Lenzing

Profit Statement 2013 2014 2015
Sales EUR mil 1,909 1,864 1,977
Gross Profit EUR mil 667 662 751
EBITDA EUR mil 227 243 293
EBIT EUR mil 84.4 21.9 151
Financing Cost EUR mil 26.7 23.4 3.54
Pre-Tax Profit EUR mil 68.1 7.31 149
Net Profit EUR mil 50.1 -13.5 123
Dividends EUR mil 53.3 46.6 26.7
Balance Sheet 2013 2014 2015
Total Assets EUR mil 2,440 2,375 2,422
Non-Current Assets EUR mil 1,508 1,443 1,393
Current Assets EUR mil 932 932 1,029
Working Capital EUR mil 394 396 447
Shareholders' Equity EUR mil 1,068 1,046 1,207
Liabilities EUR mil 1,372 1,329 1,215
Total Debt EUR mil 801 730 683
Net Debt EUR mil 513 458 336
Ratios 2013 2014 2015
ROE % 4.56 -1.28 10.9
ROCE % 2.68 -0.721 6.68
Gross Margin % 34.9 35.5 38.0
EBITDA Margin % 11.9 13.1 14.8
EBIT Margin % 4.42 1.18 7.64
Net Margin % 2.63 -0.723 6.22
Net Debt/EBITDA 2.26 1.88 1.15
Net Debt/Equity 0.480 0.438 0.278
Cost of Financing % 3.19 3.06 0.500
Valuation 2013 2014 2015
Market Capitalisation USD mil 1,524 1,695 2,235
Enterprise Value (EV) USD mil 2,231 2,249 2,642
Number Of Shares mil 26.6 26.6 26.6
Share Price EUR 41.6 52.7 69.6
EV/EBITDA 7.42 7.17 6.99
EV/Sales 0.880 0.936 1.04
Price/Earnings (P/E) 22.1 -104 15.0
Price/Book Value (P/BV) 1.04 1.34 1.53
Dividend Yield % 4.82 3.33 1.44

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summary Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                                  
Sales EUR mil                     1,218 1,766 2,140 2,090 1,909    
Gross Profit EUR mil                     533 738 864 787 667    
EBIT EUR mil                     103 229 363 256 84.4    
Net Profit EUR mil                     64.4 159 259 176 50.1    
ROE %                     11.0 24.2 29.5 16.3 4.56    
EBIT Margin %                     8.47 13.0 16.9 12.3 4.42    
Net Margin %                     5.28 9.01 12.1 8.40 2.63    
Employees ... ... ... ...             5,562 5,889 6,294 6,739 6,675    
balance sheet                                  
Total Assets EUR mil                     1,447 1,963 2,340 2,633 2,440    
Non-Current Assets EUR mil                     977 1,195 1,326 1,481 1,508    
Current Assets EUR mil                     470 768 1,015 1,152 932    
Shareholders' Equity EUR mil                     585 732 1,024 1,131 1,068    
Liabilities EUR mil                     862 1,231 1,317 1,502 1,372    
Non-Current Liabilities EUR mil                     570 764 734 938 803    
Current Liabilities EUR mil                     291 467 582 564 547    
Net Debt/EBITDA                     1.78 1.05 0.500 1.08 2.26    
Net Debt/Equity                     0.573 0.496 0.237 0.348 0.480    
Cost of Financing % ...                   3.41 3.09 3.71 3.25 3.19    
cash flow                                  
Total Cash From Operations EUR mil ...                   173 206 208 209 82.3    
Total Cash From Investing EUR mil ...                   -158 -281 -216 -308 -152    
Total Cash From Financing EUR mil ...                   -74.2 117 69.3 163 -124    
Net Change In Cash EUR mil ...                   -59.2 42.3 61.2 64.4 -194    
valuation                                  
Market Capitalisation USD mil                     1,306 2,958 2,160 2,381 1,524    
Number Of Shares mil                     25.8 25.8 26.2 26.6 26.6    
Share Price EUR                     35.3 86.4 63.7 68.0 41.6    
Earnings Per Share (EPS) EUR                     2.50 6.17 9.88 6.61 1.89    
Book Value Per Share EUR                     22.7 28.4 39.1 42.6 40.2    
Dividend Per Share EUR                     2.00 1.55 2.50 1.75 2.01    
Price/Earnings (P/E)                     14.2 14.0 6.44 10.3 22.1    
Price/Book Value (P/BV)                     1.56 3.05 1.63 1.60 1.04    
Dividend Yield %                     5.64 1.79 3.93 2.58 4.82    
Earnings Per Share Growth % ...                   -17.2 147 60.2 -33.1 -71.5    
Book Value Per Share Growth % ...                   0.980 25.0 37.8 8.87 -5.58    
income statement Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                                  
Sales EUR mil                     1,218 1,766 2,140 2,090 1,909    
Cost of Goods & Services EUR mil                     685 1,029 1,276 1,303 1,242    
Gross Profit EUR mil                     533 738 864 787 667    
Staff Cost EUR mil ... ... ... ...             235 259 287 308 337    
Other Cost EUR mil ... ... ... ...             110 133 92.8 116 103    
EBITDA EUR mil                     188 346 484 364 227    
Depreciation EUR mil                     85.1 117 122 107 142    
EBIT EUR mil                     103 229 363 256 84.4    
Financing Cost EUR mil                     15.6 16.3 23.5 24.8 26.7    
Extraordinary Cost EUR mil                     -15.3 -3.70 -12.8 -4.55 -10.4    
Pre-Tax Profit EUR mil                     103 217 352 236 68.1    
Tax EUR mil                     23.0 40.2 84.6 55.1 18.1    
Minorities EUR mil                     2.43 10.8 8.73 5.30 -0.079    
Net Profit EUR mil                     64.4 159 259 176 50.1    
Dividends EUR mil                     51.5 39.9 65.4 46.5 53.3    
growth rates                                  
Total Revenue Growth % ...                   -8.36 45.0 21.2 -2.32 -8.68    
Operating Cost Growth % ... ... ... ... ...           16.7 13.7 -3.02 11.5 3.97    
EBITDA Growth % ...                   -10.7 83.8 40.0 -25.0 -37.7    
EBIT Growth % ...                   -23.6 122 58.1 -29.3 -67.1    
Pre-Tax Profit Growth % ...                   -10.3 111 62.3 -32.9 -71.1    
Net Profit Growth % ...                   -17.2 147 62.6 -32.1 -71.5    
ratios                                  
ROE %                     11.0 24.2 29.5 16.3 4.56    
ROCE % ...                   5.42 12.0 16.4 9.91 2.68    
Gross Margin %                     43.7 41.8 40.4 37.7 34.9    
EBITDA Margin %                     15.5 19.6 22.6 17.4 11.9    
EBIT Margin %                     8.47 13.0 16.9 12.3 4.42    
Net Margin %                     5.28 9.01 12.1 8.40 2.63    
Payout Ratio %                     79.9 25.1 25.3 26.5 106    
Cost of Financing % ...                   3.41 3.09 3.71 3.25 3.19    
Net Debt/EBITDA                     1.78 1.05 0.500 1.08 2.26    
balance sheet Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
balance sheet                                  
Non-Current Assets EUR mil                     977 1,195 1,326 1,481 1,508    
Property, Plant & Equipment EUR mil                     842 1,003 1,092 1,275 1,325    
Intangible Assets EUR mil                     88.0 87.7 90.1 91.0 87.4    
Current Assets EUR mil                     470 768 1,015 1,152 932    
Inventories EUR mil                     176 223 285 300 311    
Receivables EUR mil                     119 182 237 265 259    
Cash & Cash Equivalents EUR mil                     105 249 411 482 288    
Total Assets EUR mil                     1,447 1,963 2,340 2,633 2,440    
Shareholders' Equity EUR mil                     585 732 1,024 1,131 1,068    
Of Which Minority Interest EUR mil                     9.50 28.1 34.0 27.5 21.8    
Liabilities EUR mil                     862 1,231 1,317 1,502 1,372    
Non-Current Liabilities EUR mil                     570 764 734 938 803    
Long-Term Debt EUR mil                     400 552 519 702 610    
Deferred Tax Liabilities EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... 41.8    
Current Liabilities EUR mil                     291 467 582 564 547    
Short-Term Debt EUR mil                     40.7 60.5 134 174 191    
Trade Payables EUR mil                     90.4 134 149 200 177    
Provisions EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... 126    
Equity And Liabilities EUR mil                     1,447 1,963 2,340 2,633 2,440    
growth rates                                  
Total Asset Growth % ...                   2.22 35.7 19.2 12.5 -7.32    
Shareholders' Equity Growth % ...                   0.980 25.0 39.8 10.5 -5.58    
Net Debt Growth % ...                   -8.16 8.29 -33.3 62.4 30.3    
Total Debt Growth % ...                   -6.41 38.9 6.54 34.0 -8.51    
ratios                                  
Total Debt EUR mil                     441 613 653 875 801    
Net Debt EUR mil                     336 363 242 393 513    
Working Capital EUR mil                     204 270 373 364 394    
Capital Employed EUR mil                     1,181 1,465 1,699 1,844 1,902    
Net Debt/Equity                     0.573 0.496 0.237 0.348 0.480    
Cost of Financing % ...                   3.41 3.09 3.71 3.25 3.19    
cash flow Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
cash flow                                  
Net Profit EUR mil                     64.4 159 259 176 50.1    
Depreciation EUR mil                     85.1 117 122 107 142    
Non-Cash Items EUR mil ...                   -57.3 -3.78 -69.8 -82.4 -80.0    
Change in Working Capital EUR mil ...                   80.9 -66.4 -103 9.00 -29.9    
Total Cash From Operations EUR mil ...                   173 206 208 209 82.3    
Capital Expenditures EUR mil ...                   -166 -285 -243 -320 -246    
Other Investments EUR mil ...                   7.57 4.38 26.7 11.3 93.9    
Total Cash From Investing EUR mil ...                   -158 -281 -216 -308 -152    
Dividends Paid EUR mil                     -51.5 -39.9 -65.4 -46.5 -53.3    
Issuance Of Debt EUR mil ...                   -30.2 172 40.1 222 -74.5    
Total Cash From Financing EUR mil ...                   -74.2 117 69.3 163 -124    
Net Change In Cash EUR mil ...                   -59.2 42.3 61.2 64.4 -194    
ratios                                  
Days Sales Outstanding days                     35.5 37.5 40.4 46.2 49.5    
Days Sales Of Inventory days                     93.6 79.1 81.4 83.9 91.5    
Days Payable Outstanding days                     48.1 47.6 42.5 56.1 51.9    
Cash Conversion Cycle days                     80.9 69.0 79.3 74.0 89.1    
Cash Earnings EUR mil                     149 276 381 283 192    
Cash Earnings Per Share EUR                     5.80 10.7 14.5 10.7 7.24    
Price/Cash Earnings (P/CE)                     6.10 8.08 4.38 6.38 5.75    
Free Cash Flow EUR mil ...                   15.0 -75.1 -8.10 -98.9 -69.9    
Free Cash Flow Yield % ...                   1.60 -3.36 -0.521 -5.34 -6.09    
other data Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
other data                                  
ROA %                     4.50 9.33 12.0 7.06 1.98    
Gross Margin %                     43.7 41.8 40.4 37.7 34.9    
Employees ... ... ... ...             5,562 5,889 6,294 6,739 6,675    
Cost Per Employee USD per month ... ... ... ...             4,893 4,853 5,285 4,886 5,586    
Cost Per Employee (Local Currency) EUR per month ... ... ... ...             3,518 3,668 3,801 3,806 4,208    
Staff Cost (As % Of Total Cost) % ... ... ... ...             21.1 16.9 16.2 16.8 18.5    
Effective Tax Rate %                     22.3 18.5 24.0 23.4 26.5    
Enterprise Value (EV) USD mil                     1,787 3,440 2,475 2,900 2,231    
EV/EBITDA                     6.82 7.51 3.67 6.21 7.42    
EV/Capital Employed                     1.06 1.77 1.12 1.19 0.851    
EV/Sales                     1.06 1.47 0.832 1.08 0.880    
EV/EBIT                     12.5 11.3 4.91 8.81 19.9    
Domestic Sales EUR mil ... ... ... ... ... ...         144 154 182 186 176    
Capital Expenditures (As % of Sales) % ...                   13.6 16.1 11.3 15.3 12.9    
Revenues From Abroad EUR mil ... ... ... ... ... ...         1,074 1,612 1,958 1,904 1,733    
Revenues From Abroad (As % Of Total) % ... ... ... ... ... ...         88.2 91.3 91.5 91.1 90.8    
Sales in Austria EUR mil ... ... ... ... ... ...         144 154 182 186 176    
Sales in Europe (incl. Turkey) EUR mil ... ... ... ... ... ...         447 672 780 741 609    
Sales in Asia EUR mil ... ... ... ... ... ...         499 751 962 974 931    
Sales in Americas EUR mil ... ... ... ... ... ...         91.0 150 177 154 159    
Sales in the Rest Of The World EUR mil ... ... ... ... ... ...         37.0 39.0 38.0 37.0 32.9    
Sales from Fibers EUR mil ... ... ... ...             1,090 1,596 1,939 1,883 1,766    
Sales from Plastics Products EUR mil ... ... ... ...             111 145 173 158 104    
Sales from Engineering EUR mil ... ... ... ...             82.0 91.0 107 122 125    
EBIT from Fibers EUR mil ... ... ... ...             110 230 361 240 91.2    
EBIT from Plastics Products EUR mil ... ... ... ...             4.00 -4.00 -3.00 10.0 7.26    
EBIT from Engineering EUR mil ... ... ... ...             2.00 8.00 8.00 9.00 ... ... ...
Production Sold (kt) kt ... ... ... ... ... ... ... ... ... ... ... ... 712 810 890    
EBIT Margin - Fibers % ... ... ... ...             10.1 14.4 18.6 12.7 5.16    
EBIT Margin - Plastics Products % ... ... ... ...             3.60 -2.76 -1.73 6.33 6.99    
EBIT Margin - Engineering % ... ... ... ...             2.44 8.79 7.48 7.38 ... ... ...

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Apr 2016
Statistical Dossier
Mar 2014
Statistical Dossier
Mar 2014
Company Report

Lenzing AG is an Austria-based chemical company. The Company manufactures cellulose fibers and offers special plastic polymer products. The Company operates through four business segments: the Fibers (man-made cellulose fibers), the Plastics Products (including specialty products from plastic polymers), the Engineering (provides engineering services) and the Other segment. The Company operates production facilities in Austria, Germany, the Czech Republic, the United Kingdom, the United States, Indonesia and China. In 2015, the Company sold 965,000 tonnes of fiber for nearly EUR 2 bil, of which 90% of total abroad. The Group has more than 6,000 employees