Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2017shares | |
Document and Entity Information [Abstract] | |
Entity Registrant Name | Orion Engineered Carbons S.A. |
Entity Central Index Key | 1,609,804 |
Entity Current Reporting Status | Yes |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Large Accelerated Filer |
Entity Well-Known Seasoned Issuer | Yes |
Entity Voluntary Filers | No |
Document Period End Date | Dec. 31, 2017 |
Document Fiscal Year Focus | 2,017 |
Document Type | 20-F |
Document Fiscal Period Focus | FY |
Entity Common Stock, Shares Outstanding (in shares) | 59,320,214 |
Amendment Flag | false |
Consolidated Income Statements
Consolidated Income Statements - EUR (€) € in Thousands, shares in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Profit or loss [abstract] | |||
Revenue | € 1,177,210 | € 1,030,094 | € 1,111,776 |
Cost of sales | (842,399) | (691,784) | (791,467) |
Gross profit | 334,811 | 338,310 | 320,309 |
Selling expenses | (115,118) | (114,553) | (108,100) |
Research and development costs | (16,074) | (14,530) | (13,404) |
General and administrative expenses | (68,743) | (68,560) | (62,107) |
Other operating income | 4,315 | 5,862 | 7,456 |
Other operating expenses | (10,801) | (13,817) | (21,761) |
Restructuring expenses | (4,612) | (27,920) | 0 |
Operating result (EBIT) | 123,778 | 104,792 | 122,393 |
Finance income | 40,424 | 25,145 | 17,275 |
Finance costs | (77,126) | (62,490) | (73,448) |
Share of profit or loss of joint ventures | 484 | 419 | 492 |
Financial result | (36,218) | (36,926) | (55,681) |
Profit before income taxes | 87,560 | 67,866 | 66,712 |
Income taxes | (20,737) | (23,240) | (23,838) |
Profit for the period | € 66,823 | € 44,626 | € 42,874 |
Earnings per share (EUR per share), basic | € 1.13 | € 0.75 | € 0.72 |
Weighted average shares, basic (in thousand of shares) | 59,320 | 59,353 | 59,635 |
Earnings per share (EUR per share), diluted | € 1.10 | € 0.74 | € 0.72 |
Weighted average shares, diluted (in thousand of shares) | 60,674 | 60,154 | 59,830 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of comprehensive income [abstract] | |||
Profit for the period | € 66,823 | € 44,626 | € 42,874 |
Exchange differences on translation of foreign operations | |||
Change in unrealized gains/(losses) | (17,227) | 6,890 | 1,065 |
Income tax effects | (549) | 1,588 | (369) |
Gains on exchange differences on translation of foreign operations, net of tax | (17,776) | 8,478 | 696 |
Unrealized net gains/(losses) on hedges of a net investment in a foreign operation | |||
Change in unrealized gains/(losses) | 20,674 | (5,427) | (17,077) |
Income tax effects | (6,682) | 1,599 | 5,674 |
Unrealized net gains/(losses) on hedges of a net investment in a foreign operation, net of tax | 13,992 | (3,828) | (11,403) |
Unrealized net gains/(losses) on cash flow hedges | |||
Change in unrealized gains/(losses) | (1,367) | 964 | 0 |
Income tax effects | 353 | (212) | 0 |
Unrealized net gains/(losses) on cash flow hedges, net of tax | (1,014) | 752 | 0 |
Net other comprehensive income (loss) to be reclassified to profit or loss in subsequent periods | (4,798) | 5,402 | (10,707) |
Actuarial gains/(losses) on defined benefit plans | |||
Change in unrealized gains/(losses) | 593 | (10,574) | 1,956 |
Income tax effects | (8) | 3,576 | (609) |
Actuarial gains/(losses) on defined benefit plans, net of tax | 585 | (6,998) | 1,347 |
Net other comprehensive income (loss) not to be reclassified to profit or loss in subsequent periods | 585 | (6,998) | 1,347 |
Other comprehensive income (loss), net of tax | (4,213) | (1,596) | (9,360) |
Total comprehensive income, net of tax all attributable to equity holders of the parent | € 62,610 | € 43,030 | € 33,514 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - EUR (€) € in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Non‑current assets | ||
Goodwill | € 48,512 | € 48,512 |
Other intangible assets | 58,969 | 77,984 |
Property, plant and equipment | 385,332 | 387,727 |
Investment in joint ventures | 4,657 | 4,657 |
Other financial assets | 2,972 | 2,178 |
Other assets | 3,238 | 2,858 |
Deferred tax assets | 36,309 | 60,955 |
Total Non-current assets | 539,989 | 584,871 |
Current assets | ||
Inventories | 132,856 | 114,351 |
Trade receivables | 195,341 | 190,503 |
Other financial assets | 3,244 | 5,264 |
Other assets | 29,216 | 21,985 |
Income tax receivables | 13,655 | 7,704 |
Cash and cash equivalents | 60,272 | 73,907 |
Total Current assets | 434,584 | 413,714 |
Total Assets | 974,573 | 998,585 |
Equity | ||
Subscribed capital | 59,635 | 59,635 |
Treasury shares | (3,415) | (3,415) |
Reserves | (39,781) | (47,964) |
Profit for the period | 66,823 | 44,626 |
Total Equity | 83,262 | 52,882 |
Non-current liabilities | ||
Pension provisions | 54,524 | 54,736 |
Other provisions | 11,126 | 13,747 |
Financial liabilities | 567,581 | 613,659 |
Other liabilities | 5 | 425 |
Deferred tax liabilities | 20,946 | 44,557 |
Total Non-current liabilities | 654,182 | 727,124 |
Current liabilities | ||
Other provisions | 49,588 | 60,056 |
Trade payables | 141,436 | 122,913 |
Other financial liabilities | 5,848 | 5,465 |
Income tax liabilities | 12,956 | 16,759 |
Other liabilities | 27,301 | 13,386 |
Total Current liabilities | 237,129 | 218,579 |
Total Equity and Liabilities | € 974,573 | € 998,585 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of cash flows [abstract] | |||
Profit for the period | € 66,823 | € 44,626 | € 42,874 |
Income taxes | 20,737 | 23,240 | 23,838 |
Profit before income taxes | 87,560 | 67,866 | 66,712 |
Depreciation and impairment of property, plant and equipment and amortization of intangible assets | 85,910 | 88,716 | 72,778 |
Other non-cash expenses | 8,557 | 3,103 | 957 |
(Increase)/decrease in trade receivables | (15,213) | (14,059) | 46,839 |
(Increase)/decrease in inventories | (23,060) | (8,227) | 25,777 |
Increase/(decrease) in trade payables | 15,801 | 29,856 | (28,425) |
Increase/(decrease) in provisions | (14,163) | 16,374 | (8,831) |
Increase/(decrease) in other assets and liabilities that cannot be allocated to investing or financing activities | 3,719 | (4,338) | (7,078) |
Finance income | (40,424) | (25,145) | (17,275) |
Finance costs | 77,126 | 62,490 | 73,448 |
Cash paid for income taxes | (34,003) | (17,486) | (10,540) |
Cash flows from operating activities | 151,810 | 199,150 | 214,362 |
Cash paid for the acquisition of intangible assets and property, plant and equipment | (80,681) | (64,296) | (51,541) |
Cash flows to acquire entities less cash acquired | 0 | 2,126 | (23,240) |
Cash flows from investing activities | (80,681) | (62,170) | (74,781) |
Share buyback | 0 | (3,415) | 0 |
Proceeds from borrowings, net of transaction costs | 9,995 | 0 | 0 |
Repayments of non-current financial liabilities | (26,572) | (47,357) | (56,825) |
Cash inflows related to current financial liabilities | 10,846 | 7,139 | 0 |
Cash outflows related to current financial liabilities | (10,747) | (7,139) | (5,680) |
Interest and similar expenses paid | (37,798) | (42,629) | (41,894) |
Interest and similar income received | 10,302 | 2,988 | 862 |
Dividends paid to shareholders | (40,000) | (39,994) | (40,000) |
Cash flows from financing activities | (83,974) | (130,407) | (143,537) |
Change in cash | (12,845) | 6,573 | (3,956) |
Change in cash resulting from exchange rate differences | (790) | 2,073 | (1,327) |
Cash and cash equivalents at the beginning of the period | 73,907 | 65,261 | 70,544 |
Cash and cash equivalents at the end of the period | € 60,272 | € 73,907 | € 65,261 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - EUR (€) € in Thousands | Total | Subscribed capital | Treasury Shares | Capital reserves | Translation reserve | Cash flow hedge reserve | Reserve for hedges of a net investment in foreign operation | Reserve for actuarial gains (losses) on defined benefit plans | Retained earnings |
Number of common shares, Beginning of Period (in shares) at Dec. 31, 2014 | 59,635,126 | ||||||||
Equity, Beginning of Period at Dec. 31, 2014 | € 55,265 | € 59,635 | € 0 | € 159,421 | € 18,590 | € 0 | € 0 | € (14,277) | € (168,104) |
Entity Information [Line Items] | |||||||||
Profit for the period | 42,874 | 42,874 | |||||||
Other comprehensive income, net of tax | (9,360) | 696 | (11,403) | 1,347 | |||||
Total comprehensive income, net of tax all attributable to equity holders of the parent | 33,514 | 696 | (11,403) | 1,347 | 42,874 | ||||
Dividends paid | (40,000) | (40,000) | |||||||
Share based payments | 907 | 907 | |||||||
Number of common shares, End of Period (in shares) at Dec. 31, 2015 | 59,635,126 | ||||||||
Equity, End of Period at Dec. 31, 2015 | 49,686 | € 59,635 | 0 | 120,328 | 19,286 | 0 | (11,403) | (12,930) | (125,230) |
Entity Information [Line Items] | |||||||||
Profit for the period | 44,626 | 44,626 | |||||||
Other comprehensive income, net of tax | (1,596) | 8,478 | 752 | (3,828) | (6,998) | ||||
Total comprehensive income, net of tax all attributable to equity holders of the parent | 43,030 | 8,478 | 752 | (3,828) | (6,998) | 44,626 | |||
Dividends paid | (39,994) | (39,994) | |||||||
Share based payments | € 3,575 | 3,575 | |||||||
Share buyback (in shares) | (314,912) | (314,912) | |||||||
Share Buyback | € (3,415) | (3,415) | |||||||
Number of common shares, End of Period (in shares) at Dec. 31, 2016 | 59,320,214 | ||||||||
Equity, End of Period at Dec. 31, 2016 | 52,882 | € 59,635 | (3,415) | 83,909 | 27,764 | 752 | (15,231) | (19,928) | (80,604) |
Entity Information [Line Items] | |||||||||
Profit for the period | 66,823 | 66,823 | |||||||
Other comprehensive income, net of tax | (4,213) | (17,776) | (1,014) | 13,992 | 585 | ||||
Total comprehensive income, net of tax all attributable to equity holders of the parent | 62,610 | (17,776) | (1,014) | 13,992 | 585 | 66,823 | |||
Dividends paid | (40,000) | (40,000) | |||||||
Share based payments | 7,770 | 7,770 | |||||||
Number of common shares, End of Period (in shares) at Dec. 31, 2017 | 59,320,214 | ||||||||
Equity, End of Period at Dec. 31, 2017 | € 83,262 | € 59,635 | € (3,415) | € 51,679 | € 9,988 | € (262) | € (1,239) | € (19,343) | € (13,781) |
Organization and principal acti
Organization and principal activities | 12 Months Ended |
Dec. 31, 2017 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
Organization and principal activities | Organization and principal activities Orion Engineered Carbons S.A. (“Orion”) is entered in the commercial register of Luxembourg under no. B160558; the Company’s registered office is in Luxembourg; its business address is 6, Route de Trèves, L-2633 Senningerberg (Municipality of Niederanven), Grand Duchy of Luxembourg. Orion was incorporated on April 13, 2011. Orion’s consolidated financial statements comprise Orion and its subsidiaries (the “Orion Group”, or the “Group” or the “Company”). The parent’s fiscal year is the same as that of the Orion Group, comprising the period from January 1 to December 31, 2017 . Orion Group is a leading global manufacturer of carbon black products and is based in Luxembourg. Carbon black is a powdered form of carbon that is used to create the desired physical, electrical and optical qualities of various materials. Carbon black products are primarily used as consumables and additives for the production of polymers, printing inks and coatings (“Specialty Carbon Black” or “Specialties”) and in the reinforcement of rubber polymers (“Rubber Carbon Black” or “Rubber”). Specialty Carbon Black are high-tech materials which are mainly used for polymers, printing systems and coatings applications. The various production processes result in a wide range of different Specialty Carbon Black pigment grades with respect to their primary particle size, structure and surface area/surface chemistry. These parameters affect jetness, tinting strength, undertone, dispersibility, oil absorption, electrical conductivity and other characteristics. The types of Rubber Carbon Black used in the rubber industry are manufactured according to strict specifications and quality standards. Structure and specific surface area are the key factors in optimizing reinforcement properties in rubber polymers. As at December 31, 2017 , the Orion Group operates 13 wholly owned production facilities in Europe, North and South America, Asia and South Africa and three sales companies . Another ten holding companies and two service companies, as well as two former operating entities in Portugal and France (currently in dissolution), are consolidated in the Orion Group. Additionally, the Group operates a joint venture with one production facility in Germany. The Group’s global presence enables it to supply Specialty Carbon Black customers as well as international customers in the tire and rubber industry with the full range of carbon black grades and particle sizes. Sales activities are supported by sales and representative offices all around the globe. Integrated sales activities with key account managers and customer services are carried out in the United States, Brazil, South Korea and Germany and China. The Group’s consolidated financial statements are prepared in Euros, the presentation currency of the Group. Except where stated otherwise, all figures are presented in thousands of Euros (EUR k). Due to rounding, numbers presented throughout the tables and these notes may not add up precisely to the totals presented and percentages may not precisely reflect the absolute figures. The Group’s audited consolidated financial statements were authorized for issue by the board of directors on February 22, 2018 . |
Basis of preparation of the fin
Basis of preparation of the financial statements | 12 Months Ended |
Dec. 31, 2017 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
Basis of preparation of the financial statements | Basis of preparation of the financial statements Compliance with IFRS The Group’s financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). All IFRSs, interpretations (IFRICs, SICs) originated by the IFRS Interpretations Committee (IFRS IC, formerly International Financial Reporting Interpretations Committee) applicable for financial years ended on or before December 31, 2017 have been applied. The accounting policies and the presentation of items in the consolidated financial statements are applied consistently throughout the Group. New accounting standards First-time adoption of accounting standards The accounting policies adopted in the preparation of the consolidated financial statements are consistent with those followed in the preparation of the Group’s annual financial statements for the year ended December 31, 2016. The following amendments to IFRS standards adopted on January 1, 2017 did not have material impact on the accounting policies, financial position or performance of the Group: • IAS 7 Statement of Cash Flow As part of its disclosure initiative, the IASB published in January 2016 amendments to IAS 7 Statement of Cash Flow which requires a reconciliation of balance sheet movements for all liabilities for which cash flows are disclosed as “ Cash flows from financing activities ” . The adoption of the amendment is reflected in the disclosures for the Group (for details see note (9.3) ). • Improvements to IFRSs (2014-2016 cycle) In December 2016, the IASB issued a cycle of Annual Improvements to IFRSs (cycle 2014-2016) that contains three changes to three standards, primarily related to minor amendments that clarify, correct or remove redundant wording and a narrow-scope amendment to clarify particular aspects of a Standard. These changes with respect to IFRS 12 had no significant effect on the Group's financial statements, improvements with respect to IFRS 1 and IAS 28 are not yet effective and will not have any impact on the Group's financial statements. • Amendments to IAS 12 Income Taxes In January 2016, the IASB issued final amendments to IAS 12 Income Taxes. The amendments consist of some clarifying paragraphs and an illustrating example with respect to the recognition of deferred tax assets that are related to debt instrument measured at fair value. These changes had no impact on the Group's financial statements. Accounting standards issued but not yet effective The IASB has issued accounting standards which were not yet effective in the current fiscal year. Any new accounting standards which are relevant for the Group’s consolidated financial statements will be adopted when they become effective. The following relevant pronouncements by the IASB and IFRSIC were not effective as at the reporting date on December 31, 2017 and were not applied by the Group: • IFRS 9 Financial instruments IFRS 9 issued on July 24, 2014 replaces IAS 39 Financial Instruments: Recognition and Measurement. IFRS 9 determines requirements for recognition and measurement, impairment, derecognition and general hedge accounting. The latest issued version supersedes all previous versions. IFRS 9 will be effective as of January 1, 2018. The adoption of IFRS 9 will have an effect on the classification and measurement of certain of Orion’s financial instruments and potentially may impact the hedge accounting models used by the Group. The impact from the new impairment approach outlined in section 5.4 of IFRS 9 would have resulted in a recognition of a loss allowance at an amount equal to lifetime expected credit losses for trade receivables of less than EUR 1 million at December 31, 2017. In July 2017 the IASB clarified the accounting treatment for modification of financial liabilities under IFRS 9. A modification gains or loss is required to be calculated as the difference between the original contractual cash flows and the modified cash flows discounted at the original effective interest rate. Such modification gain or loss is recognized in the Income Statement in the period of modification, and the modified cash flows are then amortized using the new effective interest rate. IFRS 9 is generally required to be applied retrospectively; however the recognition of a modification gain or loss for historic modifications made to financial liabilities outstanding on the adoption date is recorded as an accumulative catch up adjustment in retained earnings on the adoption date. The Group is currently assessing the impact of such historic modifications of the Group's financial liabilities on its financial statements and this will be completed within the first quarter of 2018. • IFRS 15 Revenue from contracts with customers The IASB issued IFRS 15 on May 28, 2014. IFRS 15 intends to combine and harmonize the revenue recognition methods issued in several standards and interpretations. IFRS 15 also determines the time and extent of revenue recognition. IFRS 15 replaces IAS 18 Revenue, IAS 11 Construction Contracts, IFRIC 13 Customer Loyalty Programs, IFRIC 15 Agreements for Construction of Real Estate, IFRIC 18 Transfer of Assets from Customers and SIC 31 Revenue-Barter Transactions. IFRS 15 will be effective as of January 1, 2018. The company have completed a group wide review of our material contracts with our customers. The changes will not impact our revenue recognition. Our performance obligation is almost entirely the transfer of goods. In a limited number of cases the service to ship goods to our customers may qualify as a separate performance obligation while the price of such ancillary services are deemed to be immaterial and the realization of such services usually occurs at same point of time as the transfer of our main performance obligation. As the changes have no impact on our revenue recognition there will be no cumulative catch up adjustment recorded in retained earnings under the modified retrospective approach of adoption that we intend to apply. • IFRS 16 Leases In January 2016, the IASB issued the new standard IFRS 16 “Leases”, which supersedes the existing lease accounting according to IAS 17. The existing concept of operating and finance leases will be replaced and most leases will be recognized in the statement of financial position. IFRS 16 will be effective as of January 1, 2019. The Group has operating lease contracts as well as very limited finance leases and the new standard will have an impact on Group accounting policies, procedures as well as financial statements and our key performance indicators. The Group has started to analyze the impact of IFRS 16. Refer to note (9.5) Contingent liabilities and other financial obligations for details of our current lease obligations on an undiscounted basis. While the Group has not finalized our assessment, according to the provisions of the Standard, the right–to-use leased assets that do not meet the exemption criteria will increase our Property, plant and equipment and will result in the recognition of a corresponding lease obligation based on the existing contracts at the transition date. The exemption criteria will be applicable in rare cases In 2017 we recorded € 8.6 million as operating lease expenses. The Group estimates that a comparable amount of expenses will in the future be recorded as amortization and to a certain amount as finance expenses. • IFRIC 23 On 7 June 2017, the IASB issued IFRIC Interpretation 23 — Uncertainty over Income Tax Treatments. This interpretation clarifies application of recognition and measurement requirements in IAS 12 Income Taxes when there is uncertainty over income tax treatments. It provides guidance on considering uncertain tax treatments separately or together, examination by tax authorities, the appropriate method to reflect uncertainty and accounting for changes in facts and circumstances. The interpretation is effective for annual reporting periods beginning on or after 1 January 2019, but certain transition reliefs are available. The Group currently assesses the impact of the application of IFRIC 23 on the group's financial statements. Basis of consolidation All subsidiaries indirectly or directly controlled by Orion are consolidated. Entities are consolidated from the date the Orion Group obtains control, which generally is the acquisition date, and are deconsolidated when control is lost. Control is achieved when the Orion Group is exposed, or has the right, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. The Orion Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of these three elements of control. The Orion Group consolidated financial statements are prepared in accordance with uniform accounting policies. Income and expenses, intercompany profits and losses, and receivables and liabilities between consolidated subsidiaries are eliminated. Changes in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. See note (4) List of shareholdings for the list of subsidiaries consolidated as part of the Orion Group. Currency translation Foreign currency transactions are measured at the exchange rate at the date of initial recognition. Any gains or losses resulting from the valuation of foreign currency monetary assets and liabilities using the currency exchange rates as at the reporting date are recognized in other operating income or other operating expenses. Currency exchange differences relating to financing activities are part of the financial result. The functional currency method is used to translate the financial statements of foreign entities. The assets and liabilities of foreign operations with functional currencies different from the presentation currency Euro are translated using closing rates as at the reporting date. Income and expense items are translated at average exchange rates for the respective period. The translation of equity is performed using historical exchange rates. The overall foreign currency impact from translating the statement of financial position and income statement of all the foreign entities is recognized in other comprehensive income. The following exchange rates were used for currency translation: EUR 1 equivalent to Annual average exchange rate Closing rate as at Dec 31, 2017 2016 2015 2017 2016 U.S. Dollar (USD) 1.1297 1.1069 1.1130 1.1993 1.0541 Pound Sterling (GBP) 0.8767 0.8195 0.7284 0.8872 0.8562 Japanese Yen (JPY) 126.7112 120.1967 134.5231 135.0100 123.4000 Swedish Krona (SEK) 9.6351 9.4689 9.3414 9.8438 9.5525 Singapore Dollar (SGD) 1.5588 1.5275 1.5288 1.6024 1.5234 South African Rand (ZAR) 15.0490 16.2645 14.2616 14.8054 14.4570 Polish Zloty (PLN) 4.2570 4.3632 4.1909 4.1770 4.4103 Brazilian Real (BRL) 3.6054 3.8561 3.7024 3.9729 3.4305 South Korean Won (KRW) 1,276.7381 1,284.1811 1,259.6731 1,279.6100 1,269.3600 Chinese Renminbi (CNY) 7.6290 7.3522 6.9924 7.8044 7.3202 Significant accounting policies Amounts in the financial statements are measured at amortized/depreciated historical cost, except for derivatives and certain primary financial instruments, which are measured at fair value in accordance with the relevant standards, as described below. The accounting policies below apply to the Group. Revenue and expense recognition (a) Revenue and income recognition and related accounts receivable Revenue from the sale of goods and services generated through ordinary activities and other income are recognized as follows: The Group mainly generates sales by selling carbon black to industrial customers for further processing. Revenue recognition and measurement is governed by the following principles. The amount of revenue is contractually specified between the parties and is measured at the fair value of the consideration received or to be received less value-added tax and any trade discounts and volume rebates granted. Revenue is only recognized if revenue and the related costs incurred or to be incurred can be measured reliably and it is sufficiently probable that the economic benefits will flow to the Group. If these conditions are satisfied, revenue from the sale of goods is recognized when ownership and the associated risks from the sale have been transferred to the buyer. The timing of the transfer of risks and rewards varies depending on the individual terms of the sales agreement. The Group records a provision for warranty costs, based on historical trends of warranty costs incurred as a percentage of sales, which management has determined to be a reasonable estimate of the probable losses to be incurred for warranty claims in a period. Interest income is recognized using the effective interest method. (b) Expense recognition Expenses are recognized in the period in which they are incurred. Interest expenses are recognized using the effective interest method. Business combinations, goodwill and intangible assets Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at acquisition date fair value, and the amount of any non-controlling interests in the acquiree. For each business combination, the Group elects whether to measure the non-controlling interests in the acquiree at fair value or at the proportionate share of the acquiree’s identifiable net assets. Acquisition-related costs are expensed as incurred and included in other operating expenses. When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. This includes the separation of embedded derivatives in host contracts by the acquiree. Any contingent consideration to be transferred by the acquirer is recognized at fair value at the acquisition date. Contingent consideration classified as an asset or liability that is a financial instrument and within the scope of IAS 39 Financial Instruments: Recognition and Measurement, is measured at fair value with the changes in fair value recognized in the statement of profit or loss. Goodwill is initially measured at cost (being the excess of the aggregate of i) the consideration transferred, ii) the amount recognized for non–controlling interest and iii) any previous interest held over the net assets acquired, over the fair value of the identifiable assets acquired and liabilities assumed). If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the Group re-assesses whether it has correctly identified all of the assets acquired and all of the liabilities assumed and reviews the procedures used to measure the amounts to be recognized at the acquisition date. If the reassessment still results in an excess of the fair value of net assets acquired over the aggregate consideration transferred, then the gain is recognized in profit or loss. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group’s cash-generating units that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. Where goodwill has been allocated to a cash-generating unit (“CGU”) and part of the operation within that unit is disposed of, the goodwill associated with the disposed operation is included in the carrying amount of the operation when determining the gain or loss on disposal. Goodwill disposed in these circumstances is measured based on the relative values of the disposed operation and the portion of the cash-generating unit retained. Intangible assets acquired separately are recognized initially at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. Intangible assets with finite useful lives are amortized and, if events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable, tested for impairment, see below in this note under “Impairment test”. Intangible assets with indefinite useful lives are not amortized, but are tested for impairment at least once a year. The useful lives of intangible assets are also re-assessed once a year. (a) Goodwill Goodwill has an indefinite useful life and is tested for impairment at least once a year. (b) Technology and patents, trademarks and other intangible assets Technology and patents (including capitalized development costs), trademarks and other intangible assets are amortized straight line over a useful life of 15 years. Other intangible assets are amortized straight line over a useful life of 3 to 10 years. Customer relationships acquired in the business combination in 2011 from Evonik are amortized over their useful life. The useful life is estimated on the basis of contractual arrangements and historical values and is approximately 8 years. The amortization amount is based on the economic life and the probability of continuing the customer relationship in the form of a churn rate. Property, plant and equipment Property, plant and equipment are carried at historical acquisition or production cost less accumulated depreciation. If events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable, an impairment test is conducted as outlined in this section under “Impairment test”. The cost of acquisition includes the purchase price and any costs directly attributable in bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended. The cost of self-constructed assets within the Group includes the direct cost of materials and labor, plus the applicable proportion of material and manufacturing overheads, including depreciation. Costs relating to obligations to dismantle or remove non-current assets at the end of their useful life are capitalized as acquisition or production costs at the time of acquisition or production. Property, plant and equipment are depreciated using the straight-line method over the expected remaining useful life. The expected remaining useful lives are determined based upon the point at which an asset is acquired. In certain cases, assets acquired were nearing the end of their useful life, resulting in a shorter period by comparison to those properties acquired new. There is no significant difference in the types of assets that have shorter useful lives (for example 5 years for a building or 3 years for plant and machinery) as compared to the entire asset class. The assets’ residual values and useful lives are reviewed and adjusted if appropriate, at the end of each reporting period. In years Buildings 5-50 Plant and machinery 3-25 Furniture, fixtures and office equipment 3-25 For further information on the expected remaining useful life of the existing assets as at December 31, 2017 see note (7.2) Property, plant and equipment . Expenses for overhauls and major servicing (major repairs) are generally capitalized if it is probable that they will result in future economic benefits from an existing asset. They are then depreciated over the period until the next expected major repair date. Routine repairs and other maintenance work are expensed in the period in which they are incurred. If major components of an asset have different useful lives, they are recognized and depreciated separately. Gains and losses from the disposal of property, plant and equipment are calculated as the difference between the net proceeds of sale and the carrying amount and recognized in other operating income or other operating expenses. Impairment test Impairment of property, plant and equipment and other intangible assets with finite useful lives The Group assesses property, plant and equipment and other intangible assets with finite useful lives for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or CGU may not be recoverable. If assets or CGUs are determined to be impaired, the carrying amount of these assets or CGUs is written down to their recoverable amount, which is the higher of fair value less costs to sell and value in use determined as the amount of estimated discounted future cash flows. Recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. For this purpose, assets are grouped based on separately identifiable and largely independent cash flows. A previously recognized impairment loss is reversed only if there has been a change in the assumptions used to determine the asset’s recoverable amount since the last impairment loss was recognized. The reversal is limited so that the carrying amount of the asset or CGU does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognized for the asset in prior years. Such reversal is recognized in the income statement. Impairment of goodwill Goodwill is not amortized, but instead tested for impairment annually in the fourth quarter based on September 30 actual results, as well as whenever there are events or changes in circumstances (triggering events) which suggest that the carrying amount may not be recoverable. CGUs may be combined into a group of CGUs when they have similar economic characteristics. For the purpose of testing goodwill for impairment, goodwill is allocated pursuant to IAS 36 to the CGU or group of CGUs that represents the lowest level within the entity at which the goodwill is monitored by management and is not larger than an operating segment within the meaning of IFRS 8. At the date of the annual impairment test Orion had two groups of CGUs to which the goodwill was allocated. Goodwill impairment testing was performed at the level of the two groups of CGUs, “Rubber” and “Specialties” representing the two operating segments. These two groups were defined as lowest level within Orion at which goodwill is monitored, because Orion has the possibility to switch capacities as well as products between its various locations within each group. If the carrying amount of one of the cash generating units exceeds its recoverable amount, an impairment loss on goodwill is recognized accordingly. The recoverable amount is the higher of the CGU’s fair value less cost to sell and its value in use. Impairment losses on goodwill are not reversed in future periods if the recoverable amount exceeds the carrying amount. Value in use is determined by calculating the future cash flows to be derived from the continuing use of the operating assets of the cash-generating unit using the discounted cash flow (“DCF”) method. The DCF method is applied by first calculating the free cash flows to be derived from the relevant cash-generating unit and then discounting them as at the reporting date using a risk-adequate discount rate. The discount rate is based on the specific circumstances of the Group and its operating segments and is derived from its weighted average cost of capital (“WACC”). The WACC takes into account both debt and equity. The cost of equity is derived from the expected return on investment by the Group’s investors, which is derived from a peer group. The cost of debt is based on standard market borrowing rates for peer group companies. Segment-specific risk is incorporated by applying individual beta factors which lead to segment-specific WACC. The beta factors are determined annually based on publicly available market data. Investments in joint ventures A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint venture. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control. Investments in joint ventures are accounted for using the equity method. Under the equity method, the investment in a joint venture is initially recognized at cost. Cost includes all directly attributable acquisition-related costs. The concepts underlying the procedures in accounting for the acquisition of a subsidiary are also adopted in accounting for the acquisition of an investment in a joint venture. Goodwill relating to the joint venture is included in the carrying amount of the investment and is neither amortized nor individually tested for impairment. The carrying amount of the investment is adjusted to recognize changes in the Group’s share of net assets of the joint venture since the acquisition date. Distributions received from the investee reduce the carrying amount of the investment. The Group’s income statement reflects the Group’s share of the results of operations of the joint venture. Any change in other comprehensive income (“OCI”) of those investees is presented as part of OCI. In addition, when there has been a change recognized directly in the equity of the joint venture, the Group recognizes its share of such change, when applicable, in the statement of changes in equity. Unrealized gains and losses resulting from transactions between the Group and the joint venture are eliminated to the extent of the interest in the joint venture. The financial statements of the joint venture are prepared for the same reporting period as the Group. When necessary, adjustments are made to bring the accounting policies in line with those of the Group. After application of the equity method, the Group determines whether it is necessary to recognize an impairment loss on the investment in its joint venture. At each reporting date, the Group determines whether there is objective evidence that the investment in the joint venture is impaired. If there is such evidence, the Group calculates the amount of impairment as the difference between the recoverable amount of the joint venture and its carrying value and recognizes the loss in the Group’s combined income statement. Inventories The cost of inventories (raw materials, consumables and supplies, and merchandise) that have a similar nature or use is assigned by using the weighted average cost method. The cost of work in process and finished goods comprises the cost of raw materials, consumables and supplies (direct materials costs), direct personnel expenses (direct production costs), other direct costs and overheads attributable to production (based on normal operating capacity). Inventory is reviewed for both potential obsolescence and potential loss of value periodically. In this review, assumptions are made about the future demand for, and market value of, the inventory and based on these assumptions the amount of any obsolete, unmarketable or slow moving inventory is estimated. Cash and cash equivalents Cash and cash equivalents comprise bank balances, checks and cash on hand. Pension provisions Pension provisions are measured in accordance with the projected unit credit method prescribed in IAS 19 Employee Benefits for defined benefit plans. This method takes into account the pensions known and expectancies earned by the employees as at the reporting date as well as the increases in salaries and pensions to be expected in the future. The provisions for the German entities of the Group are measured on the basis of the biometric data in the 2005G mortality tables by Klaus Heubeck. Pension obligations outside Germany are determined in accordance with actuarial parameters applicable to such plans. Actuarial gains and losses arise from the difference between the previously expected and the actual obligation parameters at year-end. Actuarial gains and losses, net of tax, for the defined benefit plan are recognized in full in the period in which they occur in other comprehensive income and are not reclassified to profit or loss in subsequent periods. The discount rate applied is determined based on a yield curve considering interest rates of corporate bonds with at least AA rating in the currencies consistent with the currencies of the post-employment obligation (e.g. iBoxx € Corporates AA sub-indices) as set by an internationally acknowledged actuarial agency. The interest rate is extrapolated as needed along the yield curve to meet the expected term of our obligation. Assumptions are reviewed each reporting period. Net interest is calculated by applying the discount rate to the net defined benefit liability or asset. Changes in the net defined benefit obligation from service costs comprising current service costs, past-service costs, gains and losses on curtailments are recorded in cost of sales, administration expenses or selling and distribution expenses and the net interest expense or income is recorded in finance costs and finance income. Defined contribution obligations result in an expense in the period in which payment is made and arise from commitments and state pension schemes (statutory pension insurance). Other provisions Provisions are liabilities of uncertain timing or amount. They are recognized if a present obligation (legal or constructive) exists toward a third party as a result of a past event which will probably result in a future outflow of resources. The probable amount of the obligation must be reliably measurable. If there are a number of similar obligations, the probability that there will be an outflow of economic benefits is determined by considering the class of obligations as a whole. Provisions are recognized at their settlement value, which represents the best estimate of the expected outflow of economic benefits, and take future cost increases into account. Non-current provisions are discounted. Current provisions and current portions of non-current provisions are not discounted. Provisions are subsequently updated to reflect new facts and circumstances. Restructuring provisions are recognized only when the recognition criteria for provisions are fulfilled. A constructive obligation for severance obligation exists when the main features of a detailed formal plan that identifies the business or part of the business concerned, the location and number of employees affected, a detailed estimate of the associated costs and an appropriate time line, has been communicated to the employees affected. Other costs related to the restructuring are recognized when obligation criteria are met and the costs can be reliably measured. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognized as a finance cost. Regarding part-time early retirement agreements the Group uses the block model. During the first block the employee works fulltime. After completing the first block, the employee retires early, which reflects the second block. However, the employee receives a reduced remuneration for the entire period of the agreement. The early retirement scheme is considered a long-term employee benefit that is measured using the projected unit method and past service costs are considered in determining the respective obligation. Deferred taxes and current income taxes Current income tax receivables and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. They are calculated based on the tax rates and tax laws that are enacted or substantively enacted by the reporting date. In accordance with IAS 12 Income Taxes, deferred taxes are determined using the liability method on temporary differences between the carrying amounts of assets and liabilities in the statement of financial position and their tax bases including differences arising as a result of consolidation as well as on loss and interest carryforwards and tax credits. They are measured at the tax rates that are expected to apply in the year when the asset is realized or the liability is settled, based on tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting per |
Assumptions, the use of judgmen
Assumptions, the use of judgment and accounting estimates | 12 Months Ended |
Dec. 31, 2017 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
Assumptions, the use of judgment and accounting estimates | Assumptions, the use of judgment and accounting estimates The preparation of the consolidated financial statements requires management to make estimates and assumptions about the future. The use of judgment and estimates will not always correspond to subsequent circumstances. Estimates are adjusted, with any changes being recognized in profit and loss, as and when better knowledge is available. The assumptions and estimates entailing a significant risk of an adjustment of carrying amounts of assets and liabilities during the next fiscal year are presented below. (a) Impairment of goodwill Impairment is determined for goodwill by assessing the recoverable amount of each group of cash generating units to which the goodwill relates. Assumptions and judgments of future developments are inherent in the determination of the recoverable amount. For further details, see note (7.1) Goodwill and other intangible assets . (b) Recognition and measurement of deferred tax assets Deferred tax assets may only be recognized if it is probable that sufficient taxable income will be available in the future. If these expectations are not met, a write-down would have to be recognized in income for the deferred tax assets. For further details, see notes (6.6) Income taxes and (7.11) Deferred and current taxes . Effects resulting from the changes in U.S. tax legislation (Tax Cuts and Jobs Act) are fully considered based on all available information as of the date of this report. (c) Measurement of pension provisions Pension provisions are measured applying assumptions about discount rates, expected future pension increases and mortality tables. These assumptions may differ from the actual data due to a change in economic conditions or markets. These include the determination of the discount rate, future salary increases, mortality rates and future pension increases. Due to the complexity of the valuation and its long-term nature, a defined benefit obligation is sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date by obtaining actuarial reports for all material obligations. In determining the appropriate discount rate, management considers the interest rates of corporate bonds in the respective currency with at least AA rating, with extrapolated maturities corresponding to the expected duration of the defined benefit obligation. The underlying bonds are further reviewed for quality. Those having excessive credit spreads are removed from the population of bonds on which the discount rate is based, on the basis that they do not represent high quality bonds. The mortality rate is based on publicly available mortality tables for the specific country. Future salary increases and pension increases are based on expected future inflation rates for the respective country. Further details about the assumptions used, including those used for the sensitivity analysis, are given in note (7.8) Pension provisions and post-retirement benefits . (d) Measurement of other provisions Other provisions, especially provisions for restoration and environmental protection, litigation risks and restructuring are naturally exposed to significant forecasting uncertainties regarding the level and timing of the obligation. The Group has to make assumptions about the probability of occurrence of an obligation or future trends, such as expected costs, on the basis of experience. Non-current provisions are exposed to forecasting uncertainties. In addition, the level of non-current provisions depends to a large extent on the selection and development of the market-oriented discount rate (see also note (7.9) Other provisions ) as well as on estimates for the Rubber footprint restructuring as described in note (6.4) Restructuring expenses . |
List of shareholdings
List of shareholdings | 12 Months Ended |
Dec. 31, 2017 | |
Interest In Other Entities [Abstract] | |
List of shareholdings | List of shareholdings The following entities are included in the Group consolidated financial statements as subsidiaries or joint ventures at December 31, 2017 . As at December 31, 2017 Shareholding Orion Engineered Carbons S.A., Luxembourg Controlled entities Orion Engineered Carbons Holdings GmbH, Frankfurt am Main, Germany 100 % Orion Engineered Carbons Bondco GmbH, Frankfurt am Main, Germany 100 % Orion Engineered Carbons International GmbH, Frankfurt am Main, Germany 100 % Kinove Italian Bidco S.r. l., Ravenna, Italy 100 % Orion Engineered Carbons France Holdco SAS, Paris, France 100 % Blackstar Engineered Carbons Portugal Holdco, Unipessoal, Lda., Sines, Portugal* 100 % Orion Engineered Carbons USA Holdco, LLC, Kingwood, USA 100 % Orion Engineered Carbons Korea Co. Ltd., Bupyeong-gu, South Korea 100 % Norcarb Engineered Carbons Sweden HoldCo AB, Malmö, Sweden 100 % Orion Engineered Carbons S.r.l. Italy, Ravenna, Italy 100 % Orion Engineered Carbons S.A.S. France, Ambès, France 100 % Carbogal Engineered Carbons S.A. Portugal, Sines, Portugal* 100 % Orion Engineered Carbons LLC USA, Kingwood, USA 100 % Orion Engineered Carbons Co. Ltd., Bupyeong-gu, South Korea 100 % Orion Engineered Carbons sp. z o.o. Poland, Jaslo, Poland 100 % Norcarb Engineered Carbons AB Sweden, Malmö, Sweden 100 % Orion Engineered Carbons Ltda. Brazil, São Paulo, Brazil 100 % Orion Engineered Carbons Proprietary Limited South Africa, Port Elizabeth, South Africa 100 % Orion Engineered Carbons GmbH, Frankfurt am Main, Germany 100 % Orion Engineered Carbons KK Japan, Tokyo, Japan 100 % Orion Engineered Carbons Pte. Ltd., Singapore, Singapore 100 % Orion Engineered Carbons Trading Co. Ltd., Shanghai, China 100 % Orion Engineered Carbons Material Technology (Shanghai) Co., Ltd., Shanghai, China 100 % Orion Engineered Carbons Qingdao Co., Ltd., China 100 % CB International Services Company GmbH, Frankfurt am Main, Germany 100 % Carbon Black OpCo GmbH, Frankfurt am Main, Germany* 100 % Joint ventures Kommanditgesellschaft Deutsche Gasrusswerke GmbH & Co., Dortmund, Germany 54 % Deutsche Gasrusswerke Gesellschaft mit beschränkter Haftung, Dortmund, Germany 50 % * in liquidation Although Orion holds 54% of shares as at December 31, 2017 and 2016 in Kommanditgesellschaft Deutsche Gasrusswerke GmbH & Co., Dortmund, Germany (“DGW KG”), the terms and conditions of DGW KG’s articles of association and other bylaws impede Orion from controlling DGW KG. Therefore DGW KG is recognized as a joint venture applying the equity method. |
Operating segments
Operating segments | 12 Months Ended |
Dec. 31, 2017 | |
Operating Segments [Abstract] | |
Operating segments | Operating segments The Group’s business is organized by product for corporate management purposes and has the following two reportable operating segments for all periods presented: “Rubber” and “Specialties”. The executive management committee, which is composed of the CEO, CFO and certain other senior management members is the chief operating decision maker in accordance with IFRS 8.7. The executive management committee monitors the operating segments’ results separately in order to facilitate decisions regarding the allocation of resources and determine the segments’ performance. “Adjusted EBITDA” is the management’s measure of the segment result.The executive management committee does not review reportable segment asset or liability information for purposes of assessing performance or allocating resources. Adjustment items are not allocated to the individual segments as they are managed on a group basis. Segment reconciliation for the years ended December 31, 2017 , 2016 and 2015 : In EUR k In EUR k In EUR k 2017 2016 2015 Rubber Specialties Total Rubber Specialties Total Rubber Specialties Total Revenue 752,639 424,571 1,177,210 644,217 385,877 1,030,094 730,288 381,488 1,111,776 Cost of sales (585,988 ) (256,411 ) (842,399 ) (483,339 ) (208,445 ) (691,784 ) (564,559 ) (226,908 ) (791,467 ) Gross profit 166,651 168,160 334,811 160,878 177,432 338,310 165,729 154,580 320,309 Adjusted EBITDA 98,757 128,900 227,657 86,108 136,658 222,766 93,704 115,006 208,710 Adjusted EBITDA Margin 13.1 % 30.4 % 19.3 % 13.4 % 35.4 % 21.6 % 12.8 % 30.1 % 18.8 % Depreciation amortization and impairment of intangible assets and property, plant and equipment (52,277 ) (33,633 ) (85,910 ) (59,116 ) (29,600 ) (88,716 ) (44,815 ) (27,963 ) (72,778 ) Share of profit of joint venture (484 ) — (484 ) (419 ) — (419 ) (492 ) — (492 ) Adjustment items (17,485 ) (28,839 ) (13,047 ) EBIT 123,778 104,792 122,393 Definition of “adjusted EBITDA” “EBIT” (operating result) is defined as profit or loss for the period before income taxes and finance income and finance costs. “EBITDA” is defined as EBIT before depreciation, amortization and impairment losses. For management reporting purposes and as defined in the credit agreement governing our term loans “Adjusted EBITDA” is defined as EBITDA adjusted for acquisition related expenses, restructuring expenses, consulting fees related to Group strategy, share of profit or loss of joint venture and certain other adjustments. The Company believes that each of these items have less bearing on its performance of the underlying core business. Adjusted EBITDA is reconciled to profit or (loss) as follows: Reconciliation of profit or (loss) In EUR k 2017 2016 2015 Profit for the period 66,823 44,626 42,874 Income taxes 20,737 23,240 23,838 Profit before income taxes 87,560 67,866 66,712 Add back finance costs 77,126 62,490 73,448 Deduction share of profit of joint ventures (484 ) (419 ) (492 ) Deduction other finance income (40,424 ) (25,145 ) (17,275 ) Earnings before taxes and finance income/costs (operating result (EBIT)) 123,778 104,792 122,393 Add back depreciation, amortization and impairment of intangible assets and property, plant and equipment (4) 85,910 88,716 72,778 EBITDA 209,688 193,508 195,171 Share of profit of joint venture 484 419 492 Restructuring expenses (1) 4,612 17,623 — Consulting fees related to Group strategy (2) 2,485 2,563 1,502 Long Term Incentive Plan 7,770 3,575 907 Other adjustments (3) 2,618 5,078 10,638 Adjusted EBITDA 227,657 222,766 208,710 (1) Restructuring expenses for the period ended December 31, 2017 are related to further actions undertaken to realign our worldwide Rubber footprint in particular in Korea and to a lesser extent in the USA. Restructuring expenses for the period ended December 31, 2016 relate to the strategic realignment of the worldwide Rubber footprint, resulting in a decision to cease production by December 31, 2016 of the plant in Ambès, France. These expenses comprise personnel related costs of EUR 6.1 million and demolishing, site remediation and securing as well as accrued other expenses for the cessation of € 11.5 million . (2) Consulting fees related to the Group strategy include external consulting fees relating to the restructuring of our rubber footprint and associated activities of EUR1.2 million, external consulting fees relating to the Acquisition of EUR 0.5 million and other external consulting fees for establishing and implementing our operating, tax and organizational strategies including merger and acquisition strategies. (3) Other adjustments (from items with less bearing on the underlying performance of the Company's core business) in the period ended December 31, 2017 primarily relate to costs associated with our EPA enforcement action of EUR 2.1 million , costs to remediate damages incurred by hurricane Harvey of EUR 1.4 million and costs associate with the secondary offering of our shares, offset by EUR 1.3 million of reimbursements of reassessed real estate transfer taxes. Other adjustments for the period ended December 31, 2016 primarily relate to cost of EUR 4.1 million associated with our EPA enforcement action (including accrued expenses for penalties and mitigation projects). Other adjustments in 2015 mainly include EUR 5.0 million costs related to address the EPA enforcement action, in particular to evaluate emission-removal technologies and legal advice, EUR 1.8 million Sarbanes-Oxley first time implementation costs, EUR 1.8 million OECQ post acquisition-related costs and EUR 1.5 million reassessed real estate transfer tax related to the 2011 acquisition. (4) Includes EUR 10.3 million impairment of fixed assets at our Ambès, France plant for the period ended December 31, 2016 following the decision to cease production by December 31, 2016. Geographic information Revenues In EUR k 2017 2016 2015 Germany 464,638 398,430 415,944 United States 293,148 273,177 329,669 South Korea 218,377 199,772 234,442 Brazil 71,016 55,175 51,793 China 56,849 41,062 8,361 South Africa 41,592 33,231 43,669 Other 20,560 21,319 20,175 Rest of Europe* 11,030 7,928 7,723 Total 1,177,210 1,030,094 1,111,776 * Only a holding company is located in Luxembourg, accordingly no revenue is generated in the country of domicile. Revenue generated for the year ended December 31, 2017 from the largest customer in the “Rubber”segment amounted to EUR 127,805k . Revenue from the largest customer in the “Rubber” segment for the year ended December 31, 2016 was EUR 102,699k and for the year ended December 31, 2015 revenue from the largest two customers in the “Rubber” segment were EUR 120,609k and EUR 110,387k , respectively. There are no other customers with more than 10% of revenue in the three periods presented. Goodwill, intangible assets, property, plant and equipment In EUR k As at Dec 31, 2017 2016 Germany 121,602 131,975 Sweden 67,518 67,432 Italy 60,852 61,438 Poland 41,635 40,319 Rest of Europe 3,705 3,321 Subtotal Europe 295,312 304,485 United States 58,809 85,123 South Korea 91,641 71,590 South Africa 26,688 27,684 Brazil 11,391 16,839 China 8,949 8,468 Other 23 34 Total 492,813 514,223 |
Notes to income statement
Notes to income statement | 12 Months Ended |
Dec. 31, 2017 | |
Analysis of income and expense [abstract] | |
Notes to income statement | Notes to income statement Revenue Revenue is generated almost entirely from the sales of goods. Other operating income In EUR k 2017 2016 2015 Income from the currency translation of monetary items 65 — 10 Income from the valuation of derivatives — 19 2,202 Income from the reversal of provisions 1,319 1,196 478 Miscellaneous income 2,931 4,647 4,766 Total 4,315 5,862 7,456 Miscellaneous income for the period ended December 31, 2017 includes EUR 1,275k reimbursement of property tax paid. Miscellaneous income for the period ended December 31, 2016 includes, in particular, proceeds from OECQ-related receivables, which were impaired in 2015 post acquisition, releases of allowances and reimbursements from insurance claims in connection with the Orange (Texas) flooding. Other operating expenses In EUR k 2017 2016 2015 Consulting fees related to Group strategy 2,485 2,563 1,502 Expenses from the currency translation of monetary items 15 807 1,742 Expenses from the valuation of derivatives — 33 3,079 Impairment loss on trade receivables — 6 1,616 Loss on Disposal of Assets 219 1,013 — Miscellaneous expenses 8,082 9,395 13,822 Total 10,801 13,817 21,761 Expenses from the currency translation relate to trade receivables and payables only. Expenses from currency translation on financing items is shown in finance result and are explained in note (6.5) Finance income and costs . For the year ended December 31, 2017 , miscellaneous expenses include costs associated with our EPA enforcement action of EUR 2.1 million , costs to remediate damages incurred by hurricane Harvey of EUR 1.4 million as well as costs associated with our secondary filing of shares. For the year ended December 31, 2016 , miscellaneous expenses mainly include EUR 4.1 million costs associated to the EPA enforcement action. For the year ended December 31, 2015 , miscellaneous expenses mainly include EUR 5.0 million costs related to addressing the EPA enforcement action, EUR 1.8 million Sarbanes-Oxley first time implementation costs, and EUR 1.5 million reassessed real estate transfer tax related to the 2011 acquisition. Restructuring expenses As part of a strategic repositioning of the global Rubber footprint in 2016 a shift of production and capacities from lower margin standard grades towards higher specialized technical rubber products providing higher margins commenced. This strategic realignment of the Rubber segment is an essential transition which requires complementary actions. As a first step the Company's German operating subsidiary terminated with effect as of December 31, 2016, the Contract Manufacturing Agreement then in place between the Company's German operating subsidiary and the Company's French subsidiary, Orion Engineered Carbons SAS ("OEC SAS"), which has a plant in Ambès with a maximum capacity of mostly standard rubber grades of 50 kmt per year. Consequently, the management of OEC SAS concluded consultations with the local Works Council at this facility to implement a restructuring and down staffing with a cessation of production at the site by the end of 2016. Expenses relating to this restructuring activity of €27.9 million were recognized in 2016, of which cash relevant costs amounted to €15.8 million and non-cash items totaled €12.1 million . Cash relevant costs primarily composed of personnel related expenses of €6.1 million , €4.6 million demolition and removal related costs and €3.6 million ground remediation costs. The non-cash items mainly composed of impairments of fixed assets of €10.3 million . Impairment charges related to the property, plant and equipment of OEC SAS were calculated based on an estimated recoverable amount of zero and are fully charged to the Rubber Carbon Black segment. The recoverable amount was determined based on the expectation that any potential sale would result in minimal proceeds. In 2017 further actions were taken with respect to the repositioning of the global Rubber footprint. In particular the consolidation of the two Korean plants and the overall transfer of production to the Yeosu facility commenced and evaluated certain initiatives in the USA. Finance income and costs In EUR k 2017 2016 2015 Income from exchange differences 39,274 24,476 15,330 Other interest income 745 669 1,945 Income from commodity hedging activities 405 — — Finance income 40,424 25,145 17,275 Interest expenses from loans (20,292 ) (29,757 ) (36,370 ) Amortisation of transaction costs (4,123 ) (3,810 ) (4,804 ) Expenses from exchange differences (44,692 ) (22,691 ) (27,073 ) Other interest expenses (3,433 ) (2,846 ) (3,335 ) Net interest cost from pensions (1,525 ) (1,541 ) (1,485 ) Interest expenses from the unwinding of discounts on other provisions (213 ) (127 ) (88 ) Expenses from commodity hedging activities (410 ) — — Other finance expenses (2,438 ) (1,718 ) (293 ) Finance costs (77,126 ) (62,490 ) (73,448 ) Financial result without share of profit or loss from joint ventures (36,702 ) (37,345 ) (56,173 ) Expenses for loans include: In EUR k 2017 2016 2015 Interest on term loans (20,292 ) (29,757 ) (36,370 ) Commitment fee for the revolving facility (1,433 ) (1,265 ) (1,488 ) Total expenses from loans (21,725 ) (31,022 ) (37,858 ) Income taxes Income tax expense is as follows: In EUR k 2017 2016 2015 Current income taxes (24,167 ) (18,678 ) (21,440 ) (thereof income taxes attributable to the prior year) 1,769 155 6,751 Deferred taxes 3,430 (4,562 ) (2,398 ) (thereof on temporary differences) 1,356 (4,241 ) 6,739 Total net tax expenses from continuing activities (20,737 ) (23,240 ) (23,838 ) Tax expense recognized directly in equity (6,886 ) 6,551 4,696 A corporate income tax rate of 15% was used to calculate the current and deferred taxes for the German entities. A solidarity surcharge of 0.825% (calculated as 5.5% on the corporate income tax rate) and a trade tax rate of 16.18% , for the years ended December 31, 2017 , 2016 and 2015 respectively were also taken into account in the calculation. As a result, the overall tax rate for the German entities was 32.00% , for the years ended December 31, 2017 , 2016 and 2015 respectively. The current and deferred taxes for the non-German entities were calculated using their respective country-specific tax rates. The following tax reconciliation shows the difference between the expected income taxes using the German overall tax rate of 32.00% and the effective income taxes in the income statement, for the years ended December 31, 2017 , 2016 and 2015 , respectively. In EUR k 2017 2016 2015 Profit or (loss) before income taxes 87,560 67,866 66,712 Expected income tax expense/(benefit) thereon 28,019 21,717 21,348 Tax rate differential (1,985 ) (4,698 ) (4,189 ) Change in valuation allowance on deferred tax assets and for movement in tax loss carryforwards without recognition of deferred taxes (3,265 ) 1,572 8,783 Change in the tax rate and tax laws (8,447 ) (67 ) 26 Income taxes for prior years 496 29 450 Tax on non-deductible interest expenses 1,347 1,545 2,054 Taxes on other non-deductible expenses, and non-deductible taxes 5,489 4,647 6,254 Effects of changes in permanent differences (778 ) 136 34 Tax effect on tax-free income (914 ) (1,141 ) (2,557 ) Tax effect on profit or loss from investments accounted for using the equity method — — (159 ) Other tax effects 775 (500 ) (8,206 ) Effective income taxes as reported in the income statement expense 20,737 23,240 23,838 Effective tax rate in % 23.68 % 34.24 % 35.73 % Change in the tax rate and tax laws in an amount of EUR 7,354k are related to the effect of the U.S. tax reform reducing the corporate income tax rate from 35% to 21% in the USA. In addition EUR 420k were recorded directly through other comprehensive income applying the backward tracing provisions of IAS 12. As a result the net deferred tax liabilities for the US entities are now based on the new tax rate of 21%. Other tax effects for the year ended December 31, 2015 include a benefit of EUR ( 4,665k ) for reversal of accrued interest and currency effects related to an internal debt/equity swap in Brazil that took place in July 2015, but with an effective date for IFRS as of Jan 1, 2015. Also included is an additional benefit of EUR ( 5,890k ) related to the restructuring of Orion Engineered Carbons Ltda., Brazil and subsequent Check-the-Box election to be treated as a disregarded entity for U.S. tax purposes. Additional income statement information Personnel expenses were recognized as follows: In EUR k 2017 2016 2015 Wages and salaries 113,500 111,415 107,222 Social security costs 11,333 11,522 11,091 Pension expenses 5,664 4,658 5,598 Other personnel expenses 20,847 16,161 12,422 Total 151,344 143,756 136,333 Share-based payments On July 31, 2015 the Company initiated the first LTIP providing for the grant of PSUs to employees and officers selected by the Compensation Committee of the Board of Directors (the “Compensation Committee”). PSU awards will be earned based on achievement against one or more performance metrics established by the Compensation Committee in respect of a specified performance period. Earned PSUs will range from zero to a specified maximum percentage of a participant’s target award based on the performance of applicable performance metrics, and will also be subject to vesting terms based on continued employment. The first performance period will run from January 1, 2015 through December 31, 2017, with PSUs earned to be based on achievement of EBITDA metrics established by the Compensation Committee and total shareholder return relative to a peer group. Once earned and vested, PSUs will be settled in one share of Company common stock per vested PSU (or, at the Company’s election, cash equal to the fair market value thereof). The first vesting period will run through March 31, 2018 (the “2015 Plan”). All PSUs are granted under, and are subject to the terms and conditions of, the Company’s 2014 Omnibus Incentive Compensation Plan, and do not increase the number of shares previously reserved for issuance under that plan. On August 2, 2016 the Compensation Committee established a consecutive LTIP (the"2016 Plan") having consistent terms as compared to the 2015 Plan. On July 31, 2017 the Compensation Committee established a consecutive LTIP (the "2017 Plan") having consistent terms as compared to the 2015 and 2016 Plan. The following table provides detail as to expenses recorded within the profit and loss with respect to the LTIP. EUR k 2017 2016 2015 Expense arising from equity-settled share based payment transactions (2015 Plan) 2,439 2,120 907 Expense arising from equity-settled share based payment transactions (2016 Plan) 3,592 1,455 — Expense arising from equity-settled share based payment transactions (2017 Plan) 1,739 — — Total expenses 7,770 3,575 907 The following table illustrates the number of, and movements in, PSUs during the year. Number of PSUs 2017 2016 2015 Total Total Total Outstanding at January 1, 1,145,238 463,830 — Granted during the period 474,660 690,279 491,835 Forfeited during the period (9,004 ) (8,871 ) (28,005 ) Settled during the period — — — Outstanding at December 31, 1,610,894 1,145,238 463,830 The following table lists the inputs to the model used for calculating the grant date fair value under the 2015 and 2016 Plan: 2015 Plan 2016 Plan 2017 Plan Dividend Yield (%) 2.14% 2.23% 1.88% Expected Volatility OEC (%) 25.16% 32.07% 33.77% Expected Volatility Peer Group (%) 13.90% 18.12% 17.30% Correlation 0.5234 0.4952 0.4574 Risk-free interest rate (%) 0.90% 0.76% 1.45% Model used Monte Carlo Monte Carlo Monte Carlo Weighted average fair value of PSUs granted in EUR 15.88 15.38 21.67 Earnings per share Basic EPS is calculated by dividing the profit for the year attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the year. Diluted EPS is calculated by dividing the profit for the year attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares arising from exercising all dilutive ordinary shares. The following table reflects the income and share data used in the basic and diluted EPS computations: 2017 2016 2015 Profit or (loss) for the period- attributable to ordinary equity holders of the parent (in EUR k) 66,823 44,626 42,874 Weighted average number of ordinary shares (in thousands of shares) 59,320 59,353 59,635 Basic EPS (in EUR per share) 1.13 0.75 0.72 dilutive effect of share based payments (in thousands of shares) 1,354 801 195 Weighted average number of diluted ordinary shares (in thousands of shares) 60,674 60,154 59,830 Diluted EPS (in EUR per share) 1.10 0.74 0.72 The weighted average number of shares for 2017 and 2015 were constant over the year. For 2016 the weighted average number of shares was determined by the weighted average number of shares taking into account the weighted average effect of the repurchase of treasury shares. The dilutive effect of the share-based payment transaction is the weighted number of shares considering the grant date and forfeitures during the respective fiscal years. |
Notes to the statement of finan
Notes to the statement of financial position | 12 Months Ended |
Dec. 31, 2017 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Notes to the statement of financial position | Notes to the statement of financial position Goodwill and other intangible assets Intangible assets developed as follows: In EUR k Cost Goodwill Developed Technology and Patents Customer Relationships Trademarks Other intangible assets Total As at January 1, 2016 48,512 55,900 64,571 17,200 40,387 226,570 Currency translation — — 233 — 1,037 1,270 Additions — — — — 2,672 2,672 Acquisition of a subsidiary — — — — — — Disposals — — — — (11 ) (11 ) As at December 31, 2016 48,512 55,900 64,804 17,200 44,085 230,501 As at January 1, 2017 48,512 55,900 64,804 17,200 44,085 230,501 Currency translation — — (432 ) — (3,909 ) (4,341 ) Additions — 390 — — 632 1,022 Disposals — — — — (66 ) (66 ) As at December 31, 2017 48,512 56,290 64,372 17,200 40,742 227,116 In EUR k Amortization Goodwill Developed Technology and Patents Customer Relationships Trademarks Other intangible assets Total As at January 1, 2016 — 16,461 34,757 5,066 26,971 83,255 Currency translation — — 31 — 915 946 Amortization Expense — 3,727 7,266 1,147 7,681 19,821 Impairment Segment Restructruing — — — — (6 ) (6 ) Disposals — — — — (11 ) (11 ) As at December 31, 2016 — 20,188 42,054 6,213 35,550 104,005 As at January 1, 2017 — 20,188 42,054 6,213 35,550 104,005 Currency translation — — (25 ) — (3,194 ) (3,219 ) Amortization Expense — 3,727 6,984 1,147 7,057 18,915 Disposals — — — — (66 ) (66 ) As at December 31, 2017 — 23,915 49,013 7,360 39,347 119,635 In EUR k Net carrying value Goodwill Developed Technology and Patents Customer Relationships Trademarks Other intangible assets Total As at December 31, 2016 48,512 35,712 22,750 10,987 8,535 126,496 As at December 31, 2017 48,512 32,375 15,359 9,840 1,395 107,481 Impairment testing of goodwill and intangible assets with indefinite lives Goodwill acquired through business combinations has been allocated to the two groups of CGUs below for all periods presented, which are also operating and reportable segments for impairment testing: • Rubber • Specialties Carrying amount of goodwill allocated to each of the groups of CGUs • Rubber EUR 27,547k as at December 31, 2017 and 2016 • Specialties EUR 20,965k as at December 31, 2017 and 2016 The Group performs its annual impairment test in the fourth quarter based on September 30 actual results. A comparison of each group of cash-generating units’ carrying amount with their recoverable amount did not result in impairment. • Rubber The recoverable amount of the Rubber group of CGUs has been determined based on a value in use calculation using cash flow projections from financial budgets approved by senior management covering a five -year period. The post-tax discount rate applied to post-tax cash flow projections is 8.29% ( 2016 : 8.4% ) and cash flows beyond the five -year period are extrapolated using a 1.1% growth rate ( 2016 : 1.15% ). As a result of this analysis, there was no impairment charged against goodwill in 2017 , 2016 or 2015 . • Specialties The recoverable amount of the Specialties group of CGUs has been determined based on a value in use calculation using cash flow projections from financial budgets approved by senior management covering a five -year period. The post-tax discount rate applied to the post-tax cash flow projections is 10.17% ( 2016 : 8.47% ). The growth rate used to extrapolate the cash flows of the unit beyond the five -year period is 1.1% ( 2016 : 1.15% ). As a result of this analysis, there was no impairment charged against goodwill in 2017 , 2016 or 2015 . Key assumptions used in value in use calculations The calculation of value in use for both Rubber and Specialties is most sensitive to the following assumptions: • EBITDA • Discount rates EBITDA – the EBITDA applied are based on the projections from financial budgets approved by senior management covering a five -year period. Discount rates - Discount rates represent the current market assessment of the risks specific to each group of CGUs, taking into consideration the time value of money and individual risks of the underlying assets that have not been incorporated in the cash flow estimates. The discount rate calculation is based on the specific circumstances of the Group and its operating segments and is derived from its weighted average cost of capital (WACC). The WACC takes into account both debt and equity and other factors derived from a peer group. The beta factors are evaluated annually based on publicly available market data. Sensitivity to changes in assumptions With regard to the assessment of the value in use of the groups of CGUs to which goodwill is allocated, management believes that no reasonably possible change in any of the key assumptions would cause the carrying value of the groups of CGUs to materially exceed their recoverable amounts. Technology and patents (including capitalized development costs), customer relationships, trademarks and other intangible assets mainly include assets with a remaining useful lifetime of 2.5 years (customer relationships with historical cost totaling EUR 64,372k ) and 9.5 years (know-how, production technologies and patents with historical cost totaling EUR 56,290k and trademarks with historical cost totaling EUR 17,200k ). Property, plant and equipment Property, plant and equipment developed as follows: In EUR k Cost Land Land rights and buildings Plant and machinery Other equipment, furniture and fixtures Prepayments and constructions in progress Total As at January 1, 2016 42,076 80,850 429,726 18,581 32,942 604,175 Currency translation 802 4,225 14,094 364 1,023 20,508 Additions 220 978 33,015 2,440 21,112 57,765 Disposals — (281 ) (2,410 ) (224 ) (550 ) (3,465 ) Reclassifications 270 (586 ) 22,116 699 (22,499 ) — As at December 31, 2016 43,368 85,186 496,541 21,860 32,028 678,983 As at January 1, 2017 43,368 85,186 496,541 21,860 32,028 678,983 Currency translation (1,313 ) (4,594 ) (27,248 ) (564 ) (1,293 ) (35,012 ) Additions 6 2,167 57,190 1,665 26,037 87,065 Disposals (104 ) (721 ) (8,567 ) (2,006 ) (179 ) (11,577 ) Reclassifications 149 615 15,775 1,271 (17,810 ) — As at December 31, 2017 42,106 82,653 533,691 22,226 38,783 719,459 In EUR k Depreciation Land Land rights and buildings Plant and machinery Other equipment, furniture and fixtures Prepayments and constructions in progress Total As at January 1, 2016 — 22,026 184,408 11,885 — 218,319 Currency translation — 1,312 5,415 217 — 6,944 Depreciation expense — 4,622 51,346 2,496 — 58,464 Impairment Segment Restructuring 446 1,107 8,546 171 20 10,290 Disposals — (310 ) (2,225 ) (226 ) — (2,761 ) As at December 31, 2016 446 28,757 247,490 14,543 20 291,256 As at January 1, 2017 446 28,757 247,490 14,543 20 291,256 Currency translation — (1,242 ) (12,621 ) (368 ) — (14,231 ) Depreciation expense — 5,776 59,122 2,969 — 67,867 Reversal of Impairment Segment Restructuring — — (972 ) — — (972 ) Disposals — (353 ) (7,444 ) (1,996 ) — (9,793 ) Reclassifications — (3 ) 20 (17 ) — — As at December 31, 2017 446 32,935 285,595 15,131 20 334,127 In EUR k Carrying amount Land Land rights and buildings Plant and machinery Other equipment, furniture and fixtures Prepayments and constructions in progress Total As at December 31, 2016 42,922 56,429 249,051 7,317 32,008 387,727 As at December 31, 2017 41,660 49,718 248,096 7,095 38,763 385,332 The expected remaining depreciation per useful life range of the existing assets as at December 31, 2017 is as follows: In EUR k Depreciation per useful life range 0-5 years 6-10 years 11-20 years 21 years and beyond Total Land rights and buildings 20,307 12,930 10,906 5,575 49,718 Plant and machinery 169,884 62,859 15,353 — 248,096 Other equipment, furniture and fixtures 6,058 951 86 — 7,095 Trade receivables, other financial assets In EUR k As at Dec 31, 2017 2016 Total Thereof current Thereof non‑current Total Thereof current Thereof non‑current Trade receivables 195,341 195,341 — 190,503 190,503 — Receivables from hedges/ derivatives 2,964 757 2,207 2,826 1,599 1,227 Loans 574 — 574 1,357 593 764 Miscellaneous financial assets 2,678 2,487 191 3,259 3,072 187 Other financial assets 6,216 3,244 2,972 7,442 5,264 2,178 Total 201,557 198,585 2,972 197,945 195,767 2,178 Cash and cash equivalents which are also financial assets are presented under note (7.6) Cash and cash equivalents . (a) Trade receivables The aging of trade receivables is as follows: In EUR k As at Dec 31, 2017 2016 Impaired receivables, net 4,353 2,497 Gross amount (before impairment losses and allowances) 8,706 9,773 Impairment provision (including allowances) 4,353 7,276 Unimpaired receivables 190,988 188,006 Not due 179,048 173,722 Past due by Up to 3 months 11,476 13,888 3 to 6 months 394 150 6 to 9 months 37 70 9 to 12 months 4 53 More than 1 year 29 123 Total 195,341 190,503 See below for the movements in the provision for impairment of receivables: In EUR k 2017 2016 As at January 1, 7,276 5,814 Addition 3,780 4,585 Utilization (680 ) (28 ) Unused amounts reversed (5,736 ) (3,099 ) Currency translation (287 ) 4 As at December 31, 4,353 7,276 (b) Receivables from derivatives/hedges On August 28, 2014, September 2, 2014 and November 10, 2017 the Group acquired interest rate caps to hedge interest rate risk on current term loan financing (for more details, see note (9.3) Financial risk management ). These interest rate caps were measured at fair value as at December 31, 2017 of EUR 2,207k (prior year: EUR 1,022k ). In 2017 the Group has entered into commodity derivative agreements to hedge the impact of raw material price fluctuations on cost of sales for specific sales. As of December 31, 2017 commodity derivatives accounted for receivables from derivatives of EUR 198k (prior year: EUR 1,328k ). EUR 559k of receivables from derivatives relates to the fair value of current foreign currency derivatives (prior year: EUR 271k ) and fair value of combined interest rate and foreign currency derivatives. The amounts of EUR 559k and EUR 198k reflect the current portion, EUR 2,207k are non-current. (c) Loans The loans are neither due nor impaired. Inventories In EUR k As at Dec 31, 2017 2016 Raw materials, consumables and supplies 53,487 54,694 Work in process 9 34 Finished goods and merchandise 79,360 59,623 Total 132,856 114,351 In the periods ending December 31, 2017 , 2016 and 2015 EUR 2,446k , EUR 5,865k and EUR 3,021k , respectively, were recognized as an expense for damaged, obsolete and lost inventories. In fiscal years 2017 and 2016 , impairment losses were recognized on raw materials, consumables and supplies, merchandise and on finished goods. Impairment allowance on inventories as of December 31, 2017 and December 31, 2016 amounted to EUR 1,432k and EUR 4,208k , respectively, and developed as following: In EUR k 2017 2016 As at January 1, 2017 4,208 3,399 Addition 1,432 4,175 Utilization (3,528 ) (3,283 ) Release (680 ) (83 ) As at December 31, 2017 1,432 4,208 Other assets In EUR k In EUR k As at Dec 31, As at Dec 31, 2017 2016 Total Thereof current There of non‑current Total Thereof current There of non‑current Miscellaneous other receivables 28,248 28,044 204 21,876 20,921 955 Prepaid expenses 4,206 1,172 3,034 2,967 1,064 1,903 Total 32,454 29,216 3,238 24,843 21,985 2,858 Miscellaneous other receivables in the financial year are mainly related to VAT (EUR 14,767k and EUR 8,338k as at December 31, 2017 and 2016 , respectively), advance payments (EUR 4,550k and EUR 6,992k as at December 31, 2017 and 2016 , respectively) and guarantee deposits (EUR 1,385k and EUR 1,658k as at December 31, 2017 and 2016 , respectively). Prepaid expenses mainly include other unamortized transaction costs of EUR 2,751k and EUR 1,422k as at December 31, 2017 and 2016 , respectively (of which EUR 2,200k and EUR 871k , respectively, is non-current) incurred in connection with the revolving credit facility that has not been utilized by the respective reporting dates (see note (7.10) (b) Revolving credit facility for further information on transaction costs in connection with the refinancing on July 25, 2014). Cash and cash equivalents The cash and cash equivalents as of December 31, 2017 and 2016 of EUR 60,272k and EUR 73,907k , respectively, include bank balances and cash on hand of EUR 59,648k and EUR 73,895k and checks of EUR 624k and EUR 12k . Equity (a) Subscribed capital The Company’s fully paid-in subscribed capital as at December 31, 2017 amounted to EUR 59,635k , represented by 59,320,214 shares held in total by public shareholders, except for 314,912 shares held in treasury by Orion Engineered Carbons S.A. Since July 28, 2014, the Company’s authorized unissued share capital is EUR 29,818k consisting of 29,817,500 common shares with no par value. During a period of five years the Board of Directors is authorized to issue common shares, to grant options to subscribe for common shares (see also (6.8) Share-based payments ) and to issue any other instruments convertible into common shares within the limit of authorized capital. (b) Treasury Shares On January 15, 2016, the Company adopted a share repurchase plan. The board of directors of the Company authorized the repurchase of up to US-Dollar 20 million worth of shares of Orion's issued and outstanding common shares. The following table sets forth the numbers and average prices of the shares repurchased during the year ended December 31, 2016: Period Total Number of Shares Purchased Average Price Paid per Share in US-Dollar Maximum approximate Dollar Value of shares that may yet be purchased under the Program as of December 31, 2016 January 1, 2016 – January 31, 2016 104,438 $11.1647 $18,833,978 February 1, 2016 – February 29, 2016 199,874 $12.3170 $16,372,123 March 1, 2016 – March 31, 2016 10,600 $12.9293 $16,235,072 April 1, 2016 – December, 2016 — $0.0000 $16,235,072 Total 314,912 $11.9555 $16,235,072 The Euro-equivalent of shares repurchased during the year 2016 is EUR 3,415k . The average share price paid per share in Euro was EUR 10.8441 , applying the daily US-Dollar exchange rates as published by the European Central Bank. The term of the repurchase plan has expired. (c) Reserves The capital reserves include the effects from the contribution in kind of EUR 196,357k in conjunction with the IPO. Furthermore, the equity–settled share–based payments at a total accumulated amount of EUR 12,252k , EUR 4,482k and EUR 907k are recognised in the capital reserve as of December 31, 2017, 2016 and 2015. Refer to note (6.8) Share based payments for further details of the plan. In the year ended December 31, 2015, the Group paid interim cash dividends of EUR 0.67 per common share, equivalent to a total distribution of EUR 40m in quarterly installments of EUR 10m each, subsequently ratified in the annual general meeting in 2016. In the year ended December 31, 2016, the Group paid interim cash dividends of EUR 0.67 per common share, equivalent to a total distribution of EUR 40m in quarterly installments of EUR 10m each, subsequently ratified in the annual general meeting in 2017. In the year ended December 31, 2017, the Group paid interim cash dividends of EUR 0.67 per common share, equivalent to a total distribution of EUR 40m in quarterly installments of EUR 10m each. The accumulated other reserves include gains and losses that are recognized directly in equity rather than in profit or loss. The reserve for hedges of a net investment in foreign operation includes net gains and losses from the change in the fair value of the effective portion of the hedge in investment in foreign operation. Refer to note (9.3) Financial risk management. The foreign currency translation reserve includes accumulated translation differences from consolidation of financial statements of our subsidiaries that have a foreign functional currency. Pension provisions and post-retirement benefits Provisions for pensions are established to cover benefit plans for retirement, disability and surviving dependents’ pensions. The benefit obligations vary depending on the legal, tax and economic circumstances in the various countries in which the Group companies operate. Generally, the level of benefit depends on the length of service and the remuneration. In 2017 , Germany accounted for approximately 89% ( 89% in 2016 ) of provisions for defined benefit pension obligations. There are also defined contribution pension plans in Germany and the United States for which our Group companies make regular contributions to off-balance sheet pension funds managed by third party insurance companies. In South Korea, the company’s pension plan provides, at the option of employees for either defined benefit or defined contribution benefits. Plan assets relating to this plan reduce pension provision disclosed. In 2017 and 2016 , pension provisions developed as follows: In EUR k 2017 2016 At the beginning of the period 54,736 44,994 Actuarial (gain)/ loss (593 ) 10,574 Net pension expense 2,178 243 Net (contribution)/return into/from plan assets 450 (880 ) Net benefits paid (2,137 ) (827 ) Exchange difference (110 ) 632 Pension provisions at the end of the period 54,524 54,736 The weighted averages in the table below were used in the actuarial valuation of the assumptions underlying the obligations: Assumptions As at Dec 31, 2017 2016 Discount rate 1.90% 1.90% Mortality Heubeck Richttafeln 2005G Heubeck Richttafeln 2005G Future pension increase 1.5% 1.5% A quantitative sensitivity analysis for the significant assumptions as at December 31, 2017 is shown below: In EUR k As at Dec 31, 2017 Discount Rate Pension Trend Mortality Sensitivity level 1.40% 2.40% 1.00% 2.00% + 2 Years Impact on defined benefit obligation (5,515) 4,751 7,179 (7,931) (3,444) A quantitative sensitivity analysis for the significant assumptions as at December 31, 2016 is shown below: In EUR k As at Dec 31, 2016 Discount Rate Pension Trend Mortality Sensitivity level 1.40% 2.40% 1.00% 2.00% + 2 Years Impact on defined benefit obligation (5,708) 4,896 6,954 (7,715) (3,435) The present value of the defined benefit obligation developed as follows: In EUR k 2017 2016 Present value of defined benefit obligation at the beginning of the period 61,379 50,589 Actuarial (gain)/ loss (661 ) 10,544 Current service cost 684 712 Interest cost 1,525 1,541 Benefits paid (2,137 ) (827 ) Other adjustments 128 (1,874 ) Currency translation (162 ) 694 Present value of defined benefit obligation at the end of the period 60,756 61,379 Based on the weighted Macaulay method the defined benefit obligation has maturity respectively duration of 21.2 (prior year: 21.9 years). The fair value of plan assets developed as follows: In EUR k 2017 2016 Fair value of plan assets at the beginning of the period 6,643 5,595 Expected return on plan assets 159 136 Employer contributions 888 1,006 Employee contributions — 50 Actuarial gain/(loss) (68 ) (30 ) Benefits paid (1,338 ) (176 ) Currency translation (52 ) 62 Fair value of plan assets 6,232 6,643 The plan assets are held by Orion Engineered Carbons Co. Ltd. Korea, Bupyeong-gu, South Korea, and relate to qualifying insurance policies. These insurance policies do not have a quoted market price. The actual return on plan assets amounted to EUR 91k and EUR 106k for the years ended December 31, 2017 and 2016 , respectively. Financing as at December 31, 2017 and 2016 was as follows: In EUR k As at Dec 31, 2017 2016 Defined benefit obligation 60,756 61,379 Fair value of plan assets (6,232 ) (6,643 ) Pension provision 54,524 54,736 The total pension expense for continuing operations breaks down as follows: In EUR k 2017 2016 2015 Current service cost 684 712 762 Interest expense 1,525 1,541 1,485 Return on plan assets (159 ) (136 ) (160 ) Past service cost/(income) and other adjustments 128 (1,874 ) (1,247 ) Net pension expense/(income) 2,178 243 840 Effective at the end of 2013, all defined benefit plans in Germany were modified to close access to new participants and freeze benefits accrued under these plans at December 31, 2013 levels. Interest expense on the frozen obligation relating to these plans will continue to accrue. Due to minor contractual amendments (either individually or collectively) OEC benefited in terms of past service costs. In addition one program during the year ended December 31, 2016 ceased due to the closure of our Ambès (France) plant. The interest cost and return on plan assets is shown in the finance result, see note (6.5) Finance income and costs . The other amounts are recorded as personnel expenses (pension expenses) in the functional areas. The expected pension contributions for 2018 amount to EUR 1,667k . The weighted average term of the pension obligation is 21.2 years (prior year: 21.9 years). The Group paid EUR 11,333k , EUR 11,522k and 11,091k for the years ended December 31, 2017 , 2016 and 2015 for state defined contribution pension schemes (statutory pension insurance) in Germany and other countries. This amount is also recognized as personnel expenses (social security costs). Other provisions In EUR k In EUR k As at Dec 31, 2017 2016 Total Thereof current Thereof non-current Total Thereof current Thereof non-current Personnel provisions 31,804 23,805 7,999 34,195 24,628 9,567 Provisions for sales and procurement 2,822 2,822 — 2,749 2,749 — Provisions for environmental protection measures 1,640 431 1,209 1,686 507 1,179 Provisions for restoration 1,918 — 1,918 3,001 — 3,001 Restructuring provision related to Rubber footprint 7,268 7,268 — 15,819 15,819 — Other provisions 15,262 15,262 — 16,353 16,353 — Total 60,714 49,588 11,126 73,803 60,056 13,747 Personnel provisions are recognized for a number of different contingencies. These include management bonuses and variable compensation, statutory phased retirement arrangements and other company early retirement agreements, accrued vacation and other outstanding overtime obligations. The majority of the provisions will be utilized within five years. Provisions for sales and procurement mainly relate to guarantee obligations, outstanding sales commissions, price reductions such as discounts and bonuses, purchased goods and services not yet invoiced. All the provisions will be utilized within the subsequent year. Provisions for restoration and environmental protection measures are mandatory due to agreements, laws and requirements imposed by authorities. They include soil treatment, water protection, landfill restoration and soil decontamination obligations. The majority of these provisions will be utilized on a long-term basis after more than five years. Provisions related to Rubber footprint restructuring include severances, demolition, site remediation and securing expenses, as further described in notes (6.4) Restructuring expenses . The provision for other obligations relates to product liability and patent, tax, anti-trust, legal and advisory services and similar accrued obligations. The Company does not anticipate any reimbursements related to the provisions recorded. Other provisions as at December 31, 2017 and 2016 developed as follows: In EUR k Personnel provisions Provisions for sales and procure-ment Provisions for environ- mental protection measures Provisions for restoration Restructuring provision related to Rubber footprint Other provisions Total As at Dec 31, 2016 34,195 2,749 1,686 3,001 15,819 16,353 73,803 Currency translation (1,078 ) (125 ) 5 (393 ) — (743 ) (2,334 ) Additions 21,250 2,799 122 — 2,000 7,615 33,786 Utilization (22,405 ) (2,597 ) (255 ) (730 ) (10,551 ) (6,897 ) (43,435 ) Reversals (248 ) (4 ) (1 ) — — (1,066 ) (1,319 ) Unwinding of the discount/change in interest rate 90 — 83 40 — — 213 As at Dec 31, 2017 31,804 2,822 1,640 1,918 7,268 15,262 60,714 In EUR k Personnel provisions Provisions for sales and procure-ment Provisions for environ-mental protection measures Provisions for restoration Restructuring provision related to Rubber footprint Other provisions Total As at Dec 31, 2015 35,579 2,670 1,691 3,070 — 10,503 53,513 Currency translation 245 94 (3 ) 101 — 883 1,320 Additions 21,695 2,803 98 159 15,960 12,476 53,191 Utilization (23,329 ) (2,761 ) (100 ) (329 ) (141 ) (6,988 ) (33,648 ) Reversals (133 ) (57 ) — — — (521 ) (711 ) Unwinding of the discount/change in interest rate 138 — — — — — 138 As at Dec 31, 2016 34,195 2,749 1,686 3,001 15,819 16,353 73,803 Trade payables, other financial liabilities In EUR k As at Dec 31, 2017 2016 Total Thereof current Thereof non-current Total Thereof current Thereof non-current Term Loan 558,569 5,007 553,562 618,059 4,526 613,533 Local bank loans 10,433 15 10,418 — — — Liabilities from derivatives 4,330 774 3,556 863 863 — Other financial liabilities 97 52 45 202 76 126 Total financial liabilities 573,429 5,848 567,581 619,124 5,465 613,659 Trade payables 141,436 141,436 — 122,913 122,913 — Total 714,865 147,284 567,581 742,037 128,378 613,659 (a) Term Loans On July 25, 2014, Orion entered into a refinancing of its indebtedness. Orion entered into its current EUR-equivalent 665m credit facility term loan (term loan liability denominated in USD: 358m , term loan liability denominated in EUR: 399m ) with an original maturity date of July 25, 2021 (the “Term Loans”). Interest is calculated based on 3-M-EURIBOR (for EUR denominated loan), or 3-M-USD-LIBOR (for USD denominated loan) plus a 3.75% - 4.00% margin (depending on leverage ratio). For both EURIBOR and USD-LIBOR a floor of 1.0% applied. At least 1% of the principal amount is required to be repaid per annum; Orion may make additional voluntary repayments. On December 30, 2015, a voluntary repayment of EUR 25.0 million and USD 27.0 million was made. Further debt repayments of EUR 20.0 million and USD 22.0 million were made on January 29, 2016 and July 15, 2016 as well as EUR 11.0 million and USD 9.0 million were made on January 23, 2017. On September 30, 2016 the Company signed an amendment to the credit agreement, dated as of July 25, to reprice its EUR- and USD- denominated outstanding term loans. The repricing resulted in a 100 basis point reduction to interest, from the previous annual interest rate of 4.75% ( 3.75% margin plus floor of 1.00% ) to an annual interest rate of 3.75% ( 3.00% margin plus floor of 0.75% ), and it reduced Orion’s annual cost of debt by approximately € 6.2 million . Other provisions of this credit agreement remained unchanged. On May 5, 2017, the Company signed another amendment to the credit agreement, dated as of July 25, 2014 to reprice its EUR- and USD- denominated outstanding term loans. The repricing resulted in a 100 basis point reduction to interest for the EUR denominated loan, from the previous annual interest rate of currently 3.75% ( 3.00% margin plus 3-M-EURIBOR (minimum floor of 0.75% ) to an annual interest rate of currently 2.75% ( 2.75% margin plus 3-M-EURIBOR (minimum floor of 0.00% )), and in a 50 basis points reduction to interest for the USD denominated loan, from the previous annual interest rate of 3.00% margin plus 3-M-USD-LIBOR (minimum floor of 0.75% )) to an annual interest rate of 2.50% margin plus 3-M-USD-LIBOR (minimum floor of 0.00% ). It reduced Orion’s annual cost of debt by approximately EUR 4.7 million . Other provisions of this credit agreement remained unchanged. On November 7, 2017, the company signed an additional amendment to the credit agreement, dated as of July 25, 2014 to reprice its EUR denominated outstanding term loan, and to extend the term of the Term Loans. The repricing resulted in a 25 basis points reduction to interest for the EUR denominated loan, from the previous annual interest rate of currently 2.75% margin plus 3-M-EURIBOR (minimum floor of 0.00% ) to an annual interest rate of currently 2.50% margin plus 3-M-EURIBOR (minimum floor of 0.00% ). It reduced Orion’s annual cost of debt by approximately EUR 0.8 million . The term extension resulted in a new maturity date of July 25, 2024 (previously July 25, 2021). Other provisions of this credit agreement remained unchanged. Transaction costs incurred directly in connection with the incurrence of the Euro and U.S. Dollar denominated term loans, thereby reducing their carrying amount, are amortized as finance costs over the term of the loans. The transaction costs incurred upon issuance of the Term Loans in 2014 amount to EUR 19,277k . In connection with the repricing described above further transaction costs of EUR 2,916k in 2017 and EUR 1,878k in 2016 were incurred and capitalized. In 2017 , an amount of EUR 3,110k related to capitalized transaction costs was amortized and recognized as finance costs in this regard (prior year: EUR 2,547k ). In addition an amount of EUR 389k was amortized as finance costs due to the voluntary redemption in the first quarter of 2017 (prior year: EUR 712k ). The carrying value as at December 31, 2017 includes the nominal amount of the Term Loans plus accrued unpaid interest less deferred transaction costs of EUR 11,959k (December 31, 2016 : EUR 12,522k ). (b) Revolving credit facility To generally safeguard the Company’s liquidity, the Company has entered into revolving credit facilities (“RCF”). As part of the refinancing, on July 25, 2014 the then-existing revolving facility was replaced by a EUR 115m multicurrency revolving credit facility with an original maturity date July 25, 2019. Interest is calculated based on EURIBOR (for EUR drawings), and USD-LIBOR (for USD drawings) plus 2.5% - 3.0% margin (depending on leverage ratio). The RCF has not been drawn. Transaction costs in the amount of EUR 2,752k originally incurred in connection with the RCF are also recorded as deferred expenses and are amortized as finance costs on a straight-line basis over the term of the facility (until July 25, 2019). The amendment to the Credit Agreement entered into on May 5, 2017 (i) reduces the commitment fee paid on the unused commitments from 40% of the Applicable Rate (as defined in the Credit Agreement) to 35% of the Applicable Rate, (ii) extends the maturity date for the revolving credit facility to April 25, 2021 and (iii) increases the aggregate amount of revolving credit commitments to €175 million . All other terms of the Credit Agreement remained unchanged. Additional Transaction costs in conjunction with the RCF in the amount of EUR 1,952k incurred in connection with the Amendment to the Credit Agreement are also recorded as deferred expenses and are amortized as finance costs on a straight-line basis over the term of the facility (until April 25, 2021). During 2017 , transaction costs of EUR 624k were amortized (prior year: EUR 551k ). Unamortized transaction costs that were incurred in conjunction with the RCF in July 2014 and the Amendment on May 30, 2017, amount to EUR 2,751k as at December 31, 2017 and EUR 1,422k as at December 31, 2016 . (c) Liabilities from derivatives/hedges O n November 14, 2017 the Group acquired floored forward interest rate swaps to hedge interest rate risk on current term loan financing (for more details, see note (9.3) Financial risk management). (d) Local bank loans On August 10, 2017, OEC Co. Ltd. in Korea has closed a term loan facility with Hana Bank with an amount of KRW 24 billion and a term of three years to finance the consolidation of our two plants in Korea. The loan is collateralized by real estate and machinery of our plant in Bupyong. As of December 31, 2017 the loan is drawn with an amount of EUR 10,418k . Deferred and current taxes Deferred tax assets In EUR k As at Dec 31, 2017 2016 Assets Intangible assets 1,004 1,062 Property, plant and equipment 1,928 2,796 Financial assets 6,094 18,773 Inventories 1,825 2,577 Receivables, other assets 2,320 1,999 Liabilities Provisions 16,710 18,542 Liabilities 21,939 39,106 Other Loss carryforwards 15,807 20,593 Total deferred tax assets 67,627 105,448 Netting with deferred tax liabilities (31,318 ) (44,493 ) Deferred tax assets (net) 36,309 60,955 Deferred tax liability In EUR k As at Dec 31, 2017 2016 Assets Intangible assets 684 1,198 Property, plant and equipment 27,336 45,858 Financial assets 5,527 20,233 Receivables, other assets 11,321 14,795 Liabilities Provisions 5,677 5,129 Liabilities 1,719 1,837 Total deferred tax liabilities 52,264 89,050 Netting with deferred tax assets (31,318 ) (44,493 ) Deferred tax liabilities (net) 20,946 44,557 Net deferred tax (15,363 ) (16,398 ) Management assesses the recoverability of deferred tax assets. The assessment depends on future taxable profits being generated during the periods in which tax measurement differences reverse and tax loss carryforwards can be claimed. Orion expects that sufficient taxable income will be available to recover deferred tax assets due to the tax group in place. As of December 31, 2017 |
Notes to the statement of cash
Notes to the statement of cash flows | 12 Months Ended |
Dec. 31, 2017 | |
Cash Flow Statement [Abstract] | |
Notes to the statement of cash flows | Notes to the statement of cash flows Significant non-cash expenses for the year ended December 31, 2017 mainly consist of unrealized foreign currency gains on our USD Term Loan amounting to EUR 12,834k (net of offsetting effects due to the hedge of an net investment in a foreign operation) due to the Euro appreciating against the U.S. Dollar from 1.0541 USD/EUR as at December 31, 2016 to 1.1993 USD/EUR as at December 31, 2017 and amortization of capitalized transaction costs of EUR 4,123k . Additions to property, plant and equipment unpaid as at December 31 are reflected in trade payables. For the year ended December 31, 2016 the unrealized foreign exchange rate losses on the Term Loan amounted to EUR 3,283k (net of offsetting effects due to the hedge of an net investment in a foreign operation) due to a decrease of USD foreign exchange rate from 1.0887 USD/EUR as at December 31, 2015 to 1.0541 as at December 31, 2016 . Additionally, amortized capitalized transaction expenses for term loans amounted to EUR 3,810k . Additions to property, plant and equipment unpaid as at December 31 are reflected in trade payables. For the year ended December 31, 2015 the unrealized foreign exchange rate loss on the Term Loan amounted to EUR 16,553k (net of offsetting effects due to the hedge of an net investment in a foreign operation) due to a decrease of USD foreign exchange rate from 1.2141 USD/EUR as at December 31, 2014 to 1.0887 as at December 31, 2015. Additionally, amortized capitalized transaction expenses for term loans amounted to EUR 4,804k . Additions to property, plant and equipment unpaid as at December 31 are reflected in trade payables. |
Other notes
Other notes | 12 Months Ended |
Dec. 31, 2017 | |
Additional information [abstract] | |
Other notes | Other notes Capital management Equity within the meaning of our capital management means invested capital. This consists of the reported equity and the Term Loans incurred less reported cash and cash equivalents. The primary objective of the Group’s capital management is to ensure that it maintains an adequate credit rating and demonstrates an optimized cost structure to minimize cost of capital in order to support its business and maximize shareholder value, thereby safeguarding the Group’s ability to continue as a going concern. In order to achieve this overall objective, the Group’s capital management, amongst other things, observes its covenants in the credit agreement to ensure compliance with covenants at all times. The capital management goals, guidelines and procedures as described in the following sections have remained unchanged since the Group commenced operations on July 29, 2011. As at December 31, 2017 and 2016 invested capital consists of the following: Interest rate Maturity Comment In EUR k As at Dec 31, 2017 2016 Reported equity N/A N/A 83,262 52,882 Term Loans (see note (7.10(a))) Interest after November 2017 repricing: EURIBOR / LIBOR (Floor 0.0%) plus 2.50% Margin. July 25, 2024 1% minimum repayment / year; voluntary additional repayments 558,569 Interest as at 31 December 2016: July 25, 2021 1% minimum repayment / year; voluntary additional repayments 618,059 Cash and cash equivalents N/A N/A N/A (60,272 ) (73,907 ) Total invested capital 581,559 597,034 Additional disclosures on financial instruments The income and expenses and gains and losses from financial instruments recognized in the income statement are presented as net items by measurement category as listed in IAS 39 Financial Instruments: Recognition and Measurement . In EUR k 2017 2016 2015 2017 2016 2015 Loans and receivables Financial assets held for trading / Financial assets designated as hedging instruments Income from the reversal of bad debt allowances 5,736 3,099 1,285 — — — Income from the currency translation of monetary items 26,505 20,598 5,008 — — — Income from the valuation of derivatives — — — 404 217 2,202 Expenses from the currency translation of monetary items (44,707 ) (23,498 ) (1,930 ) — — — Expenses from the valuation of derivatives — — — (980 ) (999 ) (2,247 ) Expenses for bad debt allowances on trade receivables (3,780 ) (4,585 ) (1,957 ) — — — Result from loans and receivables 370 157 1,577 — — — Other interest-like income 374 514 368 — — — Total (15,502 ) (3,715 ) 4,351 (576 ) (782 ) (45 ) In EUR k 2017 2016 2015 2017 2016 2015 Liabilities held for trading Liabilities measured at amortized cost Income from the currency translation of monetary items — — — 12,834 3,878 — Expenses from the currency translation of monetary items — — — — — (16,553 ) Expenses from the valuation of derivatives (3,683 ) (11,549 ) (7,315 ) — — — Interest expenses from loans — — — (24,415 ) (33,567 ) (41,174 ) Other interest-like expenses — — — (2,453 ) (1,847 ) (1,088 ) Total (3,683 ) (11,549 ) (7,315 ) (14,034 ) (31,536 ) (58,815 ) The carrying amounts of the categories are presented in the measurement categories of IAS 39 Financial Instruments: Recognition and Measurement and are reconciled to the carrying amounts of the items in the statement of financial position. The table below shows a comparison of the carrying amount to the fair value of each financial asset and financial liability as at December 31, 2017 and 2016 : In EUR k 2017 2016 2017 2016 Carrying amount Fair value Loans and receivables Trade receivables 195,341 190,503 195,341 190,503 Loans 574 1,357 574 1,357 Miscellaneous financial assets 2,678 3,259 2,678 3,259 Cash and cash equivalents 60,272 73,907 60,272 73,907 Total 258,865 269,026 258,865 269,026 Financial assets held for trading Receivables from derivatives 2,964 2,826 2,964 2,826 Total financial assets 261,829 271,852 261,829 271,852 Liabilities measured at amortized cost Term loan 558,569 618,059 570,528 630,581 Local Bank Loan 10,433 — 10,433 — Trade payables 141,436 122,913 141,436 122,913 Other financial liabilities 97 202 97 202 Total 710,535 741,174 722,494 753,696 Liabilities held for trading Liabilities from derivatives 4,330 863 4,330 863 Total financial liabilities 714,865 742,037 726,824 754,559 The table below presents the allocation of the fair values to the fair value hierarchy levels (see note (2.5) Significant accounting policies ). In EUR k As at Dec 31, 2017 2016 2017 2016 2017 2016 Level 1 Level 2 Level 3 Financial assets measured at fair value Receivables from derivatives — — 2,964 2,826 — — Financial liabilities measured at fair value Liabilities from derivatives — — 4,330 863 — — Liabilities for which fair values are disclosed Term loan — — 570,528 630,581 — — Local Bank Loan — — 10,433 — — — The Group enters into derivative financial instruments with various counterparties, principally financial institutions with investment grade credit ratings. Derivatives valued using valuation techniques with market observable inputs are mainly foreign exchange forward contracts, commodity forward contracts and interest rate caps and swaps. The most frequently applied valuation techniques include forward pricing and swap models, using present value calculations. The models incorporate various inputs including the credit quality of counterparties, foreign exchange spot and forward rates, interest rate curves and forward rate curves of the underlying commodity. As at December 31, 2017 , the fair value of derivative asset positions is net of a credit valuation adjustment attributable to derivative counterparty default risk. The fair value of our Term Loans are estimated by discounting future cash flows using rates currently available for debt on similar terms, credit risk and remaining maturities, and compared against institutional quotes. The following table shows a current and non-current classification for foreign currency derivatives, interest rate derivatives and commodity derivatives: As at Dec 31, 2017 2016 2017 2016 2017 2016 Total Thereof current Thereof non-current In EUR k Receivables from foreign currency derivatives 559 271 559 271 — — Receivables from interest rate derivatives 2,207 1,022 — — 2,207 1,022 Receivables from combined interest rate and foreign currency derivatives — 205 — — — 205 Receivables from commodity derivatives 198 1,328 198 1,328 — — Total receivables from derivatives 2,964 2,826 757 1,599 2,207 1,227 Liabilities from foreign currency derivatives 749 — 749 — — — Liabilities from interest rate derivatives 509 — — — 509 — Liabilities from combined interest rate and foreign currency derivatives 3,047 — — — 3,047 — Liabilities from commodity derivatives 25 863 25 863 — — Total liabilities from derivatives 4,330 863 774 863 3,556 — Receivables from commodity derivatives and liabilities from commodities as at December 31, 2017 are designated to cash flow hedges in its entirety. According to financial risk management goals (see note (9.3) Financial risk management ) the group enters into derivatives. Depending on the impact on financial statements, the Group decides to account for foreign currency derivatives, interest rate derivatives and commodity derivatives as cash flow hedges if the criteria for hedge accounting are met. In 2016 the Group has entered into commodity derivative agreements to hedge the price fluctuations of certain carbon black oil purchases and the related indexed sales which are designated as cash flow hedges to hedge the impact of raw material price fluctuations on cost of sales for specific sales. The effective portion of the change in fair value of the derivative is recorded in accumulated other comprehensive income until revenues and hence cost of sales are recorded for the specific sales. The agreements have a term of three months . Specific sales follow with a time delay of up to two months in which the cash flows are expected to occur and profit or loss will be affected. The amount recorded in other comprehensive income as of December 31, 2017 amount to EUR 82k and as of December 31, 2016 amount to EUR 752k net of tax. During the five months both cash flow impacts occur and effects are recycled through profit and loss. The amount recognized in other comprehensive income for the year ended December 31, 2015 was EUR nil . In 2017 , net expense of EUR 4,259k arising from the valuation of derivatives (in 2016 net income of EUR 218k and in 2015 net expense of EUR 3,414k ) was included in the financial result and in 2017 net expenses/income of EUR 0k (EUR 14k and EUR 877k in 2016 and 2015 ) arising from the valuation of derivatives were included in the operating result. In all periods presented, a total of nil unrealized losses/gains from cash flow hedges that had been recognized in other comprehensive income was reversed into finance result. Financial risk management Overview The Group is exposed to the following risks as part of its normal business activities: • Market risk, consisting of interest rate risk, foreign currency risk and commodity risk • Liquidity risk • Credit risk The Company’s corporate policy focuses primarily on limiting these risks for the Group’s business value and the operating performance to mitigate the impact on cash flow and earnings. For this purpose, the Company established a systematic financial and risk management system. All risks are managed centrally by Orion. Derivative financial instruments are used to reduce risk. They fully relate to the corresponding underlying. In the area of foreign currency risk management, standard market products, such as forward exchange contracts, options and swaps, are used as well as a net investment hedge. (a) Market risk Market risk can generally be divided into interest rate risk, foreign currency risk and commodity risk. Foreign currency risks arise on the procurement side through the purchase of raw materials and on the sales side through the sale of end products in currencies other than the functional currencies of the relevant Group companies and through payments of foreign currency debt. The objective of foreign currency management is to hedge the operations of these companies against income fluctuations and cash flow fluctuations arising from foreign exchange rate changes in these currencies insofar as this is economically viable and practicable. Identified items are therefore fully hedged directly after initial recognition. Contrary effects from the offsetting of credit and debit items are taken into account in the process. Foreign exchange rate fluctuations and commodity price fluctuations resulting from trade are mostly passed through to customers. Interest rate risk Interest rate risk management aims to protect the consolidated profit or loss from negative effects from market interest rate fluctuations. Both Euro and U.S. Dollar denominated tranches of the Term Loans, as well as the RCF have variable interest rates based on EURIBOR or LIBOR reference rates. The Term Loans include a floor at 0.00% per annum, i.e. the applicable minimum reference rates are set at 0.00% per annum. To reduce interest rate risk, the Group has entered into interest rate caps and a swap on August 28, 2014, September 2, 2014, November 10, 2017, and November 14, 2017 as indicated below: In Currency k Nominal Amount at Year End Currency Type Strike/Rate Start Date Expiry Date 2017 2018 2019 2020 2021 EUR Cap 1% 12/31/2014 3/31/2021 200,000 150,000 75,000 25,000 — USD Cap 2.5% 12/31/2014 3/31/2021 200,000 125,000 75,000 25,000 — EUR Cap 1% 12/29/2017 12/29/2021 100,000 150,000 225,000 250,000 — USD Cap 2.5% 12/29/2017 12/29/2021 75,000 150,000 170,000 225,000 — EUR Floored Swap 0.0%/1.16% 12/29/2021 7/25/2024 — — — — 275,000 Total1) 529,300 529,300 504,286 483,455 275,000 1)USD/EUR exchange rate of 1.993 Cash flow hedges The Group has designated, as of November 28, 2014 the entire interest rate caps entered in 2014 and denominated in EUR with an initial nominal amount of EUR 375m against the Term Loan tranches denominated in EUR with an initial nominal amount of EUR 399m , as well as the entire interest rate caps entered in 2014 and denominated in USD with an initial nominal amount of USD 350m against Term Loan tranches denominated in USD with an initial nominal amount of USD 358m with respect to quarterly interest payments exceeding a 3-months-EURIBOR rate of 1.0% and a 3-months-USD-LIBOR rate of 2.5% respectively. The Group has designated the entire interest rate caps and the interest rate swap at closing in November 2017 in the same manner. The Group has performed a hedge effectiveness test based on the critical terms match method (prospectively) and the dollar offset test (retrospectively), both on designation date and as of December 31, 2017 , which confirmed hedge effectiveness. The table below shows the sensitivity of the interest expense to changes in the interest rate, after the impact of hedge accounting. It shows the change resulting from a hypothetical fluctuation in the three-month EURIBOR and USD-LIBOR of 50 basis points ( 0.50% ) as at December 31, 2017 , 2016 and 2015 assuming that all other variables remain unchanged. Furthermore, changes in USD/EUR exchange rates would have an impact on our interest exposure and vice versa changes in interest rates would also have a related impacted on our foreign currency (USD) exposure, which is discussed below. The sensitivity analysis assumes that the hypothetical interest rate was valid and that the then existing revolving credit facilities were utilized in the full amount over the course of the entire year. The effect of this hypothetical change in the interest rate of the variable rate loan as well as a hypothetical change in interest rate of the revolving credit facilities on Orion’s consolidated profit or loss before taxes for the year ended December 31, 2017 , 2016 and 2015 is as follows: As at Dec 31, 2017 2016 2015 Increase by 0.50% Decrease by 0.50% Increase by 0.50% Decrease by 0.50% Increase by 0.50% Decrease by 0.50% In EUR k Increase (decrease) in the interest expense 651 (94 ) 1,013 (622 ) (633 ) 525 Increase (decrease) in income before taxes (651 ) 94 (1,013 ) 622 633 (525 ) Increase (decrease) in equity (Cash flow hedge reserve) 4,429 (2,821 ) 181 — 281 — Increase (decrease) in total comprehensive income before taxes 3,778 (2,727 ) (832 ) 622 914 (525 ) As of December 31, 2017 no amounts have been drawn under the current RCF. Foreign Currency risk Foreign currency risks stem from future cash flows related to the capital service of the U.S. Dollar denominated Term Loan, from operating activities, and from net investments in foreign subsidiaries in connection with foreign exchange rate fluctuations. To reduce the Group’s foreign currency exposure a portion of the U.S. Dollar denominated Term Loan is designated as hedge of the net investment in a foreign operation. Effective from January 1, 2015, U.S. Dollar 180 million was designated to cover foreign currency risks related to our U.S. business. The hedging amount is equal to the net equity amount as of December 31, 2014 of our affiliated U.S. companies. The net investment hedge accounted for an unrealized foreign exchange loss of EUR 1,238k , net of tax, in other comprehensive income. Furthermore a Cross Currency Swap with a nominal volume of USD 30,000k and a maturity in July 2021 was closed in January 2016. The swap reduces the foreign currency exposure of the U.S. Dollar denominated Term Loan. Notwithstanding a voluntary repayment of EUR 20 million and a scheduled repayment of 1% in 2017, the Euro-equivalent of the U.S. Dollar Term Loan decreased from EUR 285,558k to EUR 240,495k as a result of repayments and U.S. Dollar exchange rate fluctuation. The table below shows the sensitivity with regard to the effect of a change in the USD/EUR exchange rate using the outstanding USD equivalent amount as of December 31, 2017 of EUR 240,495k less the designated net investment hedge of U.S. Dollar 180 million for the U.S. Dollar-denominated term loan. Furthermore, changes in interest rates would have an impact on our USD exposure and vice versa changes in USD/EUR currency rate would also have a related impact on our interest exposure which is discussed above. A fluctuation of the USD/EUR exchange rate of 10% with other conditions remaining unchanged would have had the following effect on Orion’s consolidated profit or loss before taxes as at December 31, 2017 , 2016 and 2015 : In EUR k Value of the Euro in relation to the U.S. Dollar Increase by 10% Decrease by 10% Increase by 10% Decrease by 10% Increase by 10% Decrease by 10% 2017 2016 2015 FX gain / (FX loss) in finance result 8,219 (10,045 ) 10,436 (12,755 ) 12,240 (14,960 ) Increase (decrease) in income before taxes 8,219 (10,045 ) 10,436 (12,755 ) 12,240 (14,960 ) Increase (decrease) in equity (Reserve for hedges of a net investment in foreign operation) 13,644 (16,676 ) 15,524 (18,974 ) 15,030 (18,371 ) Increase (decrease) in total comprehensive income before taxes 21,863 (26,721 ) 25,960 (31,729 ) 27,270 (33,331 ) Commodity risk Commodity risks arise from changes in the market prices of raw material purchases and the sale of end products and electricity. Raw materials are purchased exclusively to cover own requirements. The Group manages commodity risk centrally for all business units. It records procurement risks and defines effective measures to minimize risk. As an example, price volatility is offset by means of price adjustment clauses in supply agreements with customers. The price risk mainly relates to the oil price, which significantly influences the purchase prices of the Group’s raw materials. If possible, this oil price effect is passed through on the sales side by way of appropriate price adjustment clauses. However, a time delay remains since the Group only makes price adjustments on certain deferred cut-off dates. The residual risk arising from this time delay is monitored continuously. Currently, there are derivative financial instruments utilized to minimize the risk from the time delay in the Korean business while risks in other regions were minimized significantly by reducing the time needed for price adjustments. In addition to the change in the market prices of relevant raw materials and primary and intermediate products, their availability is an important factor. The Group endeavors to reduce purchasing risks on the procurement markets through worldwide purchasing activities and optimized processes for the purchase of additional raw materials. (b) Liquidity risk Liquidity risk is managed centrally on the basis of the business plan that ensures that the funds required for financing the business operations and current and future investments in all group entities are available in a timely manner and in the currency required at optimal costs. As part of the liquidity risk management process, the liquidity requirements for business operations, investing activities and other financing measures are analyzed and a liquidity plan is formulated. Orion held the following liquid funds as at December 31, 2017 and 2016 : Cash and cash equivalents: EUR 60,272k and EUR 73,907k , respectively Revolving credit facility, undrawn: EUR 175,000k The following tables show the residual terms of our Term Loan and its impact on our cash flows based on the agreed maturity date, the repayment schedule, and the total interest amounts. Implied three months EUR forward interest rates and implied USD forward interest rates starting on December 31, 2017 were used to calculate the repayment amounts. As at December 31, 2017 : In EUR mill 2018 2019 2020 2021 Thereafter Total Debt: 1 to third parties 7.0 7.0 7.0 7.0 542.6 570.5 Borrowing cost: 2 to third parties 19.0 19.6 20.4 21.0 56.4 136.4 Total 26.0 26.5 27.3 28.0 599.0 707.0 1) USD/EUR of 1.1993 exchange rate assumed at the date of repayment 2) Interest denominated in U.S. Dollar is translated at a rate of USD/EUR of 1.1993 The following table shows the residual terms of our Term Loan and his impact on our cash flows based on their agreed maturity dates and the total interest and repayment amounts in the prior year: As at December 31, 2016 : In EUR mill 2017 2018 2019 2020 Thereafter Total Debt: 1 to third parties 2 26.9 7.4 7.4 7.4 581.5 630.6 Borrowing cost: 3 to third parties 24.3 25.5 26.1 26.4 21.5 123.9 Total 51.2 32.9 33.5 33.8 603.0 754.5 1) USD/EUR of 1.0541 exchange rate is assumed at the date of repayment 2) Includes EUR 20m voluntary debt repayment voluntarily in January 2017 3) Interest denominated in U.S. Dollar is translated at a rate of USD/EUR of 1.0541 (c) Credit risk Our maximum credit risk equals to the total carrying amount of our financial assets. For the purpose of credit risk management, credit risks are divided into three categories and treated according to their specific features: • Credit risks for debtors, • country risks and • credit risks at financing partners. The Group manages credit risks centrally for all business units. A comprehensive internal limit system is used to analyze and monitor debtor credit risk on an ongoing basis. Export orders are subjected to an additional political risk (country risk) analysis, producing an overall risk made up of political and economic risks. Deliveries to customers based in countries with high risk are generally covered by letters of credit or a credit insurance. As at December 31, 2017 , 44 customers owed Orion more than EUR 1m each, which accounted for 53% (prior year: 37 customers accounting for 56% ) of outstanding receivables. Three customers had outstanding accounts of more than EUR 5m , representing 11% (prior year: three customers representing 17% ) of total receivables. Due to the variety of transactions and the large number of customers, there are no significant risk concentrations. For financing partners, a specific limit for each risk type (money market, capital market and derivatives) is utilized. As part of the credit analysis, maximum limits are set for each contracting partner. To this end, the Company uses ratings of international rating agencies and its own internal credit checks. The following table shows the reconciliation and evaluation of changes in liabilities arising from financing activities, for both periods 2017 and 2016. In EUR k As at Jan 1, 2016 Cash flows (w/o interest payments) Transfer FX movement P&L FX movement OCI Other As at Dec 31, 2016 Term loan 650,564 (41,976 ) (4,526 ) 3,538 5,427 505 613,533 Liabilities under finance leases 218 (102 ) — — — 10 126 Non-current liabilities from financing activities 650,782 (42,078 ) (4,526 ) 3,538 5,427 516 613,659 Current interest-bearing liabilities 4,525 (7,259 ) 4,526 (20 ) — 2,754 4,526 Current liabilities under finance leases 62 — — — — 4 67 Current liabilities from financing activities 4,587 (7,259 ) 4,526 (20 ) — 2,758 4,593 Total 655,369 (49,337 ) — 3,518 5,427 3,274 618,252 In EUR k As at Jan 1, 2017 Cash flows (w/o interest payments) Transfer FX movment P&L FX movement OCI Other As at Dec 31, 2017 Term loan 613,533 (22,402 ) (5,007 ) (12,533 ) (20,674 ) 644 553,562 Local bank loans — 9,995 — — 423 — 10,418 Liabilities under finance leases 126 (88 ) — — — 8 45 Non-current liabilities from financing activities 613,659 (12,495 ) (5,007 ) (12,533 ) (20,251 ) 651 564,025 Current interest-bearing liabilities 4,526 (7,112 ) 5,007 (275 ) — 2,876 5,022 Current liabilities under finance leases 67 (21 ) — — — — 46 Financing related derivatives — — — — — 3,555 3,555 Current liabilities from financing activities 4,593 (7,133 ) 5,007 (275 ) — 6,431 8,622 Total 618,252 (19,628 ) — (12,807 ) (20,251 ) 7,083 572,648 Financing related derivatives contain a floored cross-currency swap as well as of a floored forward interest rate swap in 2017. Other changes mainly consist of the release of transaction costs in the reporting period and fair value changes with regard to the financing related derivatives. Related parties Related parties include one joint venture of Orion that is accounted for using the equity method. Until December 8, 2017 Kinove Holdings and a co-investor as former majority shareholders of Orion Engineered Carbons S.A. and the shareholders of Kinove Holdings were related parties. In a series of secondary public offerings in 2017 Kinove Holdings and the co-investor sold their entire shareholdings in Orion Engineered Carbons S.A. to public shareholders. Therefore Kinove Holdings, the co-investor and the shareholders of Kinove Holdings are unrelated to Orion as of December 9, 2017. Related parties include key management personnel having authority and responsibility for planning, directing and monitoring the activities of the Group directly or indirectly and their close family members. Since the beginning of 2012, certain members of the administrative board, corporate management and senior management (the co-invested managers) have acquired shares on the basis of a co-investment program (CIP) of Kinove Luxembourg Coinvest S.C.A. which held 10% of the shares in Orion Engineered Carbons S.A which were fully sold in connection with the series of secondary public offerings in 2017 to public shareholders. The CIP qualified as an equity settled share-based payment plan because the terms and conditions under which the participating managers acquired the shares include defined lock-up periods and neither Orion Engineered Carbons S.A. nor any other group entity had an obligation to settle the share-based payment. No expenses were recognized in profit or loss as consideration for the services received by the co-invested managers. Expenses for remuneration to key management personnel amounted to EUR 13,454k , EUR 9,525k and EUR 6,052k respectively, for the years ended December 31, 2017 , 2016 and 2015 and comprised - except for the pension benefits and the share-based payments - exclusively short-term benefits. The following table presents compensation, including social security costs, pension expenses and other personnel expenses for the years 2015 through 2017 : In EUR k Years ended Dec 31, 2017 2016 2015 Wages & salaries 5,886 5,458 4,253 Social security costs 140 128 114 Pension expenses 498 443 357 Other personnel expenses 757 782 421 Share based payments 6,173 2,714 907 Total 13,454 9,525 6,052 In the normal course of business Orion from time to time receives services from, or sells products to, other related unconsolidated parties, in transactions that are either not material or approved in accordance with our Related Party Transaction Approval Policy. In addition, Orion purchased carbon black products for retail from the DGW KG joint venture for an aggregate amount of EUR 70,169k ( 2016 and 2015 EUR 52,194k and EUR 58,368k ). Payables to DGW KG amount to EUR 16,352k at year end (Prior year: EUR 10,353k ). Sales and service provided to DGW KG in year ended December 31, 2017 , 2016 and 2015 amounted to EUR 2,325k , EUR 2,428k and EUR 2,453k . Receivables from DGW KG at December 31, 2017 and 2016 were EUR 448k and EUR 214k . Contingent liabilities and other financial obligations As at December 31, 2017 and 2016 contingent liabilities and other financial obligations break down as follows: The nominal amounts of obligations from future minimum lease payments for assets leased under operating lease agreements have the following maturity: Maturity In EUR k As at Dec 31, 2017 2016 Less than one year 4,404 4,058 1 to 2 years 5,927 2,853 2 to 3 years 5,476 2,752 3 to 4 years 1,241 2,339 4 to 5 years 1,088 2,402 More than 5 years 9,635 6,181 Total 27,771 20,585 To safeguard the supply of raw materials, contractual purchase commitments under long-term supply agreements for raw materials, especially oil and gas, are in place with the following maturities: Maturity In EUR k As at Dec 31, 2017 2016 Less than one year 91,059 147,857 1 to 5 years 197,314 227,074 More than 5 years 0 38,435 Total 288,373 413,366 EPA Action During 2008 and 2009, the U.S. Environmental Protection Agency (“EPA”) contacted all U.S. carbon black producers as part of an industry-wide EPA initiative, requesting extensive and comprehensive information under Section 114 of the U.S. Clean Air Act, to determine, for each facility, that either: (i) the facility has been in compliance with the Clean Air Act; (ii) violations have occurred and enforcement litigation may be undertaken; or (iii) violations have occurred and a settlement of an enforcement case is appropriate. In response to information requests received by the Company’s U.S. facilities, the Company furnished information to the EPA on each of its U.S. facilities. The Company’s Belpre (Ohio) facility was an initial subject of these investigations and received notices under Section 113(a) of the Clean Air Act from the EPA in 2010 alleging violations of Prevention of Significant Deterioration (“PSD”) and Title V permitting requirements under the Clean Air Act. In October 2012, the Company received a corresponding notice and finding of violation (an “NOV”) alleging the failure to obtain PSD and Title V permits reflecting Best Available Control Technology (“BACT”) at several units of the Company’s Ivanhoe (Louisiana) facility. In January 2013 the Company also received an NOV issued by the EPA for its facility in Borger (Texas) alleging the failure to obtain PSD and Title V permits reflecting BACT during the years 1996 to 2008. The Company received a comparable NOV from the EPA for the Company’s U.S. facility in Orange (Texas) in February 2013; and an NOV in March 2016 alleging more recent non-PSD air emissions violations primarily at the dryers and the incinerator of the Orange facility. In November 2013, Orion began discussions with the EPA and the U.S. Department of Justice (“DOJ”) about a potential settlement to resolve the NOVs. On December 22, 2017, a consent decree between Orion Engineered Carbons LLC (“Orion”) and the United States (on behalf of EPA), as well as the Louisiana Department of Environmental Quality, was lodged in the U.S. District Court for the Western District of Louisiana. Once the consent decree is entered by the court, it will resolve and settle the EPA’s claims of noncompliance set forth in the NOVs and in a respective complaint filed in court by the United States that same day. All five U.S. carbon black producers have settled with the U.S. government. Orion was one of the two last carbon black companies to sign a consent decree. Under its consent decree, Orion will install certain pollution control technology in order to further reduce SO2, NOx and particulate matter (PM) emissions at its four U.S. manufacturing facilities in Ivanhoe (Louisiana), Belpre (Ohio), Borger (Texas), and Orange (Texas). Orion estimates that the capital expenditures for these installments, to be incurred over approximately six years, are U.S. Dollar 110 to 140 million. Orion also agreed to pay a civil penalty of $ 800,000 and to perform environmental mitigation projects totaling $ 550,000 . The penalty and mitigation project costs are in line with the respective reserves already established by the Company for this purpose. The consent decree also requires the continuous monitoring of emissions reductions by the ÈPA that Orion will need to comply with over a number of years. Noncompliance with applicable emissions limits would lead to further penalty payments to EPA. We caution, however, that the actual capital expenditures we might need to incur in order to fulfill the requirements of the consent decree remain uncertain. In particular, the consent decree allows some flexibility in both locations and technology solutions. The solutions we choose to implement may differ in scope and operation from those we currently anticipate and factors, such as timing, locations, target levels and local regulations, could also make capital expenditures different from what we currently estimate. Orion’s agreement with Evonik in connection with the Acquisition provides for a partial indemnity from Evonik against various exposures, including, but not limited to, capital investments, fines and costs arising in connection with Clean Air Act violations that occurred prior to July 29, 2011. Except for certain relatively less relevant allegations contained in the second NOV received for the Company’s facility in Orange (Texas) in March 2016, all of the other allegations made by the EPA with regard to all four of the Company’s U.S. facilities - as discussed above - relate to alleged violations before July 29, 2011. The indemnity provides for a recovery from Evonik of a share of the costs (including fines), expenses (including reasonable attorney’s fees, but excluding costs for mainten |
Events after the reporting date
Events after the reporting date | 12 Months Ended |
Dec. 31, 2017 | |
Events After Reporting Period [Abstract] | |
Events after the reporting date | Events after the reporting date On February 14, 2018, the Company signed a contract to sell its real estate in Bupyeong (South Korea).Title transfer will occur after both sides meet certain agreed conditions; the transaction will be complete after related site demolition and remediation are performed which is expected to be completed by end of 2018. The agreed sales price is expected to at least cover the carrying value of land and buildings as well as the expected cost to be incurred to fulfill our remediation obligation. Luxembourg, February 22, 2018 Orion Engineered Carbons S.A. The Management Jack Clem Charles Herlinger |
Basis of preparation of the f17
Basis of preparation of the financial statements (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
Compliance with IFRS | Compliance with IFRS The Group’s financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). |
First-time adoption of accounting standards | First-time adoption of accounting standards The accounting policies adopted in the preparation of the consolidated financial statements are consistent with those followed in the preparation of the Group’s annual financial statements for the year ended December 31, 2016. The following amendments to IFRS standards adopted on January 1, 2017 did not have material impact on the accounting policies, financial position or performance of the Group: • IAS 7 Statement of Cash Flow As part of its disclosure initiative, the IASB published in January 2016 amendments to IAS 7 Statement of Cash Flow which requires a reconciliation of balance sheet movements for all liabilities for which cash flows are disclosed as “ Cash flows from financing activities ” . The adoption of the amendment is reflected in the disclosures for the Group (for details see note (9.3) ). • Improvements to IFRSs (2014-2016 cycle) In December 2016, the IASB issued a cycle of Annual Improvements to IFRSs (cycle 2014-2016) that contains three changes to three standards, primarily related to minor amendments that clarify, correct or remove redundant wording and a narrow-scope amendment to clarify particular aspects of a Standard. These changes with respect to IFRS 12 had no significant effect on the Group's financial statements, improvements with respect to IFRS 1 and IAS 28 are not yet effective and will not have any impact on the Group's financial statements. • Amendments to IAS 12 Income Taxes In January 2016, the IASB issued final amendments to IAS 12 Income Taxes. The amendments consist of some clarifying paragraphs and an illustrating example with respect to the recognition of deferred tax assets that are related to debt instrument measured at fair value. These changes had no impact on the Group's financial statements. Accounting standards issued but not yet effective The IASB has issued accounting standards which were not yet effective in the current fiscal year. Any new accounting standards which are relevant for the Group’s consolidated financial statements will be adopted when they become effective. The following relevant pronouncements by the IASB and IFRSIC were not effective as at the reporting date on December 31, 2017 and were not applied by the Group: • IFRS 9 Financial instruments IFRS 9 issued on July 24, 2014 replaces IAS 39 Financial Instruments: Recognition and Measurement. IFRS 9 determines requirements for recognition and measurement, impairment, derecognition and general hedge accounting. The latest issued version supersedes all previous versions. IFRS 9 will be effective as of January 1, 2018. The adoption of IFRS 9 will have an effect on the classification and measurement of certain of Orion’s financial instruments and potentially may impact the hedge accounting models used by the Group. The impact from the new impairment approach outlined in section 5.4 of IFRS 9 would have resulted in a recognition of a loss allowance at an amount equal to lifetime expected credit losses for trade receivables of less than EUR 1 million at December 31, 2017. In July 2017 the IASB clarified the accounting treatment for modification of financial liabilities under IFRS 9. A modification gains or loss is required to be calculated as the difference between the original contractual cash flows and the modified cash flows discounted at the original effective interest rate. Such modification gain or loss is recognized in the Income Statement in the period of modification, and the modified cash flows are then amortized using the new effective interest rate. IFRS 9 is generally required to be applied retrospectively; however the recognition of a modification gain or loss for historic modifications made to financial liabilities outstanding on the adoption date is recorded as an accumulative catch up adjustment in retained earnings on the adoption date. The Group is currently assessing the impact of such historic modifications of the Group's financial liabilities on its financial statements and this will be completed within the first quarter of 2018. • IFRS 15 Revenue from contracts with customers The IASB issued IFRS 15 on May 28, 2014. IFRS 15 intends to combine and harmonize the revenue recognition methods issued in several standards and interpretations. IFRS 15 also determines the time and extent of revenue recognition. IFRS 15 replaces IAS 18 Revenue, IAS 11 Construction Contracts, IFRIC 13 Customer Loyalty Programs, IFRIC 15 Agreements for Construction of Real Estate, IFRIC 18 Transfer of Assets from Customers and SIC 31 Revenue-Barter Transactions. IFRS 15 will be effective as of January 1, 2018. The company have completed a group wide review of our material contracts with our customers. The changes will not impact our revenue recognition. Our performance obligation is almost entirely the transfer of goods. In a limited number of cases the service to ship goods to our customers may qualify as a separate performance obligation while the price of such ancillary services are deemed to be immaterial and the realization of such services usually occurs at same point of time as the transfer of our main performance obligation. As the changes have no impact on our revenue recognition there will be no cumulative catch up adjustment recorded in retained earnings under the modified retrospective approach of adoption that we intend to apply. • IFRS 16 Leases In January 2016, the IASB issued the new standard IFRS 16 “Leases”, which supersedes the existing lease accounting according to IAS 17. The existing concept of operating and finance leases will be replaced and most leases will be recognized in the statement of financial position. IFRS 16 will be effective as of January 1, 2019. The Group has operating lease contracts as well as very limited finance leases and the new standard will have an impact on Group accounting policies, procedures as well as financial statements and our key performance indicators. The Group has started to analyze the impact of IFRS 16. Refer to note (9.5) Contingent liabilities and other financial obligations for details of our current lease obligations on an undiscounted basis. While the Group has not finalized our assessment, according to the provisions of the Standard, the right–to-use leased assets that do not meet the exemption criteria will increase our Property, plant and equipment and will result in the recognition of a corresponding lease obligation based on the existing contracts at the transition date. The exemption criteria will be applicable in rare cases In 2017 we recorded € 8.6 million as operating lease expenses. The Group estimates that a comparable amount of expenses will in the future be recorded as amortization and to a certain amount as finance expenses. • IFRIC 23 On 7 June 2017, the IASB issued IFRIC Interpretation 23 — Uncertainty over Income Tax Treatments. This interpretation clarifies application of recognition and measurement requirements in IAS 12 Income Taxes when there is uncertainty over income tax treatments. It provides guidance on considering uncertain tax treatments separately or together, examination by tax authorities, the appropriate method to reflect uncertainty and accounting for changes in facts and circumstances. The interpretation is effective for annual reporting periods beginning on or after 1 January 2019, but certain transition reliefs are available. The Group currently assesses the impact of the application of IFRIC 23 on the group's financial statements. |
Accounting standards issued but not yet effective | First-time adoption of accounting standards The accounting policies adopted in the preparation of the consolidated financial statements are consistent with those followed in the preparation of the Group’s annual financial statements for the year ended December 31, 2016. The following amendments to IFRS standards adopted on January 1, 2017 did not have material impact on the accounting policies, financial position or performance of the Group: • IAS 7 Statement of Cash Flow As part of its disclosure initiative, the IASB published in January 2016 amendments to IAS 7 Statement of Cash Flow which requires a reconciliation of balance sheet movements for all liabilities for which cash flows are disclosed as “ Cash flows from financing activities ” . The adoption of the amendment is reflected in the disclosures for the Group (for details see note (9.3) ). • Improvements to IFRSs (2014-2016 cycle) In December 2016, the IASB issued a cycle of Annual Improvements to IFRSs (cycle 2014-2016) that contains three changes to three standards, primarily related to minor amendments that clarify, correct or remove redundant wording and a narrow-scope amendment to clarify particular aspects of a Standard. These changes with respect to IFRS 12 had no significant effect on the Group's financial statements, improvements with respect to IFRS 1 and IAS 28 are not yet effective and will not have any impact on the Group's financial statements. • Amendments to IAS 12 Income Taxes In January 2016, the IASB issued final amendments to IAS 12 Income Taxes. The amendments consist of some clarifying paragraphs and an illustrating example with respect to the recognition of deferred tax assets that are related to debt instrument measured at fair value. These changes had no impact on the Group's financial statements. Accounting standards issued but not yet effective The IASB has issued accounting standards which were not yet effective in the current fiscal year. Any new accounting standards which are relevant for the Group’s consolidated financial statements will be adopted when they become effective. The following relevant pronouncements by the IASB and IFRSIC were not effective as at the reporting date on December 31, 2017 and were not applied by the Group: • IFRS 9 Financial instruments IFRS 9 issued on July 24, 2014 replaces IAS 39 Financial Instruments: Recognition and Measurement. IFRS 9 determines requirements for recognition and measurement, impairment, derecognition and general hedge accounting. The latest issued version supersedes all previous versions. IFRS 9 will be effective as of January 1, 2018. The adoption of IFRS 9 will have an effect on the classification and measurement of certain of Orion’s financial instruments and potentially may impact the hedge accounting models used by the Group. The impact from the new impairment approach outlined in section 5.4 of IFRS 9 would have resulted in a recognition of a loss allowance at an amount equal to lifetime expected credit losses for trade receivables of less than EUR 1 million at December 31, 2017. In July 2017 the IASB clarified the accounting treatment for modification of financial liabilities under IFRS 9. A modification gains or loss is required to be calculated as the difference between the original contractual cash flows and the modified cash flows discounted at the original effective interest rate. Such modification gain or loss is recognized in the Income Statement in the period of modification, and the modified cash flows are then amortized using the new effective interest rate. IFRS 9 is generally required to be applied retrospectively; however the recognition of a modification gain or loss for historic modifications made to financial liabilities outstanding on the adoption date is recorded as an accumulative catch up adjustment in retained earnings on the adoption date. The Group is currently assessing the impact of such historic modifications of the Group's financial liabilities on its financial statements and this will be completed within the first quarter of 2018. • IFRS 15 Revenue from contracts with customers The IASB issued IFRS 15 on May 28, 2014. IFRS 15 intends to combine and harmonize the revenue recognition methods issued in several standards and interpretations. IFRS 15 also determines the time and extent of revenue recognition. IFRS 15 replaces IAS 18 Revenue, IAS 11 Construction Contracts, IFRIC 13 Customer Loyalty Programs, IFRIC 15 Agreements for Construction of Real Estate, IFRIC 18 Transfer of Assets from Customers and SIC 31 Revenue-Barter Transactions. IFRS 15 will be effective as of January 1, 2018. The company have completed a group wide review of our material contracts with our customers. The changes will not impact our revenue recognition. Our performance obligation is almost entirely the transfer of goods. In a limited number of cases the service to ship goods to our customers may qualify as a separate performance obligation while the price of such ancillary services are deemed to be immaterial and the realization of such services usually occurs at same point of time as the transfer of our main performance obligation. As the changes have no impact on our revenue recognition there will be no cumulative catch up adjustment recorded in retained earnings under the modified retrospective approach of adoption that we intend to apply. • IFRS 16 Leases In January 2016, the IASB issued the new standard IFRS 16 “Leases”, which supersedes the existing lease accounting according to IAS 17. The existing concept of operating and finance leases will be replaced and most leases will be recognized in the statement of financial position. IFRS 16 will be effective as of January 1, 2019. The Group has operating lease contracts as well as very limited finance leases and the new standard will have an impact on Group accounting policies, procedures as well as financial statements and our key performance indicators. The Group has started to analyze the impact of IFRS 16. Refer to note (9.5) Contingent liabilities and other financial obligations for details of our current lease obligations on an undiscounted basis. While the Group has not finalized our assessment, according to the provisions of the Standard, the right–to-use leased assets that do not meet the exemption criteria will increase our Property, plant and equipment and will result in the recognition of a corresponding lease obligation based on the existing contracts at the transition date. The exemption criteria will be applicable in rare cases In 2017 we recorded € 8.6 million as operating lease expenses. The Group estimates that a comparable amount of expenses will in the future be recorded as amortization and to a certain amount as finance expenses. • IFRIC 23 On 7 June 2017, the IASB issued IFRIC Interpretation 23 — Uncertainty over Income Tax Treatments. This interpretation clarifies application of recognition and measurement requirements in IAS 12 Income Taxes when there is uncertainty over income tax treatments. It provides guidance on considering uncertain tax treatments separately or together, examination by tax authorities, the appropriate method to reflect uncertainty and accounting for changes in facts and circumstances. The interpretation is effective for annual reporting periods beginning on or after 1 January 2019, but certain transition reliefs are available. The Group currently assesses the impact of the application of IFRIC 23 on the group's financial statements. |
Basis of consolidation | Basis of consolidation All subsidiaries indirectly or directly controlled by Orion are consolidated. Entities are consolidated from the date the Orion Group obtains control, which generally is the acquisition date, and are deconsolidated when control is lost. Control is achieved when the Orion Group is exposed, or has the right, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. The Orion Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of these three elements of control. The Orion Group consolidated financial statements are prepared in accordance with uniform accounting policies. Income and expenses, intercompany profits and losses, and receivables and liabilities between consolidated subsidiaries are eliminated. Changes in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. |
Currency translation | Currency translation Foreign currency transactions are measured at the exchange rate at the date of initial recognition. Any gains or losses resulting from the valuation of foreign currency monetary assets and liabilities using the currency exchange rates as at the reporting date are recognized in other operating income or other operating expenses. Currency exchange differences relating to financing activities are part of the financial result. The functional currency method is used to translate the financial statements of foreign entities. The assets and liabilities of foreign operations with functional currencies different from the presentation currency Euro are translated using closing rates as at the reporting date. Income and expense items are translated at average exchange rates for the respective period. The translation of equity is performed using historical exchange rates. The overall foreign currency impact from translating the statement of financial position and income statement of all the foreign entities is recognized in other comprehensive income. |
Revenue and income recognition and related accounts receivable | Revenue and income recognition and related accounts receivable Revenue from the sale of goods and services generated through ordinary activities and other income are recognized as follows: The Group mainly generates sales by selling carbon black to industrial customers for further processing. Revenue recognition and measurement is governed by the following principles. The amount of revenue is contractually specified between the parties and is measured at the fair value of the consideration received or to be received less value-added tax and any trade discounts and volume rebates granted. Revenue is only recognized if revenue and the related costs incurred or to be incurred can be measured reliably and it is sufficiently probable that the economic benefits will flow to the Group. If these conditions are satisfied, revenue from the sale of goods is recognized when ownership and the associated risks from the sale have been transferred to the buyer. The timing of the transfer of risks and rewards varies depending on the individual terms of the sales agreement. The Group records a provision for warranty costs, based on historical trends of warranty costs incurred as a percentage of sales, which management has determined to be a reasonable estimate of the probable losses to be incurred for warranty claims in a period. Interest income is recognized using the effective interest method. |
Expense recognition | Expense recognition Expenses are recognized in the period in which they are incurred. Interest expenses are recognized using the effective interest method. |
Business combinations | Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at acquisition date fair value, and the amount of any non-controlling interests in the acquiree. For each business combination, the Group elects whether to measure the non-controlling interests in the acquiree at fair value or at the proportionate share of the acquiree’s identifiable net assets. Acquisition-related costs are expensed as incurred and included in other operating expenses. When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. This includes the separation of embedded derivatives in host contracts by the acquiree. Any contingent consideration to be transferred by the acquirer is recognized at fair value at the acquisition date. Contingent consideration classified as an asset or liability that is a financial instrument and within the scope of IAS 39 Financial Instruments: Recognition and Measurement, is measured at fair value with the changes in fair value recognized in the statement of profit or loss. |
Goodwill and intangible assets | Goodwill is initially measured at cost (being the excess of the aggregate of i) the consideration transferred, ii) the amount recognized for non–controlling interest and iii) any previous interest held over the net assets acquired, over the fair value of the identifiable assets acquired and liabilities assumed). If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the Group re-assesses whether it has correctly identified all of the assets acquired and all of the liabilities assumed and reviews the procedures used to measure the amounts to be recognized at the acquisition date. If the reassessment still results in an excess of the fair value of net assets acquired over the aggregate consideration transferred, then the gain is recognized in profit or loss. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group’s cash-generating units that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. Where goodwill has been allocated to a cash-generating unit (“CGU”) and part of the operation within that unit is disposed of, the goodwill associated with the disposed operation is included in the carrying amount of the operation when determining the gain or loss on disposal. Goodwill disposed in these circumstances is measured based on the relative values of the disposed operation and the portion of the cash-generating unit retained. Intangible assets acquired separately are recognized initially at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. Intangible assets with finite useful lives are amortized and, if events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable, tested for impairment, see below in this note under “Impairment test”. Intangible assets with indefinite useful lives are not amortized, but are tested for impairment at least once a year. The useful lives of intangible assets are also re-assessed once a year. (a) Goodwill Goodwill has an indefinite useful life and is tested for impairment at least once a year. (b) Technology and patents, trademarks and other intangible assets Technology and patents (including capitalized development costs), trademarks and other intangible assets are amortized straight line over a useful life of 15 years. Other intangible assets are amortized straight line over a useful life of 3 to 10 years. Customer relationships acquired in the business combination in 2011 from Evonik are amortized over their useful life. The useful life is estimated on the basis of contractual arrangements and historical values and is approximately 8 years. The amortization amount is based on the economic life and the probability of continuing the customer relationship in the form of a churn rate. |
Property, plant and equipment | Property, plant and equipment Property, plant and equipment are carried at historical acquisition or production cost less accumulated depreciation. If events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable, an impairment test is conducted as outlined in this section under “Impairment test”. The cost of acquisition includes the purchase price and any costs directly attributable in bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended. The cost of self-constructed assets within the Group includes the direct cost of materials and labor, plus the applicable proportion of material and manufacturing overheads, including depreciation. Costs relating to obligations to dismantle or remove non-current assets at the end of their useful life are capitalized as acquisition or production costs at the time of acquisition or production. Property, plant and equipment are depreciated using the straight-line method over the expected remaining useful life. The expected remaining useful lives are determined based upon the point at which an asset is acquired. In certain cases, assets acquired were nearing the end of their useful life, resulting in a shorter period by comparison to those properties acquired new. There is no significant difference in the types of assets that have shorter useful lives (for example 5 years for a building or 3 years for plant and machinery) as compared to the entire asset class. The assets’ residual values and useful lives are reviewed and adjusted if appropriate, at the end of each reporting period. In years Buildings 5-50 Plant and machinery 3-25 Furniture, fixtures and office equipment 3-25 For further information on the expected remaining useful life of the existing assets as at December 31, 2017 see note (7.2) Property, plant and equipment . Expenses for overhauls and major servicing (major repairs) are generally capitalized if it is probable that they will result in future economic benefits from an existing asset. They are then depreciated over the period until the next expected major repair date. Routine repairs and other maintenance work are expensed in the period in which they are incurred. If major components of an asset have different useful lives, they are recognized and depreciated separately. Gains and losses from the disposal of property, plant and equipment are calculated as the difference between the net proceeds of sale and the carrying amount and recognized in other operating income or other operating expenses. |
Impairment test | Impairment test Impairment of property, plant and equipment and other intangible assets with finite useful lives The Group assesses property, plant and equipment and other intangible assets with finite useful lives for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or CGU may not be recoverable. If assets or CGUs are determined to be impaired, the carrying amount of these assets or CGUs is written down to their recoverable amount, which is the higher of fair value less costs to sell and value in use determined as the amount of estimated discounted future cash flows. Recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. For this purpose, assets are grouped based on separately identifiable and largely independent cash flows. A previously recognized impairment loss is reversed only if there has been a change in the assumptions used to determine the asset’s recoverable amount since the last impairment loss was recognized. The reversal is limited so that the carrying amount of the asset or CGU does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognized for the asset in prior years. Such reversal is recognized in the income statement. Impairment of goodwill Goodwill is not amortized, but instead tested for impairment annually in the fourth quarter based on September 30 actual results, as well as whenever there are events or changes in circumstances (triggering events) which suggest that the carrying amount may not be recoverable. CGUs may be combined into a group of CGUs when they have similar economic characteristics. For the purpose of testing goodwill for impairment, goodwill is allocated pursuant to IAS 36 to the CGU or group of CGUs that represents the lowest level within the entity at which the goodwill is monitored by management and is not larger than an operating segment within the meaning of IFRS 8. At the date of the annual impairment test Orion had two groups of CGUs to which the goodwill was allocated. Goodwill impairment testing was performed at the level of the two groups of CGUs, “Rubber” and “Specialties” representing the two operating segments. These two groups were defined as lowest level within Orion at which goodwill is monitored, because Orion has the possibility to switch capacities as well as products between its various locations within each group. If the carrying amount of one of the cash generating units exceeds its recoverable amount, an impairment loss on goodwill is recognized accordingly. The recoverable amount is the higher of the CGU’s fair value less cost to sell and its value in use. Impairment losses on goodwill are not reversed in future periods if the recoverable amount exceeds the carrying amount. Value in use is determined by calculating the future cash flows to be derived from the continuing use of the operating assets of the cash-generating unit using the discounted cash flow (“DCF”) method. The DCF method is applied by first calculating the free cash flows to be derived from the relevant cash-generating unit and then discounting them as at the reporting date using a risk-adequate discount rate. The discount rate is based on the specific circumstances of the Group and its operating segments and is derived from its weighted average cost of capital (“WACC”). The WACC takes into account both debt and equity. The cost of equity is derived from the expected return on investment by the Group’s investors, which is derived from a peer group. The cost of debt is based on standard market borrowing rates for peer group companies. Segment-specific risk is incorporated by applying individual beta factors which lead to segment-specific WACC. The beta factors are determined annually based on publicly available market data. |
Investments in joint ventures | Investments in joint ventures A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint venture. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control. Investments in joint ventures are accounted for using the equity method. Under the equity method, the investment in a joint venture is initially recognized at cost. Cost includes all directly attributable acquisition-related costs. The concepts underlying the procedures in accounting for the acquisition of a subsidiary are also adopted in accounting for the acquisition of an investment in a joint venture. Goodwill relating to the joint venture is included in the carrying amount of the investment and is neither amortized nor individually tested for impairment. The carrying amount of the investment is adjusted to recognize changes in the Group’s share of net assets of the joint venture since the acquisition date. Distributions received from the investee reduce the carrying amount of the investment. The Group’s income statement reflects the Group’s share of the results of operations of the joint venture. Any change in other comprehensive income (“OCI”) of those investees is presented as part of OCI. In addition, when there has been a change recognized directly in the equity of the joint venture, the Group recognizes its share of such change, when applicable, in the statement of changes in equity. Unrealized gains and losses resulting from transactions between the Group and the joint venture are eliminated to the extent of the interest in the joint venture. The financial statements of the joint venture are prepared for the same reporting period as the Group. When necessary, adjustments are made to bring the accounting policies in line with those of the Group. After application of the equity method, the Group determines whether it is necessary to recognize an impairment loss on the investment in its joint venture. At each reporting date, the Group determines whether there is objective evidence that the investment in the joint venture is impaired. If there is such evidence, the Group calculates the amount of impairment as the difference between the recoverable amount of the joint venture and its carrying value and recognizes the loss in the Group’s combined income statement. |
Inventories | Inventories The cost of inventories (raw materials, consumables and supplies, and merchandise) that have a similar nature or use is assigned by using the weighted average cost method. The cost of work in process and finished goods comprises the cost of raw materials, consumables and supplies (direct materials costs), direct personnel expenses (direct production costs), other direct costs and overheads attributable to production (based on normal operating capacity). Inventory is reviewed for both potential obsolescence and potential loss of value periodically. In this review, assumptions are made about the future demand for, and market value of, the inventory and based on these assumptions the amount of any obsolete, unmarketable or slow moving inventory is estimated. |
Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents comprise bank balances, checks and cash on hand. |
Pension provisions and Other provisions | Pension provisions Pension provisions are measured in accordance with the projected unit credit method prescribed in IAS 19 Employee Benefits for defined benefit plans. This method takes into account the pensions known and expectancies earned by the employees as at the reporting date as well as the increases in salaries and pensions to be expected in the future. The provisions for the German entities of the Group are measured on the basis of the biometric data in the 2005G mortality tables by Klaus Heubeck. Pension obligations outside Germany are determined in accordance with actuarial parameters applicable to such plans. Actuarial gains and losses arise from the difference between the previously expected and the actual obligation parameters at year-end. Actuarial gains and losses, net of tax, for the defined benefit plan are recognized in full in the period in which they occur in other comprehensive income and are not reclassified to profit or loss in subsequent periods. The discount rate applied is determined based on a yield curve considering interest rates of corporate bonds with at least AA rating in the currencies consistent with the currencies of the post-employment obligation (e.g. iBoxx € Corporates AA sub-indices) as set by an internationally acknowledged actuarial agency. The interest rate is extrapolated as needed along the yield curve to meet the expected term of our obligation. Assumptions are reviewed each reporting period. Net interest is calculated by applying the discount rate to the net defined benefit liability or asset. Changes in the net defined benefit obligation from service costs comprising current service costs, past-service costs, gains and losses on curtailments are recorded in cost of sales, administration expenses or selling and distribution expenses and the net interest expense or income is recorded in finance costs and finance income. Defined contribution obligations result in an expense in the period in which payment is made and arise from commitments and state pension schemes (statutory pension insurance). Other provisions Provisions are liabilities of uncertain timing or amount. They are recognized if a present obligation (legal or constructive) exists toward a third party as a result of a past event which will probably result in a future outflow of resources. The probable amount of the obligation must be reliably measurable. If there are a number of similar obligations, the probability that there will be an outflow of economic benefits is determined by considering the class of obligations as a whole. Provisions are recognized at their settlement value, which represents the best estimate of the expected outflow of economic benefits, and take future cost increases into account. Non-current provisions are discounted. Current provisions and current portions of non-current provisions are not discounted. Provisions are subsequently updated to reflect new facts and circumstances. Restructuring provisions are recognized only when the recognition criteria for provisions are fulfilled. A constructive obligation for severance obligation exists when the main features of a detailed formal plan that identifies the business or part of the business concerned, the location and number of employees affected, a detailed estimate of the associated costs and an appropriate time line, has been communicated to the employees affected. Other costs related to the restructuring are recognized when obligation criteria are met and the costs can be reliably measured. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognized as a finance cost. Regarding part-time early retirement agreements the Group uses the block model. During the first block the employee works fulltime. After completing the first block, the employee retires early, which reflects the second block. However, the employee receives a reduced remuneration for the entire period of the agreement. The early retirement scheme is considered a long-term employee benefit that is measured using the projected unit method and past service costs are considered in determining the respective obligation. |
Deferred taxes and current income taxes | Deferred taxes and current income taxes Current income tax receivables and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. They are calculated based on the tax rates and tax laws that are enacted or substantively enacted by the reporting date. In accordance with IAS 12 Income Taxes, deferred taxes are determined using the liability method on temporary differences between the carrying amounts of assets and liabilities in the statement of financial position and their tax bases including differences arising as a result of consolidation as well as on loss and interest carryforwards and tax credits. They are measured at the tax rates that are expected to apply in the year when the asset is realized or the liability is settled, based on tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting period. Deferred tax assets are initially recognized only to the extent it is probable that sufficient taxable profit will be available in the future to allow the benefit of part or all of the deferred tax assets to be utilized and their carrying amounts are subsequently reviewed at the end of each reporting period and reduced to the extent that the utilization is no longer probable. Unrecognized deferred tax assets are re-assessed at each reporting date and are recognized to the extent that the utilization has become probable. Income taxes relating to items recognized directly in equity are recognized in equity and not in the income statement. Deferred tax assets and deferred tax liabilities are offset if there is a legally enforceable right to set off a current tax asset against a current tax liability when they relate to income taxes levied by the same taxation authority. Deferred tax assets and liabilities are recognized for all taxable temporary differences, except when the deferred tax asset or liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss. |
Financial instruments | Financial instruments A financial instrument is any contractual right or obligation that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. They are recognized in the statement of financial position under financial assets or liabilities and trade receivables or payables. When initially recognized, financial instruments are measured at fair value. In the case of financial instruments not measured subsequently at fair value through profit or loss, transaction costs that are directly attributable to their acquisition are also included. Subsequent measurement depends on the classification of the financial instruments; non-current financial assets not measured at fair value are recognized at amortized cost using the effective interest method. The effective interest rate includes all attributable charges that represent interest. A distinction is made between primary and derivative financial instruments. (a) Primary financial instruments Primary financial assets Primary financial assets are accounted for as loans and receivables in accordance with IAS 39. Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. After initial measurement, such financial assets are subsequently measured at amortized cost using the effective interest rate (“EIR”) method, less impairment if applicable and indicated. Financial assets are derecognized if the contractual rights to receive payments have expired or have been transferred and the Group has substantially transferred all risks and rewards incidental to ownership. Loans and receivables mainly comprise trade receivables and loans. Such assets are measured initially at fair value and subsequently at amortized cost using the effective interest method. If there is any objective evidence (triggering event) that the settlement values due will not be fully collectible in the normal course of business, an impairment loss is charged. The amount of the impairment loss is based on historical values and is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows calculated using the effective interest rate. Impairment losses are recognized in the income statement. If the cause of the impairment loss no longer exists, the impairment loss is reversed through profit or loss to a maximum of the asset’s amortized cost. Primary financial liabilities Primary financial liabilities are classified as “at amortized cost” and are measured at amortized cost in accordance with the effective interest method. Financial liabilities are derecognized when they have been settled, i.e., when the obligations have been fulfilled, canceled or have expired. Non-current financial instruments which do not bear interest at market rates are initially measured at fair value. Fair value is determined by discounting the expected cash flows as at acquisition date using the effective interest rate (present value). |
Derivative financial instruments and Hedge accounting | Derivative financial instruments Derivative financial instruments (derivatives) are used to hedge exchange rate, commodity and interest rate risks. Hedging instruments in the form of forward exchange contracts and interest rate derivatives are accounted for, and are recognized initially as at the trade date and are subsequently remeasured at fair value. If there is no quoted price in an active market for a derivative, its fair value is determined using financial valuation models. Forward exchange contracts are valued using the forward exchange rate on the reporting date. Derivative financial instruments not qualifying as hedging instruments are recognized at fair value through profit or loss and are classified as held for trading. (c) Hedge accounting Within the Group, all hedging relationships except the net investment hedge are cash flow hedges. The purpose of cash flow hedges is to hedge the exposure to variability in future cash flows from a recognized asset or liability or a highly probable forecast transaction. In 2016 the Group has entered into commodity derivative agreements to hedge the price fluctuations of certain carbon black oil purchases and the related indexed sales which are designated as cash flow hedges to hedge the impact of raw material price fluctuations on cost of sales for specific sales. The effective portion of the change in fair value of the derivative is recorded in accumulated other comprehensive income until revenues and hence cost of sales are recorded for the specific sales. A hedge of a net investment in a foreign operation is a foreign currency financial instrument used to hedge future changes in currency exposure of a foreign operation denominated in that same foreign currency. For financial instruments that qualify as a hedge of a net investment in foreign operations, the effective portion of the change in fair value of the hedging instrument is recorded in accumulated other comprehensive income. Any ineffective portion of the net investment hedge is recognized in finance result in the income statement during the period of change. On the disposal of the foreign operation, the cumulative value of any such gains and losses recorded in equity is transferred to profit and loss. The Group uses a portion of its U.S. Dollar term loan as a hedge of its exposure to foreign exchange risk on its investments in foreign subsidiaries. Refer to note (9.2) Additional disclosures on financial instruments for more details. A hedging relationship must meet certain criteria to qualify for hedge accounting. At the inception of a hedge relationship, the Group formally designates and documents the hedge relationship to which it wishes to apply hedge accounting and the risk management objective and strategy for undertaking the hedge. Detailed documentation of the hedging relationship includes identification of the hedging instrument, the hedged item, the nature of the risk being hedged and how the Group asses the expected and actual effectiveness of the hedge (hedge accounting requires effectivity between 80% and 125%). Hedge accounting must be discontinued when these conditions are no longer met. In the case of cash flow hedges, hedge accounting must also be discontinued when the forecast transaction is no longer probable, in which case any amount that has been recognized in other comprehensive income is reclassified from equity to profit or loss. Changes in the fair value of the effective portion of hedging instruments are recognized in other comprehensive income. The ineffective portion of the changes in fair value is recognized in the income statement. Amounts recognized in other comprehensive income are reclassified to the income statement as soon as the hedged item is recognized in the income statement. When the hedged item is the cost of a non-financial asset or non-financial liability, the amounts recognized as other comprehensive income are transferred to the initial carrying amount of the non-financial asset or liability. |
Fair value measurement | Fair value measurement The Group measures financial instruments, such as derivatives, at fair value at each balance sheet date. Also, fair values of financial instruments measured at amortized cost are disclosed. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the following fair value hierarchy based on the lowest level input that is significant to the fair value measurement as a whole: • Level 1 — Quoted (unadjusted) market prices in active markets for identical assets or liabilities. • Level 2 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable. • Level 3 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable. For assets and liabilities that are recognized in the financial statements on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by re-assessing categorization at the end of each reporting period. For the purpose of fair value disclosures, the Group has determined classes of assets and liabilities on the basis of the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy as explained above. |
Leases | Leases A lease is an agreement whereby the lessor conveys to the lessee in return for a payment or series of payments the right to use an asset for an agreed period of time. The Group mainly acts as a lessee in operating leases. Operating leases are all leases that do not qualify as finance leases (leases where, in accordance with the contractual terms, the lessee substantially bears all the risks and rewards of ownership of the asset). Any resulting income and expenses are recognized in the income statement in the period in which they arise. |
Treasury shares | Treasury shares In December 2015, Orion announced the Board of Directors' approval to repurchase common shares of the Company in an amount of up to $20 million . The repurchase plan commenced during the period January to March 2016. The repurchased shares (treasury shares) are deducted from equity based on their cost. The repurchased shares reduce the amount of outstanding shares for purposes of the calculation of weighted average of outstanding shares in the computation of basic and dilutive earnings per share. No gains or losses resulting from transactions in treasury shares are recorded in the income statement. |
Share-based payments | Share-based payments In 2015, the company established a Long Term Incentive Plan (“LTIP”), which is an equity settled share-based payment in the form of performance share units (“PSU”) for a defined group of executive managers of the group. Refer to note (6.8) Share-based payments for more details. The cost of the equity settled transactions is determined by the fair value of the PSU at grant date using an appropriate valuation model and is recognized as expense in appropriate functional costs in the income statement, and against capital reserves in equity over the vesting period. At each reporting date the cumulative expense is calculated based on the extent to which the vesting period has expired and the Group’s best estimate of the number of equity instruments that will ultimately vest. The expenses or income for a period represents the movement in cumulative expense recognized as at the beginning and end of that period and is recognized in respective functional costs in the income statement. No expense is recognized for awards that do not ultimately vest, except for equity-settled transactions for which vesting is conditional upon a market or non-vesting condition. These are treated as vesting irrespective of whether or not the market or non-vesting condition is satisfied, provided that all other performance and/or service conditions are satisfied. When the terms of an equity settled award are modified, the minimum expense recognized is the expense had the terms not been modified, if those original terms of the award are met. An additional expense is recognized for any modification that increases the total fair value of the share-based payment transaction, or is otherwise beneficial to the employee as measured at the date of modification. The dilutive effect of granted PSUs is reflected in the computation of diluted earnings per share. |
Contingent liabilities and other financial obligations | Contingent liabilities and other financial obligations Other than those recognized as part of a business combination, contingent liabilities include (a) possible obligations that arise from past events and the existence of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events (e.g., financial guarantees), and (b) present obligations that arise from past events but are not recognized because (i) it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation or (ii) the amount of the obligation cannot be measured with sufficient reliability. Contingent liabilities are not recognized in the financial position but are disclosed, unless the possibility of an outflow of resources embodying economic benefits is remote. Other financial obligations include off-balance sheet obligations where there is a contractual commitment to pay at a fixed time, including future minimum lease payments for assets under operating lease agreements under IAS 17 and contractual purchase commitments under long-term supply agreements for raw materials under IAS 39. Those financial obligations are based on the future financial commitments included in the respective agreements. |
Assumptions, the use of judgment and accounting estimates | Assumptions, the use of judgment and accounting estimates The preparation of the consolidated financial statements requires management to make estimates and assumptions about the future. The use of judgment and estimates will not always correspond to subsequent circumstances. Estimates are adjusted, with any changes being recognized in profit and loss, as and when better knowledge is available. The assumptions and estimates entailing a significant risk of an adjustment of carrying amounts of assets and liabilities during the next fiscal year are presented below. (a) Impairment of goodwill Impairment is determined for goodwill by assessing the recoverable amount of each group of cash generating units to which the goodwill relates. Assumptions and judgments of future developments are inherent in the determination of the recoverable amount. For further details, see note (7.1) Goodwill and other intangible assets . (b) Recognition and measurement of deferred tax assets Deferred tax assets may only be recognized if it is probable that sufficient taxable income will be available in the future. If these expectations are not met, a write-down would have to be recognized in income for the deferred tax assets. For further details, see notes (6.6) Income taxes and (7.11) Deferred and current taxes . Effects resulting from the changes in U.S. tax legislation (Tax Cuts and Jobs Act) are fully considered based on all available information as of the date of this report. (c) Measurement of pension provisions Pension provisions are measured applying assumptions about discount rates, expected future pension increases and mortality tables. These assumptions may differ from the actual data due to a change in economic conditions or markets. These include the determination of the discount rate, future salary increases, mortality rates and future pension increases. Due to the complexity of the valuation and its long-term nature, a defined benefit obligation is sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date by obtaining actuarial reports for all material obligations. In determining the appropriate discount rate, management considers the interest rates of corporate bonds in the respective currency with at least AA rating, with extrapolated maturities corresponding to the expected duration of the defined benefit obligation. The underlying bonds are further reviewed for quality. Those having excessive credit spreads are removed from the population of bonds on which the discount rate is based, on the basis that they do not represent high quality bonds. The mortality rate is based on publicly available mortality tables for the specific country. Future salary increases and pension increases are based on expected future inflation rates for the respective country. Further details about the assumptions used, including those used for the sensitivity analysis, are given in note (7.8) Pension provisions and post-retirement benefits . (d) Measurement of other provisions Other provisions, especially provisions for restoration and environmental protection, litigation risks and restructuring are naturally exposed to significant forecasting uncertainties regarding the level and timing of the obligation. The Group has to make assumptions about the probability of occurrence of an obligation or future trends, such as expected costs, on the basis of experience. Non-current provisions are exposed to forecasting uncertainties. In addition, the level of non-current provisions depends to a large extent on the selection and development of the market-oriented discount rate (see also note (7.9) Other provisions ) as well as on estimates for the Rubber footprint restructuring as described in note (6.4) Restructuring expenses . |
Basis of preparation of the f18
Basis of preparation of the financial statements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
Disclosure of exchange rates used for currency translation | The following exchange rates were used for currency translation: EUR 1 equivalent to Annual average exchange rate Closing rate as at Dec 31, 2017 2016 2015 2017 2016 U.S. Dollar (USD) 1.1297 1.1069 1.1130 1.1993 1.0541 Pound Sterling (GBP) 0.8767 0.8195 0.7284 0.8872 0.8562 Japanese Yen (JPY) 126.7112 120.1967 134.5231 135.0100 123.4000 Swedish Krona (SEK) 9.6351 9.4689 9.3414 9.8438 9.5525 Singapore Dollar (SGD) 1.5588 1.5275 1.5288 1.6024 1.5234 South African Rand (ZAR) 15.0490 16.2645 14.2616 14.8054 14.4570 Polish Zloty (PLN) 4.2570 4.3632 4.1909 4.1770 4.4103 Brazilian Real (BRL) 3.6054 3.8561 3.7024 3.9729 3.4305 South Korean Won (KRW) 1,276.7381 1,284.1811 1,259.6731 1,279.6100 1,269.3600 Chinese Renminbi (CNY) 7.6290 7.3522 6.9924 7.8044 7.3202 |
Disclosure of asset residual values and useful lives | In years Buildings 5-50 Plant and machinery 3-25 Furniture, fixtures and office equipment 3-25 Property, plant and equipment developed as follows: In EUR k Cost Land Land rights and buildings Plant and machinery Other equipment, furniture and fixtures Prepayments and constructions in progress Total As at January 1, 2016 42,076 80,850 429,726 18,581 32,942 604,175 Currency translation 802 4,225 14,094 364 1,023 20,508 Additions 220 978 33,015 2,440 21,112 57,765 Disposals — (281 ) (2,410 ) (224 ) (550 ) (3,465 ) Reclassifications 270 (586 ) 22,116 699 (22,499 ) — As at December 31, 2016 43,368 85,186 496,541 21,860 32,028 678,983 As at January 1, 2017 43,368 85,186 496,541 21,860 32,028 678,983 Currency translation (1,313 ) (4,594 ) (27,248 ) (564 ) (1,293 ) (35,012 ) Additions 6 2,167 57,190 1,665 26,037 87,065 Disposals (104 ) (721 ) (8,567 ) (2,006 ) (179 ) (11,577 ) Reclassifications 149 615 15,775 1,271 (17,810 ) — As at December 31, 2017 42,106 82,653 533,691 22,226 38,783 719,459 In EUR k Depreciation Land Land rights and buildings Plant and machinery Other equipment, furniture and fixtures Prepayments and constructions in progress Total As at January 1, 2016 — 22,026 184,408 11,885 — 218,319 Currency translation — 1,312 5,415 217 — 6,944 Depreciation expense — 4,622 51,346 2,496 — 58,464 Impairment Segment Restructuring 446 1,107 8,546 171 20 10,290 Disposals — (310 ) (2,225 ) (226 ) — (2,761 ) As at December 31, 2016 446 28,757 247,490 14,543 20 291,256 As at January 1, 2017 446 28,757 247,490 14,543 20 291,256 Currency translation — (1,242 ) (12,621 ) (368 ) — (14,231 ) Depreciation expense — 5,776 59,122 2,969 — 67,867 Reversal of Impairment Segment Restructuring — — (972 ) — — (972 ) Disposals — (353 ) (7,444 ) (1,996 ) — (9,793 ) Reclassifications — (3 ) 20 (17 ) — — As at December 31, 2017 446 32,935 285,595 15,131 20 334,127 In EUR k Carrying amount Land Land rights and buildings Plant and machinery Other equipment, furniture and fixtures Prepayments and constructions in progress Total As at December 31, 2016 42,922 56,429 249,051 7,317 32,008 387,727 As at December 31, 2017 41,660 49,718 248,096 7,095 38,763 385,332 The expected remaining depreciation per useful life range of the existing assets as at December 31, 2017 is as follows: In EUR k Depreciation per useful life range 0-5 years 6-10 years 11-20 years 21 years and beyond Total Land rights and buildings 20,307 12,930 10,906 5,575 49,718 Plant and machinery 169,884 62,859 15,353 — 248,096 Other equipment, furniture and fixtures 6,058 951 86 — 7,095 |
List of shareholdings (Tables)
List of shareholdings (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Interest In Other Entities [Abstract] | |
Disclosure of interests in joint arrangements | The following entities are included in the Group consolidated financial statements as subsidiaries or joint ventures at December 31, 2017 . As at December 31, 2017 Shareholding Orion Engineered Carbons S.A., Luxembourg Controlled entities Orion Engineered Carbons Holdings GmbH, Frankfurt am Main, Germany 100 % Orion Engineered Carbons Bondco GmbH, Frankfurt am Main, Germany 100 % Orion Engineered Carbons International GmbH, Frankfurt am Main, Germany 100 % Kinove Italian Bidco S.r. l., Ravenna, Italy 100 % Orion Engineered Carbons France Holdco SAS, Paris, France 100 % Blackstar Engineered Carbons Portugal Holdco, Unipessoal, Lda., Sines, Portugal* 100 % Orion Engineered Carbons USA Holdco, LLC, Kingwood, USA 100 % Orion Engineered Carbons Korea Co. Ltd., Bupyeong-gu, South Korea 100 % Norcarb Engineered Carbons Sweden HoldCo AB, Malmö, Sweden 100 % Orion Engineered Carbons S.r.l. Italy, Ravenna, Italy 100 % Orion Engineered Carbons S.A.S. France, Ambès, France 100 % Carbogal Engineered Carbons S.A. Portugal, Sines, Portugal* 100 % Orion Engineered Carbons LLC USA, Kingwood, USA 100 % Orion Engineered Carbons Co. Ltd., Bupyeong-gu, South Korea 100 % Orion Engineered Carbons sp. z o.o. Poland, Jaslo, Poland 100 % Norcarb Engineered Carbons AB Sweden, Malmö, Sweden 100 % Orion Engineered Carbons Ltda. Brazil, São Paulo, Brazil 100 % Orion Engineered Carbons Proprietary Limited South Africa, Port Elizabeth, South Africa 100 % Orion Engineered Carbons GmbH, Frankfurt am Main, Germany 100 % Orion Engineered Carbons KK Japan, Tokyo, Japan 100 % Orion Engineered Carbons Pte. Ltd., Singapore, Singapore 100 % Orion Engineered Carbons Trading Co. Ltd., Shanghai, China 100 % Orion Engineered Carbons Material Technology (Shanghai) Co., Ltd., Shanghai, China 100 % Orion Engineered Carbons Qingdao Co., Ltd., China 100 % CB International Services Company GmbH, Frankfurt am Main, Germany 100 % Carbon Black OpCo GmbH, Frankfurt am Main, Germany* 100 % Joint ventures Kommanditgesellschaft Deutsche Gasrusswerke GmbH & Co., Dortmund, Germany 54 % Deutsche Gasrusswerke Gesellschaft mit beschränkter Haftung, Dortmund, Germany 50 % * in liquidation |
Disclosure of interests in subsidiaries | The following entities are included in the Group consolidated financial statements as subsidiaries or joint ventures at December 31, 2017 . As at December 31, 2017 Shareholding Orion Engineered Carbons S.A., Luxembourg Controlled entities Orion Engineered Carbons Holdings GmbH, Frankfurt am Main, Germany 100 % Orion Engineered Carbons Bondco GmbH, Frankfurt am Main, Germany 100 % Orion Engineered Carbons International GmbH, Frankfurt am Main, Germany 100 % Kinove Italian Bidco S.r. l., Ravenna, Italy 100 % Orion Engineered Carbons France Holdco SAS, Paris, France 100 % Blackstar Engineered Carbons Portugal Holdco, Unipessoal, Lda., Sines, Portugal* 100 % Orion Engineered Carbons USA Holdco, LLC, Kingwood, USA 100 % Orion Engineered Carbons Korea Co. Ltd., Bupyeong-gu, South Korea 100 % Norcarb Engineered Carbons Sweden HoldCo AB, Malmö, Sweden 100 % Orion Engineered Carbons S.r.l. Italy, Ravenna, Italy 100 % Orion Engineered Carbons S.A.S. France, Ambès, France 100 % Carbogal Engineered Carbons S.A. Portugal, Sines, Portugal* 100 % Orion Engineered Carbons LLC USA, Kingwood, USA 100 % Orion Engineered Carbons Co. Ltd., Bupyeong-gu, South Korea 100 % Orion Engineered Carbons sp. z o.o. Poland, Jaslo, Poland 100 % Norcarb Engineered Carbons AB Sweden, Malmö, Sweden 100 % Orion Engineered Carbons Ltda. Brazil, São Paulo, Brazil 100 % Orion Engineered Carbons Proprietary Limited South Africa, Port Elizabeth, South Africa 100 % Orion Engineered Carbons GmbH, Frankfurt am Main, Germany 100 % Orion Engineered Carbons KK Japan, Tokyo, Japan 100 % Orion Engineered Carbons Pte. Ltd., Singapore, Singapore 100 % Orion Engineered Carbons Trading Co. Ltd., Shanghai, China 100 % Orion Engineered Carbons Material Technology (Shanghai) Co., Ltd., Shanghai, China 100 % Orion Engineered Carbons Qingdao Co., Ltd., China 100 % CB International Services Company GmbH, Frankfurt am Main, Germany 100 % Carbon Black OpCo GmbH, Frankfurt am Main, Germany* 100 % Joint ventures Kommanditgesellschaft Deutsche Gasrusswerke GmbH & Co., Dortmund, Germany 54 % Deutsche Gasrusswerke Gesellschaft mit beschränkter Haftung, Dortmund, Germany 50 % * in liquidation |
Operating segments (Tables)
Operating segments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Operating Segments [Abstract] | |
Disclosure of segment reconciliation | Segment reconciliation for the years ended December 31, 2017 , 2016 and 2015 : In EUR k In EUR k In EUR k 2017 2016 2015 Rubber Specialties Total Rubber Specialties Total Rubber Specialties Total Revenue 752,639 424,571 1,177,210 644,217 385,877 1,030,094 730,288 381,488 1,111,776 Cost of sales (585,988 ) (256,411 ) (842,399 ) (483,339 ) (208,445 ) (691,784 ) (564,559 ) (226,908 ) (791,467 ) Gross profit 166,651 168,160 334,811 160,878 177,432 338,310 165,729 154,580 320,309 Adjusted EBITDA 98,757 128,900 227,657 86,108 136,658 222,766 93,704 115,006 208,710 Adjusted EBITDA Margin 13.1 % 30.4 % 19.3 % 13.4 % 35.4 % 21.6 % 12.8 % 30.1 % 18.8 % Depreciation amortization and impairment of intangible assets and property, plant and equipment (52,277 ) (33,633 ) (85,910 ) (59,116 ) (29,600 ) (88,716 ) (44,815 ) (27,963 ) (72,778 ) Share of profit of joint venture (484 ) — (484 ) (419 ) — (419 ) (492 ) — (492 ) Adjustment items (17,485 ) (28,839 ) (13,047 ) EBIT 123,778 104,792 122,393 Adjusted EBITDA is reconciled to profit or (loss) as follows: Reconciliation of profit or (loss) In EUR k 2017 2016 2015 Profit for the period 66,823 44,626 42,874 Income taxes 20,737 23,240 23,838 Profit before income taxes 87,560 67,866 66,712 Add back finance costs 77,126 62,490 73,448 Deduction share of profit of joint ventures (484 ) (419 ) (492 ) Deduction other finance income (40,424 ) (25,145 ) (17,275 ) Earnings before taxes and finance income/costs (operating result (EBIT)) 123,778 104,792 122,393 Add back depreciation, amortization and impairment of intangible assets and property, plant and equipment (4) 85,910 88,716 72,778 EBITDA 209,688 193,508 195,171 Share of profit of joint venture 484 419 492 Restructuring expenses (1) 4,612 17,623 — Consulting fees related to Group strategy (2) 2,485 2,563 1,502 Long Term Incentive Plan 7,770 3,575 907 Other adjustments (3) 2,618 5,078 10,638 Adjusted EBITDA 227,657 222,766 208,710 (1) Restructuring expenses for the period ended December 31, 2017 are related to further actions undertaken to realign our worldwide Rubber footprint in particular in Korea and to a lesser extent in the USA. Restructuring expenses for the period ended December 31, 2016 relate to the strategic realignment of the worldwide Rubber footprint, resulting in a decision to cease production by December 31, 2016 of the plant in Ambès, France. These expenses comprise personnel related costs of EUR 6.1 million and demolishing, site remediation and securing as well as accrued other expenses for the cessation of € 11.5 million . (2) Consulting fees related to the Group strategy include external consulting fees relating to the restructuring of our rubber footprint and associated activities of EUR1.2 million, external consulting fees relating to the Acquisition of EUR 0.5 million and other external consulting fees for establishing and implementing our operating, tax and organizational strategies including merger and acquisition strategies. (3) Other adjustments (from items with less bearing on the underlying performance of the Company's core business) in the period ended December 31, 2017 primarily relate to costs associated with our EPA enforcement action of EUR 2.1 million , costs to remediate damages incurred by hurricane Harvey of EUR 1.4 million and costs associate with the secondary offering of our shares, offset by EUR 1.3 million of reimbursements of reassessed real estate transfer taxes. Other adjustments for the period ended December 31, 2016 primarily relate to cost of EUR 4.1 million associated with our EPA enforcement action (including accrued expenses for penalties and mitigation projects). Other adjustments in 2015 mainly include EUR 5.0 million costs related to address the EPA enforcement action, in particular to evaluate emission-removal technologies and legal advice, EUR 1.8 million Sarbanes-Oxley first time implementation costs, EUR 1.8 million OECQ post acquisition-related costs and EUR 1.5 million reassessed real estate transfer tax related to the 2011 acquisition. (4) Includes EUR 10.3 million impairment of fixed assets at our Ambès, France plant for the period ended December 31, 2016 following the decision to cease production by December 31, 2016. |
Disclosure of geographic information | Goodwill, intangible assets, property, plant and equipment In EUR k As at Dec 31, 2017 2016 Germany 121,602 131,975 Sweden 67,518 67,432 Italy 60,852 61,438 Poland 41,635 40,319 Rest of Europe 3,705 3,321 Subtotal Europe 295,312 304,485 United States 58,809 85,123 South Korea 91,641 71,590 South Africa 26,688 27,684 Brazil 11,391 16,839 China 8,949 8,468 Other 23 34 Total 492,813 514,223 Geographic information Revenues In EUR k 2017 2016 2015 Germany 464,638 398,430 415,944 United States 293,148 273,177 329,669 South Korea 218,377 199,772 234,442 Brazil 71,016 55,175 51,793 China 56,849 41,062 8,361 South Africa 41,592 33,231 43,669 Other 20,560 21,319 20,175 Rest of Europe* 11,030 7,928 7,723 Total 1,177,210 1,030,094 1,111,776 * Only a holding company is located in Luxembourg, accordingly no revenue is generated in the country of domicile. |
Notes to income statement (Tabl
Notes to income statement (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Analysis of income and expense [abstract] | |
Disclosure of other operating income | In EUR k 2017 2016 2015 Income from the currency translation of monetary items 65 — 10 Income from the valuation of derivatives — 19 2,202 Income from the reversal of provisions 1,319 1,196 478 Miscellaneous income 2,931 4,647 4,766 Total 4,315 5,862 7,456 |
Disclosure of other operating expense | In EUR k 2017 2016 2015 Consulting fees related to Group strategy 2,485 2,563 1,502 Expenses from the currency translation of monetary items 15 807 1,742 Expenses from the valuation of derivatives — 33 3,079 Impairment loss on trade receivables — 6 1,616 Loss on Disposal of Assets 219 1,013 — Miscellaneous expenses 8,082 9,395 13,822 Total 10,801 13,817 21,761 |
Disclosure of finance income and costs | In EUR k 2017 2016 2015 Income from exchange differences 39,274 24,476 15,330 Other interest income 745 669 1,945 Income from commodity hedging activities 405 — — Finance income 40,424 25,145 17,275 Interest expenses from loans (20,292 ) (29,757 ) (36,370 ) Amortisation of transaction costs (4,123 ) (3,810 ) (4,804 ) Expenses from exchange differences (44,692 ) (22,691 ) (27,073 ) Other interest expenses (3,433 ) (2,846 ) (3,335 ) Net interest cost from pensions (1,525 ) (1,541 ) (1,485 ) Interest expenses from the unwinding of discounts on other provisions (213 ) (127 ) (88 ) Expenses from commodity hedging activities (410 ) — — Other finance expenses (2,438 ) (1,718 ) (293 ) Finance costs (77,126 ) (62,490 ) (73,448 ) Financial result without share of profit or loss from joint ventures (36,702 ) (37,345 ) (56,173 ) |
Disclosure of expenses for loans | Expenses for loans include: In EUR k 2017 2016 2015 Interest on term loans (20,292 ) (29,757 ) (36,370 ) Commitment fee for the revolving facility (1,433 ) (1,265 ) (1,488 ) Total expenses from loans (21,725 ) (31,022 ) (37,858 ) |
Disclosure of income tax expense | Income tax expense is as follows: In EUR k 2017 2016 2015 Current income taxes (24,167 ) (18,678 ) (21,440 ) (thereof income taxes attributable to the prior year) 1,769 155 6,751 Deferred taxes 3,430 (4,562 ) (2,398 ) (thereof on temporary differences) 1,356 (4,241 ) 6,739 Total net tax expenses from continuing activities (20,737 ) (23,240 ) (23,838 ) Tax expense recognized directly in equity (6,886 ) 6,551 4,696 |
Disclosure of the tax reconciliation of expected income taxes to the effective income taxes | The following tax reconciliation shows the difference between the expected income taxes using the German overall tax rate of 32.00% and the effective income taxes in the income statement, for the years ended December 31, 2017 , 2016 and 2015 , respectively. In EUR k 2017 2016 2015 Profit or (loss) before income taxes 87,560 67,866 66,712 Expected income tax expense/(benefit) thereon 28,019 21,717 21,348 Tax rate differential (1,985 ) (4,698 ) (4,189 ) Change in valuation allowance on deferred tax assets and for movement in tax loss carryforwards without recognition of deferred taxes (3,265 ) 1,572 8,783 Change in the tax rate and tax laws (8,447 ) (67 ) 26 Income taxes for prior years 496 29 450 Tax on non-deductible interest expenses 1,347 1,545 2,054 Taxes on other non-deductible expenses, and non-deductible taxes 5,489 4,647 6,254 Effects of changes in permanent differences (778 ) 136 34 Tax effect on tax-free income (914 ) (1,141 ) (2,557 ) Tax effect on profit or loss from investments accounted for using the equity method — — (159 ) Other tax effects 775 (500 ) (8,206 ) Effective income taxes as reported in the income statement expense 20,737 23,240 23,838 Effective tax rate in % 23.68 % 34.24 % 35.73 % |
Disclosure of personnel expenses | Personnel expenses were recognized as follows: In EUR k 2017 2016 2015 Wages and salaries 113,500 111,415 107,222 Social security costs 11,333 11,522 11,091 Pension expenses 5,664 4,658 5,598 Other personnel expenses 20,847 16,161 12,422 Total 151,344 143,756 136,333 |
Disclosure of detail as to expenses recorded within the profit and loss with respect to the LTIP | The following table provides detail as to expenses recorded within the profit and loss with respect to the LTIP. EUR k 2017 2016 2015 Expense arising from equity-settled share based payment transactions (2015 Plan) 2,439 2,120 907 Expense arising from equity-settled share based payment transactions (2016 Plan) 3,592 1,455 — Expense arising from equity-settled share based payment transactions (2017 Plan) 1,739 — — Total expenses 7,770 3,575 907 |
Disclosure of the number of and movements in PSUs | The following table illustrates the number of, and movements in, PSUs during the year. Number of PSUs 2017 2016 2015 Total Total Total Outstanding at January 1, 1,145,238 463,830 — Granted during the period 474,660 690,279 491,835 Forfeited during the period (9,004 ) (8,871 ) (28,005 ) Settled during the period — — — Outstanding at December 31, 1,610,894 1,145,238 463,830 |
Disclosure of indirect measurement of fair value of goods or services received, other equity instruments granted during period | The following table lists the inputs to the model used for calculating the grant date fair value under the 2015 and 2016 Plan: 2015 Plan 2016 Plan 2017 Plan Dividend Yield (%) 2.14% 2.23% 1.88% Expected Volatility OEC (%) 25.16% 32.07% 33.77% Expected Volatility Peer Group (%) 13.90% 18.12% 17.30% Correlation 0.5234 0.4952 0.4574 Risk-free interest rate (%) 0.90% 0.76% 1.45% Model used Monte Carlo Monte Carlo Monte Carlo Weighted average fair value of PSUs granted in EUR 15.88 15.38 21.67 |
Disclosure of earnings per share | The following table reflects the income and share data used in the basic and diluted EPS computations: 2017 2016 2015 Profit or (loss) for the period- attributable to ordinary equity holders of the parent (in EUR k) 66,823 44,626 42,874 Weighted average number of ordinary shares (in thousands of shares) 59,320 59,353 59,635 Basic EPS (in EUR per share) 1.13 0.75 0.72 dilutive effect of share based payments (in thousands of shares) 1,354 801 195 Weighted average number of diluted ordinary shares (in thousands of shares) 60,674 60,154 59,830 Diluted EPS (in EUR per share) 1.10 0.74 0.72 |
Notes to the statement of fin22
Notes to the statement of financial position (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Disclosure of intangible assets developed | Intangible assets developed as follows: In EUR k Cost Goodwill Developed Technology and Patents Customer Relationships Trademarks Other intangible assets Total As at January 1, 2016 48,512 55,900 64,571 17,200 40,387 226,570 Currency translation — — 233 — 1,037 1,270 Additions — — — — 2,672 2,672 Acquisition of a subsidiary — — — — — — Disposals — — — — (11 ) (11 ) As at December 31, 2016 48,512 55,900 64,804 17,200 44,085 230,501 As at January 1, 2017 48,512 55,900 64,804 17,200 44,085 230,501 Currency translation — — (432 ) — (3,909 ) (4,341 ) Additions — 390 — — 632 1,022 Disposals — — — — (66 ) (66 ) As at December 31, 2017 48,512 56,290 64,372 17,200 40,742 227,116 In EUR k Amortization Goodwill Developed Technology and Patents Customer Relationships Trademarks Other intangible assets Total As at January 1, 2016 — 16,461 34,757 5,066 26,971 83,255 Currency translation — — 31 — 915 946 Amortization Expense — 3,727 7,266 1,147 7,681 19,821 Impairment Segment Restructruing — — — — (6 ) (6 ) Disposals — — — — (11 ) (11 ) As at December 31, 2016 — 20,188 42,054 6,213 35,550 104,005 As at January 1, 2017 — 20,188 42,054 6,213 35,550 104,005 Currency translation — — (25 ) — (3,194 ) (3,219 ) Amortization Expense — 3,727 6,984 1,147 7,057 18,915 Disposals — — — — (66 ) (66 ) As at December 31, 2017 — 23,915 49,013 7,360 39,347 119,635 In EUR k Net carrying value Goodwill Developed Technology and Patents Customer Relationships Trademarks Other intangible assets Total As at December 31, 2016 48,512 35,712 22,750 10,987 8,535 126,496 As at December 31, 2017 48,512 32,375 15,359 9,840 1,395 107,481 |
Disclosure of property, plant and equipment developed | In years Buildings 5-50 Plant and machinery 3-25 Furniture, fixtures and office equipment 3-25 Property, plant and equipment developed as follows: In EUR k Cost Land Land rights and buildings Plant and machinery Other equipment, furniture and fixtures Prepayments and constructions in progress Total As at January 1, 2016 42,076 80,850 429,726 18,581 32,942 604,175 Currency translation 802 4,225 14,094 364 1,023 20,508 Additions 220 978 33,015 2,440 21,112 57,765 Disposals — (281 ) (2,410 ) (224 ) (550 ) (3,465 ) Reclassifications 270 (586 ) 22,116 699 (22,499 ) — As at December 31, 2016 43,368 85,186 496,541 21,860 32,028 678,983 As at January 1, 2017 43,368 85,186 496,541 21,860 32,028 678,983 Currency translation (1,313 ) (4,594 ) (27,248 ) (564 ) (1,293 ) (35,012 ) Additions 6 2,167 57,190 1,665 26,037 87,065 Disposals (104 ) (721 ) (8,567 ) (2,006 ) (179 ) (11,577 ) Reclassifications 149 615 15,775 1,271 (17,810 ) — As at December 31, 2017 42,106 82,653 533,691 22,226 38,783 719,459 In EUR k Depreciation Land Land rights and buildings Plant and machinery Other equipment, furniture and fixtures Prepayments and constructions in progress Total As at January 1, 2016 — 22,026 184,408 11,885 — 218,319 Currency translation — 1,312 5,415 217 — 6,944 Depreciation expense — 4,622 51,346 2,496 — 58,464 Impairment Segment Restructuring 446 1,107 8,546 171 20 10,290 Disposals — (310 ) (2,225 ) (226 ) — (2,761 ) As at December 31, 2016 446 28,757 247,490 14,543 20 291,256 As at January 1, 2017 446 28,757 247,490 14,543 20 291,256 Currency translation — (1,242 ) (12,621 ) (368 ) — (14,231 ) Depreciation expense — 5,776 59,122 2,969 — 67,867 Reversal of Impairment Segment Restructuring — — (972 ) — — (972 ) Disposals — (353 ) (7,444 ) (1,996 ) — (9,793 ) Reclassifications — (3 ) 20 (17 ) — — As at December 31, 2017 446 32,935 285,595 15,131 20 334,127 In EUR k Carrying amount Land Land rights and buildings Plant and machinery Other equipment, furniture and fixtures Prepayments and constructions in progress Total As at December 31, 2016 42,922 56,429 249,051 7,317 32,008 387,727 As at December 31, 2017 41,660 49,718 248,096 7,095 38,763 385,332 The expected remaining depreciation per useful life range of the existing assets as at December 31, 2017 is as follows: In EUR k Depreciation per useful life range 0-5 years 6-10 years 11-20 years 21 years and beyond Total Land rights and buildings 20,307 12,930 10,906 5,575 49,718 Plant and machinery 169,884 62,859 15,353 — 248,096 Other equipment, furniture and fixtures 6,058 951 86 — 7,095 |
Disclosure of trade receivables and other financial assets | In EUR k As at Dec 31, 2017 2016 Total Thereof current Thereof non‑current Total Thereof current Thereof non‑current Trade receivables 195,341 195,341 — 190,503 190,503 — Receivables from hedges/ derivatives 2,964 757 2,207 2,826 1,599 1,227 Loans 574 — 574 1,357 593 764 Miscellaneous financial assets 2,678 2,487 191 3,259 3,072 187 Other financial assets 6,216 3,244 2,972 7,442 5,264 2,178 Total 201,557 198,585 2,972 197,945 195,767 2,178 The table below shows a comparison of the carrying amount to the fair value of each financial asset and financial liability as at December 31, 2017 and 2016 : In EUR k 2017 2016 2017 2016 Carrying amount Fair value Loans and receivables Trade receivables 195,341 190,503 195,341 190,503 Loans 574 1,357 574 1,357 Miscellaneous financial assets 2,678 3,259 2,678 3,259 Cash and cash equivalents 60,272 73,907 60,272 73,907 Total 258,865 269,026 258,865 269,026 Financial assets held for trading Receivables from derivatives 2,964 2,826 2,964 2,826 Total financial assets 261,829 271,852 261,829 271,852 Liabilities measured at amortized cost Term loan 558,569 618,059 570,528 630,581 Local Bank Loan 10,433 — 10,433 — Trade payables 141,436 122,913 141,436 122,913 Other financial liabilities 97 202 97 202 Total 710,535 741,174 722,494 753,696 Liabilities held for trading Liabilities from derivatives 4,330 863 4,330 863 Total financial liabilities 714,865 742,037 726,824 754,559 |
Disclosure of the aging of trade receivables | The aging of trade receivables is as follows: In EUR k As at Dec 31, 2017 2016 Impaired receivables, net 4,353 2,497 Gross amount (before impairment losses and allowances) 8,706 9,773 Impairment provision (including allowances) 4,353 7,276 Unimpaired receivables 190,988 188,006 Not due 179,048 173,722 Past due by Up to 3 months 11,476 13,888 3 to 6 months 394 150 6 to 9 months 37 70 9 to 12 months 4 53 More than 1 year 29 123 Total 195,341 190,503 |
Disclosure of provision of receivables | See below for the movements in the provision for impairment of receivables: In EUR k 2017 2016 As at January 1, 7,276 5,814 Addition 3,780 4,585 Utilization (680 ) (28 ) Unused amounts reversed (5,736 ) (3,099 ) Currency translation (287 ) 4 As at December 31, 4,353 7,276 |
Disclosure of current inventory | In EUR k As at Dec 31, 2017 2016 Raw materials, consumables and supplies 53,487 54,694 Work in process 9 34 Finished goods and merchandise 79,360 59,623 Total 132,856 114,351 |
Disclosure of impairment allowance on inventories | Impairment allowance on inventories as of December 31, 2017 and December 31, 2016 amounted to EUR 1,432k and EUR 4,208k , respectively, and developed as following: In EUR k 2017 2016 As at January 1, 2017 4,208 3,399 Addition 1,432 4,175 Utilization (3,528 ) (3,283 ) Release (680 ) (83 ) As at December 31, 2017 1,432 4,208 |
Disclosure of other non-financial assets | In EUR k In EUR k As at Dec 31, As at Dec 31, 2017 2016 Total Thereof current There of non‑current Total Thereof current There of non‑current Miscellaneous other receivables 28,248 28,044 204 21,876 20,921 955 Prepaid expenses 4,206 1,172 3,034 2,967 1,064 1,903 Total 32,454 29,216 3,238 24,843 21,985 2,858 |
Disclosure of treasury shares repurchased | The following table sets forth the numbers and average prices of the shares repurchased during the year ended December 31, 2016: Period Total Number of Shares Purchased Average Price Paid per Share in US-Dollar Maximum approximate Dollar Value of shares that may yet be purchased under the Program as of December 31, 2016 January 1, 2016 – January 31, 2016 104,438 $11.1647 $18,833,978 February 1, 2016 – February 29, 2016 199,874 $12.3170 $16,372,123 March 1, 2016 – March 31, 2016 10,600 $12.9293 $16,235,072 April 1, 2016 – December, 2016 — $0.0000 $16,235,072 Total 314,912 $11.9555 $16,235,072 |
Disclosure of pension provisions | The present value of the defined benefit obligation developed as follows: In EUR k 2017 2016 Present value of defined benefit obligation at the beginning of the period 61,379 50,589 Actuarial (gain)/ loss (661 ) 10,544 Current service cost 684 712 Interest cost 1,525 1,541 Benefits paid (2,137 ) (827 ) Other adjustments 128 (1,874 ) Currency translation (162 ) 694 Present value of defined benefit obligation at the end of the period 60,756 61,379 The fair value of plan assets developed as follows: In EUR k 2017 2016 Fair value of plan assets at the beginning of the period 6,643 5,595 Expected return on plan assets 159 136 Employer contributions 888 1,006 Employee contributions — 50 Actuarial gain/(loss) (68 ) (30 ) Benefits paid (1,338 ) (176 ) Currency translation (52 ) 62 Fair value of plan assets 6,232 6,643 Financing as at December 31, 2017 and 2016 was as follows: In EUR k As at Dec 31, 2017 2016 Defined benefit obligation 60,756 61,379 Fair value of plan assets (6,232 ) (6,643 ) Pension provision 54,524 54,736 In 2017 and 2016 , pension provisions developed as follows: In EUR k 2017 2016 At the beginning of the period 54,736 44,994 Actuarial (gain)/ loss (593 ) 10,574 Net pension expense 2,178 243 Net (contribution)/return into/from plan assets 450 (880 ) Net benefits paid (2,137 ) (827 ) Exchange difference (110 ) 632 Pension provisions at the end of the period 54,524 54,736 |
Disclosure of assumptions used pension and post-retirement benefits | In EUR k 2017 2016 At the beginning of the period 54,736 44,994 Actuarial (gain)/ loss (593 ) 10,574 Net pension expense 2,178 243 Net (contribution)/return into/from plan assets 450 (880 ) Net benefits paid (2,137 ) (827 ) Exchange difference (110 ) 632 Pension provisions at the end of the period 54,524 54,736 The weighted averages in the table below were used in the actuarial valuation of the assumptions underlying the obligations: Assumptions As at Dec 31, 2017 2016 Discount rate 1.90% 1.90% Mortality Heubeck Richttafeln 2005G Heubeck Richttafeln 2005G Future pension increase 1.5% 1.5% |
Disclosure of sensitivity analysis for assumptions | A quantitative sensitivity analysis for the significant assumptions as at December 31, 2017 is shown below: In EUR k As at Dec 31, 2017 Discount Rate Pension Trend Mortality Sensitivity level 1.40% 2.40% 1.00% 2.00% + 2 Years Impact on defined benefit obligation (5,515) 4,751 7,179 (7,931) (3,444) A quantitative sensitivity analysis for the significant assumptions as at December 31, 2016 is shown below: In EUR k As at Dec 31, 2016 Discount Rate Pension Trend Mortality Sensitivity level 1.40% 2.40% 1.00% 2.00% + 2 Years Impact on defined benefit obligation (5,708) 4,896 6,954 (7,715) (3,435) |
Disclosure of pension expense | The total pension expense for continuing operations breaks down as follows: In EUR k 2017 2016 2015 Current service cost 684 712 762 Interest expense 1,525 1,541 1,485 Return on plan assets (159 ) (136 ) (160 ) Past service cost/(income) and other adjustments 128 (1,874 ) (1,247 ) Net pension expense/(income) 2,178 243 840 |
Disclosure of other provisions by type of provision | In EUR k In EUR k As at Dec 31, 2017 2016 Total Thereof current Thereof non-current Total Thereof current Thereof non-current Personnel provisions 31,804 23,805 7,999 34,195 24,628 9,567 Provisions for sales and procurement 2,822 2,822 — 2,749 2,749 — Provisions for environmental protection measures 1,640 431 1,209 1,686 507 1,179 Provisions for restoration 1,918 — 1,918 3,001 — 3,001 Restructuring provision related to Rubber footprint 7,268 7,268 — 15,819 15,819 — Other provisions 15,262 15,262 — 16,353 16,353 — Total 60,714 49,588 11,126 73,803 60,056 13,747 Other provisions as at December 31, 2017 and 2016 developed as follows: In EUR k Personnel provisions Provisions for sales and procure-ment Provisions for environ- mental protection measures Provisions for restoration Restructuring provision related to Rubber footprint Other provisions Total As at Dec 31, 2016 34,195 2,749 1,686 3,001 15,819 16,353 73,803 Currency translation (1,078 ) (125 ) 5 (393 ) — (743 ) (2,334 ) Additions 21,250 2,799 122 — 2,000 7,615 33,786 Utilization (22,405 ) (2,597 ) (255 ) (730 ) (10,551 ) (6,897 ) (43,435 ) Reversals (248 ) (4 ) (1 ) — — (1,066 ) (1,319 ) Unwinding of the discount/change in interest rate 90 — 83 40 — — 213 As at Dec 31, 2017 31,804 2,822 1,640 1,918 7,268 15,262 60,714 In EUR k Personnel provisions Provisions for sales and procure-ment Provisions for environ-mental protection measures Provisions for restoration Restructuring provision related to Rubber footprint Other provisions Total As at Dec 31, 2015 35,579 2,670 1,691 3,070 — 10,503 53,513 Currency translation 245 94 (3 ) 101 — 883 1,320 Additions 21,695 2,803 98 159 15,960 12,476 53,191 Utilization (23,329 ) (2,761 ) (100 ) (329 ) (141 ) (6,988 ) (33,648 ) Reversals (133 ) (57 ) — — — (521 ) (711 ) Unwinding of the discount/change in interest rate 138 — — — — — 138 As at Dec 31, 2016 34,195 2,749 1,686 3,001 15,819 16,353 73,803 |
Disclosure of trade payables, other financial liabilities | In EUR k As at Dec 31, 2017 2016 Total Thereof current Thereof non-current Total Thereof current Thereof non-current Term Loan 558,569 5,007 553,562 618,059 4,526 613,533 Local bank loans 10,433 15 10,418 — — — Liabilities from derivatives 4,330 774 3,556 863 863 — Other financial liabilities 97 52 45 202 76 126 Total financial liabilities 573,429 5,848 567,581 619,124 5,465 613,659 Trade payables 141,436 141,436 — 122,913 122,913 — Total 714,865 147,284 567,581 742,037 128,378 613,659 The table below shows a comparison of the carrying amount to the fair value of each financial asset and financial liability as at December 31, 2017 and 2016 : In EUR k 2017 2016 2017 2016 Carrying amount Fair value Loans and receivables Trade receivables 195,341 190,503 195,341 190,503 Loans 574 1,357 574 1,357 Miscellaneous financial assets 2,678 3,259 2,678 3,259 Cash and cash equivalents 60,272 73,907 60,272 73,907 Total 258,865 269,026 258,865 269,026 Financial assets held for trading Receivables from derivatives 2,964 2,826 2,964 2,826 Total financial assets 261,829 271,852 261,829 271,852 Liabilities measured at amortized cost Term loan 558,569 618,059 570,528 630,581 Local Bank Loan 10,433 — 10,433 — Trade payables 141,436 122,913 141,436 122,913 Other financial liabilities 97 202 97 202 Total 710,535 741,174 722,494 753,696 Liabilities held for trading Liabilities from derivatives 4,330 863 4,330 863 Total financial liabilities 714,865 742,037 726,824 754,559 |
Disclosure of temporary difference, unused tax losses and unused tax credits | The following tax loss and interest carryforwards were recognized as at December 31, 2017 and 2016 (gross amounts): In EUR k As at Dec 31, 2017 2016 Corporate income tax loss carryforwards 95,515 86,384 Trade tax loss carryforwards — 40,370 Total 95,515 126,754 No deferred tax assets were recognized for the following items (gross amounts): In EUR k As at Dec 31, 2017 2016 Deductible temporary differences 28,366 28,449 Corporate income tax loss carryforwards 104,772 154,009 Trade tax loss carryforwards 213 2,353 Interest carryforwards for tax purposes 20,535 17,771 Total 153,886 202,582 Deferred tax assets In EUR k As at Dec 31, 2017 2016 Assets Intangible assets 1,004 1,062 Property, plant and equipment 1,928 2,796 Financial assets 6,094 18,773 Inventories 1,825 2,577 Receivables, other assets 2,320 1,999 Liabilities Provisions 16,710 18,542 Liabilities 21,939 39,106 Other Loss carryforwards 15,807 20,593 Total deferred tax assets 67,627 105,448 Netting with deferred tax liabilities (31,318 ) (44,493 ) Deferred tax assets (net) 36,309 60,955 Deferred tax liability In EUR k As at Dec 31, 2017 2016 Assets Intangible assets 684 1,198 Property, plant and equipment 27,336 45,858 Financial assets 5,527 20,233 Receivables, other assets 11,321 14,795 Liabilities Provisions 5,677 5,129 Liabilities 1,719 1,837 Total deferred tax liabilities 52,264 89,050 Netting with deferred tax assets (31,318 ) (44,493 ) Deferred tax liabilities (net) 20,946 44,557 Net deferred tax (15,363 ) (16,398 ) |
Other notes (Tables)
Other notes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Additional information [abstract] | |
Disclosure of invested capital | As at December 31, 2017 and 2016 invested capital consists of the following: Interest rate Maturity Comment In EUR k As at Dec 31, 2017 2016 Reported equity N/A N/A 83,262 52,882 Term Loans (see note (7.10(a))) Interest after November 2017 repricing: EURIBOR / LIBOR (Floor 0.0%) plus 2.50% Margin. July 25, 2024 1% minimum repayment / year; voluntary additional repayments 558,569 Interest as at 31 December 2016: July 25, 2021 1% minimum repayment / year; voluntary additional repayments 618,059 Cash and cash equivalents N/A N/A N/A (60,272 ) (73,907 ) Total invested capital 581,559 597,034 |
Disclosure of income and expenses and gains and losses from financial instruments | The income and expenses and gains and losses from financial instruments recognized in the income statement are presented as net items by measurement category as listed in IAS 39 Financial Instruments: Recognition and Measurement . In EUR k 2017 2016 2015 2017 2016 2015 Loans and receivables Financial assets held for trading / Financial assets designated as hedging instruments Income from the reversal of bad debt allowances 5,736 3,099 1,285 — — — Income from the currency translation of monetary items 26,505 20,598 5,008 — — — Income from the valuation of derivatives — — — 404 217 2,202 Expenses from the currency translation of monetary items (44,707 ) (23,498 ) (1,930 ) — — — Expenses from the valuation of derivatives — — — (980 ) (999 ) (2,247 ) Expenses for bad debt allowances on trade receivables (3,780 ) (4,585 ) (1,957 ) — — — Result from loans and receivables 370 157 1,577 — — — Other interest-like income 374 514 368 — — — Total (15,502 ) (3,715 ) 4,351 (576 ) (782 ) (45 ) In EUR k 2017 2016 2015 2017 2016 2015 Liabilities held for trading Liabilities measured at amortized cost Income from the currency translation of monetary items — — — 12,834 3,878 — Expenses from the currency translation of monetary items — — — — — (16,553 ) Expenses from the valuation of derivatives (3,683 ) (11,549 ) (7,315 ) — — — Interest expenses from loans — — — (24,415 ) (33,567 ) (41,174 ) Other interest-like expenses — — — (2,453 ) (1,847 ) (1,088 ) Total (3,683 ) (11,549 ) (7,315 ) (14,034 ) (31,536 ) (58,815 ) |
Disclosure of financial assets | In EUR k As at Dec 31, 2017 2016 Total Thereof current Thereof non‑current Total Thereof current Thereof non‑current Trade receivables 195,341 195,341 — 190,503 190,503 — Receivables from hedges/ derivatives 2,964 757 2,207 2,826 1,599 1,227 Loans 574 — 574 1,357 593 764 Miscellaneous financial assets 2,678 2,487 191 3,259 3,072 187 Other financial assets 6,216 3,244 2,972 7,442 5,264 2,178 Total 201,557 198,585 2,972 197,945 195,767 2,178 The table below shows a comparison of the carrying amount to the fair value of each financial asset and financial liability as at December 31, 2017 and 2016 : In EUR k 2017 2016 2017 2016 Carrying amount Fair value Loans and receivables Trade receivables 195,341 190,503 195,341 190,503 Loans 574 1,357 574 1,357 Miscellaneous financial assets 2,678 3,259 2,678 3,259 Cash and cash equivalents 60,272 73,907 60,272 73,907 Total 258,865 269,026 258,865 269,026 Financial assets held for trading Receivables from derivatives 2,964 2,826 2,964 2,826 Total financial assets 261,829 271,852 261,829 271,852 Liabilities measured at amortized cost Term loan 558,569 618,059 570,528 630,581 Local Bank Loan 10,433 — 10,433 — Trade payables 141,436 122,913 141,436 122,913 Other financial liabilities 97 202 97 202 Total 710,535 741,174 722,494 753,696 Liabilities held for trading Liabilities from derivatives 4,330 863 4,330 863 Total financial liabilities 714,865 742,037 726,824 754,559 |
Disclosure of financial liabilities | In EUR k As at Dec 31, 2017 2016 Total Thereof current Thereof non-current Total Thereof current Thereof non-current Term Loan 558,569 5,007 553,562 618,059 4,526 613,533 Local bank loans 10,433 15 10,418 — — — Liabilities from derivatives 4,330 774 3,556 863 863 — Other financial liabilities 97 52 45 202 76 126 Total financial liabilities 573,429 5,848 567,581 619,124 5,465 613,659 Trade payables 141,436 141,436 — 122,913 122,913 — Total 714,865 147,284 567,581 742,037 128,378 613,659 The table below shows a comparison of the carrying amount to the fair value of each financial asset and financial liability as at December 31, 2017 and 2016 : In EUR k 2017 2016 2017 2016 Carrying amount Fair value Loans and receivables Trade receivables 195,341 190,503 195,341 190,503 Loans 574 1,357 574 1,357 Miscellaneous financial assets 2,678 3,259 2,678 3,259 Cash and cash equivalents 60,272 73,907 60,272 73,907 Total 258,865 269,026 258,865 269,026 Financial assets held for trading Receivables from derivatives 2,964 2,826 2,964 2,826 Total financial assets 261,829 271,852 261,829 271,852 Liabilities measured at amortized cost Term loan 558,569 618,059 570,528 630,581 Local Bank Loan 10,433 — 10,433 — Trade payables 141,436 122,913 141,436 122,913 Other financial liabilities 97 202 97 202 Total 710,535 741,174 722,494 753,696 Liabilities held for trading Liabilities from derivatives 4,330 863 4,330 863 Total financial liabilities 714,865 742,037 726,824 754,559 |
Disclosure of fair value measurement of assets | The table below presents the allocation of the fair values to the fair value hierarchy levels (see note (2.5) Significant accounting policies ). In EUR k As at Dec 31, 2017 2016 2017 2016 2017 2016 Level 1 Level 2 Level 3 Financial assets measured at fair value Receivables from derivatives — — 2,964 2,826 — — Financial liabilities measured at fair value Liabilities from derivatives — — 4,330 863 — — Liabilities for which fair values are disclosed Term loan — — 570,528 630,581 — — Local Bank Loan — — 10,433 — — — |
Disclosure of fair value measurement of liabilities | The table below presents the allocation of the fair values to the fair value hierarchy levels (see note (2.5) Significant accounting policies ). In EUR k As at Dec 31, 2017 2016 2017 2016 2017 2016 Level 1 Level 2 Level 3 Financial assets measured at fair value Receivables from derivatives — — 2,964 2,826 — — Financial liabilities measured at fair value Liabilities from derivatives — — 4,330 863 — — Liabilities for which fair values are disclosed Term loan — — 570,528 630,581 — — Local Bank Loan — — 10,433 — — — |
Disclosure of hedging instruments | The following table shows a current and non-current classification for foreign currency derivatives, interest rate derivatives and commodity derivatives: As at Dec 31, 2017 2016 2017 2016 2017 2016 Total Thereof current Thereof non-current In EUR k Receivables from foreign currency derivatives 559 271 559 271 — — Receivables from interest rate derivatives 2,207 1,022 — — 2,207 1,022 Receivables from combined interest rate and foreign currency derivatives — 205 — — — 205 Receivables from commodity derivatives 198 1,328 198 1,328 — — Total receivables from derivatives 2,964 2,826 757 1,599 2,207 1,227 Liabilities from foreign currency derivatives 749 — 749 — — — Liabilities from interest rate derivatives 509 — — — 509 — Liabilities from combined interest rate and foreign currency derivatives 3,047 — — — 3,047 — Liabilities from commodity derivatives 25 863 25 863 — — Total liabilities from derivatives 4,330 863 774 863 3,556 — |
Disclosure of nature and extent of risks arising from financial instruments | To reduce interest rate risk, the Group has entered into interest rate caps and a swap on August 28, 2014, September 2, 2014, November 10, 2017, and November 14, 2017 as indicated below: In Currency k Nominal Amount at Year End Currency Type Strike/Rate Start Date Expiry Date 2017 2018 2019 2020 2021 EUR Cap 1% 12/31/2014 3/31/2021 200,000 150,000 75,000 25,000 — USD Cap 2.5% 12/31/2014 3/31/2021 200,000 125,000 75,000 25,000 — EUR Cap 1% 12/29/2017 12/29/2021 100,000 150,000 225,000 250,000 — USD Cap 2.5% 12/29/2017 12/29/2021 75,000 150,000 170,000 225,000 — EUR Floored Swap 0.0%/1.16% 12/29/2021 7/25/2024 — — — — 275,000 Total1) 529,300 529,300 504,286 483,455 275,000 1)USD/EUR exchange rate of 1.993 |
Disclosure of the hypothetical change in the interest rate | A fluctuation of the USD/EUR exchange rate of 10% with other conditions remaining unchanged would have had the following effect on Orion’s consolidated profit or loss before taxes as at December 31, 2017 , 2016 and 2015 : In EUR k Value of the Euro in relation to the U.S. Dollar Increase by 10% Decrease by 10% Increase by 10% Decrease by 10% Increase by 10% Decrease by 10% 2017 2016 2015 FX gain / (FX loss) in finance result 8,219 (10,045 ) 10,436 (12,755 ) 12,240 (14,960 ) Increase (decrease) in income before taxes 8,219 (10,045 ) 10,436 (12,755 ) 12,240 (14,960 ) Increase (decrease) in equity (Reserve for hedges of a net investment in foreign operation) 13,644 (16,676 ) 15,524 (18,974 ) 15,030 (18,371 ) Increase (decrease) in total comprehensive income before taxes 21,863 (26,721 ) 25,960 (31,729 ) 27,270 (33,331 ) The effect of this hypothetical change in the interest rate of the variable rate loan as well as a hypothetical change in interest rate of the revolving credit facilities on Orion’s consolidated profit or loss before taxes for the year ended December 31, 2017 , 2016 and 2015 is as follows: As at Dec 31, 2017 2016 2015 Increase by 0.50% Decrease by 0.50% Increase by 0.50% Decrease by 0.50% Increase by 0.50% Decrease by 0.50% In EUR k Increase (decrease) in the interest expense 651 (94 ) 1,013 (622 ) (633 ) 525 Increase (decrease) in income before taxes (651 ) 94 (1,013 ) 622 633 (525 ) Increase (decrease) in equity (Cash flow hedge reserve) 4,429 (2,821 ) 181 — 281 — Increase (decrease) in total comprehensive income before taxes 3,778 (2,727 ) (832 ) 622 914 (525 ) |
Disclosure of liquidity risk | The following tables show the residual terms of our Term Loan and its impact on our cash flows based on the agreed maturity date, the repayment schedule, and the total interest amounts. Implied three months EUR forward interest rates and implied USD forward interest rates starting on December 31, 2017 were used to calculate the repayment amounts. As at December 31, 2017 : In EUR mill 2018 2019 2020 2021 Thereafter Total Debt: 1 to third parties 7.0 7.0 7.0 7.0 542.6 570.5 Borrowing cost: 2 to third parties 19.0 19.6 20.4 21.0 56.4 136.4 Total 26.0 26.5 27.3 28.0 599.0 707.0 1) USD/EUR of 1.1993 exchange rate assumed at the date of repayment 2) Interest denominated in U.S. Dollar is translated at a rate of USD/EUR of 1.1993 The following table shows the residual terms of our Term Loan and his impact on our cash flows based on their agreed maturity dates and the total interest and repayment amounts in the prior year: As at December 31, 2016 : In EUR mill 2017 2018 2019 2020 Thereafter Total Debt: 1 to third parties 2 26.9 7.4 7.4 7.4 581.5 630.6 Borrowing cost: 3 to third parties 24.3 25.5 26.1 26.4 21.5 123.9 Total 51.2 32.9 33.5 33.8 603.0 754.5 1) USD/EUR of 1.0541 exchange rate is assumed at the date of repayment 2) Includes EUR 20m voluntary debt repayment voluntarily in January 2017 3) Interest denominated in U.S. Dollar is translated at a rate of USD/EUR of 1.0541 |
Disclosure of reconciliation of changes in liabilities from financing activities | The following table shows the reconciliation and evaluation of changes in liabilities arising from financing activities, for both periods 2017 and 2016. In EUR k As at Jan 1, 2016 Cash flows (w/o interest payments) Transfer FX movement P&L FX movement OCI Other As at Dec 31, 2016 Term loan 650,564 (41,976 ) (4,526 ) 3,538 5,427 505 613,533 Liabilities under finance leases 218 (102 ) — — — 10 126 Non-current liabilities from financing activities 650,782 (42,078 ) (4,526 ) 3,538 5,427 516 613,659 Current interest-bearing liabilities 4,525 (7,259 ) 4,526 (20 ) — 2,754 4,526 Current liabilities under finance leases 62 — — — — 4 67 Current liabilities from financing activities 4,587 (7,259 ) 4,526 (20 ) — 2,758 4,593 Total 655,369 (49,337 ) — 3,518 5,427 3,274 618,252 In EUR k As at Jan 1, 2017 Cash flows (w/o interest payments) Transfer FX movment P&L FX movement OCI Other As at Dec 31, 2017 Term loan 613,533 (22,402 ) (5,007 ) (12,533 ) (20,674 ) 644 553,562 Local bank loans — 9,995 — — 423 — 10,418 Liabilities under finance leases 126 (88 ) — — — 8 45 Non-current liabilities from financing activities 613,659 (12,495 ) (5,007 ) (12,533 ) (20,251 ) 651 564,025 Current interest-bearing liabilities 4,526 (7,112 ) 5,007 (275 ) — 2,876 5,022 Current liabilities under finance leases 67 (21 ) — — — — 46 Financing related derivatives — — — — — 3,555 3,555 Current liabilities from financing activities 4,593 (7,133 ) 5,007 (275 ) — 6,431 8,622 Total 618,252 (19,628 ) — (12,807 ) (20,251 ) 7,083 572,648 |
Disclosure of transactions between related parties | The following table presents compensation, including social security costs, pension expenses and other personnel expenses for the years 2015 through 2017 : In EUR k Years ended Dec 31, 2017 2016 2015 Wages & salaries 5,886 5,458 4,253 Social security costs 140 128 114 Pension expenses 498 443 357 Other personnel expenses 757 782 421 Share based payments 6,173 2,714 907 Total 13,454 9,525 6,052 |
Disclosure of maturity analysis of operating lease payments | The nominal amounts of obligations from future minimum lease payments for assets leased under operating lease agreements have the following maturity: Maturity In EUR k As at Dec 31, 2017 2016 Less than one year 4,404 4,058 1 to 2 years 5,927 2,853 2 to 3 years 5,476 2,752 3 to 4 years 1,241 2,339 4 to 5 years 1,088 2,402 More than 5 years 9,635 6,181 Total 27,771 20,585 |
Disclosure of long-term supply commitments | To safeguard the supply of raw materials, contractual purchase commitments under long-term supply agreements for raw materials, especially oil and gas, are in place with the following maturities: Maturity In EUR k As at Dec 31, 2017 2016 Less than one year 91,059 147,857 1 to 5 years 197,314 227,074 More than 5 years 0 38,435 Total 288,373 413,366 |
Organization and principal ac24
Organization and principal activities - Organization and principal activities, narrative (Details) | Dec. 31, 2017facilityholding_companyservice_companysales_company |
Disclosure of detailed information about business combination [line items] | |
Number of wholly owned production facilities | 13 |
Number of sales companies | sales_company | 3 |
Number of holding companies | holding_company | 10 |
Number of service companies | service_company | 2 |
Portugal and France | |
Disclosure of detailed information about business combination [line items] | |
Number of former operating entities in dissolution | 2 |
Germany | |
Disclosure of detailed information about business combination [line items] | |
Number of production facilities operating as a joint venture | 1 |
Basis of preparation of the f25
Basis of preparation of the financial statements - New accounting standards, narrative (Details) - EUR (€) € in Millions | Dec. 31, 2017 | Dec. 31, 2017 |
Disclosure of effect of overlay approach reclassification on profit or loss [line items] | ||
Operating lease expense | € 8.6 | |
Pro Forma | ||
Disclosure of effect of overlay approach reclassification on profit or loss [line items] | ||
Result if adopted, expected credit loss for trade receivables (less than) | € 1 |
Basis of preparation of the f26
Basis of preparation of the financial statements - Currency translation, schedule of currency translation (Details) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2017¥ / € | Dec. 31, 2017¥ / €SEK / € | Dec. 31, 2017¥ / €£ / € | Dec. 31, 2017¥ / €$ / € | Dec. 31, 2017¥ / €ZAR / € | Dec. 31, 2017¥ / €¥ / € | Dec. 31, 2017¥ / €SGD / € | Dec. 31, 2017¥ / €BRL / € | Dec. 31, 2017¥ / €₩ / € | Dec. 31, 2017¥ / €PLN / € | Dec. 31, 2016¥ / € | Dec. 31, 2016¥ / €SEK / € | Dec. 31, 2016¥ / €£ / € | Dec. 31, 2016¥ / €$ / € | Dec. 31, 2016¥ / €ZAR / € | Dec. 31, 2016¥ / €¥ / € | Dec. 31, 2016¥ / €SGD / € | Dec. 31, 2016¥ / €BRL / € | Dec. 31, 2016¥ / €₩ / € | Dec. 31, 2016¥ / €PLN / € | Dec. 31, 2015¥ / €$ / € | Dec. 31, 2015SEK / €$ / € | Dec. 31, 2015£ / €$ / € | Dec. 31, 2015$ / € | Dec. 31, 2015$ / €ZAR / € | Dec. 31, 2015$ / €¥ / € | Dec. 31, 2015$ / €SGD / € | Dec. 31, 2015$ / €BRL / € | Dec. 31, 2015$ / €₩ / € | Dec. 31, 2015$ / €PLN / € | Dec. 31, 2017SEK / € | Dec. 31, 2017£ / € | Dec. 31, 2017$ / € | Dec. 31, 2017ZAR / € | Dec. 31, 2017¥ / € | Dec. 31, 2017SGD / € | Dec. 31, 2017BRL / € | Dec. 31, 2017₩ / € | Dec. 31, 2017PLN / € | Dec. 31, 2016SEK / € | Dec. 31, 2016£ / € | Dec. 31, 2016$ / € | Dec. 31, 2016ZAR / € | Dec. 31, 2016¥ / € | Dec. 31, 2016SGD / € | Dec. 31, 2016BRL / € | Dec. 31, 2016₩ / € | Dec. 31, 2016PLN / € | Dec. 31, 2014$ / € | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Annual average exchange rate | 7.6290 | 9.6351 | 0.8767 | 1.1297 | 15.0490 | 126.7112 | 1.5588 | 3.6054 | 1,276.7381 | 4.2570 | 7.3522 | 9.4689 | 0.8195 | 1.1069 | 16.2645 | 120.1967 | 1.5275 | 3.8561 | 1,284.1811 | 4.3632 | 6.9924 | 9.3414 | 0.7284 | 1.1130 | 14.2616 | 134.5231 | 1.5288 | 3.7024 | 1,259.6731 | 4.1909 | |||||||||||||||||||
Closing rate as at Dec 31, | 7.8044 | 7.8044 | 7.8044 | 7.8044 | 7.8044 | 7.8044 | 7.8044 | 7.8044 | 7.8044 | 7.8044 | 7.3202 | 7.3202 | 7.3202 | 7.3202 | 7.3202 | 7.3202 | 7.3202 | 7.3202 | 7.3202 | 7.3202 | 1.0887 | 1.0887 | 1.0887 | 1.0887 | 1.0887 | 1.0887 | 1.0887 | 1.0887 | 1.0887 | 1.0887 | 9.8438 | 0.8872 | 1.1993 | 14.8054 | 135.0100 | 1.6024 | 3.9729 | 1,279.6100 | 4.1770 | 9.5525 | 0.8562 | 1.0541 | 14.4570 | 123.4000 | 1.5234 | 3.4305 | 1,269.3600 | 4.4103 | 1.2141 |
Basis of preparation of the f27
Basis of preparation of the financial statements - Significant accounting policies, goodwill and intangible assets, narrative (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Technology-based intangible assets | |
Disclosure of detailed information about intangible assets [line items] | |
Intangible assets useful lives | 15 years |
Customer Relationships | |
Disclosure of detailed information about intangible assets [line items] | |
Intangible assets useful lives | 8 years |
Bottom of range | Other intangible assets | |
Disclosure of detailed information about intangible assets [line items] | |
Intangible assets useful lives | 3 years |
Top of range | Other intangible assets | |
Disclosure of detailed information about intangible assets [line items] | |
Intangible assets useful lives | 10 years |
Basis of preparation of the f28
Basis of preparation of the financial statements - Significant accounting policies, schedule of property, plant and equipment useful lives (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Bottom of range | Buildings | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Assets' residual value and useful lives | 5 years |
Bottom of range | Plant and machinery | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Assets' residual value and useful lives | 3 years |
Bottom of range | Furniture, fixtures and office equipment | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Assets' residual value and useful lives | 3 years |
Top of range | Buildings | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Assets' residual value and useful lives | 50 years |
Top of range | Plant and machinery | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Assets' residual value and useful lives | 25 years |
Top of range | Furniture, fixtures and office equipment | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Assets' residual value and useful lives | 25 years |
Basis of preparation of the f29
Basis of preparation of the financial statements - Significant accounting policies, impairment test (Details) - segment | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | ||||
Number of groups of CGUs | 2 | 2 | 2 | 2 |
Basis of preparation of the f30
Basis of preparation of the financial statements - Significant accounting policies, treasury shares, narrative (Details) | Dec. 31, 2015USD ($) |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
Share repurchase plan, amount of approved shares for repurchase (up to) | $ 20,000,000 |
List of shareholdings - List o
List of shareholdings - List of shareholdings, schedule of subsidiaries or joint ventures (Details) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Kommanditgesellschaft Deutsche Gasrusswerke GmbH & Co., Dortmund, Germany | ||
Disclosure Of Subsidiaries And Joint Ventures [Line Items] | ||
Proportion of ownership interest in joint ventures | 54.00% | 54.00% |
Deutsche Gasrusswerke Gesellschaft mit beschränkter Haftung, Dortmund, Germany | ||
Disclosure Of Subsidiaries And Joint Ventures [Line Items] | ||
Proportion of ownership interest in joint ventures | 50.00% | |
Orion Engineered Carbons Holdings GmbH, Frankfurt am Main, Germany | ||
Disclosure Of Subsidiaries And Joint Ventures [Line Items] | ||
Proportion of ownership interest in subsidiaries | 100.00% | |
Orion Engineered Carbons Bondco GmbH, Frankfurt am Main, Germany | ||
Disclosure Of Subsidiaries And Joint Ventures [Line Items] | ||
Proportion of ownership interest in subsidiaries | 100.00% | |
Orion Engineered Carbons International GmbH, Frankfurt am Main, Germany | ||
Disclosure Of Subsidiaries And Joint Ventures [Line Items] | ||
Proportion of ownership interest in subsidiaries | 100.00% | |
Kinove Italian Bidco S.r. l., Ravenna, Italy | ||
Disclosure Of Subsidiaries And Joint Ventures [Line Items] | ||
Proportion of ownership interest in subsidiaries | 100.00% | |
Orion Engineered Carbons France Holdco SAS, Paris, France | ||
Disclosure Of Subsidiaries And Joint Ventures [Line Items] | ||
Proportion of ownership interest in subsidiaries | 100.00% | |
Blackstar Engineered Carbons Portugal Holdco, Unipessoal, Lda., Sines, Portugal | ||
Disclosure Of Subsidiaries And Joint Ventures [Line Items] | ||
Proportion of ownership interest in subsidiaries | 100.00% | |
Orion Engineered Carbons USA Holdco, LLC, Kingwood, USA | ||
Disclosure Of Subsidiaries And Joint Ventures [Line Items] | ||
Proportion of ownership interest in subsidiaries | 100.00% | |
Orion Engineered Carbons Korea Co. Ltd., Bupyeong-gu, South Korea | ||
Disclosure Of Subsidiaries And Joint Ventures [Line Items] | ||
Proportion of ownership interest in subsidiaries | 100.00% | |
Norcarb Engineered Carbons Sweden HoldCo AB, Malmö, Sweden | ||
Disclosure Of Subsidiaries And Joint Ventures [Line Items] | ||
Proportion of ownership interest in subsidiaries | 100.00% | |
Orion Engineered Carbons S.r.l. Italy, Ravenna, Italy | ||
Disclosure Of Subsidiaries And Joint Ventures [Line Items] | ||
Proportion of ownership interest in subsidiaries | 100.00% | |
Orion Engineered Carbons S.A.S. France, Ambès, France | ||
Disclosure Of Subsidiaries And Joint Ventures [Line Items] | ||
Proportion of ownership interest in subsidiaries | 100.00% | |
Carbogal Engineered Carbons S.A. Portugal, Sines, Portugal | ||
Disclosure Of Subsidiaries And Joint Ventures [Line Items] | ||
Proportion of ownership interest in subsidiaries | 100.00% | |
Orion Engineered Carbons LLC USA, Kingwood, USA | ||
Disclosure Of Subsidiaries And Joint Ventures [Line Items] | ||
Proportion of ownership interest in subsidiaries | 100.00% | |
Orion Engineered Carbons Co. Ltd., Bupyeong-gu, South Korea | ||
Disclosure Of Subsidiaries And Joint Ventures [Line Items] | ||
Proportion of ownership interest in subsidiaries | 100.00% | |
Orion Engineered Carbons sp. z o.o. Poland, Jaslo, Poland | ||
Disclosure Of Subsidiaries And Joint Ventures [Line Items] | ||
Proportion of ownership interest in subsidiaries | 100.00% | |
Norcarb Engineered Carbons AB Sweden, Malmö, Sweden | ||
Disclosure Of Subsidiaries And Joint Ventures [Line Items] | ||
Proportion of ownership interest in subsidiaries | 100.00% | |
Orion Engineered Carbons Ltda. Brazil, São Paulo, Brazil | ||
Disclosure Of Subsidiaries And Joint Ventures [Line Items] | ||
Proportion of ownership interest in subsidiaries | 100.00% | |
Orion Engineered Carbons Proprietary Limited South Africa, Port Elizabeth, South Africa | ||
Disclosure Of Subsidiaries And Joint Ventures [Line Items] | ||
Proportion of ownership interest in subsidiaries | 100.00% | |
Orion Engineered Carbons GmbH, Frankfurt am Main, Germany | ||
Disclosure Of Subsidiaries And Joint Ventures [Line Items] | ||
Proportion of ownership interest in subsidiaries | 100.00% | |
Orion Engineered Carbons KK Japan, Tokyo, Japan | ||
Disclosure Of Subsidiaries And Joint Ventures [Line Items] | ||
Proportion of ownership interest in subsidiaries | 100.00% | |
Orion Engineered Carbons Pte. Ltd., Singapore, Singapore | ||
Disclosure Of Subsidiaries And Joint Ventures [Line Items] | ||
Proportion of ownership interest in subsidiaries | 100.00% | |
Orion Engineered Carbons Trading Co. Ltd., Shanghai, China | ||
Disclosure Of Subsidiaries And Joint Ventures [Line Items] | ||
Proportion of ownership interest in subsidiaries | 100.00% | |
Orion Engineered Carbons Material Technology (Shanghai) Co., Ltd., Shanghai, China | ||
Disclosure Of Subsidiaries And Joint Ventures [Line Items] | ||
Proportion of ownership interest in subsidiaries | 100.00% | |
Orion Engineered Carbons Qingdao Co., Ltd., China | ||
Disclosure Of Subsidiaries And Joint Ventures [Line Items] | ||
Proportion of ownership interest in subsidiaries | 100.00% | |
CB International Services Company GmbH, Frankfurt am Main, Germany | ||
Disclosure Of Subsidiaries And Joint Ventures [Line Items] | ||
Proportion of ownership interest in subsidiaries | 100.00% | |
Carbon Black OpCo GmbH, Frankfurt am Main, Germany | ||
Disclosure Of Subsidiaries And Joint Ventures [Line Items] | ||
Proportion of ownership interest in subsidiaries | 100.00% |
List of shareholdings - List32
List of shareholdings - List of shareholdings, narrative (Details) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Kommanditgesellschaft Deutsche Gasrusswerke GmbH & Co., Dortmund, Germany | ||
Disclosure of joint ventures [line items] | ||
Proportion of ownership interest in joint venture | 54.00% | 54.00% |
Operating segments - Operating
Operating segments - Operating segments, narrative (Details) € in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2017segment | Dec. 31, 2017EUR (€)segment | Dec. 31, 2016EUR (€)segment | Dec. 31, 2015EUR (€)customersegment | |
Disclosure of major customers [line items] | ||||
Number of operating segments | segment | 2 | 2 | 2 | 2 |
Number of reportable segments | segment | 2 | 2 | 2 | |
Revenue | € 1,177,210 | € 1,030,094 | € 1,111,776 | |
Rubber | ||||
Disclosure of major customers [line items] | ||||
Revenue | 752,639 | 644,217 | € 730,288 | |
Number of largest customers | customer | 2 | |||
Rubber | Customer Number One | ||||
Disclosure of major customers [line items] | ||||
Revenue | € 127,805 | € 102,699 | € 120,609 | |
Rubber | Customer Number Two | ||||
Disclosure of major customers [line items] | ||||
Revenue | € 110,387 |
Operating segments - Operati34
Operating segments - Operating results by segment (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of operating segments [line items] | |||
Revenue | € 1,177,210 | € 1,030,094 | € 1,111,776 |
Cost of sales | (842,399) | (691,784) | (791,467) |
Gross profit | 334,811 | 338,310 | 320,309 |
Adjusted EBITDA | € 227,657 | € 222,766 | € 208,710 |
Adjusted EBITDA Margin | 19.30% | 21.60% | 18.80% |
Depreciation amortization and impairment of intangible assets and property, plant and equipment | € (85,910) | € (88,716) | € (72,778) |
Share of profit of joint venture | (484) | (419) | (492) |
Adjustment items | (17,485) | (28,839) | (13,047) |
Operating result (EBIT) | 123,778 | 104,792 | 122,393 |
Rubber | |||
Disclosure of operating segments [line items] | |||
Revenue | 752,639 | 644,217 | 730,288 |
Cost of sales | (585,988) | (483,339) | (564,559) |
Gross profit | 166,651 | 160,878 | 165,729 |
Adjusted EBITDA | € 98,757 | € 86,108 | € 93,704 |
Adjusted EBITDA Margin | 13.10% | 13.40% | 12.80% |
Depreciation amortization and impairment of intangible assets and property, plant and equipment | € (52,277) | € (59,116) | € (44,815) |
Share of profit of joint venture | (484) | (419) | (492) |
Specialties | |||
Disclosure of operating segments [line items] | |||
Revenue | 424,571 | 385,877 | 381,488 |
Cost of sales | (256,411) | (208,445) | (226,908) |
Gross profit | 168,160 | 177,432 | 154,580 |
Adjusted EBITDA | € 128,900 | € 136,658 | € 115,006 |
Adjusted EBITDA Margin | 30.40% | 35.40% | 30.10% |
Depreciation amortization and impairment of intangible assets and property, plant and equipment | € (33,633) | € (29,600) | € (27,963) |
Share of profit of joint venture | € 0 | € 0 | € 0 |
Operating segments - Reconcili
Operating segments - Reconciliation of adjusted EBITDA (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Restructuring And Related Costs [Line Items] | |||
Profit for the period | € 66,823 | € 44,626 | € 42,874 |
Income taxes | 20,737 | 23,240 | 23,838 |
Profit before income taxes | 87,560 | 67,866 | 66,712 |
Add back finance costs | 77,126 | 62,490 | 73,448 |
Deduction share of profit of joint ventures | (484) | (419) | (492) |
Deduction other finance income | (40,424) | (25,145) | (17,275) |
Operating result (EBIT) | 123,778 | 104,792 | 122,393 |
Add back depreciation, amortization and impairment of intangible assets and property, plant and equipment | 85,910 | 88,716 | 72,778 |
EBITDA | 209,688 | 193,508 | 195,171 |
Share of profit of joint venture | 484 | 419 | 492 |
Restructuring expenses | 4,612 | 17,623 | 0 |
Consulting fees related to Group strategy | 2,485 | 2,563 | 1,502 |
Long Term Incentive Plan | 7,770 | 3,575 | 907 |
Other adjustments | 2,618 | 5,078 | 10,638 |
Adjusted EBITDA | 227,657 | 222,766 | 208,710 |
EPA enforcement action expense | 2,100 | 4,100 | 5,000 |
Remediation damages incurred by hurricane Harvey | 1,400 | ||
Reimbursed reassessed real estate transfer tax | 1,300 | ||
Sarbanes-Oxley implementation expense | 1,800 | ||
Reassessed real estate transfer tax | 1,500 | ||
Impairment of inventories | € 2,446 | 5,865 | 3,021 |
Impairment of fixed assets at France plant | 10,300 | ||
OECQ | |||
Restructuring And Related Costs [Line Items] | |||
Post acquisition-related costs | € 1,800 | ||
Personnel Related Expenses | |||
Restructuring And Related Costs [Line Items] | |||
Restructuring expenses | 6,100 | ||
Demolition, Site Remediation and Securing, and Other | |||
Restructuring And Related Costs [Line Items] | |||
Restructuring expenses | € 11,500 |
Operating segments - Revenue g
Operating segments - Revenue geographical information (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of geographical areas [line items] | |||
Revenues | € 1,177,210 | € 1,030,094 | € 1,111,776 |
Germany | |||
Disclosure of geographical areas [line items] | |||
Revenues | 464,638 | 398,430 | 415,944 |
United States | |||
Disclosure of geographical areas [line items] | |||
Revenues | 293,148 | 273,177 | 329,669 |
South Korea | |||
Disclosure of geographical areas [line items] | |||
Revenues | 218,377 | 199,772 | 234,442 |
Brazil | |||
Disclosure of geographical areas [line items] | |||
Revenues | 71,016 | 55,175 | 51,793 |
China | |||
Disclosure of geographical areas [line items] | |||
Revenues | 56,849 | 41,062 | 8,361 |
South Africa | |||
Disclosure of geographical areas [line items] | |||
Revenues | 41,592 | 33,231 | 43,669 |
Other | |||
Disclosure of geographical areas [line items] | |||
Revenues | 20,560 | 21,319 | 20,175 |
Rest of Europe | |||
Disclosure of geographical areas [line items] | |||
Revenues | € 11,030 | € 7,928 | € 7,723 |
Operating segments - Goodwill,
Operating segments - Goodwill, intangible assets, property, plant and equipment geographical information (Details) - EUR (€) € in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of geographical areas [line items] | ||
Goodwill, intangible assets, property, plant and equipment | € 492,813 | € 514,223 |
Germany | ||
Disclosure of geographical areas [line items] | ||
Goodwill, intangible assets, property, plant and equipment | 121,602 | 131,975 |
Sweden | ||
Disclosure of geographical areas [line items] | ||
Goodwill, intangible assets, property, plant and equipment | 67,518 | 67,432 |
Italy | ||
Disclosure of geographical areas [line items] | ||
Goodwill, intangible assets, property, plant and equipment | 60,852 | 61,438 |
Poland | ||
Disclosure of geographical areas [line items] | ||
Goodwill, intangible assets, property, plant and equipment | 41,635 | 40,319 |
Rest of Europe | ||
Disclosure of geographical areas [line items] | ||
Goodwill, intangible assets, property, plant and equipment | 3,705 | 3,321 |
Subtotal Europe | ||
Disclosure of geographical areas [line items] | ||
Goodwill, intangible assets, property, plant and equipment | 295,312 | 304,485 |
United States | ||
Disclosure of geographical areas [line items] | ||
Goodwill, intangible assets, property, plant and equipment | 58,809 | 85,123 |
South Korea | ||
Disclosure of geographical areas [line items] | ||
Goodwill, intangible assets, property, plant and equipment | 91,641 | 71,590 |
South Africa | ||
Disclosure of geographical areas [line items] | ||
Goodwill, intangible assets, property, plant and equipment | 26,688 | 27,684 |
Brazil | ||
Disclosure of geographical areas [line items] | ||
Goodwill, intangible assets, property, plant and equipment | 11,391 | 16,839 |
China | ||
Disclosure of geographical areas [line items] | ||
Goodwill, intangible assets, property, plant and equipment | 8,949 | 8,468 |
Other | ||
Disclosure of geographical areas [line items] | ||
Goodwill, intangible assets, property, plant and equipment | € 23 | € 34 |
Notes to income statement - Oth
Notes to income statement - Other operating income (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Analysis of income and expense [abstract] | |||
Income from the currency translation of monetary items | € 65 | € 0 | € 10 |
Income from commodity hedging activities | 0 | 19 | 2,202 |
Income from the reversal of provisions | 1,319 | 1,196 | 478 |
Miscellaneous income | 2,931 | 4,647 | 4,766 |
Total | 4,315 | € 5,862 | € 7,456 |
Property tax reimbursement included in miscellaneous income | € 1,275 |
Notes to income statement - O39
Notes to income statement - Other operating expenses (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Analysis of income and expense [abstract] | |||
Consulting fees related to Group strategy | € 2,485 | € 2,563 | € 1,502 |
Expenses from the currency translation of monetary items | 15 | 807 | 1,742 |
Expenses from the valuation of derivatives | 0 | 33 | 3,079 |
Impairment loss on trade receivables | 0 | 6 | 1,616 |
Loss on Disposal of Assets | 219 | 1,013 | 0 |
Miscellaneous expenses | 8,082 | 9,395 | 13,822 |
Total | 10,801 | 13,817 | 21,761 |
EPA enforcement action expense | 2,100 | € 4,100 | 5,000 |
Remediation damages incurred by hurricane Harvey | € 1,400 | ||
Sarbanes-Oxley implementation expense | 1,800 | ||
Reassessed real estate transfer tax | € 1,500 |
Notes to income statement - Res
Notes to income statement - Restructuring expenses (Details) € in Thousands | 12 Months Ended | ||
Dec. 31, 2017EUR (€)plant | Dec. 31, 2016EUR (€) | Dec. 31, 2015EUR (€) | |
Restructuring And Related Costs [Line Items] | |||
Expenses related to restructuring including impairment | € 4,612 | € 27,920 | € 0 |
Expenses related to restructuring including impairment, cash items | 15,800 | ||
Impairment loss (reversal of impairment loss) recognised in profit or loss | 12,100 | ||
Expense of restructuring activities | € 4,612 | 17,623 | € 0 |
Impairment of fixed assets, non-cash | 10,300 | ||
South Korea | |||
Restructuring And Related Costs [Line Items] | |||
Number of plants consolidated | plant | 2 | ||
Personnel Related Expenses | |||
Restructuring And Related Costs [Line Items] | |||
Expense of restructuring activities | 6,100 | ||
Demolition And Removal Costs | |||
Restructuring And Related Costs [Line Items] | |||
Expense of restructuring activities | 4,600 | ||
Ground Remediation Costs | |||
Restructuring And Related Costs [Line Items] | |||
Expense of restructuring activities | € 3,600 |
Notes to income statement - Fin
Notes to income statement - Finance income and costs (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of detailed information about hedges [line items] | |||
Income from exchange differences | € 39,274 | € 24,476 | € 15,330 |
Other interest income | 745 | 669 | 1,945 |
Income from commodity hedging activities | 0 | 19 | 2,202 |
Finance income | 40,424 | 25,145 | 17,275 |
Interest expenses from loans | (20,292) | (29,757) | (36,370) |
Amortisation of transaction costs | (4,123) | (3,810) | (4,804) |
Expenses from exchange differences | (44,692) | (22,691) | (27,073) |
Other interest expenses | (3,433) | (2,846) | (3,335) |
Net interest cost from pensions | (1,525) | (1,541) | (1,485) |
Interest expenses from the unwinding of discounts on other provisions | (213) | (127) | (88) |
Expenses from the valuation of derivatives | 0 | (33) | (3,079) |
Other finance expenses | (2,438) | (1,718) | (293) |
Finance costs | (77,126) | (62,490) | (73,448) |
Financial result without share of profit or loss from joint ventures | (36,702) | (37,345) | (56,173) |
Commodity Derivative | |||
Disclosure of detailed information about hedges [line items] | |||
Income from commodity hedging activities | 405 | 0 | 0 |
Expenses from the valuation of derivatives | € (410) | € 0 | € 0 |
Notes to income statement - Exp
Notes to income statement - Expenses for loans (Details) - EUR (€) € in Thousands | Jul. 15, 2016 | Jan. 29, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure of detailed information about borrowings [line items] | |||||
Interest expenses from loans | € (20,292) | € (29,757) | € (36,370) | ||
Commitment fee for the revolving facility | 1,433 | 1,265 | 1,488 | ||
Total expenses from loans | 21,725 | 31,022 | 37,858 | ||
Credit Facility Term Loan | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Interest expenses from loans | (20,292) | (29,757) | (36,370) | ||
Total expenses from loans | € 712 | € 389 | € 3,110 | € 2,547 | € 712 |
Notes to income statement - Inc
Notes to income statement - Income tax expense (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Analysis of income and expense [abstract] | |||
Current tax expense (income) and adjustments for current tax of prior periods | € (24,167) | € (18,678) | € (21,440) |
(thereof income taxes attributable to the prior year) | 1,769 | 155 | 6,751 |
Deferred taxes | 3,430 | (4,562) | (2,398) |
(thereof on temporary differences) | 1,356 | (4,241) | 6,739 |
Total net tax expenses from continuing activities | (20,737) | (23,240) | (23,838) |
Tax expense recognized directly in equity | € (6,886) | € 6,551 | € 4,696 |
Notes to income statement - Eff
Notes to income statement - Effective income tax reconciliation (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Analysis of income and expense [abstract] | |||
Corporate tax rate | 15.00% | 15.00% | 15.00% |
Solidarity surcharge rate | 0.825% | 0.835% | 0.835% |
Solidarity surcharge, percent of corporate tax rate | 5.50% | 5.50% | 5.50% |
Trade tax rate | 16.18% | 16.18% | 16.18% |
Applicable tax rate | 32.00% | 32.00% | 32.00% |
Reconciliation of average effective tax rate and applicable tax rate [abstract] | |||
Profit or (loss) before income taxes | € 87,560 | € 67,866 | € 66,712 |
Expected income tax expense/(benefit) thereon | 28,019 | 21,717 | 21,348 |
Tax rate differential | (1,985) | (4,698) | (4,189) |
Change in valuation allowance on deferred tax assets and for movement in tax loss carryforwards without recognition of deferred taxes | (3,265) | 1,572 | 8,783 |
Change in the tax rate and tax laws | (8,447) | (67) | 26 |
Income taxes for prior years | 496 | 29 | 450 |
Tax on non-deductible interest expenses | 1,347 | 1,545 | 2,054 |
Taxes on other non-deductible expenses, and non-deductible taxes | 5,489 | 4,647 | 6,254 |
Effects of changes in permanent differences | (778) | 136 | 34 |
Tax effect on tax-free income | (914) | (1,141) | (2,557) |
Tax effect on profit or loss from investments accounted for using the equity method | 0 | 0 | (159) |
Other tax effects | 775 | (500) | (8,206) |
Total net tax expenses from continuing activities | € 20,737 | € 23,240 | € 23,838 |
Effective tax rate in % | 23.68% | 34.24% | 35.73% |
Tax effect from change in tax rate, Tax Cuts and Jobs Act of 2017 | € 7,354 | ||
Tax effect from change in tax rate, recorded through Other Comprehensive Income, Tax Cuts and Jobs Act of 2017 | € 420 | ||
Benefit for reversal of accrued interest and currency effects | € 4,665 | ||
Tax benefit for restructuring | € 5,890 |
Notes to income statement - Add
Notes to income statement - Additional income statement information (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Classes of employee benefits expense [abstract] | |||
Wages and salaries | € 113,500 | € 111,415 | € 107,222 |
Social security costs | 11,333 | 11,522 | 11,091 |
Pension expenses | 5,664 | 4,658 | 5,598 |
Other personnel expenses | 20,847 | 16,161 | 12,422 |
Total | € 151,344 | € 143,756 | € 136,333 |
Notes to income statement - Sha
Notes to income statement - Share-based compensation expense (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Long Term Incentive Plan | € 7,770 | € 3,575 | € 907 |
2015 Plan | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Long Term Incentive Plan | 2,439 | 2,120 | 907 |
2016 Plan | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Long Term Incentive Plan | 3,592 | 1,455 | 0 |
2017 Plan | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Long Term Incentive Plan | € 1,739 | € 0 | € 0 |
Notes to income statement - Mov
Notes to income statement - Movement in PSUs (Details) - shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Analysis of income and expense [abstract] | |||
Outstanding at January 1, | 1,145,238 | 463,830 | 0 |
Granted during the period | 474,660 | 690,279 | 491,835 |
Forfeited during the period | (9,004) | (8,871) | (28,005) |
Settled during the period | 0 | 0 | 0 |
Outstanding at December 31, | 1,610,894 | 1,145,238 | 463,830 |
Notes to income statement - S48
Notes to income statement - Share-based compensation fair value assumptions (Details) | 12 Months Ended |
Dec. 31, 2017EUR (€) | |
2015 Plan | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Dividend Yield (%) | 2.14% |
Expected Volatility OEC (%) | 25.16% |
Expected Volatility Peer Group (%) | 13.90% |
Correlation | 0.5234 |
Risk-free interest rate (%) | 0.90% |
Weighted average fair value at measurement date, other equity instruments granted | € 15.88 |
2016 Plan | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Dividend Yield (%) | 2.23% |
Expected Volatility OEC (%) | 32.07% |
Expected Volatility Peer Group (%) | 18.12% |
Correlation | 0.4952 |
Risk-free interest rate (%) | 0.76% |
Weighted average fair value at measurement date, other equity instruments granted | € 15.38 |
2017 Plan | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Dividend Yield (%) | 1.88% |
Expected Volatility OEC (%) | 33.77% |
Expected Volatility Peer Group (%) | 17.30% |
Correlation | 0.4574 |
Risk-free interest rate (%) | 1.45% |
Weighted average fair value at measurement date, other equity instruments granted | € 21.67 |
Notes to income statement - Ear
Notes to income statement - Earnings per share (Details) - EUR (€) € / shares in Units, € in Thousands, shares in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Analysis of income and expense [abstract] | |||
Profit (loss), attributable to owners of parent | € 66,823 | € 44,626 | € 42,874 |
Weighted average shares, basic (in thousand of shares) | 59,320 | 59,353 | 59,635 |
Earnings per share (EUR per share), basic | € 1.13 | € 0.75 | € 0.72 |
Dilutive effect of share options on number of ordinary shares | 1,354 | 801 | 195 |
Weighted average shares, diluted (in thousand of shares) | 60,674 | 60,154 | 59,830 |
Earnings per share (EUR per share), diluted | € 1.10 | € 0.74 | € 0.72 |
Notes to the statement of fin50
Notes to the statement of financial position - Goodwill and other intangible assets schedule, cost (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets and goodwill, net carrying value, Beginning of Period | € 126,496 | |
Intangible assets and goodwill, net carrying value, End of Period | 107,481 | € 126,496 |
Cost | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets and goodwill, net carrying value, Beginning of Period | 230,501 | 226,570 |
Currency translation | (4,341) | 1,270 |
Additions | 1,022 | 2,672 |
Acquisition of a subsidiary | 0 | |
Disposals | (66) | (11) |
Intangible assets and goodwill, net carrying value, End of Period | 227,116 | 230,501 |
Goodwill | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets and goodwill, net carrying value, Beginning of Period | 48,512 | |
Intangible assets and goodwill, net carrying value, End of Period | 48,512 | 48,512 |
Goodwill | Cost | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets and goodwill, net carrying value, Beginning of Period | 48,512 | 48,512 |
Currency translation | 0 | 0 |
Acquisition of a subsidiary | 0 | |
Disposals | 0 | 0 |
Intangible assets and goodwill, net carrying value, End of Period | 48,512 | 48,512 |
Developed Technology and Patents | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets and goodwill, net carrying value, Beginning of Period | 35,712 | |
Intangible assets and goodwill, net carrying value, End of Period | 32,375 | 35,712 |
Developed Technology and Patents | Cost | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets and goodwill, net carrying value, Beginning of Period | 55,900 | 55,900 |
Currency translation | 0 | 0 |
Additions | 390 | 0 |
Acquisition of a subsidiary | 0 | |
Disposals | 0 | 0 |
Intangible assets and goodwill, net carrying value, End of Period | 56,290 | 55,900 |
Customer Relationships | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets and goodwill, net carrying value, Beginning of Period | 22,750 | |
Intangible assets and goodwill, net carrying value, End of Period | 15,359 | 22,750 |
Customer Relationships | Cost | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets and goodwill, net carrying value, Beginning of Period | 64,804 | 64,571 |
Currency translation | (432) | 233 |
Additions | 0 | 0 |
Acquisition of a subsidiary | 0 | |
Disposals | 0 | 0 |
Intangible assets and goodwill, net carrying value, End of Period | 64,372 | 64,804 |
Trademarks | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets and goodwill, net carrying value, Beginning of Period | 10,987 | |
Intangible assets and goodwill, net carrying value, End of Period | 9,840 | 10,987 |
Trademarks | Cost | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets and goodwill, net carrying value, Beginning of Period | 17,200 | 17,200 |
Currency translation | 0 | 0 |
Additions | 0 | 0 |
Acquisition of a subsidiary | 0 | |
Disposals | 0 | 0 |
Intangible assets and goodwill, net carrying value, End of Period | 17,200 | 17,200 |
Other intangible assets | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets and goodwill, net carrying value, Beginning of Period | 8,535 | |
Intangible assets and goodwill, net carrying value, End of Period | 1,395 | 8,535 |
Other intangible assets | Cost | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets and goodwill, net carrying value, Beginning of Period | 44,085 | 40,387 |
Currency translation | (3,909) | 1,037 |
Additions | 632 | 2,672 |
Acquisition of a subsidiary | 0 | |
Disposals | (66) | (11) |
Intangible assets and goodwill, net carrying value, End of Period | € 40,742 | € 44,085 |
Notes to the statement of fin51
Notes to the statement of financial position - Goodwill and other intangible assets schedule, amortization (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Intangible assets and goodwill, Beginning of Period | € (126,496) | |
Intangible assets and goodwill, End of Period | (107,481) | € (126,496) |
Goodwill | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Intangible assets and goodwill, Beginning of Period | (48,512) | |
Intangible assets and goodwill, End of Period | (48,512) | (48,512) |
Developed Technology and Patents | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Intangible assets and goodwill, Beginning of Period | (35,712) | |
Intangible assets and goodwill, End of Period | (32,375) | (35,712) |
Customer Relationships | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Intangible assets and goodwill, Beginning of Period | (22,750) | |
Intangible assets and goodwill, End of Period | (15,359) | (22,750) |
Trademarks | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Intangible assets and goodwill, Beginning of Period | (10,987) | |
Intangible assets and goodwill, End of Period | (9,840) | (10,987) |
Other intangible assets | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Intangible assets and goodwill, Beginning of Period | (8,535) | |
Intangible assets and goodwill, End of Period | (1,395) | (8,535) |
Amortization | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Intangible assets and goodwill, Beginning of Period | 104,005 | 83,255 |
Currency translation | (3,219) | 946 |
Amortization Expense | 18,915 | 19,821 |
Impairment Segment Restructruing | (6) | |
Disposals | (66) | (11) |
Intangible assets and goodwill, End of Period | 119,635 | 104,005 |
Amortization | Goodwill | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Intangible assets and goodwill, Beginning of Period | 0 | 0 |
Currency translation | 0 | 0 |
Amortization Expense | 0 | 0 |
Impairment Segment Restructruing | 0 | |
Disposals | 0 | 0 |
Intangible assets and goodwill, End of Period | 0 | 0 |
Amortization | Developed Technology and Patents | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Intangible assets and goodwill, Beginning of Period | 20,188 | 16,461 |
Currency translation | 0 | 0 |
Amortization Expense | 3,727 | 3,727 |
Impairment Segment Restructruing | 0 | |
Disposals | 0 | 0 |
Intangible assets and goodwill, End of Period | 23,915 | 20,188 |
Amortization | Customer Relationships | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Intangible assets and goodwill, Beginning of Period | 42,054 | 34,757 |
Currency translation | (25) | 31 |
Amortization Expense | 6,984 | 7,266 |
Impairment Segment Restructruing | 0 | |
Disposals | 0 | 0 |
Intangible assets and goodwill, End of Period | 49,013 | 42,054 |
Amortization | Trademarks | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Intangible assets and goodwill, Beginning of Period | 6,213 | 5,066 |
Currency translation | 0 | 0 |
Amortization Expense | 1,147 | 1,147 |
Impairment Segment Restructruing | 0 | |
Disposals | 0 | 0 |
Intangible assets and goodwill, End of Period | 7,360 | 6,213 |
Amortization | Other intangible assets | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Intangible assets and goodwill, Beginning of Period | 35,550 | 26,971 |
Currency translation | (3,194) | 915 |
Amortization Expense | 7,057 | 7,681 |
Impairment Segment Restructruing | (6) | |
Disposals | (66) | (11) |
Intangible assets and goodwill, End of Period | € 39,347 | € 35,550 |
Notes to the statement of fin52
Notes to the statement of financial position - Goodwill and other intangible assets schedule, net Carrying Value (Details) € in Thousands | Dec. 31, 2017EUR (€) |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |
Intangible assets and goodwill, net carrying value, Beginning of Period | € 126,496 |
Intangible assets and goodwill, net carrying value, End of Period | 107,481 |
Goodwill | |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |
Intangible assets and goodwill, net carrying value, Beginning of Period | 48,512 |
Intangible assets and goodwill, net carrying value, End of Period | 48,512 |
Developed Technology and Patents | |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |
Intangible assets and goodwill, net carrying value, Beginning of Period | 35,712 |
Intangible assets and goodwill, net carrying value, End of Period | 32,375 |
Customer Relationships | |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |
Intangible assets and goodwill, net carrying value, Beginning of Period | 22,750 |
Intangible assets and goodwill, net carrying value, End of Period | 15,359 |
Trademarks | |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |
Intangible assets and goodwill, net carrying value, Beginning of Period | 10,987 |
Intangible assets and goodwill, net carrying value, End of Period | 9,840 |
Other intangible assets | |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |
Intangible assets and goodwill, net carrying value, Beginning of Period | 8,535 |
Intangible assets and goodwill, net carrying value, End of Period | € 1,395 |
Notes to the statement of fin53
Notes to the statement of financial position - Goodwill and other intangible assets, narrative (Details) | 12 Months Ended | ||
Dec. 31, 2017EUR (€)group | Dec. 31, 2016EUR (€)group | Dec. 31, 2015EUR (€)group | |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Number of cash-generating unit groups | group | 2 | 2 | 2 |
Carrying amount of goodwill | € 107,481,000 | € 126,496,000 | |
Period of time of approved financial budgets used for calculating value in use, EBITDA | 5 years | ||
Cost | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Carrying amount of goodwill | € 227,116,000 | € 230,501,000 | € 226,570,000 |
Rubber | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Period of time of approved financial budgets used for calculating recoverable amount of cash-generating units | 5 years | ||
Post-tax discount rate applied to post-tax cash flow projections | 8.29% | 8.40% | |
Growth rate used to extrapolate cash flow projections | 1.10% | 1.15% | |
Impairment charged against goodwill | € 0 | € 0 | 0 |
Specialties | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Period of time of approved financial budgets used for calculating recoverable amount of cash-generating units | 5 years | ||
Post-tax discount rate applied to post-tax cash flow projections | 10.17% | 8.47% | |
Growth rate used to extrapolate cash flow projections | 1.10% | 1.15% | |
Impairment charged against goodwill | € 0 | € 0 | 0 |
Goodwill | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Carrying amount of goodwill | 48,512,000 | 48,512,000 | |
Goodwill | Cost | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Carrying amount of goodwill | 48,512,000 | 48,512,000 | 48,512,000 |
Goodwill | Rubber | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Carrying amount of goodwill | 27,547,000 | 27,547,000 | |
Goodwill | Specialties | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Carrying amount of goodwill | 20,965,000 | 20,965,000 | |
Customer Relationships | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Carrying amount of goodwill | 15,359,000 | 22,750,000 | |
Customer Relationships | Cost | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Carrying amount of goodwill | 64,372,000 | 64,804,000 | 64,571,000 |
Know-how, Production Technologies, Patents | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Carrying amount of goodwill | 32,375,000 | 35,712,000 | |
Know-how, Production Technologies, Patents | Cost | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Carrying amount of goodwill | 56,290,000 | 55,900,000 | 55,900,000 |
Trademarks | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Carrying amount of goodwill | 9,840,000 | 10,987,000 | |
Trademarks | Cost | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Carrying amount of goodwill | € 17,200,000 | € 17,200,000 | € 17,200,000 |
Technology-based intangible assets | Bottom of range | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Intangible assets remaining useful lives | 2 years 6 months | ||
Technology-based intangible assets | Top of range | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Intangible assets remaining useful lives | 9 years 6 months |
Notes to the statement of fin54
Notes to the statement of financial position - Property plant and equipment schedule, cost (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, Beginning of Period | € 387,727 | |
Reclassifications | 0 | |
Property, plant and equipment, End of Period | 385,332 | € 387,727 |
Cost | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, Beginning of Period | 678,983 | 604,175 |
Currency translation | (35,012) | 20,508 |
Additions | 87,065 | 57,765 |
Disposals | (11,577) | (3,465) |
Reclassifications | 0 | 0 |
Property, plant and equipment, End of Period | 719,459 | 678,983 |
Land | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, Beginning of Period | 42,922 | |
Property, plant and equipment, End of Period | 41,660 | 42,922 |
Land | Cost | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, Beginning of Period | 43,368 | 42,076 |
Currency translation | (1,313) | 802 |
Additions | 6 | 220 |
Disposals | (104) | 0 |
Reclassifications | 149 | 270 |
Property, plant and equipment, End of Period | 42,106 | 43,368 |
Land rights and buildings | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, Beginning of Period | 56,429 | |
Property, plant and equipment, End of Period | 49,718 | 56,429 |
Land rights and buildings | Cost | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, Beginning of Period | 85,186 | 80,850 |
Currency translation | (4,594) | 4,225 |
Additions | 2,167 | 978 |
Disposals | (721) | (281) |
Reclassifications | 615 | (586) |
Property, plant and equipment, End of Period | 82,653 | 85,186 |
Plant and machinery | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, Beginning of Period | 249,051 | |
Property, plant and equipment, End of Period | 248,096 | 249,051 |
Plant and machinery | Cost | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, Beginning of Period | 496,541 | 429,726 |
Currency translation | (27,248) | 14,094 |
Additions | 57,190 | 33,015 |
Disposals | (8,567) | (2,410) |
Reclassifications | 15,775 | 22,116 |
Property, plant and equipment, End of Period | 533,691 | 496,541 |
Other equipment, furniture and fixtures | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, Beginning of Period | 7,317 | |
Property, plant and equipment, End of Period | 7,095 | 7,317 |
Other equipment, furniture and fixtures | Cost | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, Beginning of Period | 21,860 | 18,581 |
Currency translation | (564) | 364 |
Additions | 1,665 | 2,440 |
Disposals | (2,006) | (224) |
Reclassifications | 1,271 | 699 |
Property, plant and equipment, End of Period | 22,226 | 21,860 |
Prepayments and constructions in progress | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, Beginning of Period | 32,008 | |
Property, plant and equipment, End of Period | 38,763 | 32,008 |
Prepayments and constructions in progress | Cost | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, Beginning of Period | 32,028 | 32,942 |
Currency translation | (1,293) | 1,023 |
Additions | 26,037 | 21,112 |
Disposals | (179) | (550) |
Reclassifications | (17,810) | (22,499) |
Property, plant and equipment, End of Period | € 38,783 | € 32,028 |
Notes to the statement of fin55
Notes to the statement of financial position - Property plant and equipment schedule, depreciation (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment, Beginning of Period | € (387,727) | |
Impairment Segment Restructuring | € 10,300 | |
Reclassifications | 0 | |
Property, plant and equipment, End of Period | (385,332) | (387,727) |
Depreciation | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment, Beginning of Period | 291,256 | 218,319 |
Currency translation | (14,231) | 6,944 |
Depreciation expense | 67,867 | 58,464 |
Impairment Segment Restructuring | 10,290 | |
Reversal of Impairment Segment Restructuring | (972) | |
Disposals | (9,793) | (2,761) |
Property, plant and equipment, End of Period | 334,127 | 291,256 |
Land | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment, Beginning of Period | (42,922) | |
Property, plant and equipment, End of Period | (41,660) | (42,922) |
Land | Depreciation | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment, Beginning of Period | 446 | 0 |
Currency translation | 0 | 0 |
Depreciation expense | 0 | 0 |
Impairment Segment Restructuring | 446 | |
Reversal of Impairment Segment Restructuring | 0 | |
Disposals | 0 | 0 |
Property, plant and equipment, End of Period | 446 | 446 |
Land rights and buildings | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment, Beginning of Period | (56,429) | |
Property, plant and equipment, End of Period | (49,718) | (56,429) |
Land rights and buildings | Depreciation | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment, Beginning of Period | 28,757 | 22,026 |
Currency translation | (1,242) | 1,312 |
Depreciation expense | 5,776 | 4,622 |
Impairment Segment Restructuring | 1,107 | |
Reversal of Impairment Segment Restructuring | 0 | |
Disposals | (353) | (310) |
Reclassifications | (3) | |
Property, plant and equipment, End of Period | 32,935 | 28,757 |
Plant and machinery | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment, Beginning of Period | (249,051) | |
Property, plant and equipment, End of Period | (248,096) | (249,051) |
Plant and machinery | Depreciation | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment, Beginning of Period | 247,490 | 184,408 |
Currency translation | (12,621) | 5,415 |
Depreciation expense | 59,122 | 51,346 |
Impairment Segment Restructuring | 8,546 | |
Reversal of Impairment Segment Restructuring | (972) | |
Disposals | (7,444) | (2,225) |
Reclassifications | 20 | |
Property, plant and equipment, End of Period | 285,595 | 247,490 |
Other equipment, furniture and fixtures | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment, Beginning of Period | (7,317) | |
Property, plant and equipment, End of Period | (7,095) | (7,317) |
Other equipment, furniture and fixtures | Depreciation | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment, Beginning of Period | 14,543 | 11,885 |
Currency translation | (368) | 217 |
Depreciation expense | 2,969 | 2,496 |
Impairment Segment Restructuring | 171 | |
Reversal of Impairment Segment Restructuring | 0 | |
Disposals | (1,996) | (226) |
Reclassifications | (17) | |
Property, plant and equipment, End of Period | 15,131 | 14,543 |
Prepayments and constructions in progress | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment, Beginning of Period | (32,008) | |
Property, plant and equipment, End of Period | (38,763) | (32,008) |
Prepayments and constructions in progress | Depreciation | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment, Beginning of Period | 20 | 0 |
Currency translation | 0 | 0 |
Depreciation expense | 0 | 0 |
Impairment Segment Restructuring | 20 | |
Reversal of Impairment Segment Restructuring | 0 | |
Disposals | 0 | 0 |
Property, plant and equipment, End of Period | € 20 | € 20 |
Notes to the statement of fin56
Notes to the statement of financial position - Property plant and equipment schedule, carrying amount (Details) € in Thousands | Dec. 31, 2017EUR (€) |
Disclosure of detailed information about property, plant and equipment [line items] | |
Property, plant and equipment, Beginning of Period | € 387,727 |
Property, plant and equipment, End of Period | 385,332 |
Land | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Property, plant and equipment, Beginning of Period | 42,922 |
Property, plant and equipment, End of Period | 41,660 |
Land rights and buildings | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Property, plant and equipment, Beginning of Period | 56,429 |
Property, plant and equipment, End of Period | 49,718 |
Plant and machinery | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Property, plant and equipment, Beginning of Period | 249,051 |
Property, plant and equipment, End of Period | 248,096 |
Other equipment, furniture and fixtures | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Property, plant and equipment, Beginning of Period | 7,317 |
Property, plant and equipment, End of Period | 7,095 |
Prepayments and constructions in progress | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Property, plant and equipment, Beginning of Period | 32,008 |
Property, plant and equipment, End of Period | € 38,763 |
Notes to the statement of fin57
Notes to the statement of financial position - Property plant and equipment depreciation per useful life range (Details) - EUR (€) € in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | € 385,332 | € 387,727 | |
Depreciation per useful life range | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | (334,127) | (291,256) | € (218,319) |
Land rights and buildings | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 49,718 | 56,429 | |
Land rights and buildings | Depreciation per useful life range | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | (32,935) | (28,757) | (22,026) |
Plant and machinery | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 248,096 | 249,051 | |
Plant and machinery | Depreciation per useful life range | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | (285,595) | (247,490) | (184,408) |
Other equipment, furniture and fixtures | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 7,095 | 7,317 | |
Other equipment, furniture and fixtures | Depreciation per useful life range | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | (15,131) | € (14,543) | € (11,885) |
0-5 years | Land rights and buildings | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 20,307 | ||
0-5 years | Plant and machinery | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 169,884 | ||
0-5 years | Other equipment, furniture and fixtures | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 6,058 | ||
6-10 years | Land rights and buildings | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 12,930 | ||
6-10 years | Plant and machinery | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 62,859 | ||
6-10 years | Other equipment, furniture and fixtures | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 951 | ||
11-20 years | Land rights and buildings | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 10,906 | ||
11-20 years | Plant and machinery | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 15,353 | ||
11-20 years | Other equipment, furniture and fixtures | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 86 | ||
21 years and beyond | Land rights and buildings | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 5,575 | ||
21 years and beyond | Plant and machinery | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 0 | ||
21 years and beyond | Other equipment, furniture and fixtures | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 0 | ||
Total | Land rights and buildings | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 49,718 | ||
Total | Plant and machinery | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 248,096 | ||
Total | Other equipment, furniture and fixtures | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | € 7,095 |
Notes to the statement of fin58
Notes to the statement of financial position - Trade receivables, other financial assets schedule (Details) - EUR (€) € in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Trade receivables | € 195,341 | € 190,503 |
Trade receivables, Thereof current | 195,341 | 190,503 |
Trade receivables, Thereof non-current | 0 | 0 |
Receivables from hedges/ derivatives | 2,964 | 2,826 |
Receivables from hedges/derivatives, Thereof current | 757 | 1,599 |
Receivables from hedges/derivatives, Thereof non-current | 2,207 | 1,227 |
Loans | 574 | 1,357 |
Loans, Thereof current | 0 | 593 |
Loans, Thereof non-current | 574 | 764 |
Miscellaneous financial assets | 2,678 | 3,259 |
Miscellaneous financial assets, Thereof current | 2,487 | 3,072 |
Miscellaneous financial assets, Thereof non-current | 191 | 187 |
Other financial assets | 6,216 | 7,442 |
Other financial assets, Thereof current | 3,244 | 5,264 |
Other financial assets, Thereof non-current | 2,972 | 2,178 |
Total | 201,557 | 197,945 |
Total, Thereof current | 198,585 | 195,767 |
Total, Thereof non-current | € 2,972 | € 2,178 |
Notes to the statement of fin59
Notes to the statement of financial position - Trade receivables, other financial assets, aging of accounts receivable (Details) - EUR (€) € in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of financial assets that are either past due or impaired [line items] | ||
Trade receivables | € 195,341 | € 190,503 |
Impaired receivables | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Trade receivables | 4,353 | 2,497 |
Impaired receivables | Gross amount (before impairment losses and allowances) | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Trade receivables | 8,706 | 9,773 |
Impaired receivables | Impairment provision (including allowances) | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Trade receivables | (4,353) | (7,276) |
Unimpaired receivables | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Trade receivables | 190,988 | 188,006 |
Not due | Not due | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Trade receivables | 179,048 | 173,722 |
Past due by | Up to 3 months | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Trade receivables | 11,476 | 13,888 |
Past due by | 3 to 6 months | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Trade receivables | 394 | 150 |
Past due by | 6 to 9 months | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Trade receivables | 37 | 70 |
Past due by | 9 to 12 months | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Trade receivables | 4 | 53 |
Past due by | More than 1 year | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Trade receivables | € 29 | € 123 |
Notes to the statement of fin60
Notes to the statement of financial position - Trade receivables, other financial assets, movement in provision for impaired receivables (Details) - Trade receivables - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of impairment loss recognised or reversed [line items] | ||
Beginning of Period | € 7,276 | € 5,814 |
Addition | 3,780 | 4,585 |
Utilization | (680) | (28) |
Unused amounts reversed | (5,736) | (3,099) |
Currency translation | (287) | 4 |
End of Period | € 4,353 | € 7,276 |
Notes to the statement of fin61
Notes to the statement of financial position - Trade receivables, other financial assets narrative (Details) - EUR (€) € in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of financial assets [line items] | ||
Derivative financial assets | € 2,964 | € 2,826 |
Current derivative financial assets | 757 | 1,599 |
Non-current derivative financial assets | 2,207 | 1,227 |
Interest Rate Cap | ||
Disclosure of financial assets [line items] | ||
Derivative financial assets | 2,207 | 1,022 |
Commodity Derivative | ||
Disclosure of financial assets [line items] | ||
Derivative financial assets | 198 | 1,328 |
Current derivative financial assets | 198 | 1,328 |
Non-current derivative financial assets | 0 | 0 |
Foreign Currency | ||
Disclosure of financial assets [line items] | ||
Current derivative financial assets | € 559 | € 271 |
Notes to the statement of fin62
Notes to the statement of financial position - Inventories schedule (Details) - EUR (€) € in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Raw materials, consumables and supplies | € 53,487 | € 54,694 |
Work in process | 9 | 34 |
Finished goods and merchandise | 79,360 | 59,623 |
Total | € 132,856 | € 114,351 |
Notes to the statement of fin63
Notes to the statement of financial position - Inventories narrative (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Valuation And Qualifying Accounts Disclosure1 [Line Items] | |||
Expense for damaged, obsolete and lost inventories | € 2,446 | € 5,865 | € 3,021 |
Inventory Valuation Reserve | |||
Valuation And Qualifying Accounts Disclosure1 [Line Items] | |||
Impairment allowance on inventories | € 1,432 | € 4,208 | € 3,399 |
Notes to the statement of fin64
Notes to the statement of financial position - Inventories, impairment allowance roll forward (Details) - Inventory Valuation Reserve - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Movement In Valuation Allowances And Reserves1 [Roll Forward] | ||
Beginning Balance | € 4,208 | € 3,399 |
Addition | 1,432 | 4,175 |
Utilization | (3,528) | (3,283) |
Release | (680) | (83) |
Ending Balance | € 1,432 | € 4,208 |
Notes to the statement of fin65
Notes to the statement of financial position - Other assets schedule (Details) - EUR (€) € in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Miscellaneous other receivables | € 28,248 | € 21,876 |
Miscellaneous other receivables, Thereof current | 28,044 | 20,921 |
Miscellaneous other receivables, Thereof non-current | 204 | 955 |
Prepaid expenses | 4,206 | 2,967 |
Prepaid expenses, Thereof current | 1,172 | 1,064 |
Prepaid expenses, Thereof non-current | 3,034 | 1,903 |
Total | 32,454 | 24,843 |
Total, Thereof current | 29,216 | 21,985 |
Total, Thereof non-current | € 3,238 | € 2,858 |
Notes to the statement of fin66
Notes to the statement of financial position - Other assets narrative (Details) - EUR (€) € in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of detailed information about borrowings [line items] | ||
Receivables related to VAT | € 14,767 | € 8,338 |
Advance payments | 4,550 | 6,992 |
Guarantee deposits | 1,385 | 1,658 |
Revolving Credit Facility | ||
Disclosure of detailed information about borrowings [line items] | ||
Unamortized transaction costs | 2,751 | 1,422 |
Unamortized non-current transaction costs | € 2,200 | € 871 |
Notes to the statement of fin67
Notes to the statement of financial position - Cash and cash equivalents narrative (Details) - EUR (€) € in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Subclassifications of assets, liabilities and equities [abstract] | ||||
Cash and cash equivalents | € 60,272 | € 73,907 | € 65,261 | € 70,544 |
Bank balances and cash on hand | 59,648 | 73,895 | ||
Checks | € 624 | € 12 |
Notes to the statement of fin68
Notes to the statement of financial position - Equity, subscribed capital (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of classes of share capital [line items] | ||
Subscribed capital | € 59,635 | € 59,635 |
Authorised unissued capital | € 29,818 | |
Number of shares authorised unissued (in shares) | 29,817,500 | |
Period authorised to issues shares | 5 years | |
Subscribed capital | ||
Disclosure of classes of share capital [line items] | ||
Number of shares issued (in shares) | 59,320,214 | |
Treasury Shares | ||
Disclosure of classes of share capital [line items] | ||
Number of shares issued (in shares) | 314,912 |
Notes to the statement of fin69
Notes to the statement of financial position - Equity, treasury shares (Details) € / shares in Units, $ / shares in Units, € in Thousands | 1 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Mar. 31, 2016$ / sharesshares | Feb. 29, 2016$ / sharesshares | Jan. 31, 2016$ / sharesshares | Dec. 31, 2016$ / sharesshares | Dec. 31, 2016EUR (€)€ / sharesshares | Dec. 31, 2016$ / sharesshares | Jan. 15, 2016USD ($) | |
Subclassifications of assets, liabilities and equities [abstract] | |||||||
Share repurchase plan, amount authorised for repurchase (up to) | $ | $ 20,000,000 | ||||||
Total Number of Shares Purchased | 10,600 | 199,874 | 104,438 | 0 | 314,912 | ||
Average Price Paid per Share (per Share) | (per share) | $ 12.9293 | $ 12.3170 | $ 11.1647 | $ 0 | € 10.8441 | $ 11.9555 | |
Maximum approximate Dollar Value of shares that may yet be purchased under the Program as of December 31, 2016 | 16,235,072 | 16,372,123 | 18,833,978 | 16,235,072 | 16,235,072 | 16,235,072 | |
Purchase of treasury shares | € | € 3,415 |
Notes to the statement of fin70
Notes to the statement of financial position - Equity, reserves and dividends per share (Details) - EUR (€) € / shares in Units, € in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of classes of share capital [line items] | |||
Dividends paid, ordinary shares per share (EUR per share) | € 0.67 | € 0.67 | € 0.67 |
Dividends paid, ordinary shares | € 40,000 | € 40,000 | € 40,000 |
Dividends paid, quarterly installment, ordinary shares | 10,000 | 10,000 | 10,000 |
Capital reserves | |||
Disclosure of classes of share capital [line items] | |||
Dividends paid | 196,357 | ||
Accumulated share-based payments | € 12,252 | € 4,482 | € 907 |
Notes to the statement of fin71
Notes to the statement of financial position - Pension provisions and post-retirement benefits narrative (Details) € in Thousands | 12 Months Ended | |||||||
Dec. 31, 2017EUR (€) | Dec. 31, 2017 | Dec. 31, 2017year | Dec. 31, 2016EUR (€) | Dec. 31, 2016 | Dec. 31, 2016year | Dec. 31, 2016program | Dec. 31, 2015EUR (€) | |
Disclosure of geographical areas [line items] | ||||||||
Defined benefit obligation maturity duration | 21.2 | 21.2 | 21.9 | 21.9 | ||||
Actual return on plan assets | € 91 | € 106 | ||||||
Number of programs ceased due to closure of France plant | program | 1 | |||||||
Expected pension contributions | 1,667 | |||||||
Statutory pension insurance paid | € 11,333 | € 11,522 | € 11,091 | |||||
Germany | ||||||||
Disclosure of geographical areas [line items] | ||||||||
Percentage of provisions for defined benefit pension obligations | 89.00% | 89.00% | 89.00% | 89.00% | 89.00% | 89.00% | 89.00% |
Notes to the statement of fin72
Notes to the statement of financial position - Pension provisions and other post-retirement benefits schedule (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Subclassifications of assets, liabilities and equities [abstract] | |||
At the beginning of the period | € 54,736 | € 44,994 | |
Actuarial (gain)/ loss | (593) | 10,574 | |
Net pension expense | 2,178 | 243 | € 840 |
Net (contribution)/return into/from plan assets | 450 | (880) | |
Net benefits paid | (2,137) | (827) | |
Exchange difference | (110) | 632 | |
At the end of the period | € 54,524 | € 54,736 | € 44,994 |
Notes to the statement of fin73
Notes to the statement of financial position - Pension provisions and post-retirement benefits, assumptions (Details) | Dec. 31, 2017 | Dec. 31, 2016 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Discount rate | 1.90% | 1.90% |
Future pension increase | 1.50% | 1.50% |
Notes to the statement of fin74
Notes to the statement of financial position - Pension provisions and post-retirement benefits, sensitivity analysis for assumptions (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Discount Rate | Bottom of range | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Sensitivity level | 1.40% | 1.40% |
Impact on defined benefit obligation | € (5,515) | € (5,708) |
Discount Rate | Top of range | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Sensitivity level | 2.40% | 2.40% |
Impact on defined benefit obligation | € 4,751 | € 4,896 |
Pension Trend | Bottom of range | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Sensitivity level | 1.00% | 1.00% |
Impact on defined benefit obligation | € 7,179 | € 6,954 |
Pension Trend | Top of range | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Sensitivity level | 2.00% | 2.00% |
Impact on defined benefit obligation | € (7,931) | € (7,715) |
Mortality | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Sensitivity level, basis spread on mortality rate | 2 years | 2 years |
Impact on defined benefit obligation | € (3,444) | € (3,435) |
Notes to the statement of fin75
Notes to the statement of financial position - Pension provisions and post-retirement benefits, present value schedule (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of net defined benefit liability (asset) [line items] | |||
At the beginning of the period | € 54,736 | € 44,994 | |
Actuarial (gain)/ loss | (593) | 10,574 | |
Current service cost | 684 | 712 | € 762 |
Benefits paid | (2,137) | (827) | |
Other adjustments | 128 | (1,874) | (1,247) |
Currency translation | (110) | 632 | |
At the end of the period | 54,524 | 54,736 | 44,994 |
Present Value | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
At the beginning of the period | 61,379 | 50,589 | |
Actuarial (gain)/ loss | (661) | 10,544 | |
Current service cost | 684 | 712 | |
Interest cost | 1,525 | 1,541 | 1,485 |
Benefits paid | (2,137) | (827) | |
Other adjustments | 128 | (1,874) | |
Currency translation | (162) | 694 | |
At the end of the period | € 60,756 | € 61,379 | € 50,589 |
Notes to the statement of fin76
Notes to the statement of financial position - Pension provisions and post-retirement benefits, fair value of plan assets (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of net defined benefit liability (asset) [line items] | |||
Fair value of plan assets at the beginning of the period | € (54,736) | € (44,994) | |
Actuarial gain/(loss) | 593 | (10,574) | |
Benefits paid | 2,137 | 827 | |
Currency translation | 110 | (632) | |
Fair value of plan assets | (54,524) | (54,736) | € (44,994) |
Fair Value of Plan Assets | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Fair value of plan assets at the beginning of the period | 6,643 | 5,595 | |
Expected return on plan assets | 159 | 136 | 160 |
Employer contributions | 888 | 1,006 | |
Employee contributions | 0 | 50 | |
Actuarial gain/(loss) | (68) | (30) | |
Benefits paid | (1,338) | (176) | |
Currency translation | (52) | 62 | |
Fair value of plan assets | € 6,232 | € 6,643 | € 5,595 |
Notes to the statement of fin77
Notes to the statement of financial position - Pension provisions and post-retirement benefits, financing (Details) - EUR (€) € in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure of net defined benefit liability (asset) [line items] | |||
Defined benefit obligation | € 54,524 | € 54,736 | € 44,994 |
Fair value of plan assets | 54,524 | 54,736 | 44,994 |
Pension provision | 54,524 | 54,736 | 44,994 |
Present Value | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Defined benefit obligation | 60,756 | 61,379 | 50,589 |
Fair value of plan assets | 60,756 | 61,379 | 50,589 |
Pension provision | 60,756 | 61,379 | 50,589 |
Plan assets | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Defined benefit obligation | (6,232) | (6,643) | (5,595) |
Fair value of plan assets | (6,232) | (6,643) | (5,595) |
Pension provision | € (6,232) | € (6,643) | € (5,595) |
Notes to the statement of fin78
Notes to the statement of financial position - Pension provisions and post-retirement benefits, pension expense (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of net defined benefit liability (asset) [line items] | |||
Current service cost | € 684 | € 712 | € 762 |
Past service cost/(income) and other adjustments | 128 | (1,874) | (1,247) |
Net pension expense/(income) | 2,178 | 243 | 840 |
Defined Benefit Obligation | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Current service cost | 684 | 712 | |
Interest expense | 1,525 | 1,541 | 1,485 |
Past service cost/(income) and other adjustments | 128 | (1,874) | |
Fair Value of Plan Assets | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Interest expense | € (159) | € (136) | € (160) |
Notes to the statement of fin79
Notes to the statement of financial position - Other provisions balance sheet (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of other provisions [line items] | |||
Other provisions | € 60,714 | € 73,803 | € 53,513 |
Other provisions, current | 49,588 | 60,056 | |
Other provisions, noncurrent | 11,126 | 13,747 | |
Personnel provisions | |||
Disclosure of other provisions [line items] | |||
Other provisions | 31,804 | 34,195 | 35,579 |
Other provisions, current | 23,805 | 24,628 | |
Other provisions, noncurrent | € 7,999 | 9,567 | |
Expected timing of outflows (more than for restoration and environmental protection) | 5 years | ||
Provisions for sales and procure-ment | |||
Disclosure of other provisions [line items] | |||
Other provisions | € 2,822 | 2,749 | 2,670 |
Other provisions, current | 2,822 | 2,749 | |
Other provisions, noncurrent | 0 | 0 | |
Provisions for environmental protection measures | |||
Disclosure of other provisions [line items] | |||
Other provisions | 1,640 | 1,686 | 1,691 |
Other provisions, current | 431 | 507 | |
Other provisions, noncurrent | 1,209 | 1,179 | |
Provisions for restoration | |||
Disclosure of other provisions [line items] | |||
Other provisions | 1,918 | 3,001 | 3,070 |
Other provisions, current | 0 | 0 | |
Other provisions, noncurrent | € 1,918 | 3,001 | |
Provisions for restoration | More than 5 years | |||
Disclosure of other provisions [line items] | |||
Expected timing of outflows (more than for restoration and environmental protection) | 5 years | ||
Restructuring provision related to Rubber footprint | |||
Disclosure of other provisions [line items] | |||
Other provisions | € 7,268 | 15,819 | 0 |
Other provisions, current | 7,268 | 15,819 | |
Other provisions, noncurrent | 0 | 0 | |
Other provisions | |||
Disclosure of other provisions [line items] | |||
Other provisions | 15,262 | 16,353 | € 10,503 |
Other provisions, current | 15,262 | 16,353 | |
Other provisions, noncurrent | € 0 | € 0 |
Notes to the statement of fin80
Notes to the statement of financial position - Reconciliation of changes in other provisions (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Reconciliation of changes in other provisions [abstract] | ||
Beginning balance, other provisions | € 73,803 | € 53,513 |
Currency translation | (2,334) | 1,320 |
Additions | 33,786 | 53,191 |
Utilization | (43,435) | (33,648) |
Reversals | (1,319) | (711) |
Unwinding of the discount/change in interest rate | 213 | 138 |
Ending balance, other provisions | 60,714 | 73,803 |
Personnel provisions | ||
Reconciliation of changes in other provisions [abstract] | ||
Beginning balance, other provisions | 34,195 | 35,579 |
Currency translation | (1,078) | 245 |
Additions | 21,250 | 21,695 |
Utilization | (22,405) | (23,329) |
Reversals | (248) | (133) |
Unwinding of the discount/change in interest rate | 90 | 138 |
Ending balance, other provisions | 31,804 | 34,195 |
Provisions for sales and procure-ment | ||
Reconciliation of changes in other provisions [abstract] | ||
Beginning balance, other provisions | 2,749 | 2,670 |
Currency translation | (125) | 94 |
Additions | 2,799 | 2,803 |
Utilization | (2,597) | (2,761) |
Reversals | (4) | (57) |
Unwinding of the discount/change in interest rate | 0 | 0 |
Ending balance, other provisions | 2,822 | 2,749 |
Provisions for environmental protection measures | ||
Reconciliation of changes in other provisions [abstract] | ||
Beginning balance, other provisions | 1,686 | 1,691 |
Currency translation | 5 | (3) |
Additions | 122 | 98 |
Utilization | (255) | (100) |
Reversals | (1) | 0 |
Unwinding of the discount/change in interest rate | 83 | 0 |
Ending balance, other provisions | 1,640 | 1,686 |
Provisions for restoration | ||
Reconciliation of changes in other provisions [abstract] | ||
Beginning balance, other provisions | 3,001 | 3,070 |
Currency translation | (393) | 101 |
Additions | 0 | 159 |
Utilization | (730) | (329) |
Reversals | 0 | 0 |
Unwinding of the discount/change in interest rate | 40 | 0 |
Ending balance, other provisions | 1,918 | 3,001 |
Restructuring provision related to Rubber footprint | ||
Reconciliation of changes in other provisions [abstract] | ||
Beginning balance, other provisions | 15,819 | 0 |
Currency translation | 0 | 0 |
Additions | 2,000 | 15,960 |
Utilization | (10,551) | (141) |
Reversals | 0 | 0 |
Unwinding of the discount/change in interest rate | 0 | 0 |
Ending balance, other provisions | 7,268 | 15,819 |
Other provisions | ||
Reconciliation of changes in other provisions [abstract] | ||
Beginning balance, other provisions | 16,353 | 10,503 |
Currency translation | (743) | 883 |
Additions | 7,615 | 12,476 |
Utilization | (6,897) | (6,988) |
Reversals | (1,066) | (521) |
Unwinding of the discount/change in interest rate | 0 | 0 |
Ending balance, other provisions | € 15,262 | € 16,353 |
Notes to the statement of fin81
Notes to the statement of financial position - Trade payables, other financial liabilities schedule (Details) - EUR (€) € in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of detailed information about borrowings [line items] | ||
Term Loan | € 558,569 | € 618,059 |
Liabilities from derivatives | 4,330 | 863 |
Liabilities from derivatives, Thereof current | 774 | 863 |
Liabilities from derivatives, Thereof non-current | 3,556 | 0 |
Other financial liabilities | 97 | 202 |
Other financial liabilities, Thereof current | 52 | 76 |
Other financial liabilities, Thereof non-current | 45 | 126 |
Total financial liabilities | 573,429 | 619,124 |
Total financial liabilities, Thereof current | 5,848 | 5,465 |
Total financial liabilities, Thereof non-current | 567,581 | 613,659 |
Trade payables | 141,436 | 122,913 |
Trade payables, Thereof current | 141,436 | 122,913 |
Trade payables, Thereof non-current | 0 | 0 |
Total | 714,865 | 742,037 |
Total, Thereof current | 147,284 | 128,378 |
Total, Thereof non-current | 567,581 | 613,659 |
Term Loan | ||
Disclosure of detailed information about borrowings [line items] | ||
Term Loan | 558,569 | 618,059 |
Term Loan, Thereof current | 5,007 | 4,526 |
Term Loan, Thereof non-current | 553,562 | 613,533 |
Local bank loans | ||
Disclosure of detailed information about borrowings [line items] | ||
Term Loan | 10,433 | 0 |
Term Loan, Thereof current | 15 | 0 |
Term Loan, Thereof non-current | € 10,418 | € 0 |
Notes to the statement of fin82
Notes to the statement of financial position - Trade payables, other financial liabilities narrative (Details) $ in Millions | Nov. 07, 2017EUR (€) | Aug. 10, 2017KRW (₩)plant | May 05, 2017EUR (€) | May 04, 2017 | Jan. 23, 2017EUR (€) | Jan. 23, 2017USD ($) | Sep. 30, 2016EUR (€) | Jul. 15, 2016EUR (€) | Jul. 15, 2016USD ($) | Jan. 29, 2016EUR (€) | Jan. 29, 2016USD ($) | Dec. 30, 2015EUR (€) | Dec. 30, 2015USD ($) | Dec. 31, 2014EUR (€) | Nov. 07, 2017EUR (€) | Dec. 31, 2017EUR (€) | Dec. 31, 2017EUR (€) | Dec. 31, 2016EUR (€) | Dec. 31, 2015EUR (€) | Nov. 06, 2017 | Sep. 29, 2016 | Jul. 25, 2014EUR (€) | Jul. 25, 2014USD ($) |
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Debt repayment | € 26,572,000 | € 47,357,000 | € 56,825,000 | ||||||||||||||||||||
Capitalized transaction costs amortized and recognized as finance cost | € 21,725,000 | € 31,022,000 | 37,858,000 | ||||||||||||||||||||
Credit Facility Term Loan | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Maximum borrowing capacity | € 665,000,000 | ||||||||||||||||||||||
EURIBOR and LIBOR floor | 0.75% | 0.00% | 0.00% | 0.75% | 1.00% | 1.00% | 1.00% | ||||||||||||||||
Debt repayment | € 11,000,000 | $ 9 | € 20,000,000 | $ 22 | € 20,000,000 | $ 22 | € 25,000,000 | $ 27 | |||||||||||||||
Reduction to interest | 1.00% | ||||||||||||||||||||||
Expected reduction to annual cost of debt | € 800,000 | € 4,700,000 | € 6,200,000 | € 800,000 | |||||||||||||||||||
Transaction costs incurred | € 19,277,000 | ||||||||||||||||||||||
Transaction costs incurred and capitalized | € 1,878,000 | € 2,916,000 | |||||||||||||||||||||
Capitalized transaction costs amortized and recognized as finance cost | € 712,000 | € 389,000 | € 3,110,000 | € 2,547,000 | € 712,000 | ||||||||||||||||||
Credit Facility Term Loan | Debt Issuance Costs | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Deferred transaction costs | € 11,959,000 | € 11,959,000 | € 12,522,000 | ||||||||||||||||||||
Credit Facility Term Loan | Floating interest rate | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Borrowings, adjustment to interest rate basis | 2.50% | 2.50% | 3.00% | ||||||||||||||||||||
Credit Facility Term Loan | Floating interest rate | Bottom of range | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Borrowings, adjustment to interest rate basis | 3.00% | 3.75% | 3.75% | 3.75% | |||||||||||||||||||
Credit Facility Term Loan | Floating interest rate | Top of range | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Borrowings, adjustment to interest rate basis | 4.00% | 4.00% | |||||||||||||||||||||
Credit Facility Term Loan | Fixed interest rate | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Principal amount required to be repaid per annum (at least) | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | ||||||||||||||||||
Interest rate | 3.75% | 4.75% | |||||||||||||||||||||
US Denominated Credit Facility Term Loan | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Notional amount | $ | $ 358 | ||||||||||||||||||||||
EURIBOR and LIBOR floor | 0.00% | 0.75% | |||||||||||||||||||||
Reduction to interest | 50.00% | ||||||||||||||||||||||
Capitalized transaction costs amortized and recognized as finance cost | € 4,123,000 | ||||||||||||||||||||||
US Denominated Credit Facility Term Loan | Fixed interest rate | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Interest rate | 2.50% | 3.00% | |||||||||||||||||||||
EUR Denominated Credit Facility Term Loan | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Notional amount | € 399,000,000 | ||||||||||||||||||||||
EURIBOR and LIBOR floor | 0.00% | 0.00% | 0.75% | 0.00% | 0.00% | ||||||||||||||||||
Reduction to interest | 25.00% | 100.00% | |||||||||||||||||||||
EUR Denominated Credit Facility Term Loan | Floating interest rate | Bottom of range | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Borrowings, adjustment to interest rate basis | 2.75% | 3.00% | |||||||||||||||||||||
EUR Denominated Credit Facility Term Loan | Fixed interest rate | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Interest rate | 2.50% | 2.75% | 3.75% | 2.50% | 2.75% | ||||||||||||||||||
Revolving Credit Facility | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Maximum borrowing capacity | € 175,000,000 | € 115,000,000 | |||||||||||||||||||||
Transaction costs incurred and capitalized | € 2,752,000 | € 1,952,000 | |||||||||||||||||||||
Unused capacity, commitment fee percentage | 35.00% | 40.00% | |||||||||||||||||||||
Capitalized transaction costs amortized and recognized as finance cost | 624,000 | € 551,000 | |||||||||||||||||||||
Unamortized transaction costs | 2,751,000 | 2,751,000 | 1,422,000 | ||||||||||||||||||||
Revolving Credit Facility | LIBOR | Bottom of range | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Borrowings, adjustment to interest rate basis | 2.50% | 2.50% | |||||||||||||||||||||
Revolving Credit Facility | LIBOR | Top of range | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Borrowings, adjustment to interest rate basis | 3.00% | 3.00% | |||||||||||||||||||||
Local bank loans | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Maximum borrowing capacity | ₩ | ₩ 24,000,000,000 | ||||||||||||||||||||||
Borrowings, term | 3 years | ||||||||||||||||||||||
Non-current portion of non-current borrowings | € 10,418,000 | € 10,418,000 | € 0 | ||||||||||||||||||||
Local bank loans | Korea | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Number of plants consolidated | plant | 2 |
Notes to the statement of fin83
Notes to the statement of financial position - Deferred and current taxes (Details) - EUR (€) € in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred tax assets | ||
Deferred tax assets | € 36,309 | € 60,955 |
Deferred tax liability | ||
Deferred tax liabilities | 20,946 | 44,557 |
Net deferred tax | (15,363) | (16,398) |
Before Offset Amount | ||
Deferred tax assets | ||
Deferred tax assets | 67,627 | 105,448 |
Deferred tax liability | ||
Deferred tax liabilities | 52,264 | 89,050 |
Before Offset Amount | Intangible assets | ||
Deferred tax assets | ||
Deferred tax assets | 1,004 | 1,062 |
Deferred tax liability | ||
Deferred tax liabilities | 684 | 1,198 |
Before Offset Amount | Property, plant and equipment | ||
Deferred tax assets | ||
Deferred tax assets | 1,928 | 2,796 |
Deferred tax liability | ||
Deferred tax liabilities | 27,336 | 45,858 |
Before Offset Amount | Financial assets | ||
Deferred tax assets | ||
Deferred tax assets | 6,094 | 18,773 |
Deferred tax liability | ||
Deferred tax liabilities | 5,527 | 20,233 |
Before Offset Amount | Inventories | ||
Deferred tax assets | ||
Deferred tax assets | 1,825 | 2,577 |
Before Offset Amount | Receivables, other assets | ||
Deferred tax assets | ||
Deferred tax assets | 2,320 | 1,999 |
Deferred tax liability | ||
Deferred tax liabilities | 11,321 | 14,795 |
Before Offset Amount | Provisions | ||
Deferred tax assets | ||
Deferred tax assets | 16,710 | 18,542 |
Deferred tax liability | ||
Deferred tax liabilities | 5,677 | 5,129 |
Before Offset Amount | Liabilities | ||
Deferred tax assets | ||
Deferred tax assets | 21,939 | 39,106 |
Deferred tax liability | ||
Deferred tax liabilities | 1,719 | 1,837 |
Before Offset Amount | Loss carryforwards | ||
Deferred tax assets | ||
Deferred tax assets | 15,807 | 20,593 |
Offset Amount | ||
Deferred tax assets | ||
Deferred tax assets | (31,318) | (44,493) |
Deferred tax liability | ||
Deferred tax liabilities | € 31,318 | € 44,493 |
Notes to the statement of fin84
Notes to the statement of financial position - Deferred and current taxes, tax loss and carryforwards (Details) - EUR (€) € in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Tax loss and interest carryforwards recognized | € 95,515 | € 126,754 |
Corporate income tax loss carryforwards | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Tax loss and interest carryforwards recognized | 95,515 | 86,384 |
Trade tax loss carryforwards | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Tax loss and interest carryforwards recognized | € 0 | € 40,370 |
Notes to the statement of fin85
Notes to the statement of financial position - Deferred and current taxes, tax loss and carryforwards, excluding deferred tax assets (Details) - EUR (€) € in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Total | € 153,886 | € 202,582 |
Deductible temporary differences | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deductible temporary differences for which no deferred tax asset is recognised | 28,366 | 28,449 |
Corporate income tax loss carryforwards | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax losses for which no deferred tax asset recognised | 104,772 | 154,009 |
Trade tax loss carryforwards | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax losses for which no deferred tax asset recognised | 213 | 2,353 |
Interest carryforwards for tax purposes | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax losses for which no deferred tax asset recognised | € 20,535 | € 17,771 |
Notes to the statement of fin86
Notes to the statement of financial position - Deferred and current taxes narrative (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax losses for which no deferred tax asset recognised, not subject to expiration | € 92,222 | € 149,826 |
Unused tax losses for which no deferred tax assets recognised with expiration period between one to five years | 3,514 | 5,878 |
Unused tax losses for which no deferred tax asset recognised, expiration period later than five years | € 9,250 | € 658 |
Unused tax losses for which no deferred tax asset recognised, expiration period later than five years, expiration period | 5 years | 5 years |
Temporary differences associated with investments in subsidiaries | € 14,873 | € 21,263 |
Reduction in deferred tax liabilities, Tax Cuts and Jobs Act of 2017 | 358 | |
Tax effect from change in tax rate, recorded through Other Comprehensive Income, Tax Cuts and Jobs Act of 2017 | 420 | |
United States | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Reduction in deferred tax liabilities, Tax Cuts and Jobs Act of 2017 | € 7,354 | |
Bottom of range | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Tax credit carryforward expiration period from years one to five | 1 year | |
Top of range | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Tax credit carryforward expiration period from years one to five | 5 years |
Notes to the statement of cas87
Notes to the statement of cash flows - Notes to the statement of cash flows, narrative (Details) € in Thousands | Jul. 15, 2016EUR (€) | Jan. 29, 2016EUR (€) | Dec. 31, 2017EUR (€)¥ / € | Dec. 31, 2016EUR (€)¥ / € | Dec. 31, 2015EUR (€)$ / € | Dec. 31, 2017SEK / € | Dec. 31, 2017£ / € | Dec. 31, 2017$ / € | Dec. 31, 2017ZAR / € | Dec. 31, 2017¥ / € | Dec. 31, 2017SGD / € | Dec. 31, 2017BRL / € | Dec. 31, 2017₩ / € | Dec. 31, 2017PLN / € | Dec. 31, 2016SEK / € | Dec. 31, 2016£ / € | Dec. 31, 2016$ / € | Dec. 31, 2016ZAR / € | Dec. 31, 2016¥ / € | Dec. 31, 2016SGD / € | Dec. 31, 2016BRL / € | Dec. 31, 2016₩ / € | Dec. 31, 2016PLN / € | Dec. 31, 2014$ / € |
Disclosure Of Exchange Rates Used For Currency Translation [Line Items] | ||||||||||||||||||||||||
Exchange rate | 7.8044 | 7.3202 | 1.0887 | 9.8438 | 0.8872 | 1.1993 | 14.8054 | 135.0100 | 1.6024 | 3.9729 | 1,279.6100 | 4.1770 | 9.5525 | 0.8562 | 1.0541 | 14.4570 | 123.4000 | 1.5234 | 3.4305 | 1,269.3600 | 4.4103 | 1.2141 | ||
Amortization of capitalized transaction costs | € 21,725 | € 31,022 | € 37,858 | |||||||||||||||||||||
US Denominated Credit Facility Term Loan | ||||||||||||||||||||||||
Disclosure Of Exchange Rates Used For Currency Translation [Line Items] | ||||||||||||||||||||||||
Unrealized foreign currency loss (gains) | (12,834) | |||||||||||||||||||||||
Amortization of capitalized transaction costs | 4,123 | |||||||||||||||||||||||
Credit Facility Term Loan | ||||||||||||||||||||||||
Disclosure Of Exchange Rates Used For Currency Translation [Line Items] | ||||||||||||||||||||||||
Unrealized foreign currency loss (gains) | 3,283 | |||||||||||||||||||||||
Amortization of capitalized transaction costs | € 712 | € 389 | € 3,110 | 2,547 | 712 | |||||||||||||||||||
Senior Secured Notes And Term Loans | ||||||||||||||||||||||||
Disclosure Of Exchange Rates Used For Currency Translation [Line Items] | ||||||||||||||||||||||||
Amortization of capitalized transaction costs | € 3,810 | 4,804 | ||||||||||||||||||||||
Term Loan | ||||||||||||||||||||||||
Disclosure Of Exchange Rates Used For Currency Translation [Line Items] | ||||||||||||||||||||||||
Unrealized foreign currency loss (gains) | € 16,553 |
Other notes - Capital manageme
Other notes - Capital management, schedule of invested capital (Details) - EUR (€) € in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Sep. 29, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Jul. 25, 2014 |
Disclosure of detailed information about borrowings [line items] | |||||||
Reported equity | € 83,262 | € 52,882 | € 49,686 | € 55,265 | |||
Term Loans (see note (7.10(a))) | 558,569 | 618,059 | |||||
Cash and cash equivalents | (60,272) | (73,907) | € (65,261) | € (70,544) | |||
Total invested capital | € 581,559 | € 597,034 | |||||
Credit Facility Term Loan | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
EURIBOR and LIBOR floor | 0.00% | 0.75% | 0.75% | 1.00% | 1.00% | ||
Credit Facility Term Loan | Fixed interest rate | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Principal amount required to be repaid per annum (at least) | 1.00% | 1.00% | 1.00% | ||||
Credit Facility Term Loan | Floating interest rate | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Borrowings, adjustment to interest rate basis | 2.50% | 3.00% |
Other notes - Additional discl
Other notes - Additional disclosures on financial instruments, income and expense and gains and losses from financial instruments (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of detailed information about financial instruments [line items] | |||
Income from the reversal of bad debt allowances | € 1,319 | € 1,196 | € 478 |
Income from the valuation of derivatives | 0 | 19 | 2,202 |
Expenses from the valuation of derivatives | 0 | (33) | (3,079) |
Expenses for bad debt allowances on trade receivables | 0 | (6) | (1,616) |
Other interest-like income | 745 | 669 | 1,945 |
Interest expenses from loans | (20,292) | (29,757) | (36,370) |
Other interest-like expenses | (3,433) | (2,846) | (3,335) |
Financial result without share of profit or loss from joint ventures | (36,702) | (37,345) | (56,173) |
Liabilities held for trading | |||
Disclosure of detailed information about financial instruments [line items] | |||
Income from the currency translation of monetary items | 0 | 0 | 0 |
Expenses from the currency translation of monetary items | 0 | 0 | 0 |
Expenses from the valuation of derivatives | (3,683) | (11,549) | (7,315) |
Interest expenses from loans | 0 | 0 | 0 |
Other interest-like expenses | 0 | 0 | 0 |
Financial result without share of profit or loss from joint ventures | (3,683) | (11,549) | (7,315) |
Liabilities measured at amortized cost | |||
Disclosure of detailed information about financial instruments [line items] | |||
Income from the currency translation of monetary items | 12,834 | 3,878 | 0 |
Expenses from the currency translation of monetary items | 0 | 0 | (16,553) |
Expenses from the valuation of derivatives | 0 | 0 | 0 |
Interest expenses from loans | (24,415) | (33,567) | (41,174) |
Other interest-like expenses | (2,453) | (1,847) | (1,088) |
Financial result without share of profit or loss from joint ventures | (14,034) | (31,536) | (58,815) |
Loans and receivables | |||
Disclosure of detailed information about financial instruments [line items] | |||
Income from the reversal of bad debt allowances | 5,736 | 3,099 | 1,285 |
Income from the currency translation of monetary items | 26,505 | 20,598 | 5,008 |
Income from the valuation of derivatives | 0 | 0 | 0 |
Expenses from the currency translation of monetary items | (44,707) | (23,498) | (1,930) |
Expenses from the valuation of derivatives | 0 | 0 | 0 |
Expenses for bad debt allowances on trade receivables | (3,780) | (4,585) | (1,957) |
Result from loans and receivables | 370 | 157 | 1,577 |
Other interest-like income | 374 | 514 | 368 |
Financial result without share of profit or loss from joint ventures | (15,502) | (3,715) | 4,351 |
Financial assets held for trading / Financial assets designated as hedging instruments | |||
Disclosure of detailed information about financial instruments [line items] | |||
Income from the reversal of bad debt allowances | 0 | 0 | 0 |
Income from the currency translation of monetary items | 0 | 0 | 0 |
Income from the valuation of derivatives | 404 | 217 | 2,202 |
Expenses from the currency translation of monetary items | 0 | 0 | 0 |
Expenses from the valuation of derivatives | (980) | (999) | (2,247) |
Expenses for bad debt allowances on trade receivables | 0 | 0 | 0 |
Result from loans and receivables | 0 | 0 | 0 |
Other interest-like income | 0 | 0 | 0 |
Financial result without share of profit or loss from joint ventures | € (576) | € (782) | € (45) |
Other notes - Additional dis90
Other notes - Additional disclosures on financial instruments, comparing carrying amount to fair value of financial assets and liabilities (Details) - EUR (€) € in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial assets, Carrying amount | € 261,829 | € 271,852 |
Financial assets, Fair value | 261,829 | 271,852 |
Financial liabilities, Carrying amount | 714,865 | 742,037 |
Financial liabilities, Fair value | 726,824 | 754,559 |
Liabilities measured at amortized cost | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial liabilities, Carrying amount | 710,535 | 741,174 |
Financial liabilities, Fair value | 722,494 | 753,696 |
Liabilities measured at amortized cost | Term loan | Term Loan | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial liabilities, Carrying amount | 558,569 | 618,059 |
Financial liabilities, Fair value | 570,528 | 630,581 |
Liabilities measured at amortized cost | Term loan | Local bank loans | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial liabilities, Carrying amount | 10,433 | 0 |
Financial liabilities, Fair value | 10,433 | 0 |
Liabilities measured at amortized cost | Trade payables | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial liabilities, Carrying amount | 141,436 | 122,913 |
Financial liabilities, Fair value | 141,436 | 122,913 |
Liabilities measured at amortized cost | Other financial liabilities | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial liabilities, Carrying amount | 97 | 202 |
Financial liabilities, Fair value | 97 | 202 |
Liabilities held for trading | Derivatives | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial liabilities, Carrying amount | 4,330 | 863 |
Financial liabilities, Fair value | 4,330 | 863 |
Loans and receivables | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial assets, Carrying amount | 258,865 | 269,026 |
Financial assets, Fair value | 258,865 | 269,026 |
Trade receivables | Loans and receivables | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial assets, Carrying amount | 195,341 | 190,503 |
Financial assets, Fair value | 195,341 | 190,503 |
Loans | Loans and receivables | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial assets, Carrying amount | 574 | 1,357 |
Financial assets, Fair value | 574 | 1,357 |
Miscellaneous financial assets | Loans and receivables | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial assets, Carrying amount | 2,678 | 3,259 |
Financial assets, Fair value | 2,678 | 3,259 |
Cash and cash equivalents | Loans and receivables | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial assets, Carrying amount | 60,272 | 73,907 |
Financial assets, Fair value | 60,272 | 73,907 |
Derivatives | Financial assets held for trading | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial assets, Carrying amount | 2,964 | 2,826 |
Financial assets, Fair value | € 2,964 | € 2,826 |
Other notes - Additional dis91
Other notes - Additional disclosures on financial instruments, fair values to the fair value hierarchy (Details) - EUR (€) € in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Assets | € 974,573 | € 998,585 |
Level 1 | At fair value | Derivatives | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Liabilities | 0 | 0 |
Level 1 | At fair value | Derivatives | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Assets | 0 | 0 |
Level 1 | For which fair values are disclosed | Borrowings | Term loan | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Liabilities | 0 | 0 |
Level 1 | For which fair values are disclosed | Borrowings | Local Bank Loan | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Liabilities | 0 | 0 |
Level 2 | At fair value | Derivatives | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Liabilities | 4,330 | 863 |
Level 2 | At fair value | Derivatives | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Assets | 2,964 | 2,826 |
Level 2 | For which fair values are disclosed | Borrowings | Term loan | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Liabilities | 570,528 | 630,581 |
Level 2 | For which fair values are disclosed | Borrowings | Local Bank Loan | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Liabilities | 10,433 | 0 |
Level 3 | At fair value | Derivatives | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Liabilities | 0 | 0 |
Level 3 | At fair value | Derivatives | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Assets | 0 | 0 |
Level 3 | For which fair values are disclosed | Borrowings | Term loan | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Liabilities | 0 | 0 |
Level 3 | For which fair values are disclosed | Borrowings | Local Bank Loan | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Liabilities | € 0 | € 0 |
Other notes - Additional dis92
Other notes - Additional disclosures on financial instruments, derivatives (Details) - EUR (€) € in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of detailed information about hedging instruments [line items] | ||
Receivables from hedges/ derivatives | € 2,964 | € 2,826 |
Receivables from hedges/derivatives, Thereof current | 757 | 1,599 |
Receivables from hedges/derivatives, Thereof non-current | 2,207 | 1,227 |
Liabilities from derivatives | 4,330 | 863 |
Liabilities from derivatives, Thereof current | 774 | 863 |
Liabilities from derivatives, Thereof non-current | 3,556 | 0 |
Foreign currency derivatives | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Receivables from hedges/ derivatives | 559 | 271 |
Receivables from hedges/derivatives, Thereof current | 559 | 271 |
Receivables from hedges/derivatives, Thereof non-current | 0 | 0 |
Liabilities from derivatives | 749 | 0 |
Liabilities from derivatives, Thereof current | 749 | 0 |
Liabilities from derivatives, Thereof non-current | 0 | 0 |
Interest rate derivatives | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Receivables from hedges/ derivatives | 2,207 | 1,022 |
Receivables from hedges/derivatives, Thereof current | 0 | 0 |
Receivables from hedges/derivatives, Thereof non-current | 2,207 | 1,022 |
Liabilities from derivatives | 509 | 0 |
Liabilities from derivatives, Thereof current | 0 | 0 |
Liabilities from derivatives, Thereof non-current | 509 | 0 |
Interest rate and foreign currency derivatives | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Receivables from hedges/ derivatives | 0 | 205 |
Receivables from hedges/derivatives, Thereof current | 0 | 0 |
Receivables from hedges/derivatives, Thereof non-current | 0 | 205 |
Liabilities from derivatives | 3,047 | 0 |
Liabilities from derivatives, Thereof current | 0 | 0 |
Liabilities from derivatives, Thereof non-current | 3,047 | 0 |
Commodity derivatives | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Receivables from hedges/ derivatives | 198 | 1,328 |
Receivables from hedges/derivatives, Thereof current | 198 | 1,328 |
Receivables from hedges/derivatives, Thereof non-current | 0 | 0 |
Liabilities from derivatives | 25 | 863 |
Liabilities from derivatives, Thereof current | 25 | 863 |
Liabilities from derivatives, Thereof non-current | € 0 | € 0 |
Other notes - Additional dis93
Other notes - Additional disclosures on financial instruments, narrative (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of financial assets [line items] | |||
Other comprehensive income, net of tax, cash flow hedges | € 82 | € 752 | € 0 |
Derivatives | |||
Disclosure of financial assets [line items] | |||
Reclassification of financial assets out of other comprehensive income into finance result | 0 | 0 | 0 |
Derivatives | Financial Result | |||
Disclosure of financial assets [line items] | |||
Net income (expense) from the valuation of derivatives | (4,259) | 218 | (3,414) |
Derivatives | Operating Result | |||
Disclosure of financial assets [line items] | |||
Net income (expense) from the valuation of derivatives | € 0 | € 14 | € (877) |
Commodity derivatives | |||
Disclosure of financial assets [line items] | |||
Commodity derivative agreement, maturity period | 3 months | ||
Commodity derivative agreement, sales time delay following maturity period (up to) | 2 months |
Other notes - Financial risk m
Other notes - Financial risk management, market risk, narrative (Details) | Jan. 23, 2017EUR (€) | Jan. 23, 2017USD ($) | Jul. 15, 2016EUR (€) | Jul. 15, 2016USD ($) | Jan. 29, 2016EUR (€) | Jan. 29, 2016USD ($) | Dec. 30, 2015EUR (€) | Dec. 30, 2015USD ($) | Dec. 31, 2017EUR (€) | Dec. 31, 2016EUR (€) | Dec. 31, 2015EUR (€) | Nov. 07, 2017 | Nov. 06, 2017 | May 05, 2017 | May 04, 2017 | Sep. 30, 2016 | Sep. 29, 2016 | Jan. 31, 2016USD ($) | Jan. 01, 2015USD ($) | Dec. 31, 2014EUR (€) | Nov. 28, 2014EUR (€) | Nov. 28, 2014USD ($) | Jul. 25, 2014EUR (€) | Jul. 25, 2014USD ($) |
Investment [Line Items] | ||||||||||||||||||||||||
Unrealized foreign exchange loss | € (83,262,000) | € (52,882,000) | € (49,686,000) | € (55,265,000) | ||||||||||||||||||||
Repayments of non-current borrowings | 26,572,000 | 47,357,000 | 56,825,000 | |||||||||||||||||||||
Borrowings | 558,569,000 | 618,059,000 | ||||||||||||||||||||||
Hedges of net investment in foreign operations | ||||||||||||||||||||||||
Investment [Line Items] | ||||||||||||||||||||||||
Unrealized foreign exchange loss | 1,239,000 | € 15,231,000 | € 11,403,000 | € 0 | ||||||||||||||||||||
Interest rate risk | ||||||||||||||||||||||||
Investment [Line Items] | ||||||||||||||||||||||||
Derivative, nominal amount | € 529,300,000 | |||||||||||||||||||||||
Reasonably possible change in risk variable, percent | 0.50% | 0.50% | 0.50% | |||||||||||||||||||||
Currency risk | ||||||||||||||||||||||||
Investment [Line Items] | ||||||||||||||||||||||||
Reasonably possible change in risk variable, percent | 10.00% | 10.00% | 10.00% | |||||||||||||||||||||
Currency risk | Hedges of net investment in foreign operations | ||||||||||||||||||||||||
Investment [Line Items] | ||||||||||||||||||||||||
Unrealized foreign exchange loss | € 1,238,000 | |||||||||||||||||||||||
Currency risk | Cross Currency Swap | ||||||||||||||||||||||||
Investment [Line Items] | ||||||||||||||||||||||||
Derivative, nominal amount | $ | $ 30,000,000 | |||||||||||||||||||||||
Credit Facility Term Loan | ||||||||||||||||||||||||
Investment [Line Items] | ||||||||||||||||||||||||
EURIBOR and LIBOR floor | 0.00% | 0.75% | 0.75% | 1.00% | 1.00% | 1.00% | ||||||||||||||||||
Repayments of non-current borrowings | € 11,000,000 | $ 9,000,000 | € 20,000,000 | $ 22,000,000 | € 20,000,000 | $ 22,000,000 | € 25,000,000 | $ 27,000,000 | ||||||||||||||||
Credit Facility Term Loan | Interest rate risk | ||||||||||||||||||||||||
Investment [Line Items] | ||||||||||||||||||||||||
EURIBOR and LIBOR floor | 0.00% | |||||||||||||||||||||||
Minimum reference rates | 0.00% | |||||||||||||||||||||||
EUR Denominated Credit Facility Term Loan | ||||||||||||||||||||||||
Investment [Line Items] | ||||||||||||||||||||||||
EURIBOR and LIBOR floor | 0.00% | 0.00% | 0.00% | 0.75% | ||||||||||||||||||||
Term loan, notional amount | € 399,000,000 | |||||||||||||||||||||||
EUR Denominated Credit Facility Term Loan | Interest rate risk | Fixed interest rate | ||||||||||||||||||||||||
Investment [Line Items] | ||||||||||||||||||||||||
Average rate of hedging instrument | 1.00% | 1.00% | ||||||||||||||||||||||
EUR Denominated Credit Facility Term Loan | Interest rate risk | Euro Interest Rate Cap | ||||||||||||||||||||||||
Investment [Line Items] | ||||||||||||||||||||||||
Derivative, nominal amount | € 375,000,000 | |||||||||||||||||||||||
US Denominated Credit Facility Term Loan | ||||||||||||||||||||||||
Investment [Line Items] | ||||||||||||||||||||||||
EURIBOR and LIBOR floor | 0.00% | 0.75% | ||||||||||||||||||||||
Term loan, notional amount | $ | $ 358,000,000 | |||||||||||||||||||||||
US Denominated Credit Facility Term Loan | Interest rate risk | Fixed interest rate | ||||||||||||||||||||||||
Investment [Line Items] | ||||||||||||||||||||||||
Average rate of hedging instrument | 2.50% | 2.50% | ||||||||||||||||||||||
US Denominated Credit Facility Term Loan | Interest rate risk | USD Interest Rate Cap | ||||||||||||||||||||||||
Investment [Line Items] | ||||||||||||||||||||||||
Derivative, nominal amount | $ | $ 350,000,000 | |||||||||||||||||||||||
US Denominated Credit Facility Term Loan | Currency risk | ||||||||||||||||||||||||
Investment [Line Items] | ||||||||||||||||||||||||
Risk exposure associated with instruments sharing characteristic | $ | $ 180,000,000 | |||||||||||||||||||||||
Repayments of non-current borrowings | € 20,000,000 | |||||||||||||||||||||||
Borrowings | € 240,495,000 | € 285,558,000 | ||||||||||||||||||||||
US Denominated Credit Facility Term Loan | Currency risk | Fixed interest rate | ||||||||||||||||||||||||
Investment [Line Items] | ||||||||||||||||||||||||
Average rate of hedging instrument | 1.00% |
Other notes - Financial risk95
Other notes - Financial risk management, schedule of interest rate caps (Details) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2017EUR (€) | Dec. 31, 2017¥ / € | Dec. 31, 2017SEK / € | Dec. 31, 2017USD ($) | Dec. 31, 2017£ / € | Dec. 31, 2017$ / € | Dec. 31, 2017ZAR / € | Dec. 31, 2017¥ / € | Dec. 31, 2017SGD / € | Dec. 31, 2017BRL / € | Dec. 31, 2017₩ / € | Dec. 31, 2017PLN / € | Dec. 31, 2016¥ / € | Dec. 31, 2016SEK / € | Dec. 31, 2016£ / € | Dec. 31, 2016$ / € | Dec. 31, 2016ZAR / € | Dec. 31, 2016¥ / € | Dec. 31, 2016SGD / € | Dec. 31, 2016BRL / € | Dec. 31, 2016₩ / € | Dec. 31, 2016PLN / € | Dec. 31, 2015$ / € | Dec. 31, 2014$ / € | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||||||||||||||||
Exchange rate | 7.8044 | 9.8438 | 0.8872 | 1.1993 | 14.8054 | 135.0100 | 1.6024 | 3.9729 | 1,279.6100 | 4.1770 | 7.3202 | 9.5525 | 0.8562 | 1.0541 | 14.4570 | 123.4000 | 1.5234 | 3.4305 | 1,269.3600 | 4.4103 | 1.0887 | 1.2141 | ||
Interest rate risk | ||||||||||||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||||||||||||||||
Nominal Amount at Year End | € 529,300,000 | |||||||||||||||||||||||
Exchange rate | $ / € | 1.993 | |||||||||||||||||||||||
Interest rate risk | 2018 | ||||||||||||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||||||||||||||||
Nominal Amount at Year End | 529,300,000 | |||||||||||||||||||||||
Interest rate risk | 2019 | ||||||||||||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||||||||||||||||
Nominal Amount at Year End | 504,286,000 | |||||||||||||||||||||||
Interest rate risk | 2020 | ||||||||||||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||||||||||||||||
Nominal Amount at Year End | 483,455,000 | |||||||||||||||||||||||
Interest rate risk | 2021 | ||||||||||||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||||||||||||||||
Nominal Amount at Year End | € 275,000,000 | |||||||||||||||||||||||
Euro Cap, Start Date 31.12.2014 | Interest rate risk | ||||||||||||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||||||||||||||||
Strike/Rate | 1.00% | |||||||||||||||||||||||
Nominal Amount at Year End | € 200,000,000 | |||||||||||||||||||||||
Euro Cap, Start Date 31.12.2014 | Interest rate risk | 2018 | ||||||||||||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||||||||||||||||
Nominal Amount at Year End | 150,000,000 | |||||||||||||||||||||||
Euro Cap, Start Date 31.12.2014 | Interest rate risk | 2019 | ||||||||||||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||||||||||||||||
Nominal Amount at Year End | 75,000,000 | |||||||||||||||||||||||
Euro Cap, Start Date 31.12.2014 | Interest rate risk | 2020 | ||||||||||||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||||||||||||||||
Nominal Amount at Year End | 25,000,000 | |||||||||||||||||||||||
Euro Cap, Start Date 31.12.2014 | Interest rate risk | 2021 | ||||||||||||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||||||||||||||||
Nominal Amount at Year End | € 0 | |||||||||||||||||||||||
USD Cap, Start Date 31.12.2014 | Interest rate risk | ||||||||||||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||||||||||||||||
Strike/Rate | 2.50% | |||||||||||||||||||||||
Nominal Amount at Year End | $ | $ 200,000,000 | |||||||||||||||||||||||
USD Cap, Start Date 31.12.2014 | Interest rate risk | 2018 | ||||||||||||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||||||||||||||||
Nominal Amount at Year End | $ | 125,000,000 | |||||||||||||||||||||||
USD Cap, Start Date 31.12.2014 | Interest rate risk | 2019 | ||||||||||||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||||||||||||||||
Nominal Amount at Year End | $ | 75,000,000 | |||||||||||||||||||||||
USD Cap, Start Date 31.12.2014 | Interest rate risk | 2020 | ||||||||||||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||||||||||||||||
Nominal Amount at Year End | $ | 25,000,000 | |||||||||||||||||||||||
USD Cap, Start Date 31.12.2014 | Interest rate risk | 2021 | ||||||||||||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||||||||||||||||
Nominal Amount at Year End | $ | 0 | |||||||||||||||||||||||
Euro Cap, Start Date 29.12.2017 | Interest rate risk | ||||||||||||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||||||||||||||||
Strike/Rate | 1.00% | |||||||||||||||||||||||
Nominal Amount at Year End | € 100,000,000 | |||||||||||||||||||||||
Euro Cap, Start Date 29.12.2017 | Interest rate risk | 2018 | ||||||||||||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||||||||||||||||
Nominal Amount at Year End | 150,000,000 | |||||||||||||||||||||||
Euro Cap, Start Date 29.12.2017 | Interest rate risk | 2019 | ||||||||||||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||||||||||||||||
Nominal Amount at Year End | 225,000,000 | |||||||||||||||||||||||
Euro Cap, Start Date 29.12.2017 | Interest rate risk | 2020 | ||||||||||||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||||||||||||||||
Nominal Amount at Year End | 250,000,000 | |||||||||||||||||||||||
Euro Cap, Start Date 29.12.2017 | Interest rate risk | 2021 | ||||||||||||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||||||||||||||||
Nominal Amount at Year End | € 0 | |||||||||||||||||||||||
USD Cap, Start Date 29.12.2017 | Interest rate risk | ||||||||||||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||||||||||||||||
Strike/Rate | 2.50% | |||||||||||||||||||||||
Nominal Amount at Year End | $ | 75,000,000 | |||||||||||||||||||||||
USD Cap, Start Date 29.12.2017 | Interest rate risk | 2018 | ||||||||||||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||||||||||||||||
Nominal Amount at Year End | $ | 150,000,000 | |||||||||||||||||||||||
USD Cap, Start Date 29.12.2017 | Interest rate risk | 2019 | ||||||||||||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||||||||||||||||
Nominal Amount at Year End | $ | 170,000,000 | |||||||||||||||||||||||
USD Cap, Start Date 29.12.2017 | Interest rate risk | 2020 | ||||||||||||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||||||||||||||||
Nominal Amount at Year End | $ | 225,000,000 | |||||||||||||||||||||||
USD Cap, Start Date 29.12.2017 | Interest rate risk | 2021 | ||||||||||||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||||||||||||||||
Nominal Amount at Year End | $ | $ 0 | |||||||||||||||||||||||
Euro Floored Swap, Start Date 29.12.2021 | Interest rate risk | ||||||||||||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||||||||||||||||
Nominal Amount at Year End | € 0 | |||||||||||||||||||||||
Euro Floored Swap, Start Date 29.12.2021 | Interest rate risk | Bottom of range | ||||||||||||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||||||||||||||||
Strike/Rate | 0.00% | |||||||||||||||||||||||
Euro Floored Swap, Start Date 29.12.2021 | Interest rate risk | Top of range | ||||||||||||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||||||||||||||||
Strike/Rate | 1.16% | |||||||||||||||||||||||
Euro Floored Swap, Start Date 29.12.2021 | Interest rate risk | 2018 | ||||||||||||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||||||||||||||||
Nominal Amount at Year End | € 0 | |||||||||||||||||||||||
Euro Floored Swap, Start Date 29.12.2021 | Interest rate risk | 2019 | ||||||||||||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||||||||||||||||
Nominal Amount at Year End | 0 | |||||||||||||||||||||||
Euro Floored Swap, Start Date 29.12.2021 | Interest rate risk | 2020 | ||||||||||||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||||||||||||||||
Nominal Amount at Year End | 0 | |||||||||||||||||||||||
Euro Floored Swap, Start Date 29.12.2021 | Interest rate risk | 2021 | ||||||||||||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||||||||||||||||
Nominal Amount at Year End | € 275,000,000 |
Other notes - Financial risk96
Other notes - Financial risk management, schedule of cash flow hedges risk (Details) - Interest rate risk - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Increase by 0.50% | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Increase (decrease) in the interest expense | € 651 | € 1,013 | € (633) |
Increase (decrease) in income before taxes | (651) | (1,013) | 633 |
Increase (decrease) in equity (Cash flow hedge reserve) | 4,429 | 181 | 281 |
Increase (decrease) in total comprehensive income before taxes | 3,778 | (832) | 914 |
Decrease by 0.50% | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Increase (decrease) in the interest expense | (94) | (622) | 525 |
Increase (decrease) in income before taxes | 94 | 622 | (525) |
Increase (decrease) in equity (Cash flow hedge reserve) | (2,821) | 0 | 0 |
Increase (decrease) in total comprehensive income before taxes | € (2,727) | € 622 | € (525) |
Other notes - Financial risk97
Other notes - Financial risk management, schedule of currency risk (Details) - Currency risk - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Reasonably possible change in risk variable, percent | 10.00% | 10.00% | 10.00% |
Increase by 10% | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
FX gain / (FX loss) in finance result | € 8,219 | € 10,436 | € 12,240 |
Increase (decrease) in income before taxes | 8,219 | 10,436 | 12,240 |
Increase (decrease) in equity (Reserve for hedges of a net investment in foreign operation) | 13,644 | 15,524 | 15,030 |
Increase (decrease) in total comprehensive income before taxes | 21,863 | 25,960 | 27,270 |
Decrease by 10% | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
FX gain / (FX loss) in finance result | (10,045) | (12,755) | (14,960) |
Increase (decrease) in income before taxes | (10,045) | (12,755) | (14,960) |
Increase (decrease) in equity (Reserve for hedges of a net investment in foreign operation) | (16,676) | (18,974) | (18,371) |
Increase (decrease) in total comprehensive income before taxes | € (26,721) | € (31,729) | € (33,331) |
Other notes - Financial risk98
Other notes - Financial risk management, liquidity risk, narrative (Details) - EUR (€) € in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Disclosure of detailed information about borrowings [line items] | ||||
Cash and cash equivalents | € 60,272 | € 73,907 | € 65,261 | € 70,544 |
Revolving Credit Facility | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Undrawn borrowing facilities | € 175,000 | € 175,000 |
Other notes - Financial risk99
Other notes - Financial risk management, schedule of maturity analysis for liquidity risk (Details) € in Thousands | 1 Months Ended | 12 Months Ended | |||||||||||||||||||||||||
Jan. 31, 2017EUR (€) | Dec. 31, 2017EUR (€) | Dec. 31, 2016EUR (€) | Dec. 31, 2015EUR (€)$ / € | Dec. 31, 2017¥ / € | Dec. 31, 2017SEK / € | Dec. 31, 2017£ / € | Dec. 31, 2017$ / € | Dec. 31, 2017ZAR / € | Dec. 31, 2017¥ / € | Dec. 31, 2017SGD / € | Dec. 31, 2017 | Dec. 31, 2017BRL / € | Dec. 31, 2017₩ / € | Dec. 31, 2017PLN / € | Dec. 31, 2016¥ / € | Dec. 31, 2016SEK / € | Dec. 31, 2016£ / € | Dec. 31, 2016$ / € | Dec. 31, 2016ZAR / € | Dec. 31, 2016¥ / € | Dec. 31, 2016SGD / € | Dec. 31, 2016 | Dec. 31, 2016BRL / € | Dec. 31, 2016₩ / € | Dec. 31, 2016PLN / € | Dec. 31, 2014$ / € | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||||||||||||||||||||||||||
Exchange rate | 1.0887 | 7.8044 | 9.8438 | 0.8872 | 1.1993 | 14.8054 | 135.0100 | 1.6024 | 3.9729 | 1,279.6100 | 4.1770 | 7.3202 | 9.5525 | 0.8562 | 1.0541 | 14.4570 | 123.4000 | 1.5234 | 3.4305 | 1,269.3600 | 4.4103 | 1.2141 | |||||
Debt repaid voluntarily | € 26,572 | € 47,357 | € 56,825 | ||||||||||||||||||||||||
Liquidity risk | |||||||||||||||||||||||||||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||||||||||||||||||||||||||
Debt to third parties, undiscounted cash flows | 570,500 | 630,600 | |||||||||||||||||||||||||
Exchange rate | 1.1993 | 1.0541 | |||||||||||||||||||||||||
Debt repaid voluntarily | € 20,000 | ||||||||||||||||||||||||||
Liquidity risk | Unamortized Borrowing Cost | |||||||||||||||||||||||||||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||||||||||||||||||||||||||
Debt to third parties, undiscounted cash flows | 136,400 | 123,900 | |||||||||||||||||||||||||
Liquidity risk | Gross carrying amount | |||||||||||||||||||||||||||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||||||||||||||||||||||||||
Debt to third parties, undiscounted cash flows | 707,000 | 754,500 | |||||||||||||||||||||||||
Less than one year | Liquidity risk | |||||||||||||||||||||||||||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||||||||||||||||||||||||||
Debt to third parties, undiscounted cash flows | 7,000 | 26,900 | |||||||||||||||||||||||||
Less than one year | Liquidity risk | Unamortized Borrowing Cost | |||||||||||||||||||||||||||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||||||||||||||||||||||||||
Debt to third parties, undiscounted cash flows | 19,000 | 24,300 | |||||||||||||||||||||||||
Less than one year | Liquidity risk | Gross carrying amount | |||||||||||||||||||||||||||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||||||||||||||||||||||||||
Debt to third parties, undiscounted cash flows | 26,000 | 51,200 | |||||||||||||||||||||||||
Later than one year and not later than two years | Liquidity risk | |||||||||||||||||||||||||||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||||||||||||||||||||||||||
Debt to third parties, undiscounted cash flows | 7,000 | 7,400 | |||||||||||||||||||||||||
Later than one year and not later than two years | Liquidity risk | Unamortized Borrowing Cost | |||||||||||||||||||||||||||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||||||||||||||||||||||||||
Debt to third parties, undiscounted cash flows | 19,600 | 25,500 | |||||||||||||||||||||||||
Later than one year and not later than two years | Liquidity risk | Gross carrying amount | |||||||||||||||||||||||||||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||||||||||||||||||||||||||
Debt to third parties, undiscounted cash flows | 26,500 | 32,900 | |||||||||||||||||||||||||
Later than two years and not later than three years | Liquidity risk | |||||||||||||||||||||||||||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||||||||||||||||||||||||||
Debt to third parties, undiscounted cash flows | 7,000 | 7,400 | |||||||||||||||||||||||||
Later than two years and not later than three years | Liquidity risk | Unamortized Borrowing Cost | |||||||||||||||||||||||||||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||||||||||||||||||||||||||
Debt to third parties, undiscounted cash flows | 20,400 | 26,100 | |||||||||||||||||||||||||
Later than two years and not later than three years | Liquidity risk | Gross carrying amount | |||||||||||||||||||||||||||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||||||||||||||||||||||||||
Debt to third parties, undiscounted cash flows | 27,300 | 33,500 | |||||||||||||||||||||||||
Later than three years and not later than four years | Liquidity risk | |||||||||||||||||||||||||||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||||||||||||||||||||||||||
Debt to third parties, undiscounted cash flows | 7,000 | 7,400 | |||||||||||||||||||||||||
Later than three years and not later than four years | Liquidity risk | Unamortized Borrowing Cost | |||||||||||||||||||||||||||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||||||||||||||||||||||||||
Debt to third parties, undiscounted cash flows | 21,000 | 26,400 | |||||||||||||||||||||||||
Later than three years and not later than four years | Liquidity risk | Gross carrying amount | |||||||||||||||||||||||||||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||||||||||||||||||||||||||
Debt to third parties, undiscounted cash flows | 28,000 | 33,800 | |||||||||||||||||||||||||
Thereafter | Liquidity risk | |||||||||||||||||||||||||||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||||||||||||||||||||||||||
Debt to third parties, undiscounted cash flows | 542,600 | 581,500 | |||||||||||||||||||||||||
Thereafter | Liquidity risk | Unamortized Borrowing Cost | |||||||||||||||||||||||||||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||||||||||||||||||||||||||
Debt to third parties, undiscounted cash flows | 56,400 | 21,500 | |||||||||||||||||||||||||
Thereafter | Liquidity risk | Gross carrying amount | |||||||||||||||||||||||||||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||||||||||||||||||||||||||
Debt to third parties, undiscounted cash flows | € 599,000 | € 603,000 |
Other notes - Financial ris100
Other notes - Financial risk management, credit risk, narrative (Details) - Credit risk - Trade receivables € in Millions | Dec. 31, 2017EUR (€)customercategory | Dec. 31, 2016customer |
Disclosure of credit risk exposure [line items] | ||
Number of credit risk categories | category | 3 | |
More Than One Million | ||
Disclosure of credit risk exposure [line items] | ||
Risk exposure associated with instruments sharing characteristic, number of customers | customer | 44 | 37 |
Risk exposure associated with instruments sharing characteristic | € | € 1 | |
Risk exposure associated with instruments sharing characteristic, concentration risk percentage | 53.00% | 56.00% |
More Than Five Million | ||
Disclosure of credit risk exposure [line items] | ||
Risk exposure associated with instruments sharing characteristic, number of customers | customer | 3 | 3 |
Risk exposure associated with instruments sharing characteristic | € | € 5 | |
Risk exposure associated with instruments sharing characteristic, concentration risk percentage | 11.00% | 17.00% |
Other notes - Financial ris101
Other notes - Financial risk management, schedule of changes in liabilities from financing activities (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of reconciliation of liabilities arising from financing activities [abstract] | ||
Liabilities arising from financing activities, Beginning of Period | € 618,252 | € 655,369 |
Cash flows (w/o interest payments) | (19,628) | (49,337) |
Transfer | 0 | 0 |
FX movement P&L | (12,807) | 3,518 |
FX movement OCI | (20,251) | 5,427 |
Other | 7,083 | 3,274 |
Liabilities arising from financing activities, End of Period | 572,648 | 618,252 |
Long-term borrowings | Term loan | ||
Disclosure of reconciliation of liabilities arising from financing activities [abstract] | ||
Liabilities arising from financing activities, Beginning of Period | 613,533 | 650,564 |
Cash flows (w/o interest payments) | (22,402) | (41,976) |
Transfer | (5,007) | (4,526) |
FX movement P&L | (12,533) | 3,538 |
FX movement OCI | (20,674) | 5,427 |
Other | 644 | 505 |
Liabilities arising from financing activities, End of Period | 553,562 | 613,533 |
Long-term borrowings | Local bank loans | ||
Disclosure of reconciliation of liabilities arising from financing activities [abstract] | ||
Liabilities arising from financing activities, Beginning of Period | 0 | |
Cash flows (w/o interest payments) | 9,995 | |
Transfer | 0 | |
FX movement P&L | 0 | |
FX movement OCI | 423 | |
Other | 0 | |
Liabilities arising from financing activities, End of Period | 10,418 | 0 |
Liabilities under finance leases | ||
Disclosure of reconciliation of liabilities arising from financing activities [abstract] | ||
Liabilities arising from financing activities, Beginning of Period | 126 | 218 |
Cash flows (w/o interest payments) | (88) | (102) |
Transfer | 0 | 0 |
FX movement P&L | 0 | 0 |
FX movement OCI | 0 | 0 |
Other | 8 | 10 |
Liabilities arising from financing activities, End of Period | 45 | 126 |
Non-current liabilities from financing activities | ||
Disclosure of reconciliation of liabilities arising from financing activities [abstract] | ||
Liabilities arising from financing activities, Beginning of Period | 613,659 | 650,782 |
Cash flows (w/o interest payments) | (12,495) | (42,078) |
Transfer | (5,007) | (4,526) |
FX movement P&L | (12,533) | 3,538 |
FX movement OCI | (20,251) | 5,427 |
Other | 651 | 516 |
Liabilities arising from financing activities, End of Period | 564,025 | 613,659 |
Current interest-bearing liabilities | ||
Disclosure of reconciliation of liabilities arising from financing activities [abstract] | ||
Liabilities arising from financing activities, Beginning of Period | 4,526 | 4,525 |
Cash flows (w/o interest payments) | (7,112) | (7,259) |
Transfer | 5,007 | 4,526 |
FX movement P&L | (275) | (20) |
FX movement OCI | 0 | 0 |
Other | 2,876 | 2,754 |
Liabilities arising from financing activities, End of Period | 5,022 | 4,526 |
Current liabilities under finance leases | ||
Disclosure of reconciliation of liabilities arising from financing activities [abstract] | ||
Liabilities arising from financing activities, Beginning of Period | 67 | 62 |
Cash flows (w/o interest payments) | (21) | 0 |
Transfer | 0 | 0 |
FX movement P&L | 0 | 0 |
FX movement OCI | 0 | 0 |
Other | 0 | 4 |
Liabilities arising from financing activities, End of Period | 46 | 67 |
Financing related derivatives | ||
Disclosure of reconciliation of liabilities arising from financing activities [abstract] | ||
Liabilities arising from financing activities, Beginning of Period | 0 | |
Cash flows (w/o interest payments) | 0 | |
Transfer | 0 | |
FX movement P&L | 0 | |
FX movement OCI | 0 | |
Other | 3,555 | |
Liabilities arising from financing activities, End of Period | 3,555 | 0 |
Current liabilities under finance leases | ||
Disclosure of reconciliation of liabilities arising from financing activities [abstract] | ||
Liabilities arising from financing activities, Beginning of Period | 4,593 | 4,587 |
Cash flows (w/o interest payments) | (7,133) | (7,259) |
Transfer | 5,007 | 4,526 |
FX movement P&L | (275) | (20) |
FX movement OCI | 0 | 0 |
Other | 6,431 | 2,758 |
Liabilities arising from financing activities, End of Period | € 8,622 | € 4,593 |
Other notes - Related parties,
Other notes - Related parties, narrative (Details) € in Thousands | 12 Months Ended | 72 Months Ended | ||
Dec. 31, 2017EUR (€)joint_venture | Dec. 31, 2016EUR (€) | Dec. 31, 2015EUR (€) | Dec. 31, 2017EUR (€)joint_venture | |
Disclosure of transactions between related parties [line items] | ||||
Number of joint ventures accounted for using the equity method | joint_venture | 1 | 1 | ||
Key management personnel compensation | € 13,454 | € 9,525 | € 6,052 | |
Key Management Personnel | Kinove Luxembourg Coinvest S.C.A. | ||||
Disclosure of transactions between related parties [line items] | ||||
Proportion of ownership interests held by non-controlling interests | 10.00% | |||
DGW KG | ||||
Disclosure of transactions between related parties [line items] | ||||
Purchases of carbon black products for retail | 70,169 | 52,194 | 58,368 | |
Payables | 16,352 | 10,353 | € 16,352 | |
Sales and services provided | 2,325 | 2,428 | € 2,453 | |
Receivables | € 448 | € 214 | € 448 |
Other notes - Related parti103
Other notes - Related parties, schedule of compensation and personnel expenses (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Key Management Personnel Compensation [Abstract] | |||
Wages & salaries | € 5,886 | € 5,458 | € 4,253 |
Social security costs | 140 | 128 | 114 |
Pension expenses | 498 | 443 | 357 |
Other personnel expenses | 757 | 782 | 421 |
Share based payments | 6,173 | 2,714 | 907 |
Total | € 13,454 | € 9,525 | € 6,052 |
Other notes - Contingent liabi
Other notes - Contingent liabilities and other financial obligations, schedule of future minimum lease payments (Details) - EUR (€) € in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of finance lease and operating lease by lessee [line items] | ||
Future minimum lease payments for assets leased under operating lease agreements | € 27,771 | € 20,585 |
Less than one year | ||
Disclosure of finance lease and operating lease by lessee [line items] | ||
Future minimum lease payments for assets leased under operating lease agreements | 4,404 | 4,058 |
1 to 2 years | ||
Disclosure of finance lease and operating lease by lessee [line items] | ||
Future minimum lease payments for assets leased under operating lease agreements | 5,927 | 2,853 |
2 to 3 years | ||
Disclosure of finance lease and operating lease by lessee [line items] | ||
Future minimum lease payments for assets leased under operating lease agreements | 5,476 | 2,752 |
3 to 4 years | ||
Disclosure of finance lease and operating lease by lessee [line items] | ||
Future minimum lease payments for assets leased under operating lease agreements | 1,241 | 2,339 |
4 to 5 years | ||
Disclosure of finance lease and operating lease by lessee [line items] | ||
Future minimum lease payments for assets leased under operating lease agreements | 1,088 | 2,402 |
More than 5 years | ||
Disclosure of finance lease and operating lease by lessee [line items] | ||
Future minimum lease payments for assets leased under operating lease agreements | € 9,635 | € 6,181 |
Other notes - Contingent li105
Other notes - Contingent liabilities and other financial obligations, schedule of long-term supply agreement commitments (Details) - EUR (€) € in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Raw material commitments under long-term supply agreements | € 288,373 | € 413,366 |
Less than one year | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Raw material commitments under long-term supply agreements | 91,059 | 147,857 |
1 to 5 years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Raw material commitments under long-term supply agreements | 197,314 | 227,074 |
More than 5 years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Raw material commitments under long-term supply agreements | € 0 | € 38,435 |
Other notes - Contingent li106
Other notes - Contingent liabilities and other financial obligations, narrative (Details) € in Thousands, $ in Thousands | Dec. 22, 2017USD ($)producer | Dec. 31, 2017EUR (€)facilityguarantee | Dec. 31, 2017USD ($)facilityguarantee | Dec. 31, 2016EUR (€)guarantee |
Disclosure of contingent liabilities [line items] | ||||
Number of U. S. carbon black producers settled with U.S. government | producer | 5 | |||
Number of facilities located in the United States | facility | 4 | 4 | ||
US Denominated Credit Facility Term Loan | ||||
Disclosure of contingent liabilities [line items] | ||||
Current principal amount | $ | $ 288,000 | |||
EUR Denominated Credit Facility Term Loan | ||||
Disclosure of contingent liabilities [line items] | ||||
Current principal amount | € | € 320,000 | |||
Legal proceedings contingent liability | ||||
Disclosure of contingent liabilities [line items] | ||||
Estimated time period to install capital improvements in all U.S. facilities (up to) | 6 years | |||
Environmental loss contingency, civil penalty to the EPA | $ | $ 800 | |||
Environmental loss contingency, mitigation projects | $ | 550 | |||
Legal proceedings contingent liability | Bottom of range | ||||
Disclosure of contingent liabilities [line items] | ||||
Estimated capital cost to install controls in all U.S. facilities | $ | 110,000 | |||
Legal proceedings contingent liability | Top of range | ||||
Disclosure of contingent liabilities [line items] | ||||
Estimated capital cost to install controls in all U.S. facilities | $ | $ 140,000 | |||
Contingent liability for guarantees | ||||
Disclosure of contingent liabilities [line items] | ||||
Number of guarantees that reduce the possible utilization limit of the current RCF | guarantee | 0 | 0 | ||
Contingent liability for guarantees | Euler Hermes S.A. | ||||
Disclosure of contingent liabilities [line items] | ||||
Estimated capital cost to install controls in all U.S. facilities | € | € 17,588 | € 14,598 | ||
Number of guarantees | guarantee | 4 | 4 | 3 | |
Contingent liability for guarantees | Deutsche Bank AG | ||||
Disclosure of contingent liabilities [line items] | ||||
Estimated capital cost to install controls in all U.S. facilities | € | € 2,000 | |||
Number of guarantees | guarantee | 1 | 1 | ||
Contingent liability for guarantees | HSB AG | ||||
Disclosure of contingent liabilities [line items] | ||||
Estimated capital cost to install controls in all U.S. facilities | € | € 2,000 | |||
Number of guarantees | guarantee | 1 | |||
Contingent liability for guarantees | Norcarb Engineered Carbons AB | ||||
Disclosure of contingent liabilities [line items] | ||||
Estimated financial effect of contingent liabilities, cash collateral | € | € 30 |