared to EBITDA EUR mn 2010 2011 20121 EUR mn 31/12/2010 31/12/2011 31/12/2012 in % EUR Mn Sales EBITDA Sales 1,766.3 2,140.0 2,090.4 Cash and cash EBITDA 330.6 480.3 358.7 equivalents 305.6 499.6 528.8 60 2,500 500 EBITDA margin in % 18.7 22.4 17.2 Inventories 222.8 284.6 299.6 EBIT 231.9 364.0 255.0 Receivables 254.9 312.8 365.3 2,000 400 EBIT margin in % 13.1 17.0 12.2 Liabilities 591.8 639.5 604.4 480.3 Net financial debt3 307.2 153.3 346.3 40 EBT 216.9 351.9 246.4 358.71 2 3 1,500 300 Tax rate in % 18.5 24.0 22.1 Net debt 388.5 239.3 445.5 330.6 Profit for the year Retained earnings 613.6 828.2 941.7 1,000 200 attributable to sharehol- Net Gearing in %3 40.5 14.6 30.0 20 ders of Lenzing AG 159.1 258.7 186.6 500 100 40.5 14.6 30.03 1,766.3 2,140.0 2,090.4 0 0 0 2010 2011 2012 2010 2011 2012 Capital Expenditure (Property, plant and equipment) Cash Flow EUR mn 2010 2011 2012 EUR mn 2010 2011 2012 Capital expenditure Gross cash flow7 282.3 435.3 248.0 Lenzing AG 53.6 59.8 128.4 Operating cash flow 294.0 309.7 209.4 Group total 230.0 196.3 346.2 Cash flow after Group depreciation investments 64.0 113.4 (136.7) and amortization Cash and cash (without restructuring) 102.5 120.6 107.3 equivalents 306.6 499.6 528.8 Dividend3 Sales compared to EBT in % Dividend in EUR Dividend-yield in % EUR Mn Sales EBT Capital Structure Stock Exchange 2.5 12.5 2,500 500 EUR mn 31/12/2010 31/12/2011 31/12/2012 EUR 31/12/2010 31/12/2011 31/12/2012 2.0 10.0 2,000 351.9 400 Liabilities (w/o post Common stock in mill. 26.7 27.6 27.6 1 9 246.4 employment benefits) 1,123.3 1,206.4 1,380.3 Market capitalization 1.5 7.5 1,500 300 Post employment in mn 2,238.1 1,697.6 1,811.2 benefits 81.3 85.9 99.2 Share price as at 31 Dec. 87.0 63.9 68.2 1.0 3.91 5.0 1,000 200 8 Adjusted equity 758.8 1048.1 1153.1 Earnings per share4 5 8 6.19 9.88 6.61 2.932 216.9 ROCE in %10 18.4 23.3 15.3 1.78 0.5 2.5 500 100 ROE in %10 24.90 29.6 16.4 1.55 2.5 2.002 1,766.3 2,140.0 2,090.4 0.0 0.0 0 0 2010 2011 2012 2010 2011 2012 Production 1) Earnings situation 2012: all figures before restructuring in 1,000 tons 2010 2011 2012 2 Including obligations for pension and severance payments 1) Fibers (total) 653.7 705.1 778.5 3) Earnings situation 2012: all figures before restructuring As of Decmeber 2012 liquid assets also include liquid bills of 6) Plastics 35.7 39.3 39.3 exchange. The prior year figure was adjusted. 2) Based on the proposed dividend distribution 4) Based on the weighted average number of shares 3) As of 2012 income tax is now completely included as part of gross cash flow. 5) From continuing operations and discontinued operations The prior year figure was adjusted. 6) From continuing operations 7) As of 2012 income tax is now completely included as part of gross cash flow. The prior year figure was adjusted. 8) After restructuring 9) Excluding grants less proportinally deferred taxes 10) Calculation: please see long-term comparison in the rearpart of annual report. ANNUAL REPORT 2012 . Lenzing Group | 3 75 YEARS OF INNOVATION e history of Lenzing AG encompasses many innovation milestones. Pioneering achievements in pulp bleaching and environmentally compatible technologies or the development of the revolutionary lyocell ber TENCEL® ll us Lenzingers with pride. We are celebrating our 75 th anniversary in 2013 with the knowledge that Lenzing’s inno- vative spirit will remain the driver of success over the next 75 years.