Lenzing Ag · VIE:LNZ
Lenzing — H1 2017 Earnings Presentation
68 slides from Lenzing's earnings presentation, Aug 23, 2017
Slide 1: Lenzing Investor Presentation Result 01-06/2017
Lenzing Investor Presentation Result 01-06/2017 August 23, 2017
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: Highlights 01-06/2017
Highlights 01-06/2017 New all-time highs in H1/2017 Group revenue up 11% to EUR 1,149.1 mn primarily as a result of higher selling prices and an improved product mix Strong EBITDA improvement with EUR 270.7 mn up 38.8% Lenzing is net debt free at June 30, 2017 Prices for specialties remain
Slide 4: Interfiber price development
Interfiber price development1 Staple fiber prices - Development in China USD/kg (incl. VAT) 3.5 3.0 2.5 2.0 1.5 1.0 0.5 01/2014 07/2014 01/2015 07/2015 01/2016 07/2016 01/2017 07/2017 Viscose Cotton Polyester Sources: China Cotton Association, China Chemical & Fiber Economic Information Network, Chi
Slide 5: Cotton market with favorable supply-demand situation in Q2/2017
Cotton market with favorable supply-demand situation in Q2/2017 Cotton market Average Cotlook A-Index was mn tons 30 at USD 86.8 cents/lbs in Q2/2017 (+21.8% y-o-y) 24.28 24.57 24.73 25 22.93 24.31 Chinese cotton prices still higher than 20 21.30 18.68 17.30 17.15 world price levels 15 Cotton
Slide 6: Viscose prices remained volatile in H1/2017
Viscose prices remained volatile in H1/2017 VSF1 price trend and inventory of China H1/2017: After strong prices in Q1 VSF1 prices declined in Q2 and then picked up again yuan/mt 18,000 day 30 to RMB 15,260/mt at June 30, 2017 17,000 16,000 Operating rates at approx. 92% in China 15,000 20 14,00
Slide 7: Lenzing is committed to sustainability
Lenzing is committed to sustainability Sustainability gains more and more importance in the fashion industry Changing Markets’ Dirty Fashion Study release in June 2017 increased attention on sustainability in the viscose industry Lenzing welcomes the increasing interest raised by the report
Slide 8: Lenzing EcoVero - The new standard in eco-responsible viscose
Lenzing™ EcoVero™ - The new standard in eco-responsible viscose! Lenzing™ EcoVero™ fibers are the innovative 30 and unique answer to the increasing demand for sustainable products along the textile 25 value chain MSI score, points/kg fiber Worldwide highest environmental standards 20 in the visc
Slide 9: Refibra fibers: The game changing fibers in the first collection
RefibraTM fibers: The game changing fibers in the first collection RefibraTM fibers for the circular economy (Closed loop system) Combination of lyocell technology with pioneering use of recycled cotton off-cuts Upscaling of cotton and significant reduction of cotton scraps in the garment prod
Slide 10: sCore TEN investment program advances
sCore TEN investment program advances Debottlenecking of pulp and specialty fibers on track Around EUR 100 mn in pulp Around EUR 100 mn in specialty fibers Lyocell brownfield project of 90 kt in Mobile/USA in execution Investment of USD 293 mn at existing site in Mobile/USA Construction
Slide 11: Financials – Revenue (EUR mn)
Financials – Revenue (EUR mn) +7.8% Share of specialty fibers +11.0% in H1/2017 1,149.1 586.2 562.9 12.8% 555.7 543.5 41.9% 1,034.8 522.0 45.3% Q2/2016 Q3/2016 Q4/2016 Q1/2017 Q2/2017 H1/2016 H1/2017 Speciality fibers Standard fibers Group revenue Group revenue Other business areas 1) Specialty fibe
Slide 12: Financials – EBITDA (EUR mn)
Financials – EBITDA (EUR mn) EBITDA margin EBITDA margin 19.7% 23.1% 19.4% 23.0% 24.1% 18.9% 23.6% +38.8% +31.8% 270.7 135.1 135.6 125.5 195.1 107.7 102.9 Q2/2016 Q3/2016 Q4/2016 Q1/2017 Q2/2017 H1/2016 H1/2017 EBITDA EBITDA 12
Slide 13: Financials – EBIT (EUR mn)
Financials – EBIT (EUR mn) EBIT margin EBIT margin 13.5% 16.9% 13.4% 17.5% 18.1% 12.5% 17.8% +57.4% +44.9% 204.2 102.3 101.8 92.0 74.6 129.7 70.3 Q2/2016 Q3/2016 Q4/2016 Q1/2017 Q2/2017 H1/2016 H1/2017 EBIT EBIT 13
Slide 14: Financials – Net profit and earnings per share
Financials – Net profit (EUR mn) and earnings per share (EUR)1 EPS1 (EUR) EPS1 (EUR) 1.85 2.49 2.50 2.75 2.80 3.49 5.55 +49.6% +58.9% 75.0 75.3 150.3 67.5 67.0 50.3 94.6 Q2/2016 Q3/2016 Q4/2016 Q1/2017 Q2/2017 H1/2016 H1/2017 Group net profit Group net profit 1) Attributable to Lenzing AG shareholde
Slide 15: Financials – Key figures (EUR mn)
Financials – Key figures (EUR mn) 900 Change According to IFRS (EUR mn) June 30, 2017 Dec. 31, 2016 in % 800 Total assets 2,564.5 2,625.3 (2.3) Liquid assets1 521.0 570.4 (8.6) 700 (637) thereof liquid funds 513.2 559.6 (8.3) (607) 612 600 (577) 570 543 (545) Total liabilities 1,171.1 1,256.8 (6.8)
Slide 16: Cash flow development and trading working capital
Cash flow development and trading working capital (EUR mn) 17.0% (Gross CF) (42.1)% (Operating CF) (64.8)% (Free CF adj.) (2.4)% 600 48.0% 500 43.0% 164.4 38.0% 139.8 400 383 380 384 362 353 33.0% 121.8 110.4 106.1 28.0% 103.1 98.5 106.1 105.2 300 95.1 90.0 17.6% 23.0% 82.5 79.3 17.3% 17.1% 16.4% 15
Slide 17: Outlook 2017 – A lot of priorities completed or on track
Outlook 2017 – A lot of priorities completed or on track Strengthen the core Take next step on how to achieve 75% backward integration by 2020 Further boost continuous improvement culture Customer intimacy New brand architecture (Concept worked out - launch in 2018) Strengthen direct sal
Slide 18: Outlook 2017 – Fiber market and Lenzing Group
Outlook 2017 – Fiber market and Lenzing Group The wood-based cellulose fiber segment, which is relevant for Lenzing, should again outpace the overall fiber market. The demand for these cellulose fibers was very good in the first half year of 2017, with the long-term trend pointing towards further
Slide 19: Q2/2017 – Financial information
Q2/2017 – Financial information
Slide 20: Q2/2017: Consolidated Group P&L
Q2/2017: Consolidated Group P&L (EUR mn) Q2/2017 Q1/2017 Q2/2016 H1/2017 H1/2016 Revenue 562.9 586.2 522.0 1,149.1 1,034.8 Change in inventories of finished goods and work in progress 20.4 (21.4) 2.4 (1.0) (8.0) Own work capitalized 10.5 9.3 5.4 19.8 11.5 Other operating income 14.1 12.7 11.8 26.8 2
Slide 21: Q2/2017: Topline breakdown
Q2/2017: Topline breakdown Change Change Change (EUR mn) Q2/2017 Q1/2017 Q2/Q1 (%) Q2/2016 Q2/Q2 (%) H1/2017 H1/2016 H1/H1 (%) Breakdown of Fibers segment revenue Textile fibers (%) 69.2 71.5 (3.2) 71.2 (2.8) 70.4 71.0 (0.8) Nonwoven fibers (%) 30.8 28.5 8.1 28.8 7.0 29.6 29.0 2.0 Fibers only 488.4
Slide 22: Q2/2017: Total Opex structure
Q2/2017: Total Opex structure Q2/2017 (Total Opex EUR 472.2 mn) H1/2017 (Total Opex EUR 923.9 mn) 131.7 64.8 14.3% 13.7% 88.3 18.7% 173.8 18.8% 319.2 618.4 67.6% 66.9% Q2/2016 (Total Opex EUR 438.8 mn) H1/2016 (Total Opex EUR 866.5 mn) 13.8% 13.9% 60.5 120.4 18.4% 18.0% 80.8 156.1 68.1% 67.8% 590.0
Slide 23: Q2/2017: Net debt bridge
Q2/2017: Net debt bridge 134.1 46.6 25.2 32.4 111.6 Change in total working capital EUR (7.2) mn3 66.5 27.4 1.5 2.5 0.4 1.9 10.3 Net Liquidity Tax Net Cash Capex Change in Transaction Currency Others Net Q1/2017 Gross CF Change in Dividend Interest (incl. Fin. Trading WC other WC from the sale Trans
Slide 24: H1/2017: Net debt bridge
H1/2017: Net debt bridge Net Transaction Financial Cash from the Debt FY Capex (incl. Change in Change in sale of Currency Net Liquidity 2016 Tax Net Interest Gross CF Fin. Ass.) Trading WC other WC Dividend subsidiaries Translation Others H1 2017 73,8 8.4 36.8 Change in total working capital EUR (2
Slide 25: Q2/2017: Cash flow
Q2/2017: Cash flow Change Change Change (EUR mn) Q2/2017 Q1/2017 Q2/Q1 (%) Q2/2016 Q2/Q2 (%) H1/2017 H1/2016 H1/H1 (%) Gross CF (before taxes and interest) 134.1 132.5 1.2 103.8 29.3 266.7 198.8 34.1 Taxes and interest (28.9) (10.7) 169.5 (13.8) 109.3 (39.6) (26.4) 49.9 Gross CF (after taxes and int
Slide 26: 2016 – Backup financial information
2016 – Backup financial information
Slide 27: FY 2016: Consolidated Group P&L
FY 2016: Consolidated Group P&L Change (EUR mn) 2016 2015 y-o-y (%) Revenue 2,134.1 1,976.8 8.0 Change in inventories of finished goods and work in progress 6.4 (7.3) - Own work capitalized 21.8 29.2 (25.4) Other operating income 45.5 45.7 (0.4) Cost of material and purchased services (1,223.8) (1,2
Slide 28: FY 2016: Consolidated Group P&L – Quarters
FY 2016: Consolidated Group P&L – Quarters Change Change (EUR mn) Q1/2016 Q2/2016 Q3/2016 Q4/2016 Q4/Q3 (%) Q4/2015 Q4/Q4 (%) Revenue 512.8 522.0 543.5 555.7 2.2 518.0 7.3 Change in inventories of finished goods and work in progress (10.4) 2.4 (3.8) 18.2 - 8.6 111.8 Own work capitalized 6.1 5.4 6.5
Slide 29: FY 2016: Topline breakdown
FY 2016: Topline breakdown Change Change Change (EUR mn) Q1/2016 Q2/2016 Q3/2016 Q4/2016 Q4/Q3 (%) Q4/2015 Q4/Q4 (%) 2016 2015 y-o-y (%) Breakdown of Fibers segment revenue Textile fibers (%) 70.7 71.2 70.6 71.0 0.4 71.6 (0.6) 70.9 69.6 1.3 Nonwoven fibers (%) 29.3 28.8 29.4 29.0 (0.4) 28.4 0.6 29.1
Slide 30: Financials 2016 – Earnings per quarter
Financials 2016 – Earnings per quarter (EUR mn) EBITDA margin EBIT margin EPS (EUR) 1 15.4% 18.0% 19.7% 23.1% 19.4% 7.6% 11.6% 13.5% 16.9% 13.4% 1.55 1.64 1.85 2.49 2.50 +35.4% +90.7% +54.9% 125.5 92.0 102.9 107.7 92.2 74.6 67.5 67.0 70.3 79.5 59.5 50.3 43.3 44.2 39.1 Q4/2015 Q1/2016 Q2/2016 Q3/2016
Slide 31: Financials 2016 – Earnings
Financials 2016 – Earnings (EUR mn) EBITDA margin EBIT margin EPS1,2 (EUR) 16.9% 11.8% 12.9% 14.7% 20.1% 11.1% 4.5% 1.2% 7.6% 13.9% 6.61 1.89 (0.92) 4.78 8.48 +47.6% +96.1% +78.9% 428 229 296 352 181 290 232 128 225 240 151 86 50 22 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 20
Slide 32: FY 2016: OPEX as of total sales
FY 2016: OPEX as of total sales Change Change Change (EUR mn) Q1/2016 Q2/2016 Q3/2016 Q4/2016 Q4/Q3 (%) Q4/2015 Q4/Q4 (%) 2016 2015 y-o-y (%) Total sales 512.8 522.0 543.5 555.7 2.2 518.0 7.3 2,134.1 1,976.8 8.0 Total OPEX1 (427.7) (438.8) (431.4) (481.6) 11.6 (463.4) 3.9 (1,779.6) (1,754.4) 1.4 Tot
Slide 33: FY 2016: Solid balance sheet
FY 2016: Solid balance sheet1 as at Dec. 31, 2016 According to IFRS (EUR mn) 31 Dec. 31 Dec. 20151 Change 2016 in % ∑ EUR 2,625.3 mn 3,000.0 ∑ EUR 2,625.3 mn Total assets 2,625.3 2,410.6 8.9 Liquid assets2 570.4 355.3 60.5 2,500.0 thereof liquid funds 559.6 347.3 61.1 Total liabilities 1,256.8 1,211
Slide 34: FY 2016 Total opex structure
FY 2016 Total opex structure 2015 (Total Opex EUR 1,754.4 mn) 2016 (Total Opex EUR 1,779.6 mn) 235.9 236.6 13.4% 13.3% 319.2 300.2 17.9% 17.1% 1,218.3 1,223.8 69.4% 68.8% Cost of material and purchased services Cost of material and purchased services Personnel expenses Personnel expenses Other opera
Slide 35: FY 2016: Net debt bridge
FY 2016: Net debt bridge EUR mn 16.5 445.41 43.0 327.9 Change in total working capital EUR 90.3 mn 3 2 110.8 52.3 53.2 1.4 0.6 6.5 7.2 38.0 Net Financial Debt Tax Net Interest Gross CF Cash Capex (incl. Change in Trading Change in other Dividend Transaction from Currency Others Net Financial Debt FY
Slide 36: FY 2016: Cash flow by quarters
FY 2016: Cash flow by quarters Change Change Change (EUR mn) Q1/2016 Q2/2016 Q3/2016 Q4/2016 Q4/Q3 (%) Q4/2015 y-o-y (%) 2016 2015 y-o-y (%) Gross cash flow (before taxes and interest) 95.0 103.8 121.8 124.8 2.5 82.2 51.8 445.4 321.8 38.4 Taxes and interest (12.6) (13.8) (11.4) (21.7) 90.3 (9.7) 123
Slide 37: Cash flow development and trading working capital
Cash flow development and trading working capital (EUR mn) + 35.7% (Gross CF) + 119.6% (Operating CF) + 152.6% (Free CF adj.) (15.2%) 600.0 48.0% 500.0 43.0% 447.4 473.4 38.0% 393.7 395.7 400.0 379.6 385.9 363.8 33.0% 366.3 21.3% 28.0% 284.5 300.0 21.6% 19.5% 248.0 17.4% 23.0% 230.8 218.8 209.4 215.
Slide 38: Appendix – Equity story
Appendix — Equity story Y 1 ae © “te _ ANP | y QEENZING
Slide 39: Lenzing – Our mission
Lenzing – Our mission “Lenzing is a performance materials company that turns CO2 and sunlight into highly functional, emotional and aesthetic products across the globe” 1 1 1 1 1 1) Lenzing brands 39
Slide 40: Global fiber market at a glance
Global fiber market at a glance 2016e consumption numbers Wool Cellulose- & 1.1% protein-based fibers Cotton 24.0% 102 mn tons Other natural fibers1 Synthetic fibers 4.8% 63.7% Wood-based fibers2 Viscose/Rayon Wood-based Modal fibers2 6.4% TENCEL® fiber/Lyocell 1) Incl. bast, flax, hemp, jute,
Slide 41: Lenzing - Market leader in all three fiber generations
Lenzing - Market leader in all three fiber generations Competitive Brands Market Position Intensity #1 Low #1 Medium #2 High Source: Lenzing data, CCFG, CCFEI TENCEL® fibers, Lenzing Modal® fibers and Lenzing Viscose® fibers are registered trademarks of the Lenzing Group 41
Slide 42: Lenzing is the only player with European roots in viscose staple fibers
Lenzing is the only player with European roots in the viscose staple fibers market1 (2016e) … Lenzing with 18% share of production Lenzing with 17% share of capacities2 Lenzing Lenzing Others 18% 17% 28% Others 29% 5.3 mn tons Birla 5.9 mn tons Birla 17% 17% Yamei Yamei 5% 5% Aoyang Aoyang 5% Zhongt
Slide 43: … and is the global leader in wood-based cellulose fibers
… and is the global leader in wood-based cellulose fibers Balanced exposure to matured and Global network of production sites and emerging markets sales offices Fiber revenue by region 2016 footprint AMEA (Asia, Middle North Asia East and Africa) 36% 37% Europe & Americas 27% Source: Lenzing data as
Slide 44: Capacity 2017: A global footprint
Capacity 20171: A global footprint Europe2 China Total capacity at year end CAGR 5.3% CAGR 0 % CAGR 2.4% 444 444 457 458 373 992 995 1,009 1,013 181 181 921 172 172 105 155 222 222 232 235 107 110 110 111 112 107 110 110 111 112 178 178 178 178 178 161 162 162 165 165 659 660 663 666 666 2013 2014 2
Slide 45: Textile and Nonwovens are the two main applications
Textile and Nonwovens are the two main applications Textile Nonwovens Size 88.6 mt (~90% of fiber market) 9.2 mt (~10% of fiber market) Regional Over 90% in China, India and Asia-Pacific Mainly a regional market (due to high logistic costs) focus High Low: Top 5 to 10 players hold between 60-80% sha
Slide 46: Long-term interfiber price development
Long-term interfiber price development1 Staple fiber prices - Development in China USD/kg (incl. VAT) 5.0 4.5 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 01/2010 09/2010 06/2011 03/2012 12/2012 09/2013 06/2014 03/2015 12/2015 09/2016 07/2017 06/2017 Viscose Cotton Polyester Sources: China Cotton Association, Ch
Slide 47: Distinct trends are emerging
Distinct trends are emerging Textiles Need for sustainable supply chains across the globe Fast fashion Focus on functionality Nonwovens Need for higher cleanliness Need to improve eco-footprint of downstream products High innovation headroom 47
Slide 48: Focus on innovations: Industry leading R&D spend
Focus on innovations: Industry leading R&D spend R&D is an essential part of the sCore TEN strategy R&D expenditures increased more than 50% R&D expenses (2013-2017e)1 Strong innovation pipeline New testing facilities and pilot plants EUR mn % 60 2.5 RefibraTM fiber: milestone in lyocell f
Slide 49: Lenzing is innovation leader in lyocell with TENCEL fibers
Lenzing is innovation leader in lyocell with TENCEL® fibers TENCEL® fibers: Outstanding functionality and highly eco-friendly 1 Lenzing has strong global footprint and cost leadership Excellent in shaping and creating lyocell market through Branding: TENCEL® fibers Application development
Slide 50: Sales and marketing - Customer concentration
Sales and marketing - Customer concentration Textiles Percent of sales by customers Nonwovens Percent of sales by customers (20161) (20161) 62.7% 48.3% 45% 33.6% 31 % 21 % Top 5 Top 10 Top 20 Top 5 Top 10 Top 20 Source: Lenzing data 2016 50
Slide 51: Looking forward: Megatrends support fiber demand growth
Looking forward: Megatrends support fiber demand growth Population growth and higher purchasing power in the emerging markets drive overall fiber growth Industrial world Developing world CAGR CAGR 2010-2020 6.75 2010-2020 5.27 5.99 Population 0.85 0.91 0.96 in bn +0.5% +1.2% 42.1 33.4 36.3 5.2 GDP g
Slide 52: Wood-based fibers outgrow market
Wood-based fibers1 outgrow market Expected growth of global fiber demand until 2020 Million metric tons CAGR 120 (2015e – 2020p) 100 Wood-based 5-6% p.a. fibers1 80 Synthetic fibers 3-4% p.a. 60 40 1-2% p.a. Cotton 20 Total fiber market 3-4% p.a. 0 2000 2005 2010 2015e 2020p 1) Wood-based and cotton
Slide 53: China remains the growth engine in global textiles
China remains the growth engine in global textiles Global textile demand by value (2003-2020) CAGR EUR bn (2013-2020e) 1,515 25% China 9.2% 1,144 18% 15% Rest of Asia 3.1% 842 7% 16% 19% North America 1.4% 17% 23% 31% 27% Europe 2.4% 31% 36% 8% 12% 13% ROW 5.3% 2003 2013 2020e Source: ICAC World Tex
Slide 54: Sustainability is gaining importance
Sustainability is gaining importance Less than 1% of global water resources is available as fresh Arable land is decreasing due to Oil is a finite resource causing water for people erosion and urbanization negative externalities ▪ But water consumption is rising due ▪ With a growing global populatio
Slide 55: Lenzing's sustainability strategy
Lenzing’s sustainability strategy “Lenzing balances the needs of society, the environment and shareholders and is a sustainability leader in its industry. Creating substantially more positive impacts or benefits is the guiding torch for our innovation and business practices.” Four focus areas Wo
Slide 56: Certificates and recognitions
Certificates and recognitions VÖNIX (Austrian Sustainability Index) OK compost HOME (Vincotte) The European Eco-Label (European Flower) OK biodegradable SOIL (Vincotte) Responsible Care OK biodegradable MARINE OEKO-TEX® Standard 100 Food contact compliance (mainly based on European
Slide 57: Dissolving wood pulp is the basis for our sustainable products
Dissolving wood pulp is the basis for our sustainable products Our business is part of a natural closed cycle We only use wood from sustainable forestry Photosynthesis PEFC controlled1 9% PEFC Disposal Trees 21% FSC mix 37% Use Pulp 33% Textiles and Cellulose nonwovens products fiber production FSC
Slide 58: Dissolving wood pulp production
Highly efficient use of the raw materials The Lenzing site is fully integrated. Dissolving wood pulp production at the Lenzing and Paskov sites achieve a wood utilization rate of about 100% (incl. energy use). Biorefinery products Dissolving ~40% wood pulp Biochemicals Dissolving Acetic acid wood pu
Slide 59: Fiber production fully secured by a robust pulp supply
Fiber production fully secured by a robust pulp supply Level of backward integration: Own pulp supply in percentage of annual fiber capacity >50% secured by own pulp production Remaining pulp is secured Total annual through long-term contracts fiber capacity (100%) 58% 56% 56% 56% 46% 2012 2013
Slide 60: The new strategy – driving value growth
The new strategy – driving value growth Business Customer Intimacy Areas New Forward Strengthen Solutions the Core Specialization 60
Slide 61: Strengthen the Core
Strengthen the Core Further strengthen pulp position Business via backward integration and/or strategic co-operations Maintain quality leadership 1 Customer Intimacy Deliver EUR 50 mn EBITDA by 2017 with commercial and Areas operational excellence program New Forward Strengthen Strengthen ou
Slide 62: Customer Intimacy, Specialization, Forward Solutions and New Business Areas
Customer Intimacy, Specialization, Forward Solutions and New Business Areas Increase management Business presence and decision power in the regions Customer Establish two additional Intimacy regional application and Select and establish new 2 customer innovation centers emerging business areas
Slide 63: Backup
QEENZING
Slide 64: Where you can find our fibers
Where you can find our fibers Apparel/Home & Interiors - close to skin 64
Slide 65: Where you can find our fibers
Where you can find our fibers Nonwovens Facial masks Wipes Hygiene articles 65
Slide 66: Where you can find our fibers
Where you can find our fibers New Business Development & Technical textiles In automotive Packing solutions with Botanic Shoe with TENCEL® fiber (car seats, tires, injection Lenzing Modal® COLOR fiber TENCEL® fiber shoe complete (shoe molding, …) (vegetable and fruit nets – soles, lining, uppe
Slide 67: Lenzing share information
Lenzing share information Oberbank AG 3.97% ISIN LNZ / AT0000644505 Bloomberg LNZ:AV Reuters LNZNF.PK ATX Prime, ATX Global Players, VÖNIX Indices Sustainability Index B&C Privatstiftung Number of shares 26,550,000 50.00% Share price June 30, 2017 EUR 156.90 Market capitalization EUR 4,165.70 mn Jun
Slide 68: Contacts and financial calendar
Contacts and financial calendar Investor Relations contact Financial calendar Stephanie Kniep Full year result 2016 March 22, 2017 Head of Investor Relations 73rd Annual General Meeting April 25, 2017 Corporate Communications & Investor Relations Result 01-03/2017 May 16, 2017 Phone: +43 7672 70