Biobased products are those that originate partially or completely from renewable resources. These products can be either biodegradable or non-biodegradable.


This is the variability among living organisms from all sources including, among others, terrestrial, marine and other aquatic ecosystems and the ecological complexes of which they are part. This includes diversity within species, between species and of ecosystems.


The property of a substance or material to be degraded by microorganisms (bacteria, fungi, etc.) to water and carbon dioxide (CO2) and to be absorbed by the environment. Test methods specify a fixed time under defined conditions of temperature, oxygen and humidity, and a certain percentage of degradation.

Biorefinery products

Materials or products from a biorefinery, from renewable raw materials.


Bioenergy is energy derived from biomass. The term refers to various forms of energy, including heat and electricity. Also, the biomass that contains this energy can be referred to as bioenergy. The main sources of bioenergy are renewable resources.


A biorefinery can be defined as a framework or a structure in which biomass is utilized in an optimal manner to produce multiple products such as fibers, biobased biorefinery products and bioenergy.


Blockchains are forgery-proof, distributed data structures in which transactions are recorded in the time sequence, traceable, unchangeable and without a central instance linked in a peer-to-peer network. The blockchain technology enables digital traceability of fibers across each production and distribution step.

Carbon footprint

A carbon footprint is the sum of greenhouse gas emissions and greenhouse gas removals of a product system or an organization, expressed as a carbon dioxide equivalent.


The biopolymer cellulose is a component of all plants. The cellulose content of wood depending on species is typically around 40 percent.


By-products recovered during pulp and fiber production.


Decarbonization denotes the declining average carbon intensity (CO2 emission per unit of a product) over time. Products can be, for example, (primary) energy, gross domestic product, or any units produced by a company.

Dissolving wood pulp

A special kind of pulp with distinct characteristics which is used to manufacture viscose, modal and lyocell fibers and other cellulose-based products; this grade of pulp is characterized by a higher alpha cellulosic content and high purity.

ESG – Environmental, social and governance standards

Environmental, social and governance (ESG) refers to the three central factors in measuring the sustainability and ethical impact of an investment in a company or business.


The Forest Stewardship Council® (FSC) is an international non-profit organization for wood certification.


A clear yellowish liquid with a characteristic scent of almonds. During viscose fiber production, beech wood is cooked and furfural is released in a double distillation process.

Greenhouse gas emissions

Emissions of gases which contribute to global warming by absorbing infrared radiation, thereby heating the atmosphere. The main contributors are carbon dioxide (CO2), methane (CH4), and nitrous oxide (N2O).


All stages of fiber production are concentrated at one and the same site, from pulp, biorefinery and co-products to fiber production.

Lyocell fibers

Lyocell fiber is the latest generation of cellulosic fibers. In Lenzing’s case the cellulose used is either wood-based or recycled cotton (REFIBRA™ technology).The generic fiber name is lyocell, the branded products from Lenzing are marketed as TENCEL™ and VEOCEL™ fibers. It is known for its smooth and silky handfeel as well as performance aspects.

Modal fibers

Modal is a viscose fiber refined under modified viscose production conditions and spinning conditions. It is characterized by a particular softness and is the preferred fiber for high-quality next to skin applications like underwear and similar products. The fibers have improved characteristics such as tenacity, dimensional stability, and so forth. Lenzing markets these fibers under TENCEL™ Modal.


Nonwoven fabric materials, fleece. Nonwovens made from Lenzing fibers are used for sanitary, medical, and cosmetics applications.


The Programme for the Endorsement of Forest Certification Schemes™ (PEFC) is an international non-profit organization for wood certification.


Pre-consumer upcycling is the reclamation of waste materials that were created during the manufacturing process prior to their delivery to a consumer (such as cotton scraps/waste from garment making). Often also referred to as post-industrial waste.


A product made from post-consumer material is made from waste that has been used and disposed of by a consumer (such as used clothing).

Science-based targets

Targets adopted by companies to reduce greenhouse gas emissions are considered “science-based” if they are in line with the level of decarbonization required to keep global temperature increase below 1.5 °C compared to pre-industrial temperatures, as described in the Assessment Report of the Intergovernmental Panel on Climate Change (IPCC).


All internal and external persons or groups affected directly or indirectly by business activities currently or in the future.

Viscose fibers

Viscose is a cellulosic fiber. In Lenzing’s case the cellulose used is wood-based. Wood from trees is processed into pulp which gets derivatized by a chemical reaction and then is dissolved until it becomes a sticky liquid. The solution is pushed through nozzels into a “spinning bath” which allows that fibers are regenerated from the solution into a shape suitable in diameter and length for use in textile and nonwoven applications. The cellulosic fiber viscose is a fiber with a flowy drape, in personal hygiene products it is used to absorb and retain liquid. LENZING™ ECOVERO™ Viscose is the branded fiber for textile and VEOCEL™ Specialty Viscose fibers for nonwovens applications.


Wood sugar, component of thick liquor and base material for xylitol (sweetener that inhibits tooth decay)

Financial glossary

Adjusted equity

Equity including non-current and current government grants less the proportional share of deferred taxes on these government grants.

Adjusted equity ratio

Ratio of adjusted equity to total assets in percent.


Capital expenditures; i.e. acquisition of intangible assets, property, plant and equipment and biological assets as per consolidated statement of cash flows.

Capital employed

Total assets minus the following: non-interest-bearing debt, cash and cash equivalents, current securities, investments accounted for using the equity method and financial assets.

Earnings per share

The share of net profit/loss for the year attributable to the shareholders of Lenzing AG divided by the weighted average number of issued shares, calculated according to IFRS (IAS 33 Earnings per Share); the precise derivation can be found under note 17 in the notes to the consolidated financial statements.

EBIT (earnings before interest and tax)

Earnings before interest and tax, or operating result; the precise derivation can be found in the consolidated income statement.

EBIT margin

EBIT as a percent of revenue; represents the return on sales (ROS).

EBITDA (earnings before interest, tax, depreciation and amortization)

Operating result before interest, tax, amortization of intangible assets and depreciation on property, plant and equipment, right-of-use assets and depletion of biological assets and before income from the release of investment grants

EBITDA margin

EBITDA as a percent of revenue.

EBT (earnings before tax)

Profit/loss for the year before income tax expense. The precise derivation can be found in the consolidated income statement.


The equity item aggregates the equity instruments as defined by IFRS. An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. This represents the funds provided to the entity by its owners.

Free cash flow

Cash flow from operating activities less cash flow from investing activities and net cash inflow from the sale and disposal of subsidiaries and other business areas plus acquisition of financial assets and investments accounted for using the equity method less proceeds from the sale/repayment of financial assets. Free cash flow corresponds to the readily available cash flow.

Gross cash flow

Gross cash flow equals cash flow from operating activities before change in working capital; the precise derivation can be found in the consolidated statement of cash flows.


Abbreviation for International Accounting Standard(s), which are internationally recognized accounting rules.


Abbreviation for International Financial Reporting Standard(s), which are internationally recognized accounting rules.

Liquid assets

Cash and cash equivalents plus liquid securities and liquid bills of exchange.

Liquid funds

Cash and cash equivalents plus current securities.

Market capitalization

Weighted average number of shares multiplied by the share price as at the reporting date.

Net debt

Interest-bearing financial liabilities (= current and non-current financial liabilities) less liquid assets plus provisions for pensions and severance payments.

Net financial debt

Interest-bearing financial liabilities (= non-current and current financial liabilities) less liquid assets.

Net financial debt/EBITDA

Net financial debt as a percent of EBITDA.

Net gearing

Net financial debt as a percent of adjusted equity.

Net profit/loss for the year

Profit/loss after tax; net profit/loss. The precise derivation can be found in the consolidated income statement.

Non-interest-bearing debt

Trade payables plus the following: puttable non-controlling interests, other liabilities, current tax liabilities, deferred tax liabilities and the proportional share of deferred taxes on government grants as well as provisions (excluding post-employment benefits).


Net operating profit after tax; operating result (EBIT) less the proportional share of current income tax expense.

Post-employment benefits

Provisions for pensions and severance payments.

ROCE (return on capital employed)

NOPAT as a percent of average capital employed (average from January 1 and December 31).

ROE (Return on equity)

EBT (earnings before tax) as a percent of average adjusted equity (average from January 1 and December 31).

ROI (Return on investment)

EBIT (earnings before tax) as a percent of average total assets (average from January 1 and December 31).

Total assets

Total of non-current and current assets or the total of equity and non-current and current liabilities. The precise derivation can be found in the consolidated statement of financial position.

Trading working capital

Inventories plus trade receivables less trade payables.

Trading working capital to annualized group revenue

Trading working capital as a percent of the latest reported quarterly group revenue x 4.

Working capital

Net current assets. Inventories plus trade receivables and other non-current and current assets less current provisions, trade payables and other non-current and current liabilities.

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