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www.lenzing.com
Partner
for a better future
Interim Report 01-09/2019
Lenzing Group2 Interim Report 01-09/2019 Lenzing Group
Geschäftsentwicklung
Management Report 01-09/2019
der Segmente
Segment global economy 1 recorded only subdued growth in the firstZellstoff
The Fasern Revenue decreased by 5.6 percent in the third quarter of 2019 and
three quarters of the year, among other things due to trade amounted to EUR 529.4 mn. EBITDA (earnings before interest,
Die weitere
tensionsOptimierung
between the der
USA Produktionsabläufe
and China. The risk mitof dem Ziel derBrexitDer Bereich
a no-deal Zellstoff & Holz
tax, depreciation versorgt die Faserproduktions-
and amortization) declined by 10.6 stand- percent to
Kapazitätsausweitung
and growing geopolitical sowie der Bau vonled
tensions neuen Produktions-
to additional linien Inorte der
uncertainty. EURLenzing
85.7 mn Gruppe
and EBIT mit hochwertigem
(earnings before Faserzellstoff
interest and und be-
tax) fell by
stellten
its neben
Worlddem AusbauOutlook,
Economic der Marktpräsenz in Asien und
the International der Tür-Fundtreibt22.2
Monetary an den
percent Standorten
to EUR Lenzing
47.9 mn.und EBTPaskov
(earnings eigene
beforeFa tax)
serzell-
dropped
kei den Kern der
projected Aktivitäten
a decline im Geschäftsjahr
in global growth from2017 dar. Die in
3.6 percent 2018 tostoffwerke.
gute by 13.6Damit werden
percent to rund
EUR 56 49.3Prozent
mn and des Zellstoffbe-
net profit darfes
was down
Nachfrage
3 percent nachinLENZING™
2019, the lowest Fasernlevelführte zu 2008/2009.
since einer sehr hohen A growthder Lenzing
15 percent Gruppe
to EUR abgedeckt.
36.1 mn. Der Rest wird auf Basis langfristi-
Auslastung
rate of der3.4 Zellstoff-
percent isund Faserproduktion.
forecast for 2020. ger Verträge zugekauft. Faserzellstoff ist der wichtigste Rohstoff
für die Erzeugung
Revenue of thevon Cellulosefasern
first three quarters aus Lenzing
declined undbywird 1.1 aus
percent
Holz The trade conflict between the USA and China led to uncertaintydem year-on-year nachwachsenden to EUR Rohstoff
1.62 bn, Holz gewonnen.
which was primarily attributable to
and significantly reduced demand, with simultaneous oversupply, the falling standard viscose prices. Based on a further product mix
Angebot und Nachfrage
throughout the textile amvaluemitteleuropäischen
chain, resulting Holzmarkt rund atIn den
in underutilization beiden Zellstoffwerken
optimization and higher prices der Lenzing Gruppe
for specialty wurden
fibers, 2017 in
the decrease
um diefiberbeiden Zellstoff-Produktionsstandorte
producers’ plants, spinning plants and Lenzing
their(Ös- ter-
downstream insgesamt
revenue rund was560.000 Tonnen
largely offset. TheFaserzellstoff
share of specialtyproduziert,
fibers inrundrevenue
reich)customers.
und PaskovTherefore,
(Tschechien) therewaren
is 2017 durch klimatische,
substantial pressure onöko- all fiber300.000
rose Tonnen
from 44.1 davonpercentin Lenzing und rund 260.000
in the comparative periodTon-
of thenenprevious
in
logische
types und geopolitische
in the global fiberFaktoren
markets 2stark. The beeinflusst. polyesterPaskov.
Ein langer
prices for cotton, yearDer
to Spotmarktpreis
49.8 percent. More für Faserzellstoff
favorable currency stieg im Vor- jahres-
relations also had a
und kalter Winter sorgte
and standard viscose zu Beginn
dropped, desinJahres 2017 für einen
part significantly, er- thevergleich
while leicht
positive an. Imon
impact Durchschnitt
the revenue2017 lag der Marktpreis im Be-
development.
höhten Bedarf
prices for an Buchenbrennholz.
wood-based specialty Das nach
fibers wieup.
held vor geltende Ex- richtsjahr bei USD 898/Tonne nach USD 888/Tonne im Geschäfts-
portverbot von Rundholz in der Ukraine schränkte die Verfügbar- jahr 2016.
EBITDA (earnings before interest, tax, depreciation and
keit am
AfterHolzmarkt
the cotton zusätzlich
marketein. recovered slightly in the first quarter of amortization) recorded a decline by 8.1 percent to EUR 266.9 mn
2019, prices fell again in the second quarter as another high-yieldDer 2016 beschlossene
during the same period,Ausbau der Produktionskapazitäten
leading to a lower EBITDAanmargin bei- of
Die Preise
harvest fürisNadelholz
expected blieben aufgrund anhaltender
for the 2019/2020 season. In the Prob-thirdlemequarter,den Produktionsstandorten
16.5 percent comparedsowie die Modernisierung
with 17.8 percent in the first derthree
Anlagenquarters
mit Schädlingen
the decline was undslightly
Sturmereignissen
weaker, but still im weiteren
noticeable. Verlauf des im Volumen von EURyear.
of the previous 100 Mio.
EBITlaufen
(earningsplanmäßig.
before interest and tax) fell by
Jahres auf niedrigem Niveau. Der starke Käferbefall führte wie 19.3 percent to EUR 153.5 mn. The EBIT margin dropped to
im Jahr 2016 insbesondere
Although the polyesterim marketNordosten Tschechiens
had a strong start todazu,
the yeardass2019,Biobasierte Materialien
9.5 percent (from 11.6 percent in the comparative period).
Forstbetriebe
demand has mehrdropped
Holz alssignificantly
im Nachhaltshiebsatz
since the geplant
Chineseschlä-New Year EBT (earnings before tax) was down 14.6 percent to EUR 151.9 mn
gern and
mussten und hohe
fell short Mengen an Fichtenholz
of expectations. As raw material auf denprices
Marktdeclined,
ka- Die Märkte
and net für biobasierte
profit decreased Materialien entwickelten
by 15.6 percent sichto EURim Vorjahr
112.9 mn.
men.prices
Hinzu continued
kamen in Süddeutschland,
to drop in the course Österreich und Tschechien
of the year. günstig. Die Produktion
Earnings per share fell vonby Xylose stieg weiter
12.8 percent to EUR an.4.41.
Bei Essigsäure
mehrere Millionen Festmeter Schadholz als Folge des Sturmtiefs führten Mengensteigerungen zu Ertragsverbesserun- gen, bei Fur-
„Herwart“
Having aufstarted
den Markt. at a DaslevelLaubholz-Angebot
of 13,560 CNY/ton, war im prices forfural Gross
theGegen- sorgte einecashAngebotsverknappung
flow in the first three in China
quartersfür einen
of 2019 starken
rose by
satz dazu geringer
standard als imcontinued
viscose Vorjahr, weil toaufgrund
decrease desinhohen due to newPreisanstieg
2019 Zwangs- 8.5 percent und damit
compared zu einer deutlichen
to the first threeErtrags- steigerung.
quarters of the previous
anfalles bei Nadelholz
capacities and a wenigerdecline Laubholz
in demand, geschla- andgen wurde. to
amounted year and amounted to EUR 242.5 mn. This increase was above all
Zudem beeinflusste
11,100 CNY/ton ein Projekt
in June. der stabilizing
After ungarischen Re- gierung
briefly, zur
prices recorded Die von
dueder Lenzing Gruppe
to non-cash effects ininihrer Bioraffinerie
net profit for thehergestell-
period. Cash ten flow
Unterstützung von bedürftigen
another significant drop Menschen
and reached mit Bu-a new historic low ofbiobasierten
chen-Brennholz Materialien
from operating Essigsäure,
activities declinedFurfural
by 30.8 undpercent
Magnesium- to EUR Lig-
171 mn
den Markt.
10,500 CNY/ton in September. nosulfonat
duringwurden
the same im period.
Geschäftsjahr
Free cash 2017flowvomwasUS-downamerikanischen
84.6 percent to
Landwirtschaftsministerium
EUR 11.4 mn due to continued (USDA)high mitinvesting
dem Biobased
activities.Product
Für das
The Werk
pricesinforLenzing
wood-based erforderten
specialty diese developed positivelyLabel ausgezeichnet. Diese Zertifizierung ist ein weiterer offiziel-
Marktverzerrungen
fibers
eine in
Verschiebung
the first three des Einkaufsvolumens
quarters. The declineininRichtung
demand for textile fibersler Nachweis
Westeuro- dafür, dass die
CAPEX (investments in genannten Erzeugnis-
intangible assets and se der Lenzing
property, plant and
pa. Die Versorgung
in general, mit Buchenholz
coupled konnte dadurch
with the significant sichergestellt
price difference to otherGruppe zu 100 Prozent
equipment) dropped ausbyder 8.3natürlichen
percent tound EUR nachwachsenden
159.7 mn during the
und das
fiberWinterlager
types, put ausreichend gefüllt werden.
a strain on Lenzing’s partners Diealong
Preisethe fürvalueRessource Holz period.
reporting gewonnen Thiswerden.
decline is primarily attributable to the
Buchenholz
chain for wurden hauptsächlich
specialty fibers. Lenzingaufgrund willlangfristiger
continue to Verträge
specifically com-pletion of the expansion project in Heiligenkreuz in 2018 and
auf konstant
support niedrigem
its value chainNiveau gehalten. Durch das Überangebot
partners. Energie
the ongoing planning for major projects in Brazil and Thailand,
an Fichtenholz verfügte auch das zweite Zellstoffwerk der Lenzing which will only have an effect on the investment volume in the
GruppeTheinLenzing
Paskov Groupüber eincontinued
gut gefülltes Lagerbusiness
its solid für den Winter
developmentund inDie Einkaufsstrategie
coming quarters.für die Hauptkostenträger Strom und Erdgas
die günstigen Einstiegspreise
the third quarter aus demthe
of 2019 although Vorjahr konn- ten
significantly lower prices forbasiert in der Lenzing Gruppe auf Spotmarktpreisen. Die Strom-
fortge-
schrieben
standard viscose were tangible. The disciplined implementation ofpreiseTotal
werden. verzeichneten 2017 eine by
assets increased deutliche Trendumkehr
6.5 percent und legten with
in comparison
the sCore TEN strategy and the focus on specialty fibers oncegerechnet Decemberüber das 31, Jahr
2018 2017and um amounted
knapp 30 Prozentto EURzu,2.8 nachdem
bn as at
Im Berichtsjahr
again haderfolgte zudemimpact
a positive eine Auditierung
on the revenue der beiden andForst-earningssie zuvor fünf Jahre
September 30, hintereinander
2019. Adjustedgesunken waren. Die
equity remains Kälte- at
unchanged
zertifizierungssysteme
devel-opment and the Foresteffect Stewardship
caused by the Council®
historically low priceswelleEUR
(FSC®) in Europa
1.6 bn;hatte insbesondere
the adjusted equityzuratio
Jahresbeginn
decreasedstarkefrom 59 Preis-
percent
und Programme
for standard for the Endorsement
viscose was considerably of Forest
reduced. CertificationTM erhöhungen
to 55.5 zur Folge.
percent Gleichzeitig
during standen
the reporting in Frankreich
period. mehrere
Net financial debt, at
(PEFCTM) an den Standorten Lenzing und Paskov. Beiden wur- Kraftwerke
EUR 372.1 nur mneingeschränkt
as at September zur Verfügung.
30, 2019Generell
exceeded waren die of
the figure
de bestätigt, dass zusätzlich zu den strengen Forstgesetzen in den Energiemärkte
December im 31, Berichtsjahr
2018 of EURvon 219.4steigenden
mn due toPreisen the high geprägt.
investment
Lieferländern sämtliche eingesetzte Holzmengen aus PEFCTM- Auchvolume
die Öl- und and Kohlepreise
the related verzeichneten nach meh- but
financing requirements, rerenisJah-
still at a
und FSC®-zertifizierten
1 oderOutlook,
Source: IMF, World Economic -kontrollierten Quellen stammt. Um-
October 2019 ren mit niedrigen
solid Preisen wieder
level. Trading workingdeutliche
capital Anstiege.
rose by Trotz guter to
6.7 percent
strittene
2
Holzquellen
Sources: konnten
International sicher Committee
Cotton Advisory ausgeschlossen Cotton Outlook, Verfügbarkeit
werden.
(ICAC), IMF, EUR 474.4 vonmnFlüssig-Erdgas
in the re-porting schlug sich
perioddie mainly
Preisentwicklung
due to higher
CCF Group (China Chemical Fibers and Textiles Consulting), Food and Agriculture
von Erdöl auch an den europäischen Gasmärk-
inventories (especially raw materials and supplies). ten durch. The Auch
ratio of
Organization (FAO)
Bioraffinerie hier lag das Plus
trading bei mehr
working als 30
capital to Prozent.
annualized Group revenue rose from
3 Interim Report 01-09/2019 Lenzing Group Interim Report 01-09/2019 Lenzing Group 120.6 percent at December 31, 2018 to 22.4 percent at September
30, 2019.
In the first three quarters of 2019, investment activities in the
Lenzing Group focused on the expansion of the share of specialty
fibers in line with the sCore TEN strategy.
Lenzing puts the focus on stable and profitable growth as well as
an improvement of the ecological footprint of the textile and
nonwovens industries by expanding the production of specialty
fibers. The decision to build a state-of-the-art lyocell plant with a
capacity of 100,000 tons in Prachinburi (Thailand) is the next
logical step to achieve this goal. In the third quarter, Lenzing
chose Wood Plc as a partner for detailed engineering, purchasing
and construction management and supervision; the related
Engineering, Procurement and Construction Management
contract (EPCM) was signed on August 15. In addition, the
conversion of the production capacities from standard viscose to
LENZING™ ECOVERO™ branded specialty viscose fibers was
also continued during the reporting period.
Increasing the self-supply with dissolving wood pulp is another
key element of the sCore TEN strategy. Lenzing and the Brazilian
company Duratex continue to advance the plannings and
preparations for the construction of a 450,000 ton dissolving
wood pulp plant in the state of Minas Gerais (Brazil). The basic
engineering, site grading and the appli-cations for required
permits are proceeding according to plan. In addition, the
expansion and modernization of the pulp plant in Lenzing were
completed in the third quarter.
Lenzing will use blockchain technology to support its
TENCEL™ branded fiber business, ensuring complete
transparency and traceability for brands and consumers of its
fibers in the finished garment. In the second quarter Lenzing
announced a cooperation with the platform of the technology
company TextileGenesis™ to accomplish this ambition; in the
third quarter, Lenzing presented its first pilot project at the Hong
Kong Fashion Summit.
The TENCEL™ brand’s visibility was further increased through
co-branding during the reporting period. The digital marketing
concept “Where to buy” was introduced on the product website
www.tencel.com in the first quarter of 2019. Based on this
concept, products made from TENCEL™ fibers can be presented
and linked in the online shops of more than 110 partners, including
brands like H&M, Levi’s, Allbirds, Victoria Secret, Esprit, Pottery
Barn and Asos.
Lenzing invests more than EUR 100 mn in energy-saving
measures, the conversion to renewable energies and in new
technologies, thus strengthening its position as a front runner in
climate protection both in the production industry and in
particular also in the fiber industry. In the second quarter Lenzing
announced its ambitious climate strategy. The goal is to reduce
net emissions of greenhouse gases to zero by 2050. An important
milestone on the way to becoming climate-neutral is set for the
year 2030. By then Lenzing has committed to reduce emissions
per ton of fibers and pulp by 50 percent compared with 2017.
2 Interim
4 Interim ReportReport 01-09/2019
01-09/2019 Lenzing
Lenzing GroupGroupOutlook
The International Monetary Fund expects a slowdown of global
economic growth to 3 percent in 2019, mainly driven by
increasing protectionist tendencies and growing geopolitical
tensions. The currency environment in the regions relevant to
Lenzing will remain volatile.
Global fiber demand has weakened. Trade conflicts have caused
nervousness and declining demand throughout the textile value
chain. According to preliminary calculations, cotton inventory
levels will continue to increase in the 2019/20 season because a
good harvest is expected. The price levels for cotton and
polyester are expected to remain subdued. Capacity expansions
for standard viscose, coupled with sluggish demand due to the
trade conflicts, caused higher pressure on prices, which fell to a
new historic low in the third quarter of 2019. In specialty fibers,
the Lenzing Group expects a comparatively positive development
of its business.
Driven by the challenging situation in standard viscose and low
paper pulp prices, prices for dissolving wood pulp remain on a
comparatively low level. Caustic soda prices in Asia have already
declined significantly over the past months; this development is
now also noticeable in Europe.
The very challenging and volatile market environment in general,
paired with erratic developments in the trade disputes between
the major economic blocks plus the high level of uncertainty in
the textile value chain, significantly impacts earnings visibility.
Based on the above mentioned economic environment, the
Lenzing Group expects the result for 2019 to be slightly below the
level of 2018. Above developments reassure the Lenzing Group in
its chosen strategy sCore TEN. Lenzing is very well positioned in
this market environment and will continue to focus growth with
specialty fibers.
Lenzing, October 31, 2019
Lenzing Aktiengesellschaft
The Management Board
Stefan Doboczky Robert van de Kerkhof Thomas Obendrauf Heiko Arnold
Chief Executive Officer Chief Commercial Officer Chief Financial Officer Chief Technology Officer
Chairman of the Member of the Member of the Member of the
Management Board Management Board Management Board Management Board
5 Interim Report 01-09/2019 Lenzing Group Interim Report 01-09/2019 Lenzing Group 36 Interim Report 01-09/2019 Lenzing Group
7 Interim Report 01-09/2019 Lenzing Group
8 Interim Report 01-09/2019 Lenzing Group
9 Interim Report 01-09/2019 Lenzing Group
10 Interim Report 01-09/2019 Lenzing Group
www.lenzing.com
Imprint
Copyright and published by Graphic design:
Lenzing Aktiengesellschaft ElectricArts Werbeagentur GmbH
4860 Lenzing, Austria
www.lenzing.com Text pages:
Produced in-house using FIRE.sys
Edited by:
Filip Miermans, Daniel Winkelmeier Photographs by:
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