Lenzing Ag · VIE:LNZ
Lenzing — Q1 2013 Earnings Presentation
73 slides from Lenzing's earnings presentation, May 8, 2013
Slide 1: Leading Fiber Innovation – Q1/2013 Results
Leading Fiber Innovation LENZING INVESTOR PRESENTATION – Q1/2013 RESULTS May 8, 2013
Slide 2: Disclaimer
Disclaimer The information contained in this document has not been independently verified and no representation or warranty expressed or implied is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of this information or opinions contained herein.
Slide 3: Q1/2013: Key highlights
Q1/2013: Key highlights Better than guided EBITDA, good volumes at low prices EBITDA1 EUR 64.5 mn (13.0% margin) – Guidance: “approx. EUR 60 mn” Better than estimated due to first positive effects from the excelLenz program Sales volume increase y-o-y of 13.4% to 216.1 k tons Sales EUR 496.5
Slide 4: Q1/2013: Market environment
Q1/2013: Market environment Distortions in the fiber market China’s GDP growth/VSF Spot China China’s GDP growth below Q4/2012 due to Chinese’ New Year effect % growth over Textile exports still sluggish last years RMB/to 8.1 20000 Two cotton realities 7.9 7.7 7.6 8 7.4 18000 China’s cotton pr
Slide 5: Q1/2013: Competitive environment
Q1/2013: Competitive environment Overcapacities in viscose Increase in Chinese viscose production driven by cheaper Q4/2012 dissolving wood pulp prices being processed in Q1/2013 by increasing VSF spot market prices till mid March by focus on cash generation due to need of servicing debt and
Slide 6: Q1/2013: Volume and prices as expected
Q1/2013: Volume and prices as expected Downward price trend continued 2,9 600 2.29 2.33 2.13 2.15 2,4 1.3% -8.2% 2.03 2.04 500 1.92 1.95 19.3% 0.9% -5.6% 0.5% -4.4% 1.83 1.77 -6.2% 1,9 400 -3.3% 1,4 300 399 405 406 403 0,9 200 396 382 387 389 383 331 100 191 199 199 221 216 0,4 172 174 171 179 188 0
Slide 7: Q1/2013: Textile fibers
Q1/2013: Textile fibers Modal settling at a slightly increased price level Lenzing Viscose® TENCEL® 2.25 2.16 2,50 2.96 3.11 1.81 -4.0% 1.82 2.79 2.93 2.83 1.80 1.76 1.79 1.74 2.67 24.3% -16.7% 1.59 2,00 2.45 5.1% -9.0% 2.45 1.1% -3.3% 1.7% -2.8% 1.54 4.5% 5.0% 1.0% 2.26 -8.6% 2.12 9.0% -13.4% -3.1%
Slide 8: Q1/2013: Nonwoven fibers
Q1/2013: Nonwoven fibers A stabilizing factor Lenzing Viscose®: New record in sales volume and above textile price level (EUR 1.54) TENCEL® : Stable volumes and prices High interest for new technical applications Lenzing Viscose® TENCEL® 2.02 2.06 2.41 2.38 2.39 1.93 1.93 2.35 2.34 1.72 1.73 1
Slide 9: Q1/2013: Relative pricing
Q1/2013: Relative pricing Modal re-establishes premium over TENCEL® Modal: Premium over viscose at high end of historic 40 – 50% range TENCEL® textile premium on a more realistic level than in prior quarters Steady TENCEL® nonwovens premium Textile fibers Relative price (viscose = 100%) (%) FY
Slide 10: Q1/2013: excelLENZ with first results
Q1/2013: excelLENZ with first results excelLENZ helped to more than offset fiber price decrease versus Q4/2012 excelLenz generated approx. EUR 5 mn of cost savings on top of TOP LINE slightly more favorable than expected raw-material prices (caustic soda, liquid sulphur) Major contributors: main
Slide 11: Q1/2013: Solid financials
Q1/2013: Solid financials Higher net debt, healthy ratios Net debt increase of EUR 67 mn 900 875 855 Strong Q1/2013 investments in 800 (EUR 56.5 mn) 700 653 EUR 35.6 mn taxes (of which 613 EUR 29.0 mn tax-prepayments) 600 500 529 EUR 25.0 mn increase in 500 471 441 442 working-capital 400 36
Slide 12: Confirmed Outlook Full Year 2013
Confirmed Outlook Full Year 2013 SWOT analysis Strengths Weaknesses LAG’s ability to sell everything which is High price sensitivity (1 cent average produced (at above 95% utilization rate) price = EUR 9 mn EBITDA) – quality leadership Despite world-market leadership, LAG Solid speciality pr
Slide 13: Outlook Q2/2013
Outlook Q2/2013 No market improvement in sight Q2 sales volume expected to increase by Sales volume more than 221 kto more than 5 kto compared with Q1 EBITDA EUR 65 – 70 mn Fire in Heiligenkreuz to reduce Average fiber price approx. on Q1/2013 level TENCEL® volumes by an estimated 5 kto (full ye
Slide 14: Q1/2013 – Financial information
Q1/2013 – Financial information
Slide 15: Q1/2013: Sales affected by price pressure
Q1/2013: Sales affected by price pressure Viscose with higher sales due to volume increase. Continuous success in Nonwovens Sales by fiber type Sales by segment fibers (EUR mn) (EUR mn) -5.8% 474.4 500 500 447.1 -1.0% 450 87.8 386.4 382.6 400 64.5 400 350 81.8 74.6 104.9 111.3 300 300 59.6 57.2 250
Slide 16: Q1/2013: Volume record in Nonwoven
Q1/2013: Volume record in Nonwoven Textile and nonwoven fiber sales volumes 2.39 2.42 1.98 1.3% -9.9% 2.18 2.20 2.11 2.12 2.00 Textile fibers1 20.7% 1.3% -4.1% 0.5% 1.84 1.78 -5.7% -8.0% -3.3% 293 291 304 282 299 292 273 276 271 238 138 141 138 159 153 120 122 120 126 133 Q4/2010 Q1/2011 Q2/2011 Q3/
Slide 17: Q1/2013: As expected
Q1/2013: As expected Better than guided EBITDA Q1/2013 Q1/2012 Q1/2013 Q1/2012 Change continuing continuing discontinued discontinued (EUR mn) Q1/2013 Q1/2012 y-o-y (%) operations operations operations operations Sales volume man-made cellulose fibers (kt) 216.1 190.6 13.4 216.1 190.6 0 0 Total exte
Slide 18: Q1/2013: Topline breakdown
Q1/2013: Topline breakdown Fiber sales nearly on Q4 level thanks to higher volumes Change (EUR mn) Q1/2013 Q1/2012 y-o-y (%) Breakdown of fibers segment sales Textile fibers 271.3 281.7 (3.7) Nonwoven fibers 111.3 104.9 6.1 Others1 12.9 12.3 4.9 Total fibers only sales 395.5 398.9 (0.9) Other fibers
Slide 19: Q1/2013: 2.7% decrease of cost
Q1/2013: 2.7% decrease of cost Cost switch Paskov (other/DWP) and first effects from excelLenz Change (EUR mn) Q1/2013 Q1/2012 y-o-y (%) Dissolving wood pulp1 134.7 131.6 2.3 as % of total cost of material and purchased services 43.5 41.3 - Key chemicals 45.5 41.7 9.2 as % of total cost of material
Slide 20: Q1/2013: Total Remaining Opex
Q1/2013: Total Remaining Opex Representing approx. 30% of total Opex and fairly stable Change (EUR mn) Q1/2013 Q1/2012 y-o-y (%) Total personnel expenses 82.1 75.4 8.9 as % of external sales 16.5 14.3 - Other operating expenses Freight outward 22.0 18.4 19.6 Commissions and advertising costs 5.5 3.4
Slide 21: Q1/2013: Cash flow by quarter
Q1/2013: Cash flow by quarter Change (EUR mn) Q1/2013 Q1/2012 y-o-y (%) Gross CF (before taxes and interest) 66.1 94.3 (40.0) Taxes and interest 40.0 15.1 164.9 Gross CF (after taxes and interest) 26.1 79.2 (67.7) Change in total working capital1 (25.0) 2.0 n.m. CF from discontinued operations (3.1)
Slide 22: FY 2012 – Financial information
FY 2012 – Financial information
Slide 23: 2012: Solid volume growth
2012: Solid volume growth Textile segment sales more affected by price volatility Textile fibers1 Nonwoven fibers1 External Sales (EUR mn) External Sales (EUR mn) 800 2.04 2,4 2.29 700 1.79 1.83 1.95 2.01 1300 17.4% -12.2% 14.0% -10.3% 1,9 600 1,5 500 1,4 800 400 1,150 +12.8% 0,9 1,160 +5.9% 0,5 300
Slide 24: 2012: Textile fibers
2012: Textile fibers Viscose and Modal back to 2010 levels, TENCEL® with some way to go Lenzing Viscose®1 TENCEL 300 ®1 4,50 4,00 250 800 2,8 3,50 2.71 2.82 700 2.00 2,3 200 3,00 1.78 1.72 4.1% 600 2.10 2,50 12.4% -14.0% 1,8 29.0% 500 150 2,00 400 1,3 100 1,50 300 0,8 1,00 200 327 343 396 50 0,3 76
Slide 25: 2012: Nonwoven fibers
2012: Nonwoven fibers TENCEL® significantly below Textile Lenzing Viscose®1 350 2,60 Lenzing Viscose®: Nonwoven in line 1.99 300 1.74 1.73 2,10 with Textile over a longer period of time 14.4% -13.1% 250 1,60 200 1,10 TENCEL® Nonwoven behind Textile – 150 100 197 0,60 with less need for adjustmen
Slide 26: 2012: Relative pricing
2012: Relative pricing TENCEL® premium on a very high level in the textile segment Textile fibers Relative price (viscose = 100%) (%) 2010 2011 2012 Lenzing Viscose® 100 100 100 Lenzing Modal® (incl. FR) 144 154 148 TENCEL® 118 136 164 Nonwoven fibers Relative price (viscose = 100%) (%) 2010 2011 20
Slide 27: Impact of EPG wind-up on 2012 P&L
Impact of EPG wind-up on 2012 P&L Summary of restructuring effects (EUR mn) before EPG after EPG Difference EBITDA 358.7 352.4 6.3 EBIT 255.0 231.5 23.5 EBT 246.4 236.0 10.4 Net profit (before minorities) 191.9 180.9 11.0 Net profit (after minorities) 186.6 175.6 11.0 27
Slide 28: Consolidated Group P&L
Consolidated Group P&L1 (EUR mn) 2012 2011 Total external sales 2,090.4 2.140.0 Cost of material and purchased services (1,303.2) (1,275.7) Personnel (307.8) (287.1) EBITDA 358.7 480.3 Margin (%) 17.2 22.4 Depreciation & Amortization (107.3) (120.6) Other operating expenses (228.6) (204.6) Other ope
Slide 29: Material cost: Pulp decreases, Key Chemicals increase
Material cost: Pulp decreases, Key Chemicals increase (EUR mn) 2012 2011 Change in % Dissolving wood pulp1 529.7 564.9 (6.2) as % of total cost of material and purchased services 40.7 44.3 - Key chemicals 181.1 139.1 30.2 as % of total cost of material and purchased services 13.8 11.0 - Energy 146.9
Slide 30: Remaining Opex: Freight and Other growing over-proportionally
Remaining Opex: Freight and Other growing over-proportionally Representing approx. 29% of total Opex on a full year basis (EUR mn) 2012 2011 Change in % Total personnel expenses 307.8 287.1 7.2 as % of external sales 14.7 13.4 - Other operating expenses Freight outward 79.0 67.8 16.6 Commissions and
Slide 31: Balance sheet as of December 31, 2012
Balance sheet as of December 31, 2012 ∑ 2,632.7 EUR mn ∑ 2,340.5 EUR mn ∑ 2,632.7 EUR mn ∑ 2,340.5 EUR mn 3000 3000 2500 2500 2000 1,275.2 2000 1,130.7 (48.4%) (42.9%) 1,091.7 1,023.7 (46.6%) (43.7%) 1500 1500 299.6 (11.4%) 284.6 (12.2%) 837.6 1000 1000 611.1 264.5 (10.0%) (31.8%) (26.1%) 236.8 (10.
Slide 32: Full year Cash flow
Full year Cash flow (EUR mn) 2012 2011 Change in % Gross CF 248.0 435.3 (43.0) Change in total working capital1 (38.6) (125.6) (69.3) Operating Cash flow 209.4 309.7 (32.4) Investment Cash flow2 (308.4) (216.2) 42.7 Free Cash flow (98.9) 93.5 42.7 1) including trade and other working capital 2) incl
Slide 33: Appendix – Company information
Appendix – Company information
Slide 34: Global fiber market at a glance
Global fiber market at a glance 2012 estimated production numbers Wool Natural Fibers 1.3% & Natural Polymers Cotton 31.7% 82.0 mn tons man-made Synthetic fibers cellulose fibers Viscose/Rayon 60.9% MMC fibers Modal 6.1% TENCEL®/Lyocell Source: Lenzing estimates 34
Slide 35: Lenzing at a glance
Lenzing at a glance Global market leader in a growth market Growth opportunity through 3 mega-trends leading to the cellulose gap Global market leader in producing man-made cellulosic fibers (MMCF) 22% market share (of world wide production) Innovation, technology and quality leader Cost l
Slide 36: Growth opportunity: cellulose Gap
Growth opportunity: cellulose Gap MMCF: Strong demand and limitations on cotton supply Megatrends Input factor Supply trend Cellulosic fibers Population Arable land 1. Growth Cotton CAGR*) ‘11 – ’20: Water 1.1%1 Fiber Prosperity Consumption Man-made Cellulose 2. CAGR*) ‘11 – ’20: Cellulosic
Slide 37: Cellulose Gap: A growth opportunity
Cellulose Gap: A growth opportunity Limited potential to increase cotton supply increases demand for MMC fibers Cotton planted area expected to remain Limited growth in cotton production: stable within narrow band (1960-2012) effects from yield expansion leveling out Million hectares Million metric
Slide 38: Cellulose Gap: A growth opportunity
Cellulose Gap: A growth opportunity 9% p.a. forecast for MMCF over current decade The demand gap of cellulosic fibers opening due to limited cotton supply can best be filled by MMC fibers as substitute Fiber market growth by type of fiber (1960-2020e) % % CAGR 2000 2005 2010 2011 2012e 2015e 2020e
Slide 39: Mega-trend: Sustainability
Mega-trend: Sustainability Green footprint: Significantly more environmentally friendly than cotton More than 50% of Lenzing’s fuel consumption sourced from renewable resources Lenzing Group environmental impact of production relative to cotton only approx. 5.7% Required acreage for production o
Slide 40: Global market leader in VSF
Global market leader in VSF1 Lenzing with 22% share of production2 Lenzing with 18% share of capacities3 Lenzing Lenzing 22% 18% Others Others 31% 37% Fulida 10% 3.66 mn tons Fulida 4.98 mn tons 9% Thai Rayon4 Grasim4 4% 7% Sateri Grasim4 3% Thai Rayon4 Aoyang 9% 3% 6% Indo Sateri Indo Helon Tangsha
Slide 41: Only true global player
Only true global player Sales by region1 RoW Americas 2% 7% Europe incl. Turkey 31% Asia 60% Source: Company information 1) fiber sales by volume in metric tons, as at March 31, 2013 41
Slide 42: Innovation drives specialties
Technology leadership secures leading market shares Market Position % of and Market Share Unique Selling Proposition Key End Markets Fiber Sales in 20121 Q1/20132 # 1 – Quantum leap ...the new age fiber High-end technology consumer Environmentally friendly process applications Breathable, next
Slide 43: Lenzing is the innovation leader
Lenzing is the innovation leader Industry leading R&D spend (EUR 28.3 mn in 2012) R&D expenses (2000-2012) Intellectual property 30 3 As of December 2012, Lenzing owned approx. 1,380 patent applications and 25 2,5 patents in 57 countries belonging to 226 patent families 20 2 All significant pate
Slide 44: Innovation
Innovation R&D organization and unique innovation model Organization structure Unique innovation model Integration into business units Breakthrough innovation Close collaboration with sales & marketing to develop Focus: Leap technologies (e.g. Lenzing applications for customers Modal®, TENCEL®
Slide 45: Lenzing is the cost leader
Lenzing is the cost leader Through pulp integration and long-term pulp supply contract Pulp is the key cost driver with 43% share of total costs of material and purchased services 90+% of long-term pulp supply secured through own production (vertical integration) and long-term supply contracts
Slide 46: Double-digit growth profile
Double-digit growth profile Lenzing has managed growth successfully in the past Double-digit growth p.a. over last 12 years Fiber production Total external sales1 EBITDA1,2 EBIT1,2 (1,000‘s metric tons) (EUR mn) (EUR mn) (EUR mn) 779 2,090 800 400 300 2000 359 255 700 600 300 CAGR 1500 200 500 7.3
Slide 47: Cost leadership
Cost leadership Through economies of scale Lenzing is the only company to operate production lines with an annual capacity of 80,000 metric tons Biggest MMC fiber plants worldwide1 Benefits from scale Company Site Production 10-15% lower Capex requirements compared to Lenzing, 260k to smaller pl
Slide 48: Capacity expansion to 2014
Capacity expansion to 20141 – 1 mn tons What we have in the pipeline today Europe2 China CAGR 6.1% CAGR 22.1% 444 350 355 357 369 172 90 103 105 105 178 178 140 160 75 103 103 103 111 80 185 149 149 161 161 2010 2011 2012 2013e 2014e 2010 2011 2012 2013e 2014e USA CAGR 5.7% 40 50 50 50 40 100 Total
Slide 49: Expansion program
Expansion program Significant investments envisaged to support growth strategy Planned Planned Capacity – Capacity – capacity – capacity – YE 2011 YE 2012 YE 2013 YE 2014 Plant location (metric tons) (metric tons) (metric tons) (metric tons) Lenzing / Austria 252,000 252,000 264,000 339,000 Lenzing
Slide 50: Capacity by site 2012 - 2013
Capacity by site 2012 - 2013 Capacity Capacity Capacity Capacity Capacity Capacity Capacity Capacity per March per June per September per December per March per June per September per December (metric tons) 31, 2012 30, 2012 30, 2012 31, 2012 31, 2013 30, 2013 30, 2013 31, 2013 Lenzing 260,000 260,0
Slide 51: Capacity by site 2014
Capacity by site 2014 Capacity per March Capacity per Capacity per Capacity per (metric tons) 31, 2014 June 30, 2014 September 30, 2014 December 31, 2014 Lenzing 264,000 331,000 331,000 339,000 Indonesia 325,000 325,000 325,000 330,000 Nanjing 178,000 178,000 178,000 178,000 India - - - - Heiligenkr
Slide 52: High barriers to entry
High barriers to entry Global branded supplier to blue chip customer base Knitting & Dyeing & Spinning Yarn Garment Making Retail Weaving Finishing Fabric Manufacturer Blue Chip Customers – Textiles Push Pull Trusted, long-term partner for global consumer brands Global integrated marketing and s
Slide 53: Sales and marketing
Sales and marketing Customer concentration Textiles % of sales by customers Nonwoven % of sales by customers (Q1/2013) (Q1/2013) 50% 70% 42.4% 60% 40% 50.2% 50% 30% 27.4% 40% 33.3% 20% 30% 15.8% 20.7% 20% 10% 10% 0% 0% Top 5 Top 10 Top 20 Top 5 Top 10 Top 20 Source: LAG 53
Slide 54: Blue chip companies drive demand in specialties
Sales and marketing Blue chip company’s drive demand in specialties – TENCEL®, Lenzing Modal® Lenzing is a trusted, long-term partner for global consumer brands Approx. 45% of textile and approx. 60% of nonwoven sales for specialty fibers (TENCEL®, Lenzing Modal®) can be attributed to key accoun
Slide 55: Where our fibers end up
Where our fibers end up Ladies wear – close to skin Cowl neck tee Lightly padded bra top maxi dress USD 39.50 USD 79.50 TENCEL® / Spandex Ecosil® Lenzing Modal® / Spandex 55
Slide 56: Where our fibers end up
Where our fibers end up Sequined knit cardigan Denim shirt Nixon USD 88.00 EUR 39.95 58% Viscose / 42% TENCEL® 100% TENCEL® 56
Slide 57: Where our fibers end up
Where our fibers end up Soft denim – can be sold in retail with a high premium Vintage flare jeans Five pocket skinny jeans USD 98.00 USD 240.00 100% TENCEL® Lenzing Modal® / TENCEL® / Cotton / Elastane 57
Slide 58: Where our fibers end up
Where our fibers end up USD 33.00 (tank top), Armani collezioni sportcoat USD 38.00 (V-neck) USD 645.00 MicroModal® / Spandex TENCEL® 58
Slide 59: Where our fibers end up
Where our fibers end up USA‘s leading baby wipe – TENCEL® inside 59
Slide 60: Our production sites
Our production sites Lenzing AG – PT. South Pacific Viscose – Austria (fiber and pulp) Indonesia Lenzing (Nanjing) Fibers Co. Ltd. – Heiligenkreuz – China Austria 60
Slide 61: Our production sites
Our production sites Grimsby – Mobile – Great Britain USA Biocel Paskov a.s. – Czech Republic (pulp) 61
Slide 62: Lenzing Management Board team and shareholder structure
Lenzing Management Board team and shareholder structure Peter Untersperger/CEO Friedrich Weninger/COO Thomas G. Winkler/CFO Lenzing AG shareholder structure Oberbank AG 5.0% Overview of B & C Privatstiftung1 67.6% owner of Lenzing is B & C Privatstiftung (B & C Private Foundation). Its purpose is
Slide 63: Back-up
QLENZING
Slide 64: Sale of Business Unit Plastics
Sale of Business Unit Plastics Till closing “held for sale” Sale of 85%, remaining shareholding of 15% Valuation at approx. 8 times 2012 EBITDA Lenzing Plastics with EUR 109.4 mn sales and EBITDA of EUR 11.2 mn in 2012 Austrian investor Closing expected at the end of Q2/beginning of Q3 64
Slide 65: Confirmed outlook: Full Year 2013
Confirmed outlook: Full Year 2013 A year of transition Reduction of sales by further EUR 50 mn Sales approx. EUR 2.15 – 2.25 bn due to complete switch from external to internal sales in Czech pulp mill EBITDA approx. EUR 260 – 290 mn EBITDA margin of approximately 12% – 13% EBIT approx. EUR 140
Slide 66: 2012/13: The perfect storm?
2012/13: The perfect storm? Short term pain, long term gain for Lenzing Market Macro Cotton stock/use ratio >70% Weak demand in Europe and USA Cotton price ~90 cents/Ib China: availability of capital is restricting factor Competitor Cost Postponing pulp (up to 700 kto) and Pulp price (sp
Slide 67: Chinese economic development: No V-shaped recovery
67 10,0 12,0 14,0 16,0 6,0 8,0 June 199 4 April 1995 Februar y 1996 (year-on-year in %) GDP growth December 1996 Octo ber 199 7 August 1998 June 199 9 No V-shaped recovery April 2000 Februar y 2001 Source: Deutsche Bank; Asia Data Flash - China, April 15, 2013 December 2001 October 200 2 August 2003
Slide 68: Viscose fiber industry cost curve
Viscose fiber industry cost curve Lenzing placed in an excellent position* Index 100 = Lenzing** Other Chinese competitors 140 135 130 125 120 Other Asian competitors 115 Chinese competitor No. 2 110 105 Lenzing** 100 Chinese competitor No. 1 95 90 * Based on publicly available information (Sales mi
Slide 69: DWP industry – cash cost curve
DWP industry – cash cost curve* A lot of new capacity added on the right side of the curve Cost Competitiveness1 USD/ton 1200 mA rea 1000 Proble Canada III 800 China Scandinavia Canada II ea tive Ar Attrac 600 Paskov Canada I South Africa Brazil Lenzing 400 Sumatra 200 0 * Cash cost (excl. freight,
Slide 70: Fiber market environment
Fiber market environment Highest-stock-to-use-ratio ever at approx. 73% World cotton production of 26.3 mn tons, consumption of 23.3 mn tons and ending stocks of 17.0 mn tons Massive increase of Chinese national cotton reserve of estimated 8 mn tons (around 50% of world inventories) USc/lb 80 18
Slide 71: Viscose spot prices China trending down since September
Viscose spot prices China trending down since September Stock-to-use-ratio on a high level > 70% VSF spot China and cotton price development (in cents/Ibs) 120,00 115,00 110,00 105,00 100,00 95,00 90,00 85,00 80,00 75,00 70,00 65,00 Q1/2012 Q2/2012 Q3/2012 Q4/2012 Q1/2013 60,00 03.01.2012 16.01.2012
Slide 72: Lenzing Viscose textile prices compared to cotton price development
Lenzing Viscose® textile prices compared to cotton price development VSF-price lower than cotton price after end of reporting period Even with a 20% reduction in cotton prices and an inventory level of 70% , there was no return to historic cotton prices of < 70 cents/Ibs in 2012 EUR/kg 3,5 3 2,5 1
Slide 73: Contacts and financial calendar
Contacts and financial calendar Investor Relations contact Financial calendar Financial calendar 2013 Stephanie Kniep Full year results March 22, 2013 Head of Investor Relations 69th Annual General Meeting April 24, 2013 Results 1st quarter May 8, 2013 Phone: +43 7672 701 4032 Half year result