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GROUP INTERFACE
2
Pulp, paper and board tradingPulp and paper production
86 marketsapproximately 2,100 employees
1 million tonnes of production3 trading units Sales 2014 EUR 1.4 billion
3 industrial sites
3.2 million tonnes sales volume
EBIT 2014 EUR 67 millionWaste paper trading
2014 First full year of operation of new “Starkraft” MG Kraft paper machine in Pöls;
Investment in biogas refinery at AS Estonian Cell
2013 Acquisition of the Laakirchen paper mill as well as 51% of Bunzl & Biach GmbH
from SCA; takeover of the sales of SCA Forest Products in Southern, Central and
Eastern Europe, as well as overseas
2012 Europapier purchases the paper merchant business of PaperlinX in Hungary,
Slovakia, Slovenia, Croatia and Serbia; disposal of the remaining shares in Biocel
Paskov a.s. to Lenzing AG
2011 100 % takeover of AS Estonian Cell
2010 Sale of 75 % of the shareholding in Biocel Paskov a.s. to Lenzing AG; acquisition
acquisition of Europapier AG
2006 Start-up of AS Estonian Cell
2004 33 % participation in the AS Estonian Cell greenfield BCTMP pulp mill
investment
2001 Acquisition of Biocel Paskov a.s.
2000 Acquisition of Zellstoff Pöls AG
1991 With the help of banks and the management, Alfred H. Heinzel purchases
purchased Wilfried Heinzel AG, todays heinzelsales, from his uncle
Wilfried
STRATEGIC STEPS
5
VISION
MISSION CORE VALUES
Responsibility
Excellence
Respect
Worldwide growth
with tailor-made solutions
THE HEINZEL TRACK
We aim to be the leading CEE market pulp and magazine paper producer and
the worldwide all-in-one partner for pulp, paper and packaging sales.
In CEE, Middle East, North Africa and India we are the key paper merchant.
6
RESPONSIBILITY - EXCELLENCE - RESPECT
Behave as an entrepreneur by sharing knowledge
and information with your colleagues and by
showing responsibility for your own and your
team’s actions towards internal and external
customers and partners;
Do an excellent job by developing and learning
from one another;
as well as respect the experience, opinion, ideas
and suggestions of your vis-à-vis in order to
provide the best solutions to Heinzel Group.
CORE VALUES
7
BUSINESS GOALS
FINANCIAL GOALS ORGANIZATIONAL GOALS
+5% p.a. growth in volume
by utilizing our facilities,
our network and new
business opportunities
Focus & simplification
towards customers
Speed to the market by
one combined network
Decentralized, lean, flat,
and multifunctional
5y-average Operating CF/Sales
> 15 % for Industry
> 1,5 % for Trading
ROACE > WACC
Gearing ratio 60-80%
STRATEGY – HOW TO GET THERE?
8
PERSONNEL GOALS
ENVIRONMENTAL GOALS QUALITY GOALS
Living the core values
Excellence by personnel
development &
organizational learning
Flexibility challenge
Continuous improvements
based on documentation
Investments based on best
available technology
Transparent environmental
information to the public
Continuous measurements
and official annual checks
Communication with clients
Investments in innovative
high-quality technology
STRATEGY – HOW TO GET THERE?
9
STRATEGIC PERSONNEL DEVELOPMENT CONCEPT
E N T R E P R E N E U R S H I P
Local Training Programs
at
heinzelsales – Europapier – Bunzl & Biach –
Laakirchen Papier – Zellstoff Pöls – Estonian Cell
Leadership
Development
Program
heinzelsales
Zellstoff Pöls
Laakirchen Papier
BUSINESS – FINANCIAL –
ORGANIZATIONAL GOALS
PERSONNEL – QUALITY –
ENVIRONMENTAL GOALS
RESPONSIBILITY – EXCELLENCE – RESPECT
Estonian Cell Bunzl & Biach
Europapier
10
FOCUS of the LEADERSHIP PROGRAM
The Program is strongly aligned to the entrepreneurial approach
and the Core Values of Heinzel Group.
The Program is based on the individual expectations of the shareholder
and the future leadership requirements defined by the Board Members.
FACTS of the LEADERSHIP PROGRAM
Goal of the program is the development of a common leadership
understanding among the core management team of Heinzel Group
that will secure the group’s success in future.
Participants are board members as well as first and second line
management of Heinzel Group companies.
CONTENT of the LEADERSHIP PROGRAM
Leading people in a difficult environment
Leading change & conflict management
Leadership & performance development
LEADERSHIP PROGRAM
11
INDUSTRY
Laakirchen Papier AG
Target: > 600 000 tons SC ROTO + HWSO
Zellstoff Pöls AG
Expansion program “Pöls 500”
PM 2 MG paper machine 100 000 tons
AS Estonian Cell
Capacity extension to 200 000 tons
Renewable energy capex for heat and electricity
TRADING & MERCHANT
heinzelsales
Continuous expansion of sales network
Target: > 3 million tons
Europapier AG
Number one paper merchant in CEE and CIS
Target: > 1 million tons
Bunzl & Biach GmbH
Number one in recycled paper
Target: > 700 000 tons
Extension in Czech Republic, Slovakia, Slovenia, Hungary, Italy and Germany
OUR STRATEGIC DIRECTION
12
FOCUS ON OUR STRENGTHS
GROUP HIGHLIGHTS 2014
HEINZEL GROUP
Turnover increased to EUR 1.4 billion
Organic & Acquisition growth > 3,2 million tons
Laakirchen Papier AG
New product development “graphomagIQ”, “graphologIQ”
Mill fitness program
Zellstoff Pöls AG
Successful market launch of Starkraft paper
Recovery boiler II explosion at the end of I Quarter 2014
AS Estonian Cell
Investment into a biogas plant
Production record output
13
heinzelsales
Volume record 2 million tons
New Latin America approach
Europapier AG
Considerable volume and profit increase
New product areas Visual Communication, Hygiene products,
Consumables
Bunzl & Biach GmbH
Cooperation with Europapier in CEE
Record output
GROUP HIGHLIGHTS 2014
14
GROUP SALES VOLUME 2014
15
tons Direct Agency Goods sold
Own
production sold
Traded
goods sold
Pulp 674.833 268.697 943.530 394.395 549.135
Printing & Writing 474.468 9.367 483.835 483.835
Publication 626.875 83.333 710.208 545.479 164.728
Packaging & Board 502.733 215.581 718.314 57.395 660.919
Other grades 384.079 7.072 391.152 391.152
TOTAL 2.662.989 584.051 3.247.039 997.269 2.249.770
Worldwide Heinzel Group Offices
Representative and Liaison offices:
USA (New York)
Canada (Vancouver)
India (Chennai)
Egypt (Cairo)
China (Beijing, Guang Zhou)
Australia (Victoria)
Kenya (Nairobi)
Korea (Seoul)
Sudan (Khartoum)
Argentina (Buenos Aires)
Central America (Mexico)
Ecuador (Quito)
South Africa (Johannesburg)
Other countries serviced
via central sales staff.
= Heinzel Sales office
= Heinzel Sales liaison office
= Heinzel production sites
= Europapier
= SCA Forest Products
EUROPAPIER + HEINZEL SALES + SCA FOREST PRODUCTS
= CEE & CIS + ALL GRADES
STRONG FOOTPRINT
16
GROUP PERFORMANCE 2014
according to IFRS 2014 2013
Net sales 1 000 Euro 1 406 502 1 329 133
EBITDA 1 000 Euro 117 870 108 260
EBITDA margin % 8.4 8.1
Depreciation 1 000 Euro 50 462 39 068
EBIT 1 000 Euro 67 407 69 192
Operating margin % 4.8 5.2
Industry % 7.3 3.9
Trading and Merchant % 2.1 1.7
Financial result 1 000 Euro -5 427 -7 976
Taxes 1 000 Euro -9 506 -4 242
Net income 1 000 Euro 52 474 56 975
17
GROUP BALANCE SHEET RATIOS
according to IFRS 2014 2013
ROE % 10.8 13.4
ROACE % 10.1 12.0
Shareholder’s equity MEUR 472.4 440.8
Equity ratio % 44.4 41.6
Net debt MEUR 100.6 149.3
Gearing ratio % 21.3 33.9
Net debt / EBITDA 0.9 1.4
Working capital / net sales % 15.8 17.0
18
GEARING RATIO
19
-20%
0%
20%
40%
60%
80%
100%
120%
140%
-100
0
100
200
300
400
500
600
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
EUR
m
Equity Dividends Net Debt Gearing Ratio (right)
Laakirchen Papier AG aims to be the most reputable European magazine paper
producer with highest relative market share due to high product quality, a strong
environmental profile and excellent customer relationships based on speed,
flexibility and mutual trust.
LAAKIRCHEN PAPIER AG
20
Location
Activities
Main Markets
Main Customers
Capacity
Turnover
Employees
LEADING MAGAZINE PAPER PRODUCER
Laakirchen, Austria
SC Magazine Paper
92% Europe, 8% Overseas
Publishers, Printers, Retailers, Catalogues
553 000 tons
272 MEUR
526
FACTS & FIGURES
21
PERFORMANCE DATA
according to IFRS 2014 2013
Production tons 552 580 552 340
Tons sold tons 545 479 555 338
Net Sales 1 000 Euro 271 640 280 647
EBITDA 1 000 Euro 22 474 33 653
EBIT 1 000 Euro 5 545 15 397
Operating margin % 2.0 5.5
Employees number 526 527
New product development „graphologIQ“ & „graphomagIQ“
Mill fitness program
22
ZELLSTOFF PÖLS AG
Zellstoff Pöls AG aims to be the biggest high-quality Northern Softwood Kraft Pulp
producer in Southern Europe and in CEE as well as the biggest high-quality kraft
paper producer in Central Europe, each with closest proximity to its customers. This
guarantees prime quality, just-in-time delivery as well as first-class global, technical
and environmental standards, all combined with a superior worldwide network.
23
Location
Products
Capacity
Main markets
Main customers
Turnover
Employees
PULP AND PAPER PRODUCTION
Pöls, Austria
Bleached softwood kraft pulp ORION
Bleached kraft paper STARKRAFT
420 000 tons pulp (2014: 279 587 tons*)
80 000 MG paper (2014: 58 429 tons)
Austria, Italy, Germany, France, Slovenia,
Eastern Europe and Mediterranean countries
Paper, bag and packaging industry
190 MEUR
380
FACTS & FIGURES
24
* Boiler explosion
PERFORMANCE DATA
Successful market launch of Starkraft paper
Recovery boiler II explosion at the end I Quarter 2014
according to IFRS 2014 2013
Production tons 291 529 397 526
Tons sold tons 287 591 400 016
Net Sales 1 000 Euro 189 739 209 849
EBITDA 1 000 Euro 51 400 21 842
EBIT 1 000 Euro 30 370 7 545
Operating margin % 16.0 3.6
Employees number 380 366
25
AS ESTONIAN CELL
AS Estonian Cell aims to be the leading producer of environmentally-friendly high-
quality mechanical BCTMP pulp for European and Asian markets by using world-
class technology and delivery service.
26
Location
Products
Capacity
Start-up
Main markets
Main customers
Employees
PULP PRODUCTION
Kunda, Estonia
Aspen BCTMP
166 000 tons
April 2006
Western Europe, India
Fine paper, board, tissue producers
85
FACTS & FIGURES
27
PERFORMANCE DATA
Investment into a biogas plant
Production record output
according to IFRS 2014 2013
Production tons 166 248 150 759
Tons sold tons 164 199 149 699
Net Sales 1 000 Euro 61 024 57 559
EBITDA 1 000 Euro 10 756 7 581
EBIT 1 000 Euro 2 080 - 1 127
Operating margin % 3.4 - 2.0
Employees number 85 85
28
Due to the unique combination of industrial know-how and worldwide market
expertise, heinzelsales offers excellent individual service. In mature as well as
emerging markets this bridge between production facilities and the customers makes
it the preferred all-in-one partner in sales.
HEINZELSALES
29
INTERNATIONAL SALES COMPETENCE
Headquarter - Vienna, Austria
21 offices worldwide
Global marketing of pulp and paper
Expert know-how in financing, logistics,
currency management and special trades
Global – 86 markets on four continents
Packaging and paper industry, printers, publishers,
wholesalers, converters
1 997 218 tons
1 030 MEUR
104
Location
Activities
Main markets
Main customers
Total sales
Sales value
Employees
FACTS & FIGURES
30
PERFORMANCE DATA
Volume record 2 million tons
New Latin America approach
according to IFRS 2014 2013
Tons sold tons 1 997 218 1 698 036
Commission sales tons 1 059 378 853 475
Net Sales 1 000 Euro 453 659 423 537
EBITDA 1 000 Euro 9 763 10 000
EBIT 1 000 Euro 9 120 9 372
Operating margin % 2.0 2.2
Employees number 104 97
31
EUROPAPIER INTERNATIONAL AG
Europapier International AG strives to be the number one paper merchant for its
customers and sets itself apart by providing tailored solutions for all of its clients’
paper and packaging needs.
Europapier has its own branches in 13 countries and supplies over 2,000 customers
per day from more than 50 warehouses. Focusing on Central & Eastern Europe as
well as the CIS region, Europapier is furthermore looking to expand its business to
neighbouring emerging markets.
32
INTERNATIONAL PAPER MERCHANT
Headquarter - Vienna, Austria
13 subsidiaries, 1 partnership and 52 warehouses in CEE
& CIS
Demand aggregator and stockist with access to
logistics for fine distribution
27 countries in CEE & CIS
Printing houses, packaging converters
and office resellers & retailers
570 096 tons
867
Location
Activities
Main markets
Main customers
Total sales
Employees
FACTS & FIGURES
33
DISTRIBUTION NETWORK
Overall market of 496 million people
Market leader in Austria and CEE
52 warehouses in CEE & CIS
34
according to IFRS 2014 2013
Tons sold tons 570 096 551 206
Sales value 1 000 Euro 497 639 507 655
Net Sales 1 000 Euro 484 077 474 864
EBITDA 1 000 Euro 10 187 6 676
EBIT 1 000 Euro 8 347 4 851
Operating margin % 1.7 1.0
Employees number 867 851
Considerable volume and profit increase
New product areas Visual Communication, Hygiene products,
Consumables
PERFORMANCE DATA
35
Bunzl & Biach including Austrian Recycling - the recycling paper merchant in
Central & Eastern Europe - collects, sorts and sells waste paper and thus closes
the recycling loop within the paper industry.
BUNZL & BIACH GMBH
36
CEE RECYCLING PAPER COLLECTOR + TRADER
Headquarter: Vienna, Austria
Stocks 3 + (4 Papyrus) in Austria, 1 in Czech Repulic
Collection, sorting, pressing, transport and secure destruction
Austria, Czech Republic, Slovakia, Hungary,
Slovenia, Germany, Italy
Laakirchen Papier AG, SCA Ortmann,
Mayr-Melnhof, Hamburger, etc.
667 610 tons
138
Location
Activities
Main markets
Main customers
Total sales
Employees
FACTS & FIGURES
37
PERFORMANCE DATA
according to IFRS 2014 2013
Tons sold tons 667 610 657 819
Net sales 1 000 Euro 86 961 82 923
EBITDA 1 000 Euro 4 308 2 815
EBIT 1 000 Euro 3 088 1 550
Operating margin % 3.6 1.9
Employees number 138 140
Cooperation with Europapier in CEE
Record output
38