529900BKFJBI0QRDJH63 2021-01-01 2021-12-31 iso4217:EUR 529900BKFJBI0QRDJH63 2020-01-01 2020-12-31 iso4217:EUR xbrli:shares 529900BKFJBI0QRDJH63 2021-12-31 529900BKFJBI0QRDJH63 2020-12-31 529900BKFJBI0QRDJH63 2019-12-31 ifrs-full:IssuedCapitalMember 529900BKFJBI0QRDJH63 2019-12-31 ifrs-full:CapitalReserveMember 529900BKFJBI0QRDJH63 2019-12-31 ifrs-full:OtherEquityInterestMember 529900BKFJBI0QRDJH63 2019-12-31 ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 529900BKFJBI0QRDJH63 2020-01-01 2020-12-31 ifrs-full:IssuedCapitalMember 529900BKFJBI0QRDJH63 2020-01-01 2020-12-31 ifrs-full:CapitalReserveMember 529900BKFJBI0QRDJH63 2020-01-01 2020-12-31 ifrs-full:OtherEquityInterestMember 529900BKFJBI0QRDJH63 2020-01-01 2020-12-31 ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 529900BKFJBI0QRDJH63 2020-12-31 ifrs-full:IssuedCapitalMember 529900BKFJBI0QRDJH63 2020-12-31 ifrs-full:CapitalReserveMember 529900BKFJBI0QRDJH63 2020-12-31 ifrs-full:OtherEquityInterestMember 529900BKFJBI0QRDJH63 2020-12-31 ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 529900BKFJBI0QRDJH63 2021-01-01 2021-12-31 ifrs-full:IssuedCapitalMember 529900BKFJBI0QRDJH63 2021-01-01 2021-12-31 ifrs-full:CapitalReserveMember 529900BKFJBI0QRDJH63 2021-01-01 2021-12-31 ifrs-full:OtherEquityInterestMember 529900BKFJBI0QRDJH63 2021-01-01 2021-12-31 ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 529900BKFJBI0QRDJH63 2019-01-01 2019-12-31 ifrs-full:OtherEquityInterestMember 529900BKFJBI0QRDJH63 2019-01-01 2019-12-31 ifrs-full:IssuedCapitalMember 529900BKFJBI0QRDJH63 2019-01-01 2019-12-31 ifrs-full:CapitalReserveMember 529900BKFJBI0QRDJH63 2019-01-01 2019-12-31 529900BKFJBI0QRDJH63 2019-01-01 2019-12-31 ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 529900BKFJBI0QRDJH63 2021-12-31 ifrs-full:IssuedCapitalMember 529900BKFJBI0QRDJH63 2021-12-31 ifrs-full:CapitalReserveMember 529900BKFJBI0QRDJH63 2021-12-31 ifrs-full:OtherEquityInterestMember 529900BKFJBI0QRDJH63 2021-12-31 ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 529900BKFJBI0QRDJH63 2019-12-31 ifrs-full:ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember 529900BKFJBI0QRDJH63 2019-12-31 ifrs-full:ReserveOfCashFlowHedgesMember 529900BKFJBI0QRDJH63 2019-12-31 ifrs-full:ReserveOfRemeasurementsOfDefinedBenefitPlansMember 529900BKFJBI0QRDJH63 2019-12-31 ifrs-full:RetainedEarningsMember 529900BKFJBI0QRDJH63 2019-12-31 ifrs-full:EquityAttributableToOwnersOfParentMember 529900BKFJBI0QRDJH63 2019-12-31 ifrs-full:NoncontrollingInterestsMember 529900BKFJBI0QRDJH63 2019-12-31 529900BKFJBI0QRDJH63 2020-01-01 2020-12-31 ifrs-full:ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember 529900BKFJBI0QRDJH63 2020-01-01 2020-12-31 ifrs-full:ReserveOfCashFlowHedgesMember 529900BKFJBI0QRDJH63 2020-01-01 2020-12-31 ifrs-full:ReserveOfRemeasurementsOfDefinedBenefitPlansMember 529900BKFJBI0QRDJH63 2020-01-01 2020-12-31 ifrs-full:RetainedEarningsMember 529900BKFJBI0QRDJH63 2020-01-01 2020-12-31 ifrs-full:EquityAttributableToOwnersOfParentMember 529900BKFJBI0QRDJH63 2020-01-01 2020-12-31 ifrs-full:NoncontrollingInterestsMember 529900BKFJBI0QRDJH63 2020-12-31 ifrs-full:ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember 529900BKFJBI0QRDJH63 2020-12-31 ifrs-full:ReserveOfCashFlowHedgesMember 529900BKFJBI0QRDJH63 2020-12-31 ifrs-full:ReserveOfRemeasurementsOfDefinedBenefitPlansMember 529900BKFJBI0QRDJH63 2020-12-31 ifrs-full:RetainedEarningsMember 529900BKFJBI0QRDJH63 2020-12-31 ifrs-full:EquityAttributableToOwnersOfParentMember 529900BKFJBI0QRDJH63 2020-12-31 ifrs-full:NoncontrollingInterestsMember 529900BKFJBI0QRDJH63 2021-01-01 2021-12-31 ifrs-full:ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember 529900BKFJBI0QRDJH63 2021-01-01 2021-12-31 ifrs-full:ReserveOfCashFlowHedgesMember 529900BKFJBI0QRDJH63 2021-01-01 2021-12-31 ifrs-full:ReserveOfRemeasurementsOfDefinedBenefitPlansMember 529900BKFJBI0QRDJH63 2021-01-01 2021-12-31 ifrs-full:RetainedEarningsMember 529900BKFJBI0QRDJH63 2021-01-01 2021-12-31 ifrs-full:EquityAttributableToOwnersOfParentMember 529900BKFJBI0QRDJH63 2021-01-01 2021-12-31 ifrs-full:NoncontrollingInterestsMember 529900BKFJBI0QRDJH63 2021-12-31 ifrs-full:ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember 529900BKFJBI0QRDJH63 2021-12-31 ifrs-full:ReserveOfCashFlowHedgesMember 529900BKFJBI0QRDJH63 2021-12-31 ifrs-full:ReserveOfRemeasurementsOfDefinedBenefitPlansMember 529900BKFJBI0QRDJH63 2021-12-31 ifrs-full:RetainedEarningsMember 529900BKFJBI0QRDJH63 2021-12-31 ifrs-full:EquityAttributableToOwnersOfParentMember 529900BKFJBI0QRDJH63 2021-12-31 ifrs-full:NoncontrollingInterestsMember 529900BKFJBI0QRDJH63 2021-01-01 529900BKFJBI0QRDJH63 2020-01-01
Annual Financial Report
Lenzing Group
2021
Linear to
Circular
Content
Management Report 2021 2
General Market Environment 3
The Development of Business in the Lenzing Group 5
The Development of Business in the Division 7
Investments 12
Research and Development 13
Non-nancial statement 14
Risk Report 15
Report on the Key Elements of the Internal Control System
(Section 243a Para. 2 of the Austrian Commercial Code) 20
Shareholder structure and information on capital 22
Outlook 24
Appendix: Notes on the Financial Performance Indicators
of the Lenzing Group 25
Consolidated Financial Statements of the Group 2021 30
Content Notes 31
Consolidated Income Statement 32
Consolidated Statement of Comprehensive Income 33
Consolidated Statement of Financial Position 34
Consolidated Statement of Changes in Equity 35
Consolidated Statement of Cash Flows 37
Notes to the Consolidated Financial Statements 38
Auditor’s Report 109
Declaration of the Managing Board 113
Lenzing Group Five-Year Overview 114
Jahresabschluss AG 2021 115
Bilanz 116
Gewinn- und Verlustrechnung 118
Anhang zum Jahresabschluss 120
Erläuterungen zur Bilanz 123
Erläuterungen zur Gewinn- und Verlustrechnung 130
Sonstige Angaben 133
Entwicklung des Anlagevermögens 142
Entwicklung der Zuschüsse der öentlichen Hand 144
Bestätigungsvermerk 145
Erklärung des Vorstandes 148
Imprint 149
1 Annual Financial Report 2021 Lenzing Group
2021
Management
Report
CHAPTER
1
/3
Content
General Market Environment 3
The Development of Business in the Lenzing
Group 5
The Development of Business in the Division 7
Investments 12
Research and Development 13
Non-nancial statement 14
Risk Report 15
Report on the Key Elements of the Internal
Control System (Section 243a Para. 2
of the Austrian Commercial Code) 20
Shareholder structure and information
on capital 22
Outlook 24
Appendix:
Notes on the Financial Performance
Indicators of the Lenzing Group 25
2 Annual Financial Report 2021 Lenzing Group
28 Annual Report 2021 Lenzing Group
Global economy
1
In 2021, the global economy recovered from the previous year’s re-
cession, despite the ongoing COVID-19 pandemic. The Interna-
tional Monetary Fund estimates that growth amounted to 5.9 per-
cent in 2021 (-3.1 % in 2020). The economy in industrialized nations
is expected to have expanded by 5 percent (2020: -4.5 %). At
5.6 percent (2020: -3.4 %), growth in the USA was higher than that
of the Eurozone at 5.2 percent (2020: -6.4 %). As in the previous
year, China recorded above-average growth of 8.1 percent (2020:
2.3 %).
Despite the economic recovery, 2021 was characterized by numer-
ous economic challenges: supply failed to keep pace with demand
in many areas of the global economy. In addition to further reasons,
including structural reasons, this led to signicant price increases,
particularly in the energy area, and to problems in global supply
chains.
For 2022, the IMF forecasts growth of 4.4 percent. However, a
continuation of the economic recovery remains exposed to risks,
especially the further course of the pandemic and its implications
for individual economic sectors.
Global ber market
2
Global demand recovers to pre-crisis levels;
ber production continues to rise
Following the pandemic-related shock in the previous year, the de-
mand situation in the textile and apparel industry largely recovered
in 2021. Retail sales of apparel returned to pre-crisis levels world-
wide. However, major regional dierences were evident: in the
USA, sales increased by up to 50 percent year-on-year, to stand
some 10 to 15 percent above pre-crisis levels. Sales in China were
stable, although only just above their 2019 level, while EU sales
were almost 20 percent below their 2019 level. Sales in Japan were
down by as much as 20 to 25 percent. These dierences, some of
which are very signicant, are particularly due to local infection
patterns and the government measures taken.
The extensive recovery in the textile and apparel industry and con-
tinuing high demand for medical and hygiene products, which also
led to strong demand for nonwoven bers in 2021, fed through to
a signicant recovery in the world ber market. Initial estimates
suggest that production levels on the world ber market are likely
to have risen by 2 to 3 percent year-on-year to 116 mn tonnes.
1
Source: IMF, World Economic Outlook, January 2022
Cotton production decreased by 7 percent to 24.3 mn tonnes in
2020/2021, according to preliminary estimates. This is mainly due
to the eect of comparatively high crop yields in the 2019/2020
pre-season. Demand rose by 13 percent to 25.7 mn tonnes. Cotton
stocks subsequently reduced, but still remained above 2019 levels.
Wood-based cellulosic ber production in 2021 increased by
8 percent to set a new high of 7.3 mn tonnes, supported by strong
demand and capacity expansions. The production of modal and
lyocell bers rose at an above-average rate.
Production volumes of synthetic polymer bers grew by almost
6 percent to 78.5 mn tonnes, according to initial estimates. Polyes-
ter bers reported the fastest growth in 2021. Polyamide, polypro-
pylene and acrylic bers were at lower levels, due mainly to price
disadvantages compared to polyester, and diculties in raw mate-
rial supplies.
2
All production-related gures in this section were updated from the initial estimates
published in the Annual Report 2020.
Source: ICAC, IWF, Cotton Outlook, CCFG, FAO
General Market Environment
3 Annual Financial Report 2021 Lenzing Group
29 Annual Report 2021 Lenzing Group
1
Price trends further aected by COVID-19
The ongoing COVID-19 pandemic continued to aect the general
price level for staple bers in 2021. Prices for a number of ber
types recovered, in some cases signicantly, as demand returned.
The cotton price amounted to 127.2 US cents per pound as of De-
cember 31, 2021, corresponding to an increase by 50 percent com-
pared with the beginning of the year. On average, the cotton price
was 41 percent higher than in the previous year. The rise in cotton
prices is only partly attributable to fundamental factors. It is primar-
ily driven by dynamics on international commodity markets and
problems in the global supply chain.
Prices for standard viscose hardly changed over the year. At RMB
12,000 per tonne, the year-end price was only 4 percent higher
than that at the previous year-end. However, price trends were
subject to signicant uctuations over the course of the reporting
year. In the rst quarter, prices recorded a signicant recovery from
the COVID-19 crisis to peak at RMB 15,600 per tonne as of the end
of February. As a consequence, prices came under pressure in an
environment of subdued demand and rising stocks. In September,
the Chinese government imposed measures to reduce energy con-
sumption in industry. This also aected the textile value chain, such
as spinning and weaving mills, which in turn had a negative impact
on ber demand and viscose price trends. A brief recovery phase
was followed by further decreases in prices from the end of No-
vember with the emergence of the omicron variant. Average 2021
prices for standard viscose stood 45 percent higher than the pre-
vious year’s average.
Prices for wood-based specialty bers such as those of the
TENCEL™, LENZING™ ECOVERO™ and VEOCEL™ brands were
much more stable than those for standard bers.
The Chinese import price for ber pulp, the key raw material for the
production of wood-based cellulosic bers, rose by 24 percent to
USD 905 per tonne during the year, outpacing the increase for pa-
per pulp. In the meantime, the price had even risen to USD 1,106
per tonne in April. Supporting factors for the sustained high price
level included a supply shortage due to supply bottlenecks and lo-
gistical problems, as well as higher demand at the end of the year.
At USD 991 per tonne, the average price for the year was 36 per-
cent higher than in the previous year.
The polyester price in 2021 was aected by signicant price uc-
tuations for crude oil and intermediates, as well as a recovery in
demand. The price of polyester staple ber in China rose by 19 per-
cent year-on-year to RMB 7,020 per tonne at the end of the year.
The average price for the year was also RMB 7,020 per tonne,
20 percent higher than the previous year’s average.
1
Source: ICAC, CIRFS, TFY, Lenzing estimates
2
Source: CCFG, CCA
2
4 Annual Financial Report 2021 Lenzing Group
29 Annual Report 2021 Lenzing Group
Thanks to its strategic focus on specialty bers and a largely posi-
tive market environment, the Lenzing Group recorded a signicant
year-on-year improvement in revenue and earnings trends in 2021.
Growing optimism in the textile and apparel industry as a conse-
quence of the progress made with vaccinations and the continuing
recovery in the retail sector ensured a signicant rise in demand
and prices on the global ber market, particularly at the beginning
of the year under review.
Revenue rose by 34.4 percent to EUR 2.19 bn in 2021, reecting
both higher sales volumes as well as higher ber prices. The focus
on wood-based specialty bers, such as those of the TENCEL™,
LENZING™ ECOVERO™ and VEOCEL™ brands, also exerted a
positive impact on revenue growth. These positive price and mix
eects more than oset negative currency eects.
The earnings trend mainly reects Lenzing’s position within the
current market environment. A continued focus on measures to im-
prove structural earnings in all regions reinforced this positive ef-
fect. Signicant increases in energy, raw material and logistics
costs were recorded throughout the reporting year. Earnings be-
fore interest, tax, depreciation and amortization (EBITDA) almost
doubled year-on-year to EUR 362.9 mn in 2021 (compared with
EUR 192.3 mn in 2020). The EBITDA margin rose from 11.8 percent
to 16.5 percent. Operating prot (EBIT) amounted to
EUR 200.6 mn (compared to EUR 33.9 mn in 2020). The EBIT mar-
gin rose accordingly from 2.1 percent to 9.1 percent. The nancial
result of EUR minus 17.7 mn includes the full write-o of the interest
in Hygiene Austria LP GmbH as well as a loan to this same company.
Earnings before tax (EBT) increased to EUR 182.9 mn compared
with EUR 22.3 mn in 2020). Net prot for the year amounted to
EUR 127.7 mn compared with EUR minus 10.6 mn in 2020) and
earnings per share stood at EUR 4.16 (compared with EUR 0.24 in
2020).
The income tax expense of EUR 55.2 mn (compared with
EUR 32.8 mn in 2020) follows the earnings trend and reects cur-
rency eects and the valuation allowance applied to individual
Group companies’ tax assets.
Details on revenue and earnings trends in the year under review are
as follows:
Condensed consolidated income statement
1
EUR mn
Change
2021 2020 Absolute Relative
Revenue    
Cost of sales () () () 
Gross prot    
Other operating
income
   
Selling expenses () () () 
Administrative
expenses
() () () 
Research and
development
expenses
() () () 
Other operating
expenses () ()  ()
EBIT    
Financial result () () () 
EBT    
Income tax expense () () () 
Net prot/loss for
the year  ()  n/a
1) Since the beginning of the 2021 nancial year, the Lenzing Group has reported its
consolidated income statement by applying the cost of sales method. The previous
presentation applied the nature of expense method. The complete consolidated in-
come statement is presented in the consolidated nancial statements.
Higher level of investment activities
Gross cash ow almost tripled to EUR 372 mn in 2021 (compared
to EUR 126.8 mn in 2020), which mainly reects the earnings trend.
Cash ow from operating activities amounted to EUR 394 mn
(compared with EUR 48.9 mn in 2020). Free cash ow stood at
EUR minus 445.5 mn (2020: EUR minus 614.8 mn), which was es-
pecially due to investment activities related to the projects in Thai-
land and Brazil. Capital expenditure on intangible assets, property,
plant and equipment, and on biological assets increased by
26.3 percent to EUR 844.3 mn in the reporting period, approxi-
mately half of which was nanced from cash ow from operating
activities. The sharp increase in investment volumes is primarily due
to the implementation of the two key projects.
The liquidity position rose by 4 percent year-on-year to stand at
EUR 1.11 bn as of the end of 2021.
Solid balance sheet structure
The Lenzing Group’s total assets grew by 27.9 percent compared
to December 31, 2020, and amounted to EUR 5.3 bn as of the end
The Development of Business in the Lenzing Group
5 Annual Financial Report 2021 Lenzing Group
30 Annual Report 2021 Lenzing Group
of December 2021. The most signicant changes relate to the in-
crease in property, plant and equipment due to the higher level of
investing activities.
Adjusted equity rose by 10.9 percent to EUR 2.12 bn as of the end
of 2021, primarily due to the operating prot trend in 2021. The ad-
justed equity ratio decreased from 45.8 percent to 39.7 percent,
due particularly to the higher level of total assets. Net nancial debt
amounted to EUR 977 mn as of the end of the reporting year (com-
pared to EUR 471.4 mn as of December 31, 2020). This increase re-
ects the nancing of the two key projects in Thailand and Brazil.
Net gearing rose to 46.2 percent as of the reporting date (com-
pared with 24.7 percent as of December 31, 2020). Trading working
capital increased by 0.9 percent to EUR 387.4 mn.
6 Annual Financial Report 2021 Lenzing Group
31 Annual Report 2021 Lenzing Group
In order to prepare the Lenzing Group for the challenges and op-
portunities deriving from the investment projects and the changed
market environment, the Managing Board presented a new organ-
izational structure that is to support the sCore TEN strategy objec-
tives with a focus on protable, organic growth in specialty bers,
and further enhance eciency and transparency. As a conse-
quence, the management of the business was adjusted and divided
into the two new divisions of “Fibers” and “Pulp”.
1
The Lenzing Group’s investment activities in 2021 continued to fo-
cus on the expansion of the Group’s internal ber pulp production,
raising the share of specialty bers, and implementing the climate
targets in line with the sCore TEN corporate strategy.
In September, the Lenzing Supervisory Board reached an amicable
agreement with long-serving CEO Stefan Doboczky on the early
termination of his contract. Mr. Doboczky informed the Supervi-
sory Board that he would not be available for a further extension of
his contract from 2022. The Lenzing Supervisory Board noted this
with great regret, and in agreement with Mr. Doboczky terminated
his contract as of the end of the third quarter.
Cord Prinzhorn was appointed CEO on an interim basis. Mr. Prin-
zhorn has been a member of the Lenzing Supervisory Board since
the Annual General Meeting in April of this year. As of November
4, 2021, he relinquished this position until further notice, and as-
sumed the CEO role.
Division Fiber
The Fibers Division comprises all business activities of the Lenzing
Group with the dierent generations of wood-based cellulosic -
bers.
Specialty bers are Lenzing’s great strength. The objective is to
generate more than 75 percent of ber revenues from business
with wood-based specialty bers such as lyocell and modal bers
by 2024. The focus of this strategic target was the start-up of the
new state-of-the-art lyocell plant in Thailand with a nominal capac-
ity of 100,000 tonnes. Production starts in the rst quarter of 2022.
Moreover, Lenzing is investing more than EUR 200 mn in produc-
tion sites in China and Indonesia to convert existing capacities for
standard viscose into capacities for environmentally compatible
specialty bers. In Nanjing, Lenzing is working on converting a line
to TENCEL™ modal bers. The portfolio of the Chinese ber plant
will thereby consist entirely of specialty bers by the end of 2022.
As part of the investment in Purwakarta, Lenzing will bring its entire
viscose production up to EU Ecolabel standards. The site will
thereby become a pure specialty viscose supplier as of 2023.
1
Note 3 to the condensed consolidated interim nancial statements as of June 30,
2021
In addition to the new lyocell plant in Thailand, which is designed
to be carbon neutral, investments at existing sites are also in line
with Lenzing’s targets to reduce carbon dioxide emissions per
tonne of product by 50 percent by 2030, and to be climate neutral
by 2050.
With the repositioning of its product brands, the Lenzing Group has
been sending a strong message to consumers since 2018. With
TENCEL™ und LENZING™ ECOVERO™ as umbrella brands for all
specialty products in the textile segment, VEOCEL™ as the um-
brella brand for all specialty nonwoven products, and LENZING™
for all industrial applications, the company showcases its strengths
in a targeted manner. Lenzing continued to enhance the visibility of
its brands in 2021 through targeted communication measures.
The revenue of the Fibers Division reached a level of EUR 1.9 bn in
2021, 69.4 percent of which was attributable to textile bers and
30.6 percent to bers for nonwovens and special applications. Fi-
ber sales volume increased by 15.5 percent in 2021 to approxi-
mately 909,000 tonnes (2020: approximately 787,000 tonnes). The
share of specialty bers in ber revenues decreased to 72.3 per-
cent (2020: 76.2 %) as a consequence of the recovery in standard
viscose prices. The division’s earnings (EBITDA) amounted to
EUR 214 mn, while operating earnings (EBIT) stood at
EUR 107.4 mn.
Textile bers
The market for textile bers performed very well in 2021, although
signicant dierences in demand for standard viscose and spe-
cialty bers were discernible in some cases.
Prices for standard viscose were very volatile. High energy, raw ma-
terial and logistics costs coupled with poor availability of contain-
ers further aected the economic attractiveness of standard vis-
cose bers.
In contrast, the wood-based specialty bers business recorded
stable and high demand in all major producing textile markets such
as China, India, Pakistan, Bangladesh and Turkey, as well as for all
Lenzing product groups (TENCEL™ lyocell and modal bers,
LENZING™ ECOVERO™ bers), driven by growing demand for
high-quality and sustainably produced bers from retailers and
fashion brands.
Lenzing also presented a variety of new ber innovations in 2021,
which help make its partners’ product ranges more sustainable.
In February, Lenzing launched TENCEL™ brand modal bers with
Indigo Color technology. The single-stage spun-dyeing process
used here enables indigo pigments to be incorporated directly into
the ber. Compared to conventional indigo dyeing processes, this
ensures better color fastness with signicantly lower resource con-
The Development of Business in the Division
7 Annual Financial Report 2021 Lenzing Group
32 Annual Report 2021 Lenzing Group
sumption. The product has been awarded the EU Ecolabel. This la-
bel is awarded to products that meet high environmental standards
throughout their life cycle.
To meet demand for more recycling solutions in the textile and ap-
parel industry, in September Lenzing presented carbon-neutral
TENCEL™ bers enhanced by REFIBRA™ recycling technology.
The carbon-free lyocell and modal bers of the TENCEL™ brand
generated signicant growth in interest among customers and
partners along the value chain in 2021. These bers represent an
important step taken by Lenzing and its partners on their joint path
to carbon neutrality.
In October, Lenzing expanded its product range to include matt
TENCEL™ lyocell bers. These provide a matt appearance to gar-
ments, in contrast to the typical sheen of TENCEL™ lyocell bers.
Feedback from fashion brands and retailers was very positive, lead-
ing to good initial sales gures.
In addition to environmental protection, transparency also repre-
sents a great challenge for the textile industry. To address the issue,
Lenzing expanded its ber identication system to include
TENCEL™ lyocell and modal bers in 2021. With this step, the
company once again underlined its commitment to a transparent
textile value chain.
In addition, Lenzing oers an innovative solution based on block-
chain technology in collaboration with TextileGenesis™ to ensure
traceability along the textile value chain. As of December 31, 2021,
more than 600 dierent partner companies have been successfully
integrated into the platform. Thanks to the innovative Fibercoin™
technology of the TextileGenesis™ platform, Lenzing is able to is-
sue digital tokens in direct proportion to physical ber deliveries.
These track deliveries along the value chain and act as a kind of
digital twin. The feedback from leading fashion brands and retailers
is positive.
Lenzing also made very good progress in the development of the
lyocell lament business under the TENCEL™ Luxe brand.
TENCEL™ Luxe laments have been registered with The Vegan
Society™ since 2021. The independent certicate proves that the
wood-based laments are manufactured entirely without animal
testing or animal components. In 2021, more fabrics were devel-
oped as sustainable and vegan alternatives to silk fabrics for outer-
wear, footwear, activewear and traditional Indian clothing. Leading
fashion brands and designers have already incorporated some of
these developments into their collections. Lenzing also optimized
the operation of its second pilot plant in 2021 and received ap-
proval for a project to eliminate capacity bottlenecks in December
as a consequence of the positive market trend.
In addition, Lenzing further expanded the awareness and visibility
of its TENCEL™ and LENZING™ ECOVERO™ brands in 2021. In
the rst half of the year, Lenzing reached more than 400 million
consumers worldwide with brand activation at Earth Day (#check-
whatsgood), the Oscars (with Red Carpet Green Dress and TEN-
CEL™ Luxe) and #FeelsSoRight. New co-branding initiatives in
collaboration with partners such as Zara, PULL&BEAR, Zalando,
Massimo Dutti, Camper, H&M and Esprit have greatly increased
visibility in the market. The TENCEL™ eShop was opened in Feb-
ruary 2021. It now includes ten brands, including Levi’s
®
, H&M, Es-
prit, Jack & Jones, J.Crew, Mara Homan and West Elm. It is the
world’s rst e-commerce portal from a sustainable ber producer.
It was featured in Vogue magazine and has reached over 20 million
people to date. The portal now has more than 100,000 page views
from an international audience and is continuing to grow. To further
raise awareness for sustainable fashion, Lenzing implemented the
#MakeItFeelRight campaign from June to December. By the end
of the year under review, 510 million consumers in nine countries
had been reached.
Nonwoven bers
The nonwoven bers business continued to comprise an important
strategic pillar for Lenzing in the second year of the pandemic.
Higher demand for hygiene products as a consequence of COVID-
19 also had a positive impact on demand for nonwoven bers in the
rst half of 2021. The high level of stocks worldwide weakened this
eect somewhat in the second half of the year.
Lenzing’s nonwoven bers business also continued to benet from
the long-term global trend toward more sustainable, biodegrada-
ble materials, supported by new regulations in the markets. The
company welcomes the issuance of the guidelines for the imple-
mentation of the Single-Use Plastics Directive (EU) 2019/904,
which came into force on June 5, 2019. In this directive, the EU
Commission species which products fall within its scope, thereby
providing clarity in the EU member states’ joint ght against plastic
waste pollution. Lenzing’s wood-based and biodegradable nonwo-
ven bers, such as those under the VEOCEL™ brand, oer a sus-
tainable and innovative solution to this man-made problem. The
Single-Use Plastics Directive also provides for uniform labeling re-
quirements for certain products on either the packaging or on the
product itself from July 3, 2021. These include feminine hygiene
products and wet wipes for personal and household care that con-
tain plastics. With its VEOCEL™ brand, Lenzing provides consum-
ers with clear guidance for their purchasing decisions: products
bearing the VEOCEL™ brand logo on their packaging follow strin-
gent certication criteria. This assures consumers that the bers of
the labeled product are biodegradable and contain 100 percent
cellulosic material.
With the #ItsInOurHands environmental initiative, the VEOCEL™
brand is specically raising consumer awareness of issues such as
sustainable materials, as well as climate and environmental protec-
tion. In 2021, the initiative achieved a global reach of more than
70 million, again also increasing the visibility of the VEOCEL™
brand. With the “It’s In Our Hands” school project, the brand is also
involved in the “Citizen Science” area, which aims to raise aware-
ness among students aged 10 to 16 concerning the importance of
sustainable materials in everyday products. The launch took place
in the fall of 2021 in the USA, Germany and Austria.
With the “Nature re-imagined” campaign, Lenzing placed an even
greater focus on its particularly environmentally compatible lyocell
process in its advertising activities in 2021. The process developed
by Lenzing enables more than 99 percent of the solvent to be re-
covered in a closed loop and to be always fed back into the pro-
duction process. With VEOCEL™ brand lyocell bers, Lenzing
thereby oers customers in the nonwovens sector a sustainable -
ber that also features special properties in terms of quality.
As part of the “Climate Care” campaign, Lenzing launched the rst
carbon-neutral cellulosic bers on the global nonwovens market in
8 Annual Financial Report 2021 Lenzing Group
33 Annual Report 2021 Lenzing Group
the second quarter. The launch of bers certied as CarbonNeu-
tral
®
products in accordance with the CarbonNeutral Protocol
guidelines represents a further milestone on the joint journey of
Lenzing and its partners towards carbon dioxide neutrality. This
new oering in the VEOCEL™ brand portfolio is the result of tar-
geted measures to reduce specic product emissions. By utilizing
renewable energies, low carbon dioxide raw materials and energy
sources, ecient production methods, and carbon dioxide oset-
ting via veried climate protection projects, it is possible for the
rst time to oer bers for nonwoven bers with a carbon-neutral
footprint.
The hydrophobic LENZING™ Lyocell Dry ber is a further product
innovation from the year under review. This combines the benets
of standard lyocell ber with the ability to repel moisture and liquid.
Unlike conventional cellulosic bers, water cannot penetrate the -
bers, with the water instead forming beads on the surface. The ber
thereby makes it possible to tap further application areas that were
previously largely dependent on petroleum-based bers.
With a focus on information and education as well as innovative
new products, the company succeeded in expanding its global
brand presence and network of co-branding partners in 2021: in
the USA, the VEOCEL™ brand cooperates with well-known brands
such as Coterie and Neutrogena, and in China with Kotex, a brand
of US hygiene products manufacturer Kimberly-Clark. In Turkey,
the VEOCEL™ brand joined the multimedia campaign of Turkish
hygiene products manufacturer DeepFresh.
Co-products of ber production
The Lenzing Group produces LENZING™ sodium sulfate as a co-
product at all locations where viscose or modal bers are manu-
factured. This is used in the detergent and glass industries and for
the production of food and animal feed. Sales volumes at the Len-
zing site increased by 12 percent year-on-year in 2021.
Since 2019, Lenzing has produced and marketed LENZING™ cal-
cium sulfate, a further co-product reporting a constant trend level.
Sales volumes already amounted to 16,000 tonnes in 2021.
Division Pulp
The Pulp Division comprises all Lenzing Group business activities
from wood procurement through to the production of ber pulp
and biorenery products. In addition to the activities in Paskov and
Lenzing, the division focused on the implementation of the major
project in Brazil in 2021. The construction of the ber pulp mill in
Minas Gerais continues to proceed according to plan, despite the
challenges caused by COVID-19. Commissioning is still planned for
the rst half of 2022. In addition to securing internal supplies, the
new pulp mill also enables Lenzing to achieve an important mile-
stone in its climate neutrality strategy. It will be one of the world’s
most productive and energy-ecient mills and feed more than
50 percent of the electricity generated into the public grid as re-
newable energy. In 2019, Lenzing made a commitment to reducing
its greenhouse gas emissions per tonne of product by 50 percent
1
License code: FSC-C041246 and PEFC/06-33-92 (Lenzing), and FSC-C118737 and
PEFC/08-31-0025 (Paskov)
by 2030 compared with a 2017 baseline. The aim is to be climate-
neutral by 2050.
In order to further boost closed loop recycling, Lenzing signed a
partnership agreement with Swedish pulp producer Södra in June.
The cooperation involves the transfer of knowledge between the
two companies, which have been proactively driving closed loop
recycling for many years, as well as a joint new process develop-
ment for the recycling of textile waste. A capacity expansion for
pulp from textile waste is also planned. The aim is to be able to
recycle approximately 25,000 tonnes of used textiles per year by
2025. Lenzing has proactively developed and promoted innova-
tions in recycling for several years (such as the REFIBRA™ and Eco
Cycle technologies) in order to provide solutions to the global tex-
tile waste problem.
The Pulp Division’s revenue reached a level of EUR 759 mn in 2021.
Divisional earnings (EBITDA) amounted to EUR 210.1 mn, and oper-
ating earnings (EBIT) stood at EUR 164.2 mn.
Wood
Developments on global commodity markets also had a signicant
eect on the wood market in 2021. A labor shortage in the value
chain, increased demand for rewood and biomass as a conse-
quence of high energy prices, as well as a high level of production
in almost the entire wood processing industry have tightened the
availability of various types of wood and prompted an upward price
dynamic.
The Lenzing Group’s current procurement strategy entailing long-
term master agreements achieved a good stabilizing eect on vol-
umes and prices. Lenzing was consequently able to ensure a good
supply situation with moderate price increases at its two pulp
plants at the sites in Lenzing (Austria) and Paskov (Czech Republic)
during the reporting period.
In 2021, an audit in accordance with the Forest Stewardship Coun-
cil® (FSC®) and Programme for the Endorsement of Forest Certi-
cation™ (PEFC™) forest certication systems conrmed again for
both sites that, in addition to stringent forestry laws in the supplier
countries, all wood used derives from PEFC™ and FSC
®
certied
or controlled sources.
1
Biorenery
Pulp
The Pulp Division supplies the Lenzing Group’s ber production
sites with high-quality ber pulp, and operates its own ber pulp
plants at the Lenzing and Paskov sites. This covers around two-
thirds of Lenzing’s pulp requirements. The remainder is largely pur-
chased on the basis of long-term agreements. A total of approxi-
mately 600,000 tonnes of ber pulp was produced at Lenzing’s
two pulp plants in 2021.
The price of hardwood-based ber pulp in China increased by
36 percent in 2021 to USD 991 per tonne as of December 31, re-
ecting high demand along the entire value chain, especially at the
start of the year.
9 Annual Financial Report 2021 Lenzing Group
34 Annual Report 2021 Lenzing Group
Increasing internal ber pulp production forms a key element in the
implementation of the sCore TEN strategy. Construction of the
pulp mill in Brazil as part of the joint venture with Dexco (formerly
Duratex) continued to run to schedule in 2021, and its commission-
ing is planned for the rst half of 2022. The expected construction
costs amount to USD 1.38 bn. The project is predominantly -
nanced through equity and long-term debt.
To provide the biomass, the joint venture secured over 44,000 hec-
tares of FSC®-certied commercial forest, and leased additional
land, in order to have approximately 70,000 hectares of FSC
®
-cer-
tied land when completed.
1
These plantations operate in full ac-
cordance with the Lenzing Group’s guidelines and high standards
for the sourcing of wood and pulp.
Biorenery products
In addition to pulp, the Lenzing Group’s bioreneries also produce
and market biorenery products so that further components of the
valuable raw material wood are utilized. Renowned customers
from the food, animal feed, pharmaceutical and chemical indus-
tries increasingly rely on biobased products from Lenzing.
Sales volumes of the biorenery products LENZING™ Acetic Acid
Biobased and LENZING™ Furfural Biobased rose on average by
3 percent and 14 percent, respectively. The price increases on the
cost side were successfully passed on to sales products.
The biorenery products business area also places a strong focus
on sustainability. A lifecycle analysis performed by the research in-
stitute Quantis conrmed that the carbon footprint of LENZING™
Acetic Acid Biobased is more than 85 percent less than that of
comparable products based on fossil resources. Customers in-
creasingly perceive this product advantage as a benet.
Divisional supplies of energy and
other raw materials
In the Fibers and Pulp divisions, energy and other raw materials are
signicant factors inuencing the Lenzing Group’s nancial posi-
tion and performance.
Energy
Lenzing’s biorenery concept at the Lenzing and Paskov locations
makes the Group a pioneer in highly self-sucient pulp and ber
production. For its other locations, Lenzing is developing energy
eciency enhancement programs.
After historically low prices in the previous year, the 2021 nancial
year was characterized by extreme price increases for all energy
commodities, mainly due to a tight supply situation on the Euro-
pean natural gas market caused by delay in the commissioning of
the “Nord Stream 2” pipeline project. Higher demand due to the
long winter of 2020/2021 and the good economic situation exac-
erbated the situation.
Prices for gas and electricity in Europe were well above previous
record levels. Natural gas prices were up by 325 percent in 2021,
and electricity prices increased by 205 percent. Coal prices rose
1
FSC license code: FSC-C006042
by 118 percent in 2021 due to the strong economic recovery cou-
pled with a reduction in supply, primarily in Asia.
Prices for carbon credits increased by 108 percent in the year under
review, due not only to an articial shortage of credits issued but
also to higher demand for solid fossil fuels such as coal as a conse-
quence of the sharp rise in gas prices.
Oil prices, by contrast, recorded a “moderate” increase of 54 per-
cent during the year under review, due to the dampening eect of
global travel restrictions on demand.
The Lenzing Group’s procurement strategy for the main cost com-
ponents, electricity and natural gas, is based on procurement via
the spot market. Price increases on global energy markets conse-
quently also led to a signicant rise in the company’s energy costs
in the reporting year.
The Lenzing Group’s energy production facilities operated on a
largely normal basis in 2021. At the Lenzing site, the construction
of the largest open-space photovoltaic plant in the province of Up-
per Austria is planned on an area of 55,000 m². The project will be
implemented in 2022, subject to nal regulatory approvals.
In Paskov, a voltage dip in the European power grid led to the pro-
longed outage of a turbine. As a consequence, less surplus energy
was fed into the public power grid in 2021 than in the previous year.
The power plants in Purwakarta were operated with high availabil-
ity levels and were further optimized. As the coal price in Asia was
still very high in historical terms, energy costs remained high in 2021.
The price of coal rose by 45.3 percent year-on-year. The grid elec-
tricity price recorded a small increase in comparison and was
4.1 percent higher in 2021 than in 2020.
The rising coal price also aected steam prices at the Nanjing site.
On average, the steam price in 2021 was 23.1 percent higher than
in 2020. The grid electricity price stood 3.8 percent higher than in
the previous year. The switchover in energy production from coal
to natural gas, which is intended to reduce carbon emissions, was
progressed further in 2021.
Other raw materials
The shock to global commodity markets triggered by COVID-19,
especially in the fourth quarter, led to tighter supplies and signi-
cant price increases in 2021.
Lenzing is working on a long-term concept to enhance supply se-
curity. The successful completion and commissioning of the air pu-
rication and sulfur recycling plant at the Lenzing site in 2021 rep-
resented an important step along this path. Since the start of con-
struction in 2019, Lenzing has invested approximately EUR 40 mn
in the project, which will further reduce carbon emissions and in-
crease self-suciency in relation to critical process raw materials.
Caustic soda
Caustic soda is used in the production of pulp and is also an im-
portant primary product for the production of viscose and modal
bers. It arises as a co-product from chlorine production. Counter
10 Annual Financial Report 2021 Lenzing Group
35 Annual Report 2021 Lenzing Group
to the general price trend on raw material markets, prices for caus-
tic soda decreased in the rst half of 2021 due to oversupply in the
market. Lower demand as a consequence of COVID-19 was oset
by comparatively high production volumes due to generally good
demand for chlorine. The market turned around in the second half
of the year, and demand has increased signicantly while supply
has tightened. This situation led to a signicant price increase
worldwide.
Sulfur
Sulfur is an important starting material for the production of carbon
disulde and sulfuric acid. In turn, both raw materials are used in
the viscose process. Sulfur prices also recorded a signicant price
increase in 2021, mainly due to higher demand and lower produc-
tion volumes as a consequence of COVID-19 – with negative ef-
fects on availability in the meantime.
Others
The “Others” area mainly comprises central headquarters functions
and overarching activities as well as R&D activities and the activi-
ties of BZL-Bildungszentrum Lenzing GmbH (training and person-
nel development). Revenue in the “Others” area reached
EUR 6.1 mn in 2021. The result (EBITDA) amounted to EUR minus
58.4 mn, while the operating result (EBIT) stood at EUR minus
68.2 mn.
Hygiene Austria LP GmbH
After the allegations surrounding Hygiene Austria LP GmbH be-
came known in March 2021, Lenzing worked intensively to address
them. Accompanied by a corresponding set of specications for
the continuation of business operations on a rm footing, Lenzing
also transferred its interest to Palmers Textil AG. In order to ensure
the continuation of the company as a going concern in accordance
with the nature of its formation, Lenzing initially waived a corre-
sponding purchase price (see also press release of Lenzing AG of
04/02/2021). The entirety of this interest has been written o in the
meantime.
11 Annual Financial Report 2021 Lenzing Group
36 Annual Report 2021 Lenzing Group
The Lenzing Group’s investing activities in 2021 continued to focus
on increasing its internal ber pulp production, raising the share of
specialty bers, and implementing the climate targets in line with
the sCore TEN corporate strategy.
Capital expenditure on intangible assets, property, plant and
equipment and biological assets increased by 26.3 percent to
EUR 844.3 mn in the reporting year. The sharp rise in the volume of
capital expenditure is particularly due to the implementation of key
projects in Brazil and Thailand.
In Brazil, Lenzing and its partner Dexco (formerly Duratex) are con-
structing the largest pulp mill of its kind with a nominal capacity of
500,000 tonnes per year. Dexco acquired a 49 percent interest in
the LD Celulose joint venture, with Lenzing retaining 51 percent.
Construction work also progressed according to plan in the year
under review, despite the challenges due to COVID-19. For this rea-
son, the commissioning of the mill is still planned for the rst half of
2022. The expected construction costs for this largest project in
Lenzing’s corporate history amount to USD 1.38 bn. The nancing
is mainly provided by long-term debt funding. IFC, a member of
the World Bank Group, and IDB Invest, a member of the IDB Group,
are supporting the investment program. Export credit agency Finn-
vera and seven commercial banks also participated in the approxi-
mately USD 1.15 bn nancing package.
In Thailand, Lenzing worked at full speed in 2021 to complete the
new state-of-the-art lyocell plant with a nominal capacity of
100,000 tonnes per year. Production started in the rst quarter of
2022. The investment volume amounts to around EUR 400 mn.
In addition, Lenzing is investing more than EUR 200 mn in produc-
tion sites in China and Indonesia to convert existing capacities for
standard viscose into capacities for environmentally compatible
specialty bers. In Nanjing, Lenzing is working on converting a line
to TENCEL™ modal bers. The portfolio of the Chinese ber plant
will thereby consist entirely of specialty bers by the end of 2022.
As part of the investment in Purwakarta, Lenzing will bring its entire
viscose production up to EU Ecolabel standards. The site will
thereby become a pure specialty viscose supplier as of 2023.
In addition to the new lyocell plant in Thailand, which is designed
to be carbon neutral, investments at existing sites are also in line
with Lenzing’s targets to reduce carbon dioxide emissions per
tonne of product by 50 percent by 2030 and to be climate neutral
by 2050.
In 2021, Lenzing also announced plans for the largest open-space
photovoltaic plant in the state of Upper Austria, covering an area of
55,000 m² at the Lenzing site. In Grimsby (UK), the company is in-
vesting GBP 20 mn (equivalent to EUR 23.3 mn) in the construction
of a new, state-of-the-art wastewater treatment plant, thereby im-
plementing a planned measure to reduce wastewater emissions by
2022.
The year 2021 also saw the successful completion and commis-
sioning of the air purication and sulfur reprocessing plant at the
Lenzing site. Thanks to the new plant, carbon dioxide emissions will
be further reduced and self-suciency in critical process raw ma-
terials will be increased. Lenzing has invested approximately
EUR 40 mn in this project since the start of construction in 2019.
Investments
12 Annual Financial Report 2021 Lenzing Group
37 Annual Report 2021 Lenzing Group
Research and development activities in the Lenzing Group are con-
centrated in the Research and Development Department (R&D), a
corporate unit based in Lenzing. At the end of 2021, a total of 222
sta were employed in R&D. R&D expenditures, calculated accord-
ing to the Frascati method (after the deduction of grants),
amounted to EUR 31.6 mn (compared with EUR 34.8 mn in 2020).
Lenzing holds 1,487 patents and patent applications (from 190 pa-
tent families) in 52 countries as of the end of 2021.
The pandemic and its implications for public and private life con-
tinued to aect R&D in the year under review. Lenzing adapted its
R&D portfolio to these circumstances in order to continue to fully
support key projects and to further advance strategic topics such
as textile recycling and forward solutions (e.g. TENCEL™ Luxe and
LENZING™ Web Technology).
Focus areas in 2021
Sustainability is not only a core value within Lenzing’s strategy, but
also a guiding principle for innovation and product development.
In both process and product development, the R&D function is
continuously working on solutions that further support the ambi-
tious goal of carbon neutrality by 2050. A current focus in process
development is the further integration of the biorenery concept at
the pulp production sites, and consequently even better material
utilization of wood as raw material. Further projects focus on clos-
ing loops and reducing wastewater, as well as energy eciency
enhancement and the reduction of carbon dioxide emissions.
Lenzing continued to expand its product oering for the textile and
nonwovens industries in 2021. The hydrophobic LENZING™
Lyocell Dry ber, for example, combines the advantages of stand-
ard lyocell ber with the ability to repel moisture and liquid. Unlike
conventional cellulosic bers, water cannot penetrate the bers.
Instead, the water forms beads on the surface. This ber thereby
makes it possible to tap further application areas that were previ-
ously largely dependent on petroleum-based bers.
The Indigo Color technology, which forms the basis for a further
product innovation from the year under review, enables denim cus-
tomers to improve their range in terms of sustainability and quality.
With the aid of this pioneering technology, indigo pigments can be
integrated during ber production, which ensures better color fast-
ness than conventional indigo dyeing processes while consuming
far fewer resources.
With LENZING™ Web Technology, Lenzing developed a process
for producing cellulosic nonwovens directly from textile pulp,
thereby enabling processing steps along the value chain to be
saved, and the ecological footprint to be reduced. The Republic of
Austria highlighted this development’s innovative character in
2020 by awarding it the “State Prize for Innovation”.
In 2021, Lenzing was one of the few companies to receive sought-
after “Green Frontrunner” funding from the Austrian Research Pro-
motion Agency (FFG). “Green Frontrunner” funding helps establish
new, aggressive business area strategies that have a positive im-
pact on environmental and climate protection. The project that is
being funded bundles several technology areas relating to the fur-
ther closing of materials loops and reducing emissions in pulp and
ber production.
Innovation centers and
collaborations
In addition, intensive communication occurs with the application
and innovation centers in Hong Kong and Purwakarta, where new
applications for Lenzing’s textile bers are developed on site in co-
operation with customers. Based on these joint development ac-
tivities, Lenzing is intensifying global collaboration with partners
along the value chain.
In order to give further impetus to the circular economy, Lenzing
signed a partnership agreement with Swedish pulp producer Södra
in 2021. As part of this cooperation, the two companies intend to
share their knowledge and jointly develop new processes to recy-
cle used textiles. A capacity expansion for pulp from textile waste
is also planned. The aim is to be able to recycle approximately
25,000 tonnes of used textiles per year by 2025. Lenzing has been
proactively developing and promoting recycling innovations such
as its REFIBRA™ and Eco Cycle technologies for several years in
order to provide solutions to the global textile waste problem.
The rst TENCEL™ lyocell bers made from wood- and orange-
based ber pulp were presented during the third quarter. The rst
fabrics are currently being developed in collaboration with Italian
specialist Orange Fiber. The upcycling of orange peels as part of
the TENCEL™ Limited Edition Initiative represents a further suc-
cessful attempt by Lenzing to develop new circular solutions to-
gether with partners along the value chain.
After its opening in the previous year, in 2021 the nonwovens de-
velopment center at Hof University of Applied Sciences in Ger-
many was commissioned for internal and external customer trials.
In this state-of-the-art facility, new innovative applications for sus-
tainably produced nonwoven bers from Lenzing are developed
together with partners along the value chain.
Research and Development
13 Annual Financial Report 2021 Lenzing Group
38 Annual Report 2021 Lenzing Group
Environmental protection, sustainable business development and
responsibility for people form part of Lenzing’s fundamental stra-
tegic values. As a consequence, sustainability is rmly anchored
within the sCore TEN strategy. Current information about sustain-
ability is provided in the Lenzing Group Sustainability Report, which
also forms the consolidated non-nancial report in accordance
with Section 267a of the Austrian Commercial Code (UGB).
Non-nancial statement
14 Annual Financial Report 2021 Lenzing Group
39 Annual Report 2021 Lenzing Group
Current risk environment
The risks of new virus variants and varying success with vaccination
programs in the world’s regions are continuing to jeopardize stable
economic growth. In 2021, the global economy recovered from the
previous year’s recession, despite the ongoing COVID-19 pan-
demic. The International Monetary Fund estimates that growth
amounted to 5.9 percent in 2021 (-3.1 % in 2020). For 2022, the IMF
forecasts growth of 4.4 percent.
Signicant ination, especially in relation to commodities and en-
ergy, is likely to continue to have a major bearing on the global risk
environment in 2022. Risks such as supply chain problems, cyber
attacks and the consequences of climate change are becoming in-
creasingly signicant.
In addition, it has become increasingly important to monitor geopo-
litical risks. In particular, the war in Ukraine will have a negative impact
on the global economy. The Lenzing Group’s business is not directly
affected by the military conflicts in Ukraine. Indirectly, however, as is
the case for industry as a whole, the risk of further increases in energy
and raw material costs in particular, as well as negative effects on the
capital markets, is also increasing for Lenzing.
A detailed analysis of the trends in the global ber market during
the reporting year and the related risks for the Lenzing Group is
provided in the section “General Market Environment”.
Lenzing risk outlook for 2022
Increasingly global risks will aect the Lenzing Group’s business to
varying degrees in the future.
In 2021, the global textile and apparel industry recorded a broad-
based recovery from the previous year’s pandemic-related de-
mand shock, which also led to a recovery in demand and subse-
quently to rising prices on the world ber market. Risks to operating
results arise particularly from price uctuations for key raw materi-
als and energy, which lead to high volatility, especially also for
standard viscose. Growing demand for sustainable solutions in the
world is adding to the pressure on the standard viscose segment.
The stable trend and continued price premium for wood-based
specialty bers compared to standard bers such as cotton and
polyester continued to have a positive eect on the Lenzing
Group’s business performance in 2021. As a consequence, the
company continues to regard itself as very well positioned with its
sCore TEN strategy and its focus on growth deriving from specialty
bers.
Lenzing aims for further organic growth in this area in order to be
even more resilient to volatile markets in the future. The Group’s
own ber pulp supplies are secured long-term thanks to continu-
ous capacity expansions and sucient market supply. Investment
activities will focus on the implementation in Brazil of the world’s
largest pulp mill of its kind, including securing a plantation for the
supply of biomass. The commissioning of the new plant with a
nominal capacity of 500,000 tonnes per year is scheduled for the
rst half of 2022.
Signicant increases in energy, raw material and logistics costs
were recorded throughout the reporting year. Price momentum is
not expected to diminish in the short term. As far as currencies are
concerned, the US dollar uctuated against the euro within a
10 percent range, while the Chinese yuan uctuated against the
euro in a 9 percent range. A depreciation of the two currencies
would have a negative impact on Lenzing’s open currency volumes.
Liquidity risk is expected to be low in 2022 thanks to the stable
nancial structure.
No signicant loss events arising from operational, environmental
or product liability risks occurred in the reporting year.
For the two key projects in Brazil and Thailand, possible cost over-
runs or long-term delays that could have a negative eect on the
Lenzing Group’s nancial results are not anticipated from today’s
perspective. Despite the more challenging environment created by
COVID-19, the implementation of these projects ran largely ac-
cording to plan. In Thailand, the lyocell plant started production in
the rst quarter of 2022.
As at other companies, non-operational risks are playing an in-
creasingly important role in the Lenzing Group. In recent years, es-
pecially cyber risks, compliance risks (as well as reputational dam-
age that is often associated with compliance risks) and recruitment
risks have been increasingly ranked higher. Lenzing continuously
counters these risks with broadly rolled-out standards and a global
organizational structure.
Risk management
The main purpose of risk management within the Lenzing Group is
to secure and strengthen the company by correctly and transpar-
ently assessing nancial, operational and strategic risks, including
those relating to the ESG area. The Lenzing Group’s Managing
Board, together with the heads of the reporting departments, con-
ducts extensive coordinating and controlling operations as part of
a comprehensive integrated internal control system that covers all
locations. The timely identication, evaluation and response to
strategic and operational risks form essential components of these
management activities and make a signicant contribution to the
company’s value. This approach is based on a standardized,
Group-wide monthly reporting system and the ongoing monitoring
of strategic and operational plans.
Lenzing has implemented a corporate risk management system for
the central coordination and monitoring of risk management pro-
cesses throughout the Group. This system identies and analyzes
the main risks, together with input from the operating units, and
Risk Report
15 Annual Financial Report 2021 Lenzing Group
40 Annual Report 2021 Lenzing Group
communicates the results to the Managing Board and senior man-
agers. Risk management also includes the proactive analysis of po-
tential events and near-misses. Further tasks include actively con-
trolling risks and evaluating appropriate measures with the respec-
tive business areas. Since 2020, both long-term risks and opportu-
nities related to climate change have been identied and assessed
within the Lenzing Group. Mitigation measures corresponding to
such risks are taken into consideration in the risk management pro-
cess, including the requirements of the TCFD (Task Force on Cli-
mate-related Financial Disclosures) in relation to climate-related
risks.
Risk management strategy
Lenzing pursues a multi-step approach to risk management:
Risk analysis (based on the COSO
®1
Framework)
The Central Risk Management Department carries out semiannual
risk assessments with a ve-year time horizon at all production lo-
cations and functional units. Long-term risks and opportunities are
also analyzed in connection with ESG issues. The main risks, as well
as an increasing number of opportunities, are recorded and quan-
titatively assessed in accordance with international COSO
®
stand-
ards. Those risks are presented outside the consolidated statement
of nancial position and the consolidated income statement. The
nancial impact of a potential loss on Group EBITDA or on cash
and cash equivalents is taken into consideration. The risks are sim-
ulated against EBITDA planning, and the range of potential devia-
tions from the respective budget is determined. Lenzing uses a
simulation software which also calculates other KPIs such as value
at risk, risk-adjusted ROCE and a sensitivity analysis. Risks that can-
not be measured in monetary terms are recorded qualitatively.
Risk reduction
The objective is to minimize, avoid or, in certain cases, intentionally
accept risks based on appropriate measures. The actions taken de-
pend on the expected impact of the specic risk on the Group.
Responsibility
Individual risks are assigned on the basis of the existing organiza-
tion matrix. Each risk is assigned to a member of the Managing
Board as “risk owner” and to a risk ocer.
Risk monitoring/control
The eectiveness of the risk management system used by the Len-
zing Group was evaluated by KPMG Austria GmbH pursuant to
Rule 83 of the Austrian Corporate Governance Code (ACGC) as
part of a special, limited assurance audit in the reporting year.
Reporting
The main risks are presented in detail in a report and discussed with
the Managing Board and the Audit Committee. The risk report is
also submitted to the Supervisory Board.
1
Committee of Sponsoring Organizations of the Treadway Commission
Market environment risks
Market risk
As an international corporation, the Lenzing Group is exposed to a
variety of risks. The trend in prices and volumes for textile bers
and, to a lesser extent, also for nonwoven bers, is cyclical as it is
dependent on global and regional economic conditions. Lenzing
bers compete with cotton and synthetic bers in many submar-
kets. Consequently, price trends for these products also have an
inuence on Lenzing bers’ revenue and sales volumes trends.
The Lenzing Group counteracts this risk by steadily increasing the
share of specialty bers in its global product portfolio and a con-
sistent sustainability and innovation strategy. In addition to increas-
ing the share of specialty bers, which now accounts for around
72 percent of ber revenue, the aim is to further expand the com-
pany’s role as a leader in terms of sustainability in the ber sector.
Lenzing bers also oer a dierentiating feature in the standard -
ber sector with their high sustainability and quality standards com-
bined with customer-oriented and solutions-oriented technical
support.
The Lenzing Group relies on a strong international market presence,
especially in Asia, combined with a rst-class regional support net-
work for customers, as well as a high level of customer-oriented
product diversication.
Sales risk
A comparatively small number of major customers are responsible
for approximately one half of the Lenzing Group’s ber revenue. A
decrease in sales to these major customers, or the loss of one or
more major customers without an immediate replacement, poses
a certain risk. The company counteracts such risk with its global
presence and the continuous broadening of its client base and
sales segments. Possible default on trade receivables is covered by
clear receivables management and global credit insurance.
Competitive and innovation risks
The Lenzing Group is exposed to the risk of losing its position on
the ber market due to greater competition or new technologies
developed by competitors. In particular, the Lenzing Group could
relinquish its market position if it were no longer able to oer its
products at competitive prices, if its products were to fail to com-
ply with customer specications and quality standards, or if its cus-
tomer service were to fail to meet customer expectations. Lenzing
counteracts this risk with research and development activities that
exceed the average for the sector, and by a high level of product
innovation and steady cost optimization. The Lenzing Group – sim-
ilar to other producers – is exposed to the risk that acceptable or
superior alternative products may become available and at more
favorable prices than wood-based cellulosic bers.
Laws and regulations
The Lenzing Group is confronted with dierent legal systems and
regulations in its global markets. A change in laws or other regula-
tions (e.g. import duties, product classications, environmental re-
quirements etc.), as well as a more stringent interpretation of exist-
ing regulations and laws, could lead to signicant additional costs
16 Annual Financial Report 2021 Lenzing Group
41 Annual Report 2021 Lenzing Group
or competitive disadvantages. The Lenzing Group maintains certi-
ed management systems for quality management according to
ISO 9001, for environmental management according to ISO 14001,
and for safety management according to ISO 45001. Legal compli-
ance in connection with these management systems is regularly
audited both internally and externally.
With its own legal and compliance department, the Lenzing Group
has a corporate division that performs corresponding consulting
services and risk assessments.
In response to the far-reaching implications of global warming for
society and ecosystems, governments and further stakeholders are
likely to introduce more stringent laws and regulations. For exam-
ple, in addition to reducing carbon credits issued in the EU, new
taxes on carbon dioxide emissions could be introduced. Other re-
gions and countries are currently also planning to implement similar
steps. The implementation of regionally diering measures could
have a negative impact on the Lenzing Group’s civic performance
and success. The Lenzing Group is implementing a number of
measures to reduce climate-related transition risks, and to further
enhance resilience in this area.
Intellectual property risks
A risk exists that Lenzing’s intellectual property may be infringed or
incompletely protected. The Lenzing Group counters such risks by
means of a dedicated intellectual property protection department.
Climate change and marine pollution
Increasing awareness of problems caused by climate change, such
as rising sea levels, the frequency and severity of natural disasters,
and a growing risk from pollution of the world’s oceans by plastic
waste and microplastics, are creating major risks for the entire ber
industry. By producing biodegradable bers, Lenzing regards this
development as an opportunity for its business model.
The Lenzing Group has recognized the far-reaching eects of cli-
mate change on society and ecosystems and oers a sustainable
alternative with its innovative and biodegradable products. Lenzing
is constantly working to set clear sustainability targets and is con-
tinuously seeking ways to enhance its energy eciency as well as
opportunities to utilize renewable energy sources or those with
lower carbon dioxide emissions. As early as 2020, Lenzing became
the rst ber manufacturer to commit to carbon neutrality by 2050.
ESG (Environment, Social and Governance)
As part of a materiality analysis conducted in 2021, Lenzing con-
ducted a multi-stage, holistic survey of the main issues relating to
its sustainably oriented business model. From this analysis, the
most important risks and opportunities were determined for each
ESG topic area. The topics are integrated into the Enterprise Risk
Management System and are successively reected in Lenzing’s
long-term strategic business planning.
In the environmental responsibility area (Environment), the main fo-
cus topics in the risk matrix comprise climate-related issues in con-
nection with global warming (carbon dioxide reduction) as well as
sustainable raw material procurement (wood, chemicals) and the
growing water shortage in certain regions. Increasing regulation,
particularly in relation to the taxation of greenhouse gases and the
pricing of carbon, represents a signicant risk for Lenzing. Regula-
tions concerning greenhouse gas emissions have already been in-
troduced in countries where Lenzing operates carbon-intensive
processes. Lenzing is consistently working on the implementation
of energy eciency measures, as well as the reduction of carbon
dioxide emissions in order to reduce the potential burden of eco-
taxes.
For Lenzing, wood is the most important natural resource for the
production of its biodegradable cellulosic bers. Despite sustaina-
ble sourcing policies and backward-integrated production, a risk
exists that wood prices will rise due to climate change, increasing
global demand for biomass, and alternative land use. In this context,
Lenzing is expanding its pulp capacities in Brazil (see Lenzing Risk
Outlook).
The global textile industry, especially the fashion industry in which
Lenzing’s products are frequently deployed, is regarded in a critical
light due to its sometimes resource-intensive consumption of raw
materials and its production processes. Lenzing identies signi-
cant business opportunities through access to new and emerging
markets with innovative new products and technologies. Innova-
tion and sustainability lie at the heart of Lenzing’s sCore TEN cor-
porate strategy.
The production of pulp and bers is associated with high levels of
water consumption and emissions. Lenzing operates a careful
global water management system that ensures compliance with
both local laws and global standards. Lenzing is counteracting the
increasing scarcity of water by continuously improving resource
utilization and by optimizing the selection of sites for the expansion
of production capacities.
In the area of social responsibility (Social), the main risks were iden-
tied in the area of cyber attacks (see IT risks). With regard to the
corporate governance area (Governance), the risk of inadequate
compliance with corporate governance and resultant risks is con-
sidered material. Lenzing is continuously tightening its internal
rules and expanding its compliance organization accordingly.
Operational risks
Procurement risk (including pulp supplies)
The Lenzing Group purchases large volumes of raw materials
(wood, pulp, chemicals) and energy for the manufacture of its cel-
lulosic bers. Fiber production and related margins are exposed to
risks arising from the availability and prices of these raw materials,
which can uctuate to the Lenzing Group’s disadvantage and may
increase as a consequence of climate change. Such risks are coun-
tered through the careful selection of suppliers based on price, re-
liability and quality criteria, EcoVadis-based sustainability assess-
ments, as well as the establishment of long-standing, stable sup-
plier-customer partnerships, in some cases with multi-year or long-
term supply agreements. In addition, all suppliers must comply
with Lenzing’s Global Supplier Code of Conduct. Nevertheless, a
risk exists of violations of this code, which may have a negative im-
pact on the Lenzing Group and its stakeholders along the value
chain. Supply chain risks may also result from disruptions caused
by natural disasters.
Lenzing has also entered into long-term contractual relationships
with several raw material suppliers and service partners. These
17 Annual Financial Report 2021 Lenzing Group
42 Annual Report 2021 Lenzing Group
agreements require Lenzing to purchase specied quantities of
raw materials on standardized terms and conditions, which may
also include price adjustment clauses. Lenzing may consequently
not be able to adjust prices, purchase volumes or other contract
conditions over the short term in order to respond to market
changes.
The sCore TEN strategy includes an increased focus on backwards
integration through the expansion of the Group’s own cellulose
production.
Operating risks, environmental risks and risks
relating to climate change
The production of wood-based cellulosic bers involves complex
chemical and physical processes that cause certain environmental
risks. These risks are very well controlled thanks to proactive and
sustainable environmental management, closed production cycles,
ongoing emissions monitoring and state-of-the-art production
techniques. Lenzing continuously works on increasing safety and
environmental standards through voluntary references such as the
EU Ecolabel. As the Lenzing Group has operated production facil-
ities at several locations for several decades, risks arising from en-
vironmental damage in earlier periods cannot be completely ex-
cluded.
Although the Lenzing Group has set very high technological and
safety standards for the construction, operation and maintenance
of its production sites, the risk of breakdowns, disruptions and ac-
cidents cannot be completely excluded. These types of disruptions
can also be caused by external factors over which Lenzing has no
control. It is impossible to provide direct protection against certain
natural hazards, such as cyclones, earthquakes and oods. More-
over, a risk exists that personal injury, material and environmental
damage, both within and outside the production facilities, could
result in substantial claims for damages and even criminal liability.
The Lenzing Group’s production activities are concentrated at a
small number of locations. Any disruption at one of these facilities
has a negative impact on the company’s business operations.
Product liability risk
The Lenzing Group markets and sells its products and services to
customers worldwide. These business activities can lead to dam-
age to customers, or along the value chain, through the delivery of
a defective product by Lenzing or one of its subsidiaries. Moreover,
product safety can be jeopardized by pollution, which may cause
problems in the value chain, such as potential health implications
for employees and customers. Lenzing is also subject to local laws
in the countries where its products are delivered. Especially in the
USA, the potential implications are considered to be severe. Such
risk is countered by a special department that focuses exclusively
on customers’ problems in processing Lenzing products and on
handling complaints. Appropriate precautions in the production
process and regular quality inspections have been implemented.
Third party damages caused by Lenzing are covered by a global
liability insurance program.
Financial risks
For a detailed description of nancial risks refer to notes 36 to 39
in the Notes to the Consolidated Financial Statements.
Tax risk
The Lenzing Group’s production sites are subject to local tax reg-
ulations in their respective countries and are required to pay cor-
poration tax as well as other taxes. Changes in tax legislation or dif-
ferent interpretations of prevailing regulations could lead to subse-
quent tax liabilities.
Compliance
Increasingly stringent international codes of conduct and legal reg-
ulations are creating additional demands on Lenzing in relation to
compliance and monitoring. Inadequate controls in business pro-
cesses or a lack of documentation can lead to the violation of ap-
plicable laws or regulations, and signicantly jeopardize reputation
and commercial success. Lenzing addresses this risk by, among
other measures, continuously developing its Group-wide compli-
ance organization, the corporate code of conduct that is valid
throughout the Group, as well as directives addressing the areas of
bribery and corruption, money laundering and antitrust practices.
Further information on compliance is provided in the Corporate
Governance Report.
IT risks
Lenzing depends on highly developed information technology (IT)
systems for its daily operations. IT systems are vulnerable to a
range of problems, including software and hardware malfunctions,
malicious hacking and cyberattacks, physical damage to key IT
centers, and computer virus infections. Consequently, any major
damage, disruption and/or circumvention of its existing IT systems
may disrupt Lenzing’s business operations.
Personnel risks
Personnel risks may arise through the turnover of key sta as well
as the recruiting of new sta at all global sites. The Lenzing Group
has established a Human Resources Department which operates
internationally and coordinates personnel planning with the re-
spective sites. It is responsible for the central management and
monitoring of all personnel-related issues, including the organiza-
tion of global management and training programs for potential ex-
ecutives.
At the production facilities, Lenzing Group employees as well as
external contractors’ workers and employees are exposed to a risk
of injury. Lenzing’s “Heartbeat for Health & Safety” program takes
such risk into consideration and includes a strategic approach to
risk reduction, precautionary measures and extensive training. For
more information, please refer to the Lenzing Group Sustainability
Report. In addition, risks related to compliance with legal require-
ments arise when engaging contractors, particularly in connection
with the two major projects in Thailand and Brazil.
Risks relating to major projects
The Lenzing Group is continuously expanding its capacities in nu-
merous projects. Examples include the new pulp mill in Brazil and
the lyocell mill in Thailand, which is being ramped up at present.
These types of major projects entail an inherent risk of cost and
schedule overruns. Lenzing counters such risks with a standardized
planning process, consistent project management, ongoing cost
controls, as well as insurance solutions and risk transfer. In addition
18 Annual Financial Report 2021 Lenzing Group
43 Annual Report 2021 Lenzing Group
to ongoing risk management, Monte Carlo simulations are used for
projects of this and similar size to model the sensitivity of the key
nancial indicators. Despite the currently dicult environment due
to the COVD-19 pandemic, progress with these two projects is
largely running to schedule to date.
Risks from an external perspective
and for other stakeholders
As a globally operating company, the Lenzing Group is aware of its
social responsibility. The risks described in the risk report refer pri-
marily to the eect on the Lenzing Group’s assets and earnings. As
one of the sustainability leaders in its sector, the Lenzing Group
seeks a balance between the needs of society, the environment
and the economy. The company assumes such responsibility, par-
ticularly with respect to potential eects of its operations on neigh-
bors of the production sites and in relation to society as a whole.
Active stakeholder work to mitigate risks (partnership for systemic
change) and to create additional benets for people and the envi-
ronment is a clear goal of the Lenzing Group’s innovation and op-
erating activities. The Lenzing Group was awarded platinum status
in EcoVadis’s CSR rating in the reporting year. This evaluation co-
vers the most important practices in the Corporate Social Respon-
sibility (CSR) area. In cooperation with its partners, the Lenzing
Group is working on understanding the risks for stakeholders and
on nding solutions to mitigate such risks. This work is based on
open communication and transparency as well as continuous im-
provement of technologies and sustainable practices.
19 Annual Financial Report 2021 Lenzing Group
44 Annual Report 2021 Lenzing Group
The Lenzing Group’s internal control system is designed to safe-
guard the reliability of nancial reporting, ensure compliance with
legal regulations and corporate guidelines, and present the risks
not reported on the consolidated statement of nancial position or
in the consolidated income statement.
The Lenzing Group’s organizational structure and processes form
the main basis for the control environment and the internal control
system. The organizational structure includes the assignment of
specic authorities and responsibilities to the various management
and hierarchy levels at the Austrian sites and at all international sub-
sidiaries. Key Group functions are centralized in corporate centers
which reect Lenzing’s global market presence as well as its de-
centralized business and site structure. The respective manage-
ment teams are responsible for coordinating and monitoring busi-
ness operations at national level.
Lenzing’s process organization is characterized by a well-devel-
oped and comprehensive set of guidelines which provide an eec-
tive foundation for a strong controlling environment and control
system. Important Group-wide approval processes and responsi-
bilities are dened in the Lenzing Group Mandates. The manage-
ment of each business area or department is responsible for mon-
itoring compliance with the respective regulations and controls.
Financial reporting
The Corporate Accounting & Tax Department has central respon-
sibility for nancial reporting, the accounting-related internal con-
trol system, and tax issues within the Lenzing Group.
The goal of the accounting-related control system is to ensure the
uniform application of legal standards, generally accepted ac-
counting principles, and the accounting regulations specied in the
Austrian Commercial Code. This system also covers the consoli-
dated accounting process and thereby ensures compliance with
the rules dened by International Financial Reporting Standards
(IFRS) and internal accounting guidelines, in particular the Group
accounting manual and schedules. The accounting-related internal
control system is designed to safeguard the timely, uniform and ac-
curate recording of all business processes and transactions. It
thereby supports the preparation of reliable data and reports on the
Lenzing Group’s nancial position and nancial performance. The
subsidiaries included in the consolidated nancial statements pre-
pare nancial statements in accordance with both local laws and
IFRS standards at the company level on a timely basis. The subsid-
iaries are responsible for the decentralized implementation of ex-
isting rules and are supported and monitored in these activities by
the Corporate Accounting & Tax function. The Supervisory Board’s
Audit Committee is integrated in the accounting-related control
system. In addition, the annual nancial statements are audited by
external certied public accountants and the half-year nancial
statements are reviewed on a voluntary basis.
The Global Treasury Department, and above all the payments unit,
is classied as a highly sensitive area due to its direct access to the
company’s assets. The accompanying increased need for security
is reected in comprehensive regulations and instructions for all
relevant processes. The entire process, from procurement through
to payment, is subject to stringent corporate guidelines. These
guidelines are largely supported by a Group-wide IT system which
requires stringent functional separation, a clear authorization con-
cept to prevent authorization conicts as well as a stringent dual
control principle for transaction settlement, in particular for pay-
ments, as well as regular reporting, among other measures.
The Internal Audit Department is responsible for monitoring the ap-
plication of, and compliance with, controls in business operations.
Compliance with legal regulations
and internal guidelines
The Lenzing Group’s Legal, Intellectual Property & Compliance
Department is responsible for legal management. This centralized
function handles legal matters within the Lenzing Group and is also
responsible for the Compliance Management System (CMS). To-
gether with the Managing Board, it oversees Group-wide compli-
ance with legal regulations and internal guidelines as well as the
prevention of legal violations and improper behavior. The Legal, In-
tellectual Property & Compliance Department reports directly to
the Lenzing Group CEO. The CMS evaluates compliance-relevant
risks, analyzes deviations from standards and, if necessary, takes
measures to reduce them (“prevent, detect, respond”). This depart-
ment also draws up compliance-relevant guidelines and supports
employee training activities worldwide. The Managing Board and
the Supervisory Board (or the Audit Committee) receive regular re-
ports on compliance measures.
The Lenzing Group complies with the rules dened by the Austrian
Corporate Governance Code (ACGC) and prepares a Corporate
Governance Report which is published as part of the Annual Report.
The Corporate Governance Report requires the participation of the
Supervisory Board, which delegates the responsibility for monitor-
ing compliance with the related obligations to the Audit Commit-
tee.
The Corporate Audit Department is independent of all other organ-
izational units and business processes and reports directly to the
CFO. It evaluates whether the Group’s resources are deployed le-
gally, economically, eciently and correctly in the interests of sus-
tainable development. The Corporate Audit Department’s activi-
ties are based on the international standards published by the In-
stitute of Internal Auditors (IIA). Regular reporting to the Managing
Board and the Audit Committee ensure the proper functioning of
the internal control system.
Report on the Key Elements of the Internal Control System
(Section 243a Para. 2 of the Austrian Commercial Code)
20 Annual Financial Report 2021 Lenzing Group
45 Annual Report 2021 Lenzing Group
Reporting of risks outside the
statement of nancial position and
income statement
The Risk Management Department is responsible for the reporting
of risks that are not reported on the statement of nancial position
or in the income statement, and prepares a semi-annual risk report
for this purpose. The major risks are also discussed in the Annual
Report. The risk report is based on the international COSO
®
stand-
ards (Committee of Sponsoring Organizations of the Treadway
Commission).
Enterprise Risk Management adopts a holistic approach in this
context. In addition to corporate and project risks included in me-
dium-term planning, the focus is increasingly on the long-term
consideration and evaluation of ESG criteria and the associated
opportunities and risks for the sustainable development of the Len-
zing Group’s performance and protability.
21 Annual Financial Report 2021 Lenzing Group
46 Annual Report 2021 Lenzing Group
Share capital and shareholder
structure
The share capital of Lenzing AG amounted to a total of
EUR 27,574,071.43 as of the balance sheet date and is divided into
26,550,000 no-par-value shares. B&C Group is the majority share-
holder with an investment in the voting rights of 50 percent plus
two shares. NN Group N.V. holds approximately 5 percent of the
shares. The free oat amounts to approximately 45 percent. This is
divided between Austrian and international investors. The Lenzing
Group holds no treasury shares.
Position of shareholders
Each no-par-value share grants the shareholder one vote at the
Shareholders’ General Meeting of Lenzing AG. Unless provided
otherwise by mandatory provisions of the Austrian Stock Corpora-
tion Act (AktG), the Shareholders’ General Meeting passes resolu-
tions by a simple majority of the votes cast and – if a majority of
the share capital is required – by a simple majority of the share
capital represented at the Shareholders’ General Meeting.
Lenzing AG has no shares with special control rights. A resolution
passed by the Annual General Meeting on June 18, 2020 author-
ized the Managing Board, subject to the consent of the Supervisory
Board, to purchase treasury shares in the company for a period of
30 months starting on the date of the resolution pursuant to Sec-
tion 65 Paras. 1 no. 4 and 8 and Paras. 1a and 1b AktG. The treasury
shares acquired by the company may not exceed ten percent of
the company’s share capital. The consideration to be paid for the
repurchase must lie within a range of plus/minus 25 percent of the
weighted average closing price on the last 20 stock exchange days
preceding the start of the corresponding repurchasing program of
the Lenzing share.
The Managing Board was also authorized, subject to the consent
of the Supervisory Board, to withdraw repurchased treasury shares
without any further resolution by the Shareholders’ General Meet-
ing (including the authorization of the Supervisory Board to adopt
changes to the articles of association resulting from withdrawing
the shares), or to resell them and to determine the conditions of
sale. This authorization can be exercised in full, in several parts and
in pursuit of one or several objectives by the company, by a sub-
sidiary (Section 189a no. 7 of the Austrian Commercial Code [UGB])
or by third parties for the company’s account.
In addition, the Managing Board was authorized for a period of ve
years from the date of the resolution to approve the sale of treasury
shares, subject to the consent of the Supervisory Board, in any
manner permitted by law other than through the stock exchange or
public oer, and also to exclude shareholders’ repurchasing rights
(subscription rights), and to determine the conditions of sale.
A resolution passed by the Annual General Meeting on April 12,
2018 authorized the Managing Board, subject to the consent of the
Supervisory Board, to increase the share capital by up to
EUR 13,787,034.68 through the issue of up to 13,274,999 no-par-
value bearer shares – including in tranches – in exchange for cash
and/or non-cash capital contributions, within ve years from the
entry of the changes in the articles of association in the commercial
register and to determine the issue price and the further issue con-
ditions (“authorized capital”). This authorized capital was recorded
in the commercial register on May 23, 2018.
The statutory subscription right may be granted to shareholders in
such a manner that the convertible bonds be assumed by a bank
or a syndicate of banks with the obligation to oer them to the
shareholders in accordance with their subscription right (indirect
subscription right).
The Managing Board was also authorized, subject to the consent
of the Supervisory Board, to exclude shareholders’ subscription
rights in the event of a capital increase from the authorized capital
in whole or in part (i) if the capital increase in exchange for non-
cash capital contributions is carried out for the purpose of acquir-
ing companies, parts of companies, operations, parts of operations,
participating interests in companies or other assets connected with
an acquisition project, (ii) to satisfy an over-allotment option
(greenshoe) or (iii) to compensate for fractional amounts.
In addition, the Managing Board was authorized by a resolution of
the Annual General Meeting on April 12, 2018 to issue, subject to
the consent of the Supervisory Board, convertible bonds in one or
several tranches that grant or provide for the subscription or con-
version right or a subscription or conversion obligation for up to
13,274,999 shares in the company. These can be serviced through
conditional capital to be approved and/or treasury shares. The is-
sue price and issue conditions are to be determined by the Man-
aging Board, subject to the consent of the Supervisory Board; the
issue amount and the exchange ratio are to be determined in ac-
cordance with recognized methods of nancial mathematics and
the price of the company’s shares in a recognized pricing proce-
dure. This authorization is valid until April 12, 2023.
The statutory subscription right may be granted to shareholders in
such a manner that the convertible bonds be assumed by a bank
or a syndicate of banks with the obligation to oer them to the
shareholders in accordance with their subscription right (indirect
subscription right).
Shareholder structure and information on capital
22 Annual Financial Report 2021 Lenzing Group
47 Annual Report 2021 Lenzing Group
The Managing Board was authorized, subject to the consent of the
Supervisory Board, to exclude the subscription right of sharehold-
ers when issuing convertible bonds in whole or in part (i) if the con-
vertible bonds are issued in exchange for non-cash capital contri-
butions for the purpose of acquiring companies, parts of compa-
nies, operations, parts of operations, participating interests in com-
panies or other assets relating to an acquisition project, or (ii) for
the compensation of fractional amounts resulting from the sub-
scription ratio.
The Managing Board was also authorized, subject to the approval
of the Supervisory Board, to exclude the subscription right for con-
vertible bonds in whole or in part, provided that the Managing
Board, after due examination, arrives at the conclusion that the is-
sue price of the convertible bonds at the time of the nal determi-
nation of the issue price is not less than the hypothetical market
value determined according to recognized, in particular nancial-
mathematical, methods and that the conversion price or subscrip-
tion price (issue price) of the subscription shares is determined tak-
ing into account recognized methods of nancial mathematics and
the price of the company’s ordinary shares in a recognized pricing
procedure, and is not lower than the stock market price of the
company’s shares during the last 20 trading days prior to the date
of announcement of the issue of convertible bonds.
The Managing Board did not utilize the existing authorizations dur-
ing the reporting year.
The 77th Annual General Meeting of Lenzing AG was held in virtual
format via livestream on April 14, 2021 due to the COVID-19 pan-
demic. Detailed information about the Annual General Meeting,
proposals for resolutions and the results of voting are published on
the website Lenzing AG: https://www.lenzing.com/inves-
tors/shareholders-meeting/2021.
The 78th Annual General Meeting on April 26, 2022 will also be
held in virtual format via livestream due to the ongoing COVID-19
pandemic.
Further disclosures pursuant to
Section 243a of the Austrian
Commercial Code
No provisions exist other than those stipulated by law that cover
the appointment or dismissal of members of the Managing or Su-
pervisory boards.
The Dexco Group (formerly the Duratex Group) has a put option
and has the right to divest its interest in the LD Celulose joint ven-
ture in the event of a change of control at the Lenzing Group
(change of control clause).
Besides this, the company has not entered into any signicant
agreements that would take eect, change or expire in the event
of a change in control as the consequence of a takeover bid. No
compensation agreements exist between the company and the
members of the Managing and Supervisory boards or with employ-
ees that would take eect in the event of a public takeover oer.
23 Annual Financial Report 2021 Lenzing Group
48 Annual Report 2021 Lenzing Group
The International Monetary Fund forecasts global growth of
4.4 percent for 2022. However, the economic recovery from the
deep recession caused by COVID-19 remains at risk, and continues
to depend on the further course of the pandemic and its implica-
tions for individual economic sectors. The sharp rise in energy
costs and problems in global supply chains pose further economic
challenges. In addition, it has become increasingly important to
monitor geopolitical risks. In particular, the military conicts in
Ukraine will have a negative impact on the global economy. The
currency environment is expected to remain volatile in the regions
relevant to Lenzing.
The extensive recovery in demand in the global textile and apparel
industry also led to a recovery in demand and rising prices on the
world ber market in 2021. In the trend-setting market for cotton,
signs are emerging of a slight increase in stock volumes in the cur-
rent 2021/2022 harvest season, although dynamics on interna-
tional commodity markets and global supply chain problems are
likely to continue to have a signicant impact on price trends in
2022. At their peak, ber pulp prices rose by more than 50 percent
in 2021. The price stood at USD 905 per tonne as of December 31,
2021.
Lenzing continues to assume growth in demand for environmen-
tally compatible bers for the textile and clothing industry as well
as the hygiene and medical sectors. However, the currently posi-
tive market environment continues to be characterized by uncer-
tainty due to the ongoing pandemic. Visibility remains limited as a
consequence. Following signicant cost increases in 2021, ongoing
cost pressure on the energy, raw materials and logistics sides is
expected in the rst quarters of 2022.
Taking into consideration the aforementioned factors and the im-
minent commissioning and completion of the key strategic pro-
jects, which will already make an initial contribution to earnings
starting in the current nancial year, the Lenzing Group anticipates
that EBITDA in 2022 will lie signicantly above the 2021 level.
Lenzing, March 01, 2022
Lenzing Aktiengesellschaft
The Managing Board
Outlook
Cord Prinzhorn
Chief Executive Ocer
Thomas Obendrauf
Chief Financial Ocer
Robert van de Kerkhof
Member of the Managing Board
Stephan Siela
Member of the Managing Board
Christian Skilich
Member of the Managing Board
24 Annual Financial Report 2021 Lenzing Group
The key financial indicators for the Lenzing Group are described in
detail in the following section These indicators are derived primari-
ly from the IFRS consolidated financial statements of the Lenzing
Group and are found in this annual report, above all, in the sections
“Selected Indicators of the Lenzing Group” and “Five-Year Over-
view of the Lenzing Group”. The definitions of the indicators are
summarized in the glossary to the annual report. The Managing
Board believes these financial indicators provide useful information
on the financial position of the Lenzing Group because they are
used internally and are also considered important by external
stakeholders (in particular investors, banks and analysts).
EBITDA, EBITDA margin, EBIT and EBIT margin
EBITDA and EBIT are viewed by the Lenzing Group as the bench-
marks for the strength of operating earnings and profitability (per-
formance) before and after depreciation and amortization. Due to
their significance – also for external stakeholders – the EBIT is
presented on the consolidated income statement and EBITDA is
presented in the Financial Performance Indicators and, in order to
provide a comparison of margins, in relation to group revenue (as
the EBITDA margin and EBIT margin).
EUR mn 2021 2020 2019 2018 2017
Earnings before interest and tax (EBIT)  







+
Amortization of intangible assets and depreciation of property,
plant and equipment and right-of-use assets     
- Income from the release of investment grants () () () () ()
Earnings before interest, tax, depreciation and amortization
(EBITDA)  







EUR mn 2021 2020 2019 2018 2017
Earnings before interest and tax (EBIT)  







/ Revenue     
EBIT margin  







1) Reclassication of capitalized borrowing costs, net interest from dened benet plans and commitment fees from EBIT/EBITDA to the nancial result (see note 2 of the
consolidated nancial statements as at December 31, 2021).
EBT
EBT measures the pre-tax earnings strength of the Lenzing Group
and is shown on the consolidated income statement.
Gross cash flow
In the Lenzing Group, gross cash flow serves as the benchmark for
the company's ability to convert gains/losses from operating activ-
ities (before changes in working capital) into cash and cash
equivalents. This indicator is presented in the consolidated state-
ment of cash flows.
Free cash flow
The free cash flow generated by the Lenzing Group shows the
cash flow generated by operating activities – after the deduction
of investments – which is available to service the providers of debt
and equity. This indicator is also important for external stakehold-
ers.
Appendix: Notes on the Financial Performance Indicators
of the Lenzing Group
EUR mn 2021 2020 2019 2018 2017
Earnings before interest, tax, depreciation and amortization (EBITDA)  







/ Revenue     
EBITDA margin  







25 Annual Financial Report 2021 Lenzing Group
EUR mn 2021 2020 2019 2018 2017
Cash flow from operating activities     
- Cash ow from investing activities () () () () ()
-
Net inow from the sale and disposal of subsidiaries and other
business areas
   () ()
+
Acquisition of nancial assets and investments accounted for
using the equity method
    
- Proceeds from the sale/repayment of nancial assets () () () () ()
Free cash flow () ()   
CAPEX
CAPEX shows the expenditures for intangible assets, property,
plant and equipment and biological assets. It is presented in the
consolidated statement of cash flows.
Liquid assets
Liquid assets show the Lenzing Group's ability to meet due pay-
ment obligations immediately with available funds. This indicator is
also used to calculate other financial ratios (e.g. net financial debt;
see below).
EUR mn as at 31/12 2021 2020 2019 2018 2017
Cash and cash equivalents     
+ Liquid bills of exchange (in trade receivables)     
Liquid assets     
Trading working capital and trading working
capital to annualized group revenue
Trading working capital in the Lenzing Group is a measure for
potential liquidity and capital efficiency. It is used to compare
capital turnover by relating it to group revenue.
EUR mn as at 31/12 2021 2020 2019 2018 2017
Inventories     
+ Trade receivables     
- Trade payables () () () () ()
Trading working capital     
EUR mn 2021 2020 2019 2018 2017
Latest reported quarterly group revenue (= 4th quarter respectively)     
x 4 (= annualized group revenue)     
Trading working capital to annualized group revenue     
26 Annual Financial Report 2021 Lenzing Group
Adjusted equity and adjusted equity ratio
Adjusted equity shows the Lenzing Group's independence from
the providers of debt and its ability to raise new capital (financial
strength). This figure includes equity as defined by IFRS as well as
government grants less the proportional share of deferred taxes.
Adjusted equity is used to compare equity and debt with total
assets. This (and/or a similar indicator) is occasionally used as a
financial covenant by lenders.
EUR mn as at 31/12 2021 2020 2019 2018 2017
Equity     
+ Non-current government grants     
+ Current government grants     
- Proportional share of deferred taxes on government grants () () () () ()
Adjusted equity     
/ Total assets     
Adjusted equity ratio     
Net financial debt, net financial debt/EBITDA,
net gearing and net debt
Net financial debt is used by the Lenzing Group as the benchmark
for its financial indebtedness and capital structure. It is also an
important indicator for external stakeholders. The relation of this
indicator to EBITDA shows the number of periods in which the
same level of EBITDA must be generated to cover net financial
debt. The ratio of net financial debt to adjusted equity (net gearing)
illustrates the relation of net debt to adjusted equity. This (and/or a
similar indicator) is occasionally used as a financial covenant by
lenders. Net debt in the Lenzing Group measures the level of
financial debt, including the provisions for severance payments
and pensions.
EUR mn as at 31/12 2021 2020 2019 2018 2017
Current financial liabilities     
+ Non-current nancial liabilities     
- Liquid assets () () () () ()
Net financial debt     
/
Earnings before interest, tax, depreciation and amortization
(EBITDA)
 







Net financial debt / EBITDA  







EUR mn as at 31/12 2021 2020 2019 2018 2017
Net financial debt     
/ Adjustedequity     
Net gearing     
EUR mn as at 31/12 2021 2020 2019 2018 2017
Net financial debt     
+ Provisions for severance payments and pensions     
Net debt     
1) Reclassication of capitalized borrowing costs, net interest from dened benet plans and commitment fees from EBIT/EBITDA to the nancial result (see note 2 of the
consolidated nancial statements as at December 31, 2021).
27 Annual Financial Report 2021 Lenzing Group
Return on capital (ROE, ROI and ROCE)
Return on capital employed (ROCE) is the Lenzing Group's
benchmark for the yield (return) on the capital employed in the
operating business. It is also an important indicator for external
stakeholders. Return on capital (ROE) and return on investment
(ROI) are profitability indicators which measure the earnings
strength of the Lenzing Group.
EUR mn 2021 2020 2019 2018 2017
Earnings before interest and tax (EBIT)  







- Proportional share of current income tax expense (on EBIT) () ()

() () ()
Earnings before interest and tax (EBIT) less proportional share of
current income tax expense (NOPAT)  ()







/ Average capital employed     
ROCE (return on capital employed)  ()



 

Proportional share of current income tax expense (on EBIT) () ()

() () ()
Proportional share of other current tax expense  

  

Current income tax expense () () () () ()
EUR mn as at 31/12 2021 2020 2019 2018 2017
Total assets     
- Trade payables () () () () ()
- Non-current puttable non-controlling interests () ()   ()
- Other non-current liabilities () () ()

()

()

- Other current liabilities () () ()

()

()

- Current tax liabilities () () () () ()
- Deferred tax liabilities () () () () ()
- Proportional share of deferred taxes on government grants () () () () ()
- Current provisions () () ()

()

()

- Non-current provisions () () ()

()

()

+ Provisions for severance payments and pensions     
- Cash and cash equivalents () () () () ()
- Investments accounted for using the equity method () () () () ()
- Financial assets () () () () ()
As at 31/12     
As at 01/01     
Average capital employed     
1) Reclassication of capitalized borrowing costs, net interest from dened benet plans and commitment fees from EBIT/EBITDA to the nancial result (see note 2 of the
consolidated nancial statements as at December 31, 2021).
2) Reclassication of accruals from provisions to other liabilities in accordance with IAS 1 (see note 2 in the notes to the consolidated nancial statements 2020).
28 Annual Financial Report 2021 Lenzing Group
EUR mn as at 31/12 2021 2020 2019 2018 2017
Adjusted equity 31/12     
Adjusted equity 01/01     
Average adjusted equity     
EUR mn 2021 2020 2019 2018 2017
Earnings before tax (EBT)     
/ Average adjusted equity     
ROE (return on equity)     
EUR mn as at 31/12 2021 2020 2019 2018 2017
Total assets 31/12     
Total assets 01/01     
Average total assets     
EUR mn 2021 2020 2019 2018 2017
Earnings before interest and tax (EBIT)  







/ Average total assets     
ROI (return on investment)  



 

1) Reclassication of capitalized borrowing costs, net interest from dened benet plans and commitment fees from EBIT/EBITDA to the nancial result (see note 2 of the
consolidated nancial statements as at December 31, 2021).
29 Annual Financial Report 2021 Lenzing Group
2021
Consolidated
Financial
Statements
of the Group
Content
Content Notes 31
Consolidated Income Statement 32
Consolidated Statement
of Comprehensive Income 33
Consolidated Statement
of Financial Position 34
Consolidated Statement
of Changes in Equity 35
Consolidated Statement of Cash Flows 37
Notes to the Consolidated
Financial Statements 38
CHAPTER
2
/3
30 Annual Financial Report 2021 Lenzing Group
Content notes
Notes to the Consolidated Financial Statements 38
Note 1. General Information 38
Note 2. Changes in accounting policies 40
Note 3. Consolidation 44
Note 4. Segment reporting 46
Notes on the Consolidated Income Statement 49
Note 5. Revenue 49
Note 6. Functional costs 49
Note 7. Other operating income 49
Note 8. Other operating expenses 49
Note 9. Cost of material and other purchased services 50
Note 10. Personnel expenses 50
Note 11. Amortization of intangible assets, depreciation of
property, plant and equipment and right-of-use
assets 50
Note 12. Auditor’s fees 52
Note 13. Income from investments accounted for using
the equity method 53
Note 14. Income from non-current and current
nancial assets 53
Note 15. Financing costs 53
Note 16. Income tax expense 53
Note 17. Earnings per share 54
Notes to the Consolidated Statement of Financial Position,
the Consolidated Statement of Comprehensive Income
and the Consolidated Statement of Changes in Equity 55
Note 18. Intangible assets 55
Note 19. Property, plant and equipment 57
Note 20. Biological assets 59
Note 21. Right-of-use assets 60
Note 22. Investments accounted for using the equity method 62
Note 23. Financial assets 64
Note 24. Other non-current assets 64
Note 25. Inventories 64
Note 26. Trade receivables 65
Note 27. Other current assets 65
Note 28. Equity 65
Note 29. Government grants 69
Note 30. Financial liabilities 70
Note 31. Deferred taxes (deferred tax assets and liabilities)
and current taxes 71
Note 32. Provisions 74
Note 33. Trade payables 79
Note 34. Other liabilities 80
Notes to the Consolidated Statement of Cash Flows 81
Note 35. Disclosures on the Consolidated Statement
of Cash Flows 81
Notes on Risk Management 82
Note 36. Capital risk management 82
Note 37. Disclosures on nancial instruments 83
Note 38. Net interest and net result from nancial
instruments and net foreign currency result 94
Note 39. Financial risk management 95
Disclosures on Related Parties and Executive Bodies 103
Note 40. Related party disclosures 103
Note 41. Executive Bodies 105
Other Disclosures 106
Note 42. Financial guarantee contracts, contingent assets
and liabilities, other nancial obligations and
legal risks 106
Note 43. Group companies 107
Note 44. Signicant events after the end
of the reporting period 108
Note 45. Authorization of the consolidated nancial
statements 108
31 Annual Financial Report 2021 Lenzing Group
32 Annual Financial Report 2021 Lenzing Group
Lenzing AG
Consolidated Income Statement
for the period from January 1 to December 31, 2021
EUR '000
Note 2021 2020
Revenue () 2,194,624 1,632,607
Cost of sales () (1,692,760) (1,386,412)
1
Gross prot 501,864 246,195
Other operating income () 78,026 59,145
Selling expenses () (233,981) (156,932)
Administrative expenses () (117,547) (88,236)
1
Research and development expenses () (23,993) (16,181)
Other operating expenses () (3,753) (10,133)
Earnings before interest and tax (EBIT)
2
200,615 33,85 8
1
Income from investments accounted for using the equity method () (3,541) 5,674
Income from non-current and current nancial assets () 7,881 (5,402)
Financing costs () (22,029) (11,878)
1
Financial result (17,689) (11,607)
Earnings before tax (EBT)² 182,926 22,251
Income tax expense () (55,212) (32,84 6)
Net prot/loss for the year 127,714 (10,595)
Attributable to:
Shareholders of Lenzing AG 110,346 6,277
Non-controlling interests (11,382) (18,762)
Share planned for hybrid capital owners () 28,750 1,890
Earnings per share EUR EUR
Diluted = basic () 4.16 0.24
1) Reclassication of capitalized borrowing costs, net interest from dened benet plans and commitment fees from EBIT/EBITDA to the nancial result (see note 2).
2) EBIT: Operating result, resp. earnings before interest and tax.
EBT: Earnings before tax.
33 Annual Financial Report 2021 Lenzing Group
Lenzing AG
Consolidated Statement of Comprehensive Income
for the period from January 1 to December 31, 2021
EUR '000
Note 2021 2020
Net prot/loss for the year 127,714 (10,595)
Items that will not be reclassied subsequently to prot or loss
Remeasurement of dened benet liability () (1 ,691) 633
Financial assets measured at fair value through other comprehensive income (equity instruments) – net fair value
gain/loss on remeasurement recognized during the year
() 32,926 (2,646)
Income tax relating to these components of other comprehensive income () (7,802) 259
Investments accounted for using the equity method – share of other comprehensive income (net of tax) () 105 (106)
23,537 (1,861)
Items that may be reclassied to prot or loss
Foreign operations – foreign currency translation dierences arising during the year () 107,394 (111,317)
Financial assets measured at fair value through other comprehensive income (debt instruments) – net fair value
gain/loss on remeasurement recognized during the year
() (36) (34)
Financial assets measured at fair value through other comprehensive income (debt instruments) – reclassication of
amounts relating to nancial assets disposed during the year
() 124 0
Cash ow hedges – eective portion of changes in fair value recognized during the year and non-designated
components
() (23,337) (118,851)
Cash ow hedges – reclassication to prot or loss () 3,173 3,90 1
Income tax relating to these components of other comprehensive income () (3,575) 6,447
Investments accounted for using the equity method – share of other comprehensive income (net of tax) () 79 (6,574)
83,822 (226,428)
Other comprehensive income (net of tax) 107,359 (228,289)
Total comprehensive income 235,073 (238,884)
Attributable to:
Shareholders of Lenzing AG 211,065 (160,540)
Non-controlling interests (4,74 3) (80,234)
Share planned for hybrid capital owners 28,750 1,890
34 Annual Financial Report 2021 Lenzing Group
Lenzing AG
Consolidated Statement of Financial Position
as at December 31, 2021
EUR '000
Assets Note 31/12/2021 31/12/2020
Intangible assets () 36,049 29,669
Property, plant and equipment () 2,877,606 2,068,059
Biological assets () 95,767 84,254
Right-of-use assets () 70,129 65,761
Investments accounted for using the equity method () 24,840 29,088
Financial assets () 38,869 40,890
Deferred tax assets () 3,581 2,409
Current tax assets () 14,937 15,157
Other non-current assets () 42,723 25,915
Non-current assets 3,204,501 2,361,202
Inventories () 476,956 329,370
Trade receivables () 325,1 72 249,662
Current tax assets () 1,921 7,410
Other current assets () 168,710 145,347
Financial assets () 32,232 0
Cash and cash equivalents () 1,113,27 9 1,069,998
Current assets 2,118,27 0 1,801,786
Total assets 5,322,771 4,162,988
Equity and liabilities Note 31/12/2021 31/12/2020
Share capital 27,574 27,574
Capital reserves 133,9 19 133,919
Hybrid capital 496,582 496,582
Other reserves 15,134 (117,928)
Retained earnings 1,206,359 1,192,800
Equity attributable to shareholders of Lenzing AG 1,879,568 1,732,947
Non-controlling interests 192,517 148,480
Equity () 2,072,085 1,881,427
Financial liabilities () 1,981,036 1,446,876
Government grants () 13,688 14,184
Deferred tax liabilities () 59,806 42,411
Provisions () 118,180 120,383
Puttable non-controlling interests () 234,409 140,3 41
Other liabilities () 6,740 26,861
Non-current liabilities 2,413,860 1,791,055
Financial liabilities () 120,125 105,616
Trade payables () 414,768 19 5,200
Government grants () 44,168 19,878
Current tax liabilities 38,293 2,390
Provisions () 39,088 25,657
Other liabilities () 180,382 141,765
Current liabilities 836,826 490,506
Total equity and liabilities 5,322,771 4,162,988
35 Annual Financial Report 2021 Lenzing Group
Lenzing AG
Consolidated Statement of Changes in Equity
for the period from January 1 to December 31, 2021
Note Share capital Capital reserves Hybrid capital
Foreign currency
translation reserve
As at 01/01/2020 27,574 133,919 0 61,189
Net prot/loss for the year as per consolidated income
statement
0 0 0 0
Other comprehensive income (net of tax) 0 0 0 (102,259)
Total comprehensive income 0 0 0 (102,259)
Hedging gains and losses and cost of hedging transferred to
the cost of non-current assets and cost of inventory 0 0 0 0
Acquisition/disposal of non-controlling interests and other
changes in the scope of consolidation
() 0 0 0 0
Increase in capital () 0 0 496,582 0
Measurement of puttable non-controlling interest recognized
directly in equity
() 0 0 0 0
Dividends paid 0 0 0 0
Transactions with equity holders 0 0 496,582 0
As at 31/12/2020 = 01/01/2021 27,574 133,919 496,582 (41,069)
Net prot/loss for the year as per consolidated income
statement
0 0 0 0
Other comprehensive income (net of tax) 0 0 0 89,522
Total comprehensive income 0 0 0 89,522
Hedging gains and losses and cost of hedging transferred to
the cost of non-current assets and cost of inventory
0 0 0 0
Acquisition/disposal of non-controlling interests and other
changes in the scope of consolidation
() 0 0 0 0
Increase in capital () 0 0 0 0
Measurement of puttable non-controlling interest recognized
directly in equity
() 0 0 0 0
Dividends paid (including hybrid coupon) () 0 0 0 0
Transactions with equity holders 0 0 0 0
As at 31/12/2021 () 27,574 133,91 9 496,582 48,452
36 Annual Financial Report 2021 Lenzing Group
EUR '000
Other reserves Retained earnings
Equity attributable
to shareholders of
Lenzing AG and to
hybrid capital
owners
Non-controlling
interests
Equity
Financial assets
measured at fair value
through other
comprehensive
income
Hedging reserve and
non-designated
components
Actuarial
gains/losses
10,698 3,770 (47,000) 1,322,856 1,513,006 24,854 1,537,860
0 0 0 8,167 8,167 (18,762) (10,59 5)
(2,010) (62,69 7) 149 0 (166,817) (61,472) (228,289)
(2,010) (62,697) 149 8,167 (158,650) (8 0,234) (238,884)
0 20,232 0 0 20,232 16,041 36,273
0 0 0 2,118 2,118 100,206 102,324
0 0 0 0 496,582 87,813 584,395
0 0 0 (140,341) (140,341) 0 (140,341)
0 0 0 0 0 (200) (20 0)
0 0 0 (138,223) 358,359 187,819
546,178
8,687 (38,695) (46,851) 1,192,800 1,732,947 148,48 0 1,881,427
0 0 0 139,096 139,096 (11,382) 127,714
24,760 (12,441) (1,122) 0 100,719 6,640 107,359
24,760 (12,441) (1,122) 13 9,096 239,815 (4,743) 235,073
0 32,342 0 0 32, 342 30,559 62,901
0 0 0 (2,718) (2,718) 2,718 0
0 0 0 0 0 15,678 15,678
0 0 0 (94, 068) (94,068) 0 (94,068)
0 0 0 (28,750) (28,750) (175) (28,925)
0 0 0 (125,536) (125,536) 18,221 (107,316)
33,448 (18,794) (47,973) 1,206,359 1,879,568 192,517 2,072,085
37 Annual Financial Report 2021 Lenzing Group
Lenzing AG
Consolidated Statement of Cash Flows
for the period from January 1 to December 31, 2021
EUR '000
Note 2021 2020
Net prot/loss for the year 127,714 (10,595)
+ Amortization of intangible assets and depreciation of property, plant and equipment and right-of-use assets () 164,269 160,448
+/– Change in the fair value of biological assets () (2,258) 10,334
– Income from the release of investment grants (1,944) (1 ,979)
+/– Change in non-current provisions (4,908) (5,394)
–/+ Income / expenses from deferred taxes 6,838 10,768
+/– Change in current tax assets and liabilities 42,727 (15,299)
+/– Income from investments accounted for using the equity method 4,431 (4,883)
–/+ Other non-cash income / expenses () 35,128 (1 6,568)
Gross cash ow 371,999 126,831
+/– Change in inventories (144,902) 81,439
+/– Change in receivables (75,115) (38,360)
+/– Change in liabilities 242,049 (1 20,965)
Change in working capital 22,032 (77,885)
Cash ow from operating activities 394,030 48,946
– Acquisition of intangible assets, property, plant and equipment and biological assets (CAPEX) (844 ,333) (668,760)
– Acquisition of nancial assets and investments accounted for using the equity method (7,328) (4,050)
+ Proceeds from the sale of intangible assets, property, plant and equipment and biological assets 4,810 5,046
+
Proceeds from the sale/repayment of nancial assets and the sale of investments accounted for using the
equity method
5,567 1,546
Cash ow from investing activities (841,285) (666,219)
+ Capital injections to consolidated companies by non-controlling interests 1 5,577 84,458
+ Increase of hybrid capital () 0 495,443
– Dividends paid (including hybrid coupon) () (28,925) (200)
+ Investment grants 1,095 1,618
+ Increase of bonds and private placements () 0 131,691
+ Increase in other nancial liabilities () 626,384 604,277
– Repayment of bonds and private placements () (56,000) (37,500)
– Repayment of other nancial liabilities () (87,584) (144,691)
Cash ow from nancing activities 470,548 1,135,096
Total change in liquid funds 23,293 517,823
Liquid funds at the beginning of the year 1,069,998 571, 479
Currency translation adjustment relating to liquid funds 19,987 (19,304)
Liquid funds at the end of the year 1,113,279 1,069,998
Additional information on payments in the cash ow from operating activities:
Interest payments received 3,963 1,742
Interest payments made 34,315 19,449
Income taxes paid 9,087 33,533
Distributions received from investments accounted for using the equity method 890 40
Annual Report 2021 Lenzing Group 9
Lenzing AG
Notes to the Consolidated Financial Statements
as at December 31, 2021
General Information
Note 1. Basic information
Description of the company and its business
activities
Lenzing Aktiengesellschaft (Lenzing AG), which maintains its regis-
tered headquarters in 4860 Lenzing, Werkstrasse 2, Austria, is the
parent company of the Lenzing Group (the “Group”). The shares of
Lenzing AG are listed in the Prime Market Segment (since April 18,
2011) and in the ATX benchmark index (since September 19, 2011) of
the Vienna Stock Exchange in Vienna, Austria.
The core shareholder of Lenzing AG as at December 31, 2021 is the
B&C Group, which directly and indirectly holds an investment of
50 percent plus two shares (December 31, 2020: 50 percent plus
two shares) in the share capital of Lenzing AG. The direct majority
shareholder of Lenzing AG is B&C KB Holding GmbH, Vienna. The
indirect majority shareholder of Lenzing AG, which prepares and
publishes consolidated nancial statements that include the
Lenzing Group, is B&C Holding Österreich GmbH, Vienna. The
ultimate parent company of the B&C Group, and therefore also of
Lenzing AG, is B&C Privatstiftung, Vienna.
The core business of the Lenzing Group is the production and mar-
keting of wood-based cellulosic bers. wood-based cellulosic fibers. The pulp required for pro-
duction is manufactured for the most part in the Group’s own
plants and is supplemented by external purchases.
Basis of Reporting
The consolidated nancial statements for the period from Janu-
ary 1 to December 31, 2021 were prepared in accordance with the
International Financial Reporting Standards (IFRSs) and interpreta-
tions which were endorsed in the EU and required mandatory
application as of the reporting date. The additional requirements of
Section 245a Para. 1 of the Austrian Commercial Code (“Unterneh-
mensgesetzbuch”) were also met.
The reporting currency is the euro (EUR), which is also the func-
tional currency of Lenzing AG. The functional currency of the ma-
jority of the subsidiaries is the euro (EUR) or US-Dollar (USD). The
gures shown in these consolidated nancial statements and notes
were rounded to the next thousand, unless indicated otherwise
(“EUR '000”). The use of automatic data processing tools can lead
to rounding dierences in the addition of rounded amounts and
percentage rates.
Eects of the COVID-19 crisis on the annual
results
Business trends in the 2021 nancial year improved signicantly
compared to the same period of the previous year due to the pos-
itive market environment. In preparing the consolidated nancial
statements, the Managing Board has taken into consideration the
eects of the COVID-19 crisis, in particular with regard to estima-
tion uncertainties and judgments (such as in the context of the cor-
porate planning used to determine recoverable amounts). Addi-
tional information on the eects of the COVID-19 crisis and the
measures taken by the Lenzing Group can be found in the group
management report.
As part of the preparation of the consolidated nancial statements,
the management is responsible for assessing the company’s ability
to continue as a going concern. If material uncertainty exists with
regard to events or conditions that may raise signicant doubt con-
cerning the company’s ability to continue as a going concern, such
uncertainty must be explained. Based on the estimates of the Len-
zing Group’s management and considering all available infor-
mation regarding the future, which covers a minimum of twelve
months after the balance sheet date, such uncertainties do not ex-
ist. On the basis of the secured liquidity situation, the continued
strong position in the markets relevant to Lenzing and the expec-
tation that the negative eects of the COVID-19 crisis will gradually
abate over the course of 2022, the management estimates that the
group has sucient resources as of the approval date to enable it
to continue operations in the foreseeable future. Therefore, the
consolidated nancial statements were prepared based on the as-
sumption of the group’s ability to continue as a going concern.
38 Annual Financial Report 2021 Lenzing Group
Annual Report 2021 Lenzing Group 10
Measurement
Assets and liabilities are principally measured at amortized or de-
preciated cost. In contrast, other measurement methods are used
for the following material positions:
●
Biological assets are measured at their fair value.
●
Provisions are measured at the present value of the expected
settlement amount.
●
Deferred tax assets and deferred tax liabilities are recognized
at their nominal value. They are measured on the basis of the
temporary dierences existing as at the reporting date and the
eective tax rate expected when the dierences are realized.
●
Derivative nancial instruments and nancial assets measured
at fair value through prot or loss and at fair value through other
comprehensive income are measured at their fair value.
●
Puttable non-controlling interests are measured at fair value
through other comprehensive income.
Estimation uncertainty and judgments
The Managing Board of Lenzing AG uses estimates, assumptions
and judgments in preparing the IFRS consolidated nancial state-
ments. These estimates, assumptions and judgments are based on
the circumstances assumed as at the reporting date and can have
a signicant eect on the presentation of the Group’s nancial po-
sition and nancial performance. They involve the recognition and
measurement of assets and liabilities, contingent receivables and
liabilities, the reporting of cash ows and income and expenses (in-
cluding other comprehensive income) as well as the presentation
of disclosures in the notes.
The Lenzing Group is committed to the ecologically responsible
production of bers from the renewable raw material wood and is
very concerned about climate protection. In preparing the consol-
idated nancial statements, the Managing Board has taken into
consideration the eects of climate change, in particular with re-
gard to estimation uncertainties and judgments (such as in the con-
text of the corporate planning used to determine recoverable
amounts). Overall, no signicant discernible eects arise at present.
Assumptions and estimates
The following future-oriented assumptions and other major
sources of estimation uncertainty at the reporting date could have
signicant eects on these consolidated nancial statements of
the Lenzing Group:
●
Intangible assets and property, plant and equipment (see
note 11): determination of the recoverable amount in connec-
tion with impairment testing as dened in IAS 36 (impairment).
●
Biological assets (see note 20): determination of fair value less
costs to sell.
●
Cash and cash equivalents (see note 37): Assessing the classi-
cation of money market funds as cash equivalents.
●
Financial instruments (see note 37 and 39): determination of
fair values and expected credit losses.
●
Provisions (see note 32): determination of the expected settle-
ment amount and the net liability of the dened benet pen-
sion and severance payment plans.
●
Puttable non-controlling interests (see note 37): determination
of fair value less costs to sell.
●
Deferred taxes and receivables from current taxes (see note 31):
assessment of the extent to which deferred tax assets (in par-
ticular, from loss carryforwards) can be utilized and assess-
ment of the recoverability of receivables from current taxes.
●
Research and development expenses (see note 18): assess-
ment of capitalization and impairment of development ex-
penses.
Assumptions and estimates are based on experience and other
factors that are considered relevant by the Managing Board. How-
ever, the amounts actually realized can deviate from these assump-
tions and estimates if general conditions develop in a dierent way
than the expectations as at the reporting date.
Judgments when applying accounting policies
The application of accounting policies by the Lenzing Group in-
cluded the following major judgments, which had a material inu-
ence on the amounts reported in the consolidated nancial state-
ments:
●
Liabilities within the scope of reverse factoring agreements
(see note 33): assessment of the requirements for derecogni-
tion as dened in IFRS 9 (nancial instruments).
●
Full consolidation and equity method (see note 3, note 37, and
note 43): assessment of the existence of control over subsidi-
aries and assessment of the existence of joint control or signif-
icant inuence. Application of the present access method to
puttable non-controlling interests.
●
Receivables from the sale of and measurement of investments
accounted for using the equity method (see note 22): evalua-
tion and measurement of the partial sale of the investment in
EQUI-Fibres Beteiligungsgesellschaft mbH (EFB), Kelheim,
Germany.
●
Evidence of impairment (see note 11): evaluation of indications
of impairment resp. for impaired cash-generating units evalu-
ation of the occurrence of material changes in comparison
with the previous year.
39 Annual Financial Report 2021 Lenzing Group
Annual Report 2021 Lenzing Group 11
Note 2. Changes in accounting
policies
The accounting policies applied by the Lenzing Group in 2021 re-
mained unchanged in comparison with the previous nancial year,
with the exception of the changes described in this section.
Mandatory changes in accounting policies
The following new and amended standards and interpretations
were adopted into EU law and required mandatory application by
the Lenzing Group beginning with the 2021 nancial year:
Standards/interpretations
Publication by
the IASB
Mandatory
application
according to
IASB for
nancial years
from
Adopted by
the EU as at
31/12/2021
IFRS 4
Extension of the
temporary exemption
from applying IFRS 9
in IFRS 4
// // yes
IFRS 16
Extension of practical
expedient: Covid-19-
Related Rent
Concessions
// // yes
IFRS 9,
IAS 39,
IFRS 7,
IFRS 4,
IFRS 16
IBOR-Reform
(Phase 2)
// // yes
The new or amended standards and interpretations applicable as
of January 1, 2021 did not result in any signicant changes to the
consolidated nancial statements of the Lenzing Group.
The following new or amended standards and interpretations had
been published by the IASB prior to the preparation of these con-
solidated nancial statements, but did not require mandatory ap-
plication by the Lenzing Group for nancial years beginning on or
before January 1, 2021:
Standards/interpretations
Publication
by the IASB
Mandatory
application
according to
IASB for
nancial
years from
Adopted by
the EU as at
31/12/2021
IFRS 3
References to the
Conceptual Framework
// // yes
IFRS 10,
IAS 28
Sale or contribution of
assets between an
investor and its
associate or joint
venture
// unknown

no
IFRS 14
Regulatory Deferral
Accounts
// // no

IFRS 17 Insurance Contracts // // yes
IFRS 17
Initial Application of
IFRS 7 and IFRS 9 –
Comparative
Information
// // no
IAS 1
Amendment of
classication of
liabilities as current or
non-current
// // no
IAS 1
Disclosure of
Accounting Policies
// // no
IAS 8
Denition of
Accounting Estimates
// // no
IAS 12
Deferred Tax related to
Assets and Liabilities
arising from a Single
Transaction
// // no
IAS 16
Property, plant and
equipment – Proceeds
before intended use
// // Yes
IAS 37
Onerous contracts –
Cost of fullling a
contract
// // yes
Various
Annual Improvements
of IFRSs 2018-2020 // // yes
1) The IASB has deferred the eective date of this standard indenitely.
2) The European Commission does not recommend the adoption of interim standard
IFRS 14 into EU law at the present time.
The Lenzing Group applies the practical relief for the accounting of
COVID-19-related rent concessions. The change comprises a vol-
untary practical expedient for leases in which the Lenzing Group is
the lessee. For leases to which the practical expedient is applied,
this permits the Lenzing Group not to assess whether qualifying
rent concessions occurring as a direct consequence of the COVID-
19 pandemic are lease modications. Rent reductions EUR 0 thou-
sand (2020: EUR 58 thousand) were recognized as negative varia-
ble lease payments in the consolidated income statement during
the 2021 nancial year.
The other above-mentioned new or amended standards and inter-
pretations were not adopted prematurely by the Lenzing Group.
They are either not relevant for the Group or do not have a material
impact on the earnings, assets or liabilities and the cash ows of
the Lenzing Group.
The application of these standards and interpretations is generally
planned following their endorsement by the EU.
40 Annual Financial Report 2021 Lenzing Group
Annual Report 2021 Lenzing Group 12
Voluntary changes in accounting policies
Since the beginning of the 2021 nancial year, the Lenzing Group
has reported its consolidated income statement applying the cost
of sales method. The previous presentation was according to the
nature of expense method. The modication in the presentation of
the income statement aims to enhance the international compara-
bility of the Lenzing Group’s consolidated income statement. As
part of this transition, some amounts previously aecting
EBIT/EBITDA were reclassied to the nancial result (capitalized
borrowing costs for the production of non-current assets amount-
ing to EUR 21,166 thousand in 2021, 2020: EUR 8,429 thousand, net
interest from dened benet plans of EUR minus 1,757 thousand in
2021, 2020: EUR minus 2,144 thousand, and loan commitment fees
of EUR minus 2,432 thousand in 2021, 2020: EUR minus
2,033 thousand). All amounts were adjusted retrospectively. The
Lenzing Group’s performance continues to be measured by
EBITDA (earnings before interest, tax, depreciation on property,
plant and equipment and right-of-use assets and amortization of
intangible assets and before income from the release of investment
grants) (see note 4 for reconciliation). The following table shows the
reconciliation from the nature of expense method to the cost of
sales method:
41 Annual Financial Report 2021 Lenzing Group
Annual Report 2021 Lenzing Group 13
Reconciliation from nature of expense method to cost of goods sold method
2021
Consolidated
Income Statement
– Cost of goods
sold method
Revenue
Change in
inventories of
nished goods and
work in progress
Own work
capitalized
Other operating
income
Consolidated Income Statement –
Nature of expense method
   
Revenue  
Cost of sales ()  
Gross prot 
Other operating income  
Selling expenses ()
Administrative expenses ()
Research and development expenses ()
Other operating expenses ()
Earnings before interest and tax (EBIT) 
Reconciliation from nature of expense method to cost of goods sold method
2020
Consolidated
Income Statement
– Cost of goods
sold method Revenue
Change in
inventories of
nished goods and
work in progress
Own work
capitalized
Other operating
income
Consolidated Income Statement –
Nature of expense method  () 



Revenue  
Cost of sales () () 
Gross prot 
Other operating income  
Selling expenses ()
Administrative expenses ()
Research and development expenses ()
Other operating expenses ()
Earnings before interest and tax (EBIT) 
1) Reclassication of capitalized borrowing costs, net interest from dened benet plans and commitment fees from EBIT/EBITDA to the nancial result.
42 Annual Financial Report 2021 Lenzing Group
Annual Report 2021 Lenzing Group 14
EUR '000
Gains or losses
from the fair value
measurement of
biological assets
Cost of material
and other
purchased services
Personnel expenses
Other operating
expenses
Amortization of
intangible assets
and depreciation of
property, plant and
equipment and
right-of-use assets
Income from the
release of
investment grants
Earnings before
interest and tax
(EBIT)
 () () () ()  
 () () () () 
() () () ()
() () () () 
() () () () 
()
EUR '000
Gains or losses
from the fair value
measurement of
biological assets
Cost of material
and other
purchased services Personnel expenses
Other operating
expenses
Amortization of
intangible assets
and depreciation of
property, plant and
equipment and
right-of-use assets
Income from the
release of
investment grants
Earnings before
interest and tax
(EBIT)
() () ()

()

()  
() () () () () 
() () () () 
() ()  () 
() () () ()
() ()
43 Annual Financial Report 2021 Lenzing Group
Annual Report 2021 Lenzing Group 15
In the 2020 nancial year, a voluntary modication was imple-
mented regarding the presentation of accrued liabilities. Accrued
liabilities were presented within provisions until the 2020 nancial
year. In the course of the annual analysis to optimize presentation,
the Lenzing Group identied that the liability character of this type
of debt predominates. In accordance with IAS 1.41, current accru-
als of EUR 48,925 thousand (December 31, 2019: EUR 73,016 thou-
sand; January 1, 2019: EUR 94,072 thousand) were therefore re-
classied from current provisions to other current liabilities and
non-current accruals of EUR 1,523 thousand (December 31, 2019:
EUR 538 thousand; January 1, 2019: EUR 1,109 thousand) were re-
classied from non-current provisions to other non-current liabili-
ties. The total amount of liabilities consequently remains un-
changed.
Note 3. Consolidation
Scope of consolidation
The consolidated nancial statements of the Lenzing Group in-
clude Lenzing AG, as the parent company, and its subsidiaries, all
on the basis of nancial statements as at December 31, 2021.
The number of companies included in the scope of consolidation
developed as follows:
Development of the number of consolidated
companies (incl. parent company)
2021 2020
Full- Equity Full- Equity
consolidation consolidation
As at 01/01    
Included in consolidation for the rst
time during the year
   
Merged during the year ()  () 
Deconsolidated during the year () ()  ()
As at 31/12    
Thereof in Austria    
Thereof abroad    
A list of the group companies as at December 31, 2021 is provided
in note 43. The most important group companies produce and
market wood-based cellulosic bers (Segment Division Fiber) and,
in some cases, pulp (Segment Division Pulp).
In March 2021, the interest in the joint venture Hygiene Austria LP
GmbH, Wiener Neudorf, Austria, which was previously accounted
for using the equity method (see note 22), was divested and de-
consolidated.
In October 2021, the subsidiary Nanjing Fabor Waste Water Treat-
ment Co., Ltd, Nanjing, China, was merged with Lenzing (Nanjing)
Fibers Co., Ltd, Nanjing, China.
In November 2021, the previously fully consolidated subsidiaries
Avit Investments Limited, Providenciales, Turks & Caicos, and
Penique S.A., Panama, Panama, were liquidated and deconsoli-
dated.
In January 2020, the Dexco-Group (formerly known as Duratex
Group) acquired a 49 percent share in LD Celulose S.A., Sao Paulo,
Brazil as agreed. Lenzing AG holds a majority of 51 percent and
thus exercisea control over LD Celulose S.A. The change in share-
holdings was the result of an asymmetric capital increase, which
was conducted by both parties. The pro-rata equity (49 percent) of
LD Celulose S.A. amounted to EUR 100,205 thousand at the time
the Duratex Group acquired the shares and corresponds to the
amount recognized under non-controlling interests. The propor-
tionate contribution by Duratex amounted to EUR 102,362 thou-
sand. The dierence of EUR 2,158 thousand was recognized di-
rectly in equity under retained earnings. As part of the capital in-
crease, the Duratex Group contributed biological assets and prop-
erty, plant and equipment to LD Celulose and carried out further
cash capital increases.
The Dexco-Group has a put option for its shares (puttable non-
controlling interests). Lenzing AG applies the present access
method for the accounting of this liability deriving from puttable
non-controlling interests. Accordingly, the Dexco Group’s non-
controlling interest in LD Celulose S.A. continues to be recognized
in equity and a nancial liability is recognized for its puttable inter-
est. The initial recognition and subsequent measurement of the li-
ability is at fair value through retained earnings (not aecting net
income).
In February 2020, all shares held in the associate WWE Wohn- und
Wirtschaftspark Entwicklungsgesellschaft m.b.H., Vienna were
sold and deconsolidated.
In April 2020, the joint venture Hygiene Austria LP GmbH, Wiener
Neudorf, Austria was founded for the production of protective
masks and consolidated at-equity.
In July 2020, 100 percent of the shares in Nanjing Fabor Waste Wa-
ter Treatment Co., Ltd, Nanjing, China, were acquired and fully
consolidated. The assets sold to the Lenzing Group were predom-
inantly assets which in their entirety form a wastewater treatment
plant. The purchase price amounted to EUR 16,060 thousand and
was paid in cash. The acquisition was therefore recognized as an
asset deal in the consolidated nancial statements. The payment is
recognized in the consolidated statement of cash ows under ac-
quisition of intangible assets, property, plant and equipment and
biological assets (CAPEX). The purchase price was allocated pro-
portionately to the individual identiable assets and liabilities on the
basis of their fair values at the acquisition date.
44 Annual Financial Report 2021 Lenzing Group
Annual Report 2021 Lenzing Group 16
The assets and liabilities at the date of initial consolidation are
shown below:
Fair value at acquisition date EUR '000
Intangible assets 
Property, plant and equipment 
Trade receivables 
Current tax assets 
Cash and cash equivalents 
Total assets 
Current tax liabilities 
Total liabilities 
Net assets 
In September 2020, the subsidiary Lenzing Technik GmbH, Len-
zing, Austria, was merged with Lenzing AG.
In December 2020, the subsidiary Lenzing Fibers India Private Lim-
ited, Coimbatore, India, was founded and included in the scope of
fully consolidated companies.
Basis of consolidation
Subsidiaries are companies controlled by the parent company. The
Lenzing Group decides individually for each acquisition whether
the non-controlling interests in the acquired subsidiary will be rec-
ognized at fair value or based on the proportional share of the ac-
quired net assets. On acquisition, non-controlling interests are
measured at fair value or the corresponding share of recognized
net assets and are reported under equity and comprehensive in-
come as “non-controlling interests”.
The investments in associates and joint ventures are accounted for
by applying the equity method.
In January 2021, the Lenzing Group acquired 100 percent of the
shares in an insurance cell of White Rock Insurance (Europe) Pro-
tected Cell Company Limited, La Valletta, Malta. This company has
an insurance concession and enables the Lenzing Group to admin-
ister its operationally necessary insurance policies more eectively.
As of the acquisition date, the insurance cell did not have any sig-
nicant assets or liabilities. It is classied as a structured entity from
acquisition date and fully consolidated.
Until March 2021, Lenzing AG controlled assets in the GF 82
wholesale fund, a special fund pursuant to Section 20a of the Aus-
trian Investment Fund Act (öInvFG), on the basis of its comprehen-
sive co-determination rights. The fund was classied as a struc-
tured entity and fully consolidated. The securities held by the fund
were intended, above all, to fulll the securities coverage require-
ments for the pension provisions related to Austrian pension plans
as required by Section 14 of the Austrian Income Tax Act (öEStG).
The material risks to which the fund wass exposed were un-
changed and represented traditional investment risks (especially
default and market price risks). In March 2021, the shares in whole-
sale fund GF 82 were sold and deconsolidated.
The structured entities include those assets and liabilities that are
held by the Lenzing Group.
The reporting currency of Lenzing AG and the Lenzing Group is the
euro. The subsidiaries prepare their annual nancial statements in
their respective functional currency. The following key exchange
rates were used for translation into the reporting currency:
Exchange rates for key currencies
2021 2020
Unit Currency
End of the
year
Average
End of the
year
Average
1 EUR USD US Dollar    
1 EUR GBP
British
Pound
   
1 EUR CZK
Czech
Koruna    
1 EUR CNY
Renminbi
Yuan    
1 EUR BRL
Brazilian
Real
   
45 Annual Financial Report 2021 Lenzing Group
Annual Report 2021 Lenzing Group 17
Note 4. Segment reporting
Due to the introduction of a new group-wide organization, the
composition of the segments has changed as of the 2021 nancial
year. Internal reporting to the chief operating decision maker, i.e.
the plenary Managing Board, was adjusted accordingly as at Janu-
ary 1, 2021. A retrospective presentation of the segment reporting
in accordance with the new composition of the segments is not
possible due to the signicant changes in the segments and the
resultant unavailability of nancial accounting information. For this
reason, the tables below show the old composition of the seg-
ments for the 2020 comparison year.
The reportable segments are now the “Division Fiber”, “Division
Pulp” and “Others” (previously “Fibers”, “Lenzing Technik” and
“Others”). The Lenzing Group classies its segments based on the
dierences between their products, which require individual tech-
nologies and market strategies.
The Division Fiber produces all three generations of wood-based
cellulosic bers and markets them under the product brands
TENCEL™, VEOCEL™, LENZING™ ECOVERO™ and LENZING™.
The products made from lyocell, modal and viscose bres are used
for the production of textiles as well as nonwovens and special ap-
plications.
The Division Pulp produces and procures dissolving pulp, which is
the necessary primary and intermediate product for ber produc-
tion. The pulp is used for the company’s own cellulosic ber pro-
duction and marketed externally. The ber and pulp production
systems are used and managed independently of each other.
“Others” mainly includes central headquarters functions, overarch-
ing activities and the business activities of BZL-Bildungszentrum
Lenzing GmbH, Lenzing (training and personnel development).
Information on business segments (new segment structure) EUR '000
2021
Division
Fiber
Division
Pulp
Others
Segment
total
Recon-
ciliation
Group
Revenue from external customers      
Inter-segment revenue     () 
Total revenue     () 
EBITDA (segment result)   ()  () 
EBIT   ()  () 
Amortization of intangible assets and depreciation of property, plant and
equipment and right-of-use assets
     
Income from investments accounted for using the equity method  () () ()  ()
Other material non-cash income and expenses  ()    
Acquisition of intangible assets, property, plant and equipment and
biological assets (CAPEX)
    () 
EBITDA margin
1
  ()  - 
EBIT margin
2
  ()  - 
Information on business segments (former segment structure) EUR '000
2021 Fibers
Lenzing
Technik
Other
Segment
total
Recon-
ciliation
Group
Revenue from external customers      
Inter-segment revenue     () 
Total revenue     () 
EBITDA (segment result)     () 
EBIT  ()   () 
Amortization of intangible assets and depreciation of property, plant and
equipment and right-of-use assets
     
Income from investments accounted for using the equity method   () ()  ()
Other material non-cash income and expenses      
Acquisition of intangible assets, property, plant and equipment and
biological assets (CAPEX)      
EBITDA margin
1
    - 
EBIT margin
2
 ()   - 
1) EBITDA margin = EBITDA (operating result before depreciation and amortization) in relation to total revenue (here: according to segment reporting).
2) EBIT margin = EBIT (operating result) in relation to total revenue (here: according to segment reporting).
46 Annual Financial Report 2021 Lenzing Group
Annual Report 2021 Lenzing Group 18
Information on business segments (former segment structure)
(previous year)
EUR '000
2020 Fibers
Lenzing
Technik
Other
Segment
total
Recon-
ciliation
Group
Revenue from external customers      
Inter-segment revenue     () 
Total revenue     () 
EBITDA (segment result) 



 

 

EBIT 



 

 

Amortization of intangible assets and depreciation of property, plant and
equipment and right-of-use assets
    () 
Income from investments accounted for using the equity method      
Other material non-cash income and expenses  ()   () 
Acquisition of intangible assets, property, plant and equipment and
biological assets (CAPEX)      
EBITDA margin
2




 



EBIT margin
3




 



Segment assets      
Thereof investments accounted for using the equity method      
Segment liabilities      
1) Reclassication of capitalized borrowing costs, net interest from dened benet plans and commitment fees from EBIT/EBITDA to the nancial result (see note 2).
2) EBITDA margin = EBITDA (operating result before depreciation and amortization) in relation to total revenue (here: according to segment reporting).
3) EBIT margin = EBIT (operating result) in relation to total revenue (here: according to segment reporting).
The other signicant non-cash operating expenses and income re-
late to non-cash measurement eects from receivables, invento-
ries and provisions.
The performance of the segments and the Group is measured by
EBITDA (earnings before interest, tax, depreciation on property,
plant and equipment and right-of-use assets and amortization of
intangible assets and before income from the release of investment
grants).
The following table shows the reconciliation of earnings before in-
terest and tax (EBIT) to the earnings before interest, tax, deprecia-
tion and amortization (EBITDA) and to the earnings before tax
(EBT):
Reconciliation of earnings before interest and
tax (EBIT) to the earnings before interest, tax,
depreciation and amortization (EBITDA) and
to the earnings before tax (EBT)
EUR '000
2021 2020
Earnings before interest and tax (EBIT)  

Amortization of intangible assets and
depreciation of property, plant and equipment
and right-of-use assets
 
Income from the release of investment grants () ()
Earnings before interest, tax, depreciation and
amortization (EBITDA)  

Segment amortization and depreciation () ()
Consolidation () 
Income from the release of investment grants  
Earnings before interest and tax (EBIT)  

Financial result () ()

Earnings before tax (EBT)  
1) Reclassication of capitalized borrowing costs, net interest from dened benet plans
and commitment fees from EBIT/EBITDA to the nancial result (see note 2).
The carrying amounts for segment reporting are based on the same
accounting policies applied to the IFRS consolidated nancial
statements.
47 Annual Financial Report 2021 Lenzing Group
Annual Report 2021 Lenzing Group 19
Information on products and services
Revenue from external customers can be classied by products
and services as follows:
Revenue from external customers by products
and services (new segment structure) EUR '000
2021
Wood-based cellulosic bers 
Co-products of ber production 
Mechanical and plant engineering, engineering services and
others

Division Fiber 
Pulp 
Biorenery-products and energy 
Wood and other 
Division Pulp 
Others 
Revenue as per consolidated income statement 
Revenue from customers by products and
services (former segment structure)
EUR '000
2021 2020
Wood-based cellulosic bers  
Sodium sulfate and black liquor  
Pulp, wood, energy and other  
Segment Fibers  
Mechanical and plant engineering and
engineering services  
Segment Lenzing Technik  
Other and consolidation () ()
Revenue as per consolidated income
statement  
No single external customer is responsible for more than 10 percent
of external revenue.
Information on geographic regions
The following table provides a classication of revenue from exter-
nal customers by sales market by geographic area.
Revenue from external customers
by geographic regions EUR '000
2021 2020
Austria  
Europe (excl. Austria, incl. Turkey)  
Asia  
America  
Rest of the world  
Revenue as per consolidated income
statement  
Revenue is allocated according to the geographic region of the
customer.
The following table shows non-current assets (excluding nancial
instruments and tax assets; reconciled to the consolidated gures
for total non-current assets), total assets and acquisition of intangi-
ble assets, property, plant and equipment and biological assets
(CAPEX) by geographic region:
Information on non-current assets, total assets and CAPEX by geographic regions EUR '000
Non-current assets Total assets CAPEX
31/12/2021 31/12/2020 31/12/2021 31/12/2020 31/12/2021 31/12/2020
Austria      
Europe (excl. Austria, incl. Turkey)      
Asia      
America      
Subtotal      
Reconciliation to consolidated gures      
Consolidated total      
The above amounts cover all segments of the Lenzing Group. Ad-
ditional information on the segments is provided in the manage-
ment report of the Lenzing Group as at December 31, 2021.
48 Annual Financial Report 2021 Lenzing Group
Annual Report 2021 Lenzing Group 20
Note 5. Revenue
The breakdown of revenue is shown in the segment report (see
note 4, in particular information on products and services as well
as geographic regions).
Revenue results exclusively from contracts with customers in ac-
cordance with IFRS 15 (Revenue from Contracts with Customers).
Revenue comprises all income generated by the typical business
activities of the Lenzing Group.
Income is recognized at a point in time, and thus when ownership
of the product has been transferred to the customer (i.e. with the
transfer of risks), the amount of income and the related costs can
be reliably determined and the economic benets from the trans-
action will probably ow to the Group.
Since all performance obligations in the Lenzing Group have a term
of a maximum of one year, the remaining performance obligations
are not disclosed.
Contract liabilities are presented under other liabilities and consist
of down payments received of EUR 14,526 thousand (December 31,
2020: EUR 20,918 thousand) and accruals for discounts and re-
bates of EUR 2,681 thousand (December 31, 2020: EUR 1,725 thou-
sand) (see note 34). The amount of EUR 21,637 thousand included
in contract liabilities as at December 31, 2020 has been recognized
as revenue in 2021 (2020: EUR 18,569 thousand).
Note 6. Functional costs
Cost of sales
The cost of sales mainly relates to the cost of materials and other
purchased manufacturing services, gains and losses from changes
in the fair value of biological assets, personnel expenses, depreci-
ation and amortization and other operating expenses, in particular
expenses for maintenance and repair, other third-party services
and expenses for waste disposal. The expenses for maintenance
and repair amount to EUR 35,049 thousand (2020:
EUR 28,987 thousand).
Selling expenses
Selling expenses mainly relate to personnel expenses and other op-
erating expenses, particularly expenses for outbound freight as
well as rental and leasing expenses.
Administrative expenses
Administrative expenses mainly relate to personnel expenses and
other operating expenses, in particular legal, audit and consulting
expenses.
Research and development expenses
Research and development expenses mainly relate to personnel
expenses and other operating expenses, in particular ling and de-
fense costs for patents and trademarks. Research and develop-
ment expenses include amortization of intangible assets, depreci-
ation of property, plant and equipment and of right-of-use assets
relating to leases amounting to EUR 948 thousand (2020:
EUR 687 thousand) and income from the release of investment
grants amounting to EUR 7 thousand (2020: EUR 0 thousand). In
the 2021 nancial year, research and development expenses in the
Lenzing Group according to the Frascati scheme of computation
in the amount of EUR 31,625 thousand (2020: EUR 34,818 thou-
sand) were incurred.
Note 7. Other operating income
Other operating income consists of the following:
Other operating income EUR '000
2021 2020
Income from green energy bonus  
Income from recharging of services and other
products
 
Income from the release of deferred income for
emission certicates and from subsidies
 
Rental income  
Foreign currency gains  
Insurance compensation  
Sundry  
Total  
The prior-year amounts have been adjusted to the cost of sales
method.
Note 8. Other operating expenses
Other operating expenses comprise the following:
Other operating expenses EUR '000
2021 2020
Foreign exchange loss  
Sundry  
Total  
The prior-year amounts have been adjusted to the cost of sales
method.
Notes on the Consolidated Income Statement
49 Annual Financial Report 2021 Lenzing Group
Annual Report 2021 Lenzing Group 21
Note 9. Cost of material and other
purchased services
The cost of material and other purchased services comprises the
following:
Cost of material and other purchased services EUR '000
2021 2020
Material  
Other purchased services  
Total  
The cost of material comprises primarily the input factors con-
sumed, i.e. pulp (and wood for the internal production of pulp), key
chemicals (caustic soda, carbon disulde and sulfuric acid) and
merchandise. The cost of purchased services is related mainly to
the consumption of energy.
The cost of the raw material and supplies consumed during the
year is based on the weighted average cost method.
Note 10. Personnel expenses
The following table shows the composition of personnel expenses:
Personnel expenses EUR '000
2021 2020
Wages and salaries  

Expenses for severance payments and gratuity  

Retirement benet expenses  

Statutory social security expenses  
Other employee-related costs  
Total  
1) Reclassication of capitalized borrowing costs, net interest from dened benet plans
and commitment fees from EBIT/EBITDA to the nancial result (see note 2).
In the 2021 nancial year, government grants of EUR 245 thousand
(2020: EUR 13,288 thousand) in connection with short-term work
assistance of Austria related to COVID-19 were oset against per-
sonnel expenses and recognized in prot or loss. The main condi-
tion for short-time working assistance is the temporary reduction
of working hours of certain employees. In the 2021 nancial year,
the Lenzing Group utilized such grants from January to March
(2020: May to December).
The number of employees in the Lenzing Group is as follows:
Number of employees (headcount)
2021 2020
Average  
As at 31/12  
The following table shows the number of employees in Lenzing AG
and the Austrian subsidiaries of the Lenzing Group:
Average number of employees in Austria (headcount)
2021 2020
Hourly workers  
Salaried employees  
Total  
Note 11. Amortization of intangible
assets, depreciation of property,
plant and equipment and right-of-
use assets
Amortization and depreciation include the following:
Amortization of intangible assets and
depreciation of property, plant and equipment
and right-of-use assets EUR '000
2021 2020
Amortization and depreciation  
Impairment  
Total  
Impairment tests of intangible assets, property,
plant and equipment and cash-generating units
(CGUs)
If there is an indication of impairment in accordance with IAS 36,
intangible assets and items of property, plant and equipment as
well as cash-generating units (CGUs) are tested for impairment. A
qualitative analysis is performed at the reporting dates for all con-
solidated nancial statements and interim consolidated nancial
statements to determine whether there are any indications of im-
pairment or any material year-on-year changes in impaired CGUs.
This analysis is based on criteria dened by the management of
Lenzing AG. Intangible assets, property, plant and equipment and
right-of-use assets allocated to a CGU that includes goodwill are
also tested during the annual impairment testing of goodwill. The
CGUs in the Lenzing Group represent, above all, the individual pro-
duction sites.
50 Annual Financial Report 2021 Lenzing Group
Annual Report 2021 Lenzing Group 22
The Lenzing Group initially determines the recoverable amount
based on the applicable fair value less costs of disposal. The Man-
agement and Supervisory Boards approve the budget and the me-
dium-term plans for the next ve years. These plans are the starting
point for the cash ow projections on a post-tax basis to determine
the fair value less costs of disposal. Based on the assumptions used
in the previous year, a perpetual yield that includes a sustainable
long-term growth rate is applied after the detailed planning period.
The estimate for the sustainable long-term growth rate generally
equals half of the ination rate expected in the relevant country
during the next few years, as projected by an international eco-
nomic research agency. This value usually tends to oset general
ination. A growth-related retention of nancial surpluses in the
perpetual annuity is taken into consideration in the planning calcu-
lations. The planned/projected cash ows are discounted to their
present value with a discounted cash ow method. Fair value
measurement is classied in full as level 3 of the fair value hierarchy
because key input factors (in particular, cash ows) cannot be ob-
served on the market. The applied discount rate is calculated on an
individual basis using the capital asset pricing model (CAPM) and
represents a composite gure (weighted average cost of capital –
WACC) that combines the average interest rate for debt and the
anticipated return on equity employed. After-tax WACCs ranging
from 6.0 percent to 7.1 percent were used in 2021 (2020
5.4 percent to 7.8 percent).
The WACCs were, for the most part, determined on the basis of
externally available capital market data for comparable companies
(in particular, to determine the risk premium). The planning and
forecasts of free cash ows are based, above all, on internal and
external assumptions for the expected development of selling
prices and volumes (especially for bers and cellulose) and the re-
lated costs (in particular, raw materials like cellulose, wood and en-
ergy plus labor and taxes), including the expected market environ-
ment and market positioning. Other input factors include antici-
pated investments and the changes in working capital. These inter-
nal assumptions are based on past experience, current operating
results and the assessment of future developments. They are sup-
plemented by external market assumptions such as sector-specic
market studies and economic outlooks.
No impairments of CGUs in accordance with IAS 36 were recog-
nized in the 2021 and 2020 nancial years.
Against the backdrop of the COVID-19 crisis, the Lenzing Group
reviewed all assumptions that are crucial to the impairment tests in
accordance with the methods previously used. In the case of the
cash-generating units (CGUs), the eects of the COVID-19 crisis
were taken into consideration in the budgets required for the cash
ow forecasts and the medium-term plans.
Impairment test of the CGU Fiber Site China
The carrying amounts of the intangible assets, property, plant and
equipment and right-of-use assets of the CGU Fiber Site China im-
paired in previous years totaled EUR 57,081 thousand at Decem-
ber 31, 2021 (December 31, 2020: EUR 43,063). This amount in-
cludes accumulated impairment losses of EUR 13,586 thousand
(December 31, 2020: EUR 15,850 thousand) from the previous im-
pairment tests.
Due to an indication of impairment in accordance with IAS 36, the
recoverable amount of the CGU Fiber Site China for the consoli-
dated nancial statements 2021 was determined. The recoverable
amount showed sucient coverage of the carrying amounts. The
carrying amounts would increase (decrease) in particular if planned
EBITDA or the weighted average cost of capital (WACC) decreases
(increases). In the event of an increase (decrease) in planned
EBITDA by 1 percent, the recoverable amount determined would
increase (decrease) by EUR 3,953 thousand. If the weighted aver-
age cost of capital (WACC) decreases (increases) by 0.25 percent,
the recoverable amount will increase by EUR 7,375 thousand or de-
crease by EUR 6,860 thousand.
Impairment test of the CGU Fiber Site
Indonesia
Due to an indication of impairment in accordance with IAS 36, the
recoverable amount of the CGU Fiber Site Indonesia was deter-
mined. The recoverable amount showed sucient coverage of the
carrying amounts. The carrying amounts would increase (decrease)
in particular if planned EBITDA or the weighted average cost of
capital (WACC) decreases (increases). In the event of an increase
(decrease) in planned EBITDA by 1 percent, the recoverable
amount determined would increase (decrease) by EUR 6,539 thou-
sand. If the weighted average cost of capital (WACC) decreases
(increases) by 0.25 percent, the recoverable amount will increase
by EUR 14,112 thousand or decrease by EUR 13,175 thousand.
Impairment test of CGUs to which goodwill is
allocated
Goodwill was allocated to the following segments/cash-generat-
ing units (CGUs) as at the reporting date:
Goodwill by segment/CGU EUR '000
31/12/2021 31/12/2020
Segment Division Pulp
CGU Pulp Site Czech Republic  
Segment Divison Fiber
Other CGUs  
Total  
The recoverable amount of the largest CGU with goodwill in 2021
– the CGU Pulp Site Czech Republic – was determined on the ba-
sis of fair value less costs of disposal. The measurement of fair value
is classied in full under level 3 of the fair value hierarchy. The fol-
lowing individual assumptions from the most recent impairment
tests were used for annual testing:
Assumptions for impairment testing of the
largest CGU to which goodwill was allocated
2021 nancial
year
2020 nancial
year
CGU Pulp Site Czech Republic
Average annual operating margin in
planning period
 
Long-term growth rate of perpetual yield  
After-tax discount rate (WACC)  
51 Annual Financial Report 2021 Lenzing Group
Annual Report 2021 Lenzing Group 23
The detailed planning period for the CGU Pulp Site Czech Republic
covers ve years. The average revenue growth during this period
equals 1.4 percent per year (2020: 3.2 percent per year).
The estimated fair value less costs of disposal of the CGU Pulp Site
Czech Republic exceeds the carrying amount by EUR 78,558 thou-
sand (2020: EUR 123,524 thousand). This estimate is considered
appropriate, but corrections may be required if there are changes
in the underlying assumptions or circumstances. The following ta-
ble shows a sensitivity analysis with hypothetical scenarios for the
key assumptions as well as the possible changes in value as at the
reporting date which, if they occurred, would result in the recover-
able amount equaling the carrying amount of the CGU plus good-
will.
A long-term growth rate of 1.1 percent to 1.3 percent (2020:
0.5 percent to 0.8 percent) was taken into account as perpetual
yield for the other CGUs with goodwill.
Sensitivity analysis of assumptions for impairment testing
Values relating to key assumptions
Change in values relating to key
assumptions for which the recoverable
amount would equal the carrying amount
CGU Pulp Site Czech Republic
Operating margin  minuspercentagepoints
After-tax discount rate (WACC)  pluspercentagepoints
Sensitivity analysis of assumptions for impairment testing (previous year)
Values relating to key assumptions
Change in values relating to key
assumptions for which the recoverable
amount would equal the carrying amount
CGU Pulp Site Czech Republic
Operating margin  minuspercentagepoints
After-tax discount rate (WACC)  pluspercentagepoints
Note 12. Auditor’s fees
The fees expensed for services provided by KPMG Austria GmbH,
Linz, comprise the following:
Auditors’ fees expensed EUR '000
2021 Lenzing AG Subsidiaries Tot al
Audit of the annual nancial
statements (incl. consolidated
nancial statements)   
Other assurance services   
Other services   
Total   
Auditors’ fees expensed (previous year) EUR '000
2020 Lenzing AG Subsidiaries Tota l
Audit of the annual nancial
statements (incl. consolidated
nancial statements)
  
Other assurance services   
Other services   
Total   
The fees for other assurance services consist chiey of fees for the
review of the consolidated half-year nancial statements and in the
2020 nancial year for the comfort letter related to a capital market
issue.
52 Annual Financial Report 2021 Lenzing Group
Annual Report 2021 Lenzing Group 24
Note 13. Income from investments
accounted for using the equity
method
The result of EUR minus 3,541 thousand (2020: EUR 5,674 thou-
sand) corresponds to the Group’s share of the current earnings of
associates and joint ventures. The 2021 nancial year includes the
loss on the disposal of Hygiene Austria LP GmbH (HGA) in the
amount of EUR minus 4,536 thousand (2020: EUR 0 thousand) (see
note 22).
Note 14. Income from non-current
and current nancial assets
The income from non-current and current nancial assets consists
of the following items:
Income from non-current and current
nancial assets
EUR '000
2021 2020
Income from non-current and current nancial
assets
Interest income from bank balances, originated
loans and receivables
 
Interest income and income from the disposal of
debt instruments measured at fair value through
other comprehensive income
 
Income from dividends for equity instruments
measured at fair value through other
comprehensive income
 
Measurement of nancial assets measured at fair
value  
Net foreign currency gains from nancial assets  
 
Expenses from non-current and current
nancial assets
Measurement and loss from disposal of nancial
assets at amortized cost
() ()
Measurement and loss from the disposal of
nancial assets at fair value through prot or loss
() ()
Loss from the diposal of debt instruments
measured at fair value directly in equity
() 
Net foreign currency losses from nancial assets  ()
() ()
Total  ()
Note 15. Financing costs
Financing costs comprise the following:
Financing costs
2021 2020
Net foreign currency gains/losses from
nancial liabilities
() 
Interest expense for bonds and private
placements
() ()
Interest expense for bank loans, other interest
and similar expenses () ()

Capitalized borrowing costs for property, plant
and equipment and biological assets  

Total () ()

1) Reclassication of capitalized borrowing costs, net interest from dened benet plans
and commitment fees from EBIT/EBITDA to the nancial result (see note 2).
Note 16. Income tax expense
This item includes current income tax expense as well as in-
come/expense from deferred taxes (changes in deferred tax assets
and deferred tax liabilities) and comprises the following:
Income tax expense by source EUR '000
2021 2020
Current income tax expense
Austria  
Abroad  
 
Income/expense from deferred taxes  
Total  
Income tax expense by cause EUR '000
2021 2020
Current income tax expense
Tax expense for current year  
Reduction due to the use of tax losses () ()
Adjustment for prior-period income tax  
 
Income/expense from deferred taxes
Recognition and reversal of temporary
dierences  
Eects of changes in tax rates  
Change in capitalized loss carryforwards  ()
Eects of previously unrecognized temporary
dierences from prior periods  ()
Changes in valuation adjustment to deferred tax
assets (excl. loss carryforwards) () ()
 
Total  
53 Annual Financial Report 2021 Lenzing Group
Annual Report 2021 Lenzing Group 25
The item “Change in capitalized loss carryforwards” relates to the
utilization of loss carryforwards in the amount of EUR 3,271 thou-
sand (2020: EUR 61 thousand) and an adjustment to deferred tax
assets for loss carryforwards not yet utilized amounting to
EUR 1,253 thousand (2020: EUR minus 6,785 thousand).
The reconciliation of calculated income tax expense based on the
Austrian corporate tax rate of 25 percent (December 31, 2020:
25 percent) to eective income tax expense is shown in the follow-
ing table:
Tax reconciliation EUR '000
2021 2020
Earnings before tax (EBT)  
Calculated income tax expense
(25% of earnings before tax)  
Deductible distribution of hybrid coupon () 
Tax-free income and tax allowances
(particularly research allowance) () ()
Non-deductible expenses, withholding taxes and
similar permanent dierences
 
Income from investments accounted for using
the equity method
 ()
Eect of dierent tax rates () ()
Changes in tax rates  
Taxes from prior periods  
Exchange rate dierences resulting from the
translation of deferred tax items from local into
functional currency
 
Change in unrecognized deferred tax assets
from loss carryforwards, tax credits and other
temporary dierences  
Other () 
Eective income tax expense  
As in the previous year, the ratio of eective income tax expense
to earnings before tax is disproportionately high in the 2021 nan-
cial year. As in the previous year, the Group reports a relatively high
level of reconciliation items arising from write-downs on tax assets
(in particular from non-capitalized start-up losses) and from the
translation of tax items from local to functional currency (in partic-
ular Indonesia, Brazil and Thailand). In addition, in the 2021 nancial
year a distribution to hybrid capital holders was realized that is tax
deductible. For the item “Taxes from prior periods,” see the notes
relating to write-downs in note 31.
The item “Changes in tax rates” mainly comprises a statutory tax
rate increase in the UK. The corporate income tax rate in the UK
will increase from 19 percent to 25 percent eective April 1, 2023.
This resulted in an expense of EUR 941 thousand in the 2021 nan-
cial year from the measurement of the UK Group companies’ de-
ferred tax assets and deferred tax liabilities.
The item “taxes from prior periods” includes a tax credit of
EUR 747 thousand (2020: EUR 24 thousand) from the tax group
with B&C Group (also see note 40).
Lenzing AG and the Austrian subsidiaries of the Lenzing Group are
subject to an income tax rate of 25 percent (December 31, 2020:
25 percent). The income tax rates for foreign companies range
from 11 percent to 34 percent (December 31, 2020: from 11 percent
to 34 percent).
Note 17. Earnings per share
Earnings per share are calculated as follows:
Earnings per share EUR '000
2021 2020
Net prot for the year attributable to
shareholders of Lenzing AG used in the
calculation of earnings per share  
Weighted average number of shares  
EUR EUR
Diluted = basic  
In the calculation of earnings per share, the share of the net prot
for the year earmarked for hybrid capital holders of
EUR 28,750 thousand (2020: EUR 1,890 thousand) was deducted
from net prot for the year.
54 Annual Financial Report 2021 Lenzing Group
Annual Report 2021 Lenzing Group 26
Note 18. Intangible assets
Development
Intangible assets developed as follows:
Development of intangible assets EUR '000
2021 Goodwill
Concessions, industrial
property rights,
licenses and similar
rights
Internally generated
intangible assets
Total
Cost
As at 01/01/2021    
Currency translation adjustment    
Addition    
Disposals  ()  ()
As at 31/12/2021    
Accumulated amortization
As at 01/01/2021 () () () ()
Currency translation adjustment () ()  ()
Amortization  () () ()
Disposals    
As at 31/12/2021 () () () ()
Carrying amount as at 01/01/2021    
Carrying amount as at 31/12/2021    
Notes to the Consolidated Statement of Financial Position,
the Consolidated Statement of Comprehensive Income and
the Consolidated Statement of Changes in Equity
55 Annual Financial Report 2021 Lenzing Group
Annual Report 2021 Lenzing Group 27
Development of intangible assets (previous year) EUR '000
2020 Goodwill
Concessions, industrial
property rights,
licenses and similar
rights
Internally generated
intangible assets
Total
Cost
As at 01/01/2020    
Currency translation adjustment () ()  ()
Change in the scope of consolidation and disposal of other
business areas
   
Addition    
Disposals  () () ()
As at 31/12/2020    
Accumulated amortization
As at 01/01/2020 () () () ()
Currency translation adjustment    
Amortization  () () ()
Disposals    
As at 31/12/2020 () () () ()
Carrying amount as at 01/01/2020    
Carrying amount as at 31/12/2020    
Additions in the 2021 nancial year include purchased intangible
assets of EUR 2,495 thousand (2020: EUR 1,755 thousand) and in-
ternally generated intangible assets of EUR 6,182 thousand (2020:
EUR 3,556 thousand) (mainly process and product developments).
Development costs are recognized as intangible assets if the spe-
cic requirements pursuant to IAS 38 are met, in particular, as to
whether future economic benets can be generated.
The revaluation option was not exercised. Amortization is calcu-
lated according to the straight line method based on the estimated
useful lives. The estimated useful lives of the major asset classes
are as follows:
Useful lives for intangible assets
Years
Software/computer programs to
Licenses and other intangible assets
Purchased to
Internally generated to
All items of intangible assets are tested for impairment in accord-
ance with IAS 36 if there are any indications that these assets may
be impaired (see note 11).
56 Annual Financial Report 2021 Lenzing Group
Annual Report 2021 Lenzing Group 28
Note 19. Property, plant and equipment
Development
Property, plant and equipment developed as follows:
Development of property, plant and equipment EUR '000
2021 Land and buildings
Technical equipment and
machinery, factory and
oce equipment
Down payments and
assets under construction
Total
Cost
As at 01/01/2021    
Currency translation adjustment    
Addition   


Disposals () ()  ()
Reclassications   () 
As at 31/12/2021    
Accumulated depreciation
As at 01/01/2021 () () () ()
Currency translation adjustment () () () ()
Depreciation () ()  ()
Disposals    
As at 31/12/2021 () () () ()
Carrying amount as at 01/01/2021    
Carrying amount as at 31/12/2021    
1) Additions include a decrease in advance payments of EUR 106,538 thousand.
57 Annual Financial Report 2021 Lenzing Group
Annual Report 2021 Lenzing Group 29
Development of property, plant and equipment (previous year) EUR '000
2020 Land and buildings
Technical equipment and
machinery, factory and
oce equipment
Down payments and
assets under construction
Total
Cost
As at 01/01/2020
2
   
Currency translation adjustment () () () ()
Addition   


Disposals () () () ()
Reclassications   () 
As at 31/12/2020
2
   
Accumulated depreciation
As at 01/01/2020
2
() () () ()
Currency translation adjustment    
Depreciation () ()  ()
Disposals    
As at 31/12/2020
2
() () () ()
Carrying amount as at 01/01/2020    
Carrying amount as at 31/12/2020    
1) The additions include an increase in advance payments of EUR 243,258 thousand.
2) The opening balances were adjusted for cost and accumulated depreciation.
58 Annual Financial Report 2021 Lenzing Group
Annual Report 2021 Lenzing Group 30
Property, plant and equipment are measured at cost, including
capitalized borrowing costs, less accumulated depreciation and
accumulated impairment losses.
Depreciation is calculated according to the straight-line method
based on the estimated useful lives. The estimated useful lives of
the major asset classes are as follows:
Useful lives for property, plant and equipment
Years
Land use rights to
Buildings to
Fiber production lines to
Energy production plants to
Other machinery to
Vehicles to
Oce equipment and other xtures and ttings to
IT hardware to
All items of property, plant and equipment are tested for impair-
ment in accordance with IAS 36 if there are any indications that
these assets may be impaired (see note 11).
Operating leases as a lessor
Operating leases are in place for land and buildings with acquisition
cost of EUR 38,224 thousand as at December 31, 2021 (Decem-
ber 31, 2020 EUR 40,401 thousand). The carrying amount of this
land and buildings is EUR 8,282 thousand as at December 31, 2021
(December 31, 2020 EUR 10,305 thousand). Depreciation of
EUR 692 thousand was recognized on these assets in the 2021 -
nancial year (2020: EUR 920 thousand). For further details on rental
income from operating leases see note 21.
Capitalization of borrowing costs
Borrowing costs of EUR 21,166 thousand for property, plant and
equipment were capitalized in 2021 (2020: EUR 3,981 thousand).
The weighted average interest rate equaled 2.23 percent (2020:
1.1 percent).
The Lenzing Group denes qualifying assets as construction pro-
jects or other assets that require at least twelve months to be ready
for their intended use or sale. The capitalization entries are rec-
orded under “nancing costs” and the respective asset account. All
other borrowing costs are expenses in the period incurred and re-
ported under nancial result.
Note 20. Biological assets
Biological assets comprise standing trees of a plantation in Minas
Gerais, Brazil, which are used as a raw material for pulp production.
In accordance with IAS 41 (Agriculture), biological assets are pre-
sented at fair value in the consolidated statement of nancial posi-
tion. The plantation is recognized at level 3 of the fair value less
estimated costs to sell at the harvest. It is assumed that fair values
can be measured. The measurement of biological assets is moni-
tored and reviewed by the Lenzing Group. The necessary market
data are validated on the basis of the dual control principle.
The measurement is based on a discounted cash ow model on
the basis of sustainable forest management plans, industry bench-
marks for wood prices and delivery costs and taking into account
the growth potential. The annual harvest from the projected tree
growth is multiplied by wood prices, and the forestry and harvest-
ing costs are deducted. The fair value of the plantation is measured
as the present value of the harvest from one growth cycle on the
basis of the productive forest area, taking into account environ-
mental restrictions and other reservations. In particular, the calcu-
lated fair value would increase (decrease) if both the timber price
and the timber volume were to increase (decrease). The calculated
fair value would decrease (increase) if the discount rate were to in-
crease (decrease).
Young standing timber less than one year old is considered an im-
mature asset and is recognized at cost. When harvested, biological
assets are transferred to the item inventories of the consolidated
statement of nancial position. Changes in the fair value of hedging
instruments in relation to the foreign exchange risk are recognized
in the income statement under cost of sales.
As at December 31, 2021, the plantation comprised approximately
40,115 hectares of eucalypt wood (December 31, 2020: 39,892
hectares) and 975 hectares of pine wood (December 31, 2020:
1,001 hectares). The wood is up to 13 years (December 31, 2020: 12
years) old. Wood amounting to EUR 2,163 thousand (December 31,
2020: EUR 2,486 thousand) is less than one year old and therefore
considered an immature asset.
Biological assets developed as follows:
Development of biological assets EUR '000
2021 2020
As at 01/01  
Addition  
Acquisition  
Sales () ()
Capitalized production costs  
Change in the fair value () ()
Currency translation adjustment  ()
Other changes () ()
As at 31/12  
59 Annual Financial Report 2021 Lenzing Group
Annual Report 2021 Lenzing Group 31
Gains and losses from the change in the fair value of biological as-
sets of EUR 2,258 thousand (December 31, 2020 EUR minus
10,334 thousand) consisted of the regular remeasurement of EUR
minus 2,001 thousand (December 31, 2020: EUR minus
12,943 thousand) and changes in the value of hedges related to the
exchange rate risk of EUR 4,259 thousand (December 31, 2020:
EUR 2,608 thousand). These are included in the cost of sales.
In October 2020, a re occurred on the plantation. The re resulted
in a reduction of the selling price for the damaged wood. The de-
valuation taking into account insurance cover amounts to
EUR 3,192 thousand and is included in the change in fair value.
The following assumptions were made:
Assumptions of level 3 input
factors for biological assets
31/12/2021 31/12/2020
Market price EUR/m
3
 
Discount rate  
Wood volume m³ m

A change in key input factors which cannot be observed on the
market would have the following eects on the measurement of
biological assets:
Sensitivity analysis of level 3 input
factors for biological assets as at
31/12/2021 EUR '000
Increase Decrease
Change in the market price (+/- 1%)  ()
Discount rate (+/- 1%) () 
Wood volume (+/- 5%)  ()
Sensitivity analysis of level 3 input
factors for biological assets as at
31/12/2020 (previous year)
EUR '000
Increase Decrease
Change in the market price (+/- 1%)  ()
Discount rate (+/- 1%) () 
Wood volume (+/- 5%)  ()
Note 21. Right-of-use assets
The Lenzing Group as the lessee
The Lenzing Group has obligations from rental and lease agree-
ments for property, plant and equipment, which are recognized as
right-of-use-assets in the consolidated statement of nancial posi-
tion. The corresponding lease liabilities are reported as part of -
nancial liabilities (see note 30).
The following table shows the development of right-of-use assets
classied by type of asset:
Development of right-of-use assets EUR '000
2021
Land and
buildings
Technical
equipment
and
machinery,
factory and
oce
equipment
Total
Carrying amount as at 01/01   
Addition   
Disposals ()  ()
Depreciation scal year () () ()
Currency translation adjustment   
Carrying amount as at 31/12   
Development of right-of-use assets EUR '000
2020
Land and
buildings
Technical
equipment
and
machinery,
factory and
oce
equipment
Total
Carrying amount as at 01/01   
Addition   
Disposals () () ()
Depreciation scal year () () ()
Currency translation adjustment () () ()
Carrying amount as at 31/12   
In the 2021 nancial year, right-of-use assets relating to leases
amounting to EUR 4,014 thousand for building rentals,
EUR 2,927 thousand for wagons and EUR 2,217 thousand from the
index increase for the land use right were recognized.
Right-of-use assets of EUR 44,610 thousand were recognized in
the 2020 nancial year for the land on which the biological assets
are located.
The terms and conditions of the main leases can be summarized as
follows:
●
Land use rights: The biological assets (see note 20) are lo-
cated on land which is not owned by the Lenzing Group. Land
use rights are in place for this land. The lease has a term of 30
years, with an option to extend the lease by 19 years after 30
years. This extension option was not taken into account in es-
timating the expected term of the lease because the use of the
60 Annual Financial Report 2021 Lenzing Group
Annual Report 2021 Lenzing Group 32
biological assets in 30 years is not suciently certain from to-
day’s perspective. Price adjustment clauses exist.
●
Oce and storage premises: The leases have a term of up to
ve years and some contracts have an indenite term. Ordi-
nary useful lives were applied to oce and storage premises
with indenite useful lives where economic exit barriers exist.
These leases do not include an option to purchase the oce
and storage premises at the end of the contract term. Some of
the leases include extension options and price adjustment
clauses.
●
Rail cars: The leases have a term of up to ten years and can be
canceled after a minimum period. Some of the leases have
price adjustment clauses.
●
Wastewater treatment plant: The Lenzing Group has con-
cluded nance leases for an industrial primary clarier and re-
lated expansion investments. The ownership of the plant, in-
cluding the land, can be transferred to Lenzing AG after the
agreements expire in exchange for the payment of a transfer
fee. This lease has a term of up to 16 years.
Termination and extension options are taken into account when es-
timating the expected term of the leases if it is suciently certain
that they will or will not be exercised. The Lenzing Group estimates
that possible future cash outows from extension options which
were not taken into account in the measurement of the lease liabil-
ity could result in an increase in the lease liability and the related
future cash outows by EUR 1,286 thousand (December 31, 2020:
EUR 1,129 thousand).
The following expenses relating to leases were recognized in the
consolidated income statement in the 2021 nancial year.
Amounts recognized in prot or loss EUR '000
2021 2020
Expenses relating to short-term leases  
Expenses relating to variable leases  
Expenses relating to leases of low-value assets  
Non-lease components  
R
R
e
e
n
n
t
t
a
a
l
l
a
a
n
n
d
d
l
l
e
e
a
a
s
s
i
i
n
n
g
g
e
e
x
x
p
p
e
e
n
n
s
s
e
e
s
s
























Interest on lease liabilities = Financing costs  
Short-term leases are leases with a term of less than one year.
Where contracts have no term, leases are considered short-term
leases if both parties have a right to terminate the contract, which
can be exercised without the consent of the counterparty and no
termination penalties or economic barriers exist. Leases for which
only variable lease payments that are not coupled to an index or
(interest) rate have been agreed are not capitalized as right-of-use
assets.
Expenses relating to variable leases mainly include variable rental
payments for warehouses based on monthly storage quantities.
Cash outows for leases total EUR 28,592 thousand (2020:
EUR 30,216 thousand). They include expenses relating to short-
term and variable leases and to leases of low-value assets.
Expenses relating to the right-of-use assets and nancing costs are
fully cash-eective and included in cash ow from operating activ-
ities. The cash ows incurred in connection with the repayment of
lease liabilities are explained in note 35.
All items of right-of-use assets are tested for impairment in accord-
ance with IAS 36 if there are any indications that these assets may
be impaired (see note 11).
The Lenzing Group as the lessor
The future undiscounted minimum lease payments during the non-
cancellable term of the leases relate primarily to land and buildings
and are as follows, classied by year:
Undiscounted annual minimum lease
payments as lessor
EUR
'000
31/12/2021 31/12/2020
In the following year  
In the following 1-2 years  
In the following 2-3 years  
In the following 3-4 years  
In the following 4-5 years  
Thereafter  
Total  
The most important lease involves land on which a recycling plant
is operated. The lease payments are indexed. The lease was con-
cluded for an indenite term and can be canceled at the earliest as
at December 31, 2029, subject to a six-year notice period.
Rental income for the 2021 nancial year is shown in note 7.
The Lenzing Group classies these leases as operating leases since
the main risks and opportunities associated with ownership are re-
tained.
61 Annual Financial Report 2021 Lenzing Group
Annual Report 2021 Lenzing Group 33
Note 22. Investments accounted for
using the equity method
Investments accounted for using the equity method comprise the
following:
Carrying amounts of investments accounted for
using the equity method EUR '000
31/12/2021 31/12/2020
EQUI-Fibres Beteiligungsgesellschaft mbH (EFB)  
Hygiene Austria LP GmbH (HGA)  
LD Florestal S.A. (LDF)  
Other associates  
Other joint ventures  
Total  
The major investments accounted for using the equity method in-
clude, in particular, the investments in EQUI-Fibres Beteiligungs-
gesellschaft mbH (EFB), Kelheim, Germany, which is assigned to
the Segment Division Fiber, and LD Florestal S.A. (LDF), Sao Paulo,
Brazil, which is assigned to the Segment Division Pulp. For the stra-
tegic importance of the other investments accounted for using the
equity method and their relationship with the Lenzing Group see
note 40.
Investments accounted for using the equity method developed as follows:
Development of the carrying amounts of investments accounted for using the equity method EUR '000
2021 EFB
Other
associates
HGA LDF
Other joint
ventures
Total
As at 01/01      
Capital injection      
Share in prot or loss of investments accounted for using the equity
method
   ()  
Other comprehensive income – remeasurement of dened benet
liability and other
     
Other comprehensive income – foreign currency translation dierences
arising during the year    ()  
Disposal of carrying amount   ()   ()
Distributions () ()    ()
As at 31/12      
Development of the carrying amounts of investments accounted for using the equity method
(previous year)
EUR '000
2020 EFB
Other
associates
HGA LDF
Other joint
ventures
Total
As at 01/01      
Capital injection      
Share in prot or loss of investments accounted for using the equity
method
     
Other comprehensive income – remeasurement of dened benet
liability and other
()     ()
Other comprehensive income – foreign currency translation dierences
arising during the year
 ()  () () ()
Disposal of carrying amount      
Distributions  ()    ()
As at 31/12      
In March 2021, the interest in the joint venture Hygiene Austria LP
GmbH, Wiener Neudorf, Austria, which was previously accounted
for using the equity method, was divested. The disposal led to the
deconsolidation of the interest. The divestiture incurred a loss of
EUR 4,536 thousand. A cash purchase price of EUR 1 was paid. Ad-
ditionally, a long-term performance-related purchase price com-
ponent was agreed (earn-out). This earn-out depends on the com-
pany’s future protability and was set at EUR 0 thousand as at De-
cember 31, 2021. The loan granted to Hygiene Austria LP GmbH in
the 2020 nancial year was waived as part of the divestiture and a
loss of EUR 2,000 thousand was recognized (see note 40). The
Lenzing Group held 50.1 percent of the capital and voting rights of
HGA as at December 31, 2020. The main activity of HGA, which is
not publicly listed, was the production and sale of protective masks,
in particular mouth-nose protective masks as well as FFP2 masks.
62 Annual Financial Report 2021 Lenzing Group
Annual Report 2021 Lenzing Group 34
In the 2021 nancial year, an impairment of EUR 0 thousand (2020:
EUR 1,384 thousand) was recognized on the outstanding purchase
price receivables and non-current loans due from the buyer of EFB
(and its subsidiaries) (see note 39, credit risk). The carrying
amounts of the outstanding purchase price receivables and non-
current loans due from the buyer of EFB (and its subsidiaries) total
EUR 10,678 thousand as at December 31, 2021 (December 31,
2020: EUR 10,678 thousand) and are reported under nancial as-
sets. They carry standard bank interest rates.
The Lenzing Group holds a lien on the remaining shares of EFB. In
addition, there is a non-current earnings-related component of the
purchase price, which is dependent on the company’s future busi-
ness development and is reported under other non-current assets
at the discounted present value of EUR 4,087 thousand as at De-
cember 31, 2021 (December 31, 2020: EUR 4,087). Moreover, the
buyer was granted a credit line of up to EUR 5,379 (December 31,
2020: EUR 8,622 thousand), which can be utilized up to Decem-
ber 31, 2025 at the latest in the event of adverse changes in the
framework conditions for EFB on the market. The credit line had
not been used as at December 31, 2021 and in the previous year as
at December 31, 2020.
The Lenzing Group held 20 percent of capital and voting rights as
at December 31, 2021 (December 31, 2020: 20 percent). The core
business of EFB, which is not publicly listed, is the production and
marketing of wood-based cellulosic bers. The relations between
the Lenzing Group and this company are described in note 40.
The following table provides summarized nancial information on
EFB in accordance with IFRS (100 percent):
Summarized nancial information on EFB EUR '000
31/12/2021 31/12/2020
Non-current assets  
Current assets  
Equity  
Non-current liabilities  
Current liabilities  
2021 2020
Revenue  
Earnings before tax (EBT)  
Total comprehensive income  
Thereof net prot for the year  
Thereof other comprehensive income  ()
The reconciliation of equity to the carrying amount of the invest-
ment in EFB is as follows:
Reconciliation of equity to carrying amount of
the investment in EFB
EUR '000
31/12/2021 31/12/2020
Equity  
Thereof:
Group’s interest (20%; previous year: 20%)  
Consolidation and other eects () ()
Impairment () ()
Carrying amount  
The Lenzing Group held 50 percent of the capital and voting rights
in LDF as at December 31, 2021 (December 31, 2020: 50 percent).
The core business of LDF, which is not publicly listed, is granting
rights of use. The relations between the Lenzing Group and this
company are described in note 40.
The following table provides summarized nancial information on
LDF in accordance with IFRS (100 percent):
Summarized nancial information on LDF EUR '000
31/12/2021 31/12/2020
Non-current assets  
Current assets  
Equity  
Non-current liabilities  
Current liabilities  
2021 2020
Revenue
1
 
Earnings before tax (EBT)  
Total comprehensive income  
Thereof net prot for the year  
Thereof other comprehensive income  
1) LDF's revenue consists of rental income in particular.
The reconciliation of equity to the carrying amount of the invest-
ment in LDF is as follows:
Reconciliation of equity to carrying amount of
the investment in LDF
EUR '000
31/12/2021 31/12/2020
Equity  
Thereof:
Group's interest (50%; previous year: 50%)  
Carrying amount  
The investments in associates represent shares in companies in
which the Lenzing Group can exert signicant inuence over nan-
cial and operating policies. Joint ventures are joint arrangements
managed by the Lenzing Group together with one or more partners,
whereby the Lenzing Group has rights to the net assets of the ar-
rangement.
63 Annual Financial Report 2021 Lenzing Group
Annual Report 2021 Lenzing Group 35
Note 23. Financial assets
Non-current nancial assets comprise the following:
Non-current nancial assets EUR '000
31/12/2021 31/12/2020
Non-current securities  
Other equity investments  
Originated loans  
Total  
Non-current securities are classied as follows:
Non-current securities by asset class EUR '000
Market
value
31/12/2021
Market value
31/12/2020
Government bonds  
Other securities and book-entry securities
(primarily shares)
 
Total  
The Lenzing Group has designated equity instruments of a fair
value of EUR 19,899 thousand as measured at “fair value through
other comprehensive income” as at December 31, 2021 (Decem-
ber 31, 2020: EUR 24,753 thousand). Non-current securities meas-
ured at fair value through other comprehensive income and other
equity investments include shares in companies in which a share of
less than 20 percent is held. The option to recognize these equity
instruments at fair value through other comprehensive income was
exercised based on the intent to hold these instruments in the long
term. The other equity investments as at December 31, 2021 con-
sist primarily of the investment in LP Beteiligungs & Management
GmbH, Lenzing. Non-current securities primarily consist of Ober-
bank ordinary shares amounting to EUR 12,802 thousand (Decem-
ber 31, 2020: EUR 11,821 thousand). In the 2021 nancial year there
was a dividend payout of other investments and other securities,
which amounted to EUR 960 thousand (December 31, 2020:
EUR 829 thousand).
Current nancial assets include the shares held in Spinnova OY,
Jyväskylä, Finland, amounting to EUR 32.232 thousand, which
were reclassied from other equity investments to current securi-
ties in the 2021 nancial year (see note 37).
Note 24. Other non-current assets
Other non-current assets are classied as follows:
Other non-current assets EUR '000
31/12/2021 31/12/2020
Other non-current nancial assets (particularly
from derivatives and other nancial receivables)  
Other non-current non-nancial assets
(particularly from other taxes)  
Total  
Note 25. Inventories
Inventories include the following components:
Inventories EUR '000
31/12/2021 31/12/2020
Raw materials and supplies  
Work in progress  
Finished goods and merchandise  
Advance payments made  
Total  
Raw materials and supplies consist primarily of wood for pulp pro-
duction, pulp and chemicals for cellulosic ber production and var-
ious incidentals. The cost of raw materials and supplies is calcu-
lated using the weighted average cost method. Finished goods and
work in progress include cellulosic bers, sodium sulfate, acetic
acid and furfural.
Write-downs totaling EUR 16,841 thousand were recognized to in-
ventories in 2021 (2020: EUR 8,689 thousand). The carrying
amount of inventories measured at their net realizable value
equaled EUR 186,751 thousand (December 31, 2020:
EUR 118,706 thousand). Expenses for inventories, which are in-
cluded in the cost of material totaled EUR 1,017,914 thousand (2020:
EUR 770,254 thousand).
64 Annual Financial Report 2021 Lenzing Group
Annual Report 2021 Lenzing Group 36
Note 26. Trade receivables
Trade receivables comprise the following:
Trade receivables EUR '000
31/12/2021 31/12/2020
Trade receivables (gross)  
Bad debt provisions () ()
Total  
All trade receivables are classied as current assets. Additional in-
formation on trade receivables is provided in note 37 (“Factoring“)
and note 39 (“Credit risk“).
Note 27. Other current assets
Other current assets comprise the following:
Other current assets EUR '000
31/12/2021 31/12/2020
Other current nancial assets
Derivatives not yet settled (open positions)  
Recharging of maintenance services  
Receivables from grant commitments  
Sundry  
Total  
Other current non-nancial assets
Receivables from other taxes and duties  
Advance payments made  
Emission certicates  
Prepaid expenses  
Sundry  
Total  
Total  
Note 28. Equity
Share capital and capital reserves
The share capital of Lenzing AG totaled EUR 27,574,071.43 as at De-
cember 31, 2021 (December 31, 2020: EUR 27,574,071.43) and is di-
vided into 26,550,000 zero par value shares (December 31, 2020:
26,550,000 shares). The proportion of share capital attributable to
one share equals roughly EUR 1.04. Each ordinary share represents
an equal interest in capital and conveys the same rights and obliga-
tions, above all the right to a resolved dividend and the right to vote
at the Annual General Meeting. The issue price of the shares is fully
paid in. No other classes of shares have been issued.
The Annual General Meeting on April 12, 2018 authorized the Man-
aging Board – while at the same time canceling the resolutions re-
garding this matter of the Annual General Meeting of April 22, 2015
– subject to the approval of the Supervisory Board, to increase
share capital by up to EUR 13,787,034.68 through the issue of up to
13,274,999 zero par value shares (“authorized capital”) – also in
tranches – in exchange for cash and/or contributions in kind, within
ve years from entry in the commercial register. The proportion of
authorized capital attributable to one share equals roughly
EUR 1.04. This authorized capital was recorded in the commercial
register on May 23, 2018.
In addition, a resolution of the Annual General Meeting on April 12,
2018 authorized the Managing Board – while at the same time can-
celing the resolutions regarding this matter of the Annual General
Meeting of April 22, 2015 – to issue, subject to the approval of the
Supervisory Board, convertible bonds by April 12, 2023 in one or
several tranches that grant or provide for the subscription or con-
version right or a subscription or conversion obligation for up to
13,274,999 shares of the company (“contingent capital”). They can
be serviced through the contingent capital and/or treasury shares.
The Annual General Meeting on June 18, 2020 authorized the
Managing Board – while at the same time canceling the resolutions
regarding this matter of the Annual General Meeting of April 12,
2018 and subject to the approval of the Supervisory Board – to pur-
chase treasury shares of the company for a period of 30 months
starting on the day of the resolution. The treasury shares acquired
by the company may not exceed 10 percent of the company’s share
capital. The equivalent to be paid for the repurchase must be within
a range of +/-25 percent of the weighted average closing price of
the last 20 stock exchange days prior to the start of the corre-
sponding repurchasing program of the Lenzing share. The Manag-
ing Board was also authorized to withdraw repurchased treasury
shares without any further resolution by the Annual General Meet-
ing subject to the approval of the Supervisory Board (including the
authorization of the Supervisory Board to adopt changes to the ar-
ticles of association resulting from withdrawing the shares), or to
resell them and to determine the conditions of sale. This authoriza-
tion can be exercised in full, in part and in pursuit of one or several
objectives by the company, by a subsidiary (Section 189a no. 7 of
the Austrian Commercial Code) or by third parties for the com-
pany’s account. In addition, the Management was authorized for a
period of ve years from the date of the resolution to adopt the sale
of treasury shares in any manner permitted by law other than
through the stock exchange or public oer, also excluding share-
holders’ repurchasing rights (subscription rights), and to determine
the conditions of sale.
65 Annual Financial Report 2021 Lenzing Group
Annual Report 2021 Lenzing Group 37
The Managing Board did not utilize the authorizations in place on
or up to December 31, 2021 to increase share capital, issue con-
vertible bonds or repurchase treasury shares during the 2021 nan-
cial year.
The capital reserves represent appropriated reserves of Len-
zing AG that may only be used to oset an accumulated loss by
Lenzing AG. These reserves were created from the inow of funds
received by Lenzing AG from shareholders in excess of share cap-
ital.
Other reserves
Other reserves include all accumulated other comprehensive in-
come and consist of the foreign currency translation reserve, the
reserve for nancial assets measured at fair value through other
comprehensive income, the hedging reserve and actuarial
gains/losses.
The amounts attributable to the components of other comprehensive income in 2021 and 2020 include the following:
Other comprehensive income EUR '000
2021 2020
Before tax Tax eect After tax Before tax Tax eect After tax
Consolidated subsidiaries  ()  ()  ()
Investments accounted for using the equity method    ()  ()
Foreign currency translation reserve  ()  ()  ()
Financial assets measured at fair value through other
comprehensive income
 ()  ()  ()
Consolidated subsidiaries ()  () ()  ()
Hedging reserve ()  () ()  ()
Consolidated subsidiaries ()  ()  () 
Investments accounted for using the equity method    ()  ()
Actuarial gains/losses ()  ()  () 
Total  ()  ()  ()
The hedging reserve developed as follows:
Changes in the hedging reserve EUR '000
2021 2020
Gains/losses recognized in the reporting
period from the valuation of cash ow hedges
From forward foreign exchange contracts () ()
From other derivatives  ()
() ()
Reclassication to prot or loss of amounts
relating to cash ow hedges
From forward foreign exchange contracts  
From other derivatives  ()
 
Total () ()
The fair value changes recognized in the reporting period from the
valuation of cash ow hedges are mostly related to the hedging of
foreign currency transactions for the construction of assets and the
hedging of revenue in foreign currencies.
The above amounts from the reclassication to prot or loss of
cash ow hedges from forward foreign exchange contracts are re-
ported primarily under revenue as part of earnings before interest
and tax (EBIT). The above amounts from the reclassication to
prot or loss of cash ow hedges from other derivatives are re-
ported under nancial result.
66 Annual Financial Report 2021 Lenzing Group
Annual Report 2021 Lenzing Group 38
Retained earnings
Retained earnings comprise the following:
Retained earnings EUR '000
31/12/2021 31/12/2020
Unappropriated revenue reserves of Lenzing AG
under Austrian law (Austrian Commercial Code –
öUGB)
 
Accumulated prots of Lenzing AG under
Austrian law (Austrian Commercial Code –
öUGB)
 
Retained earnings of the subsidiaries, including
the eect of adjusting the nancial statements of
Lenzing AG and its subsidiaries from local
regulations to IFRS
 
Total (excl. other reserves)  
The unappropriated revenue reserves of Lenzing AG can be re-
leased at any time and distributed to shareholders as part of accu-
mulated prots. Austrian law only permits the distribution of divi-
dends from accumulated prots as stated in the approved annual
nancial statements of the parent company prepared in accord-
ance with the Austrian Commercial Code.
The following dividends were approved by the Annual General
Meeting and paid to the shareholders of Lenzing AG:
Dividends of Lenzing AG resolved and paid
Total
Number
of shares
Dividend
per share
EUR '000 EUR
Dividend for the nancial year
2020 resolved at the Annual
General Meeting on April 14, 2021
  
Dividend for the nancial year
2019 resolved at the Annual
General Meeting on June 18,
2020
1
  
1) The proposed dividend payout of EUR 1.00 as published in the consolidated nan-
cial statements 2019 was reevaluated due to the COVID-19 crisis.
The Managing Board proposes the following use of accumulated
prots for 2021 as stated in the annual nancial statements of Len-
zing AG, which were prepared in accordance with the Austrian
Commercial Code:
Proposal on the appropriation of accumulated
prots for 2021
EUR '000
Lenzing AG closed the 2021 nancial year with prot under
Austrian law (öUGB) of

the allocation to (unappropriated) revenue reserves of ()
results in accumulated prot of 
The Managing Board proposes the following appropriation of
the accumulated prot:
Distribution of a EUR 4.35 dividend per share on eligible share
capital of EUR 27,574,071.43 or 26,550,000 shares 
Amount carried forward to new account 
The dividend shown in the above proposal is subject to approval
by the shareholders at the Annual General Meeting and is therefore
still included in equity as at the reporting date.
Hybrid capital
In December 2020, a subordinated perpetual bond (hybrid capital)
with a total volume of EUR 500,000 thousand and a coupon of 5.75
percent was issued. The hybrid capital has a perpetual tenor and
can be called or re-deemed by Lenzing AG on December 7, 2025
at the earliest. Investors have no call rights. If the hybrid capital is
not called, the hybrid capital will carry a changed interest rate from
December 8, 2025 (then applicable 5-year swap rate plus a margin
of 11.208 percent).
Interest will be due and payable in arrears on December 7 of each
year unless Lenzing AG decides to defer such interest payment.
Outstanding deferred interest must be paid under certain circum-
stances, in particular when the Annual General Meeting of Len-
zing AG resolves to pay a dividend.
The bond meets the criteria for equity pursuant to IAS 32 (Financial
Instruments: Presentation). Accordingly, coupons are presented as
part of appropriation of prots in the consolidated income state-
ment. The hybrid capital led to directly attributable transaction
costs after tax of EUR 3,418 thousand, which were oset against
equity.
Non-controlling interests
Non-controlling interests represent the investments held by third
parties in consolidated group companies. The group companies
with non-controlling interests are listed in note 43 under “Consoli-
dated companies”. These are companies in which the Lenzing
Group holds a share of less than 100 percent and which are not
reported under puttable non-controlling interests.
Non-controlling interests in equity include LD Celulose S.A. (LDC),
Sao Paulo, Brazil, which is assigned to the Segment Division Pulp.
The non-controlling interests in LDC totaled EUR 174,719 thousand
as at December 31, 2021 (December 31, 2020: EUR 133,283 thou-
sand). As at December 31, 2021, non-controlling shareholders held
49.0 percent (December 31, 2020: 49.0 percent) of the capital and
voting rights in LDC, which is not publicly listed. After the comple-
tion of the plant, the core business of LDC will consist of the pro-
duction and sale of dissolving wood pulp.
67 Annual Financial Report 2021 Lenzing Group
Annual Report 2021 Lenzing Group 39
The following table provides summarized nancial information on
LDC in accordance with IFRS (100 percent):
Summarized nancial information on LDC EUR '000
31/12/2021 31/12/2020
Non-current assets  
Current assets  
Equity  
Thereof equity attributable to shareholders of
Lenzing AG
 
Thereof equity attributable to non-controlling
interests
 
Non-current liabilities  
Current liabilities  
2021 2020
Revenue  
Earnings before tax (EBT) () ()
Total comprehensive income  ()
Thereof net prot/loss for the year () ()
Net prot/loss for the year attributable to
shareholders of Lenzing AG
() ()
Net prot/loss for the year attributable to
non-controlling interests
() ()
Thereof other comprehensive income  ()
Other comprehensive income attributable
to shareholders of Lenzing AG
 ()
Other comprehensive income attributable
to non-controlling interests  ()
Cash ow from operating activities  ()
Cash ow from investing activities () ()
Cash ow from nancing activities  
Change in cash and cash equivalents () 
Dividends paid to non-controlling interests  
Non-controlling interests in equity include PT. South Pacic Vis-
cose (SPV), Purwakarta, Indonesia, which is assigned to the Seg-
ment Division Fiber. The non-controlling interests in SPV totaled
EUR 17,232 thousand as at December 31, 2021 (December 31, 2020:
EUR 14,615 thousand). As at December 31, 2021, non-controlling
shareholders held 8.13 percent (December 31, 2020: 11.92 percent)
of the capital and voting rights in SPV, which is not publicly listed.
The core business of SPV is the production and sale of wood-based
cellulosic bers.
The following table provides summarized nancial information on
SPV in accordance with IFRS (100 percent):
Summarized nancial information on SPV EUR '000
31/12/2021 31/12/2020
Non-current assets  
Current assets  
Equity  
Thereof equity attributable to shareholders of
Lenzing AG
 
Thereof equity attributable to non-controlling
interests
 
Non-current liabilities  
Current liabilities  
2021 2020
Revenue  
Earnings before tax (EBT) () ()
Total comprehensive income () ()
Thereof net prot/loss for the year () ()
Net prot/loss for the year attributable to
shareholders of Lenzing AG () ()
Net prot/loss for the year attributable to
non-controlling interests
() ()
Thereof other comprehensive income  ()
Other comprehensive income attributable
to shareholders of Lenzing AG
 ()
Other comprehensive income attributable
to non-controlling interests
 ()
Cash ow from operating activities () 
Cash ow from investing activities () ()
Cash ow from nancing activities  ()
Change in cash and cash equivalents () ()
Dividends paid to non-controlling interests  
68 Annual Financial Report 2021 Lenzing Group
Annual Report 2021 Lenzing Group 40
The following shares of other comprehensive income are attribut-
able to non-controlling interests in the subsidiaries of Lenzing AG:
Other comprehensive income attributable to
non-controlling interests
EUR
'000
2021 2020
Items that will not be reclassied subsequently
to prot or loss
Remeasurement of dened benet liability () 
Income tax relating to these components of
other comprehensive income
 ()
Items that may be reclassied to prot or loss
Foreign operations – foreign currency
translation dierences arising during the year
 ()
Cash flow hedges – effective portion of
changes in fair value recognized during the
year and non-designated components
() ()
Income tax relating to these components of
other comprehensive income
 
Other comprehensive income (net of tax)  ()
Note 29. Government grants
The amount accrued under this item resulted primarily from grants
for the promotion of investments in economically underdeveloped
regions, for investments in environmental protection and for gen-
eral investment support.
Investment grants are reported as liabilities and recognized in prot
or loss on a straight-line basis over the useful life of the subsidized
investments as “Income from the release of investment grants”.
Government grants for cost reimbursements are recognized as
other income in the period in which the related costs are incurred,
unless the receipt of the grant is contingent on conditions that are
not yet suciently likely to occur.
Government grants of EUR 12,755 thousand were recognized to
prot or loss in 2021 (2020: EUR 12,752 thousand), resulting pre-
dominantly from promotion of research activities. Any conditions
attached to the grants were fullled and repayment, in full or in part,
is there-fore considered unlikely.
Government grants also included EUR 42,254 thousand of emis-
sion certicates as at December 31, 2021 (December 31, 2020:
EU 18,048 thousand). In accordance with Directive 2003/87/EC of
the European Parliament and the European Council on a system for
trading greenhouse gas emission certicates, a total of 369,863
EU-emission certicates and 30,589 UK-emission certicates were
allocated free of charge to the relevant companies in the Lenzing
Group for 2021 through national allocation plans (2020: 393,758
EU-emission certicates and 34,808 UK-emission certicates).
Emission certicates are capitalized at fair value on the allocation
date. The dierence between the fair value and the purchase price
paid by the company for the emission certicates is recorded under
government grants. At the end of each reporting period, a provision
is recognized for the certicates used up to that date. The amount
of the provision is based on the recognized asset value of the cer-
ticates if they are covered by certicates held by the company at
this reporting date. If the certicates used exceed the certicates
held, the provision is based on the fair value of the certicates (to
be purchased subsequently) as at the relevant reporting date. Fu-
ture laws and commitments on emissions, especially in the coun-
tries of the Lenzing Group's production sites, could lead to further
precautionary measures in the future.
In the 2021 nancial year expenses for emission certicates
amounted to EUR 6,557 thousand (2020: EUR 4,738 thousand).
69 Annual Financial Report 2021 Lenzing Group
Annual Report 2021 Lenzing Group 41
Note 30. Financial liabilities
The following table shows the composition of nancial liabilities as
at December 31:
Financial liabilities 31/12/2021 31/12/2020 EUR '000
Currency
Nominal
value
Carrying
amount
Average
eective
interest in %
Currency
Nominal
value
Carrying
amount
Average
eective
interest in %
Private placements
Fixed interest EUR    EUR   
Floating rate interest EUR    EUR   
Floating rate interest
1
USD    USD   
 
Bank loans
Loans:
Fixed interest EUR    EUR   
Fixed interest USD    USD   
Floating rate interest EUR    EUR   
Floating rate interest
1
USD    USD   
Operating loans
2
:
Floating rate interest CNY    CNY   
 
Lease liabilities
Fixed interest EUR    EUR   
 
Loans from other lenders
Fixed interest EUR    EUR   
Fixed and oating rate interest EUR    EUR   
Floating rate interest USD    USD   
Floating rate interest BRL    BRL   
 
Total  
Thereof current  
Thereof non-current  
1) The underlying contracts are linked to the USD-LIBOR reference interest rate as of the balance sheet date and have not yet been switched to an alternative reference interest rate.
2) Revolving credit agreements and overdrafts
In the 2012 nancial year, the Lenzing Group issued private place-
ments with an issue volume of EUR 200,000 thousand. The terms
cover four and seven years with xed and oating interest rates,
respectively, as well as a term of ten years with xed interest. The
average term is approximately six years. The Lenzing Group repaid
EUR 40,500 thousand of the existing private placements as sched-
uled in 2016. In the 2015 nancial year, the Lenzing Group reached
an agreement to renance its private placements with a corre-
sponding volume increase. Existing private placements of
EUR 89,500 thousand were terminated and re-issued at extended
terms. Additional private placements of EUR 60,500 thousand
were also issued. Overall these transactions involved the issue of
private placements totaling EUR 150,000 thousand, which have an
average term of seven years. In the 2021 nancial year
EUR 56,000 thousand (2020: EUR 37,500 thousand) were repaid.
In the 2019 nancial year, the Lenzing Group issued further private
placements with an issue volume of EUR 375.000 thousand and
USD 45.000 thousand. A term of 5 to 15 years with xed and oat-
ing interest rates was agreed.
In the 2020 nancial year, the Lenzing Group issued further private
placements with an issue volume of EUR 114,000 thousand and
TUSD 20,000 thousand. Terms of 5 to 7 years with xed and oat-
ing interest rates were agreed.
In 2020, a loan of EUR 200,000 thousand was arranged with Oes-
terreichische Kontrollbank. A term of 3 to 7 years with xed and
oating interest rates was agreed.
In 2021, a loan of EUR 160,000 thousand was arranged with Oes-
terreichische Kontrollbank. A term of 2 to 7 years with xed and
oating interest rates was agreed.
70 Annual Financial Report 2021 Lenzing Group
Annual Report 2021 Lenzing Group 42
The nancing for the construction of the dissolving wood pulp
plant in Brazil was secured in the form of loans in the 2020 nancial
year (volume in USD 1,147,200 thousand). As at December 31, 2021,
EUR 739,462 thousand (December 31, 2020: EUR 237,504 thou-
sand) of the loans were used. These liabilities are collateralized by
pledged property, plant and equipment in the amount of
EUR 9,558 thousand (December 31, 2020: EUR 2,091 thousand)
and biological assets in the amount of EUR 95,767 thousand (De-
cember 31 2020: EUR 84,254 thousand). In addition, the shares in
LD Celulose S.A., Sao Paulo, Brazil were pledged for the nancing
of the pulp mill. Details on the existing nancial covenants are ex-
plained in note 36.
The next interest rate adjustment for the oating rate loans and
partially xed rate loans will take place within the next six months,
depending on the loan agreement. The conditions for loans that
can be utilized multiple times (revolving loans) are xed for a cer-
tain period and generally carry oating interest rates.
Other loans primarily involve obligations to the Austrian fund for
the promotion of research in industry (“Forschungsförderungs-
fonds der gewerblichen Wirtschaft”) and the ERP fund as well as
loans from non-controlling shareholders.
Note 31. Deferred taxes
(deferred tax assets and liabilities)
and current taxes
Deferred tax assets and liabilities relate to the following items on
the statement of nancial position:
Deferred tax assets EUR '000
31/12/2021 31/12/2020
Intangible assets and property, plant and
equipment
 
Financial assets  
Inventories  
Other assets  
Provisions  
Investment grants  
Lease liabilities  
Other liabilities  
Loss carryforwards  
Gross deferred tax assets – before valuation
adjustment  
Valuation adjustment to deferred tax assets () ()
Thereof relating to tax loss carryforwards () ()
Gross deferred tax assets  
Osettable against deferred tax liabilities () ()
Net deferred tax assets  
Deferred tax liabilities EUR '000
31/12/2021 31/12/2020
Intangible assets and property, plant and
equipment
 
Right-of-use assets  
Biological assets  
Financial assets  
Inventories  
Other assets  
Special depreciation/amortization for tax
purposes  
Investment grants  
Other liabilities  
Gross deferred tax liabilities  
Osettable against deferred tax assets () ()
Net deferred tax liabilities  
Of the total gross deferred tax assets, EUR 22,501 thousand (De-
cember 31, 2020: EUR 16,109 thousand) are due within one year. Of
the total gross deferred tax liabilities, EUR 12,416 thousand (De-
cember 31, 2020: EUR 6,480 thousand) are due within one year.
The remaining amounts are due in more than one year.
71 Annual Financial Report 2021 Lenzing Group
Annual Report 2021 Lenzing Group 43
Deferred taxes developed as follows:
Development of deferred taxes EUR '000
2021 2020
As at 01/01 () ()
Recognized in prot or loss () ()
Recognized in other comprehensive income () 
Currency translation adjustment () 
As at 31/12 () ()
The Group held tax loss carryforwards of EUR 166,812 thousand as
at December 31, 2021 (December 31, 2020: EUR 166,162 thousand).
The existing tax loss carryforwards can be utilized as follows:
Loss carryforwards (assessment basis) EUR '000
31/12/2021 31/12/2020
Total  
Thereof capitalized loss carryforwards  
Thereof non-capitalized loss carryforwards  
Possible expiration of non-capitalized loss
carryforwards
Within 1 year  
Within 2 years  
Within 3 years  
Within 4 years  
Within 5 years or longer  
Unlimited carryforward  
Net deferred tax assets of EUR 3,581 thousand were recognized as
at December 31, 2021 (December 31, 2020: EUR 2,409 thousand),
including EUR 25 thousand (December 31, 2020: EUR 18 thousand)
in group companies that generated losses in the 2021 scal year or
in the previous year. The tax losses in the group companies con-
cerned derived mainly from one-o events which are not expected
to recur in the future. Otherwise, deferred tax assets were recog-
nized if sucient taxable temporary dierences were available.
Certain loss carryforwards were not capitalized because their usa-
bility is restricted. If all tax loss carryforwards could be utilized in
full, the deferred tax assets on loss carryforwards would total
EUR 37,908 thousand (December 31, 2020: EUR 38.889 thousand)
instead of EUR 5,236 thousand (December 31, 2020: EUR 9,155
thousand).
The nancial assets and other assets shown under deferred tax as-
sets in the above table include amounts for outstanding partial
write-downs to investments in accordance with Section 12 Para. 3
no. 2 of the Austrian Corporation Tax Act (“Siebentelabschreibung”,
the partial write-downs of investments over a period of seven years
for tax purposes) corresponding to a measurement base of
EUR 14,994 thousand (December 31, 2020: EUR 17,937 thousand).
Partial write-downs of EUR 4,612 thousand were utilized for tax
purposes in 2021 (2020: EUR 4,419 thousand).
Deferred tax liabilities were not recognized for temporary dier-
ences with a measurement base of EUR 474,481 thousand (De-
cember 31, 2020: EUR 446,410 thousand) in connection with in-
vestments in subsidiaries, joint ventures and associates and the
related proportional share of net assets held by group companies
because these dierences are not expected to reverse in the fore-
seeable future.
The receivables from current taxes include prepayments made to
foreign taxation authorities. These amounts are recognized when
the recoverability is probable, while valuation adjustments are
made in all other cases. The gross carrying amount of non-current
receivables from current taxes as of December 31, 2021 amounts
to EUR 21,819 thousand (December 31, 2020: EUR 15,496 thou-
sand). Payments are sometimes uncertain, especially the timing of
payments due to the sometimes long duration of proceedings. For
this reason, as at December 31, 2021, write-downs of
EUR 6,882 thousand were recognized (December 31, 2020:
EUR 339 thousand).
Lenzing AG and the subsidiaries included in the group tax agree-
ment are members of the tax group between B&C Holding Öster-
reich GmbH, as the head of the group, and Lenzing AG and other
subsidiaries of Lenzing AG, as group members, in accordance with
Section 9 of the Austrian Corporation Tax Act. The tax equalization
agreement was revised with eect from the 2021 nancial year.
This now also includes regulations concerning the interest barrier
(Section 12a of the Austrian Corporation Tax Act [KStG]).
Group taxation includes the oset of taxable prots and losses be-
tween the group members. The deferred tax assets and deferred
tax liabilities of the group members are also oset based on their
joint tax assessment. Future tax liabilities from the oset of losses
from foreign subsidiaries are recognized in the consolidated nan-
cial statements without discounting. The group and tax equaliza-
tion agreement requires Lenzing AG to pay a tax allocation equal
to the corporate income tax attributable to the taxable prot of the
company and the subsidiaries included in the tax group. The tax
allocation payable by Lenzing AG is reduced by any domestic and
foreign withholding taxes deductible from the overall group result
by the group parent and by any transferred minimum corporate in-
come taxes.
The tax allocation to be paid by Lenzing AG is also reduced by any
current losses/loss carryforwards caused by the group parent that
can be oset against positive earnings of Lenzing AG’s tax group
in the assessment year. The tax allocation is reduced by 25 percent
(2020: 25 percent) of the corporate tax rate (i.e. currently 6.25 per-
cent; 2020: 6.25 percent) applicable to the current losses/loss car-
ryforwards recorded by the head of the tax group that are oset
against positive earnings in an assessment year for the head of the
tax group. Tax losses recorded by Lenzing AG and the participating
subsidiaries are kept on record and oset against future tax gains.
An equalization payment is made as compensation for any losses
that are not oset when the contract is terminated.
72 Annual Financial Report 2021 Lenzing Group
Annual Report 2021 Lenzing Group 44
The Lenzing Group includes the eects of uncertain tax positions
in the calculation of current and deferred taxes. Tax claims are rec-
ognized at the expected reimbursement amount in cases where
the claim is suciently certain. The tax returns of the Lenzing
Group’s subsidiaries are reviewed regularly by the taxation author-
ities. Appropriate provisions have been recognized for possible fu-
ture tax obligations based on a number of factors which include
interpretations, commentaries and legal decisions relating to the
respective tax jurisdiction and past experience. In addition, uncer-
tain tax positions are evaluated on the basis of estimates and as-
sumptions for future events. New information can become availa-
ble in the future that leads the Group to change its assumptions
regarding the appropriateness of tax positions. Any such changes
will aect tax expense in the period in which they are identied.
The recoverability of deferred tax assets is generally based on the
positive taxable results expected in the future – after the deduction
of taxable temporary dierences – in line with the forecasts ap-
proved by the Managing Board. These forecasts are also used for
impairment testing (see note 11). The assessment of unused tax loss
carryforwards and tax credits also involves the consideration of uti-
lization requirements.
73 Annual Financial Report 2021 Lenzing Group
Annual Report 2021 Lenzing Group 45
Note 32. Provisions
The Lenzing Group’s provisions are classied as follows:
Provisions EUR '000
Total Thereof current Thereof non-current
31/12/2021 31/12/2020 31/12/2021 31/12/2020 31/12/2021 31/12/2020
P
P
r
r
o
o
v
v
i
i
s
s
i
i
o
o
n
n
s
s
f
f
o
o
r
r
p
p
e
e
n
n
s
s
i
i
o
o
n
n
s
s
a
a
n
n
d
d
s
s
i
i
m
m
i
i
l
l
a
a
r
r
o
o
b
b
l
l
i
i
g
g
a
a
t
t
i
i
o
o
n
n
s
s
Pensions and severance payments      
Jubilee benets      
     
O
O
t
t
h
h
e
e
r
r
p
p
r
r
o
o
v
v
i
i
s
s
i
i
o
o
n
n
s
s
Anticipated losses and other risks      
Emission certicates      
Sundry      
     
Total      
Provisions for pensions and similar obligations
Pensions and severance payments
The Lenzing Group has entered into obligations for pensions and
severance payments from dened benet plans, which are re-
ported under provisions for pensions and severance payments, and
from dened contribution plans.
Dened benet plans (for pensions and
severance payments)
The benets resulting from the dened benet plans for pensions
and severance payments are dependent on the nal salary or wage
and the length of service. They do not require any contributions by
employees.
The dened benet pension plans are based on contractual obli-
gations. The Lenzing Group’s most important dened benet pen-
sion plan is located in Austria. It applies to employees who joined
the Group before January 1, 2000 and decided to remain in the
plan. The claims generally arose after a vesting period of at least 10
or 15 service years. A retirement age of 58 to 63 years is assumed
for the beneciaries, depending on their gender. At present, the
plan primarily covers employees who have already retired. Qualify-
ing insurance policies were recognized as plan assets in some
cases, while coverage for these obligations is also provided by se-
curities that do not qualify as plan assets.
The dened benet severance plans are based on statutory obli-
gations and obligations under collective agreements. The Lenzing
Group’s most important dened benet severance plan is located
in Austria. This plan entitles employees whose employment rela-
tionship is governed by Austrian law and started before January 1,
2003 to a severance payment in specic cases, in particular when
they reach the statutory retirement age and in the event of termi-
nation by the employer (“old severance payment system”). The
amount of the severance payment depends on the employee’s sal-
ary or wage at the termination of employment and on the length of
the employment relationship. There are similar major dened ben-
et severance plans in Indonesia and the Czech Republic, which
apply to all employees irrespective of when they joined the respec-
tive company. The dened benet severance plans are not covered
by assets, but are nanced entirely through provisions.
74 Annual Financial Report 2021 Lenzing Group
Annual Report 2021 Lenzing Group 46
The dened benet pension and severance plans are principally
connected with the following risks that inuence the amount of the
obligations to be recognized:
●
Investment risk: A decline in the income from plan assets be-
low the discount rate will result in a plan decit and an increase
in the obligations.
●
Interest rate risk: A decrease in the discount rate due to lower
bond interest rates on the capital market will result in an in-
crease in the obligations.
●
Salary and pension trend: An increase in the actual salary and
pension trends over the expected future levels will result in an
increase in the obligations.
●
Personnel turnover and departure risk: A decline in the ex-
pected personnel turnover rates will result in an increase in the
obligations.
●
Longevity risk: An increase in the life expectancy of the ben-
eciaries will result in an increase in the obligations.
The Lenzing Group is also exposed to currency risks in connection
with these plans.
The Lenzing Group takes various steps to reduce the risks from de-
ned benet plans. The related measures include, in particular, the
external nancing of dened benet plans with plan assets or the
coverage of obligations with securities that do not qualify as plan
assets and the settlement of existing dened benet plans with
lump sum payments. In addition, pension and similar commitments
are now only concluded as dened contribution commitments
where possible and legally permissible.
The objectives of the investment policy are to create an optimal
composition of plan assets and to ensure sucient coverage for
the existing claims of participating employees. The investment
strategies (asset allocations) for the plan assets are contractually
regulated. A reinsurance policy was concluded for part of the
claims from the Austrian pension plan. It is reported as plan asset
in the amount of EUR 2,598 thousand (December 31, 2020:
EUR 2,730 thousand). This policy is a conventional life insurance
policy which invests primarily in debt instruments that reect the
maturity prole of the underlying claims and are intended to main-
tain a high degree of investment security. The Lenzing Group
makes no further contributions to this insurance policy.
The fair values of the abovementioned equity and debt instruments
were based on price quotations on an active market. The plan as-
sets do not include any nancial instruments issued by or assets
used by the Lenzing Group. The actual return on plan assets totaled
EUR 152 thousand in 2021 (2020: EUR 149 thousand). The net inter-
est expense from the dened benet plans (expenses from the ac-
crued interest on the obligations and the return on plan assets) is
reported under nancing costs.
The most important actuarial parameters applied to the dened
benet pension and severance plans are as follows:
Actuarial assumptions for dened benet pension and
severance plans p. a. in %
31/12/2021 Discount rate
Salary
increase
Pension
increase
Sta turnover
deductions
Austria –
pensions
  - 
Austria –
severance
payments
  N/A 
Indonesia   N/A -
Czech
Republic
  N/A 
31/12/2020
Austria –
pensions   - 
Austria –
severance
payments
  N/A 
Indonesia  - N/A -
Czech
Republic
  N/A 
The major obligations from the dened benet plans are the obli-
gations for pensions and severance payments in the Lenzing
Group‘s Austrian companies. The discount rate for these obliga-
tions was derived from high-quality xed-income corporate bonds
with at least an AA rating based on an international actuary’s stand-
ards. Bonds with signicantly higher or lower interest rates than the
other bonds in their risk class (“statistical outliers”) were not in-
cluded in the calculation. The currency and terms of the bonds
used to derive the discount rate are based on the currency and ex-
pected terms of the obligations to be settled. The estimated salary
and pension increases, which are also considered realistic for the
future, were derived from the averages of recent years. Separate
employee turnover rates were applied for each company depend-
ing on the composition of the workforce and the employees’ length
of service. The retirement age used for the calculation is based on
the applicable legal regulations. Individual, country-specic as-
sumptions were made for each of the other countries to determine
the discount rate, salary increases, employee turnover rates and re-
tirement age.
The parameters used to calculate the dened benet pension
plans in Austria included the biometric data from AVÖ 2018 P – the
calculation base for pension insurance for salaried employees
The following biometric data and assumptions are used in other
countries:
●
Indonesia: Tabel Mortalita Indonesia (TMI 2019)
●
Czech Republic: AVÖ 2018-P
●
Other: No biometric assumptions were made because of the
low number of beneciaries.
75 Annual Financial Report 2021 Lenzing Group
Annual Report 2021 Lenzing Group 47
The obligations (carrying amounts) from dened benet pension
and severance plans incl. restructuring measures reported in the
consolidated statement of nancial position comprise the follow-
ing:
Development of dened benet plans EUR '000
Present value of pension
and severance payment
obligation (DBO)
Fair value of plan assets
Carrying amounts of
dened benet pension
and severance plans
2021 2020 2021 2020 2021 2020
As at 01/01      
Service cost
Current service cost      
Past service cost      
Gain/loss on curtailments of plan      
Net interest      
Income and expenses from dened benet plans recognized on the
income statement      
Remeasurement during the reporting period
On the basis of demographic assumptions ()    () 
On the basis of nancial assumptions ()    () 
On the basis of experience adjustments  ()    ()
On the basis of income from plan assets, excl. amounts included in
interest income     () ()
Remeasurement of dened benet plans included in other
comprehensive income  ()    ()
Cash ows
Payments made from the plan () () () ()  
Direct payments and contributions by the employer () ()   () ()
Currency translation adjustment  ()    ()
Other reconciliation items () () () () () ()
As at 31/12      
Thereof pensions in Austria      
Thereof severance payments in Austria      
Thereof pensions and severance payments in other countries      
Sensitivity analyses are performed to evaluate the risk of changes
in the actuarial parameters used to measure the present value of
the obligations from dened benet plans. These sensitivity anal-
yses show the eects on the present value of the obligations from
hypothetical changes in key parameters that could have reasonably
changed as at the reporting date. One parameter was changed for
each analysis, while all other parameters were kept constant. The
sensitivity analyses are based on the present values of the obliga-
tions as at the reporting date before the deduction of plan assets
(gross obligation/DBO).
76 Annual Financial Report 2021 Lenzing Group
Annual Report 2021 Lenzing Group 48
The sensitivities of the parameters as at the reporting dates are as
follows:
Sensitivity analysis of the dened benet
pension and severance payment obligations
31/12/2021
Change in
parameters
(percentage
points)
Decrease in
parameter/
change in
present value of
obligation in
EUR '000
Increase in
parameter/
change in
present value of
obligation in
EUR '000
Discount rate   ()
Salary increase  () 
Pension increase  () 
Sensitivity analysis of the dened benet pension and
severance payment obligations (previous year)
31/12/2020
Change in
parameters
(percentage
points)
Decrease in
parameter/
change in
present value of
obligation in
EUR '000
Increase in
parameter/
change in
present value of
obligation in
EUR '000
Discount rate   ()
Salary increase  () 
Pension increase  () 
The above sensitivity analyses represent hypothetical changes
based on assumptions. Actual deviations from these assumptions
will result in other eects. In particular, the parameters changed
individually for the analysis may actually correlate with each other.
The deduction of plan assets will lead to a further reduction of the
eects.
The Lenzing Group expects that in the following nancial year, con-
tributions of EUR 7,003 thousand (2020: EUR 6,488 thousand) will
fall due for payment into the dened benet plans.
The weighted average terms (durations) of the dened benet pen-
sion and severance payment obligations in years are as follows:
Weighted average durations of the dened benet
pension and severance payment obligations
Years
31/12/2021 31/12/2020
Austria – pensions  
Austria – severance payments - -
Indonesia  
Czech Republic  
Dened contribution plans (for pensions and
severance payments)
The Lenzing Group makes payments to pension funds and similar
external funds for dened contribution pension and severance
plans. The most signicant dened contribution pension and sev-
erance plans for the Lenzing Group are located in Austria (“new
severance payment system” and individual contractual commit-
ments).
The expenses for dened contribution plans are as follows:
Expenses for dened contribution plans EUR '000
2021 2020
Austria – pensions  
Austria – severance payments  
Other countries  
Total  
Provisions for jubilee benets
Collective agreements require Lenzing AG and certain subsidiaries,
particularly in Austria and the Czech Republic, to pay jubilee ben-
ets to employees who have been with the company for a certain
length of time. In the Austrian companies employees have the op-
tion to convert the jubilee benets into time credits. No assets
were segregated from the company and no contributions were
made to a pension fund or any other external fund to cover these
obligations. The jubilee benets do not require any contributions
by employees.
The obligations from jubilee benets for employees (long-service
bonuses) are considered other long-term employee benets under
IFRS. The net interest expense from jubilee benets (expenses
from the accrued interest on the obligations) is recorded under -
nancing costs. The discount rate applied to the Austrian obligations
is similar to the discount rate used for the other dened benet
plans. Employee turnover rates were determined separately for
each company depending on the composition of the workforce
and employees’ length of service. Individual, country-specic as-
sumptions were made for the discount rate, employee turnover
rates and salary increases in the other countries.
77 Annual Financial Report 2021 Lenzing Group
Annual Report 2021 Lenzing Group 49
The main actuarial parameters applied to the obligations for jubilee
benets are as follows:
Actuarial assumptions for the jubilee benet
obligations p. a. in %
31/12/2021 Discount rate
Salary
increase
Staff
turnover
deductions
Austria   -
Czech Republic   
31/12/2020
Austria   -
Czech Republic   
The following table shows the development of the obligation (pro-
vision) for jubilee benets:
Development of the jubilee benet obligation
(provision) EUR '000
2021 2020
As at 01/01  
Service cost
Current service cost  
Net interest  
Remeasurement during the reporting period
On the basis of demographic assumptions () ()
On the basis of nancial assumptions  
On the basis of experience adjustments  ()
Income and expenses from dened benet
plans recognized on the income statement
 
Cash ows
Direct payments by employer () ()
Currency translation adjustment  ()
Other reconciliation items () ()
As at 31/12  
78 Annual Financial Report 2021 Lenzing Group
Annual Report 2021 Lenzing Group 50
Other provisions and accruals
Other provisions and accruals developed as follows:
Development of other provisions EUR '000
2021 As at 01/01
Currency
translation
adjustment
Reclassi-
cation
Utilization Reversal Addition As at 31/12
Thereof
current
Thereof
non-current
Anticipated losses and other
risks     () 

  
Emission certicates    ()     
Sundry    () ()    
Total    () ()    
Development of other provisions (previous year) EUR '000
2020 As at 01/01
Currency
translation
adjustment
Reclassi-
cation
Utilization Reversal Addition As at 31/12
Thereof
current
Thereof
non-current
Anticipated losses and other
risks
   () () 

  
Emission certicates    ()     
Sundry  ()  () ()    
Total  ()  () ()    
1) Incl. accrued interest EUR 0 thousand (2020: EUR 144 thousand).
The measurement of provisions is based on past experience, cur-
rent cost and price information and estimates/appraisals by inter-
nal and external experts. The assumptions underlying the provi-
sions are reviewed regularly. The actual values may dier from
these assumptions if general conditions develop in contrast to ex-
pectations as at the reporting date. Changes are recognized in
prot or loss when better information is available and the premises
are adjusted accordingly.
Other provisions for anticipated losses and other risks include, in
particular, provisions for obligations from infrastructure services to
be performed of EUR 4,553 thousand (December 31, 2020:
EUR 7,973 thousand) and provisions for additional claims from pro-
curement contracts of EUR 21,200 thousand (December 31, 2020:
EUR 11,800 thousand) and for other onerous contracts. Other pro-
visions for emission certicates comprise the equivalent value of
the emission certicates used.
The other current provisions and accruals are expected to lead to
an outow of funds within the next twelve months. The outow of
funds arising from the long-term portion of other provisions is de-
pendent on various factors (in particular, guarantee and warranty
periods, contract terms and other events):
●
The outow of funds related to the other provisions for guar-
antees and warranties is expected within the next twelve
months.
●
The other provisions for anticipated losses and other risks are
expected to lead to an outow of funds as follows:
Expected outow of funds in connection with other
provisions (non-current) for anticipated losses and
other risks (estimated as of the reporting date)
EUR
'000
31/12/2021 31/12/2020
In the 2nd year  
In the 3rd to 5th year  
In the 6th to 10th year  
Total  
Note 33. Trade payables
All trade payables are classied as current assets.
Liabilities that are part of reverse factoring agreements are evalu-
ated to determine whether the original trade payable must still be
reported or whether it must be derecognized and a new nancial
liability recognized in accordance with the agreement. The decisive
factor is whether the Lenzing Group was released from its original
obligation. In cases where there was no release from the original
obligation, the Lenzing Group evaluates whether the reverse fac-
toring agreement has led to a new obligation that must be recog-
nized in addition to the trade payable. If that is also not the case, a
present value test is carried out to determine whether the reverse
factoring agreement has resulted in signicant changes to the con-
tractual terms of the trade payable which lead to derecognition of
the trade payable and the recognition of a new nancial liability.
Suppliers of the Lenzing Group nance their trade receivables from
the Lenzing Group with reverse factoring agreements. These sup-
pliers can commission their banks to forward payment for the re-
ceivables at an earlier point in time. The present value test indicates
that these agreements do not signicantly change the contract
79 Annual Financial Report 2021 Lenzing Group
Annual Report 2021 Lenzing Group 51
terms (in particular payment terms and interest rates). The agree-
ments do not lead to the reclassication of the involved trade pay-
ables to another class of liability under civil law or IFRS regulations
from the Lenzing Group’s perspective. Consequently, there are no
changes to the presentation on the consolidated statement of -
nancial position (under trade payables) or the consolidated state-
ment of cash ows (under cash ow from operating activities). The
potentially aected trade payables totaled EUR 126,693 thousand
as at December 31, 2021 (December 31, 2020: EUR 54,294 thou-
sand). The carrying amount of the potentially aected trade paya-
bles for which the suppliers have already received payments from
the banks stands at EUR 119,902 thousand (December 31, 2020:
EUR 45,405 thousand). As in the previous year, the Lenzing Group
has not provided any collateral.
The liquidity risk of the reverse factoring agreements consists of a
concentration since the reverse factoring agreements currently in
place have been made with only one single nancial institution, giv-
ing rise to the risk of a revocation of the reverse factoring agree-
ment by this nancial institution. The liabilities aected by these re-
verse factoring agreements are settled in accordance with the
agreed due date. The related, estimated outows are taken into
account in liquidity planning. The Lenzing Group assesses the risk
concentration with regard to sucient nancing sources as rather
low because the risk spread of the Lenzing Group’s nancing over
dierent nancial institutions is maintained. Furthermore, the re-
verse factoring agreements include no material nancing compo-
nent and their discontinuation would therefore also not result in a
signicant increase in nancing requirements. Liabilities relating to
reverse factoring agreements amount to 6.0 percent as at the re-
porting date (December 31, 2020: 3.5 percent) relative to the
group’s total nancial liabilities.
Information regarding the liquidity and foreign currency risk of the
group exposure is presented in note 39.
Note 34. Other liabilities
Other non-current liabilities consist of the following:
Other non-current liabilities EUR '000
31/12/2021 31/12/2020
Other non-current nancial liabilities
(particularly from derivatives)
 
Non-current non-nancial accruals for personnel
expenses
 
Other non-current non-nancial liabilities
(particularly partial retirement obligations)  
Total  
Other current liabilities consist of the following:
Other current liabilities EUR '000
31/12/2021 31/12/2020
Other current nancial liabilities
Derivatives not yet settled (open positions)  
Other accruals  
Contract liabilities – accruals for discounts and
rebates (see note 5)  
Other current nancial liabilities  
 
Other current non-nancial liabilities
Liabilities from other taxes  
Wage and salary liabilities  
Social security liabilities  
Contract liabilities – down payments received
(see note 5)
 
Accruals for personnel expenses  
Deferred income and other  
 
Total  
The accruals for personnel costs consist primarily of liabilities for
short-term claims by active and former employees (in particular, for
unused vacation and compensation time, overtime and perfor-
mance bonuses).
Other accruals cover, above all, anticipated losses from revenue
reductions/increases in expenses from transactions with custom-
ers and suppliers (in particular, discounts and rebates) and liabilities
for the delivery of goods and the performance of services by third
parties which have not yet been invoiced.
80 Annual Financial Report 2021 Lenzing Group
Annual Report 2021 Lenzing Group 52
Note 35. Disclosures on the
Consolidated Statement of Cash
Flows
Liquid funds represent cash and cash equivalents as shown on the
statement of nancial position. Cash and cash equivalents include
cash in hand and cash at banks, demand deposits, checks and
short-term time deposits as well as liquid current securities with a
term of less than three months which are only subject to limited
uctuations in value (see note 37).
Other non-cash income/expenses in the 2021 nancial year in-
cludes impairment losses to inventories as well as write-ups and
impairment losses to nancial assets and other non-current assets.
Other non-cash income/expenses also contain unrealized net ex-
change rate gains/losses and measurement eects from receiva-
bles.
Non-cash transactions from the acquisition of intangible assets and
property, plant and equipment are not included in cash ow from
investing activities for the current period. These transactions
essentially involve outstanding payments to suppliers of
EUR 16,180 thousand (2020: EUR 41,179 thousand).
Cash and cash equivalents also include bank accounts with nega-
tive balances in cases where netting agreements have been con-
cluded (see note 37).
Reconciliation of nancial liabilities EUR '000
2021
Private
placements
Bank loans
Loans from
other lenders
Lease liabilities
Subtotal other
nancial
liabilities
Total
As at 01/01      
Cash
ows
Increase in nancial liabilities
     
Repayment of nancial liabilities () () () () () ()
Non-cash
changes
Currency translation adjustment
     
Discounting/accrued interest   ()   
Additions to lease liabilities      
Other changes    () () ()
As at 31/12      
Reconciliation of nancial liabilities (previous year) EUR '000
2020
Private
placements
Bank loans
Loans from
other lenders
Lease liabilities
Subtotal other
nancial
liabilities
Total
As at 01/01      
Cash
ows
Increase in nancial liabilities
     
Repayment of nancial liabilities () () () () () ()
Non-cash
changes
Currency translation adjustment
() () () () () ()
Discounting/accrued interest      
Additions to lease liabilities      
Other changes    () () ()
As at 31/12      
Notes to the Consolidated Statement of Cash Flows
81 Annual Financial Report 2021 Lenzing Group
Annual Report 2021 Lenzing Group 53
Note 36. Capital risk management
General information
The overriding objective of equity and debt management in the
Lenzing Group is to optimize the income, costs and assets of the
individual operations/business units and of the Group as a whole
in order to achieve and maintain sustainably strong economic
performance and a sound balance sheet structure. An important
role in this process is played by nancial leverage capacity, the pro-
tection of sucient liquidity at all times and a clear focus on key
cash-related and performance indicators in line with the Group’s
strategic course and long-term goals. This protects the ability of
the group companies to operate on a going concern basis. In
addition, the authorized capital and contingent capital give
Lenzing AG greater exibility in raising additional equity in order to
take advantage of future market opportunities.
The equity management strategy followed by the Lenzing Group is
designed to ensure that Lenzing AG and the other group compa-
nies have an adequate equity base to meet local requirements. A
couple of loan agreements with banks also include nancial cove-
nants, above all concerning the level of equity, the ratio of net
nancial debt to EBITDA and other nancial indicators or nancial
criteria for the Group or individual or aggregated group companies.
A breach of these nancial covenants would allow the banks to
demand early repayment of the nancial liabilities in certain cases.
These nancial covenants are regularly monitored by the Global
Treasury department and are considered in the determination of
distributions by the involved group companies. All related capital
requirements were met during the 2021 nancial year.
Management uses an adjusted equity ratio for internal control pur-
poses. Adjusted equity is calculated in accordance with IFRS and
comprises equity as well as investment grants less the related de-
ferred taxes. The adjusted equity ratio (= adjusted equity in relation
to total assets) equaled 39.7 percent as at December 31, 2021 (De-
cember 31, 2020: 45.8 percent).
Adjusted equity is calculated as follows:
Adjusted equity EUR '000
31/12/2021 31/12/2020
Equity  
+ Government grants  
-
Proportional share of deferred taxes on
government grants
() ()
Total  
The dividend policy of Lenzing AG, as the parent company of the
Lenzing Group, is based on the principles of continuity and a long-
term focus in order to support the future development of the com-
pany, to distribute dividends to shareholders in line with the com-
pany’s opportunity and risk situation, and to appropriately reect
the interests of all other stakeholders who are decisive for the com-
pany’s success.
Net nancial debt
The Supervisory Board and Managing Board of Lenzing AG regu-
larly review the development of net nancial debt because this in-
dicator is an extremely important benchmark not only for the
Group’s management, but also for the nancing banks. The ratio of
net nancial debt to EBITDA is particularly relevant. The continued
optimal development of the Lenzing Group is only possible with
convincing internal nancing strength as the basis for increased
debt capacity.
Interest-bearing nancial liabilities are classied as follows:
Interest-bearing nancial liabilities EUR '000
31/12/2021 31/12/2020
Non-current nancial liabilities  
Current nancial liabilities  
Total  
Liquid assets consist of the following:
Liquid assets EUR '000
31/12/2021 31/12/2020
Cash and cash equivalents  
Liquid bills of exchange (in trade receivables)  
Total  
Net nancial debt in absolute terms and in relation to EBITDA (see
note 4) is as follows:
Net nancial debt (absolute) EUR '000
31/12/2021 31/12/2020
Interest-bearing nancial liabilities  
- Liquid assets () ()
Total  
Notes on Risk Management
82 Annual Financial Report 2021 Lenzing Group
Annual Report 2021 Lenzing Group 54
Net nancial debt in relation to EBITDA EUR '000
31/12/2021 31/12/2020
EBITDA  

Net nancial debt / EBITDA  

1) Reclassication of capitalized borrowing costs, net interest from dened benet plans
and commitment fees from EBIT/EBITDA to the nancial result (see note 2).
Note 37. Disclosures on nancial
instruments
Carrying amounts, fair values, measurement
categories and measurement methods
The following table shows the carrying amounts and fair values of
the nancial assets and nancial liabilities for each class and each
IFRS 9 category and reconciles this information to the appropriate
line items on the statement of nancial position. Other receivables
(non-current and current) and other liabilities (non-current and cur-
rent) as reported on the statement of nancial position include -
nancial instruments as well as non-nancial assets and liabilities.
Therefore, the “no nancial instrument” column allows for a com-
plete reconciliation with the line items on the statement of nancial
position. Lease liabilities which are to be considered nancial lia-
bilities but cannot be allocated to a measurement category in ac-
cordance with IFRS 9 are also reported in this column.
83 Annual Financial Report 2021 Lenzing Group
Annual Report 2021 Lenzing Group 55
Carrying amounts, category, fair value and fair value hierarchy of nancial instruments EUR '000
Carrying amount Fair value
Financial assets as at
31/12/2021
At amortized
cost
At fair value
through
prot or loss
At fair value through other
comprehensive income
No nancial
instrument
Total Fair value
Fair value
hierarchy
Debt
instruments
Equity
instruments
Cash ow
hedges
Originated loans    

Non-current securities      Level
Other equity investments 
  Level
Current securities 
  Level
Financal assets (current and
non-current)
       
Trade receivables        

Derivatives with a positive
fair value (cash ow hedges)
   Level
Derivatives with a positive
fair value (cash ow hedges
with the underlying already
recognized in prot or loss)
   Level
Other      Level
Other assets (current and
non-current)
       
Cash and cash equivalents        

Total        
Carrying amount Fair value
Financial liabilities as at 31/12/2021
At amortized
cost
At fair value
through
prot or loss
At fair value through other
comprehensive income
No nancial
instrument
Total Fair value
Fair value
hierarchy
Cash ow
hedges/
Fair value
hedges
Retained
earnings
Private placements    Level
Liabilities to banks    Level
Liabilities to other lenders    Level
Lease liabilities   

Financial liabilities       
Trade payables      















Provisions (current)      













Puttable non-controlling interests        Level
Derivatives with a negative fair value
(cash ow hedges) 
  Level
Derivatives with a negative fair value
(cash ow hedges with the underlying
already recognized in prot or loss)

  Level
Derivatives with a negative fair value
(fair value hedges)

  Level
Other    

Other liabilities (current and non-current)       
Total       
1) The carrying amount approximates fair value.
2) Cash and cash equivalents include money market funds. These money market funds are allocated to the category “at fair value through prot or loss”. The carrying amount of
other cash and cash equivalents approximates fair value.
84 Annual Financial Report 2021 Lenzing Group
Annual Report 2021 Lenzing Group 56
Carrying amounts, category, fair value and fair value hierarchy of nancial instruments (previous year) EUR '000
Carrying amount Fair value
Financial assets as at
31/12/2020
At amortized
cost
At fair value
through
prot or loss
At fair value through other
comprehensive income
No nancial
instrument
Total Fair value
Fair value
hierarchy
Debt
instruments
Equity
instruments
Cash ow
hedges
Originated loans   

Non-current securities      Level
Other equity investments 
  Level
Financal assets (current and
non-current)
      












Trade receivables       















Derivatives with a positive
fair value (cash flow hedges)
   Level
Derivatives with a positive
fair value (cash flow hedges
with the underlying already
recognized in profit or loss)
   Level
Other      Level
Other assets (current and
non-current)
       
Cash and cash equivalents        

Total        
Carrying amount Fair value
Financial liabilities as at 31/12/2020
At amortized
cost
At fair value
through
prot or loss
At fair value through other
comprehensive income
No nancial
instrument
Total Fair value
Fair value
hierarchy
Cash ow
hedges/
Fair value
hedges
Retained
earnings
Private placements    Level
Liabilities to banks    Level
Liabilities to other lenders    Level
Lease liabilities   

Financial liabilities       
Trade payables       

Provisions (current)       

Puttable non-controlling interests        Level
Derivatives with a negative fair value
(cash ow hedges)    Level
Derivatives with a negative fair value
(cash ow hedges with the underlying
already recognized in prot or loss)
   Level
Derivatives with a negative fair value
(fair value hedges)
   Level
Other    

Other liabilities (current and non-current)       
Total       
1) The carrying amount approximates fair value.
85 Annual Financial Report 2021 Lenzing Group
Annual Report 2021 Lenzing Group 57
Depending on the classication/measurement category, nancial
instruments are subsequently measured at (amortized) cost or fair
value. The Lenzing Group uses the following measurement cate-
gories: “at amortized cost”, “at fair value through prot or loss” and
“at fair value through other comprehensive income”. The measure-
ment category “at fair value through prot or loss” is solely used for
nancial assets that are mandatorily measured at fair value.
Cash and cash equivalents include money market funds in the
amount of EUR 343,515 thousand (December 31, 2020:
EUR 0 thousand). In assessing the classication of money market
funds as cash equivalents, an assessment is undertaken to deter-
mine whether the fund meets the denition of cash equivalents. In
particular, Lenzing AG examines whether regular and early callabil-
ity may occur and whether the credit risk and interest rate risk are
low. With regard to credit risk, the creditworthiness of the fund it-
self and of the instruments it contains is assessed. Interest rate risk
is examined, in particular, using the fund’s Weighted Average Ma-
turity (WAM). Money market funds are allocated to the category
“at fair value through prot or loss”. The fair value is derived from
the latest calculated value and is to be categorized in level 1 of the
fair value hierarchy.
In the nancial year under review, a reclassication was realized
from equity instruments measured at fair value through other com-
prehensive income (level 3) to current securities (level 1). The rea-
son for the reclassication is the initial public oering of the com-
pany Spinnova OY, Jyväskylä, Finland, on June 24, 2021. The inter-
est held by Lenzing AG was converted into shares. As a conse-
quence of the issue of the new shares, the previous interest of
6.8 percent was diluted and now amounts to 4.67 percent. The se-
curities are measured at fair value and recognized directly in other
comprehensive income due to the exercise of the corresponding
option. This leads to an adjustment of the carrying amount of
EUR 31,732 thousand.
The Lenzing Group accounts for reclassications in the fair value
hierarchy at the end of the reporting period in which the changes
occur.
The measurement of nancial instruments is monitored and re-
viewed by the Lenzing Group. The necessary market data are vali-
dated based on the dual control principle.
In light of the varying inuencing factors, the fair values presented
can only be regarded as indicators of the values that could actually
be realized on the market.
The fair value of purchased bonds is derived from the respective
current market prices and uctuates, in particular, with changes in
market interest rates and the credit standing of the issuers. The fair
value of shares is derived from the current stock exchange prices.
These securities are assigned to the category “at fair value through
other comprehensive income”.
The fair value of investment funds is derived from the latest calcu-
lated value. These securities are assigned to the category “at fair
value through prot or loss”.
The measurement of equity investments including derivatives des-
ignated as a hedge (fair value hedge) is classied “at fair value
through other comprehensive income”. The fair value is determined
on the basis of a market approach and is to be categorized in level
3 of the fair value hierarchy. The determined fair value of the equity
investment would increase (decrease) in particular if the planned
EBITDA increased (decreased). The determined fair value of the
derivative has an inverse correlation to the abovementioned pa-
rameters.
The nominal value of fair value hedge derivatives amounts to
EUR 14,120 thousand as at December 31, 2021 (December 31,
2020 : EUR 11,723 thousand). The change in value for the hedged
item and the hedge, which was used to calculate ineectiveness,
amounts to EUR 0 thousand as at December 31, 2021 (Decem-
ber 31, 2020: EUR minus 5,547 thousand). No ineectiveness was
recognized through prot or loss in the current nancial year or in
the previous year. The risk management goal is to hedge the value
of the investment against value uctuations. The economic rela-
tionship for fair value hedge derivatives is ensured by the fact that
the change in the value of the hedged item is oset by the change
in the value of the hedge. A put/call option is used as a hedge. The
hedge ratio is determined based on the nominal value. The hedging
instruments run until December 31, 2021 and December 31, 2022.
The following tables show the development of the fair values of the
equity investments and the associated derivatives of level 3:
Development of level 3 fair values of
equity investments and related derivatives
EUR '000
2021
Equity
investments
Derivatives
with a
negative fair
value (fair
value
hedges)
As at 01/01  ()
Financial assets measured at fair value through
other comprehensive income (equity
instruments) – net fair value gain/loss on
remeasurement recognized during the year () 
Transfer to Level 1 () 
As at 31/12  
Development of level 3 fair values of equity
investments and related derivatives
(previous year)
EUR '000
2020
Equity
investments
Derivatives
with a
negative fair
value (fair
value
hedges)
As at 01/01  ()
Financial assets measured at fair value through
other comprehensive income (equity
instruments) – net fair value gain/loss on
remeasurement recognized during the year  ()
As at 31/12  ()
86 Annual Financial Report 2021 Lenzing Group
Annual Report 2021 Lenzing Group 58
A change in key input factors which cannot be observed on the
market would have the following eects on the measurement of
the equity instruments and the associated derivatives:
Sensitivity analysis of level 3 input factors for equity investments and related derivatives EUR '000
Other comprehensive income (net of tax)
Increase Decrease
Equity
investments
Derivatives with a
negative fair
value (fair value
hedges)
Total
Equity
investments
Derivatives with a
negative fair
value (fair value
hedges)
Total
EBITDA (+/- 5%) 31/12/2021    ()  ()
EBITDA (+/- 5%) 31/12/2020  ()  ()  ()
Other nancial assets from earn-out agreements are classied “at
fair value through prot or loss”. The fair value of these other nan-
cial assets is determined based on an income approach. It is to be
categorized in level 3 of the fair value hierarchy. The measurement
model is based on the planned EBITDA, the weighted average cost
of capital (WACC) after tax and the repayment terms.
The determined fair value would increase (decrease) in particular if
EBITDA increased (decreased). The determined fair value would
decrease (increase) if the WACC after tax increased (decreased).
The determined fair value would increase if the repayment were to
be made two years earlier.
Development of level 3 fair values of other
nancial assets
EUR '000
2021 2020
As at 01/01  
Gain/loss included in nancial result  
As at 31/12  
A change in key input factors which cannot be observed on the
market would have the following eects on other nancial assets:
Sensitivity analysis of level 3 input factors for
other nancial assets EUR '000
Financial result
31/12/2021 31/12/2020
Other nancial
assets
Increase Decrease Increase Decrease
EBITDA (+/- 5%)  ()  ()
Discount rate
(WACC) after tax
(+/- 1%)
()  () 
Repayment 2 years
earlier
 n/a  n/a
The sensitivities are determined by conducting the measurements
again using the changed parameters.
Puttable non-controlling interests
The Dexco-Group (formerly known as Duratex Group) has a put
option and has the right to sell its shares if a change of control oc-
curs regarding the owner of the Lenzing Group (change of control
clause). This obligation is recognized under liabilities from puttable
non-controlling interests. Puttable non-controlling interests are al-
located to the category “at fair value through other comprehensive
income”. The fair value of these puttable non-controlling interests
is determined based on the planned or projected cash ows less
cost of disposal and net debt at the measurement date. The budget
approved by the Management and Supervisory Boards and the me-
dium-term plans are the starting point for the cash ow projections.
After the detailed planning period of ve years, a 25-year return
based on a sustainable EBITDA margin is expected based on last
year’s assumptions. The planning period for the calculation of fair
value is contractually limited to a maximum of 30 years. Cash ows
are discounted to their present value with a discounted cash ow
method. The applied discount rate is calculated on an individual
basis using the capital asset pricing model (CAPM) and represents
a composite gure (weighted average cost of capital – WACC) that
combines the average interest rate for debt and the anticipated re-
turn on equity employed. An after-tax WACC of 8,1 percent (De-
cember 31, 2020: 8.0 percent) was used at the measurement date.
Fair value measurement is classied in full as level 3 of the fair value
87 Annual Financial Report 2021 Lenzing Group
Annual Report 2021 Lenzing Group 59
hierarchy because key input factors (in particular, cash ows) can-
not be observed on the market.
Development of level 3 fair values of
puttable non-controlling interest
EUR '000
2021 2020
As at 01/01  
Addition due to change in shareholding interest
recognised directly in equity  
Measurement of puttable non-controlling
interest recognized directly in equity
 
As at 31/12  
The determined fair value would increase (decrease) if the operat-
ing margin increased (decreased) or if the after-tax WACC de-
creased (increased). A change these unobservable input factors
would have the following eects on the measurement of puttable
non-controlling interests:
Sensitivity analysis of level 3 input factors for
puttable non-controlling interest
EUR '000
Measurement result oset against retained earnings
31/12/2021 31/12/2020
Puttable non-
controlling
interests
Increase Decrease Increase Decrease
EBITDA (+/- 5%)  ()  ()
Discount rate
(WACC) after tax
(+/- 0.25%) ()  () 
The sensitivities are determined by conducting the measurements
again using the changed parameters.
The loan agreements, which were concluded for the construction
of the dissolving wood pulp pant in Brazil (see note 30), include, at
the project company level, nancial covenants which refer in par-
ticular to the ratio of net nancial debt to EBITDA and may trigger
an obligation to repay the nancial liabilities if the covenants are
not met. At the Lenzing Group level, market restrictive covenants
are in place. These nancial covenants are regularly monitored by
the Global Treasury department and are considered in the deter-
mination of distributions by the group companies involved. Len-
zing AG and the joint venture partner have committed to a xed
debt/equity ratio of the project company (63/37) and guarantee
the nancial liabilities of the project company in the amount of their
share in the capital. Lenzing AG therefore guarantees 51 percent.
Due to the full consolidation, 100 percent of the project company’s
nancial liabilities are included in the consolidated statement of -
nancial position.
The fair values of the other nancial liabilities are determined in ac-
cordance with generally accepted valuation methods based on the
discounted cash ow method. The most important input factor is
the discount rate, which incorporates the available market data
(risk-free interest rates) and the credit standing of the Lenzing
Group, which is not observable on the market. The fair values of the
nancial guarantee contracts represent the estimated expected
default arising from the maximum possible payment obligation and
the expected loss.
Derivative nancial instruments and hedges
Derivatives are measured at fair value. Their fair value corresponds
to the applicable market value, if available, or is calculated using
standard methods based on the market data available at the meas-
urement date (in particular exchange rates and interest rates). Cur-
rency and commodity forwards are measured at the respective for-
ward rate or price at the reporting date. These forward rates or
prices are based on the spot rates or prices and include forward
premiums and discounts. The Group’s own models are used to es-
timate the measurement. The measurement of derivatives also in-
cludes the counterparty risk (credit risk/counterparty risk/non-per-
formance risk) in the form of discounts to the fair value that would
be used by a market participant for pricing.
As a matter of principle, the Lenzing Group applies the hedge ac-
counting rules dened by IFRS 9 to the following derivative nan-
cial instruments. The retrospective hedging eect or ineective-
ness is evaluated with the dollar-oset method, which compares
the accumulated changes in the fair value of the hedged items with
the accumulated changes in the fair value of the hedges in line with
the compensation method.
88 Annual Financial Report 2021 Lenzing Group
Annual Report 2021 Lenzing Group 60
The measurement of the hedged item is oset by the hedge and is
therefore eective. Risks of ineectiveness include the credit risk
of a counterparty, a signicant change in the credit risk of a con-
tractual party in the hedging relationship or the change of time of
payment of the hedged item, reduction of the total invoice amount
or price of the hedged item. Risks are always hedged in their en-
tirety. The hedging ratio for the hedged nominal values is 100 per-
cent.
The critical terms of payment of the hedged items and hedging in-
struments (in particular, the nominal value and time of payment) are
generally identical or oset one another (“critical terms match”).
Therefore, the Managing Board considers the osetting of value
changes of the hedged items and hedging instrument resulting
from changes in the exchange rate when forming a measurement
unit as highly eective.
Cash ow hedge derivatives for currency risks
The Lenzing Group uses derivative nancial instruments to hedge
currency risks arising from investments and from the operating
business. These derivative nancial instruments serve to balance
the variability of cash ows from future transactions. Hedges are
determined in advance on the basis of the expected purchases and
sales in the relevant foreign currency. In hedging future cash ows
in foreign currencies (cash ow hedges), the Lenzing Group typi-
cally hedges the risk up to the time of the foreign currency payment.
Hedge eectiveness is measured by grouping the hedged items
and hedging instruments together in at least quarterly maturity
ranges for each hedged risk. Cash ow hedges whose underlying
hedged item was already recognized in prot or loss are used to
hedge foreign currency receivables/liabilities that were recognized
at the reporting date but do not impact cash until a later time.
Cash ow hedges were concluded during the 2020 nancial year
to hedge against the currency risk of highly probable additional
capital contributions in a subsidiary. With the realization of the for-
ward foreign exchange contracts, the amounts of the changes in
value initially recognized in other comprehensive income were
reclassied to the foreign currency translation reserves. As at
December 31, 2021, EUR 850 thousand (December 31, 2020
EUR 24,018 thousand) were reclassied to the foreign currency
translation reserve.
89 Annual Financial Report 2021 Lenzing Group
Annual Report 2021 Lenzing Group 61
The nominal values and fair values of the cash ow hedges are as
follows as at the reporting dates:
Nominal value, fair value and hedging period of cash ow hedge derivatives for currency risks
31/12/2021 EUR '000
Nominal value
in '000
Positive
fair value
Negative
fair value
Net fair value
Hedging
period until
Average
hedging rate
Change in
fair value used
to calculate
ineectiveness
Forward foreign exchange
contracts
CNY/CNH-sale / EUR-buy CNY/CNH   () () /  ()
CNY/CNH-sale / GBP-buy CNY/CNH   ()  /  ()
EUR-buy / USD-sale EUR   () () /  ()
BRL buy / EUR sale BRL   () () /  ()
BRL buy / USD sale BRL   () () /  ()
USD-buy / CNY-sale USD   () () /  ()
EUR-buy / GBP-sale EUR   () () /  ()
EUR-sale / GBP-buy EUR     /  
USD-sale / CZK-buy USD   () () /  ()
USD-sale / EUR-buy USD   () () /  ()
IDR-buy / USD-sale IDR   () () /  
Total  () () ()
Fair value: + = receivable, – = liability from the Lenzing Group’s perspective
The hedging period represents the period for the expected cash ows and their recognition in prot or loss.
Nominal value, fair value and hedging period of cash ow hedge derivatives for currency risks (previous year)
31/12/2020 EUR '000
Nominal value
in '000
Positive
fair value
Negative
fair value
Net fair value
Hedging
period until
Average
hedging rate
Change in
fair value used
to calculate
ineectiveness
Forward foreign exchange
contracts
CNY/CNH-sale / EUR-buy CNY/CNH     /  ()
CNY/CNH-sale / GBP-buy CNY/CNH   () () /  ()
CZK-buy / EUR-sale CZK   ()  /  
EUR-buy / USD-sale EUR     /  
CNY/CNH-buy / GBP-sale CNY/CNH   () () /  ()
BRL buy / EUR sale BRL   () () /  ()
BRL buy / USD sale BRL   () () /  ()
THB-buy / USD-sale THB     /  
USD-buy / CNY-sale USD   () () /  ()
EUR buy / BRL sale EUR     /  
EUR-sale / GBP-buy EUR     /  
USD-sale / CZK-buy USD     /  
USD-sale / EUR-buy USD     /  
Total  () () ()
Fair value: + = receivable, – = liability from the Lenzing Group’s perspective
The hedging period represents the period for the expected cash ows and their recognition in prot or loss.
90 Annual Financial Report 2021 Lenzing Group
Annual Report 2021 Lenzing Group 62
The carrying amounts and the ineectiveness of the hedged items (purchases and sales) designated as hedging instruments as of the
balance sheet dates are as follows:
Disclosures on hedged items of cash ow hedge derivatives for currency risks – ineectiveness EUR '000
2021 2020
Currency risks
Change in
fair value used
to calculate
ineectiveness
Ineectiveness
Line item in
the income
statement
Change in
fair value used
to calculate
ineectiveness
Ineectiveness
Line item in
the income
statement
Sales ()  Financialresult   Financialresult
Purchases ()  Financialresult ()  Financialresult
Total ()  () 
Cash ow hedge derivatives for combined
interest rate/currency risks
The Lenzing Group deploys derivative nancial instruments in or-
der to hedge interest rate/currency risks arising from private place-
ments denominated in US dollars. Hedges are utilized to oset the
variability of interest and principal payments resulting from the
hedged item.
The nominal values of the cash ow hedge derivatives as at De-
cember 31, 2021 amount to EUR 39,704 thousand and
EUR 17,646 thousand (December 31 2020: EUR 40,861 thousand
and EUR 18,160 thousand). The fair value of the cash ow hedge
derivatives as at December 31, 2021 amounts to EUR minus
1,442 thousand (December 31, 2020: EUR minus 6,279 thousand).
The contracts of the hedging instruments and the underlying
hedged items are linked to the USD-LIBOR reference interest rate
as of the balance sheet date and have not yet been switched to an
alternative reference interest rate.
The change in fair value used to calculate ineectiveness amounts
to EUR minus 911 thousand (for the tranche of USD 20 mn) (De-
cember 31, 2020: EUR minus 1,890 thousand) and EUR minus
1,311 thousand (for the tranche of USD 45 mn) (December 31, 2020:
EUR minus 4,258 thousand). The ineective portion as at Decem-
ber 31, 2020 amounts to EUR 0 thousand (December 31, 2020:
EUR 0 thousand). Over the term, the average xed interest rate
amounts to 0.75 percent and the average hedging rate amounts to
1.10 USD/EUR. The hedge expires in December 2024.
Cash ow hedge derivatives for interest rate
risks
The Lenzing Group uses derivative nancial instruments to hedge
interest rate risks arising from loans taken out with variable interest
rates. These hedges are used to oset the variability of cash ows
from future interest payments resulting from the hedged item.
The nominal values of the cash ow hedge derivatives as at De-
cember 31, 2021 amount to EUR 418,211 thousand (December 31,
2020: EUR 0 thousand). The fair value of the hedge derivatives as
at December 31 2021 amounts to EUR minus 1,937 thousand (De-
cember 31, 2020: EUR 0 thousand). The contracts of the hedging
instruments and the underlying hedged items are linked to the
USD-LIBOR reference interest rate as of the balance sheet date
and have not yet been switched to an alternative reference interest
rate.
The change in fair value used to calculate the ineectiveness
amounts to EUR minus 1,937 thousand (December 31, 2020:
EUR 0 thousand). The ineective portion as at December 31, 2021
amounts to EUR 0 thousand. The average xed interest rate
amounts to 1.83 percent over the term. The hedge expires in
June 2029.
91 Annual Financial Report 2021 Lenzing Group
Annual Report 2021 Lenzing Group 63
Hedging Reserve
The change in the hedging reserve is as follows:
Changes in the hedging reserve EUR '000
2021 2020
Hedging
reserve
Cost of
hedging
Total
Hedging
reserve
Cost of
hedging
Total
Hedging reserve as at 01/01 ()  ()   
Currency risks ()  () ()  ()
Combined interest rate/currency risks    ()  ()
Interest rate risks ()  ()   
Cash ow hedges – changes in fair value recognized during the year ()  () ()  ()
Currency risks      
Reclassication to revenue      
Currency risks     () 
Reclassication to inventories     () 
Currency risks      
Reclassication to property, plant and equipment      
Combined interest rate/currency risks    ()  ()
Reclassication to nancial result    ()  ()
Hedging reserve as at 31/12 ()  () ()  ()
92 Annual Financial Report 2021 Lenzing Group
Annual Report 2021 Lenzing Group 64
Osetting nancial assets and liabilities
The Lenzing Group has concluded a number of framework netting
agreements (in particular, master netting arrangements). The
amounts owed by each counterparty under such agreements on a
single day in the same currency based on the total outstanding
transactions are aggregated into a single net amount to be paid by
one party to the other.
The following tables present information on osetting nancial as-
sets and liabilities in the consolidated statement of nancial posi-
tion on the basis of framework netting agreements. The (gross)
amounts presented in the “Financial assets” and “Financial liabilities”
columns correspond to the (net) nancial assets and liabilities rec-
ognized. The column “eect of framework netting agreements”
shows the amounts which result from these types of agreements,
but which do not meet the criteria for osetting in the IFRS con-
solidated statement of nancial position.
Osetting of nancial instruments EUR '000
Financial assets as at
31/12/2021
Financial
assets
(gross=net)
Eect of
framework
netting
agreements
Net
amounts
Other nancial assets – derivative
nancial instruments with a
positive fair value
 () 
Financial assets as at
31/12/2020
Other nancial assets – derivative
nancial instruments with a
positive fair value
 () 
Osetting of nancial instruments EUR '000
Financial liabilities as at
31/12/2021
Financial
liabilities
(gross=net)
Eect of
framework
netting
agreements
Net
amounts
Other nancial liabilities –
derivative nancial instruments
with a negative fair value
 () 
Financial liabilities as at
31/12/2020
Other nancial liabilities –
derivative nancial instruments
with a negative fair value
 () 
Transfer of nancial assets
(sale of receivables/factoring)
Factoring agreements are in place which require the banks to pur-
chase certain trade receivables from the Lenzing Group for a re-
volving monthly nominal amount. The Lenzing Group is entitled to
sell these receivables. The agreements have indenite terms,
whereby each party has the right to cancel the agreements with
notice and allow them to expire. The factoring agreements had a
maximum usable nominal volume of EUR 73,235 thousand as at
December 31, 2021 (December 31, 2020 EUR 72,214 thousand).
They have been suspended since the 2017 nancial year.
93 Annual Financial Report 2021 Lenzing Group
Annual Report 2021 Lenzing Group 65
Note 38. Net interest and net result
from nancial instruments and net
foreign currency result
Net interest and net result
The following table shows the net interest and net result from -
nancial instruments by class/measurement category in accordance
with IFRS 9:
Net interest and net result from nancial instruments EUR '000
2021
Interest
income
Interest
expense
Net
interest
From
subsequent
measure-
ment at
fair value
through
prot or loss
From
subsequent
measure-
ment at
fair value
through
other com-
prehensive
income
Measured
at fair value
through
other
compre-
hensive
income and
reclassied
to prot or
loss
From
impairment/
reversal
of an
impairment
loss
Result on
disposal
Net result
(total)
Financial assets measured at
amortized cost
      () () 
Financial assets measured at
fair value through prot or
loss    ()   ()  ()
Equity instruments measured
at fair value through other
comprehensive income
        
Debt instruments measured
at fair value through other
comprehensive income     ()   () ()
Financial liabilities measured
at amortized cost
 () ()      ()
Total  () () ()   () () ()
Net interest and net result from nancial instruments
(previous year) EUR '000
2020
Interest
income
Interest
expense
Net
interest
From
subsequent
measure-
ment at
fair value
through
prot or loss
From
subsequent
measure-
ment at fair
value
through
other com-
prehensive
income
Measured at
fair value
through
other
compre-
hensive
income and
reclassied
to prot or
loss
From
impairment/
reversal
of an
impairment
loss
Result on
disposal
Net result
(total)
Financial assets measured at
amortized cost       ()  
Financial assets measured at
fair value through prot or
loss
   ()   ()  
Equity instruments measured
at fair value through other
comprehensive income     ()    ()
Debt instruments measured
at fair value through other
comprehensive income
    ()   () 
Financial liabilities measured
at amortized cost
 () ()      ()
Total  () () () ()  () () ()
94 Annual Financial Report 2021 Lenzing Group
Annual Report 2021 Lenzing Group 66
The net result from nancial instruments comprises the following:
net interest (current interest income and expenses, including the
amortization of premiums and discounts and dividends from com-
panies not accounted for using the equity method), gains/losses
on fair value measurement which are recognized in prot or loss or
through other comprehensive income and the result of impairment
losses (recognition and reversal of bad debt provisions/valuation
adjustments) and on disposals. Income from equity and debt in-
struments measured at fair value through other comprehensive in-
come includes gains/losses from remeasurement and from the re-
classication of remeasurement gains/losses to prot or loss. Net
result from nancial instruments does not include exchange rate
gains/losses (with the exception of nancial instruments carried at
fair value through prot or loss) or gains/losses from hedging in-
struments (cash ow hedges).
The change in the bad debt provisions for receivables measured at
amortized cost is mainly recognized under “Selling expenses”.
The component recognized directly in equity from the subsequent
measurement of equity and debt instruments measured at fair
value through other comprehensive income is reported under the
“reserve for nancial assets measured at fair value through other
comprehensive income”. The remaining components of the net re-
sult are included under “income from non-current and current -
nancial assets” and in “nancing costs”.
Net foreign currency result
In other operating income/expenses are included net foreign cur-
rency gains/losses in the amount of EUR plus 11.557 thousand
(2020: EUR minus 7,521 thousand), in income from non-current
and current nancial assets in the amount of EUR plus 5.203 thou-
sand (2020: EUR minus 6.696 thousand), and in nancing costs
in the amount of EUR plus 4.405 thousand (2020: EUR plus
6.391 thousand).
Note 39. Financial risk management
As an international company, the Lenzing Group is exposed to -
nancial and other market risks. A company-wide risk management
system, which is regulated comprehensively in guidelines, has
been implemented to identify and assess potential risks at an early
stage. This system is designed to achieve maximum risk transpar-
ency and provide high-quality information by quantifying all risk
categories, with a particular emphasis on risk concentration. The
eciency of group-wide risk management is evaluated and moni-
tored on an ongoing basis by both the internal control system (ICS)
and the internal audit department.
The nancial risks arising from nancial instruments – credit risk,
liquidity risk, currency risk (above all with regard to the BRL, CNY,
CZK, HKD, IDR, THB and USD), commodity price risk and interest
rate risk – are classied as relevant risks for the Lenzing Group.
Corresponding hedging measures are used to minimize these risks
wherever possible. Acquired shares in external companies are con-
sidered long-term investments and, therefore, are not viewed as a
relevant market price risk over the short- to medium-term.
Credit risk
Credit risk represents the risk of asset losses that may result from
the failure of individual business partners to meet their contractual
obligations. The credit risk from transactions involving the provision
of goods and services (in particular, trade receivables) is secured
to a substantial extent by credit insurance and bank security (guar-
antees, letters of credit, bills of exchange etc.). Outstanding receiv-
ables and customer limits are monitored on an ongoing basis. The
credit risk from investments with banks (above all, cash and cash
equivalents) and derivatives with a positive market value is reduced
by only concluding transactions with counterparties that can
demonstrate a sound credit rating.
Receivables are measured individually. Individual bad debt provi-
sions are recognized for receivables if there are indications of credit
impairment (individual measurement) and if they are not expected
to be collectible in full. This applies especially when the debtor has
signicant nancial diculties, is in default or has delayed pay-
ments or when there is an increased probability that the debtor will
enter bankruptcy and the involved receivable is not suciently col-
lateralized. The expected loss is low because of the Lenzing
Group’s comprehensive receivables management (extensive col-
lateralization with credit insurance and bankable security as well as
continuous monitoring of accounts receivable and customer limits).
To determine the required impairment for trade receivables for
which no individual bad debt provisions were recognized, the de-
faults of the past years were evaluated in the Lenzing Group. The
analysis has shown that there is only an immaterial risk for receiva-
bles overdue for a certain period.
The loss ratios are based on historical default rates of the last nine
years and are distinguished by companies and periods overdue.
The COVID-19 crisis did not result in any signicant changes in de-
fault rates during the nancial year. The relevant development is
continuously monitored by the management.
For non-current debt instruments assigned to the category “at fair
value through other comprehensive income”, originated loans and
other nancial assets (current and non-current), which are meas-
ured at amortized cost, as well as cash and cash equivalents, the
calculation of impairment is based on the average default rates.
The impairment is based on the default rate per rating for the re-
spective nancial instrument. A signicant change in credit risk is
identied based on the rating and default of payment. Regarding
instruments with a low credit risk, the Lenzing Group assumes that
the credit risk has not increased signicantly since the rst recog-
nition. Consequently, the twelve month credit loss is always recog-
nized for such instruments. Since the expected impairment is im-
material, no expected credit loss is recorded for these nancial as-
sets.
The reduced earning power and uncertainties, in particular due to
a re at a plant of the buyer of EFB in 2018 (including its subsidiar-
ies), result in a higher default risk for the receivables from these
companies. Therefore, the calculation of bad debt provisions for
these originated loans was changed from the expected twelve
month credit loss to lifetime expected credit loss in 2018. The life-
time expected credit loss was determined based on the dierence
between the contractual payments and all payments expected by
the management in the future.
95 Annual Financial Report 2021 Lenzing Group
Annual Report 2021 Lenzing Group 67
Trade receivables are considered defaulted when they are overdue
for more than 270 days or when it is unlikely that the debtor can
meet the obligations without the realization of collateral. This long
period of time results from the fact that about 90 percent of trade
receivables are insured by credit insurance.
Financial assets are only derecognized directly if the contractual
rights to payments cease to exist (particularly in the event of bank-
ruptcy). An impairment loss is reversed up to amortized cost if the
reasons for its recognition no longer exist.
The Group considers the risk concentration in trade receivables to
be rather low because its customers are based in various countries,
operate in dierent sectors and are active on largely independent
markets. A rather small amount of the receivables is overdue and
not individually impaired (see table “aging of receivables” below).
Important eects for a change in bad debt provisions include pos-
sible default of payment by major customers or a general increase
of receivables at the reporting date. During the nancial year there
was no signicant increase in defaults. Trade receivables increased
as at December 31, 2021.
The bad debt provisions developed as follows:
Development and reconciliation of
bad debt provisions
EUR '000
Lifetime
expected
credit loss
(portfolio
measure-
ment)
Lifetime
expected
credit loss
(individual
measure-
ment)
Trade receivables
Bad debt provisions as at 01/01/2021  
Transfer to “Lifetime expected credit loss”  ()
Reversal () ()
Addition  
Currency translation adjustment  
Bad debt provisions as at 31/12/2021  
Development and reconciliation of
bad debt provisions (previous year) EUR '000
Lifetime
expected
credit loss
(portfolio
measure-
ment)
Lifetime
expected
credit loss
(individual
measure-
ment)
Trade receivables
Bad debt provisions as at 01/01/2020  
Transfer to “Lifetime expected credit loss”  ()
Reversal () ()
Addition  
Currency translation adjustment () ()
Bad debt provisions as at 31/12/2020  
Lifetime expected credit loss
(individual measurement)
EUR '000
2021 2020
Originated loans at amortized cost
Bad debt provisions as at 01/01  
Utilization
Reversal () 
Addition  
Currency translation adjustment  ()
Bad debt provisions as at 31/12  
Other nancial assets
(non-current and current)
Bad debt provisions as at 01/01  
Utilization  
Addition  
Bad debt provisions as at 31/12  
The bad debt provisions for trade receivables include bad debt pro-
visions of EUR 1,810 thousand (2020: EUR 650 thousand) for com-
panies accounted for using the equity method.
The bad debt provisions for trade receivables are related primarily
to bad debt provisions for overdue, uninsured receivables.
96 Annual Financial Report 2021 Lenzing Group
Annual Report 2021 Lenzing Group 68
The carrying amount of the impaired receivables is as follows:
Aging and expected credit loss for
trade receivables
EUR '000
31/12/2021
Gross
carrying
amount
Expected
credit loss
Not overdue  
Overdue up to 30 days  
Overdue for 31 to 90 days  
Overdue for 91 to 365 days  
Overdue for more than one year  
Credit impaired receivables
(individual measurement)
 
Total  
Aging and expected credit loss for
trade receivables (previous year)
EUR '000
31/12/2020
Gross
carrying
amount
Expected
credit loss
Not overdue  
Overdue up to 30 days  
Overdue for 31 to 90 days  
Overdue for 91 to 365 days  
Overdue for more than one year  
Credit impaired receivables
(individual measurement)  
Total  
Development of expected credit loss not
including credit impaired nancial assets EUR '000
As at 01/01/2020 
Change 
As at 31/12/2020 = 01/01/2021 
Change 
As at 31/12/2021 
Aging of nancial receivables EUR '000
Originated
loans
Other
nancial
receivables
(current and
non-current)
Gross carrying amount as at 31/12/2021  
Thereof at the reporting date:
Not overdue  
Thereof impaired  
Aging of nancial receivables (previous year) EUR '000
Originated
loans
Other
nancial
receivables
(current and
non-current)
Gross carrying amount as at 31/12/2020  
Thereof at the reporting date:
Not overdue  
Thereof impaired  
Securities in the scope of the impairment provisions of IFRS 9 as
well as cash and cash equivalents have a rating between AAA and
BBB.
There are currently no doubts concerning the collectability of -
nancial assets that are neither past due nor impaired.
The maximum exposure to credit risk from recognized nancial as-
sets is as follows:
Maximum exposure to credit risk from
recognized nancial assets
EUR '000
31/12/2021 31/12/2020
Carrying amount of asset nancial instruments
(see note 37)
 
Less risk reduction in relation to receivables
due to
Credit insurance received for trade
receivables (not including deductibles) () ()
Guarantees received for trade receivables () ()
Total  
The maximum exposure to credit risk from nancial guarantee con-
tracts and contingent liabilities is shown in note 42.
Liquidity risk
Liquidity risk represents the risk of not being able to obtain sufficient
funds to settle incurred liabilities at all times. The management of
liquidity risk has a high priority in the Lenzing Group. Corporate
guidelines require uniform, proactive liquidity forecasts and medium-
term planning throughout the entire Group. The Lenzing Group
continuously monitors the risk of a possible liquidity shortage.
The Lenzing Group had liquid assets totaling EUR 1,124,120 thou-
sand (December 31, 2020: EUR 1,081,122 thousand) in the form of
cash and cash equivalents including money market funds and liquid
bills of exchange (see note 36). Unused credit facilities of
EUR 454,471 thousand were available as at December 31, 2021
(December 31, 2020: EUR 1,031,364 thousand) to nance neces-
sary working capital and to cover any shortfalls caused by eco-
nomic cycles. The medium- and long-term nancing for the Len-
zing Group is provided by equity and nancial liabilities, in particu-
lar bonds, private placements and bank loans. Current nancial li-
abilities can regularly be extended or renanced with other lenders.
Trade payables provide short-term nancing for the goods and ser-
vices purchased. The liabilities covered by reverse factoring agree-
ments are settled in line with their agreed maturity, whereby the
related cash outows are included in liquidity planning. For this rea-
son, the Group considers the concentration of risk with regard to
sucient nancing sources as rather low.
97 Annual Financial Report 2021 Lenzing Group
Annual Report 2021 Lenzing Group 69
The contractually agreed (undiscounted) interest and principal
payments for primary nancial liabilities (including nancial guar-
antee contracts) are shown below:
Maturity analysis of non-derivative
nancial liabilities EUR '000
Carrying
amount
as at
31/12/2021
Cash flows
2022
Cash flows
2023 to
2026
Cash ows
from 2027
Private placements    
Bank loans    
Loans from other
lenders
   
Lease liabilities    
Trade payables    
Puttable non-
controlling interests
   
Other nancial
liabities
1
   
Total    
Thereof:
Fixed interest   
Fixed and oating
rate interest   
Floating rate
interest
  
Repayment   
1) The above includes the maximum possible payment obligations from nancial guar-
antee contracts. The amounts are assumed to be due in the rst year.
Maturity analysis of non-derivative
nancial liabilities (previous year)
EUR '000
Carrying
amount
as at
31/12/2020
Cash ows
2021
Cash ows
2022 to
2025
Cash ows
from 2026
Private placements    
Bank loans    
Loans from other
lenders    
Lease liabilities    
Trade payables    
Puttable non-
controlling interests
   
Other nancial
liabities
1
   
Total    
Thereof:
Fixed interest   
Fixed and oating
rate interest
  
Floating rate
interest
  
Repayment   
1) The above includes the maximum possible payment obligations from nancial guar-
antee contracts. The amounts are assumed to be due in the rst year.
The above tables include all primary nancial liabilities held at the
reporting date, but exclude estimated future liabilities. Foreign cur-
rency amounts were translated with the spot exchange rate in ef-
fect at the reporting date. Floating rate interest payments were cal-
culated according to the last interest rates set before the reporting
date. Financial liabilities that are repayable at any time are always
assigned to the earliest time period.
98 Annual Financial Report 2021 Lenzing Group
Annual Report 2021 Lenzing Group 70
The contractually agreed (undiscounted) interest and principal
payments for derivative nancial instruments are as follows:
Maturity analysis of derivative nancial
instruments
EUR '000
Carrying
amount
as at
31/12/2021
Cash
ows
2022
Cash
ows
2023 to
2026
Cash
ows
from 2027
Currency, combined
interest rate/currency and
interest rate derivatives
Derivatives with a positive
fair value (cash ow hedges)
   
Derivatives with a positive
fair value (cash ow hedges
with the underlying already
recognized in prot or loss)
   
Positive fair value    
Derivatives with a negative
fair value (cash ow hedges) () () () ()
Derivatives with a negative
fair value (cash ow hedges
with the underlying already
recognized in prot or loss)
() ()  
Negative fair value () () () ()
Total () () () ()
Cash ows consist solely of principal and do not include any interest components.
Fair value: + = receivable, - = liability from the Lenzing Group’s perspective
Maturity analysis of derivative nancial
instruments (previous year)
EUR '000
Carrying
amount
as at
31/12/2020
Cash
ows
2021
Cash
ows
2022 to
2025
Cash
ows
from 2026
Currency, combined
interest rate/currency and
interest rate derivatives
Derivatives with a positive
fair value (cash ow hedges)    
Derivatives with a positive
fair value (cash ow hedges
with the underlying already
recognized in prot or loss)    
Positive fair value    
Derivatives with a negative
fair value (cash ow hedges)
() () () 
Derivatives with a negative
fair value (cash ow hedges
with the underlying already
recognized in prot or loss) () ()  
Negative fair value () () () 
Total () () () 
Cash ows consist solely of principal and do not include any interest components.
Fair value: + = receivable, - = liability from the Lenzing Group’s perspective
Currency risk
Cash ows from capital expenditures and the operating business
as well as investments and nancing in foreign currencies expose
the member companies of the Lenzing Group to currency risks.
Risks from foreign currencies are hedged as far as possible if they
inuence the Group’s cash ows. In the operating business, the in-
dividual group companies are exposed to currency risk in connec-
tion with planned incoming and outgoing payments outside their
functional currency. Forward foreign exchange contracts, which
are recognized at fair value, are used to hedge the exchange rate
risk from foreign currency positions arising from expected future
transactions in foreign currencies by group companies.
For companies with the same functional currency, the respective
net foreign currency exposures are calculated for the following
sales year as part of the budgeting process. Foreign currency pur-
chases and sales are aggregated into separate groups for each cur-
rency. Approximately 62 percent of the budgeted net exposure for
the following nancial year was hedged for EUR/USD, the domi-
nant currency pair in the Lenzing Group, as at December 31, 2021
(December 31, 2020: approximately 73 percent). The CNY also
plays an important role. The resulting risk concentration at the re-
porting date can be seen in the following tables (especially the ta-
bles on “sensitivity analysis and risk exposure for foreign currency
risks”).
Translation risk is also regularly assessed and monitored at the
Group level. Translation risk represents the risk arising from the
consolidation of foreign investments whose functional currency is
not the euro. The greatest risk exposure here is in relation to the US
dollar.
Commodity risk
The gas price risk is hedged physically through supply contracts.
The group is also subject to the usual market price risks in connec-
tion with its business activities (especially relating to wood, chem-
icals, pulp and energy) which are not hedged with derivatives or
nancial instruments, but protected through other measures
(above all, long-term and short-term supply contracts with various
suppliers).
Interest rate risk
The Lenzing Group is exposed to interest rate risk through its busi-
ness-related nancing and investing activities. Interest rate risks
arise through potential changes in the market interest rate. They
can lead to a change in the fair value of xed rate nancial instru-
ments and to uctuations in the cash ows from interest payments
for oating rate nancial instruments. Interest rate risks and the re-
sulting risk concentrations are managed by monitoring and adjust-
ing the composition of xed rate and oating rate primary nancial
instruments on an ongoing basis and by the selective use of deriv-
ative nancial instruments. The level of the resulting risk concen-
tration as of the balance sheet date is presented in the following
tables (see section “Sensitivity analysis and exposure for interest
rate risks”).
99 Annual Financial Report 2021 Lenzing Group
Annual Report 2021 Lenzing Group 71
Sensitivity analysis and exposure for currency
risks
The Lenzing Group uses the following assumptions for its sensitiv-
ity analysis:
●
The sensitivity of prot or loss is based on the receivables and
liabilities recognized by the group companies which are de-
nominated in a currency other than the functional currency of
the relevant company and the open derivatives from cash ow
hedges for currency risks in cases where the hedged item was
already recognized in prot or loss as at the reporting date. The
carrying amounts of the receivables and liabilities, respectively
the nominal values of the derivatives, correspond to the expo-
sure. The individual exposures are presented consistently in re-
lation to the US dollar and euro for the aggregation to the
Group’s exposure.
●
The sensitivity of other comprehensive income as at the re-
porting date is based on the open derivatives from cash ow
hedges for currency risks in cases where the hedged item has
not yet been recognized in prot or loss. The nominal value of
the open derivatives corresponds to the exposure.
The following tables show the sensitivities and exposure for cur-
rency risk as at the reporting dates:
Sensitivity analysis and risk exposure for foreign currency risks (EUR) EUR '000
31/12/2021 31/12/2020
Group exposure
in relation to EUR
Sensitivity to
10% devaluation
of the EUR
Sensitivity to
10% revaluation
of the EUR
Group exposure
in relation to EUR
Sensitivity to
10% devaluation
of the EUR
Sensitivity to
10% revaluation
of the EUR
EUR-USD   ()   ()
EUR-GBP   () () () 
EUR-CNY/CNH   ()   ()
EUR-CZK () ()  () () 
EUR-HKD () ()  () () 
Sensitivity of net prot or loss after tax
(through receivables and payables)   ()  ()
Sensitivity of other comprehensive income
after tax
(through cash ow hedge derivatives)
()  () 
Sensitivity of equity  ()  ()
Group exposure: + receivable, – liability; sensitivity: + increase in prot/other comprehensive income, - decrease in prot/other comprehensive income
Sensitivity analysis and risk exposure for foreign currency risks (USD/GBP) EUR '000
31/12/2021 31/12/2020
Group exposure
in relation to
USD/GBP
Sensitivity to
10% devaluation
of the USD/GBP
Sensitivity to
10% revaluation
of the USD/GBP
Group exposure
in relation to
USD/GBP
Sensitivity to
10% devaluation
of the USD/GBP
Sensitivity to
10% revaluation
of the USD/GBP
USD-IDR () ()  () () 
USD-GBP () ()  () () 
USD-CNY/CNH   ()   ()
USD-CZK () ()  () () 
USD-THB   () () () 
USD-BRL   () () () 
GBP-CNY/CNH   ()   ()
Sensitivity of net prot or loss after tax
(through receivables and payables)   () () 
Sensitivity of other comprehensive income
after tax
(through cash ow hedge derivatives)
()   ()
Sensitivity of equity ()  () 
Group exposure: + receivable, – liability; sensitivity: + increase in prot/other comprehensive income, - decrease in prot/other comprehensive income
100 Annual Financial Report 2021 Lenzing Group
Annual Report 2021 Lenzing Group 72
Sensitivity analysis and exposure for interest
rate risks
The following tables show the exposure for interest rate risks at the
reporting dates in the form of the carrying amounts of interest-
bearing primary nancial instruments:
Risk exposure for interest rate risks EUR '000
31/12/2021
Fixed interest
Fixed and
oating rate
interest
Floating rate
interest
No interest Total
Cash and cash equivalents     
Financial assets     
Financial liabilities () () ()  ()
Net risk position () () ()  ()
Eects from derivative instruments (hedging) ()    
Net risk position after hedging eect () ()   ()
+ Receivables, - Liabilities
Risk exposure for interest rate risks (previous year) EUR '000
31/12/2020
Fixed interest
Fixed and
oating rate
interest
Floating rate
interest
No interest Total
Cash and cash equivalents     
Financial assets
1
    
Financial liabilities () () ()  ()
Net risk position () ()   ()
Eects from derivative instruments (hedging) ()    
Net risk position after hedging eect () ()   ()
+ Receivables, - Liabilities
1) Includes, among others, the GF 82 wholesale fund whose income is distributed or reinvested.
101 Annual Financial Report 2021 Lenzing Group
Annual Report 2021 Lenzing Group 73
Sensitivity analyses are performed for the interest rate risks arising
from oating rate nancial instruments and from the uctuation in
the market values of cash ow hedge derivatives. They show the
eects of hypothetical changes in interest rates on prot or loss,
other comprehensive income and equity.
The Lenzing Group uses the following assumptions in its analysis
of the interest rate risk arising from oating rate nancial instru-
ments:
●
The sensitivity analysis includes all oating rate primary and
derivative nancial instruments as at the reporting date.
●
The exposure corresponds to the carrying amount of the oat-
ing rate nancial instruments.
The sensitivities and exposure for the interest rate risks arising from
oating rate nancial instruments are as follows as at the reporting
dates:
Sensitivity analysis for interest rate risks from
variable-rate primary and derivative nancial
instruments
EUR '000
31/12/2021
Net risk
position
after
hedging
eect
Sensitivity
to a 100 bp
increase in
the interest
rate level
Sensitivity to
a 100 bp
decrease in
the interest
rate level
1
Sensitivity of net prot or loss
after tax
 () ²
31/12/2020
Sensitivity of net prot or loss
after tax   ()²
1) A reduction in the basis points results in a proportional decrease in the sensitivity.
2) The evaluation is based on the assumption that negative interest rates are paid on
cash and cash equivalents. The evaluation does not include liabilities for which no
negative interest is calculated.
The Lenzing Group bases the sensitivity analysis for the interest
rate risk from the uctuation in market values of cash ow hedge
derivatives for interest rate risks on the following assumptions:
●
The sensitivity of other comprehensive income as at the re-
porting date is based on the open derivative from cash ow
hedges for interest rate risks in cases where the hedged item
has not yet been recognized in prot or loss.
●
The exposure corresponds to the nominal value of the deriva-
tive amount of EUR 418,211 thousand (December 31, 2020:
EUR 0 thousand).
An increase in the interest rate level by 1 percentage point would
lead to an increase in other comprehensive income (after taxes) of
EUR 9,543 thousand (December 31, 2020: EUR 0 thousand). A de-
crease in the interest rate level by 1 percentage point would lead to
a reduction in other comprehensive income (after taxes) of
EUR 9,532 thousand (December 31, 2020: EUR 0 thousand). The
interest rate sensitivity has no eect on prot or loss, as the meas-
urement of interest rate derivatives is recognized in the hedging
reserve with no eect on prot or loss.
The Lenzing Group holds nancial instruments that are linked to an
IBOR reference interest rate and must be replaced as part of the
IBOR reform. Until December 31, 2021, the previous reference in-
terest rate, the Euro Overnight Index Average (EONIA), relating to
aected nancial liabilities was adjusted to the Euro Short-Term
Rate (€STR) reference interest rate. The changeover of the USD-
LIBOR reference interest rate relating to aected nancial liabilities
and corresponding cash ow hedge derivatives for combined in-
terest rate/currency risks and for interest rate risks to an alternative
reference interest rate has already begun. The Lenzing Group is
monitoring the transition to alternative reference interest rates and
is managing the resultant risks.
Additional information on nancial risk management and nancial
instruments is provided in the risk report of the Lenzing Group’s
management report as at December 31, 2021.
102 Annual Financial Report 2021 Lenzing Group
Annual Report 2021 Lenzing Group 74
Note 40. Related party disclosures
Overview
Related parties of the Lenzing Group include, in particular, the
member companies of the B&C Group together with its subsidiar-
ies, joint ventures and associates and its corporate bodies (execu-
tive board/management and supervisory board, where applicable)
as well as close relatives of the members of the corporate bodies
and companies under their inuence (see note 1 “Description of the
company and its business activities” and note 41). The amounts and
transactions between Lenzing AG and its consolidated subsidiaries
are eliminated through consolidation and are not discussed further
in this section.
B&C Privatstiftung is managed by a board of trustees. No member
of the Managing Board of Lenzing AG is a member of this board of
trustees or the management/Managing Board of a subsidiary of
B&C Privatstiftung, with the exception of subsidiaries of the Len-
zing Group. The Lenzing Group has no inuence over the business
activities of B&C Privatstiftung.
The members of the corporate bodies of Lenzing AG (in particular,
the Supervisory Board) and the above-mentioned entities are, in
some cases, also members of the corporate bodies or shareholders
of other companies with which Lenzing AG maintains ordinary
business relationships. The Lenzing Group maintains ordinary busi-
ness relationships with banks that involve nancing, investing and
derivatives.
Relationship with related companies
In connection with the tax group established with B&C Group
(see note 31), the Lenzing Group recognized a tax credit of
EUR 747 thousand through prot or loss in 2021 (2020:
EUR 24 thousand). Contractual obligations resulted in the payment
or advance payment of tax allocations totaling EUR 15,285 thou-
sand in 2021 (2020: EUR 19,196 thousand). The Lenzing Group rec-
ognized a liability of EUR 28,000 thousand towards B&C Group
from the tax allocation, after the deduction of advance payments,
as at December 31, 2021 (December 31, 2020: receivable
EUR 4,568 thousand). The tax loss of EUR 0 thousand (Decem-
ber 31, 2020: EUR 3,256 thousand) was recognized under deferred
tax assets. Income tax expense of EUR 17,268 thousand was rec-
ognized in 2021 as a result of the tax allocation to B&C Group (2020:
EUR 1,229 thousand).
Relationships with companies accounted for
using the equity method and their material
subsidiaries
Transactions with companies accounted for using the equity
method and their material subsidiaries relate primarily to:
Material relationships with companies
accounted for using the equity method
EQUI-Fibres Beteiligungsgesellschaft mbH
and its subsidiaries (EFB)
Distribution of bers, delivery of
pulp, loan assignment
Lenzing Papier GmbH (LPP)
Provision of infrastructure and
administrative services
RVL Reststoverwertung Lenzing GmbH
(RVL)
Operation of a recycling plant and
purchase of the generated steam;
letting of land
Hygiene Austria LP GmbH (HGA), the
shares were sold in March 2021
Supply of raw materials, provision
of services, loan receivable,
guarantee given and purchasing of
protective masks
Gemeinnützige Siedlungsgesellschaft
m.b.H. für den Bezirk Vöcklabruck (GSG)
Provision of infrastructure and
administrative services
PT. Pura Golden Lion (PGL) Loan liability
Wood Paskov s.r.o. (LWP) Purchase of wood
LD Florestal S.A. (LDF) Land use rights, loan liability
The scope of material transactions and the outstanding balances
with companies accounted for using the equity method and their
major subsidiaries are as follows:
Relationships with companies accounted for using
the equity method and their material subsidiaries
EUR
'000
2021 EFB
Other
associates
LDF
Other
joint
ventures
Total
Goods and
services provided
    
Goods and
services received
    
Receivables as at
31/12
    
Liabilities as at
31/12
    
Disclosures on Related Parties and Executive Bodies
103 Annual Financial Report 2021 Lenzing Group
Annual Report 2021 Lenzing Group 75
Relationships with companies accounted for using
the equity method and their material subsidiaries
(previous year)
EUR '000
2020 EFB
Other
associates
LDF
Other
joint
ventures
Total
Goods and
services provided
    
Goods and
services received
    
Receivables as at
31/12     
Liabilities as at
31/12     
Bad debt provisions of EUR 1,160 thousand for trade receivables
from companies accounted for using the equity method were rec-
ognized to prot or loss as expense in 2021 (2020: EUR 2,100 thou-
sand income).
Kelheim Fibers GmbH, Kelheim, Germany, a subsidiary of the eq-
uity-accounted investee EQUI-Fibres Beteiligungsgesellschaft
mbH, Kelheim, Germany, received a long-term, unsecured loan of
EUR 5,000 thousand from Lenzing AG in 2017. The interest reects
standard bank rates.
Hygiene Austria LP GmbH received a long-term, unsecured loan of
EUR 2,000 thousand from Lenzing AG in the 2020 nancial year.
The interest reects standard bank rates. In the 2021 nancial year,
this loan was waived as part of the divestiture of Hygiene Austria
LP GmbH. Lenzing AG guaranteed up to a maximum of
EUR 1,000 thousand to a supplier of Hygiene Austria LP GmbH un-
til the divestiture of Hygiene Austria LP GmbH.
LD Florestal S.A., issued an unsecured loan of EUR 27,913 thousand
to the fully consolidated subsidiary LD Celulose S.A. in 2019, which
carries standard bank interest rates. EUR 14.748 thousand of the
loan were drawn down as at December 31, 2021 (December 31,
2020: EUR 21,318 thousand). In addition, LD Florestal S.A. granted
LD Celulose S.A. a land use right in the 2020 nancial year. The
carrying amount of the resulting lease liability amounts to
EUR 36,941 thousand as at December 31, 2021 (December 31,
2020: EUR 39,620 thousand).
There were no major transactions with the other non-consolidated
subsidiaries in 2020 and 2021.
Relationships with members of the Managing
Board and Supervisory Board of Lenzing AG
The remuneration expensed for key management personnel, which
comprises the active members of the Managing Board and Super-
visory Board of Lenzing AG, in line with their functions is summa-
rized below (including changes in provisions):
Remuneration for key management
personnel (expensed) EUR '000
2021 2020
Remuneration for the Managing Board
Basic salary  
Benets in kind and other benets
(in particular use of company vehicles)  
Short-term variable performance bonus
(short-term incentive; STI)
 
Extraordinary remuneration (special bonuses)  
Short-term employee benets  
Long-term variable performance bonus
(long-term incentive; LTI)  
Extraordinary remuneration (special bonuses)  
Other long-term employee benets  
Contributions to multiemployer pension fund  
Post-employment benets  
Compensation for non-competition clauses
and one-o gratuity
 
Termination benets  
Remuneration for the Managing Board  
Remuneration for the Supervisory Board
Short-term employee benets  
Total  
The benchmark for the long-term bonus component of the mem-
bers of the Managing Board (long-term incentive/LTI) consists of
selected key indicators of the Lenzing Group, each over a three-
year calculation period. In addition, the company’s capital market
performance is assessed in comparison with a group of selected
listed companies during these periods.
The employee representatives on the Supervisory Board who were
delegated by the Works Council are entitled to regular compensa-
tion (wage or salary plus severance and jubilee benets) under their
employment contracts in addition to the compensation for their ac-
tivity on the Supervisory Board (in particular attendance fees). This
compensation represents appropriate remuneration for their
role/activities performed in the company.
In line with customary market and corporate practice, Lenzing AG
also grants additional benets, which are considered non-cash
benets, to the members of the Managing Board, selected senior
executives and Supervisory Board members. One example of such
benets is insurance coverage (D&O, accident, legal protection
etc.), whereby the costs are carried by the Lenzing Group. The in-
surers receive total premium payments, i.e. there is no specic al-
location to the Managing Board and the Supervisory Board. In ad-
dition, the members of the Managing Board and selected senior
executives are provided with company vehicles. The members of
104 Annual Financial Report 2021 Lenzing Group
Annual Report 2021 Lenzing Group 76
the Managing Board and the Supervisory Board are also reim-
bursed for certain costs incurred, above all travel expenses. The
principles of the remuneration system for the Managing Board and
the Supervisory Board are described in detail and disclosed in the
2021 remuneration report of the Lenzing Group.
The members of the Managing Board and Supervisory Board re-
ceived no advances, loans or guarantees. The Lenzing Group has
not entered into any contingencies on behalf of the Managing
Board or Supervisory Board.
Post-employment benefits of EUR 12 thousand were recognized for
former members of the Managing Board of Lenzing AG or their sur-
viving dependents in the form of income on the income statement
and allocations to other comprehensive income (2020:
EUR 607 thousand in the form of expenses). The present value of
the pension provision recognized in this context, after deduction of
the fair value of plan assets (net obligation), amounted to
EUR 6,512 thousand as at December 31, 2021 (December 31, 2020:
EUR 7,285 thousand).
Note 41. Executive Bodies
Members of the Supervisory Board
●
Peter Edelmann
Chairman
●
Patrick Prügger
Deputy Chairman (since April 14, 2021)
●
Stefan Fida
Deputy Chairman (since April 14, 2021)
●
Helmut Bernkopf
●
Christian Bruch
●
Markus Fürst (since April 14, 2021)
●
Franz Gasselsberger
●
Melody Harris-Jensbach (since June 18, 2020)
●
Cord Prinzhorn (April 14, 2021 up to November 3, 2021)
●
Astrid Skala-Kuhmann
●
Veit Sorger
Deputy Chairman (up to April 14, 2021)
●
Felix Fremerey (up to June 18, 2020)
Appointed by the Works Council
●
Johann Schernberger
Chairman of the Group Works Council
Chairman of the Works Committee (up to January 18, 2021)
Chairman of the Works Council for Waged Employees
●
Helmut Kirchmair
Chairman of the Works Committee (since January 18, 2021)
Deputy Chairman of the Works Council for Waged Employees
●
Georg Liftinger
Deputy Chairman of the Works Committee
Chairman of the Works Council for Salaried Employees
●
Herbert Brauneis
Deputy Chairman of the Works Council for Waged Employees
●
Daniela Födinger
Deputy Chairwoman of the Works Council for Salaried
Employees
Members of the Managing Board
●
Cord Prinzhorn
Chairman of the Managing Board (since November 4, 2021)
●
Thomas Obendrauf
Chief Financial Ocer
●
Robert van de Kerkhof
Member of the Managing Board
●
Stephan Siela
Member of the Managing Board (since March 1, 2020)
●
Christian Skilich
Member of the Managing Board (since June 1, 2020)
●
Stefan Doboczky
Chairman of the Managing Board (up to September 30, 2021)
105 Annual Financial Report 2021 Lenzing Group
Annual Report 2021 Lenzing Group 77
Note 42. Financial guarantee
contracts, contingent assets and
liabilities, other nancial obligations
and legal risks
The Lenzing Group has entered into contingent liabilities of
EUR 4,905 thousand (December 31, 2020: EUR 5,484 thousand),
above all to secure claims related to the sale of certain equity in-
vestments and claims by suppliers, for possible default on sold re-
ceivables (also see note 37 “Factoring“) and for claims by third par-
ties outside the Group. Less important contingent liabilities involve
granted retentions. The reported amounts represent the maximum
payment obligation from the viewpoint of the Lenzing Group, and
there is only a limited potential for recoveries.
The Lenzing Group provides committed credit lines of
EUR 5,379 thousand (December 31, 2020: EUR 8,622 thousand) to
third parties. These credit lines were not used as at December 31,
2021 and December 31, 2020 (also see note 22).
Bank guarantees of EUR 51,703 thousand (December 31, 2020:
EUR 56,021 thousand) are in place for future equity injections of
Lenzing AG for LD Celulose S.A. from 2021 to 2022. These bank
guarantees were not drawn as at December 31, 2021 and Decem-
ber 31, 2020.
The Lenzing Group carries obligations for severance payments and
anniversary benets for former employees of certain sold equity
investments up to the amount of the notional claims at the sale date.
Provisions were recognized for these obligations as at the reporting
date at an amount equal to their present value calculated in ac-
cordance with actuarial principles. Lenzing AG, in particular, has
also assumed liabilities to secure third-party claims against consol-
idated companies; these claims are considered unlikely to be real-
ized. The Managing Board is not aware of any other nancial obli-
gations with a signicant impact on the nancial position and -
nancial performance of the Group.
The obligations arising from outstanding orders for intangible as-
sets and property, plant and equipment amounted to
EUR 248,062 thousand as at December 31, 2021 (December 31,
2020: EUR 354,390 thousand). The Lenzing Group has long-term
purchase obligations related to raw material supplies, in particular
for wood, pulp, chemicals and energy.
A lawsuit was led in a US court against Lenzing AG for unspecied
damages in connection with a former investment. Lenzing AG has
rejected these claims. The management does not consider of dam-
ages to be probable.
As an international corporation, the Lenzing Group is exposed to a
variety of legal and other risks. These risks are related, above all, to
product defects, competition and antitrust law, patent law, tax law,
employees and environmental protection (in particular, for environ-
mental damage at production locations and climate risks). It is im-
possible to predict the outcome of pending or future legal pro-
ceedings, and rulings by the courts or government agencies or set-
tlement agreements can lead to expenses that are not fully covered
by insurance which could have a material impact on the group’s
future nancial position and nancial performance. Additional in-
formation is provided in the risk report of the Lenzing Group’s man-
agement report as at December 31, 2021.
Other Disclosures
106 Annual Financial Report 2021 Lenzing Group
Annual Report 2021 Lenzing Group 78
Note 43. Group companies
In addition to Lenzing AG, the Lenzing Group includes the follow-
ing companies (list of group companies in accordance with Section
245a Para. 1 in conjunction with Section 265 Para. 2 of the Austrian
Commercial Code):
Group companies 31/12/2021 31/12/2020
Currency Share capital Share in % Share capital Share in %
Consolidated companies
Avit Investments Limited, Providenciales, Turks and Caicos USD - -  
Beech Investment s.r.o., Zlaté Moravce, Slovakia EUR    
BZL – Bildungszentrum Lenzing GmbH, Lenzing, Austria EUR    
LD Celulose S.A., Indianopolis, Brazil BRL    
Lenzing Biocel Paskov a.s., Paskov, Czech Republic CZK    
Lenzing E-commerce (Shanghai) Co., Ltd., Shanghai, China CNY    
Lenzing Elyaf Anonim Şirketi, Istanbul, Turkey TRY    
Lenzing Fibers (Shanghai) Co., Ltd., Shanghai, China USD    
Lenzing Fibers GmbH, Heiligenkreuz, Austria EUR    
Lenzing Fibers Grimsby Limited, Grimsby, UK GBP    
Lenzing Fibers Holding GmbH, Lenzing, Austria EUR    
Lenzing Fibers (Hongkong) Ltd., Hong Kong, China HKD    
Lenzing Fibers Inc., Axis, USA USD    
Lenzing Fibers India Private Limited, Coimbatore, India INR    
Lenzing Fibers Ltd., Manchester, UK GBP    
Lenzing Global Finance GmbH, Munich, Germany EUR    
Lenzing Holding GmbH, Lenzing, Austria EUR    
Lenzing Korea Yuhan Hoesa, Seoul, Republic of Korea KRW    
Lenzing Land Holding LLC., Dover, USA USD    
Lenzing Modi Fibers India Private Limited, Mumbai, India INR    
Lenzing (Nanjing) Fibers Co., Ltd., Nanjing, China USD    
Lenzing Singapore Pte. Ltd., Singapore, Republic of Singapore EUR    
Lenzing Taiwan Fibers Ltd., Taipei, Taiwan TWD    
Lenzing (Thailand) Co., Ltd., Prachinburi, Thailand THB    
Nanjing Fabor Waste Water Treatment Co., Ltd, Nanjing, China
1
CNY - -  
Penique S.A., Panama, Panama USD - -  
PT. South Pacic Viscose, Purwakarta, Indonesia
2
IDR    
Pulp Trading GmbH, Lenzing, Austria EUR    
Reality Paskov s.r.o., Paskov, Czech Republic CZK    
Wasserreinhaltungsverband Lenzing – Lenzing AG, Lenzing, Austria
3
EUR  Membership  Membership
Companies accounted for using the equity method
Associates
EQUI-Fibres Beteiligungsgesellschaft mbH, Kelheim, Germany EUR    
Gemeinnützige Siedlungsgesellschaft m.b.H. für den Bezirk
Vöcklabruck, Lenzing, Austria
4
EUR    
Lenzing Papier GmbH, Lenzing, Austria EUR    
PT. Pura Golden Lion, Jakarta, Indonesia IDR    
Joint ventures
Hygiene Austria LP GmbH, Wiener Neudorf EUR - -  
LD Florestal S.A., Indianopolis, Brazil BRL    
RVL Reststoverwertung Lenzing GmbH, Lenzing, Austria EUR    
Wood Paskov s.r.o., Paskov, Czech Republic CZK    
Comments:
1) In the 2021 nancial year, the interest in Nanjing Fabor Waste Water Treatment Co., Ltd, Nanjing, China, was merged with Lenzing (Nanjing) Fibers Co., Ltd, Nanjing, China.
2) The share held directly by the Lenzing Group equals 91.87 percent (December 31, 2020: 88.08 percent). A further 8.13 percent of the shares are held indirectly via PT. Pura
Golden Lion, Jakarta, Indonesia, an associate of the Lenzing Group. The total calculated share therefore equals 95.12 percent.
3) The Lenzing Group participates through a membership. It holds 50 percent of the voting rights and can appoint half of the Managing Board members. Since all assets are at-
tributable to the respective landowner under company law, the entity is notionally a separate company (a so-called “silo structure”). Assets located on the Lenzing Group’s land
are therefore included in the consolidation.
4) This investment is not included in the consolidated nancial statements as a subsidiary, even though the Lenzing Group holds 99.9 percent of the voting rights in the company.
In light of the given circumstances, the Lenzing Group does not control this company because its power is limited and because the returns hardly vary or can hardly be inuenced
by the Lenzing Group. Signicant inuence is exercised by the Lenzing Group over the nancial and operating policies of this company, in particular through representation on
management bodies and participation in decision-making processes.
107 Annual Financial Report 2021 Lenzing Group
Annual Report 2021 Lenzing Group 79
Note 44. Signicant events after the
end of the reporting period
On January 20, 2022, a gradual reduction in the corporate tax rate
in Austria from 25 percent to 23 percent with eect from Janu-
ary 1, 2023 was approved. This reduction does not aect current or
deferred taxes recognized as at December 31, 2021. However, this
change will reduce the group’s future eective tax burden accord-
ingly. If the modied tax rates had been applied for the calculation
of deferred taxes as at December 31, 2021, deferred tax liabilities
would have decreased by EUR 2,708 thousand (see note 31).
Military clashes between Russia and Ukraine have arisen since Feb-
ruary 24, 2022. The Lenzing Group has no investments, other as-
sets or other signicant business relationships in either of these
countries. For this reason, the consolidated nancial statements of
the Lenzing Group as of December 31, 2021 are not aected.
Other than that, the Lenzing Group is not aware of any signicant
events occurring after the reporting date on December 31, 2021
which would have resulted in a dierent presentation of its nancial
position and nancial performance.
Note 45. Authorization of the
consolidated nancial statements
These consolidated nancial statements were approved on
March 1, 2022 (consolidated nancial statements as at Decem-
ber 31, 2020: March 8, 2021) by the Managing Board for review by
the Supervisory Board, presentation to the Annual General Meet-
ing and subsequent publication. The Supervisory Board may re-
quire changes to the consolidated nancial statements as part of
its review.
Lenzing, March 1, 2022
Lenzing Aktiengesellschaft
The Managing Board
Cord Prinzhorn
Chairman of the Managing Board
Thomas Obendrauf
Chief Financial Ocer
Robert van de Kerkhof
Member of the Managing Board
Stephan Siela
Member of the Managing Board
Christian Skilich
Member of the Managing Board
108 Annual Financial Report 2021 Lenzing Group
Annual Report 2021 Lenzing Group 80
Report on the Consolidated Financial
Statements
Audit Opinion
We have audited the consolidated nancial statements of Lenzing
Aktiengesellschaft, Lenzing, Austria, and its subsidiaries (the
Group), which comprise the consolidated Statement of Financial
Position as at 31 December 2021, and the Consolidated Income
Statement and Consolidated Statement of Other Comprehensive
Income, Consolidated Statement of Changes in Equity and Con-
solidated Statement of Cash Flows for the year then ended, and
the Notes to the Consolidated Financial Statements.
In our opinion, the consolidated nancial statements comply with
the legal requirements and present fairly, in all material respects,
the consolidated nancial position of the Group as at 31 Decem-
ber 2021, and its consolidated nancial performance and consoli-
dated cash ows for the year then ended in accordance with Inter-
national Financial Reporting Standards (IFRSs) as adopted by the
EU, and the additional requirements pursuant to Section 245a UGB
(Austrian Commercial Code).
Basis for our Opinion
We conducted our audit in accordance with the EU Regulation
537/2014 (“AP Regulation”) and Austrian Standards on Auditing.
These standards require the audit to be conducted in accordance
with International Standards on Auditing (ISA). Our responsibilities
under those standards are further described in the “Auditor’s Re-
sponsibilities” section of our report. We are independent of the au-
dited Group in accordance with Austrian company law and profes-
sional regulations, and we have fullled our other responsibilities
under those relevant ethical requirements. We believe that the au-
dit evidence we have obtained up to the date of the auditor’s report
is sucient and appropriate to provide a basis for our audit opinion
on this date.
Key Audit Matters
Key audit matters are those matters that, in our professional
judgment, were of most signicance in our audit of the nancial
statements. These matters were addressed in the context of our
audit of the nancial statements as a whole, however, we do not
provide a separate opinion thereon.
Impairment of Cash-Generating Units (“CGU”)
“Fiber Site China” and “Fiber Site Indonesia”
Refer to note 11
Risk for the nancial statements
In the nancial year 2021 Lenzing Aktiengesellschaft asessed that
there is an indication, that the cash-generating units "Fiber Site
China" and "Fiber Site Indonesia" may be impaired. The estimated
recoverable amounts (impairment test) of both cash-generating
units exceeded their carrying amounts.
The measurement of the recoverable amount of cash-generating
units in accordance with IAS 36 requires assumptions and esti-
mates, such as the estimated future cash ows, as well as the de-
termination of the applicable discount rate.
There is a risk that inappropriate assumptions and estimates used
to measure the recoverable amount could have a signicant impact
on the recoverable amount and therefore the carrying amounts of
the cash-generating units in the consolidated statement of nan-
cial position, as well as the operating result in the consolidated in-
come statement.
Our response
We assessed the impairment tests carried out by the company with
support of our internal valuation experts as follows:
●
To assess the adequacy of the cash ow projections used by
management to measure recoverable amount, we have evalu-
ated managements planning process and discussed the as-
sumptions for growth rates and operating results with man-
agement. Additionally, we have compared these cash ow
projections with the most recent budget approved by the su-
pervisory board as well as the mid-term planning approved by
the managing board.
●
To assess managements historical planning accuracy we have
compared actual nancial gures with prior years cash ow
projections.
●
Our internal valuation experts have assessed the methodology
used for impairment testing for compliance with the applicable
standards. Our experts furthermore compared the assump-
tions, on which the determination of capital cost rates were
based, with market- and industry-specic reference values
and veried the mathematical accuracy of the calculation.
●
Additionally, we have veried whether the descriptions in the
notes to the nancial statements on impairment testing of the
CGUs "Fiber Site China" and "Fiber Site Indonesia" were ap-
propriate.
Auditor’s Report
109 Annual Financial Report 2021 Lenzing Group
Annual Report 2021 Lenzing Group 81
Valuation of puttable non-controlling interests
Refer to note 3 and note 37
Risk for the Consolidated Financial Statements
The minority shareholder of LD Cellulose S.A, Sao Paulo, Brazil, has
an option to sell its non-controlling interests to Lenzing Aktien-
gesellschaft upon the occurrence of contractually agreed events.
As of December 31, 2021, Lenzing Aktiengesellschaft recognized a
liability at a fair value of EUR 234,409 thousand for these puttable
non-controlling interests. Subsequent measurement of the liability
is carried out using the present access method via retained earn-
ings.
The fair value of the liability for the puttable non-controlling inter-
ests is determined in accordance with the contractual agreement
with the minority shareholder according to a discounted cash ow
method. This requires assumptions and estimates, such as estimat-
ing future cash ows and determining the discount rate to be ap-
plied.
There is a risk for the consolidated nancial statements that inap-
propriate assumptions and estimates could have a signicant im-
pact on the fair value and thus the valuation of the liability for the
puttable non-controlling interests in the consolidated statement of
nancial position and equity.
Our response
We assessed the valuation of puttable non-controlling interests as
follows:
●
We assessed whether the chosen valuation model is consistent
with the contractual agreements for determining the option
exercise price.
●
In order to assess the appropriateness of the cash ows used
in the valuation model, we gained an understanding of the
planning process and discussed the assumptions about
growth rates and operating results with management.
●
We compared the planning data assumed in the valuation
model with the current budget gures approved by the Man-
agement Board and the Supervisory Board and the medium-
term plan.
●
Our internal valuation experts assessed the adequacy of the
valuation model and veried the mathematical accuracy. Our
experts compared the determined country and maturity-
specic capital costs with market and industry-specic
benchmarks.
●
Finally, we assessed whether the explanations on the determi-
nation of the fair value for the liability for puttable non-control-
ling interests in the consolidated nancial statements are ap-
propriate.
Other information
Management is responsible for other information. Other infor-
mation is all information provided in the annual report, other than
the consolidated nancial statements, the group management re-
port, and the auditor's report.
Our opinion on the consolidated nancial statements does not
cover other information and we do not provide any assurance
thereon.
In conjunction with our audit, it is our responsibility to read this
other information and to assess whether, based on knowledge
gained during our audit, it contains any material inconsistencies
with the consolidated nancial statements or any apparent material
misstatement of fact. If we conclude that there is a material mis-
statement of fact in other information, we must report that fact. We
have nothing to report in this regard.
Responsibilities of Management and Audit Committee for
the Consolidated Financial Statements
Management is responsible for the preparation and fair presenta-
tion of the consolidated nancial statements in accordance with
International Financial Reporting Standards (IFRSs) as adopted by
the EU, the additional requirements pursuant to Section 245a UGB
(Austrian Commercial Code) and for such internal controls as man-
agement determines are necessary to enable the preparation of
consolidated nancial statements that are free from material mis-
statement, whether due to fraud or error.
Management is also responsible for assessing the Group's ability to
continue as a going concern, disclosing, as applicable, matters re-
lated to going concern and using the going concern basis of ac-
counting, unless management either intents to liquidate the Group
or to cease operations, or has no realistic alternative but to do so.
The audit committee is responsible for overseeing the Group's
nancial reporting process.
Auditor’s Responsibilities
Our objectives are to obtain reasonable assurance about whether
the consolidated nancial statements as a whole are free from ma-
terial misstatement, whether due to fraud or error, and to issue an
auditor's report that includes our audit opinion. Reasonable assur-
ance represents a high level of assurance, but provides no guaran-
tee that an audit conducted in accordance with the AP Regulation
and Austrian Standards on Auditing (and therefore ISAs), will al-
ways detect a material misstatement, if any. Misstatements may
result from fraud or error and are considered material if, individually
or in aggregate, they could reasonably be expected to inuence
the economic decisions of users taken on the basis of these con-
solidated nancial statements.
As part of an audit in accordance with the AP Regulation and Aus-
trian Standards on Auditing, we exercise professional judgment
and maintain professional skepticism throughout the audit.
Moreover:
●
We identify and assess the risks of material misstatement in the
consolidated nancial statements, whether due to fraud or
error, we design and perform audit procedures responsive to
those risks and obtain sucient and appropriate audit
evidence to serve as a basis for our audit opinion. The risk of
not detecting material misstatements resulting from fraud is
higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misprepresentations
or override of internal control.
●
We obtain an understanding of internal control relevant to the
audit in order to design audit procedures that are appropriate
in the circumstances, but not for the purpose of expressing an
opinion on the eectiveness of the Group's internal control.
110 Annual Financial Report 2021 Lenzing Group
Annual Report 2021 Lenzing Group 82
●
We evaluate the appropriateness of accounting policies used
and the reasonableness of accounting estimates and related
disclosures made by management.
●
We conclude on the appropriateness of management's use of
the going concern basis of accounting and, based on the audit
evidence obtained, whether a material uncertainty exists
related to events or conditions that may cast signicant doubt
on the Group's ability to continue as a going concern. If we
conclude that a material uncertainty exists, we are required to
draw attention in our audit report to the respective note in the
consolidated nancial statements. If such disclosures are not
appropriate, we will modify our audit opinion. Our conclusions
are based on the audit evidence obtained up to the date of our
auditor's report. However, future events or conditions may
cause the Group to cease to continue as a going concern.
●
We evaluate the overall presentation, structure and content of
the consolidated nancial statements, including the notes, and
whether the consolidated nancial statements represent the
underlying transactions and events in a manner that achieves
fair presentation.
●
We obtain sucient appropriate audit evidence regarding the
nancial information of the entities and business activities
within the Group to express an opinion on the consolidated
nancial statements. We are responsible for the direction,
supervision and performance of the group audit. We remain
solely responsible for our audit opinion.
●
We communicate with the audit committee regarding,
amongst other matters, the planned scope and timing of our
audit as well as signicant ndings, including any signicant
deciencies in internal control that we identify during our audit.
●
We communicate to the audit committee that we have
complied with the relevant professional requirements in
respect of our independence, that we will report any
relationships and other events that could reasonably aect our
independence and, where appropriate, the related safeguards.
●
From the matters communicated with the audit committee, we
determine those matters that were of most signicance in the
audit i.e. key audit matters. We describe these key audit
matters in our auditor's report unless laws or other legal
regulations preclude public disclosure about the matter or
when in very rare cases, we determine that a matter should not
be included in our audit report because the negative
consequences of doing so would reasonably be expected to
outweigh the public benets of such communication.
Report on Other Legal Requirements
Group Management Report
In accordance with Austrian company law, the group management
report is to be audited as to whether it is consistent with the con-
solidated nancial statements and prepared in accordance with le-
gal requirements.
Management is responsible for the preparation of the group man-
agement report in accordance with Austrian company law and
other legal or regulatory requirements.
We have conducted our audit in accordance with generally ac-
cepted standards on the audit of group management reports.
Opinion
In our opinion, the group management report is consistent with the
consolidated nancial statements and has been prepared in ac-
cordance with legal requirements. The disclosures pursuant to
Section 243a UGB (Austrian Commercial Code) are appropriate.
Statement
Based on our knowledge gained in the course of the audit of the
consolidated nancial statements and our understanding of the
Group and its environment, we did not note any material
misstatements in the group management report.
Additional Information in accordance with
Article 10 AP Regulation
We were elected as auditors at the Annual General Meeting on
April 14, 2021 and were appointed by the supervisory board on April
27, 2021 to audit the nancial statements of Company for the nan-
cial year ending on December 31, 2021.
We have been auditors of the Company, without interruption, since
the consolidated nancial statements as at December 31, 2017.
We declare that our opinion expressed in the "Report on the Con-
solidated Financial Statements" section of our report is consistent
with our additional report to the Audit Committee, in accordance
with Article 11 AP Regulation.
We declare that we have not provided any prohibited non-audit
services (Article 5 Paragraph 1 AP Regulation) and that we have en-
sured our independence throughout the course of the audit, from
the audited Group.
111 Annual Financial Report 2021 Lenzing Group
Annual Report 2021 Lenzing Group 83
Engagement Partner
The engagement partner on this engagement is Ms Gabriele
Lehner.
Linz, March 01, 2022
KPMG Austria GmbH
Wirtschaftsprüfungs- und Steuerberatungsgesellschaft
Gabriele Lehner
Austrian Chartered Accountant
This report is a translation of the original report in German, which is solely valid.
The nancial statements, together with our auditor's opinion, may only be published if
the nancial statements and the management report are identical with the audited ver-
sion attached to this report. Section 281 Paragraph 2 UGB (Austrian Commercial Code)
applies.
112 Annual Financial Report 2021 Lenzing Group
Annual Report 2021 Lenzing Group 84
Declaration of the Managing Board
according to Section 124 (1) No. 3 of
the Stock Exchange Act
We conrm to the best of our knowledge that the consolidated -
nancial statements of the Lenzing Group as at December 31, 2021
that were prepared in accordance with the applicable accounting
standards pursuant to International Financial Reporting Standards
(IFRSs) give a true and fair view of the assets, liabilities, nancial
position and prot or loss of the Lenzing Group and that the group
management report gives a true and fair view of the development
and performance of the business and the position of the Lenzing
Group, together with a description of the principal risks and uncer-
tainties the Lenzing Group faces.
Lenzing, March 1, 2022
Lenzing Aktiengesellschaft
The Managing Board
Cord Prinzhorn
Chairman of the Managing Board
Thomas Obendrauf
Chief Financial Ocer
Robert van de Kerkhof
Member of the Managing Board
Stephan Siela
Member of the Managing Board
Christian Skilich
Member of the Managing Board
Declaration of the Managing Board
113 Annual Financial Report 2021 Lenzing Group
Annual Report 2021 Lenzing Group 85
Key earnings and protability gures
EUR mn 2021 2020 2019 2018 2017
Revenue     
EBITDA (earnings before interest, tax, depreciation and
amortization)
 







EBITDA margin  







EBIT (earnings before interest and tax)  







EBIT margin  







EBT (earnings before tax)     
Net prot/loss for the year  ()   
Earnings per share in EUR     
ROCE (return on capital employed)  ()



 

ROE (return on equity)     
ROI (return on investment)  



 

Key cash ow gures
EUR mn     
Gross cash ow     
Cash ow from operating activities     
Free cash ow () ()   
CAPEX     
Liquid assets as at 31/12     
Unused credit facilities as at 31/12     
Key balance sheet gures
EUR mn as at 31/12     
Total assets     
Adjusted equity     
Adjusted equity ratio     
Net nancial debt     
Net nancial debt / EBITDA  







Net debt     
Net gearing     
Trading working capital     
Trading working capital to annualized group revenue     
Key stock market gures
EUR     
Market capitalization in mn as at 31/12     
Share price as at 31/12     
Dividend per share 

   
Employees     
Number (headcount) as at 31/12     
1) Reclassication of capitalized borrowing costs, net interest from dened benet plans and commitment fees from EBIT/EBITDA to the nancial result (see
note 2).
2) On the basis of proposed distribution of prots.
The above nancial indicators are derived primarily from the IFRS consolidated nancial statements of the Lenzing Group. Additional details are provided in the
section “Notes on the nancial performance indicators of the Lenzing Group”, in the glossary to the Annual Report and in the consolidated nancial statements
of the Lenzing Group. Rounding dierences can occur in the presentation of rounded amounts and percentage rates.
Lenzing Group Five-Year Overview
114 Annual Financial Report 2021 Lenzing Group
2021
Jahres-
abschluss
AG
Inhalt
Bilanz 116
Gewinn- und Verlustrechnung 118
Anhang zum Jahresabschluss 120
Erläuterungen zur Bilanz 123
Erläuterungen zur Gewinn-
und Verlustrechnung 130
Sonstige Angaben 133
Entwicklung des Anlagevermögens 142
Entwicklung der Zuschüsse
der öentlichen Hand 144
Bestätigungsvermerk 145
Erklärung des Vorstandes 148
CHAPTER
3
/3
115 Annual Financial Report 2021 Lenzing Group
Geschäftsbericht 2021 Lenzing AG 2
Lenzing AG
Bilanz
zum 31. Dezember 2021
Aktiva 31.12.2021 31.12.2020
A. Anlagevermögen EUR TEUR
I. Immaterielle Vermögensgegenstände
1. Rechte  
2. Firmenwert  
 
II. Sachanlagen
1. Grundstücke, grundstücksgleiche Rechte und Bauten,
einschließlich der Bauten auf fremdem Grund
 
2. Technische Anlagen und Maschinen  
3. Andere Anlagen, Betriebs- und Geschäftsausstattung  
4. Anlagen in Bau  
5. Geleistete Anzahlungen  
 
III. Finanzanlagen
1. Anteile an verbundenen Unternehmen  
2. Ausleihungen an verbundene Unternehmen  
3. Beteiligungen  
4. Wertpapiere (Wertrechte) des Anlagevermögens  
5. Sonstige Ausleihungen  
 
 
B. Umlaufvermögen
I. Vorräte
1. Roh-, Hilfs- und Betriebsstoe  
2. Unfertige Erzeugnisse  
3. Fertige Erzeugnisse und Waren  
4. Noch nicht abrechenbare Leistungen  
5. Geleistete Anzahlungen  
 
II. Forderungen und sonstige Vermögensgegenstände
1. Forderungen aus Lieferungen und Leistungen  
davon mit einer Restlaufzeit von mehr als einem Jahr  
2. Forderungen gegenüber verbundenen Unternehmen  
davon mit einer Restlaufzeit von mehr als einem Jahr  
3. Forderungen gegenüber Unternehmen, mit denen
ein Beteiligungsverhältnis besteht
 
davon mit einer Restlaufzeit von mehr als einem Jahr  
4. Sonstige Forderungen und Vermögensgegenstände  
davon mit einer Restlaufzeit von mehr als einem Jahr  
   
III. Wertpapiere
1. sonstige Wertpapiere und Anteile  
IV. Kassenbestand, Guthaben bei Kreditinstituten  
 
C. Rechnungsabgrenzungsposten 4.467.975,75 5.312,6
D. Aktive latente Steuern 13.086.208,49 23 . 24 7, 3
 
116 Annual Financial Report 2021 Lenzing Group
Geschäftsbericht 2021 Lenzing AG 3
Passiva 31.12.2021 31.12.2020
A. Eigenkapital EUR TEUR
I. Eingefordertes, einbezahltes und gezeichnetes Grundkapital   
II. Kapitalrücklagen
1. Gebundene  
2. Nicht gebundene  
III. Gewinnrücklagen
Freie Rücklagen    
IV. Bilanzgewinn, davon Gewinnvortrag EUR 0,00
(31.12.2020: TEUR 26.550,0)  
 
B. Zuschüsse der öentlichen Hand 50.518.350,82 25.183,1
C. Rückstellungen
1. Rückstellungen für Abfertigungen   
2. Rückstellungen für Pensionen  
3. Steuerrückstellungen  
4. Sonstige Rückstellungen  
 
D. Verbindlichkeiten
1. Hybridkapital  
davon mit einer Restlaufzeit von mehr als einem Jahr  
2. Verbindlichkeiten aus Schuldscheindarlehen  
davon mit einer Restlaufzeit von bis zu einem Jahr  
davon mit einer Restlaufzeit von mehr als einem Jahr  
3. Verbindlichkeiten gegenüber Kreditinstituten  
davon mit einer Restlaufzeit von bis zu einem Jahr   
davon mit einer Restlaufzeit von mehr als einem Jahr  
4. Sonstige zinstragende Verbindlichkeiten  
davon mit einer Restlaufzeit von bis zu einem Jahr   
davon mit einer Restlaufzeit von mehr als einem Jahr   
5. Erhaltene Anzahlungen auf Bestellungen   
davon mit einer Restlaufzeit von bis zu einem Jahr   
6. Verbindlichkeiten aus Lieferungen und Leistungen   
davon mit einer Restlaufzeit von bis zu einem Jahr  
7. Verbindlichkeiten gegenüber verbundenen Unternehmen    
davon mit einer Restlaufzeit von bis zu einem Jahr  
davon mit einer Restlaufzeit von mehr als einem Jahr  
8. Verbindlichkeiten gegenüber Unternehmen mit
Beteiligungsverhältnis
 
davon mit einer Restlaufzeit von bis zu einem Jahr  
9. Sonstige Verbindlichkeiten   
davon mit einer Restlaufzeit von bis zu einem Jahr  
davon mit einer Restlaufzeit von mehr als einem Jahr  
davon aus Steuern EUR 581.557,84
(31.12.2020: TEUR 1.194,3)
davon im Rahmen der sozialen Sicherheit
EUR 5.277.740,17 (31.12.2020: TEUR 4.993,9)
 
davon mit einer Restlaufzeit von bis zu einem Jahr    
davon mit einer Restlaufzeit von mehr als einem Jahr  
E. Rechnungsabgrenzungsposten 262.894,39 233,0
 
117 Annual Financial Report 2021 Lenzing Group
Geschäftsbericht 2021 Lenzing AG 4
Lenzing AG
Gewinn- und Verlustrechnung
für den Zeitraum 01. Jänner 2021 bis 31. Dezember 2021
2021 2020
EUR TEUR
1. Umsatzerlöse  
2. Veränderung des Bestandes an fertigen und unfertigen Erzeugnissen  -
3. Andere aktivierte Eigenleistungen  
4. Sonstige betriebliche Erträge:
a) Erträge aus dem Abgang vom und der Zuschreibung zum Anlagevermögen mit Ausnahme
der Finanzanlagen
 
b) Erträge aus der Auösung von Rückstellungen  
c) Übrige  
 
5. Aufwendungen für Material und sonstige bezogene Herstellungsleistungen
a) Materialaufwand - -
b) Aufwendungen für bezogene Leistungen - -
- -
6. Personalaufwand:
a) Löhne - -
aa) davon Erträge aus Zuschüssen iZm Kurzarbeitsbeihilfen EUR 65.712,66 (2020: TEUR 4.142,5)
b) Gehälter - -
aa) davon Erträge aus Zuschüssen iZm Kurzarbeitsbeihilfen EUR 178.645,17 (2020: TEUR 6.499,8)
c) soziale Aufwendungen - -
aa) davon Aufwendungen für Altersversorgung EUR -1.764.928,70 (2020: TEUR -2.901,4)
1
bb) davon Aufwendungen für Abfertigungen und Leistungen an betriebliche Mitarbeitervorsorgekassen
EUR -5.496.443,55 (2020: TEUR -3.084,1)
1
cc) davon Aufwendungen für gesetzlich vorgeschriebene Sozialabgaben sowie vom Entgelt abhängige
Abgaben und Pichtbeiträge EUR -56.820.987,00 (2020: TEUR -50.292,8)
- -
7. Abschreibungen auf immaterielle Gegenstände des Anlagevermögens und Sachanlagen
a) Planmäßige Abschreibungen - -
b) Auösung Investitionszuschüsse der öentlichen Hand  
- -
8. Sonstige betriebliche Aufwendungen
a) Steuern, soweit sie nicht unter Zier 19 fallen - -
b) Übrige - -
- -
9. Zwischensumme aus Zier 1 bis 8 (Übertrag)  
1) Umgliederung von Nettozinsen aus leistungsorientierten Plänen vom Personalaufwand in das Finanzergebnis (siehe Abschnitt „Personalaufwand“ und „Finanzergebnis“)
118 Annual Financial Report 2021 Lenzing Group
Geschäftsbericht 2021 Lenzing AG 5
2021 2020
EUR TEUR
9. Zwischensumme aus Zier 1 bis 8 (Übertrag)  
10. Erträge aus Beteiligungen  
davon aus verbundenen Unternehmen EUR 76.926.595,35 (2020: TEUR 73.070,0)
11. Erträge aus anderen Wertpapieren und Ausleihungen des Finanzanlagevermögens  
davon aus verbundenen Unternehmen EUR 15.440.739,08 (2020: TEUR 6.964,3)
12. Sonstige Zinsen und ähnliche Erträge  
davon aus verbundenen Unternehmen EUR 992.323,96 (2020: TEUR 944,5)
13. Erträge aus dem Abgang von und der Zuschreibung zu Finanzanlagen  
davon aus verbundenen Unternehmen EUR 6.708.996,93 (2020: TEUR 0,0)
14. Aufwendungen aus Finanzanlagen - -
a) davon Abschreibungen EUR -3.756.151,81 (2020: TEUR -1.548,9)
b) davon Aufwendungen aus verbundenen Unternehmen EUR 0,00 (2020: TEUR -21.969,0)
15. Zinsen und ähnliche Aufwendungen
1
- -
davon betreend verbundene Unternehmen EUR -1.283.548,00 (2020: TEUR -672,2)
16. Zwischensumme aus Zier 10 bis 15  
17. Ergebnis vor Steuern (Zwischensumme aus Zier 9 und Zier 16)  
18. Einbringungs- und Verschmelzungsergebnis  
19. Steuern vom Einkommen und vom Ertrag - 
a) davon laufende Steuern EUR -12.389.194,39 (2020: TEUR 2.485,8)
b) davon latente Steuern EUR -10.161.050,95 (2020: TEUR 4.013,9)
20. Ergebnis nach Steuern = Jahresüberschuss  
21. Zuweisung zu Gewinnrücklagen (freie) - -
22. Gewinnvortrag aus dem Vorjahr  
23. Bilanzgewinn  
1) Umgliederung von Nettozinsen aus leistungsorientierten Plänen vom Personalaufwand in das Finanzergebnis (siehe Abschnitt „Personalaufwand“ und „Finanzergebnis“)
119 Annual Financial Report 2021 Lenzing Group
Geschäftsbericht 2021 Lenzing AG 6
Lenzing AG
Anhang zum Jahresabschluss
für das Geschäftsjahr 2021
Allgemeine Angaben
Der Vorstand der Lenzing Aktiengesellschaft (Lenzing AG) hat den
vorliegenden Jahresabschluss zum 31. Dezember 2021 nach den
Vorschriften des österreichischen Unternehmensgesetzbuches
(UGB) in der aktuellen Fassung aufgestellt. Er umfasst das Ge-
schäftsjahr vom 1. Jänner bis zum 31. Dezember 2021.
Die Lenzing AG ist eine börsennotierte Aktiengesellschaft österrei-
chischen Rechts. Sie ist im Firmenbuch beim Handels- als Landes-
gericht Wels, Österreich, unter der Nummer FN 96499 k eingetra-
gen. Ihr Sitz ist in 4860 Lenzing, Werkstraße 2, Österreich. Die Ak-
tien 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 Ver-
marktung von botanischen Cellulosefasern. Der zur Erzeugung
notwendige Zellsto wird zu einem großen Teil im eigenen Zell-
stowerk hergestellt und teilweise zugekauft. Der wichtigste Roh-
sto zur Zellstoerzeugung ist Holz, das zugekauft wird.
Bei der Gesellschaft handelt es sich um eine große Kapitalgesell-
schaft.
Die Form der Darstellung wurde bei der Erstellung des vorliegen-
den Jahresabschlusses im Vergleich zum Vorjahr beibehalten.
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
http://www.lenzing.com abrufbar. Die Hauptaktionärin der
Lenzing AG zum 31. Dezember 2021 ist die B&C Gruppe, welche
direkt oder indirekt mit 50 Prozent plus zwei Aktien (31. Dezember
2020: 50 Prozent plus zwei Aktien) am Grundkapital der
Lenzing AG beteiligt ist. Die unmittelbare Mehrheitsgesellschafte-
rin der Lenzing AG ist die B&C KB Holding GmbH, Wien. Die mit-
telbare Mehrheitsgesellschafterin der Lenzing AG, die einen Kon-
zernabschluss aufstellt und veröentlicht, in den die Lenzing
Gruppe einbezogen ist, ist die B&C Holding Österreich GmbH,
Wien. Das oberste Mutterunternehmen der B&C Gruppe, und so-
mit auch der Lenzing AG, ist die B&C Privatstiftung, Wien.
Die Zahlenangaben im vorliegenden Jahresabschluss und in den
Erläuterungen werden auf die nächsten Tausend gerundet angege-
ben („TEUR“), sofern keine abweichende Angabe erfolgt. Bei Sum-
mierung von gerundeten Beträgen und Prozentangaben können
durch Verwendung automatisierter Rechnungshilfen rundungsbe-
dingte Rechendierenzen auftreten.
Bilanzierungs- und
Bewertungsmethoden
Allgemeine Grundlagen
Die Aufstellung des Jahresabschlusses erfolgte unter Beachtung
der Grundsätze ordnungsmäßiger Buchführung sowie der Gene-
ralnorm des § 222 Abs. 2 UGB, ein möglichst getreues Bild der Ver-
mögens-, Finanz- und Ertragslage des Unternehmens zu vermitteln.
Bei der Erstellung des Jahresabschlusses wurde der Grundsatz der
Vollständigkeit eingehalten.
Bei den Vermögensgegenständen und Schulden wurde der Grund-
satz der Einzelbewertung angewandt.
Das Unternehmen hat dem Vorsichtsgrundsatz Rechnung getragen,
indem insbesondere nur die am Abschlussstichtag verwirklichten
Gewinne ausgewiesen werden. Alle erkennbaren Risiken und dro-
henden Verluste, die bis zum Bilanzstichtag entstanden sind, wur-
den berücksichtigt.
Schätzungen beruhen auf einer umsichtigen Beurteilung. Soweit
statistisch ermittelbare Erfahrungen aus gleich gelagerten Sach-
verhalten vorhanden sind, werden diese bei Schätzungen berück-
sichtigt.
Die im Vorjahr angewandten Bilanzierungs- und Bewertungsme-
thoden wurden im Geschäftsjahr 2021 beibehalten.
Die Geschäftsentwicklung im Geschäftsjahr 2021 hat sich aufgrund
des positiven Marktumfelds deutlich gegenüber dem Vorjahresver-
gleichszeitraum verbessert. Bei der Erstellung des Jahresabschlus-
ses hat der Vorstand die Auswirkungen der COVID-19-Krise be-
rücksichtigt, insbesondere bei Schätzungsunsicherheiten und Er-
messensentscheidungen (etwa im Rahmen der Unternehmenspla-
nung).
In der Berichtsperiode wurden Zuschüsse aus Kurzarbeitsbeihilfen
aufgrund von COVID-19 in Höhe von TEUR 244,4 (2020:
TEUR 10.642,3) erfolgswirksam erfasst.
Aufgrund einer gesicherten Liquiditätssituation, einer weiterhin
starken Position auf den für die Lenzing AG relevanten Märkten so-
wie einem zu erwartendem sukzessiven Abklingen der negativen
Auswirkungen der COVID-19-Krise im Laufe des Jahres 2022 hat
das Management die Einschätzung getroen, dass die Lenzing AG
zum Zeitpunkt seiner Genehmigung über ausreichende Ressour-
cen verfügt, um in absehbarer Zukunft operativ weiter bestehen zu
können. Daher wurde der Jahresabschluss unter Zugrundelegung
der Annahme der Unternehmensfortführung aufgestellt.
120 Annual Financial Report 2021 Lenzing Group
Geschäftsbericht 2021 Lenzing AG 7
Zusätzliche Angaben zu den Auswirkungen der COVID-19-Krise
und den gesetzten Maßnahmen finden sich im Lagebericht im Ab-
schnitt „Geschäftsentwicklung“.
Anlagevermögen
Erworbene immaterielle Vermögensgegenstände und Sachan-
lagen werden mit den Anschaungs- bzw. Herstellungskosten,
vermindert um die planmäßige, nach der linearen Methode vorge-
nommenen Abschreibung angesetzt. Selbst erstellte immaterielle
Vermögensgegenstände werden als Aufwand erfasst.
Die Herstellungskosten von selbsterstellten Sachanlagen umfassen
die Einzelkosten, angemessene Teile der Material- und Fertigungs-
gemeinkosten sowie Aufwendungen für freiwillige soziale Leistun-
gen, für betriebliche Altersversorgung und für Abfertigungen. Vom
Wahlrecht der Aktivierung von Fremdkapitalzinsen wird nicht Ge-
brauch gemacht. Der Rahmen der Nutzungsdauer beträgt für die
einzelnen Anlagegruppen:
Nutzungsdauer in Jahren von bis
Immaterielle Vermögensgegenstände
a) Lizenzen, Know-how und Mietrechte  
b) Software  
c) Firmenwert  
Sachanlagen
a) Gebäude
Wohngebäude  
Geschäfts- und Fabriksgebäude  
b) Technische Anlagen und Maschinen  
c) Andere Anlagen, Betriebs- und
Geschäftsausstattung  
Außerplanmäßige Abschreibungen auf einen zum Abschlussstich-
tag niedrigeren beizulegenden Wert erfolgen, wenn die Wertmin-
derung voraussichtlich von Dauer ist.
Für Firmenwerte, die vor dem 1. Jänner 2016 zugegangen sind,
wurde die bisherige Nutzungsdauer von 15 Jahren beibehalten.
Anteile an verbundenen Unternehmen und Beteiligungen wer-
den mit den Anschaungskosten oder, bei voraussichtlich dauern-
der Wertminderung, mit dem niedrigeren beizulegenden Wert zum
Bilanzstichtag angesetzt.
Zur Beurteilung der Werthaltigkeit von Beteiligungen wird bei Vor-
liegen von Anhaltspunkten für eine Wertminderung grundsätzlich
das Discounted Cash-Flow-Verfahren gemäß dem Fachgutachten
zur Unternehmensbewertung KFS/BW 1 der Kammer der Wirt-
schaftstreuhänder herangezogen. Der beizulegende Wert bzw. der
Unternehmenswert wird aus den mit den gewichteten Kapitalkos-
ten diskontierten geschätzten künftigen Cashows abgeleitet.
Die Cashows werden aus den Planungen bzw. Prognosen abge-
leitet und beruhen auf zukunftsbezogenen Annahmen, im Unter-
nehmensbereich Division Fiber insbesondere auf Preis- und Men-
genentwicklungen beim Absatz, den Produktionsmengen sowie
den dazu notwendigen Kosten speziell für Rohstoe, Energie, Per-
sonal und Steuern. Diese Daten basieren insbesondere auf internen
Annahmen unter Berücksichtigung des erwarteten Marktumfeldes
und der Marktpositionierung sowie auf externen Marktannahmen
aus Marktstudien oder Konjunkturaussichten. Nach dem Detailpla-
nungszeitraum wird basierend auf den Annahmen des letzten Plan-
jahres mit einer ewigen Rente unter Berücksichtigung einer nach-
haltigen langfristigen Wachstumsrate gerechnet.
Als Abzinsungssatz wird ein individuell nach dem Capital Asset Pri-
cing Model ermittelter Mischsatz aus der Fremdkapitalverzinsung
und der Verzinsung des eingesetzten Eigenkapitals herangezogen
(WACC). Dieser Abzinsungssatz spiegelt die gegenwärtigen
Markteinschätzungen und die speziellen Risiken der betroenen
Beteiligungen wider.
Ausleihungen werden mit dem Nominalwert, bei Unverzinslich-
keit mit dem Barwert bzw. bei voraussichtlich dauernder Wertmin-
derung mit dem niedrigeren beizulegenden Wert zum Bilanzstich-
tag angesetzt.
Wertpapiere (Wertrechte) des Anlagevermögens und des Um-
laufvermögens werden mit den Anschaungskosten oder dem
niedrigeren Kurswert zum Bilanzstichtag bewertet.
In den Wertpapieren (Wertrechten) des Anlagevermögens sind
auch Ansprüche aus einer Rückdeckungsversicherung für Pensions-
verpflichtungen enthalten, die in Höhe des Deckungskapitals akti-
viert werden. Die Erträge aus dieser Rückdeckungsversicherung
werden in den Aufwendungen für Altersversorgung erfasst.
Zuschreibungen zu Vermögensgegenständen des Anlagevermö-
gens werden vorgenommen, wenn die Gründe für die außerplanmä-
ßige Abschreibung nicht mehr bestehen. Die Zuschreibung erfolgt
auf maximal den Nettobuchwert, der sich unter Berücksichtigung
der Normalabschreibungen, die inzwischen vorzunehmen gewesen
wären, ergibt. Beim Firmenwert unterbleibt gemäß § 208 Abs. 2
UGB die Zuschreibung.
Umlaufvermögen
Roh-, Hilfs- und Betriebsstoe werden mit den Anschaungs-
kosten nach dem gleitenden Durchschnittspreisverfahren oder
dem niedrigeren beizulegenden Wert am Bilanzstichtag bewertet.
Unfertige Erzeugnisse und fertige Erzeugnisse sind zu Herstel-
lungskosten (im Sinne des § 206 UGB), jedoch höchstens zum
voraussichtlichen Verkaufserlös – abzüglich der bis zum Verkauf
noch anfallenden Kosten – angesetzt. Die Herstellungskosten um-
fassen neben den Einzelkosten auch anteilige Material- und Ferti-
gungsgemeinkosten auf Basis einer Normalauslastung sowie Auf-
wendungen für freiwillige soziale Leistungen, für betriebliche Alters-
versorgung und für Abfertigungen. Aufwendungen für Fremdkapi-
talzinsen sowie allgemeine Verwaltungs- und Vertriebskosten wer-
den 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 Einbringlich-
keit bestehen, werden Einzelwertberichtigungen gebildet. Bei der
Ermittlung der Höhe der Einzelwertberichtigung werden erhaltene
Sicherheiten, wie Bankgarantien und Kreditversicherungen, ange-
messen berücksichtigt. Ist eine Forderung gänzlich uneinbringlich,
wird die Forderung mit 100 Prozent wertberichtigt (auf Basis des
Nettobetrages).
121 Annual Financial Report 2021 Lenzing Group
Geschäftsbericht 2021 Lenzing AG 8
Zuschreibungen zu Vermögensgegenständen des Umlaufvermö-
gens werden vorgenommen, wenn die Gründe für die Abschrei-
bung nicht mehr bestehen.
Betreend die Bewertung von Forderungen in Fremdwährungen
verweisen wir auf den Punkt Fremdwährungsumrechnung.
Die gemäß Emissionszertikategesetz unentgeltlich zugeteilten
Emissionszertikate werden in der Bilanz entsprechend der
AFRAC-Stellungnahme „Bilanzierung von CO2-Emissionszertika-
ten gemäß UGB“ vom Dezember 2015 dargestellt. Emissionszerti-
kate werden mit dem Marktwert zum Zeitpunkt der Zuteilung in
den sonstigen Forderungen und Vermögensgegenständen aktiviert.
Die Dierenz zwischen dem Zeitwert und dem von der Gesell-
schaft für die Anschaung aufgewendeten Betrag wird in den Zu-
schüssen der öentlichen Hand eingestellt. Die aus dem aktuellen
Geschäftsjahr und dem Vorjahr nicht verbrauchten Emissionszerti-
kate belaufen sich auf insgesamt 1.412.116 Stück (31. Dezember
2020: 1.246.821 Stück).
Betreend die Bewertung von Guthaben bei Kreditinstituten in
Fremdwährungen wird auf die unter dem Punkt Fremdwährungs-
umrechnung beschriebene Vorgehensweise verwiesen.
Latente Steuern werden gemäß § 198 Abs. 9 und 10 UGB nach
dem bilanzorientierten Konzept und ohne Abzinsung auf Basis des
aktuellen Körperschaftsteuersatzes von 25 Prozent gebildet. Das
Wahlrecht zum Ansatz von aktiven latenten Steuern auf Verlustvor-
träge wird ab dem Geschäftsjahr 2020 ausgeübt.
Rückstellungen
Rückstellungen für Pensionen, Abfertigungen und Jubiläums-
gelder werden im Einklang mit der AFRAC-Stellungnahme „Rück-
stellungen für Pensions-, Abfertigungs-, Jubiläumsgeld- und ver-
gleichbare langfristig fällige Ve
rpichtungen nach den Vorschriften
des Unternehmensgesetzbuches“ nach versicherungsmathemati-
schen Grundsätzen entsprechend den Vorschriften des IAS 19
„Leistungen an Arbeitnehmer“, wie dieser in der EU anzuwenden
ist, unter Anwendung der Projected-Unit-Credit-Method (laufendes
Einmalprämienverfahren) berechnet. Dabei werden die erwarteten
Versorgungsleistungen auf den gesamten Zeitraum der Beschäfti-
gung verteilt. Zukünftige Gehalts- und Pensionssteigerungen sowie
Fluktuationsabschläge werden berücksichtigt. Versicherungsma-
thematische Gewinne und Verluste werden zur Gänze im Perioden-
aufwand in der Periode erfasst, in der sie anfallen. Die in der Bilanz
erfasste leistungsorientierte Verpichtung aus einem Versorgungs-
plan stellt den Barwert der leistungsorientierten Verpichtung dar.
Änderungen der oben genannten Personalrückstellungen werden
in der Gewinn- und Verlustrechnung im Personalaufwand ausge-
wiesen, mit Ausnahme der Aufwendungen aus der Aufzinsung die-
ser Rückstellungen, welche im Finanzergebnis dargestellt werden.
Übersteigen in einem Geschäftsjahr die Verminderungen insge-
samt die Zuweisungen an die jeweiligen Personalrückstellungen,
wird der positive Saldo im Posten Erträge aus der Auösung von
Rückstellungen ausgewiesen. Zahlungen für beitragsorientierte
Verpichtungen werden im Personalaufwand erfasst.
In den sonstigen Rückstellungen werden unter Beachtung des
Vorsichtsprinzips alle zum Zeitpunkt der Bilanzerstellung erkenn-
baren Risiken und der Höhe sowie dem Grunde nach ungewisse
Verbindlichkeiten mit den Beträgen berücksichtigt, die nach ver-
nünftiger unternehmerischer Beurteilung erforderlich sind. Bei der
Bewertung werden Rückgrisansprüche auf andere Parteien ange-
messen berücksichtigt. Langfristige Rückstellungen werden mit ei-
nem marktüblichen und laufzeitadäquaten Zinssatz abgezinst.
Verbindlichkeiten
Verbindlichkeiten werden mit dem Erfüllungsbetrag angesetzt.
Die Bewertung von Verbindlichkeiten in Fremdwährungen wird un-
ter dem Punkt „Fremdwährungsumrechnung“ erläutert.
Fremdwährungsumrechnung
Bestehen Sicherungsgeschäfte in Bezug auf eine Währung, so wer-
den auf diese Währung lautende monetäre Posten bis zum Nomi-
nale der Sicherungsgeschäfte mit einem Kurs umgerechnet, der
dem gewogenen Durchschnitt aus den Terminkursen der Siche-
rungsgeschäfte entspricht.
Soweit das Nominale der monetären Posten über das Nominale
der Sicherungsgeschäfte hinausgeht und sofern keine Sicherungs-
geschäfte bestehen, so werden auf diese Währung lautende mo-
netäre Posten entsprechend dem imparitätischen Realisationsprin-
zip 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:
Fremdwährungskurse
Forderungen 31.12.2021 31.12.2020
Stichtagskurs EUR/USD  
Stichtagskurs EUR/CNY  
Durchschnittlicher Sicherungskurs EUR/CNY  
Stichtagskurs EUR/BRL  
Verbindlichkeiten 31.12.2021 31.12.2020
Stichtagskurs EUR/USD  
122 Annual Financial Report 2021 Lenzing Group
Geschäftsbericht 2021 Lenzing AG 9
Aktiva
Anlagevermögen
Die Aufgliederung des Anlagevermögens und seine Entwicklung
im Berichtsjahr sind im Anlagenspiegel angeführt.
Immaterielle Vermögensgegenstände und
Sachanlagen
Der Posten Rechte beinhaltet zum Großteil ein Mitbenützungs-
recht an der Abwasserreinigungsanlage des Wasserreinhaltungs-
verbandes Lenzing - Lenzing AG sowie das Recht auf Energiebe-
zug von der RVL Reststoverwertung Lenzing GmbH, einer von der
Gesellschaft gemeinsam mit der Energie AG Oberösterreich Um-
welt Service GmbH betriebenen Reststoverwertungsanlage.
In den immateriellen Vermögensgegenständen sind solche imma-
teriellen Vermögensgegenstände, die von einem verbundenen
Unternehmen erworben wurden, mit einem Buchwert von
TEUR 327,7 (31. Dezember 2020: TEUR 414,4
1
) enthalten. In den
Geschäftsjahren 2021 und 2020 gab es keine Zugänge von imma-
teriellen Vermögensgegenständen von verbundenen Unternehmen.
Der Firmenwert wird planmäßig, nach der linearen Methode über
die Nutzungsdauer von 15 Jahren abgeschrieben. Die gewählte
Nutzungsdauer orientiert sich an der durchschnittlichen Restlauf-
zeit der im Zuge der Übernahme übernommenen Verpichtungen.
Nach Unternehmensbereichen ergibt sich folgende Aufgliederung
der Zugänge zu den immateriellen Vermögensgegenständen
und Sachanlagen:
Unternehmensbereich 2021 2020
TEUR TEUR
Division Fiber  
Division Pulp  
Others  
Gesamt  
Die Abgänge von immateriellen Vermögensgegenständen und von
Sachanlagen hatten Anschaungs- und Herstellungskosten von
TEUR 3.208,7 (2020: TEUR 4.531,7) und einen Buchwert von
TEUR 286,9 (2020: TEUR 187,0).
1) Änderung Vorjahreswert
Finanzanlagen
Die Auistung der Anteile an verbundenen Unternehmen der
Lenzing AG kann im Abschnitt „Direkte Beteiligungen zum
31.12.2021“ dieses Anhangs entnommen werden.
Die Zugänge bei den Anteilen an verbundenen Unternehmen
betreen im Wesentlichen eine Kapitalerhöhung der PT. South Pa-
cic Viscose in Höhe von TEUR 98.985,4 (2020: TEUR 0,0),
Lenzing (Thailand) Co., Ltd. in Höhe von TEUR 29.713,8 (2020:
TEUR 16.949,9) sowie einen Zuschuss für die Kapitalerhöhung der
indirekten Tochtergesellschat Lenzing (Nanjing) Fibers Co., Ltd. in
Höhe von TEUR 7.613,3 (2020: TEUR 10.595,1). Weiters wurde an
die LD Celulose S.A. eine Kapitalerhöhung in Höhe von
TEUR 17.185,7 (2020 TEUR 221.003,7) geleistet. Im Geschäftsjahr
2020 wurden die Anteile in Höhe von TEUR 88.106,0 an der indi-
rekten Tochtergesellschaft PT. South Pacic Viscose von den di-
rekten Tochtergesellschaften Avit Investments Limited sowie Peni-
que S.A. erworben, sowie die Anteile an der indirekten Tochterge-
sellschaft Lenzing Technik GmbH in die Lenzing AG eingebracht.
Als gesellschaftsrechtliche Begleitmaßnahme wurde im Jahr 2020
von der Lenzing AG ein Gesellschaftszuschuss in Höhe von
TEUR 28.100,0 an die direkte Tochtergesellschaft Pulp Tra-
ding GmbH geleistet.
Die Abgänge bei den Anteilen an verbundenen Unternehmen
betreen mit TEUR 72.491,2 die Avit Investments Limited sowie die
Penique S.A. mit TEUR 22.158,0, welche aufgrund der Liquidation
im Geschäftsjahr 2021 abgegangen sind.
Aufgrund eines Anhaltspunktes für Wertminderung wurde der bei-
zulegende Wert der PT. South Pacic Viscose ermittelt, dieser
ergab eine ausreichende Deckung des Buchwertes.
Der Abgang bei den Beteiligungen in Höhe von TEUR 1.669,6 be-
trit den Verkauf der Hygiene Austria GmbH.
Die Ausleihungen 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
  
Vorjahr   
Sonstige Ausleihungen   
Vorjahr   
Gesamt   
Vorjahr   
Bei den Ausleihungen gegenüber verbundenen Unternehmen
waren die wesentlichen Zugänge gegenüber der Lenzing (Thai-
land) Co., Ltd. in Höhe von TEUR 168.809,0 sowie der Pulp Trading
Erläuterungen zur Bilanz
123 Annual Financial Report 2021 Lenzing Group
Geschäftsbericht 2021 Lenzing AG 10
GmbH in Höhe von TEUR 4.197,5, und die wesentlichen Abgänge
gegenüber der Pulp Trading GmbH in Höhe von TEUR 59.493,8,
der Lenzing Fibers Inc. in Höhe von TEUR 20.488,3 und der
PT. South Pacific Viscose in Höhe von TEUR 20.478,0.
In den Sonstigen Ausleihungen sind ausstehende Kaufpreisfor-
derungen bzw. langfristige Darlehen aus der teilweisen Veräuße-
rung der EQUI-Fibres Beteiligungsgesellschaft mbH im Jahr 2016
gegenüber dem Käufer (einschließlich dessen Tochterunterneh-
men) in Höhe von TEUR 10.678,2 (31. Dezember 2020:
TEUR 10.678,2) enthalten. Sie sind bankmäßig verzinst. Die Ein-
bringlichkeit wurde insbesondere auf Basis der wirtschaftlichen
Lage beurteilt. Im Vorjahr wurde eine Abschreibung in Höhe von
TEUR 1.384,0 vorgenommen. Die Lenzing AG besitzt ein Pfand-
recht an den übrigen Anteilen der EQUI-Fibres Beteiligungsgesell-
schaft mbH. Darüber hinaus wurde dem Käufer ein Kreditrahmen
in Höhe von bis zu TEUR 5.379,0 (2020: TEUR 8.622,0
1
) eingeräumt,
der im Fall von vordenierten nachteiligen Veränderungen der Rah-
menbedingungen der EQUI-Fibres Beteiligungsgesellschaft mbH
am Absatzmarkt bis längstens 31. Dezember 2025 in Anspruch ge-
nommen werden kann. Dieser Rahmen war per 31. Dezember 2021
sowie im Vorjahr per 31. Dezember 2020 nicht ausgenützt. Der Ab-
gang bei den sonstigen Ausleihungen betrit im Wesentlichen das
vergebene Darlehen an die Hygiene Austria LP GmbH in Höhe von
TEUR 2.000,0.
Die Zugänge bei den Wertpapieren (Wertrechte) des Anlage-
vermögens betreen im Wesentlichen den Raieisen Nachhaltig-
keit Diversied Fonds in Höhe von TEUR 6.482,7, der zur Deckung
der Pensionsrückstellung dient. Der Raieisen Nachhaltigkeit
Diversied Fonds veranlagt nach den Vorschriften des Pensions-
kassengesetzes und im Wesentlichen in Euro-Anleihen per Jahres-
ende. Die Lenzing AG hat im Jänner 2021 100 Prozent der Anteile
an einer Versicherungszelle, der White Rock Insurance (Europe)
Protected Cell Company Limited, La Valletta, Malta, erworben.
Diese Gesellschaft verfügt über eine Versicherungskonzession und
ermöglicht der Lenzing AG, ihre betrieblich notwendigen Versi-
cherungen eektiver zu administrieren. Zum Erwerbsstichtag ver-
fügte die Versicherungszelle über keine wesentlichen Vermögens-
werte und Schulden.
Die Abgänge bei den Wertpapieren (Wertrechte) des Anlagever-
mögens betreen im Wesentlichen den Großanlegerfonds GF82 in
Höhe von TEUR 5.971,8. Im Geschäftsjahr wurde ein Fondsergeb-
nis aus 2021 in Höhe von TEUR 66,7 (2020: TEUR 68,8) ausge-
schüttet.
Ebenfalls beinhaltet dieser Posten Ansprüche aus Rückdeckungs-
versicherungen von TEUR 2.598,0 (31. Dezember 2020:
TEUR 2.729,5) betreend Pensionsverpichtungen und sonstige
Wertpapiere (Wertrechte) des Anlagevermögens von
TEUR 6.483,7 (31. Dezember 2020: TEUR 7.600,3).
1) Änderung Vorjahreswert
Umlaufvermögen
Die Roh-, Hilfs- und Betriebsstoe beinhalten im Wesentlichen
Holz und Zellsto für die Faserproduktion, Chemikalien für sämtli-
c
he Geschäftsbereiche sowie diverse Kleinmaterialien und Ersatz-
teile.
Die Bestände an unfertigen und fertigen Erzeugnissen betref-
fen im Wesentlichen Fasern und Faserzellsto.
Von den Forderungen aus Lieferungen und Leistungen sind
TEUR 58.022,4 (31. Dezember 2020: TEUR 46.177,9) nach Abzug
von Selbstbehalten versichert und in Höhe von TEUR 5.685,0
(31. Dezember 2020: TEUR 4.597,0) durch Garantien sowie durch
Akkreditive in Höhe von TEUR 29.638,7 besichert. Wechselmäßige
Verbriefungen liegen weder zum 31. Dezember 2021 noch zum
31. Dezember 2020 vor.
Es wurde zum Bilanzstichtag eine pauschale Wertberichtigung in
Höhe von TEUR 393,9 (31.12.2020: TEUR 0,0) gebildet.
Forderungen gegenüber verbundenen Unternehmen resultie-
ren aus Lieferungen und Leistungsverrechnungen in Höhe von
TEUR 78.556,3 (31. Dezember 2020: TEUR 69.451,4) sowie sonsti-
gen Verrechnungen von TEUR 6.335,5 (31. Dezember 2020:
TEUR 3.819,5) und Forderungen aus Steuerumlagen in Höhe von
TEUR 6.743,1 (31. Dezember 2020: TEUR 16.573,9) sowie Forde-
rungen aus Dividenden in Höhe von TEUR 6.400,0 (31. Dezember
2020: TEUR 0,0).
Soweit Forderungen und Verbindlichkeiten zwischen verbundenen
Unternehmen in wirtschaftlicher Betrachtungsweise einander auf-
rechenbar gegenüberstehen, werden diese bei gleichem Gläubiger
und Schuldner gegeneinander aufgerechnet.
Forderungen gegenüber Unternehmen, mit denen ein Beteili-
gungsverhältnis b
b
e
e
s
s
t
t
e
e
h
h
t
t
, resultieren im Wesentlichen aus der
Leistungsverrechnung an die Lenzing Papier GmbH.
Die sonstigen Forderungen und Vermögensgegenstände bein-
halten:
Sonstige Forderungen und
Vermögensgegenstände
31.12.2021 31.12.2020
TEUR TEUR
Guthaben aus der Verrechnung mit dem
Finanzamt
 
Emissionszertikate  
Abgrenzung von Kostenersätzen  
An- und Vorauszahlungen  
Übrige  
Gesamt  
In den sonstigen Forderungen und Vermögensgegenständen sind
Erträge in Höhe von TEUR 32.157,7 (31. Dezember 2020:
TEUR 45.903,9) enthalten, die erst nach dem Bilanzstichtag zah-
lungswirksam werden.
Es wurde zum 31. Dezember 2021 unter dem Posten sonstige For-
derungen die „COVID-19-Investitionsprämie“ in Höhe von
TEUR 628,5 aktiviert. Diese wird mittels der Bruttomethode bilan-
ziert und unter den Zuschüssen öentlicher Hand entsprechend
124 Annual Financial Report 2021 Lenzing Group
Geschäftsbericht 2021 Lenzing AG 11
der Nutzungsdauer der geförderten Anlagen aufgelöst und wird
offen mit den Abschreibungen saldiert
Im Posten Wertpapiere des Umlaufvermögens wurden im Ge-
schäftsjahr EUR-Geldmarktfonds in Höhe von TEUR 344.514,9 er-
worben. Es handelt sich hierbei um Wertpapiere, die hochliquide
sind und nur einem unwesentlichen Wertschwankungsrisiko unter-
liegen.
Aktive latente Steuern
Die latenten Steuern zum Bilanzstichtag wurden für temporäre Dif-
ferenzen zwischen dem steuerlichen und unternehmensrechtli-
chen Wertansatz für folgende Posten gebildet:
Stand der temporären Dierenzen 31.12.2021 31.12.2020
TEUR TEUR
Sachanlagen und immaterielle
Vermögensgegenstände
- 
Finanzanlagen  
Forderungen  
Unversteuerte Rücklagen und Zuschüsse der
öfentlichen Hand - -
Rückstellungen  
Finanzverbindlichkeiten  
Verbindlichkeiten  -
Betrag Gesamtdierenzen  
Daraus resultierende aktive latente
Steuern per 31.12. (25%)  
Verlustvortrag  
Gesamte aktive Steuerlatenz  
Im Posten Rückstellungen sind im Wesentlichen zeitliche Unter-
schiede zwischen dem unternehmensrechtlichen und dem steuer-
rechtlichen Wertansatz bei Rückstellungen für Sozialkapital (Pensi-
onen und Abfertigungen) und Jubiläumsgelder sowie Unterschiede
bei den Wertansätzen von sonstigen Rückstellungen einbezogen.
Temporäre Unterschiede aufgrund von steuerlichen Siebentelab-
schreibungen (§ 12 Abs. 3 Z 2 KStG) sind mit TEUR 14.844,9
(31. Dezember 2020: TEUR 17.253,1) im Posten Finanzanlagen ent-
halten.
Weitere temporäre Standunterschiede ergeben sich aufgrund der
Inanspruchnahme der steuerlichen degressiven Abschreibung.
Diese betragen zum 31. Dezember 2021 TEUR 21.532,1 (31. Dezem-
ber 2020: TEUR 2.971,0).
Die unversteuerten Rücklagen sind entsprechend RÄG 2014 in den
Gewinnrücklagen enthalten (Umgliederung per 31. Dezember
2015). Temporäre Unterschiede zum steuerrechtlichen Wertansatz
führen zu passiven latenten Steuern (vor Saldierung).
Die Lenzing AG und die in den Gruppenvertrag mit der B&C Hol-
ding Österreich GmbH einbezogenen Konzerngesellschaften ha-
ben im Vorjahr insgesamt einen steuerlichen Verlust realisiert, für
den im Abschluss 2020 aktive latente Steuern in Höhe von
TEUR 3.255,9 gebildet wurden. Diese Verlustvorträge sind im Ge-
schäftsjahr 2021 vollständig mit dem laufenden steuerlichen Ge-
winn verrechnet worden.
Entwicklung der latenten Steuern 31.12.2021 31.12.2020
TEUR TEUR
Stand am 01.01. (aktive latente Steuern)  
Zugang aus Umgründung  
Erfolgswirksame Veränderung - 
Verlustvortrag - 
Stand am 31.12. (aktive latente Steuern)  
Passiva
Eigenkapital
Das Grundkapital der Lenzing AG zum 31. Dezember 2021 beträgt
EUR 27.574.071,43 (31. Dezember 2020: EUR 27.574.071,43) und ist
in 26.550.000 Stückaktien (31. Dezember 2020: 26.550.000) ein-
geteilt. Der auf eine Stückaktie entfallende Anteil am Grundkapital
beträgt etwa EUR 1,04. Jede Stammaktie ist am Kapital im gleichen
Ausmaß beteiligt und vermittelt die gleichen Rechte und Pichten,
insbesondere das Recht auf eine beschlossene Dividende und das
Stimmrecht in der Hauptversammlung. Der Ausgabebetrag der Ak-
tien ist voll einbezahlt. Andere Klassen von Anteilen sind nicht aus-
gegeben worden.
Mit Hauptversammlungsbeschluss vom 12. April 2018 – unter
gleichzeitiger Aufhebung der diesbezüglichen Hauptversamm-
lungsbeschlüsse vom 22. April 2015 – wurde der Vorstand neuer-
lich ermächtigt, mit Zustimmung des Aufsichtsrates das Grundka-
pital innerhalb von fünf Jahren ab Eintragung in das Firmenbuch –
allenfalls in Tranchen – gegen Bar- und/oder Sacheinlage um bis
zu EUR 13.787.034,68 durch Ausgabe von bis zu 13.274.999 Stück-
aktien zu erhöhen („genehmigtes Kapital“). Dieses genehmigte Ka-
pital wurde im Firmenbuch am 23. Mai 2018 eingetragen.
Darüber hinaus wurde der Vorstand mit Hauptversammlungsbe-
schluss vom 12. April 2018 – unter gleichzeitiger Aufhebung der
diesbezüglichen Hauptversammlungsbeschlüsse vom 22. April
2015 – ermächtigt mit Zustimmung des Aufsichtsrates bis spätes-
tens 12. April 2023 auch in mehreren Tranchen Wandelschuldver-
schreibungen auszugeben, die ein Bezugs- oder Umtauschrecht bzw.
eine Bezugs- oder Umtauschpflicht auf bis zu 13.274.999 Aktien ge-
währen bzw. vorsehen („bedingtes Kapital“). Die Bedienung kann
über das bedingte Kapital und/oder über eigene Aktien erfolgen.
Mit Hauptversammlungsbeschluss vom 18. Juni 2020 – unter
gleichzeitiger Aufhebung der diesbezüglichen Hauptversamm-
lungsbeschlüsse vom 12. April 2018 – wurde der Vorstand für die
Dauer von 30 Monaten vom Tag der Beschlussfassung an ermäch-
tigt, mit Zustimmung des Aufsichtsrates eigene Aktien der Gesell-
schaft zu erwerben. Dabei dürfen die von der Gesellschaft erwor-
benen eigenen Aktien 10 Prozent des Grundkapitals der Gesell-
schaft nicht überschreiten. Der beim Rückerwerb zu leistende Ge-
genwert muss innerhalb einer Bandbreite von +/-25 Prozent zum
gewichteten durchschnittlichen Börsenschlusskurs der letzten
20 Börsetage vor Beginn des entsprechenden Rückkaufpro-
gramms der Lenzing Aktie liegen. Der Vorstand wurde zudem
ermächtigt, erworbene eigene Aktien ohne weiteren Hauptver-
sammlungsbeschluss mit Zustimmung des Aufsichtsrates einzuzie-
hen (samt Ermächtigung des Aufsichtsrates Änderungen der
Satzung, die sich durch die Einziehung der Aktien ergeben, zu be-
125 Annual Financial Report 2021 Lenzing Group
Geschäftsbericht 2021 Lenzing AG 12
schließen) oder wieder zu veräußern und die Veräußerungsbedin-
gungen festzusetzen. Diese Ermächtigung kann ganz oder teil-
weise und in Verfolgung eines oder mehrerer Zwecke durch die
Gesellschaft, durch ein Tochterunternehmen (§ 189a Z7 UGB) oder
für Rechnung der Gesellschaft durch Dritte ausgeübt werden. Wei-
ters wurde der Vorstand für die Dauer von fünf Jahren vom Tag der
Beschlussfassung an ermächtigt, für die Veräußerung eigener Ak-
tien mit Zustimmung des Aufsichtsrates eine andere gesetzlich zu-
lässige Art der Veräußerung als über die Börse oder ein öentliches
Angebot, auch unter Ausschluss des Wiederkaufrechts (Bezugs-
rechts) der Aktionäre, zu beschließen und die Veräußerungsbedin-
gungen festzusetzen.
Der Vorstand hat von den am bzw. bis 31. Dezember 2021 beste-
henden Ermächtigungen zur Erhöhung des Grundkapitals, zur Aus-
gabe von Wandelschuldverschreibungen und zum Rückkauf eige-
ner Aktien in der Berichtsperiode keinen Gebrauch gemacht.
Die gebundenen Kapitalrücklagen dürfen nur zum Ausgleich ei-
nes Bilanzverlustes verwendet werden. Sie wurden durch Zufuhr
von Mitteln gebildet, welche von den Aktionären über das Grund-
kapital hinaus zugeossen sind.
Die freien Gewinnrücklagen können jederzeit aufgelöst und als
Teil des Bilanzgewinnes an die Aktionäre ausgeschüttet werden.
Zuschüsse der öentlichen Hand
Die Investitionszuschüsse der öentlichen Hand einschließlich
der Emissionszertikate sowie Investitionsprämien werden als
gesonderter Hauptposten zwischen Eigenkapital und Fremdkapital
ausgewiesen. Die Aufgliederung ist aus der Übersicht über die Ent-
wicklung der Zuschüsse der öentlichen Hand ersichtlich.
Die Auösung der Investitionszuschüsse der öentlichen Hand so-
wie Investitionsprämien erfolgt entsprechend der Nutzungsdauer
der geförderten Anlagen und wird oen mit den Abschreibungen
saldiert. Der
Zuschuss aus Emissionsze
rtikaten wurde dem Ver-
brauch entsprechend aufgelöst.
Rückstellungen
Die sonstigen Rückstellungen entwickeln sich wie folgt:
2021 Rückstellungen für
Stand
31.12.2020
Verbrauch Auösung Zuführung Umgliederung
Stand
31.12.2021
TEUR TEUR TEUR TEUR TEUR TEUR
Drohende Verluste  - -   
Schadensfälle      
Noch nicht abgerechnete Lieferungen/Leistungen  - -  - 
Jubiläumsgelder  -    
Sonderzahlungen  - -  - 
Resturlaube  -   - 
Sonstige Personalaufwendungen  - -   
Übrige  - -   
Gesamt  - -  - 
2020 Rückstellungen für
Stand
31.12.2019
Verbrauch Auösung Zuführung
Zugang aus
Verschmelzung
Stand
31.12.2020
TEUR TEUR TEUR TEUR TEUR TEUR
Drohende Verluste  - -   
Schadensfälle  - -   
Noch nicht abgerechnete Lieferungen/Leistungen  - -   
Jubiläumsgelder  -    
Sonderzahlungen  - -   
Resturlaube  -    
Sonstige Personalaufwendungen  - -   
Übrige  - -   
Gesamt  - -   
Die Rückstellungen für drohende Verluste betreen im Wesent-
lichen Vorsorgen für nachteilige Verträge und Verpichtungen aus
zu erbringenden Infrastrukturleistungen.
Die übrigen Rückstellungen betreen vor allem verbrauchte
Emissionszertikate, Prüfungs- und Beratungskosten sowie Nach-
lässe, Rabatte und Provisionen.
126 Annual Financial Report 2021 Lenzing Group
Geschäftsbericht 2021 Lenzing AG 13
Die Entwicklung der Rückstellung für Pensionen, Abfertigungen
und Jubiläumsgelder stellt sich wie folgt dar:
2021 Rückstellungen für Pensionen Abfertigungen
Jubiläums-
gelder
TEUR TEUR TEUR
In der Bilanz erfasste Werte:
Rückstellung zum 31.12.2020    
Periodenaufwand   
Auszahlungen - - -
Rückstellung zum 31.12.2021   
Wert nach § 14 EStG   
Aufwand im Geschäftsjahr:
Laufender Dienstzeitaufwand   
Zinsaufwand   
Realisierung
versicherungsmathematischer
Verlust (+) / Gewinn (-)
  
Periodenaufwand   
Annahmen zur Berechnung der erwarteten
leistungsorientierten Ansprüche zum 31.12.2021:
Diskontierungszinssatz      
Pensionssteigerung
biszu
  - -
Gehaltssteigerung      
Pensionseintrittsalter
Frauen/Männer/Schwerarbeiter
//
Jahre
//Jahre
//
Jahre
Fluktuationsabschlag - - - 
2020 Rückstellungen für Pensionen Abfertigungen
Jubiläums-
gelder
TEUR TEUR TEUR
In der Bilanz erfasste Werte:
Rückstellung zum 31.12.2019   
Zugang aus Verschmelzung der
Lenzing Technik GmbH   
Periodenaufwand   
Auszahlungen - - -
Rückstellung zum 31.12.2020   
Wert nach § 14 EStG   
Aufwand im Geschäftsjahr:
Laufender Dienstzeitaufwand   
Zinsaufwand   
Realisierung
versicherungsmathematischer
Verlust (+) / Gewinn (-)  - -
Periodenaufwand   
Annahmen zur Berechnung der erwarteten
leistungsorientierten Ansprüche zum 31.12.2020:
Diskontierungszinssatz      
Pensionssteigerung
biszu
 
- -
Gehaltssteigerung      
Pensionseintrittsalter
Frauen/Männer/Schwerarbeiter
//
Jahre //Jahre
//
Jahre
Fluktuationsabschlag - - - 
Am 1. Jänner 2020 wurden durch die Verschmelzung der Lenzing
Technik GmbH mit der Lenzing AG die Personalverpichtungen
gegenüber den Mitarbeiter/innen übernommen.
Für die Berechnung der Pension-, Abfertigungs- und Jubiläums-
geldrückstellung wurde ein Abzinsungssatz verwendet, der aus
erstrangigen festverzinslichen Industrieanleihen mit AA-Rating
nach dem Standard eines international tätigen Versicherungsma-
thematikers abgeleitet wurde. Anleihen, die im Vergleich zu den
anderen Anleihen in ihrer Risikoeinstufung deutlich höhere oder
niedrigere Zinsen aufweisen („statistische Ausreißer“), wurden da-
bei nicht berücksichtigt. Die Währung und die Laufzeiten der zu
Grunde gelegten Anleihen orientieren sich an der Währung und den
voraussichtlichen Laufzeiten der zu erfüllenden Verpflichtungen.
Die geschätzten Gehalts- und Pensionssteigerungen, die auch für
die Zukunft als realistisch angesehen werden, wurden aus einer
Durchschnittsbetrachtung der vergangenen Jahre abgeleitet.
Das für die Berechnung herangezogene Pensionsantrittsalter rich-
tet sich nach den jeweiligen gesetzlichen Bestimmungen. Für die
Berechnung der leistungsorientierten Pensionspläne werden im
Geschäftsjahr die biometrischen Rechnungsgrundlagen
AVÖ 2018 P-Rechnungsgrundlagen für die Pensionsversicherung
Angestellte verwendet.
Die Berechnung der Abfertigungs- und Jubiläumsgeldrückstellung
erfolgt unter Berücksichtigung der unternehmensspezischen
Fluktuationsraten. Diese werden nach Dienstjahren gestaelt er-
mittelt und beruht auf den durchschnittlichen Austrittszahlen der
letzten fünf Jahre. Bei der Berechnung der Rückstellungen für die
leistungsorientierten Abfertigungspläne werden dabei nur Austritte
mit Abfertigungsanspruch berücksichtigt.
In der Lenzing AG gibt es sowohl beitrags- als auch leistungsorien-
tierte Pensionsvorsorgepläne. Bei beitragsorientierten Pensionszu-
sagen treen die Gesellschaft nach Zahlung der vereinbarten Prä-
mien keine Verpichtungen mehr. Eine Rückstellung wird daher
nicht angesetzt.
Den leistungsorientierten Pensionsverpichtungen wird durch die
Bildung von Pensionsrückstellungen Rechnung getragen. Das Ri-
siko im Zusammenhang mit diesen leistungsorientierten Pensions-
plänen verbleibt bei der Lenzing AG. Die Berechnung erfolgt nach
versicherungsmathematischen Grundsätzen entsprechend den
Vorschriften des IAS 19 „Leistungen an Arbeitnehmer“.
Mitarbeiter/innen, deren Dienstverhältnisse österreichischem
Recht unterliegen und nach dem 31. Dezember 2002 begonnen
haben, erwerben keine Abfertigungsansprüche. Für sie sind Bei-
träge in Höhe von 1,53 Prozent des Lohnes bzw. Gehaltes an eine
Mitarbeitervorsorgekasse zu zahlen.
Aufgrund kollektivvertraglicher Regelungen ist die Lenzing AG ver-
pichtet, Jubiläumsgeldzahlungen zu leisten, sofern ein Arbeitneh-
mer für eine bestimmte Dauer im Unternehmen beschäftigt war.
Diese Zahlungen basieren auf der Höhe des Bezuges zum Zeit-
punkt des betreenden Dien
stne
hmerjubiläums. Die bei den be-
treenden Jubiläen voraussichtlich zu zahlenden Beträge werden
auf die Dienstzeit bis zu den Jubiläen verteilt. Der Barwert des auf
die Dienstzeit bis zum Bilanzstichtag entfallenden Betrages wird
rückgestellt. In der Lenzing AG besteht eine Umwandlungsoption
127 Annual Financial Report 2021 Lenzing Group
Geschäftsbericht 2021 Lenzing AG 14
für die Mitarbeiter, das Dienstjubiläum in Zeitguthaben umwandeln
zu können.
Die Verpichtungen gegenüber ehemaligen Mitarbeitern des ver-
kauften Geschäftsbereiches Kunststomaschinen (nunmehr SML
Maschinengesellschaft mbH) und Folie (nunmehr Lenzing Plastics
GmbH & Co KG) sowie Bildungszentrum (nunmehr BZL-Bildungs-
zentrum Lenzing GmbH) werden bis zur Höhe der ktiven Ansprü-
che zum Zeitpunkt des Verkaufs bzw. der Ausgliederung weiterhin
von der Gesellschaft getragen. Der Barwert zum Bilanzstichtag
wird in Bezug auf diese Verpichtungen rückgestellt, wobei für die
Barwertermittlung angenommen wird, dass die Abfertigungen mit
dem Übertritt der betreenden Dienstnehmer in den Ruhestand
fällig werden.
Mit dem Vertrag vom 27. September 2021 wurde die indische Be-
triebstätte (LIN) von der Lenzing AG in die indische Tochtergesell-
schaft Lenzing Fibers India Private Ltd
.
mit Wirkung vom 31. Au-
gust 2021 übertragen. Dabei wurden insbesondere die Personal-
verpichtungen für die betroenen Mitarbeiter/innen von der
Lenzing Fibers India Private Ltd. übernommen. In Summe ergab
sich daraus ein Ausgliederungsgewinn iHv TEUR 27,8.
Verbindlichkeiten
In den Verbindlichkeiten sind folgende Verbindlichkeiten mit ei-
ner Restlaufzeit über 5 Jahren enthalten:
Verbindlichkeiten 31.12.2021 31.12.2020
TEUR TEUR
Hybridkapital  
Verbindlichkeiten aus Schuldscheindarlehen  
Verbindlichkeiten gegenüber Kreditinstituten  
Sonstige zinstragende Verbindlichkeiten  
Verbindlichkeiten gegenüber verbundenen
Unternehmen
 
Das Hybridkapital beträgt zum 31. Dezember 2021
TEUR 500.000,0 (31. Dezember 2020: TEUR 500.000,0). Es ist
keine vertragliche Restlaufzeit vorgesehen.
Im Dezember 2020 wurde eine nachrangige unbefristete Anleihe
mit einem Nominalvolumen von TEUR 500.000,0 und einer Verzin-
sung von 5,75% p.a. emittiert. Die Anleihe hat eine unendliche
(ewige) Laufzeit und kann erstmals am 7. Dezember 2025 durch die
Lenzing AG gekündigt und getilgt werden. Die Investoren haben
kein Kündigungsrecht. Falls die Anleihe nicht gekündigt wird, wird
die Anleihe ab dem 8. Dezember 2025 mit einem veränderten-
Zinssatz verzinst (dann geltender 5-Jahres Swapsatz plus Marge
von 11,208%).
Die Zinsen sind nachträglich am 7. Dezember eines jeden Jahres
zur Zahlung fällig, sofern sich die Lenzing AG nicht entscheidet, die
betreende Zinszahlung aufzuschieben. Ausstehende aufgescho-
bene Zinszahlungen müssen unter bestimmten Umständen bezahlt
werden, insbesondere wenn die Hauptversammlung der
Lenzing AG beschließt, eine Dividende zu leisten.
Die Verbindlichkeiten aus Schuldscheindarlehen stellen sich
wie folgt dar:
Verbindlichkeiten aus Schuldscheindarlehen per 31.12.2021
Fälligkeit
Ursprungs-
laufzeit
Buchwert Verzinsung
bis Jahre TEUR
2022/05   x
2022/11   x
Restlaufzeit von bis zu 1 Jahr 
2024/12   x
2024/12   variabel
2025/05   x
2025/11   x
2026/12   x
2026/12   variabel
2026/12   x
2029/12   variabel
2029/12   x
2034/12   x
Restlaufzeit von mehr als 1 Jahr 

Verbindlichkeiten aus Schuldscheindarlehen per 31.12.2020
Fälligkeit
Ursprungs-
laufzeit
Buchwert Verzinsung
bis Jahre TEUR
Restlaufzeit von bis zu 1 Jahr 
2022/05   x
2022/05   variabel
2022/11   x
2024/12   x
2024/12   variabel
2025/05   x
2025/11   x
2026/12   x
2026/12   variabel
2026/12   x
2029/12   variabel
2029/12   x
2034/12   x
Restlaufzeit von mehr als 1 Jahr 

Im Geschäftsjahr 2021 hat die Lenzing Gruppe keine weiteren
Schuldscheindarlehen begeben. Im Vorjahr belief sich das Emissi-
onsvolumen auf TEUR 114.000,0 und TUSD 20.000,0 (Buchwert
TEUR 18.001,8). Es wurde eine Laufzeit von 5 bis 7 Jahren mit xer
und variabler Verzinsung vereinbart.
Von den bestehenden Schuldscheinen hat die Lenzing AG im Ge-
schäftsjahr 2021 TEUR 42.000,0 (2020: TEUR 23.500,0) vorzeitig
zurückgezahlt.
Die sonstigen zinstragenden Verbindlichkeiten enthalten ERP-
Kredite, Forschungsförderungskredite und Verbindlichkeiten aus
Finanzierungsleasing.
128 Annual Financial Report 2021 Lenzing Group
Geschäftsbericht 2021 Lenzing AG 15
Von den Verbindlichkeiten gegenüber Kreditinstituten und
sonstigen zinstragenden Verbindlichkeiten von TEUR 613.470,0
(31. Dezember 2020: TEUR 502.257,3) sind wie im Vorjahr keine
durch Grundpfandrechte und sonstige dingliche Sicherheiten be-
sichert.
Von den Verbindlichkeiten gegenüber verbundenen Unternehmen
betreen TEUR 10.190,2 (31. Dezember 2020: TEUR 6.499,3) Liefe-
rungen und Leistungsverrechnungen, TEUR 493,0 (31. Dezember
2020: TEUR 92.226,9) sonstige Verrechnungen, davon betreen
zum 31. Dezember 2021 TEUR 0 (31. Dezember 2020:
TEUR 88.000,0) die Kaufpreisverbindlichkeit für den Erwerb von
43,81 % an der PT. South Pacic Viscose sowie TEUR 28.043,8
(31. Dezember 2020: TEUR 7.625,6) Verbindlichkeiten aus Steu-
erumlagen. Weiters bestehen Verbindlichkeiten aus Darlehen in
Höhe von TEUR 24.000,0 (31. Dezember 2020: TEUR 38.000,0)
gegenüber der Lenzing Global Finance GmbH aus der Weiterver-
rechnung der vereinnahmten nanziellen Mittel aus den von der
Lenzing Global Finance GmbH im Geschäftsjahr 2015 und 2012
begebenen Schuldscheinen.
In den sonstigen Verbindlichkeiten sind Aufwendungen in Höhe
von TEUR 15.178,5 (31. Dezember 2020: TEUR 19.445,7) enthalten,
die erst nach dem Bilanzstichtag zahlungswirksam werden. Davon
betreffen TEUR 1.890,4 (31. Dezember 2020: TEUR 1.890,4) noch
nicht bezahlte Zinsen für die unbefristete Anleihe und TEUR 3.809,4
(31. Dezember 2020: TEUR 4.484,5) Verbindlichkeiten für das
Altersteilzeitmodell gem. § 27 ALVG.
Rechnungsabgrenzungsposten
Die passive Rechnungsabgrenzung beinhaltet im Wesentlichen
transitorisch abgegrenzte Zinsenzuschüsse des Umwelt- und des
Forschungsförderungsfonds.
Haftungsverhältnisse
Haftungsverhältnisse liegen in folgendem Umfang vor:
Haftungsverhältnisse 31.12.2021 31.12.2020
TEUR TEUR
Bürgschafts- und Garantieerklärungen für den
Wasserreinhaltungsverband Lenzing - Lenzing AG
für den Bau der zweiten und dritten Ausbaustufe
der Abwasserreinigungsanlage
 
Haftungsübernahmen für verbundene Unternehmen  
Haftungsübernahmen gegenüber Dritten  
Gesamt  
Die Lenzing AG hat harte Patronatserklärungen, die in ihrer Höhe
unbestimmt sind, abgegeben. Die Lenzing AG verpichtet sich da-
rin, die Lenzing Fibers (Grimsby) Limited sowie die Lenzing Fibers
Inc. mit ausreichenden Mitteln auszustatten, damit sie ihre nanzi-
ellen Verpichtungen aus abgeschlossenen Energielieferverträgen
erfüllen können. Die Patronatserklärungen können von Seiten der
Lenzing AG gekündigt werden.
Des Weiteren besteht eine Garantieerklärung der Lenzing AG, die
in ihrer Höhe unbestimmt ist, in der sie garantiert, dass die Pulp
Trading GmbH ihre nanziellen Verpichtungen aus einem abge-
schlossenen Liefervertrag erfüllt.
Darüber hinaus bestehen Garantieerklärungen der Lenzing AG, in
der sie garantiert, dass die Lenzing (Thailand) Co., Ltd. ihre Bank-
verpichtungen bis maximal TUSD 36.000,0 – d.s. TEUR 31.762,8
(31.12.2020: bis maximal TUSD 36.000,0 – d.s. TEUR 29.313,6) und
bis maximal TEUR 16.000,0 erfüllt.
Des Weiteren bestehen Garantieerklärungen der Lenzing AG, in
der sie garantiert, dass die LD Celulose S.A. ihre Bankverpichtun-
gen bis maximal TUSD 114.200,0 – d.s. TEUR 100.758,8 (31.12.2020:
bis maximal TUSD 0,0 – d.s. TEUR 0,0) und bis maximal
TEUR 25.000,0 (31.12.2020: TEUR 0,0) erfüllt.
Die Lenzing AG ist zu Kapitaleinschüssen in die Versicherungszelle
White Rock Insurance (Europe) Protected Cell Company Limited
verpichtet, falls die nanziellen Mittel in der Zelle durch Scha-
denszahlungen an die Lenzing Töchter nicht ausreichen. Die maxi-
male Einschusspicht pro Jahr sind TEUR 16.000,0.
129 Annual Financial Report 2021 Lenzing Group
Geschäftsbericht 2021 Lenzing AG 16
Umsatzerlöse
Der Umsatz setzt sich wie folgt zusammen:
Umsatzerlöse nach Märkten 2021 2020
TEUR TEUR
Österreich  
Europa inkl. Türkei ohne Österreich  
Asien  
Amerika  
Sonstige  
Gesamt  
Umsatzerlöse nach Bereichen 2021 2020
TEUR TEUR
Division Fiber  
Division Pulp  
Others  
Gesamt  
Sonstige betriebliche Erträge
Die übrigen sonstigen betrieblichen Erträge beinhalten:
Übrige sonstige betriebliche Erträge 2021 2020
TEUR TEUR
Forschungs- Lehrlings- und Bildungsprämien  
Beiträge des österreichischen
Forschungsförderungsfonds  
Auösung von Wertberichtigungen  
Auösung von Zuschüssen
(Emissionszertikaten)  
Fremdwährungsdierenzen  
Übrige  
Gesamt  
Personalaufwand
Die Aufwendungen für Altersversorgung (inkl. Rückstellungs-
dotierungen und -auösungen sowie Erträgen aus der Rückde-
ckungsversicherung) setzen sich wie folgt zusammen:
Aufwendungen für 2021 2020
TEUR TEUR
Beitragsorientierte Pläne
(Pensionskassenbeiträge)  
Leistungsorientierte Pläne - 

Gesamt  
1) Umgliederung von Nettozinsen in Höhe von TEUR 225,0 aus leistungsorientierten
Plänen vom Personalaufwand in das Finanzergebnis
Die Aufwendungen für Altersversorgung (inkl. Rückstellungsdotie-
rungen und -auösungen sowie Erträgen aus der Rückdeckungs-
versicherung) verteilen sich wie folgt:
Aufwendungen für
2021
2020
TEUR TEUR
Mitglieder des Vorstandes
Aktive Mitglieder  
Ehemalige Mitglieder und deren
Hinterbliebene
- 

Leitende Arbeitnehmer/innen  
Andere Arbeitnehmer/innen  

Gesamt  
1) Umgliederung von Nettozinsen in Höhe von TEUR 63,3 aus leistungsorientierten
Plänen vom Personalaufwand in das Finanzergebnis
2) Umgliederung von Nettozinsen in Höhe von TEUR 161,7 aus leistungsorientierten
Plänen vom Personalaufwand in das Finanzergebnis
Die Lenzing AG hat eine Rückdeckungsversicherung für Pensions-
ansprüche abgeschlossen. Der Aufwand aus diesen Pensionszusa-
gen (exkl. Rückstellungsdotierungen und -auösungen) in Höhe
von TEUR 701,8 (2020: TEUR 688,8) sowie der Ertrag aus der Rück-
deckungsversicherung von TEUR 151,9 (2020: TEUR 149,5) sind im
Posten Aufwendungen für Altersversorgung enthalten.
Die Aufwendungen für Abfertigungen und Leistungen an be-
triebliche Mitarbeitervorsorgekassen (inkl. Rückstellungsdotie-
rungen und -auösungen der Rückstellung für Abfertigungen) set-
zen sich wie folgt zusammen:
Aufwendungen für
2021
2020
TEUR TEUR
Abfertigungen (inkl. freiwilligen Abfertigungen)  

Leistungen an betriebliche
Mitarbeitervorsorgekassen
 
Gesamt  
1) Umgliederung von Nettozinsen in Höhe von TEUR 607,5 aus leistungsorientierten
Plänen vom Personalaufwand in das Finanzergebnis
Erläuterungen zur Gewinn
-
und Verlustrechnung
130 Annual Financial Report 2021 Lenzing Group
Geschäftsbericht 2021 Lenzing AG 17
Die Aufwendungen für Abfertigungen und Leistungen an betriebli-
che Mitarbeitervorsorgekassen (inkl. Rückstellungsdotierungen
und -auösungen) verteilen sich wie folgt:
Aufwendungen für 2021 2020
TEUR TEUR
Mitglieder des Vorstandes
Aktive Mitglieder  
Leitende Arbeitnehmer/innen  

Andere Arbeitnehmer/innen  

Gesamt  
1) Umgliederung von Nettozinsen in Höhe von TEUR 6,3 aus leistungsorientierten
Plänen vom Personalaufwand in das Finanzergebnis
2) Umgliederung von Nettozinsen in Höhe von TEUR 601,2 aus leistungsorientierten
Plänen vom Personalaufwand in das Finanzergebnis
Die Aufwendungen für Jubiläumsgelder (inkl. Rückstellungs-
dotierungen und -auösungen) verteilen sich wie folgt:
Aufwendungen für 2021 2020
TEUR TEUR
Löhne  

Gehälter  

Soziale Aufwendungen  
Gesamt  
1) Umgliederung von Nettozinsen in Höhe von TEUR 59,9 aus leistungsorientierten
Plänen vom Personalaufwand in das Finanzergebnis
2) Umgliederung von Nettozinsen in Höhe von TEUR 119,8 aus leistungsorientierten
Plänen vom Personalaufwand in das Finanzergebnis
Abschreibungen
Die Abschreibungen auf immaterielle Gegenstände des Anla-
gevermögens und Sachanlagen beinhalten die planmäßigen Ab-
schreibungen in Höhe von TEUR 76.783,6 (2020: TEUR 76.572,6).
Die Erträge aus der Auösung der Investitionszuschüsse der öf-
fentlichen Hand vermindern die Abschreibungen in Höhe von
TEUR 847,9 (2020: TEUR 805,2).
Sonstige betriebliche Aufwendungen
Die übrigen sonstigen betrieblichen Aufwendungen umfassen:
Übrige sonstige betriebliche
Aufwendungen
2021 2020
TEUR TEUR
Vertriebsaufwendungen
(inkl. Werbeaufwendungen)
 
Instandhaltungen und Fremdleistungen  
Konzernleistungen  
Rechts-, Prüfungs- und Beratungsaufwendungen  
Versicherungsaufwendungen  
Miet- und Leasingaufwendungen  
Gebühren, Spesen und sonstige Beiträge  
Schulung der Belegschaft  
Abfallentsorgung  
Reise- und Fahrtkosten  
Fremdwährungsdierenzen  
Sonstige Aufwendungen  
Gesamt  
In den sonstigen Aufwendungen sind vor allem Aufwendungen für
Patente und Lizenzen, allgemeine Verwaltungskosten, Wertberich-
tigungen, Aufwendungen für den Verbrauch von Büromaterial, Auf-
wendungen des Aufsichtsrates, Aufwendungen für Schutzartikel
und Schutzkleidung sowie der Verbrauch von Lebensmitteln der
werkseigenen Küche enthalten.
Finanzergebnis
Die Erträge aus Beteiligungen betreen im Wesentlichen Divi-
denden der Pulp Trading GmbH in Höhe von TEUR 62.000,0 (2020:
TEUR 37.300,0), der Lenzing Fibers Holding GmbH von
TEUR 14.400,0 (2020: TEUR 35.167,6), des BZL – Bildungszentrum
Lenzing GmbH in Höhe von TEUR 525,0 (2020: TEUR 600,0) der
Lenzing Papier GmbH in Höhe von TEUR 600,00 (2020: TEUR 0,0)
und der EQUI-Fibres Beteiligungsgesellschaft mbH in Höhe von
TEUR 250,0 (2020: TEUR 0,0).
In den Erträgen aus anderen Wertpapieren und Ausleihungen
des Finanzanlagevermögens sind Erträge aus Zinsforderungen
an verbundene Unternehmen von TEUR 15.440,7 (2020:
TEUR 6.964,3) erfasst.
Sonstige Zinsen und ähnliche Erträge resultieren im Wesent-
lichen aus der Aufzinsung von Ausleihungen in Höhe von
TEUR 985,5 (2020: TEUR 944,5) und aus Guthaben bei Kreditinsti-
tuten von TEUR 61,0 (2020: TEUR 54,2).
Die Erträge aus dem Abgang von und der Zuschreibung zu
Finanzanlagen enthalten im Wesentlichen Fremdwährungsge-
winne bzw. Fremdwährungseekte auf Ausleihungen in Höhe von
TEUR 15.085,4 und Erträge aus der Liquidation der Penique S.A in
Höhe von TEUR 6.079,4 und Avit Investments Limited in Höhe von
TEUR 629.6, sowie die Zuschreibung von Ausleihungen in Höhe
von TEUR 600,0. Im Vorjahr waren Erträge aus dem Verkauf der
Beteiligung der WWE Wohn- und Wirtschaftspark Entwicklungs-
gesellschaft m.b.H. in Höhe von TEUR 750,0. enthalten.
131 Annual Financial Report 2021 Lenzing Group
Geschäftsbericht 2021 Lenzing AG 18
Die Aufwendungen aus Finanzanlagen beinhalten im Abschrei-
bungen von Beteiligungen in Höhe von TEUR 1.669,6 (2020:
TEUR 0,0) sowie Abschreibungen von Ausleihungen und zugehö-
rigen Zinsforderungen in Höhe von TEUR 2.086,5 (2020:
TEUR 1.466,0) und Abschreibungen von Wertpapieren des Umlauf-
vermögens in Höhe von TEUR 1.000,0 (2020: TEUR 0,0).
Die Einbringung der Anteile an der Lenzing Technik GmbH im Jahr
2020 durch die Pulp Trading GmbH erfolgte zum unternehmens-
rechtlichen Buchwert in Höhe von EUR 6.942,7 und ergibt einen
Einbringungsgewinn. Aus der Verschmelzung der Lenzing Tech-
nik GmbH auf die Lenzing AG ergibt sich ein Verschmelzungsge-
winn in Höhe von TEUR 13.452,0. Dem unternehmensrechtlichen
Beteiligungsbuchwert an der Lenzing Technik GmbH in Höhe von
TEUR 6.942,7 stand ein unternehmensrechtliches Eigenkapital der
Lenzing Technik GmbH zum 1. Jänner 2020 (= 31. Dezember 2019)
von TEUR 20.394,7 gegenüber.
Im Geschäftsjahr 2021 wurden zur verbesserten Darstellung die
Nettozinsen aus leistungsorientierten Plänen vom Personalauf-
wand in das Finanzergebnis in Höhe von TEUR 718,7 (2020:
TEUR 1.012,2) umgegliedert.
Steuern vom Einkommen und vom Ertrag
Die laufenden Steuern vom Einkommen und vom Ertrag setzen
sich wie folgt zusammen:
Laufende Steuern vom Einkommen und
vom Ertrag 2021 2020
TEUR TEUR
Körperschaftsteuer aus der Gruppenbesteuerung  
Steuergutschrift vom Gruppenträger - -
Steuerumlagen der Gruppenmitglieder   
Steuerumlagen an Gruppenmitglieder - - 
Sonstige Steuern vom Einkommen und vom Ertrag  
Gesamt  -
In der Position Steuergutschrift vom Gruppenträger sind auch Be-
träge aus Vorperioden enthalten; dies führt im Geschäftsjahr 2021
zu einem Steuerertrag in Höhe von TEUR 747,1 (2020: TEUR 24,1).
Der im Vorjahr aus Verlustvorträgen aktivierte latente Steuerertrag
in Höhe von TEUR 3.255,9 wurde im Geschäftsjahr 2021 gänzlich
mit laufenden steuerlichen Gewinnen verrechnet. Weiters wurde
ein latenter Steueraufwand für die Verminderung der aktiven laten-
ten Steuern in Höhe von TEUR 6.905,1 (2020: latenter Steuerertrag
in Höhe von TEUR 758,0) erfasst.
Die sonstigen Steuern vom Einkommen und vom Ertrag enthalten
wie im Vorjahr im Wesentlichen Körperschaftsteuern aus Vorperi-
oden und ausländische Quellensteuern.
132 Annual Financial Report 2021 Lenzing Group
Geschäftsbericht 2021 Lenzing AG 19
Angaben zu sonstigen nanziellen
Verpichtungen und
außerbilanziellen Geschäften
Verpichtungen aus der Nutzung von in der Bilanz nicht ausgewie-
senen Sachanlagen liegen aufgrund von Leasing-, Pacht- und
Mietverträgen in folgendem Umfang vor:
Nutzungsverpichtungen 31.12.2021 31.12.2020
TEUR TEUR
Im Folgejahr  
In den folgenden fünf Jahren  
Verpichtungen aus oenen Bestellungen für die Lieferung von
Sachanlagen liegen in folgender Höhe vor:
Bestellobligo 31.12.2021 31.12.2020
TEUR TEUR
Bestellobligo für Investitionsvorhaben  
Davon gegenüber verbundenen Unternehmen  
Es gibt es rechtlich unverbindliche Erklärungen der Lenzing AG,
Tochtergesellschaften mit ausreichend nanziellen Mitteln auszu-
statten („weiche Patronatserklärungen“), die sich nicht an be-
stimmte Personen richten.
Die Bankgarantien für Verbindlichkeiten aus laufenden Geschäfts-
beziehungen betragen zum 31. Dezember 2021 TEUR 1.937,0
(31. Dezember 2020: TEUR 1.357,8).
Für die zukünftigen Eigenkapitaleinschüsse der Lenzing AG in die
LD Celulose S.A. im Jahr 2022 bestehen Bankgarantien in Höhe
von TEUR 55.143,5 (31. Dezember 2020: TEUR 64.489,0). Diese
Bankgarantien waren zum 31. Dezember 2021 nicht gezogen.
Vor einem US-Gericht wurde eine Klage auf nicht bezierte Scha-
denersatzansprüche in Zusammenhang mit einer ehemaligen Be-
teiligung gegen die Lenzing AG eingebracht. Die Lenzing AG hat
diese Ansprüche zurückgewiesen. Eine Leistung von Schadener-
satzzahlungen wird vom Management als nicht wahrscheinlich ein-
geschätzt.
Verkauf von Forderungen / Factoring
Es bestehen Factoring-Vereinbarungen, aufgrund derer Banken
zum Ankauf bestimmter Forderungen aus Lieferungen und Leis-
tungen der Lenzing Gruppe über ein monatlich revolvierendes
Nominalvolumen verpichtet sind. Die Lenzing Gruppe ist zum
Verkauf dieser Forderungen berechtigt. Die Vereinbarungen haben
eine unbestimmte Laufzeit; jede Partei hat das Recht, die Verein-
barungen mit einer Frist aufzukündigen und dann auslaufen zu las-
sen. Die Factoring-Vereinbarungen haben per 31. Dezember 2021
ein maximal ausnutzbares Nominalvolumen von insgesamt
TEUR 50.000,0 (31. Dezember 2020: TEUR 50.000,0). Diese sind
seit dem Geschäftsjahr 2017 stillgelegt.
Sonstige Angaben
133 Annual Financial Report 2021 Lenzing Group
Geschäftsbericht 2021 Lenzing AG 20
Verwendung von derivativen
Finanzinstrumenten
Die Lenzing AG setzt Devisentermingeschäfte sowie Zinswäh-
rungsderivate als Sicherungsgeschäfte ein, um Zins- und Wäh-
rungsrisiken aus dem operativen Geschäft zu vermindern. Die De-
visentermingeschäfte werden jährlich im Vorhinein auf Basis der
voraussichtlichen Umsatzerlöse bzw. Materialaufwendungen in
der betreenden Fremdwährung festgelegt. Die Zinswährungsde-
rivate dienen zur Absicherung des Zins- und Währungsrisikos eines
Schuldscheindarlehens in USD mit variabler Verzinsung.
Zum Bilanzstichtag bestanden folgende Devisentermingeschäfte
und Zinswährungsderivate:
31.12.2021
Beizulegender Wert

Art der derivativen
Finanzinstrumente
Nominale
1
Sicherungs-
zeitraum
positiv negativ Buchwert Bilanzposten
FW 1.000 bis TEUR TEUR TEUR
Devisentermingeschäfte
CNY/CNH-Verkauf / EUR-Kauf CNY/CNH  /  - 
BRL-Verkauf / EUR-Kauf BRL  /  - -
übrige
Rückstellungen
USD-Kauf / EUR-Verkauf USD  /    -
Summe  - -
Zinswährungsderivate
USD-Kauf / EUR-Verkauf USD  /  -  -
Nettoposition -
1) Der Nominalwert wird als Bruttovolumen ausgewiesen
2) beizulegender Wert: + = Forderung / - = Verbindlichkeit aus Sicht der Lenzing AG
31.12.2020
Beizulegender Wert

Art der derivativen
Finanzinstrumente
Nominale
1
Sicherungs-
zeitraum
positiv negativ Buchwert Bilanzposten
FW 1.000 bis TEUR TEUR TEUR
Devisentermingeschäfte
CNY/CNH-Verkauf / EUR-Kauf CNY/CNH  /  - -
übrige
Rückstellungen
BRL-Verkauf / EUR-Kauf BRL  /  - -
übrige
Rückstellungen
CZK-Verkauf / EUR-Kauf CZK  /  -  -
Summe  - -
Zinswährungsderivate
USD-Kauf / EUR-Verkauf USD  /  -  -
Nettoposition -
1) Der Nominalwert wird als Bruttovolumen ausgewiesen.
2) beizulegender Wert: + = Forderung / - = Verbindlichkeit aus Sicht der Lenzing AG
Die in den obigen Tabellen angegebenen beizulegenden Werte der
derivativen Finanzinstrumente entsprechen den Marktwerten zum
Bilanzstichtag. Sie wurden unter Anwendung anerkannter nanz-
mathematischer und ggf. statistischer Bewertungsmodelle und ak-
tueller Marktparameter zum Bilanzstichtag durch Banken, andere
externe Partner bzw. intern ermittelt.
134 Annual Financial Report 2021 Lenzing Group
Geschäftsbericht 2021 Lenzing AG 21
Bei den beizulegenden Werten der Sicherungsgeschäfte handelt
es sich um unrealisierte Gewinne bzw. Verluste, die sich mit den
gegenläugen Verlusten bzw. Gewinnen aus den dazugehörigen
Grundgeschäften ausgleichen.
In Anwendung der AFRAC-Stellungnahme „Die unternehmens-
rechtliche Bilanzierung von Derivaten und Sicherungsinstrumen-
ten“ vom Dezember 2020 werden zum Bilanzstichtag dokumen-
tierte Sicherungsbeziehungen (Bewertungseinheiten) zwischen
Devisentermingeschäften bzw. Zinswährungsderivaten, die als Si-
cherungsinstrumente dienen, und Grundgeschäften zur Absiche-
rung von Fremdwährungs- bzw. Zinsrisiken gebildet. Liegt eine
derartige Bewertungseinheit vor, ist ein Derivat am Bilanzstichtag
nicht gesondert zu bewerten. Bewertungsobjekt ist vielmehr das
bereits bilanzierte abgesicherte Grundgeschäft (Fremdwährungs-
forderung bzw. -verbindlichkeit, bzw. die variabel verzinste Ver-
bindlichkeit) zusammen mit dem Sicherungsgeschäft (Devisenter-
mingeschäft bzw. Zinswährungsswap).
Zur Absicherung gegen Zins- und Währungsrisiken aus der Auf-
nahme von Schuldscheindarlehen in Fremdwährung werden in der
Lenzing AG Zinswährungsswaps eingesetzt. Diese derivativen Fi-
nanzinstrumente dienen dazu die Variabilität zwischen den Zins-
und Tilgungszahlungen der erhaltenen Schuldscheindarlehen in
USD auszugleichen. Die Sicherungsgeschäfte werden zur Absiche-
rung des Fremdwährungsänderungsrisikos aus der Aufnahme der
Schuldscheindarlehen in USD und den Rück- und Zinszahlungen in
Fremdwährung sowie des Zinsrisikos, welches aus den variablen
Zinszahlungen des gesicherten Grundgeschäfts resultiert, festge-
legt. Die ineektiven Anteile der Derivate werden, sofern negativ,
als Drohverlust rückgestellt (per 31. Dezember 2021: TEUR 0,0 und
per 31. Dezember 2020: TEUR 0,00). Die Bestimmung der Ineek-
tivität erfolgt unter Anwendung der Dollar-Oset-Methode unter
Rückgri auf ein hypothetisches Derivat.
Bei Devisentermingeschäften werden bei der Bemessung einer all-
fälligen Drohverlustrückstellung mit an Sicherheit grenzender
Wahrscheinlichkeit eintretende gegenläuge, erfolgswirksame
Zahlungsströme berücksichtigt (zukünftige Zahlungseingänge aus
geplanten Umsatzerlösen bzw. Zahlungsausgänge aus geplanten
Materialaufwendungen in Fremdwährung). Im Jahresabschluss
2021 wurde eine Rückstellung für drohende Verluste für negative
Marktwerte von Derivaten mit einer ursprünglichen Laufzeit von
mehr als 12 Monaten in Höhe von TEUR 6.134,3 (31. Dezember
2020: TEUR 7.971,4) gebildet. Zum 31. Dezember 2021 wurde auf
eine Drohverlustrückstellung aus kurzfristigen Sicherungsbezie-
hungen zukünftiger Zahlungsströme in Höhe von TEUR 5.124,3
(31. Dezember 2020: TEUR 596,7
1
) verzichtet, da sich diese unrea-
lisierten Verluste mit hoher Eintrittswahrscheinlichkeit mit den ge-
genläugen unrealisierten Gewinnen aus den zukünftigen Zah-
lungseingängen bzw. Zahlungsausgängen in Fremdwährung aus-
gleichen werden.
1) Änderung Vorjahreswert
Der wirksame Ausgleich zwischen unrealisierten Verlusten und
Gewinnen wird durch Effektivitätstests nachgewiesen. Bei Fremd-
währungsabsicherungen werden die Grundgeschäfte und die Si-
cherungsinstrumente für die Effektivitätsmessung je Währung in zu-
mindest 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 Siche-
rungswirkung der Bewertungseinheiten wird durch Vergleich der
seit Sicherungsbeginn tatsächlich erfolgten Zahlungsströme der
Grundgeschäfte mit den tatsächlichen Zahlungsströmen der Siche-
rungsinstrumente nach der Kompensierungsmethode beurteilt.
Aufgrund der identen, aber gegenläufigen Parameter kann von einer
hoch wirksamen Sicherungsbeziehung ausgegangen werden.
An der Bonität der Kontrahenten, die an einer Bewertungseinheit
beteiligt sind, bestehen zum Bilanzstichtag keinerlei Zweifel.
Organe und Arbeitnehmer/innen
Durchschnittliche Zahl der
Mitarbeiter/innen (Köpfe)
2021 2020
Angestellte  
Arbeiter/innen  
Gesamt  
Beziehungen zu den Mitgliedern des
Vorstandes und den Mitgliedern des
Aufsichtsrates der Lenzing AG
Die aufgewendeten Vergütungen für das Management in Schlüs-
selpositionen im Rahmen ihrer Funktion, das sich aus den aktiven
Mitgliedern des Vorstandes und des Aufsichtsrates der Lenzing AG
zusammensetzt, stellen sich zusammengefasst wie folgt dar (inklu-
sive Rückstellungsveränderungen):
135 Annual Financial Report 2021 Lenzing Group
Geschäftsbericht 2021 Lenzing AG 22
Vergütung des Managements in
Schlüsselpositionen (aufgewendet)
TEUR
2021 2020
Vergütung des Vorstandes
Grundgehalt  
Sachbezüge und andere Vorteile (insb. zur
Nutzung überlassene Geschäftsfahrzeuge)
 
Kurzfristiger variabler Leistungsbonus
(Short-Term Incentive; STI)  
Außerordentliche Vergütungsleistungen
(Sonderboni)
 
Kurzfristig fällige Leistungen  
Langfristiger variabler Leistungsbonus
(Long-Term Incentive; LTI)  
Außerordentliche Vergütungsleistungen
(Sonderboni)
 
Andere langfristig fällige Leistungen  
Beiträge zur überbetrieblichen Pensionskasse  
Leistungen nach Beendigung des
Arbeitsverhältnisses
  
Einmalige Abndung  
Leistungen aus Anlass der Beendigung des
Arbeitsverhältnisses  
Vergütung des Vorstandes  
Vergütung des Aufsichtsrates
Kurzfristig fällige Leistungen  
Summe  
Die Zielgröße für den langfristigen Bonusanteil (Long-Term Incen-
tive / LTI) der Vorstände setzt sich aus ausgewählten Kennzahlen
der Lenzing Gruppe zusammen, jeweils über einen dreijährigen Be-
rechnungszeitraum. Zusätzlich wird in diesen Berechnungszeiträu-
men die Kapitalmarktperformance der Gesellschaft im Vergleich zu
einer ausgewählten Gruppe börsennotierter Unternehmen bewer-
tet.
Den vom Betriebsrat delegierten Arbeitnehmervertretern im Auf-
sichtsrat steht neben der Vergütung für Ihre Tätigkeit im Aufsichts-
rat (insbesondere Sitzungsgelder) eine reguläre Entlohnung (Lohn
oder Gehalt und Abfertigungs- sowie Jubiläumsgeldzahlungen) im
Rahmen ihres Dienstvertrages zu. Die Entlohnung entspricht einer
angemessenen Vergütung für die ausgeübte Funktion bzw. Tätig-
keit im Unternehmen.
In markt- und konzernüblicher Weise gewährt die Lenzing AG den
Mitgliedern des Vorstandes, wie auch teilweise ihren leitenden An-
gestellten und dem Aufsichtsrat, weitere Leistungen, die als geld-
werte Vorteile angesehen werden. So besteht Versicherungsschutz
(D&O, Unfall- und Rechtsschutzversicherung etc.), dessen Kosten
von der Lenzing Gruppe getragen wird. Es erfolgen Gesamtprä-
mienzahlungen an die Versicherer, sodass eine spezische Zuord-
nung an den Vorstand und Aufsichtsrat nicht stattndet. Außerdem
werden den Mitgliedern des Vorstandes und teilweise den leiten-
den Angestellten Geschäftsfahrzeuge zur Nutzung überlassen. Da-
neben erhalten die Mitglieder des Vorstandes und des Aufsichts-
rates Aufwandersatz für angefallene Kosten, insbesondere für Rei-
sespesen. Die Grundsätze des Vergütungssystems für Vorstand
und Aufsichtsrat sind im Vergütungsbericht laut Konzernnotes 2021
der Lenzing Gruppe detailliert ausgeführt und veröentlicht.
Mitgliedern des Vorstandes und des Aufsichtsrates wurden keine
Vorschüsse, Kredite oder Haftungen gewährt. Die Lenzing Gruppe
ist keine Haftungsverhältnisse zu Gunsten des Vorstandes und des
Aufsichtsrates eingegangen.
Für die ehemaligen Mitglieder des Vorstandes der Lenzing AG
oder deren Hinterbliebene wurden Leistungen nach Beendigung
des Arbeitsverhältnisses in Form von Erträgen in der Gewinn- und
Verlustrechnung in Höhe von TEUR 12,1 (2020: Aufwendungen in
Höhe von TEUR 607,0) erfasst. Der Barwert der dafür gebildeten
Pensionsrückstellung nach Abzug des beizulegenden Zeitwerts
des Planvermögens (Nettoschuld) beträgt zum 31. Dezember 2021
TEUR 6.511,5 (31. Dezember 2020: TEUR 7.284,8).
Honorare des Abschlussprüfers
Die aufgewendeten Honorare für Leistungen der KPMG Austria
GmbH, Linz setzten sich wie folgt zusammen:
Aufgewendete Honorare des
Abschlussprüfers 2021 2020
TEUR TEUR
Prüfung des Jahresabschlusses
(inkl. Konzernabschluss)  
Andere Bestätigungsleistungen  
Sonstige Leistungen  
Gesamt  
136 Annual Financial Report 2021 Lenzing Group
Geschäftsbericht 2021 Lenzing AG 23
Angaben zur Gruppenbesteuerung
Die Lenzing AG und die im Gruppenvertrag einbezogenen Toch-
tergesellschaften sind Gruppenmitglieder in der zwischen der B&C
Holding Österreich GmbH als Gruppenträger und der Lenzing AG
sowie weiteren Tochtergesellschaften der Lenzing AG als Grup-
penmitglieder am 27. Juli 2017 abgeschlossenen steuerlichen Un-
ternehmensgruppe gemäß § 9 öKStG (österreichisches Körper-
schaftsteuergesetz). Der Steuerausgleichsvertrag wurde mit Wir-
kung ab dem Wirtschaftsjahr 2021 der Lenzing Aktiengesellschaft
sowie der (un)mittelbaren Tochtergesellschaften, die ebenfalls
Gruppenmitglieder sind, am 04. November 2021 neu gefasst, in
dem auch die Neuregelungen betreend Zinsschranke (§ 12a KStG)
berücksichtigt sind.
Im Zuge der Gruppenbesteuerung kommt es zwischen den einbe-
zogenen Gruppenmitgliedern zu einer Aufrechnung von steuerli-
chen Gewinnen und Verlusten. Zukünftige Steuerverpichtungen
aus der Anrechnung von Verlusten ausländischer Tochtergesell-
schaften werden ohne Abzinsung im Jahresabschluss erfasst.
Der Gruppen- und Steuerausgleichsvertrag verpichtet die
Lenzing AG, eine Steuerumlage in Höhe der auf den steuerpflichti-
gen Gewinn der Gesellschaft und der in die Gruppe einbezogenen
Tochtergesellschaften entfallenden Körperschaftsteuer zu entrich-
ten. Allfällige beim Gruppenträger auf das gesamte Gruppener-
gebnis eektiv anrechenbare in- und ausländische Quellensteuern
sowie weitergeleitete Mindestkörperschaftsteuern kürzen die von
der Lenzing AG zu zahlende Steuerumlage.
Sofern im Veranlagungsjahr laufende Verluste bzw. Verlustvorträge,
die vom 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
25 Prozent des geltenden Körperschaftsteuersatzes (somit
6,25 Prozent) der in einem Veranlagungsjahr des Gruppenträgers
mit positiven Ergebnissen verrechneten gruppenträgereigenen
laufenden Verluste bzw. Verlustvorträge.
Aus der steuerlichen Unternehmensgruppe hat die Lenzing AG im
Geschäftsjahr 2021 (inklusive Beträge aus Vorperioden) eine Steu-
ergutschrift in Höhe von TEUR 747,1 (2020: TEUR 24,1) ergebnis-
wirksam verbucht. Im Geschäftsjahr 2021 erfolgten gemäß der ver-
traglichen Verpichtung und aufgrund des steuerlichen Verlustes
im Vorjahr die Rückzahlung der Vorauszahlungen der Steuerumlage
2020 vom Gruppenträger an die Lenzing AG in Höhe von
TEUR 15.285,0 (2020: Zahlung bzw. Vorauszahlung der Steuerum-
lage an den Gruppenträger in Summe von TEUR 19.195,7).
Zum 31. Dezember 2021 bilanziert die Lenzing AG aus der Steu-
erumlage nach Abzug der Vorauszahlung eine Verbindlichkeit in
Höhe von TEUR 27.999,7 gegenüber dem Gruppenträger. Diese
wird im Bilanzposten „Verbindlichkeiten gegenüber verbundenen
Unternehmen“ ausgewiesen (per 31. Dezember 2020: unter „For-
derungen gegenüber verbundenen Unternehmen“ TEUR 4.568,2).
Der steuerliche Verlust aus dem Jahr 2020 in Höhe von
TEUR 13.023,7 wurde im Geschäftsjahr 2021 zur Gänze mit Gewin-
nen verrechnet.
Ein steuerlicher Verlust der Lenzing AG inklusive der beteiligten
Tochtergesellschaften wird evident gehalten und mit künftigen
steuerlichen Gewinnen verrechnet. Für bei Beendigung des Ver-
trages nicht verrechnete Verluste ist eine Ausgleichszahlung ver-
einbart.
Mit den einbezogenen Tochtergesellschaften wurde ein Ergän-
zungsvertrag abgeschlossen, welcher ebenfalls mit Wirkung ab
dem Wirtschaftsjahr 2021 neu gefasst wurde. Dieser Vertrag ver-
pichtet das jeweilige österreichische Gruppenmitglied, eine Steu-
erumlage in Höhe der auf seinen steuerpichtigen Gewinn entfal-
lenden Körperschaftsteuer an die Lenzing AG zu entrichten. Die
Lenzing AG ist verpicht
et, de
r jeweiligen Gesellschaft im Fall ei-
nes Verlustes eine Steuergutschrift in der Höhe der durch den Ver-
lust bewirkten Steuerentlastung zu erteilen. Steuerliche Verluste
von ausländischen Gruppenmitgliedern, welche in die Gruppenbe-
steuerung einbezogen werden, kürzen die geschuldete Steuerum-
lage des betreenden Gruppenmitglieds maximal auf Null. Die
darüberhinausgehenden ausländischen Verluste werden in einem
internen Verlustvortrag evident gehalten und mit künftigen auslän-
dischen Gewinnen, die nachversteuert werden müssen, gegenver-
rechnet.
137 Annual Financial Report 2021 Lenzing Group
Geschäftsbericht 2021 Lenzing AG 24
Direkte Beteiligungen zum 31.12.2021
Beteiligung Währung Nennkapital
Anteil in
Prozent
Eigenkapital
31.12.2021
Jahresüberschuss/-
fehlbetrag 2021
TEUR TEUR
Beech Investment s.r.o., Zlaté Moravce, Slowakei EUR   



BZL-Bildungszentrum Lenzing GmbH, Lenzing EUR    
EQUI-Fibres Beteiligungsgesellschaft mbH, Kelheim, Deutschland EUR   

-

Gemeinnützige Siedlungsgesellschaft m.b.H. für den Bezirk
Vöcklabruck, Lenzing
EUR   



LD Celulose S.A., Sao Paulo, Brasilien BRL   

-

LD Florestal S.A., Sao Paulo, Brasilien BRL   

-

Lenzing (Thailand) Co., Ltd., Bangkok, Thailand THB   

-

Lenzing Fibers (Hongkong) Ltd., Hong Kong, China HKD   



Lenzing Fibers (Shanghai) Co., Ltd., Shanghai, China USD   



Lenzing Fibers Holding GmbH, Lenzing EUR    
Lenzing Fibers India Private Ltd. INR   



Lenzing Global Finance GmbH, München, Deutschland EUR   



Lenzing Land Holding LLC., Dover, USA USD   



Lenzing Modi Fibers India Private Limited, Mumbai, Indien INR   

-

Lenzing Papier GmbH, Lenzing EUR   



Lenzing Singapore Pte. Ltd., Singapur, Republik Singapur EUR   



PT. Pura Golden Lion, Jakarta, Indonesien IDR   



PT. South Pacic Viscose, Purwakarta, Indonesien IDR  



-

Pulp Trading GmbH, Lenzing EUR    
RVL Reststoverwertung Lenzing GmbH, Lenzing EUR    
1) 2020
2) Der direkt von der Lenzing AG gehaltene Anteil beträgt 91,87 Prozent, inkl. der indirekt gehaltenen Anteile beträgt der durchgerechnete Anteil 95,12 Prozent.
3) Eigenkapital und Ergebnis wurden nach lokalem Recht ermittelt.
4) Eigenkapital und Ergebnis wurden aus den zur Erstellung des Konzernabschlusses herangezogenen Abschlüssen, welche entsprechend IFRS aufgestellt wurden, entnommen.
5) Vorläug
138 Annual Financial Report 2021 Lenzing Group
Geschäftsbericht 2021 Lenzing AG 25
Direkte Beteiligungen zum 31.12.2020
Beteiligung Währung Nennkapital
Anteil in
Prozent
Eigenkapital
31.12.2020
Jahresüberschuss
/-fehlbetrag 2020
TEUR TEUR
Avit Investments Limited, Providenciales, Turks & Caicos USD   

-

Beech Investment s.r.o., Zlaté Moravce, Slowakei EUR   



BZL-Bildungszentrum Lenzing GmbH, Lenzing EUR    
EQUI-Fibres Beteiligungsgesellschaft mbH, Kelheim, Deutschland EUR   



Gemeinnützige Siedlungsgesellschaft m.b.H. für den Bezirk
Vöcklabruck, Lenzing
EUR   



Hygiene Austria LP GmbH EUR   



LD Celulose S.A., Sao Paulo, Brasilien BRL   

-

LD Florestal S.A., Sao Paulo, Brasilien BRL   



Lenzing (Thailand) Co., Ltd., Bangkok, Thailand THB   

-

Lenzing Fibers (Hongkong) Ltd., Hong Kong, China HKD   



Lenzing Fibers (Shanghai) Co., Ltd., Shanghai, China USD    

Lenzing Fibers Holding GmbH, Lenzing EUR   


Lenzing Global Finance GmbH, München, Deutschland EUR   



Lenzing Land Holding LLC., Dover, USA USD   



Lenzing Modi Fibers India Private Limited, Mumbai, Indien INR   

-

Lenzing Fibers India Private Ltd. INR   

-

Lenzing Papier GmbH, Lenzing EUR   



Lenzing Singapore Pte. Ltd., Singapur, Republik Singapur EUR   



Penique S.A., Panama, Panama USD   



PT. Pura Golden Lion, Jakarta, Indonesien IDR   



PT. South Pacic Viscose, Purwakarta, Indonesien IDR  



-

Pulp Trading GmbH, Lenzing EUR    
RVL Reststoverwertung Lenzing GmbH, Lenzing EUR    
1) 2019
2) Der direkt von der Lenzing AG gehaltene Anteil beträgt 88,08 Prozent, inkl. der indirekt gehaltenen Anteile beträgt der durchgerechnete Anteil 92,85 Prozent.
3) Eigenkapital und Ergebnis wurden nach lokalem Recht ermittelt.
4) Eigenkapital und Ergebnis wurden aus den zur Erstellung des Konzernabschlusses herangezogenen Abschlüssen, welche entsprechend IFRS aufgestellt wurden, entnommen.
5) Vorläug
6) Änderung Vorjahreswert
Gewinnverteilungsvorschlag für den
Bilanzgewinn 2021
EUR
Das Geschäftsjahr 2021 endet mit einem
Jahresüberschuss von 
nach Zuweisung zu (freien) Gewinnrücklagen von -
und nach Hinzurechnung des Gewinnvortrages 2020
von 
verbleibt ein Bilanzgewinn von 
Der Vorstand schlägt folgende Verteilung des
Bilanzgewinnes vor:
Ausschüttung einer Dividende entsprechend einem
Betrag von EUR 4,35 je Aktie auf das
dividendenberechtigte Grundkapital von
EUR 27.574.071,43 bzw. 26.550.000 Stückaktien 
Auf neue Rechnung werden vorgetragen 
Vorbehaltlich des Beschlusses der Hauptversammlung erfolgt auf
je eine Aktie die Auszahlung einer Dividende in der oben angege-
benen Höhe. Die Dividendenauszahlung erfolgt ab 3. Mai 2022 bei
der
UniCredit Bank Austria AG
Rothschildplatz 1
1020 Wien
Die Aktien werden ab 28. April 2022 an der Wiener Börse ex Divi-
dende gehandelt.
139 Annual Financial Report 2021 Lenzing Group
Geschäftsbericht 2021 Lenzing AG 26
Organe der Gesellschaft
Mitglieder des Aufsichtsrates
●
Dipl.-Bw. Peter Edelmann
Vorsitzender
●
Mag. Patrick Prügger
Stellvertretender Vorsitzender (seit 14. April 2021)
●
Dr. Stefan Fida
Stellvertretender Vorsitzender (seit 14. April 2021)
●
Mag. Helmut Bernkopf
●
Dr. Christian Bruch
●
Dr. Markus Fürst, MBA (seit 14. April 2021)
●
KR Dr. Franz Gasselsberger, MBA
●
Melody Harris-Jensbach (seit 18. Juni 2020)
●
Cord Prinzhorn, MBA (14. April 2021 bis 3. November 2021)
●
Dr. Astrid Skala-Kuhmann
●
Dr. Veit Sorger
Stellvertretender Vorsitzender (bis 14. April 2021)
●
Dr. Felix Fremerey (bis 18. Juni 2020)
Vom Betriebsrat delegiert
●
Johann Schernberger
Vorsitzender des Konzernbetriebsrates
Vorsitzender des Betriebsausschusses (bis 18. Jänner 2021)
Vorsitzender des Arbeiterbetriebsrates
●
Helmut Kirchmair
Vorsitzender des Betriebsausschusses (seit 18. Jänner 2021)
Stellvertretender Vorsitzender des Arbeiterbetriebsrates
●
Georg Liftinger
Stellvertretender Vorsitzender des Betriebsausschusses
Vorsitzender des Angestelltenbetriebsrates
●
Herbert Brauneis
Stellvertretender Vorsitzender des Arbeiterbetriebsrates
●
Ing. Daniela Födinger
Stellvertretende Vorsitzende des Angestelltenbetriebsrates
Mitglieder des Vorstandes
●
Cord Prinzhorn, MBA
Vorstandsvorsitzender (seit 4. November 2021)
●
Mag. Thomas Obendrauf, MBA
Finanzvorstand
●
Robert van de Kerkhof, MBA
Mitglied des Vorstandes
●
DI Stephan Siela
Mitglied des Vorstandes (seit 1. März 2020)
●
DI Christian Skilich, MBA, LLM
Mitglied des Vorstandes (seit 1. Juni 2020)
●
Dr. Stefan Doboczky, MBA
Vorstandsvorsitzender (bis 30. September 2021)
140 Annual Financial Report 2021 Lenzing Group
Geschäftsbericht 2021 Lenzing AG 27
Wesentliche Ereignisse nach dem
Bilanzstichtag
Am 20. Jänner 2022 wurde in Österreich die stufenweise Senkung
des Körperschaftsteuersatzes von 25 Prozent auf 23 Prozent mit
Wirkung ab dem 1. Jänner 2023 beschlossen. Diese Senkung wirkt
sich nicht auf die zum 31. Dezember 2021 erfassten tatsächlichen
oder latenten Steuern aus. Allerdings wird diese Änderung die
künftige tatsächliche Steuerlast der Lenzing AG entsprechend
senken. Wenn die geänderten Steuersätze für die Berechnung der
Steuerabgrenzung zum 31. Dezember 2021 verwendet worden wä-
ren, hätten sich die aktiven latenten Steuern um TEUR 570,5 ver-
mindert.
Seit dem 24. Februar 2022 gibt es militärische Auseinandersetzun-
gen zwischen Russland und der Ukraine. Die Lenzing AG verfügt in
beiden Staaten über keine Beteiligungen, sonstige Vermögens-
werte bzw. andere wesentliche Geschäftsbeziehungen. Auf den
Jahresabschluss per 31. Dezember 2021 der Lenzing AG ergeben
sich daher keine nanziellen Auswirkungen.
Darüber hinaus sind nach dem Bilanzstichtag 31. Dezember 2021
keine Vorgänge von wesentlicher Bedeutung für die Lenzing AG
bekannt geworden, die zu einer anderen Darstellung der Vermö-
gens-, Finanz- und Ertragslage geführt hätten.
Lenzing, am 1. März 2022
Lenzing Aktiengesellschaft
Der Vorstand
Cord Prinzhorn, MBA
Vorstands
vorsitzender
Mag. Thomas Obendrauf, MBA
Finanzvorstand
Robert van de Kerkhof, MBA
Mitglied des Vorstandes
DI Stephan Siela
Mitglied des Vorstandes
DI Christian Skilich, MBA, LLM
Mitglied des Vorstandes
141 Annual Financial Report 2021 Lenzing Group
Geschäftsbericht 2021 Lenzing AG 28
Lenzing AG
Entwicklung des Anlagevermögens
für den Zeitraum 01. Jänner 2021 bis 31. Dezember 2021
Anschaungskosten
Anschaungs- bzw.
Herstellungskosten
Zugänge Umbuchungen Abgänge
Anschaungs- bzw.
Herstellungskosten
01.01.2021 2021 2021 2021 31.12.2021
I. Immaterielle Vermögensgegenstände EUR EUR EUR EUR EUR
1. Rechte    -   
2. Firmenwert     
Summe Immaterielle Vermögensgegenstände     - 
II. Sachanlagen
1. Grundstücke, grundstücksgleiche Rechte und Bauten,
einschließlich der Bauten auf fremdem Grund
a) Wohngebäude
Grundwert    -  
Gebäudewert    - 
b) Geschäfts- und Fabriksgebäude und andere
Baulichkeiten
Grundwert     
Gebäudewert      -  
c) Unbebaute Grundstücke      
   - 
2. Technische Anlagen und Maschinen      -  
3. Andere Anlagen, Betriebs- und Geschäftsausstattung  

 - 


4. Anlagen in Bau   -  
5. Geleistete Anzahlungen   -  
Summe Sachanlagen    - - 
III. Finanzanlagen
1. Anteile an verbundenen Unternehmen     - 
2. Ausleihungen an verbundene Unternehmen    -   
3. Beteiligungen    - 
4. Wertpapiere (Wertrechte) des Anlagevermögens     -  
5. Sonstige Ausleihungen     - 
Summe Finanzanlagen     -  
   -  
1) inklusive geringwertige Vermögensgegenstände in Höhe von EUR 925.717,21.
142 Annual Financial Report 2021 Lenzing Group
Geschäftsbericht 2021 Lenzing AG 29
Abschreibungen kumuliert Buchwert
Abschreibungen
kumuliert
Abschreibungen Zuschreibungen Umbuchungen Abgänge
Abschreibungen
kumuliert
Buchwert Buchwert
01.01.2021 2021 2021 2021 2021 31.12.2021 31.12.2021 31.12.2020
EUR EUR EUR EUR EUR EUR EUR EUR
     -    
         
    -   
         
     -     
         
    -    
         
    -   
    -       
  

  -

    
           
         
    -   
        
   -     
        
     -    
   -     
  -   -     
  -  -    
143 Annual Financial Report 2021 Lenzing Group
Geschäftsbericht 2021 Lenzing AG 30
Lenzing AG
Entwicklung der Zuschüsse der öentlichen Hand
für den Zeitraum 01. Jänner 2021 bis 31. Dezember 2021
Zuschüsse der öentlichen Hand
Stand am
01.01.2021
Zugang Abgang Auösung Umbuchung
Stand am
31.12.2021
A. Investitionszuschüsse EUR EUR EUR EUR EUR EUR
I. Investitionszuschüsse der
öentlichen Hand
1. Grundstücke, grundstücksgleiche
Rechte und Bauten, einschließlich der
Bauten auf fremdem Grund
    -  
2. Technische Anlagen und Maschinen      -   
3. Andere Anlagen, Betriebs- und
Geschäftsausstattung    -  
   -  
II. Emissionszertikate   - -  
III. Investitionsprämien    -  
  - -  
144 Annual Financial Report 2021 Lenzing Group
Geschäftsbericht 2021 Lenzing AG 31
Bericht zum Jahresabschluss
Prüfungsurteil
Wir haben den Jahresabschluss der
Lenzing Aktiengesellschaft,
Lenzing,
bestehend aus der Bilanz zum 31. Dezember 2021, der Gewinn-
und Verlustrechnung für das an diesem Stichtag endende Ge-
schäftsjahr und dem Anhang, geprüft.
Nach unserer Beurteilung entspricht der Jahresabschluss den ge-
setzlichen Vorschriften und vermittelt ein möglichst getreues Bild
der Vermögens- und Finanzlage zum 31. Dezember 2021 sowie der
Ertragslage der Gesellschaft für das an diesem Stichtag endende
Geschäftsjahr in Übereinstimmung mit den österreichischen unter-
nehmensrechtlichen Vorschriften.
Grundlage für das Prüfungsurteil
Wir haben unsere Abschlussprüfung in Übereinstimmung mit der
EU-Verordnung Nr 537/2014 (im Folgenden AP-VO) und mit den
österreichischen Grundsätzen ordnungsgemäßer Abschlussprü-
fung durchgeführt. Diese Grundsätze erfordern die Anwendung
der International Standards on Auditing (ISA). Unsere Verantwort-
lichkeiten nach diesen Vorschriften und Standards sind im Ab-
schnitt "Verantwortlichkeiten des Abschlussprüfers für die Prüfung
des Jahresabschlusses" unseres Bestätigungsvermerks weiterge-
hend beschrieben. Wir sind von der Gesellschaft unabhängig in
Übereinstimmung mit den österreichischen unternehmens- und
berufsrechtlichen Vorschriften und wir haben unsere sonstigen be-
ruichen Pichten in Übereinstimmung mit diesen Anforderungen
erfüllt. Wir sind der Auassung, dass die von uns erlangten Prü-
fungsnachweise bis zum Datum dieses Bestätigungsvermerkes
ausreichend und geeignet sind, um als Grundlage für unser Prü-
fungsurteil zu diesem Datum zu dienen.
Besonders wichtige Prüfungssachverhalte
Besonders wichtige Prüfungssachverhalte sind solche Sachver-
halte, die nach unserem pichtgemäßen Ermessen am bedeut-
samsten für unsere Prüfung des Jahresabschlusses des Geschäfts-
jahres waren. Diese Sachverhalte wurden im Zusammenhang mit
unserer Prüfung des Jahresabschlusses als Ganzes und bei der Bil-
dung unseres Prüfungsurteils hierzu berücksichtigt und wir geben
kein gesondertes Prüfungsurteil zu diesen Sachverhalten ab.
Werthaltigkeit der Anteile an verbundenen Unternehmen
Siehe Anhang Seite 6.
Das Risiko für den Abschluss
Die Anteile an verbundenen Unternehmen mit einem Buchwert in
Höhe von EUR 831 Mio. stellen rund 26 % des ausgewiesenen Ver-
mögens im Jahresabschluss der Lenzing Aktiengesellschaft dar.
Für sämtliche bedeutsamen Anteile an verbundenen Unternehmen
beurteilt Lenzing Aktiengesellschaft, ob Anhaltspunkte für einen
wesentlich gesunkenen beizulegenden Wert vorliegen. Liegen sol-
che Anhaltspunkte vor, wird für das betroene verbundene Unter-
nehmen eine Unternehmensbewertung durchgeführt und der
Buchwert der Anteile gegebenenfalls auf den niedrigeren beizule-
genden Wert abgeschrieben. Zum 31. Dezember 2021 hat Lenzing
Aktiengesellschaft für die Anteile an der PT. South Pacic Viscose
Anhaltspunkte für einen wesentlich gesunkenen beizulegenden
Wert identiziert. Der in Folge ermittelte beizulegende Wert ergab
eine ausreichende Deckung des Buchwertes der Anteile.
Die Bewertung des beizulegenden Wertes von Anteilen an verbun-
denen Unternehmen erfordert Annahmen und Schätzungen, wie
beispielsweise die Schätzung der künftigen Einzahlungsüber-
schüsse sowie die Festlegung des anzuwendenden Diskontie-
rungszinssatzes. Für den Jahresabschluss besteht damit das Risiko,
dass nicht angemessene Annahmen und Schätzungen eine we-
sentliche Auswirkung auf den beizulegenden Wert und damit den
Wertansatz der Anteile an verbundenen Unternehmen in der Bilanz
und das Finanzergebnis in der Gewinn- und Verlustrechnung ha-
ben können.
Unsere Vorgehensweise in der Prüfung
Wir haben die Werthaltigkeit der Anteile an verbundenen Unter-
nehmen wie folgt beurteilt:
●
Wir haben die vom Unternehmen durchgeführte Analyse der
Anhaltspunkte für einen wesentlich gesunkenen beizulegen-
den Wert (einschließlich der Deckung des Beteiligungsansat-
zes durch das anteilige Eigenkapital) der Anteile an verbunde-
nen Unternehmen nachvollzogen.
●
Zur Beurteilung der Angemessenheit der zugrunde gelegten
internen Planungen haben wir uns ein Verständnis über den
Planungsprozess verschat, die Annahmen über Wachstums-
raten und operative Ergebnisse in Gesprächen mit den zustän-
digen leitenden Personen im Unternehmen erörtert und die der
Bewertung zugrunde gelegten Planungsdaten mit den aktuel-
len vom Aufsichtsrat genehmigten Budgetzahlen sowie der
vom Vorstand freigegebenen Mittelfristplanung abgeglichen.
●
Die Planungstreue haben wir durch Vergleich der in den Vor-
jahren erfolgten Planungen mit den tatsächlich eingetretenen
Werten beurteilt.
●
Unsere Bewertungsspezialisten haben die Methodik der
durchgeführten Wertminderungstests nachvollzogen und be-
urteilt, ob diese angemessen ist. Die zur Festlegung der Kapi-
talkostensätze herangezogenen Annahmen haben unsere Be-
wertungsspezialisten mit markt- und branchenspezischen
R
ichtwerten abgeglichen und die rechnerische Richtigkeit des
Berechnungsschemas überprüft.
Bestätigungsvermerk
145 Annual Financial Report 2021 Lenzing Group
Geschäftsbericht 2021 Lenzing AG 32
Verantwortlichkeiten der gesetzlichen
Vertreter und des Prüfungsausschusses für den
Jahresabschluss
Die gesetzlichen Vertreter sind verantwortlich für die Aufstellung
des Jahresabschlusses und dafür, dass dieser in Übereinstimmung
mit den österreichischen unternehmensrechtlichen Vorschriften
ein möglichst getreues Bild der Vermögens-, Finanz- und Ertrags-
lage der Gesellschaft vermittelt. Ferner sind die gesetzlichen Ver-
treter verantwortlich für die internen Kontrollen, die sie als notwen-
dig erachten, um die Aufstellung eines Jahresabschlusses zu er-
möglichen, der frei von wesentlichen falschen Darstellungen auf-
grund von dolosen Handlungen oder Irrtümern ist.
Bei der Aufstellung des Jahresabschlusses sind die gesetzlichen
Vertreter dafür verantwortlich, die Fähigkeit der Gesellschaft zur
Fortführung der Unternehmenstätigkeit zu beurteilen, Sachverhalte
im Zusammenhang mit der Fortführung der Unternehmenstätigkeit
– sofern einschlägig – anzugeben, sowie dafür, den Rechnungsle-
gungsgrundsatz der Fortführung der Unternehmenstätigkeit anzu-
wenden, es sei denn, die gesetzlichen Vertreter beabsichtigen, ent-
weder die Gesellschaft zu liquidieren oder die Unternehmenstätig-
keit einzustellen oder haben keine realistische Alternative dazu.
Der Prüfungsausschuss ist verantwortlich für die Überwachung des
Rechnungslegungsprozesses der Gesellschaft.
Verantwortlichkeiten des Abschlussprüfers für
die Prüfung des Jahresabschlusses
Unsere Ziele sind hinreichende Sicherheit darüber zu erlangen, ob
der Jahresabschluss als Ganzes frei von wesentlichen falschen
Darstellungen aufgrund von dolosen Handlungen oder Irrtümern
ist und einen Bestätigungsvermerk zu erteilen, der unser Prüfungs-
urteil beinhaltet. Hinreichende Sicherheit ist ein hohes Maß an Si-
cherheit, aber keine Garantie dafür, dass eine in Übereinstimmung
mit der AP-VO und mit den österreichischen Grundsätzen ord-
nungsgemäßer Abschlussprüfung, die die Anwendung der ISA er-
fordern, durchgeführte Abschlussprüfung eine wesentliche falsche
Darstellung, falls eine solche vorliegt, stets aufdeckt. Falsche Dar-
stellungen können aus dolosen Handlungen oder Irrtümern resul-
tieren und werden als wesentlich angesehen, wenn von ihnen ein-
zeln oder insgesamt vernünftigerweise erwartet werden könnte,
dass sie die auf der Grundlage dieses Jahresabschlusses getroe-
nen wirtschaftlichen Entscheidungen von Nutzern beeinussen.
Als Teil einer Abschlussprüfung in Übereinstimmung mit der AP-
VO und mit den österreichischen Grundsätzen ordnungsgemäßer
Abschlussprüfung, die die Anwendung der ISA erfordern, üben wir
während der gesamten Abschlussprüfung pichtgemäßes Ermes-
sen aus und bewahren eine kritische Grundhaltung.
Darüber hinaus gilt:
●
Wir identizieren und beurteilen die Risiken wesentlicher
falscher Darstellungen aufgrund von dolosen Handlungen oder
Irrtümern im Abschluss, planen Prüfungshandlungen als
Reaktion auf diese Risiken, führen sie durch und erlangen
Prüfungsnachweise, die ausreichend und geeignet sind, um als
Grundlage für unser Prüfungsurteil zu dienen. Das Risiko, dass
aus dolosen Handlungen resultierende wesentliche falsche
Darstellungen nicht aufgedeckt werden, ist höher als ein aus
Irrtümern resultierendes, da dolose Handlungen kollusives
Zusammenwirken, Fälschungen, beabsichtigte Unvoll-
ständigkeiten, irreführende Darstellungen oder das
Außerkraftsetzen interner Kontrollen beinhalten können.
●
Wir gewinnen ein Verständnis von dem für die Abschlussprü-
fung relevanten internen Kontrollsystem, um Prüfungshandlun-
gen zu planen, die unter den gegebenen Umständen ange-
messen sind, jedoch nicht mit dem Ziel, ein Prüfungsurteil zur
Wirksamkeit des internen Kontrollsystems der Gesellschaft
abzugeben.
●
Wir beurteilen die Angemessenheit der von den gesetzlichen
Vertretern angewandten Rechnungslegungsmethoden sowie
die Vertretbarkeit der von den gesetzlichen Vertretern darge-
stellten geschätzten Werte in der Rechnungslegung und damit
zusammenhängende Angaben.
●
Wir ziehen Schlussfolgerungen über die Angemessenheit der
Anwendung des Rechnungslegungsgrundsatzes der Fortfüh-
rung der Unternehmenstätigkeit durch die gesetzlichen Vertre-
ter sowie, auf der Grundlage der erlangten Prüfungsnachweise,
ob eine wesentliche Unsicherheit im Zusammenhang mit Er-
eignissen oder Gegebenheiten besteht, die erhebliche Zweifel
an der Fähigkeit der Gesellschaft zur Fortführung der Unter-
nehmenstätigkeit aufwerfen können. Falls wir die Schlussfol-
gerung ziehen, dass eine wesentliche Unsicherheit besteht,
sind wir verpichtet, in unserem Bestätigungsvermerk auf die
dazugehörigen Angaben im Jahresabschluss aufmerksam zu
machen oder, falls diese Angaben unangemessen sind, unser
Prüfungsurteil zu modizieren. Wir ziehen unsere Schlussfol-
gerungen auf der Grundlage der bis zum Datum unseres Be-
stätigungsvermerks erlangten Prüfungsnachweise. Zukünftige
Ereignisse oder Gegebenheiten können jedoch die Abkehr der
Gesellschaft von der Fortführung der Unternehmenstätigkeit
zur Folge haben.
●
Wir beurteilen die Gesamtdarstellung, den Aufbau und den In-
halt des Jahresabschlusses einschließlich der Angaben sowie
ob der Jahresabschluss die zugrunde liegenden Geschäftsvor-
fälle und Ereignisse in einer Weise wiedergibt, dass ein mög-
lichst getreues Bild erreicht wird.
●
Wir tauschen uns mit dem Prüfungsausschuss unter anderem
über den geplanten Umfang und die geplante zeitliche Eintei-
lung der Abschlussprüfung sowie über bedeutsame Prüfungs-
feststellungen, einschließlich etwaiger bedeutsamer Mängel
im internen Kontrollsystem, die wir während unserer Ab-
schlussprüfung erkennen, aus.
●
Wir geben dem Prüfungsausschuss auch eine Erklärung ab,
dass wir die re
levanten beruichen Verhaltensanforderungen
zur Unabhängigkeit eingehalten haben und uns mit ihm über
alle Beziehungen und sonstigen Sachverhalte austauschen,
von denen vernünftigerweise angenommen werden kann, dass
sie sich auf unsere Unabhängigkeit und – sofern einschlägig –
damit zusammenhängende Schutzmaßnahmen auswirken.
●
Wir bestimmen von den Sachverhalten, über die wir uns mit
dem Prüfungsausschuss ausgetauscht haben, diejenigen
Sachverhalte, die am bedeutsamsten für die Prüfung des Jah-
resabschlusses des Geschäftsjahres waren und daher die be-
sonders wichtigen Prüfungssachverhalte sind. Wir beschrei-
ben diese Sachverhalte in unserem Bestätigungsvermerk, es
sei denn, Gesetze oder andere Rechtsvorschriften schließen
die öentliche Angabe des Sachverhalts aus oder wir bestim-
men in äußerst seltenen Fällen, dass ein Sachverhalt nicht in
unserem Bestätigungsvermerk mitgeteilt werden sollte, weil
vernünftigerweise erwartet wird, dass die negativen Folgen ei-
ner solchen Mitteilung deren Vorteile für das öentliche Inte-
resse übersteigen würden.
146 Annual Financial Report 2021 Lenzing Group
Geschäftsbericht 2021 Lenzing AG 33
Sonstige gesetzliche und andere rechtliche
Anforderungen
Bericht zum Lagebericht
Der Lagebericht ist aufgrund der österreichischen unternehmens-
rechtlichen Vorschriften darauf zu prüfen, ob er mit dem Jahresab-
schluss in Einklang steht und ob er nach den geltenden rechtlichen
Anforderungen aufgestellt wurde.
Die gesetzlichen Vertreter sind verantwortlich für die Aufstellung
des Lageberichtes in Übereinstimmung mit den österreichischen
unternehmensrechtlichen Vorschriften.
Wir haben unsere Prüfung in Übereinstimmung mit den Berufs-
grundsätzen zur Prüfung des Lageberichtes durchgeführt.
Urteil
Nach unserer Beurteilung ist der Lagebericht nach den geltenden
rechtlichen Anforderungen aufgestellt worden, enthält die nach
§ 243a UGB zutreenden Angaben, und steht in Einklang mit dem
Jahresabschluss.
Erklärung
Angesichts der bei der Prüfung des Jahresabschlusses gewonne-
nen Erkenntnisse und des gewonnenen Verständnisses über die
Gesellschaft und ihr Umfeld haben wir keine wesentlichen fehler-
haften Angaben im Lagebericht festgestellt.
Zusätzliche Angaben nach Artikel 10 AP-VO
Wir wurden von der Hauptversammlung am 14. April 2021 als Ab-
schlussprüfer gewählt und am 27. April 2021 vom Aufsichtsrat mit
der Abschlussprüfung der Gesellschaft für das am 31. Dezember
2021 endende Geschäftsjahr beauftragt.
Wir sind ohne Unterbrechung seit dem Jahresabschluss zum
31. Dezember 2017 Abschlussprüfer der Gesellschaft.
Wir erklären, dass das Prüfungsurteil im Abschnitt „Bericht zum
Jahresabschluss“ mit dem zusätzlichen Bericht an den Prüfungs-
ausschuss nach Artikel 11 der AP-VO in Einklang steht.
Wir erklären, dass wir keine verbotenen Nichtprüfungsleistungen
(Artikel 5 Abs 1 der AP-VO) erbracht haben und dass wir bei der
Durchführung der Abschlussprüfung unsere Unabhängigkeit von
der geprüften Gesellschaft gewahrt haben.
Auftragsverantwortliche Wirtschaftsprüferin
Die für die Abschlussprüfung auftragsverantwortliche Wirtschafts-
prüferin ist Frau Mag. Gabriele Lehner.
Linz, am 1. März 2022
KPMG Austria GmbH
Wirtschaftsprüfungs- und Steuerberatungsgesellschaft
qualiziert elektronisch signiert:
Mag. Gabriele Lehner
Wirtschaftsprüferin
Dieses Dokument wurde qualiziert elektronisch signiert und ist nur in dieser Fassung
gültig. Die Veröentlichung oder Weitergabe des Jahresabschlusses mit unserem Be-
stätigungsvermerk darf nur in der von uns bestätigten Fassung erfolgen. Dieser Bestä-
tigungsvermerk bezieht sich ausschließlich auf den deutschsprachigen und vollständi-
gen Jahresabschluss samt Lagebericht. Für abweichende Fassungen sind die Vor-
schriften des § 281 Abs 2 UGB zu beachten.
147 Annual Financial Report 2021 Lenzing Group
Geschäftsbericht 2021 Lenzing AG 34
Erklärung des Vorstandes gemäß
§ 124 (1) Z 3 Börsegesetz
Wir erklären nach bestem Wissen, dass der im Einklang mit den
maßgebenden Rechnungslegungsstandards gemäß UGB aufge-
stellte Jahresabschluss der Lenzing AG zum 31. Dezember 2021 ein
möglichst getreues Bild der Vermögens-, Finanz- und Ertragslage
der Lenzing AG vermittelt.
Ebenso erklären wir nach bestem Wissen, dass der Lagebericht
den Geschäftsverlauf, das Geschäftsergebnis und die Lage der
Lenzing AG so darstellt, dass ein möglichst getreues Bild deren
Vermögens-, Finanz- und Ertragslage entsteht, und dass der Lage-
bericht die wesentlichen Risiken und Ungewissheiten beschreibt,
denen die Lenzing AG ausgesetzt ist.
Lenzing, am 1. März 2022
Lenzing Aktiengesellschaft
Der Vorstand
Cord Prinzhorn, MBA
Vorstandsvorsitzender
Mag. Thomas Obendrauf, MBA
Finanzvorstand
Robert van de Kerkhof, MBA
Mitglied des Vorstandes
DI Stephan Siela
Mitglied des Vorstandes
DI Christian Skilich, MBA, LLM
Mitglied des Vorstandes
Erklärung des Vorstandes
148 Annual Financial Report 2021 Lenzing Group
Eigentümer & Herausgeber
Lenzing Aktiengesellschaft
4860 Lenzing, Österreich
www.lenzing.com
Konzeption, Redaktion
GW+Co (www.gilmarwendt.com),
Lenzing Gruppe
Layout und Gestaltung
nexxar GmbH (www.nexxar.com)
Textseiten 3-329, 32-114, 116-148
Inhouse produziert mit FIRE.sys
Impressum
Dieser Geschäftsbericht enthält auch zukunftsbezogene Aussagen, die auf gegenwärtigen, nach bestem Wissen vorgenommenen Einschätzungen und Annahmen der
Lenzing Gruppe 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 zukunftsbezogene Aussagen hin. Die Prognosen,
die sich auf die zukünftige Entwicklung der Lenzing Gruppe beziehen, stellen Einschätzungen dar, die auf Basis der zum Zeitpunkt der Drucklegung des Geschäftsberichts
vorhandenen Informationen gemacht wurden. Sollten die den Prognosen zugrundeliegenden Annahmen nicht eintreen 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 Rundungsdierenzen
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.
Hinweise
149 Annual Financial Report 2021 Lenzing Group