ANDRITZ Annual Financial Report 2015
Total Page:16
File Type:pdf, Size:1020Kb
Financial report 2015 Thema 1 ANNUAL REPORT 2015 Every day, we receive a variety of interesting questions about very different issues concerning ANDRITZ. Customers, suppliers, financial investors and analysts, shareholders, journalists, and employees Everything you always wanted to know about ANDRITZ. inquire regularly, mostly about current and future developments of the company. Answering these questions with the greatest possible transparency, comprehensiveness, openness, and speed is of utmost importance to us. That is why the most important questions about ANDRITZ, along with our FREQUENTLYHÄUFIG GESTELLTE ASKED FRAGEN QUESTIONS answers, feature prominently in our current annual EverythingWas Sie schon you immeralways wantedüber ANDRITZ to know wissen about wollten.ANDRITZ. report. We hope that this annual report will answer some of the questions you may have. And if you cannot find the answers to your particular questions, please send an e-mail to [email protected] – we promise to answer transparently, comprehensively, openly, and quickly! The ANDRITZ annual report and financial report 2015 are available for download at www.andritz.com or can be requested as printed copies free of charge by sending an e-mail to [email protected]. Annual report 2015 16.02.16 08:18 UmschlagGB15_210x7,5x210mm_ENG_v10.indd 1 02 Key financial figures of the ANDRITZ GROUP KEY FINANCIAL FIGURES OF THE ANDRITZ GROUP Unit 2015 2014* 2013 2012 2011 Order intake MEUR 6,017.7 6,101.0 5,611.0 4,924.4 5,706.9 Order backlog (as of end of period) MEUR 7,324.2 7,510.6 7,388.5 6,614.8 6,683.1 Sales MEUR 6,377.2 5,859.3 5,710.8 5,176.9 4,596.0 Return on sales1) % 5.8 5.0 1.6 6.5 6.8 EBITDA2) MEUR 534.7 472.0 255.2 418.6 386.2 EBITA 3) MEUR 429.0 379.5 164.1 357.8 331.5 Earnings Before Interest and Taxes (EBIT) MEUR 369.1 295.7 89.8 334.5 312.7 Earnings Before Taxes (EBT) MEUR 376.4 299.4 80.3 330.4 321.7 Net income (including non-controlling interests) MEUR 270.4 210.0 53.2 241.3 231.5 Net income (without non-controlling interests) MEUR 267.7 210.9 66.6 242.7 230.7 Cash flow from operating activities MEUR 179.4 342.1 93.7 346.5 433.8 Capital expenditure4) MEUR 101.4 106.5 111.4 109.1 77.0 Free cash flow5) MEUR 85.0 245.8 -11.5 239.7 361.1 Free cash flow per share6) EUR 0.8 2.4 -0.1 2.3 3.5 Employees (as of end of period; without apprentices) - 24,508 24,853 23,713 17,865 16,750 Fixed assets MEUR 1,771.1 1,807.6 1,759.0 1,390.8 1,151.8 Current assets MEUR 4,006.9 4,187.6 3,812.4 3,770.2 3,414.8 Total shareholders’ equity7) MEUR 1,215.6 1,038.3 929.5 1,033.8 938.9 Provisions MEUR 1,130.4 1,056.2 993.6 725.4 667.3 Liabilities MEUR 3,432.0 3,900.7 3,648.3 3,401.8 2,960.4 Total assets MEUR 5,778.0 5,995.2 5,571.4 5,161.0 4,566.6 Equity ratio8) % 21.0 17.3 16.7 20.0 20.6 Return on equity9) % 31.0 28.8 8.6 32.0 34.3 Return on investment10) % 6.4 4.9 1.6 6.5 6.8 Liquid funds11) MEUR 1,449.4 1,701.6 1,517.0 2,047.8 1,814.5 Net liquidity12) MEUR 984.0 1,065.1 893.1 1,285.7 1,400.6 Net debt13) MEUR -601.6 -659.4 -585.0 -1,053.3 -1,198.4 Net working capital14) MEUR -182.1 -570.9 -539.4 -631.8 -639.2 Capital employed15) MEUR 736.7 387.0 443.6 -36.5 -128.6 Gearing16) % -49.5 -63.5 -62.9 -101.9 -127.6 EBITDA margin % 8.4 8.1 4.5 8.1 8.4 EBITA margin % 6.7 6.5 2.9 6.9 7.2 EBIT margin % 5.8 5.0 1.6 6.5 6.8 Net income/sales % 4.2 3.6 0.9 4.7 5.0 ROE17) % 22.2 20.2 5.7 23.3 24.7 EV18)/EBITDA - 6.9 7.8 15.1 9.0 5.0 Depreciation and amortization/sales % 2.4 2.9 2.8 1.6 1.6 * Restated, refer to chapter “C) Restatement of prior years” in the Notes to the consolidated financial statements. 1) EBIT (Earnings Before Interest and Taxes)/sales 2) Earnings Before Interest, Taxes, Depreciation, and Amortization 3) Earnings Before Interest, Taxes, Amortization of identifiable assets acquired in a business combination and recognized separately from goodwill at the amount of 44,644 TEUR (2014: 78,038 TEUR), and impairment of goodwill at the amount of 15,273 TEUR (2014: 5,747 TEUR) 4) Additions to intangible assets and property, plant and equipment 5) Cash flow from operating activities minus capital expenditure plus payments from the sale of intangible assets and property, plant and equipment 6) Free cash flow/total number of shares 7) Total shareholders’ equity including non- controlling interests 8) Shareholders’ equity/total assets 9) EBT (Earnings Before Taxes)/shareholders’ equity 10) EBIT (Earnings Before Interest and Taxes)/total assets 11) Cash plus marketable securities plus loans against borrowers’ notes 12) Liquid funds plus fair value of interest rate swaps minus financial liabilities 13) Interest bearing liabilities including provisions for severance payments, pensions, and jubilee payments minus cash and cash equivalents, marketable securities and loans against borrowers’ notes 14) Non-current receivables plus current assets (excluding marketable securities, cash and cash equivalents as well as loans against borrowers’ notes) minus other non-current liabilities and current liabilities (excluding financial liabilities and provisions) 15) Net working capital plus intangible assets and property, plant and equipment 16) Net debt/total shareholders’ equity 17) ROE (Return On Equity): net income/total shareholders’ equity 18) EV (Enterprise Value): market capitalization as of end of year minus net liquidity All figures according to IFRS. Due to the utilization of automatic calculation programs, differences can arise in the addition of rounded totals and percentages. MEUR = million euros, TEUR = thousand euros. The Schuler Group was consolidated into the consolidated financial statements of the ANDRITZ GROUP as of March 1, 2013 and is allocated to the METALS business area. No pro forma figures are available for the reference periods of the previous years. 03 Key financial figures of the business areas KEY FINANCIAL FIGURES OF THE BUSINESS AREAS HYDRO Unit 2015 2014 2013 2012 2011 Order intake MEUR 1,718.7 1,816.7 1,865.4 2,008.4 2,096.2 Order backlog (as of end of period) MEUR 3,640.9 3,708.6 3,722.4 3,842.3 3,671.4 Sales MEUR 1,834.8 1,752.3 1,804.8 1,836.8 1,772.9 EBITDA MEUR 183.6 177.2 176.8 182.4 174.3 EBITDA margin % 10.0 10.1 9.8 9.9 9.8 EBITA MEUR 145.3 144.8 146.9 153.2 147.7 EBITA margin % 7.9 8.3 8.1 8.3 8.3 Capital expenditure MEUR 27.4 39.4 44.5 56.7 44.3 Employees (as of end of period; without apprentices) - 8,230 8,339 7,445 7,469 7,285 PULP & PAPER Unit 2015 2014 2013 2012 2011 Order intake MEUR 2,263.9 1,995.7 1,907.7 1,962.4 2,694.1 Order backlog (as of end of period) MEUR 1,998.6 1,875.4 1,885.6 2,018.1 2,230.0 Sales MEUR 2,196.3 1,969.3 2,005.3 2,282.2 1,884.9 EBITDA MEUR 214.8 127.6 -11.5 156.2 138.1 EBITDA margin % 9.8 6.5 -0.6 6.8 7.3 EBITA MEUR 190.9 102.9 -35.7 134.6 120.4 EBITA margin % 8.7 5.2 -1.8 5.9 6.4 Capital expenditure MEUR 21.1 28.1 26.0 36.4 22.5 Employees (as of end of period; without apprentices) - 7,324 7,236 7,136 6,774 6,208 METALS Unit 2015 2014 2013 2012 2011 Order intake MEUR 1,438.6 1,692.8 1,233.8 324.2 318.6 Order backlog (as of end of period) MEUR 1,332.5 1,566.1 1,427.6 451.4 465.1 Sales MEUR 1,718.1 1,550.4 1,311.0 404.7 372.7 EBITDA MEUR 104.8 134.0 76.6 28.0 21.5 EBITDA margin % 6.1 8.6 5.8 6.9 5.8 EBITA MEUR 70.5 110.2 53.5 25.1 19.4 EBITA margin % 4.1 7.1 4.1 6.2 5.2 Capital expenditure MEUR 40.2 27.9 32.7 2.6 1.8 Employees (as of end of period; without apprentices) - 6,160 6,432 6,300 1,129 945 The Schuler Group was consolidated into the consolidated financial statements of the ANDRITZ GROUP as of March 1, 2013 and is allocated to the METALS business area. No pro forma figures are available for the reference periods of the previous years. SEPARATION Unit 2015 2014 2013 2012 2011 Order intake MEUR 596.5 595.8 604.1 629.4 598.0 Order backlog (as of end of period) MEUR 352.2 360.5 352.9 303.0 316.6 Sales MEUR 628.0 587.3 589.7 653.2 565.5 EBITDA MEUR 31.5 33.2 13.3 52.0 52.3 EBITDA margin % 5.0 5.7 2.3 8.0 9.2 EBITA MEUR 22.3 21.6 -0.6 44.9 44.0 EBITA margin % 3.6 3.7 -0.1 6.9 7.8 Capital expenditure MEUR 12.7 11.1 8.2 13.4 8.4 Employees (as of end of period; without apprentices) - 2,794 2,846 2,832 2,493 2,312 04 Profile, strategy, vision, and goals PROFILE, STRATEGY, VISION, AND GOALS Company profile ANDRITZ is a globally leading supplier of plants, equipment, and services for hydropower stations, the pulp and paper industry, the metalworking and steel industries, and for solid/liquid separation in the municipal and industrial sectors.