Company: Andritz AG
Industry: Plant Engineering
Country: Austria
Sector: Industrials
Company type: Public Company
Revenue (EUR): 8660000000
Employees: 29717

Reported EU Taxonomy activities:
Manufacture of renewable energy technologies
Manufacture of other low carbon technologies
Manufacture, installation, and servicing of high, medium and low voltage electrical equipment for electrical transmission and distribution that result in or enable a substantial contribution to climate change mitigation
Repair, refurbishment and remanufacturing
Renewal of water collection, treatment and supply systems
Transport by motorbikes, passenger cars and light commercial vehicles
Renovation of existing buildings
Installation, maintenance and repair of charging stations for electric vehicles in buildings (and parking spaces attached to buildings)
Installation, maintenance and repair of renewable energy technologies

EU Taxonomy KPIs (currency: EUR, units: millions)
Turnover:
totalTurnover: value: 8660
percentage: 100%
eligibleTurnover: value: 2931.5
percentage: 33.9%
alignedTurnover: value: 2055.7
percentage: 23.7%
nonEligibleTurnover: value: 5728.5
percentage: 66.1%
CapEx:
totalCapex: value: 255.5
percentage: 100%
eligibleCapex: value: 64.7
percentage: 25.3%
alignedCapex: value: 33.1
percentage: 13.0%
eligibleNotAlignedCapex: value: 31.6
percentage: 12.4%
nonEligibleCapex: value: 190.8
percentage: 74.7%
OpEx:
totalOpex: value: 247.1
percentage: 100%
eligibleOpex: value: 78.6
percentage: 31.8%
alignedOpex: value: 46.6
percentage: 18.9%
nonEligibleOpex: value: 168.5
percentage: 68.2%

{0}------------------------------------------------

Image /page/0/Picture/0 description: The image features a large, white letter 'A' set against a gradient background. The background transitions from a darker blue at the top to a lighter blue at the bottom. The 'A' is stylized with a flat top and a horizontal bar that doesn't fully connect the two sides of the letter.

Image /page/0/Picture/1 description: The image shows the words "Financial Report" stacked on top of each other on the left side of the image. The number "2023" is on the right side of the image. A white diagonal line separates the words "Financial Report" from the number "2023". The background is a blurry blue and green.

Image /page/0/Picture/2 description: The image shows the word "ANDRITZ" in large, bold, blue letters against a blurred background of light green and blue. The letters are stylized, with the "A" having a sharp, angular design, and the "D" and "R" sharing a common vertical stroke. The overall effect is a clean, modern logo.

ENGINEERED SUCCESS

{1}------------------------------------------------

# Key financial figures at a glance

| ANDRITZ GROUP                                                   | 02 |
|-----------------------------------------------------------------|----|
| Business areas                                                  | 03 |
| Management report incl.<br>consolidated non-financial statement | 05 |

# Consolidated financial statements 2023 of the ANDRITZ GROUP

| Consolidated income statement                                                                      | 8  |
|----------------------------------------------------------------------------------------------------|----|
| Consolidated statement of comprehensive income                                                     | 8  |
| Consolidated statement of financial position                                                       | 8  |
| Consolidated statement of cash flows                                                               | 8  |
| Consolidated statement of changes in equity                                                        | 8  |
| Notes to the consolidated financial statements                                                     | 8  |
| Statement by the Executive Board, pursuant to section 124 (1) of the (Austrian) Stock Exchange Act | 17 |
| Glossary                                                                                           | 18 |
| Auditor's report                                                                                   | 18 |

{2}------------------------------------------------

# KEY FINANCIAL FIGURES OF THE ANDRITZ GROUP

|                                                      | Unit | 2023    | 2022    | 2021    | 2020    | 2019    |
|------------------------------------------------------|------|---------|---------|---------|---------|---------|
| Order intake                                         | MEUR | 8,551.9 | 9,263.4 | 7,879.7 | 6,108.0 | 7,282.0 |
| Order backlog (as of end of period)                  | MEUR | 9,872.6 | 9,976.5 | 8,165.8 | 6,774.0 | 7,777.6 |
| Revenue                                              | MEUR | 8,660.0 | 7,542.9 | 6,463.0 | 6,699.6 | 6,673.9 |
| Return on sales                                      | %    | 7.9     | 7.6     | 7.4     | 4.7     | 3.6     |
| EBITDA                                               | MEUR | 910.2   | 825.5   | 718.3   | 571.1   | 537.6   |
| EBITA1)                                              | MEUR | 741.9   | 648.5   | 546.5   | 391.7   | 343.2   |
| Comparable EBITA                                     | MEUR | 757.1   | 644.3   | 549.9   | 471.1   | 456.0   |
| Earnings Before Interest and Taxes (EBIT)            | MEUR | 685.2   | 572.7   | 479.6   | 315.0   | 237.9   |
| Earnings Before Taxes (EBT)                          | MEUR | 688.2   | 540.9   | 439.6   | 280.9   | 180.9   |
| Net income (including non-controlling interests)     | MEUR | 504.3   | 402.6   | 321.7   | 203.7   | 122.8   |
| Net income (without non-controlling interests)       | MEUR | 510.2   | 409.6   | 325.5   | 207.1   | 127.8   |
| Cash flow from operating activities                  | MEUR | 375.0   | 710.8   | 529.6   | 461.5   | 821.6   |
| Capital expenditure                                  | MEUR | 226.2   | 184.4   | 160.1   | 131.8   | 157.1   |
| Free cash flow                                       | MEUR | 148.8   | 526.4   | 369.5   | 329.7   | 664.5   |
| Free cash flow per share                             | EUR  | 1.5     | 5.3     | 3.7     | 3.3     | 6.4     |
| Employees (as of end of period; without apprentices) | -    | 29,717  | 29,094  | 26,804  | 27,232  | 29,513  |
| Non-current assets                                   | MEUR | 2,615.1 | 2,571.2 | 2,585.2 | 2,497.5 | 2,705.5 |
| Current assets                                       | MEUR | 5,882.2 | 5,920.6 | 5,087.6 | 4,559.2 | 4,528.6 |
| Total equity                                         | MEUR | 2,157.5 | 1,834.7 | 1,567.3 | 1,255.7 | 1,219.6 |
| Total assets                                         | MEUR | 8,497.3 | 8,491.8 | 7,672.8 | 7,056.7 | 7,234.1 |
| Equity ratio                                         | %    | 25.4    | 21.6    | 20.4    | 17.8    | 16.9    |
| Return on equity                                     | %    | 31.9    | 29.5    | 28.0    | 22.4    | 14.8    |
| Return on investment                                 | %    | 8.1     | 6.7     | 6.3     | 4.5     | 3.3     |
| Liquid funds                                         | MEUR | 1,787.2 | 2,051.1 | 1,837.9 | 1,719.3 | 1,609.8 |
| Net liquidity                                        | MEUR | 912.7   | 983.0   | 703.3   | 420.9   | 244.9   |
| Net debt                                             | MEUR | -583.3  | -660.1  | -287.7  | 35.1    | 205.7   |
| Net working capital                                  | MEUR | 72.0    | -324.4  | -150.1  | -48.8   | -134.0  |
| Capital employed                                     | MEUR | 1,462.3 | 1,049.5 | 1,211.5 | 1,345.1 | 1,470.4 |
| Gearing                                              | %    | -27.0   | -36.0   | -18.4   | 2.8     | 16.9    |
| EBITDA margin                                        | %    | 10.5    | 10.9    | 11.1    | 8.5     | 8.1     |
| EBITA margin                                         | %    | 8.6     | 8.6     | 8.5     | 5.8     | 5.1     |
| Comparable EBITA margin                              | %    | 8.7     | 8.5     | 8.5     | 7.0     | 6.8     |
| EBIT margin                                          | %    | 7.9     | 7.6     | 7.4     | 4.7     | 3.6     |
| Net income margin                                    | %    | 5.8     | 5.3     | 5.0     | 3.0     | 1.8     |
| Earnings per share                                   | EUR  | 5.15    | 4.14    | 3.28    | 2.08    | 1.27    |
| ROE                                                  | %    | 23.4    | 21.9    | 20.5    | 16.2    | 10.1    |
| EV/EBITDA                                            | -    | 5.4     | 5.6     | 5.6     | 6.1     | 7.0     |
| Depreciation and amortization/sales                  | %    | 2.6     | 3.2     | 3.6     | 3.8     | 4.1     |

1) Amortization and impairment of identifiable assets acquired in a business combination and recognized separately from goodwill amount to 56.7 MEUR (2022: 65.6 MEUR); impairment of goodwill amounts to 0.0 MEUR (2022: 10.2 MEUR).

All figures according to IFRS. Due to the utilization of automatic calculation programs, differences can arise in the addition of rounded totals and percentages.

{3}------------------------------------------------

# KEY FINANCIAL FIGURES OF THE BUSINESS AREAS

### **Pulp & Paper**

|                                                      | Unit | 2023    | 2022    | 2021    | 2020    | 2019    |
|------------------------------------------------------|------|---------|---------|---------|---------|---------|
| Order intake                                         | MEUR | 3,119.4 | 4,296.4 | 3,774.7 | 2,961.1 | 3,632.5 |
| Order backlog (as of end of period)                  | MEUR | 3,229.5 | 4,207.8 | 3,377.2 | 2,591.0 | 3,164.3 |
| Revenue                                              | MEUR | 4,096.3 | 3,513.8 | 3,070.6 | 3,339.0 | 2,869.5 |
| EBITDA                                               | MEUR | 505.0   | 462.1   | 423.4   | 399.6   | 351.4   |
| EBITDA margin                                        | %    | 12.3    | 13.2    | 13.8    | 12.0    | 12.2    |
| EBITA                                                | MEUR | 421.7   | 378.9   | 346.0   | 322.7   | 271.0   |
| EBITA margin                                         | %    | 10.3    | 10.8    | 11.3    | 9.7     | 9.4     |
| Comparable EBITA                                     | MEUR | 427.9   | 384.7   | 356.4   | 331.3   | 281.5   |
| Comparable EBITA margin                              | %    | 10.4    | 10.9    | 11.6    | 9.9     | 9.8     |
| Capital expenditure                                  | MEUR | 121.1   | 105.5   | 90.6    | 64.1    | 63.3    |
| Employees (as of end of period; without apprentices) | -    | 13,615  | 13,525  | 11,668  | 11,127  | 11,984  |

### **Metals**

|                                                      | Unit | 2023    | 2022    | 2021    | 2020    | 2019    |
|------------------------------------------------------|------|---------|---------|---------|---------|---------|
| Order intake                                         | MEUR | 2,124.5 | 2,008.6 | 1,778.8 | 1,143.6 | 1,582.2 |
| Order backlog (as of end of period)                  | MEUR | 2,183.1 | 1,938.1 | 1,541.7 | 1,181.6 | 1,532.7 |
| Revenue                                              | MEUR | 1,840.5 | 1,621.2 | 1,366.1 | 1,420.5 | 1,636.9 |
| EBITDA                                               | MEUR | 125.3   | 100.9   | 81.7    | 5.5     | -1.4    |
| EBITDA margin                                        | %    | 6.8     | 6.2     | 6.0     | 0.4     | -0.1    |
| EBITA                                                | MEUR | 89.4    | 62.3    | 38.4    | -46.7   | -73.6   |
| EBITA margin                                         | %    | 4.9     | 3.8     | 2.8     | -3.3    | -4.5    |
| Comparable EBITA                                     | MEUR | 91.2    | 59.3    | 27.1    | -11.5   | 8.6     |
| Comparable EBITA margin                              | %    | 5.0     | 3.7     | 2.0     | -0.8    | 0.5     |
| Capital expenditure                                  | MEUR | 34.7    | 31.8    | 25.5    | 26.5    | 30.8    |
| Employees (as of end of period; without apprentices) | -    | 6,199   | 6,085   | 5,930   | 6,513   | 7,485   |

## **Hydro**

| Unit                                                      | 2023    | 2022    | 2021    | 2020    | 2019    |
|-----------------------------------------------------------|---------|---------|---------|---------|---------|
| Order intake<br>MEUR                                      | 2,020.9 | 1,720.5 | 1,565.2 | 1,335.4 | 1,350.2 |
| Order backlog (as of end of period)<br>MEUR               | 3,398.8 | 2,878.4 | 2,747.8 | 2,587.9 | 2,661.0 |
| Revenue<br>MEUR                                           | 1,521.7 | 1,313.0 | 1,345.1 | 1,296.0 | 1,470.7 |
| EBITDA<br>MEUR                                            | 113.9   | 107.7   | 133.0   | 98.5    | 134.1   |
| EBITDA margin<br>%                                        | 7.5     | 8.2     | 9.9     | 7.6     | 9.1     |
| EBITA<br>MEUR                                             | 88.1    | 72.3    | 95.4    | 62.0    | 105.5   |
| EBITA margin<br>%                                         | 5.8     | 5.5     | 7.1     | 4.8     | 7.2     |
| Comparable EBITA<br>MEUR                                  | 95.1    | 73.8    | 99.8    | 91.0    | 119.8   |
| Comparable EBITA margin<br>%                              | 6.2     | 5.6     | 7.4     | 7.0     | 8.1     |
| Capital expenditure<br>MEUR                               | 35.6    | 22.8    | 28.7    | 29.7    | 51.8    |
| Employees (as of end of period; without apprentices)<br>- | 5,782   | 6,102   | 6,628   | 6,941   | 7,202   |

{4}------------------------------------------------

#### A N D R I T Z f i n a n c i a l r e p o r t 2 0 2 3 K e y f i n a n c i a l f i g u r e s o f t h e b u s i n e s s a r e a s

### **Separation**

|                                                      | Unit | 2023    | 2022    | 2021  | 2020  | 2019  |
|------------------------------------------------------|------|---------|---------|-------|-------|-------|
| Order intake                                         | MEUR | 1,287.1 | 1,237.9 | 761.0 | 667.9 | 717.1 |
| Order backlog (as of end of period)                  | MEUR | 1,061.2 | 952.2   | 499.1 | 413.5 | 419.6 |
| Revenue                                              | MEUR | 1,201.5 | 1,094.9 | 681.2 | 644.1 | 696.8 |
| EBITDA                                               | MEUR | 166.0   | 154.8   | 80.2  | 67.5  | 53.6  |
| EBITDA margin                                        | %    | 13.8    | 14.1    | 11.8  | 10.5  | 7.7   |
| EBITA                                                | MEUR | 142.7   | 135.0   | 66.7  | 53.7  | 40.1  |
| EBITA margin                                         | %    | 11.9    | 12.3    | 9.8   | 8.3   | 5.8   |
| Comparable EBITA                                     | MEUR | 142.9   | 126.5   | 66.6  | 60.3  | 46.1  |
| Comparable EBITA margin                              | %    | 11.9    | 11.6    | 9.8   | 9.4   | 6.6   |
| Capital expenditure                                  | MEUR | 34.8    | 24.3    | 15.3  | 11.5  | 11.2  |
| Employees (as of end of period; without apprentices) | -    | 4,121   | 3,382   | 2,578 | 2,651 | 2,842 |

The Pumps business (previously reported in the Hydro business area) and some products of the Pulp & Paper business area that are mainly supplied to customers outside the pulp & paper industry are reported in the Separation business area as of January 1, 2023. The reference figures of the previous year have been adjusted to match the new reporting structure.

{5}------------------------------------------------

# MANAGEMENT REPORT

P. 21 P. 24 P. 27 1. Strategic risks 2. Operational risks 3. Risks relating to financial

instruments

4. Internal control and risk management system

P. 27

| A | — General economic conditions                                                 | E                                                                                                                                                                                               | — Consolidated Corporate<br>Governance report |                                                                                                                                                                       |
|---|-------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| B | — Market Development                                                          | F                                                                                                                                                                                               | — Events after the reporting date             |                                                                                                                                                                       |
|   | P. 07<br>P. 07<br>P. 07<br>P. 07                                              | 1. Pulp & Paper<br>2. Metals<br>3. Hydro<br>4. Separation                                                                                                                                       | G                                             | — Consolidated Non-Financial<br>Statement                                                                                                                             |
|   |                                                                               |                                                                                                                                                                                                 | P. 29<br>P. 30                                | 1. Materiality analysis<br>2. We Care – the ANDRITZ<br>sustainability program                                                                                         |
| C | — Business Development                                                        |                                                                                                                                                                                                 | P. 33<br>P. 51<br>P. 56                       | 3. EU Taxonomy<br>4. Non-financial risks<br>5. Responsible human resources<br>management                                                                              |
|   | P. 08<br>P. 08<br>P. 09<br>P. 11<br>P. 12<br>P. 16<br>P. 18<br>P. 18<br>P. 19 | 1. Changes in the reporting structure<br>2. Order intake<br>3. Revenue<br>4. Order backlog<br>5. Earnings<br>6. Financial position<br>7. Capital expenditure<br>8. Cash flow<br>9. Acquisitions | P. 61<br>P. 65<br>P. 71<br>P. 72<br>P. 73     | 6. Supply chain management<br>7. Quality management<br>8. Manufacturing<br>9. Innovation management and<br>digitalization initiatives<br>10. Research and development |
| D | — Risk Management                                                             | H                                                                                                                                                                                               | — Outlook                                     |                                                                                                                                                                       |
|   | P. 21<br>P. 24                                                                | 1. Strategic risks<br>2. Operational risks                                                                                                                                                      | I                                             | — Shares and Shareholder structure                                                                                                                                    |

— **Shares and Shareholder structure**

{6}------------------------------------------------

# MANAGEMENT REPORT

# **A) GENERAL ECONOMIC CONDITIONS**

As in previous years, the general conditions in the 2023 financial year were characterized by a variety of challenges, including ongoing geopolitical tensions, ongoing inflationary pressure in many countries, and the ongoing consequences of the Covid-19 pandemic in some parts of the world.

Geopolitical tensions, in particular Russia's war of aggression against Ukraine, the war in Israel and the conflicts in neighboring regions, as well as the strained relations between China and the USA, continued to create uncertainty in global trade. Trade restrictions and sanctions influenced the availability of raw materials and intermediate products.

The rise in inflation rates in many countries, driven by increased energy prices and supply chain bottlenecks, has led to noticeable declines in private consumption, which in turn resulted in lower utilization of production capacity for many of our customers. The tightening of monetary policy, initiated by many central banks to curb inflation with a significant increase in interest rates, led to a noticeable increase in financing costs for investments on the part of our customers and significantly reduced the willingness to invest in new systems plants and machines.

Overall, due to the difficult conditions, the global economy has not yet entered a phase of recovery, contrary to initial forecasts, although growth rates varied greatly in different regions of the world.

In Europe, economic growth in the reporting period fell again significantly compared to the previous year to less than 1%, while in the USA there was a slight improvement in growth rates to 2.5%, driven by private consumption, which plays a key role in the US economy at around 70% of gross domestic product. China's economy recorded an increase in growth to around 5.2% in the reporting period supported by significantly reduced interest rates, despite the burdens from the real estate sector.

Despite these generally rather difficult conditions, positive developments were also recorded in some economic areas relevant to ANDRITZ, driven by, among other things, technological change, and digitalization as well as investments in sustainability and environmental protection.

Source growth rates: Bloomberg

{7}------------------------------------------------

# **B) MARKET DEVELOPMENT**

# **1. Pulp & Paper**

The Pulp & Paper business area experienced satisfactory project and investment activity focused on modernizing existing pulp & paper mills. However, the market for greenfield pulp mills significantly decelerated after a few highly active years. In the power boiler sector, the good investment activity of the previous years continued. The service business encountered a slight slowdown due to the cyclical downturn in pulp & paper production.

# **2. Metals**

The Metals Forming sector (Schuler) for the automotive and automotive supplying industry saw good project and investment activity during the reporting period. Orders for press lines in both the middle and the higher price as well as quality segments were awarded by international car manufacturers and their suppliers. In the growing market for battery production, strategically important orders were awarded both for pilot lines for the assembly of Li-Ion and All-solid-state batteries as well as for series cell formation plants.

Project activity in the Metals Processing sector (equipment for the production and processing of stainless-steel strip, carbon steel strip, and of aluminum strip) was very favorable during the reporting year. Especially driven through investments in stainless steel and solid order intake in the other areas in the first quarters.

# **3. Hydro**

The global investment and project activity for electromechanical equipment for hydropower stations saw again an upward trend in the 2023 financial year, primarily due to the good earnings situation of many customers as a result of the rise in global energy prices and the global demand for renewable energy supplies. Storage necessities due to large installations in volatile solar and wind projects have driven forward the market of pumped storage hydropower plants as well as synchronous condensers for grid stability. Projects in this market segment as well as medium- and large-scale modernization and new contracts to supply equipment for conventional hydroelectric power stations were awarded during the reporting period – particularly in Asia, Europe, North America, and South America.

# **4. Separation**

The global markets for solid/liquid separation equipment developed very favorably during the 2023 financial year. Very good project and investment activity was noted in the Separation sector (dewatering and drying of municipal and industrial sewage sludge dewatering and drying). The Feed & Biofuel sector as well as the Pumps market had a stable development.

{8}------------------------------------------------

# **C) BUSINESS DEVELOPMENT**

# **1. Changes in the reporting structure**

The Pumps business (previously reported in the Hydro business area) and some products of the Pulp & Paper business area that are mainly supplied to customers outside of the pulp & paper industry are reported in the Separation business area as of January 1, 2023. The reference figures of the previous year have been adjusted to match the new reporting structure.

# **2. Order intake**

The order intake of the ANDRITZ GROUP developed satisfactorily during the 2023 financial year despite the unchanged difficult overall economic conditions, and amounted to 8,551.9 MEUR, which was below the record level of the previous year (-7.7% versus 2022: 9,263.4 MEUR). Due to the economic situation, particularly because of the lower order intake of larger orders in Pulp and Paper, where in the previous year a large order for a complete pulp mill in the upper three-digit million-euro range was recorded. However, order intake increased in the business areas Hydro, Metals, and Separation.

The business areas' development in detail:

- Pulp & Paper: Order intake amounted to 3,119.4 MEUR and was thus 27.4% below the record level of the previous year (2022: 4,296.4 MEUR), which included a large pulp mill order in Asia. The Service business area saw a solid development compared to the previous year's reference period.
- Metals: During the reporting year, the business area again reached a new record level with an order intake of 2,124.5 MEUR (+5.8% versus 2022: 2,008.6 MEUR). This significant increase is primarily attributable to the Metals Processing sector, which succeeded in booking a large order for the supply of a complete green hydrogen plant and some medium-sized orders. Order intake in the Metals Forming business area developed solidly compared with the previous year's reference period.
- Hydro: At 2,020.9 MEUR, order intake reached again a very favorable level and increased by 17.5% compared to the previous year's reference figure (2022: 1,720.5 MEUR). The business area secured two large and several medium-sized orders to supply electromechanical equipment for new hydropower plants and to modernize existing hydropower plants.
- Separation: At 1,287.1 MEUR, order intake also reached a new record level (+4.0% versus 2022: 1,237.9 MEUR). The solid/liquid separation division showed a very good development during the reporting period, the Pumps division showed a solid development. Order intake in the Feed & Biofuel division, however, declined compared to the previous year's reference period.

|              | Unit | 2023    | 2022    | +/-    |
|--------------|------|---------|---------|--------|
| Pulp & Paper | MEUR | 3,119.4 | 4,296.4 | -27.4% |
| Metals       | MEUR | 2,124.5 | 2,008.6 | +5.8%  |
| Hydro        | MEUR | 2,020.9 | 1,720.5 | +17.5% |
| Separation   | MEUR | 1,287.1 | 1,237.9 | +4.0%  |

{9}------------------------------------------------

Image /page/9/Figure/1 description: The image contains the text "Order intake by business area 2023 (2022) in %".

Image /page/9/Figure/2 description: The image contains two pie charts and their corresponding data. The first pie chart is divided into four sections labeled A, B, C, and D. The data associated with this chart is as follows: A - Pulp & Paper 36 (46), B - Metals 25 (22), C - Hydro 24 (19), and D - Separation 15 (13). The second pie chart is divided into six sections labeled A, B, C, D, E, and F. The data associated with this chart is as follows: A - Europe 35 (27), B - North America 21 (27), C - Asia (without China) 19 (21), D - China 11 (12), E - South America 10 (10), and F - Africa, Australia 4 (3).

**O I Order intake by region 2023 (2022) in %**

Image /page/9/Figure/4 description: The image is a donut chart divided into six sections labeled A, B, C, D, E, and F. The sections are arranged clockwise around the center of the donut chart.

| A | Europe               | 35 | (27) |
|---|----------------------|----|------|
| B | North America        | 21 | (27) |
| C | Asia (without China) | 19 | (21) |
| D | China                | 11 | (12) |
| E | South America        | 10 | (10) |
| F | Africa, Australia    | 4  | (3)  |

## **3. Revenue**

Revenue of the ANDRITZ GROUP developed very favorably in the 2023 financial year, and once again, reached a new record level of 8,660.0 MEUR (+14.8% versus 2022: 7,542.9 MEUR) due to the high order intake in the previous year. All four business areas were able to significantly increase their revenue compared to the previous year.

The business areas' revenue development at a glance:

|              | Unit | 2023    | 2022    | +/-    |
|--------------|------|---------|---------|--------|
| Pulp & Paper | MEUR | 4,096.3 | 3,513.8 | +16.6% |
| Metals       | MEUR | 1,840.5 | 1,621.2 | +13.5% |
| Hydro        | MEUR | 1,521.7 | 1,313.0 | +15.9% |
| Separation   | MEUR | 1,201.5 | 1,094.9 | +9.7%  |

{10}------------------------------------------------

Image /page/10/Figure/1 description: The image contains two donut charts and associated data tables. The left chart is titled "Revenue by business area 2023 (2022) in %" and is divided into four sections labeled A, B, C, and D. The corresponding data table lists the following: A - Pulp & Paper: 47 (47), B - Metals: 21 (21), C - Hydro: 18 (17), and D - Separation: 14 (15). The right chart is titled "Revenue by region 2023 (2022) in %" and is divided into six sections labeled A, B, C, D, E, and F. The corresponding data table lists the following: A - Europe: 28 (29), B - North America: 24 (23), C - Asia (without China): 17 (17), D - South America: 14 (15), E - China: 13 (12), and F - Africa, Australia: 4 (4).

Share of service revenue of Group and business area revenue in %:

|               | 2023 | 2022 |
|---------------|------|------|
| ANDRITZ GROUP | 38   | 40   |
| Pulp & Paper  | 42   | 44   |
| Metals        | 25   | 25   |
| Hydro         | 38   | 41   |
| Separation    | 49   | 46   |

With stable to slightly increasing service revenue, the share of the service business declined slightly due to the strong increase in revenue in the capital business.

{11}------------------------------------------------

# **4. Order backlog**

As of December 31, 2023, the order backlog of the ANDRITZ GROUP amounted to 9,872.6 MEUR (-1.0% versus December 31, 2022: 9,976.5 MEUR). While the order backlog in the business areas Metals, Hydro, and Separation increased, the order backlog in the Pulp & Paper business area decreased as a result of the scheduled execution of large orders contained in the backlog.

Image /page/11/Figure/3 description: The image shows a donut chart titled "Order backlog by business area as of 31.12.2023 (31.12.2022) in %". The chart is divided into four sections, labeled A, B, C, and D. Below the chart is a table that shows the business area, the value for 2023, and the value for 2022 in parentheses. The business areas and their corresponding values are as follows: A Pulp & Paper 33 (42), B Metals 22 (19), C Hydro 34 (29), and D Separation 11 (10).

## **Order backlog by business area as of 31.12.2023 (31.12.2022) in %**

Image /page/11/Figure/5 description: This image is a donut chart divided into six sections labeled A, B, C, D, E, and F. The sections are arranged clockwise around the center of the donut chart.

| A | Europe               | 28 | (21) |
|---|----------------------|----|------|
| B | Asia (without China) | 26 | (25) |
| C | North America        | 22 | (25) |
| D | South America        | 10 | (13) |
| E | China                | 10 | (12) |
| F | Africa, Australia    | 4  | (4)  |

{12}------------------------------------------------

# **5. Earnings**

## **a) EBITA**

The operating result (EBITA) increased in line with revenue and reached a new record level of 741.9 MEUR (+14.4% versus 2022: 648.5 MEUR). All four business areas recorded – in some cases – a significant increase in operating result. Profitability (EBITA margin) remained unchanged at 8.6% (2022: 8.6%).

The comparable EBITA of the Group amounted to 757.1 MEUR and thus was also significantly higher than the reference figure for the previous year (2022: 644.3 MEUR). The comparable EBITA margin rose to 8.7% and increased compared to the previous year (2022: 8.5%).

Development of profitability by business area:

- In the Pulp & Paper business area, profitability amounted to 10.3% and was slightly below the high reference figure for the previous year (2022: 10.8%). The slightly lower profitability compared to the previous year is largely attributable to the changed order mix (higher proportion of large projects) and execution of some low-margin large orders. The comparable EBITA margin amounted to 10.4% (2022: 10.9%).
- The EBITA margin in the Metals business area increased to 4.9% (2022: 3.8%), thus further continuing its upward trend. Both the Metals Forming sector (Schuler) as well as the Metals Processing sector recorded a strong increase in profitability. The comparable EBITA margin amounted to 5.0% (2022: 3.7%).
- Profitability in the Hydro business area increased to 5.8% (2022: 5.5%). The comparable EBITA margin amounted to 6.2% (2022: 5.6%).
- In the Separation business area, the EBITA margin at 11.9% again reached a very favourable level (2022: 12.3%). The previous year's reference period included a positive one-off effect in the Pumps division. The comparable EBITA margin amounted to 11.9% (2022: 11.6%).

{13}------------------------------------------------

## **b) Value added**

Net value added increased by 12.9% in the 2023 financial year to 2,854 MEUR (2022: 2,528 MEUR). Regarding the distribution of the value added among the key stakeholders 1,239 MEUR (2022: 1,140 MEUR) were attributable to employees. Based on the dividend proposal for the 2023 financial year, the share of value added attributable to shareholders after tax increased to 180 MEUR (2022: 151 MEUR). The state and the social security systems participate in the value added through taxes and social charges with 1,179 MEUR (2022: 1,042 MEUR). The share of value added remaining in the company amounted to 256 MEUR (2022: 195 MEUR).

Image /page/13/Figure/3 description: This image shows a bar chart comparing value added and value used in 2022 and 2023. In 2022, the gross performance was 7,609, the cost of materials was 3,995, depreciation was 253, other expenses and income was 833, and net value added was 2,528. In 2023, the gross performance was 8,695, the cost of materials was 4,718, depreciation was 898, other expenses and income was 225, and net value added was 2,854. In 2023, the net value added was used as follows: company 256, shareholders 180, government 1,179, and employees 1,239. In 2022, the net value added was used as follows: company 195, shareholders 151, government 1,042, and employees 1,140.

{14}------------------------------------------------

## **c) Expense structure**

Image /page/14/Figure/2 description: The image is a pie chart showing the distribution of total expenses in 2023 (2022) in %. The pie chart is divided into four categories: A, B, C, and D. Category A represents the cost of materials, which accounts for 58% (56%) of the total expenses. Category B represents personnel expenses, which accounts for 27% (28%) of the total expenses. Category C represents other expenses, which accounts for 12% (13%) of the total expenses. Category D represents depreciation, which accounts for 3% (3%) of the total expenses.

Cost of materials amounted to 4,718.3 MEUR in the 2023 financial year and were thus significantly above the level of the previous year (2022: 3,995.2 MEUR). As a result of the sales growth and the higher proportion of capital orders, the cost of materials to revenue ratio increased to 54.5% (2022: 53.0%). Personnel expenses, at 2,165.8 MEUR, were significantly above the level of the previous year (2022: 1,986.8 MEUR) due to the volumerelated increase in personnel but also due to the relatively high collectively agreed salary increase in some countries as a result of general inflation. The personnel expenses to revenue ratio decreased to 25.0% (2022: 26.3%).

Other expenses amounted to 1,024.6 MEUR in the reporting period (2022: 941.0 MEUR) and mainly include freight expenses, sales expenses, administrative and legal expenses, travel expenses as well as repairs and maintenance. Other income, at 124.2 MEUR, was significantly below the level of the previous year (2022: 139.3 MEUR) and mainly includes government grants (mainly research bonus), rental income, income from scrap materials as well as profits on disposal of intangible assets and property, plant, and equipment.

The depreciation of property, plant, and equipment and amortization of intangible assets amounted to 225.0 MEUR in 2023 (2022: 242.6 MEUR). Thereof 54.8 MEUR (2022: 72.0 MEUR) are attributable to amortization of intangible assets and 161.9 MEUR (2022: 163.5 MEUR) to depreciation of property, plant, and equipment. The impairment losses recognized were 8.3 MEUR in 2023 (2022: 7.1 MEUR), mainly for brand names and technical equipment.

In 2023 no goodwill impairment was recognized (2022: 10.2 MEUR). The goodwill impairment of the previous year was related to the Hydro business area.

The financial result improved to 3.0 MEUR (2022: -31.8 MEUR). The net interest result increased, on the one hand, due to active liquidity management (repayment of Schuldscheindarlehen in the amount of 165.5 MEUR in 2023 (2022: 58,0 MEUR)) and, on the other hand, through the gross liquidity which was invested with significantly better interest rates due to the positive interest rate environment.

{15}------------------------------------------------

At 1,787.2 MEUR, gross liquidity is significantly lower compared to the previous year (2022: 2,051.1 MEUR), which is due to an increase in net working capital as part of the scheduled processing of large orders. The significant decrease in other financial result compared to the previous year is mainly attributable to the valuation of securities on the balance sheet date. These are mainly temporary effects that will be reversed in following periods.

The tax rate increased from 25.6% in the previous year to 26.7%. The previous year included a one-off effect from the capitalization of loss carryforwards resulting from the active management of tax groups.

—**More information in the notes to the consolidated financial statements chapter C) 16.** Income taxes.

The net income (including non-controlling interests) amounted to 504.3 MEUR (+25.3% versus 2022: 402.6 MEUR), of which 510.2 MEUR (2022: 409.6 MEUR) are attributable to the shareholders of the parent company and -5.9 MEUR (2022: -7.0 MEUR) to non-controlling interests.

—**More information in the notes to the consolidated financial statements chapter F) 33.** Equity.

#### **d) Earnings and dividend per share**

The earnings per share increased significantly to 5.15 EUR (2022: 4.14 EUR). At the Annual General Meeting on March 21, 2024, the Executive Board will propose a dividend of 2.50 EUR per share (2022: 2.10 EUR) for the 2023 financial year. This is equal to a payout ratio of 48.5% (2022: 50.7%). 6.00

Image /page/15/Figure/8 description: This image is a bar chart comparing earnings per share, dividend per share, and payout ratio from 2019 to 2023. In 2019, earnings per share were 1.27 EUR, dividend per share was 0.50 EUR, and the payout ratio was 39.4%. In 2020, earnings per share were 2.08 EUR, dividend per share was 1.00 EUR, and the payout ratio was 48.1%. In 2021, earnings per share were 3.28 EUR, dividend per share was 1.65 EUR, and the payout ratio was 50.3%. In 2022, earnings per share were 4.14 EUR, dividend per share was 2.10 EUR, and the payout ratio was 50.7%. In 2023, earnings per share were 5.15 EUR, dividend per share was 2.50 EUR, and the payout ratio was 48.5%.

Dividend for 2023: Proposal to the Annual General Meeting.

0.00

1.00

2.00

3.00

4.00

5.00

{16}------------------------------------------------

# **6. Financial position**

## **a) Net worth position and capital structure**

Total assets amounted to 8,497.3 MEUR (December 31, 2022: 8,491.8 MEUR). The equity ratio increased to 25.4% (December 31, 2022: 21.6%).

**Assets**

|   | A                                                         | B | C            |              |
|---|-----------------------------------------------------------|---|--------------|--------------|
| A | Non-current: 31%                                          |   | 2,615.1 MEUR |              |
| B | Current: 48%                                              |   | 4,110.0 MEUR |              |
| C | Cash and cash equivalents and marketable securities: 21%  |   | 1,772.2 MEUR |              |
|   | Shareholders' equity and liabilities                      |   |              |              |
|   | A                                                         | B | C            | D            |
| A | Shareholders' equity incl. non-controlling interests: 25% |   |              | 2,157.5 MEUR |

| Shareholders' equity Incl. non-controlling interests: 25% | 2,157.5 MEUR |
|-----------------------------------------------------------|--------------|
| Financial liabilities: 13%                                | 1,142.6 MEUR |
| Other non-current liabilities: 8%                         | 678.4 MEUR   |
| Other current liabilities: 54%                            | 4,518.8 MEUR |

On the asset side, property, plant, and equipment (1,247.5 MEUR), goodwill (826.3 MEUR), deferred tax assets (211.7 MEUR), and intangible assets other than goodwill (142.8 MEUR) were the most important items in noncurrent assets (2,615.1 MEUR). The most important items in other current assets (4,110.0 MEUR) are trade accounts receivable and contract assets (2,315.4 MEUR) as well as inventories (1,165.3 MEUR).

On the liabilities side, other current liabilities (4,518.8 MEUR) mainly include contract liabilities from revenue recognized over time (1,419.6 MEUR), trade accounts payable (1,022.9 MEUR), and provisions (418.4 MEUR). The most important items in other liabilities (1,206.2 MEUR) are accruals and outstanding order-related costs (632.5 MEUR) as well as unused vacation and other personnel-related accruals (337.9 MEUR). Non-current liabilities (678.4 MEUR) largely contain provisions for employee benefits (333.6 MEUR), other provisions (201.0 MEUR), and deferred tax liabilities (115.0 MEUR).

## **b) Treasury shares**

As of December 31, 2023, the company held 4,789,540 treasury shares, i.e. 4.6% of the share capital, with a market value of 270.1 MEUR – mainly for servicing stock option programs and issuing shares to employees.

—**More information in the notes to the consolidated financial statements chapter F) 33.** Equity.

{17}------------------------------------------------

## **c) Liquid funds and net liquidity**

Liquid funds decreased to 1,787.2 MEUR (December 31, 2022: 2,051.1 MEUR), while net liquidity amounted to 912.7 MEUR (December 31, 2022: 983.0 MEUR).

Image /page/17/Figure/3 description: The image is a bar chart comparing liquid funds and net liquidity in MEUR from 2019 to 2023. In 2019, liquid funds were 1,609.8 MEUR and net liquidity was 244.9 MEUR. In 2020, liquid funds were 1,719.3 MEUR and net liquidity was 420.9 MEUR. In 2021, liquid funds were 1,837.9 MEUR and net liquidity was 703.3 MEUR. In 2022, liquid funds were 2,051.1 MEUR and net liquidity was 983.0 MEUR. In 2023, liquid funds were 1,787.2 MEUR and net liquidity was 912.7 MEUR.

At the end of 2023, the ANDRITZ GROUP's liquidity position remained very strong with cash and cash equivalents in the amount of 1,507.1 MEUR, term deposits of 112.9 MEUR, and other short-term securities of 167.2 MEUR. The Group's financial liabilities comprised Schuldscheindarlehen of 728.7 MEUR, an OeKB bank loan of 85.0 MEUR and other bank liabilities of 60.8 MEUR, mainly in regulated countries such as India. In 2023, ANDRITZ AG has made repayments of maturing Schuldscheindarlehen in the amount of 165.5 MEUR (2022: 58.0 MEUR repaid early).

## **d) Credit and surety lines**

In addition to the high liquid funds, the ANDRITZ GROUP also had the following credit and surety lines for performance of contracts, down payments, guarantees, and so on, at its disposal as of December 31, 2023:

- Credit lines: 119 MEUR, thereof 2 MEUR utilized
- Surety lines: 6,594 MEUR, thereof 3,318 MEUR utilized

{18}------------------------------------------------

# **7. Capital expenditure**

Investments in property, plant, and equipment and intangible assets amounted to 226.2 MEUR in the 2023 financial year and were thus significantly above the previous year's level (2022: 184.4 MEUR). Investments are distributed across the business areas as follows:

Image /page/18/Figure/3 description: The image contains two donut charts and associated data tables. The chart on the left is titled "Capital expenditure by business area 2023 (2022) in %" and shows the distribution of capital expenditure across different business areas. The chart on the right is titled "Capital expenditure by category 2023 (2022) in %" and shows the distribution of capital expenditure across different categories. The data table associated with the left chart shows the following: Pulp & Paper: 54 (57), Metals: 15 (17), Hydro: 16 (13), Separation: 15 (13). The data table associated with the right chart shows the following: Manufacturing: 54 (61), IT: 7 (10), Research and Development: 5 (4), Others: 34 (25).

As in previous years, investments mainly focused on workshop modernizations and targeted selected extension projects to support growth, particularly in Europe and China.

# **8. Cash flow**

The cash flow from operating activities, at 375.0 MEUR, was significantly below the reference figure of the previous year (2022: 710.8 MEUR). The decrease is mainly due to changes in net working capital (-337.4 MEUR in 2023 compared to 151.1 MEUR in 2022) and results mainly from the scheduled processing of large scale orders as well as lower advance and partial payments received as a result of lower order intake.

After deduction of investments in property, plant, and equipment and intangible assets in the amount of 226.2 MEUR (2022: 184.4 MEUR) the free cash flow amounted to 148.8 MEUR (2022: 526.4 MEUR).

The cash flow from investing activities amounted to 266.9 MEUR (2022: -190.5 MEUR). The significant change is due to lower payments made for the purchase of non-current and current financial assets.

The cash flow from financing activities amounted to -410.6 MEUR (2022: -301.3 MEUR). The change mainly resulted from higher payments made for bank loans and other financial liabilities (-296.6 MEUR in 2023 compared to -90.3 MEUR in 2022), as well as higher dividends paid (-208.3 MEUR in 2023 compared to -163.8 MEUR in 2022).

{19}------------------------------------------------

In the financial year 2023, the issue of own shares lead to inflows of 8.5 MEUR as part of the share option program for managers, whereas own shares of 16.0 MEUR were bought back in 2022.

# **9. Acquisitions**

ANDRITZ GROUP acquired the Dedert Group based in the USA and Denmark in October 2023. Dedert is one of the leading international suppliers of dryer and evaporator technologies. This acquisition further extends the broad range of dewatering and drying solutions and strengthens ANDRITZ's position in the food and beverage industry as well as chemical, and mining industries. The company operates subsidiaries in Canada, Mexico, and China. The acquisition expands the existing product range in the Separation business area.

ANDRITZ has acquired Dan-Web Machinery A/S, headquartered in Galten, Denmark in June 2023. Dan-Web is a leading supplier of a wide range of technologies for the production of airlaid nonwovens. With this acquisition, ANDRITZ is adding competence in airlaid technology to its comprehensive product portfolio, which already includes air-through bonding, needlepunch, spunlace, spunbond, wetlaid/WetlaceTM, as well as converting of nonwovens, also textile finishing, textile recycling, and natural fiber processing technologies. ANDRITZ has been cooperating with Dan-Web for many years for the supply of airlaid systems when providing complete production lines.

In January 2023 ANDRITZ acquired Imagine That Inc. based in San Jose, USA. Imagine That is a provider of simulation software and complements the ANDRITZ Metris Digital Solution portfolio. Through this expansion, ANDRITZ can help customers realize the full potential of plants, equipment, and physical assets from feasibility and engineering design to operation and maintenance. The existing customers of ANDRITZ and Imagine That Inc. will benefit greatly from ANDRITZ's vision, technology, and resources in developing the next generation of digital solutions.

ANDRITZ acquired assets along with key patents and intellectual properties from SFA Handels GmbH, a Swiss innovator in air and water-cooled grate technology, in December 2023. SFA Handels GmbH is a leader in grate technology for waste and biomass boilers. This acquisition enhances the vibrating grate technology of ANDRITZ TEP D.O.O., the power boiler division, and reinforces ANDRITZ's leadership in the grate boiler market. These boilers are crucial for biomass and waste incineration, supporting a circular economy and transition to green energy.

ANDRITZ acquired Scitech-Service Oy headquartered in Helsinki, Finland in July 2023. Scitech-Service offers technical development services for biomass processing, globally in the areas of pulp manufacture (paper, board, dissolving, fluff- and high-yield grades), viscose production and other regenerated cellulose products as well as biobased chemicals. The acquisition includes the subsidiary Experimentis Oy, a biomass fractionation laboratory with wide selection R&D of reactors.

ANDRITZ signed an agreement with Flowserve Corporation based in Texas, USA, to take over its NAF AB business in October 2023. NAF AB engineers, designs, and builds Flowserve's NAF control valve portfolio. It is a leading supplier with long-standing experience in providing process control valves for pulp and paper and other related industries. Based in Linköping, Sweden, the company has been a successful provider of process control valves for more than 100 years. This acquisition further extends and strengthens ANDRITZ's product and service portfolio in the field of process control.

—**More information in the notes to the consolidated financial statements chapter B) 4.** Consolidation scope.

**19**

—**More information in the notes to the consolidated financial statements chapter B) 5.** Acquisitions.

{20}------------------------------------------------

# **D) RISK MANAGEMENT**

The ANDRITZ GROUP is a globally operating company serving a large variety of industrial markets and customers. As such, the Group is subject to a series of risks that are inextricably linked to entrepreneurs. The main, higherlevel risks pursuant to Section 243 (1) of the Austrian Commercial Code (Unternehmensgesetzbuch UGB) include:

- Strategic risks
- Operational risks
- Risks relating to financial instruments

The active risk management practiced by the ANDRITZ GROUP for many years now serves both to safeguard the company's existence in the long term as well as to increase its value and is thus an essential success factor for the entire Group. For the purposes of value-oriented company management, risk management is an integral part of the business processes and extends over all strategic and operative levels.

The planning and controlling process within the entire ANDRITZ GROUP is an integral part of risk monitoring and control. Continuous controlling and regular reporting are intended to increase the likelihood of identifying major risks at an early stage and to allow countermeasures to be implemented if necessary. Nevertheless, there can be no guarantee that all risks can be detected in time with the monitoring and risk control systems currently in use.

The war in Ukraine and the resulting sanctions against Russia led to a sharp price increase and high volatility, respectively, in energy and of many raw materials and industrial semi-finished products. As a result, the inflation rate rose significantly in many countries. If the prices for raw materials, energy and sub-supplies rise again due to further or new conflicts (e.g. disputes in the Red Sea), this could have a negative impact on the financial development of the ANDRITZ GROUP.

In addition to the current risks listed above, there are numerous risks whose occurrence could have a negative impact on economic development. These include, among other things, escalating trade conflicts between economically important countries and increasing political instability. The high national debt of many countries also represents a risk in the medium to long term.

ANDRITZ is committed to transparently presenting climate-related opportunities as well as risks. Identifying and analyzing climate-related risks is part of the overall risk management approach.

—**More information in Chapter G) 4.** Non-financial risks.

The ANDRITZ GROUP's risks described below are monitored continuously. ANDRITZ is ready to react to and to counter these risks.

{21}------------------------------------------------

# **1. Strategic risks**

## **a) Political risks**

The countries in which the Group is active include some that are classified as politically risky or very risky. Terrorist activities or acts of war or political changes could result in orders being suspended. Political developments are monitored continuously in all countries and regions in which the Group operates and substantial political risks are reviewed before entering new countries. Changes to legislation in individual countries could lead to changed production conditions and different investment behavior. Risks related to deliveries to countries with average to very high political risks are typically covered by insurance.

However, the prerequisites for full hedging of these risks are not always available. The measures and procedures in this respect are specified in the credit risk policy applying throughout the Group.

## **b) Regulatory risks**

Regulatory risks include both tax risks and compliance risks.

The ANDRITZ group companies are subject to local tax laws in the respective countries and have to pay income taxes, import duties as well as other taxes. Changes in legislation or other regulations, also including regulations on import duties and so on, and different interpretations of the regulations applying in each case can result in subsequent tax and duty burdens. As a result, taxes and customs duties can be exposed to either positive or negative fluctuations.

In Austria and other countries where the ANDRITZ GROUP conducts business, there are a variety of legal regulations to be observed, including anti-trust and anti-bribery laws or compliance rules in the supply chain. The Group has established a Compliance Committee to monitor compliance with these regulations and adopted a number of compliance policies, including policies prohibiting insider trading, violation of the applicable anti-trust and anti-bribery laws for the protection of personal data, and also a global Code of Business Conduct and Ethics and a supplier code of conduct. While the Group strives with a large number of measures to make sure that such policies are observed, there can be no assurance that violations will not be committed due to individual misconduct. Any such violation could impact the financial position and reputation of the Group and may also lead to the cancellation of existing orders.

## **c) Competitive position**

The ANDRITZ GROUP does business in highly competitive markets in which only a few large suppliers bid for only a few large orders. In addition, there are many small companies competing locally that have a comparatively lowcost base. Losing a large-scale customer represents an additional risk. This competitive situation or a possible change in the competition structure can have a negative effect on order intake and on sales margins of the Group.

The Group counters this risk with continuous research and development work, product innovations and regular cost optimizations. There is, however, no guarantee that the Group can also maintain its current market position in the future.

As the Group's competitive position is also based on proprietary technologies, the increase in product piracy, cyber attacks, and industrial espionage facilitated by the digital era and the resulting theft of intellectual property can also have an adverse effect on the Group's competitive position. The Group protects its intellectual property wherever possible, but there can be no assurance that these efforts will always be adequate.

{22}------------------------------------------------

With increasing attention to environmentally friendly products, those products from companies that place a low priority on environmental friendliness could be sustainably substituted for ecological products by customers. Failure to adopt sustainable practices or offer environmentally friendly alternatives could result in reputational damage and reduced attractiveness in markets where sustainability is a key concern. The ANDRITZ GROUP counteracts this risk by promoting sustainable research and innovation projects, acquiring sustainable technologies, and thereby creating new sustainable products and adapting existing products to new specifications.

## **d) Customer concentration**

In many of the industries served by the ANDRITZ GROUP, there is a trend towards consolidations and mergers. This applies above all to the pulp and paper industry and also to the steel industry. Such consolidations may result in the Group having to negotiate in the future with fewer customers, but who have greater purchasing power. Dependence on individual key customers may increase, and this could also have direct consequences for the Group's business activities.

## **e) Volatility of order intake**

Some customers and industries served by ANDRITZ are directly dependent on general economic developments and thus subject to frequent fluctuations in the demand for their products. This is especially true for the Pulp & Paper and the Metals business areas, but all business areas may be affected.

The prices for equipment and products supplied by ANDRITZ in these segments are, in part, directly dependent on the prevailing relationship between supply and demand for the goods produced by such equipment and products of ANDRITZ. Possible price fluctuations therefore canhave a direct influence on each customer's capital investment decisions, with subsequent impact on the Group's order intake. This may lead to some volatility in the development of the Group's order intake.

The Group's future success depends on whether a sufficient amount of new contracts can be secured, among other things. It can be difficult to predict when an order for which the ANDRITZ GROUP has provided a quotation will actually be awarded. Contract awards are often affected by events outside the control of the Group, such as general economic conditions, the granting of governmental approvals, interest rates and the securing of project financing.

In addition, natural disasters, pandemics or epidemics as well as geopolitical tensions (military conflicts, trade disputes) could also have a negative effect on the development of order intake, liquidity, and the financial structure of the Group.

## **f) Acquisition and integration of complementary business segments**

One of the ANDRITZ GROUP's main strategic goals is to become a full-line supplier in all of its business areas through organic growth and complementary acquisitions. In the course of implementing this strategy, the Group has acquired and integrated a wide range of companies since 1990 with worldwide operations.

However, there is no guarantee that the Group will be successful in identifying and acquiring appropriate acquisition candidates in the future, or that suitable candidates and sufficient funding will even be available for large acquisitions. In the past, ANDRITZ was largely successful in integrating newly acquired companies. However, there is no guarantee that planned objectives and synergies can be realized entirely for all acquisitions in the future (including the ongoing integration of the most recently acquired companies), or that the Group will not be confronted with new or legacy risks that have not been identified or accurately evaluated.

{23}------------------------------------------------

Depending on the market position in individual countries or regions as well as the size of planned acquisitions, transactions are subject to a regulatory assessment and approval procedure under the laws on fair competition. As a result, there may be delays in mergers or acquisitions, or some takeovers may even be prohibited in individual cases. In the interest of minimizing risks, ANDRITZ reviews them in great detail beforehand with national and international legal and business experts.

## **g) Human resources**

The ANDRITZ GROUP seeks to be an attractive employer for its employees and to retain them in the company for long-term. High quality standards in the selection process guarantee that the most suitable candidates are recruited for the positions becoming vacant. However, there is no guarantee that employees will not leave the company again after a short time. This can lead not only to considerable costs, but also to quality problems or an impairment of customers and service orientation. ANDRITZ tries to keep employee turnover to a minimum by offering training and international career opportunities, incentive plans and targeted employer branding activities.

## **h) Digitalization**

Based on extensive and long-term experience as a supplier of technologies and systems for various branches of industry, ANDRITZ offers a broad portfolio of smart, digital solutions based on industry standards. These solutions help customers substantially in achieving their production, sustainability, and corporate goals.

The innovative digitalization solutions from ANDRITZ are marketed together under the technology brand Metris - ANDRITZ Digital Solutions and have been tested in diverse reference systems around the world as tools to assist customers in the area of plant and process optimization as well as comprehensive plant management.

Metris technologies are the very latest state of the art, they are subject to constant further development and can be tailored to individual customer requirements. ANDRITZ considers digitalization to be a vital growth sector for the future and hence will continue to focus heavily on the development of digital products and solutions. The main focus lies on cybersecurity, the use of artificial intelligence (AI) and the most advanced technologies available on the market.

However, the rapid developments in the digitalization sector also present a risk if ANDRITZ were not to succeed in developing and offering the products and solutions demanded by the market with the necessary speed. In addition, a higher degree of digitalization can lead to a greater risk of cyber attacks on ANDRITZ and its customers. To minimize this risk, ANDRITZ consistently applies the cybersecurity standards IEC 62443-2-4 and IEC 62443-4-1. Compliance with these cybersecurity standards has been audited and certified by TÜV (Technischer Überwachungsverein; i.e. technical inspection association for testing, inspecting, and certifying technologies, products, and systems to ensure potential hazards and prevent damages).

## **i) Planning risks**

The risk of inconsistency between strategic objectives, corporate strategy, available resources and the market situation can lead to operational challenges and increased costs. If strategic goals do not align with the overall practiced corporate strategy or do not take available resources into account, this can lead to unnecessary planning and evaluation effort. This misalignment can result in increased costs due to inefficiencies as the organization may invest resources in pursuit of goals that are not feasible or realistic given market conditions.

{24}------------------------------------------------

Insufficient synchronization between strategic elements may also affect ANDRITZ's ability to adapt to market changes, which may have an impact on competitiveness. It is critical for the ANDRITZ GROUP to ensure coherence between its strategic objectives, corporate strategy, available resources, and prevailing market dynamics in order to mitigate such risks and improve overall operational effectiveness.

# **2. Operational risks**

## **a) Purchasing**

The suppliers of ANDRITZ GROUP are regularly evaluated in order to identify potential threats (relating to ability to deliver, quality management, financial situation, etc.) and risks in a timely manner and ensure transparent management of the risks.

The risk assessment of the supply chain also includes cyber attacks on supply chain networks, procurement systems and sensitive data as well as compliance requirements for purchasing activities. These aspects influence the purchasing decisions of the entire ANDRITZ GROUP.

Geopolitical tensions and the imposition of sanctions against specific countries or entities that are involved in conflicts are impacting the structure of supply chain networks over the medium to long term. The divisions are therefore kept continuously informed of current and potential future international conflicts, sanctions and trade regulations. This ensures that the ANDRITZ GROUP remains fully empowered to take action and ensure compliance with statutory requirements and societal expectations.

Global and regional crises, political and economic conflicts, or natural disasters can result in suppliers being unable to manufacture and deliver goods ordered by ANDRITZ on schedule, which, in turn, could lead to ANDRITZ being unable to fulfill its obligations toward customers on time. To minimize these risks and ensure the successful completion of the projects, Group Supply Chain Management works closely with the divisions to systematically establish procurement alternatives.

## **b) Manufacturing**

In manufacturing, ANDRITZ relies on a targeted make-or-buy strategy in order to better balance the fluctuations in capacity utilization that are typical for project-related business and make best possible use of the company's own manufacturing capacities. Process-relevant key components for ANDRITZ plants and products are mainly manufactured and assembled in the Group's own workshops, whereas simple components are purchased from qualified suppliers, who are subjected to regular checks on quality, on-time delivery, and compliance.

Essential success factors to ensure short lead times and on-time production in manufacturing are precise planning as well as high commitment and flexibility on the part of employees. ANDRITZ uses a flexible contingent of temporary workers, especially in Europe, to better cope with fluctuations in workload. However, it may not always be possible to compensate immediately for larger fluctuations in capacity utilization, which could in turn have a negative impact on earnings development of the Group.

{25}------------------------------------------------

## **c) Project risks**

In connection with deliveries of equipment and services, the ANDRITZ GROUP is usually contractually obliged to provide services and meet deadlines. If the guaranteed services are not achieved or deadlines are not met, staggered contractual penalties usually must be paid or corrective measures have to be taken at the Group's expense. If the system performance falls short of the guaranteed values, if deadlines are significantly exceeded or if the customer does not accept the takeover of the system for other reasons of non-fulfillment of the services promised by the ANDRITZ GROUP, the customer could have the right to withdraw from the contract and to retain the subject matter of the contract to be returned to ANDRITZ with full compensation for costs and damages. Such an event could have a negative impact on the Group's financial situation.

Many of ANDRITZ's projects are based on long-term, fixed price contracts. The sales and operating margins realized in a fixed price contract may vary from original estimates as a result of changes in costs (especially fluctuating material costs and sharply rising energy prices), particularly on projects that include engineering and/or construction of complete plants, and where labor services have to be sourced from third parties. ANDRITZ was largely able to make up for the sharply rising raw material and material prices in the 2023 financial year by implementing various operative measures. Dealing with rising costs for materials and outsourced components is and will continue to be a challenge. Further significant increases in raw material prices could have a negative effect on the Group's financial development in the future.

As certain parts of systems to be supplied are outsourced, the Group may be forced to quote to customers at a fixed price without the exact cost of the parts purchased being stated in advance. While ANDRITZ makes estimates using empirical data and quotes from potential suppliers, these estimates may not always be quite exact. Such problems and losses may have a negative impact on the Group's financial performance. Lessons learned in the past form the basis of ongoing development of existing tools for consistent use in future projects.

In individual projects, ANDRITZ has responsibility for plant-wide engineering and/or installation and construction of factories in addition to the supply of ANDRITZ equipment and systems. These contracts bear the risks discussed above, but also entail certain risks relating to greater on-site responsibilities, including environmental matters, local labor conditions as well as risks relating to geology, construction, and installation of the plants.

Additionally, the Group is exposed to the risks inherent in managing the third parties providing construction, installation, and engineering services on these projects. These are mainly strikes or other work interruptions that may lead to delays in commissioning or failure to meet deadlines. The Group has put risk management procedures in place, including insurance programs, contract policies, and project management discipline, to reduce these EPC-related risks (EPC: Engineering, Procurement, Construction) as far as contracts allow.

Nevertheless, there is no guarantee that these procedures are sufficient to prevent negative financial consequences. The Group has experienced significant losses on certain past projects in this regard and similar difficulties and losses may occur in the future in a way that would adversely affect the Group's financial condition.

The ANDRITZ GROUP participates in many EPC- and other projects together with third parties with whom it shares a series of risks. While the Group attempts to make sure that risks in such projects are properly allocated, there can be no guarantee that this will always be successful. Moreover, the inability of one of the Group's consortium partners to fulfill its obligations (including indemnity obligations towards the Group) may have an adverse effect on the financial results and the liquidity of the Group.

{26}------------------------------------------------

## **d) Limitations of liability**

Liabilities arising out of the Group's contracts may include liabilities for customers' loss of profits and other liabilities that can vastly exceed the value of the contract in question. While the ANDRITZ GROUP endeavors to include appropriate limitations of liability in its contracts, there can be no assurance that sufficient limitations will in fact be in place in all contracts or that such limitations will be enforceable under the applicable law.

### **e) Government contracts**

A certain amount of the orders is placed by government entities. In connection with these projects, the Group may be more exposed to the performance, liability, and EPC/turnkey contract risks described above because it may not always be able to obtain its desired contractual safeguards due to public bid requirements and local laws.

## **f) Legal proceedings**

In the course of its business, the ANDRITZ GROUP is party to numerous legal proceedings before administrative, judicial courts and before arbitration tribunals. The substantial majority of such proceedings (such as contract and project disputes, product liability claims, and intellectual property litigation) can be considered typical of the Group's business. Where appropriate, the ANDRITZ GROUP makes provisions to cover the expected outcome of proceedings to the extent that negative outcomes are likely and reliable estimates can be made.

There is no guarantee, however, that these provisions will be sufficient. Given the amounts at stake in some of these disputes, a negative decision for ANDRITZ in one or several of these legal disputes may have a significant, adverse effect on the earnings and liquidity position of the Group.

The product liability area includes some recent cases involving alleged physical injuries and/or deaths due to asbestos exposure.

—**More information in the notes to the consolidated financial statements G) 39.** Contingent Assets and Liabilities.

## **g) Currencies**

A significant portion of the Group's revenue and costs from orders concluded by Group companies is not settled in the respective functional currency, but in other currencies, above all in US dollars. The currencies may be subject to considerable fluctuations in exchange rates. Currency risks in connection with orders that are not invoiced in euros are minimized by derivatives, in particular forward contracts and swaps.

Although the Group attempts to hedge the net currency exposure of those orders, not invoiced in the respective functional currency of the group company, with forward contracts, currency fluctuations can result in the recognition of exchange rate losses in the Group's financial statements.

Development of exchange rates may also have translation effects on the Group's revenue and earnings, whose values are converted into euros. In addition, shifts in exchange rates may affect ANDRITZ's position relative to its competitors, although many competitors of ANDRITZ are also based in the euro zone.

As some of the larger ANDRITZ customers are headquartered outside the euro zone, changes in exchange rates may lead to a delay in project decision by these customers.

{27}------------------------------------------------

## **h) Cyber risks, hacker attacks**

The increasing digitalization and networking of plants and machinery require highly effective and efficient solutions to maintain data security. Unauthorized access to or copying of sensitive company data as well as insufficient system availability as a result of hacker attacks are substantial risks to which ANDRITZ is increasingly exposed. This may not only affect ANDRITZ's own systems, but also Industrial-Internet-of-Things (IIoT) solutions installed by ANDRITZ at customers' premises. ANDRITZ counters cyber risks and potential hacker attacks by using the latest IT security technologies (for example firewall systems) and by strict control of access rights. One focus lies on continuous further development of security measures.

To further reduce unauthorized accessing of IT systems, penetration tests are conducted at regular intervals. Cyber attacks should be detected at an early stage with the aid of an optimized IT infrastructure so that they can be prevented successfully. Special online training is provided to avert possible cyber attacks and raise employees' awareness further. However, unauthorized access to and loss of sensitive and confidential data both at ANDRITZ and at its customers' premises as a result of cyber attacks cannot be ruled out, nor can any resulting financial losses for which ANDRITZ may be held responsible. Moreover, major damage or outage of the IT systems can disrupt ANDRITZ's ongoing business operations.

## **3. Risks relating to financial instruments**

The principal financial risks include payment default, liquidity risks, and market risks, such as exchange rate risks, interest rate risks, and raw material price risks.

A detailed presentation of all financial risks of the ANDRITZ GROUP can be found in the notes to the consolidated financial statements.

— **More information in the notes to the consolidated financial statements F) 35.** Risk management – risks relating to financial instruments.

## **4. Internal control and risk management system**

The international business activities by ANDRITZ not only provide opportunities but also involve risks in the short, medium, and long term. ANDRITZ thus has a group-wide internal control and steering system (ICS) whose main task is to identify nascent risks at an early stage and – if possible – to implement countermeasures promptly. This system is an important element of active corporate management. However, there is no guarantee that these monitoring and control systems are effective enough.

The Executive Board is responsible for implementing and monitoring the ICS for the accounting process and financial reporting. For this purpose, binding group-wide regulations, policies, and guidelines have been adopted for the major business risks and also for the financial reporting process.

The accounting department, which includes financial accounting, reports directly to the Executive Board. Various organizational measures ensure that the legal requirements are fulfilled. In particular, appropriate regulations ensure that entries in the books and other records must be complete, correct, timely, and orderly.

The entire process from procurement to payment is subject to standard group-wide policies and guidelines that are intended to minimize any essential risks these processes may entail.

{28}------------------------------------------------

These measures and rules include segregation of functions, signature authorization matrices, and signatory powers for authorizing payments applying on a collective basis only and being restricted to a small number of employees (four-eyes principle).

Control measures relating to IT security play an important role in this context. For example, segregation of duties is enhanced by the generally restrictive assignment of IT authorization by the financial software used (SAP). The safety standards in this financial software are also guaranteed by automated business process controls installed directly within the system.

Group-wide uniform accounting and valuation principles for the recording, posting, and accounting of business transactions are regulated in the ANDRITZ GROUP IFRS Accounting Policy and are binding for all group companies. Automatic controls in the consolidation and reporting system are in use in order to avoid misrepresentation as effectively as possible, as are numerous manual checks. The control measures range from review and discussion of interim results by the management to specific reconciliation of accounts.

By using a standardized, group-wide financial reporting system, together with ad-hoc reporting on major events, the Group endeavors to ensure that the Executive Board is properly and promptly informed on all relevant issues. The Supervisory Board is informed in Supervisory Board meetings held at least once every quarter on the current business development, including operative planning and the medium-term strategy of the Group. In special cases – for example acquisitions, restructuring, and so on – information is provided directly to the Supervisory Board. In addition, all Supervisory Board members receive a monthly report with the most important financial figures including comments. Internal control and risk management are among the topics dealt with during audit committee meetings.

Internal Auditing, set up as an executive department reporting to the Executive Board, audits individual processes or group companies according to an audit schedule defined for each year as well as conducting ad-hoc audits in special cases. In addition, Internal Auditing monitors compliance with legal provisions and internal directives. It is active in reporting and assessing the audit results as an independent, internal department that is not bound by instructions from outside bodies. Internal Auditing reports to the Executive Board and Audit Committee at regular intervals on the audits conducted and the results thereof as well as on the current implementation status of report findings.

The auditor of the Group's financial statements assesses the risk management functionality in the ANDRITZ GROUP and reports on it to the Supervisory Board and the Executive Board. The risk management functionality was checked in 2023 by the auditor of the Group's financial statements.

# **E) CONSOLIDATED CORPORATE GOVERNANCE REPORT**

The consolidated corporate governance report for the financial year 2023 is available on the ANDRITZ website [andritz.com/governance-en.](https://www.andritz.com/group-en/investors/corporate-governance)

# **F) EVENTS AFTER THE REPORTING DATE**

There were no events of material significance after the balance sheet date.

{29}------------------------------------------------

# **G) CONSOLIDATED NON-FINANCIAL STATEMENT**

The following section describes the non-financial performance indicators on social, employee, and environmental matters and in respect of human rights. Information on measures to combat bribery and corruption is provided in the Consolidated Corporate Governance Report on the ANDRITZ website [andritz.com/governance-en.](https://www.andritz.com/group-en/investors/corporate-governance)

The reporting of non-financial performance indicators is carried out on a quarterly basis as part of Group reporting and is largely in line with the scope of financial reporting. With regard to environmental matters, data is collected via a separate application, the ESG Cockpit, in which 86% of the fully consolidated companies entered their data in the reporting year. Smaller office locations are not included for reasons of materiality. The development of nonfinancial performance indicators during the year is an integral part of reporting to the Supervisory Board.

# **1. Materiality analysis**

**3** = very relevant / high impact

The ANDRITZ GROUP publishes information on the topic of sustainability in accordance with the criteria of the Global Reporting Initiative (GRI). A list of all Key Performance Indicators (KPIs) reported, including comments, is provided in the "GRI Index" on the ANDRITZ website [andritz.com.](https://www.andritz.com/group-en/gr-sustainability)

Image /page/29/Figure/6 description: The image is a scatter plot with the x-axis labeled "Long-term social impact" and the y-axis labeled "Influence on stakeholder decisions". Both axes range from 0 to 3. The plot contains several data points representing different concepts. The concepts and their approximate coordinates are as follows: Labor and working conditions (1, 2), Supplier relationship / relations with business partners (1, 2), Governance, ethics and business practices (1, 1.8), Digitalization & innovation (2, 1.2), Sustainable production & projects (2.2, 2), Climate and environmental protection (2.2, 2.5), and Compliance with legal & ethical standards / Corporate Compliance (2.2, 3). A legend at the bottom indicates the meaning of the axis values: 0 = not relevant / no impact, 1 = rather relevant / low impact, 2 = relevant / medium impact, and 3 = very relevant / high impact. The number 29 is at the bottom of the image.

{30}------------------------------------------------

Stakeholder surveys and interviews with relevant stakeholders have already been conducted several times in order to establish the main reporting topics and relevant fields of activity for the ANDRITZ GROUP.

Hence, the topics with the greatest influence on the social impact of ANDRITZ's business activities and on the decisions that stakeholders make with respect to their business relations with ANDRITZ are:

- Compliance with legal and ethical standards/corporate compliance
- Climate and environmental protection
- Responsible working conditions, safety at work and health care
- Fair dealings with suppliers and business partners
- Sustainable production and projects as well as product safety
- Responsible company management, ethics, and business practices
- Digitalization and innovation

The different weighting of the topics is illustrated in the graphic above.

In the reporting year, ANDRITZ started to conduct a new materiality analysis as part of the implementation of the Corporate Sustainability Reporting Directive (CSRD). This requires an assessment of double materiality, according to which companies must report both on how sustainability topics impact their business (outside-in / financial materiality) and on how their business activities impact society and the environment (inside-out / impact materiality). The double materiality analysis forms the basis for the future sustainability reporting according to CSRD.

# **2. We Care – the ANDRITZ sustainability program**

ANDRITZ has set comprehensive, ambitious environmental, social, and governance targets as part of its "We Care" sustainability program presented in June 2021, which will enable the company to make the greatest contribution to a sustainable future for all stakeholders. The main focus in the Environment area lies on climate protection, conservation of resources, and offering sustainable solutions and products. "ANDRITZ as an attractive employer" as well as occupational health and safety are the main topics in the Social core topic. In the Governance topic, the focus lies on fair and ethical business practices, comprehensive risk management, and scrupulous supplier management.

In the reporting year, several measures were implemented to achieve the targets. The positive effects of the measures are clearly evident.

{31}------------------------------------------------

## **Goals: Environment**

| Goal                                                                                  | Measuring<br>variable                | Base year 2019 | 2021   | 2022   | 2023                                            | Goal 2025 |
|---------------------------------------------------------------------------------------|--------------------------------------|----------------|--------|--------|-------------------------------------------------|-----------|
| Reduce CO2 emissions (scope 1+2)<br>by 50%*                                           | Tons CO2e/<br>Million EUR<br>revenue | 28.1**         | 29.3** | 18.6** | 18.0<br>(corresponds to<br>-35.9% vs.<br>2019)  | 14.0**    |
| Reduce water consumption by 10%*                                                      | m3<br>/Million EUR<br>revenue        | 158.3          | 180.6  | 153.6  | 130.6<br>(corresponds to<br>-17.5% vs.<br>2019) | 142.5     |
| Reduce waste volume by 10%*                                                           | Tons/Million<br>EUR revenue          | 10.7           | 7.8    | 7.0    | 8.7<br>(corresponds to<br>-18.7% vs.<br>2019)   | 9.6       |
| Increase revenue from sustainable<br>solutions and products to over 50%<br>of revenue | %<br>of total revenue                | 46***          | 42     | 45     | 45                                              | >50       |

Note: Only the revenue of the included locations was used.

\* Compared to base year 2019

\*\* The values were adapted due to an incorrect CO2 factor. \*\*\* The value refers to 2020 as no comparable data is available for 2019.

It was possible to further reduce the **CO<sup>2</sup> emissions** (Scope 1 and 2) of the ANDRITZ GROUP during the reporting year. Compared to the base year 2019, emissions in relation to sales were reduced by 35.9%. The largest reduction was achieved by switching many ANDRITZ locations to low-CO<sup>2</sup> electricity from renewable energy sources. Internal electricity production with photovoltaic systems was also increased. PV systems entered into operation at 15 locations (in total, 20 locations already have PV systems), and more locations will follow in 2024. Additional efficiency measures were also implemented, such as switching to LED lighting. To further promote careful use of energy at the production locations, a special energy assessment program was developed during the reporting year. This aims at reinforcing the culture of improvement at the production locations, identifying savings potential, and implementing corresponding reduction measures. The assessment has already been successfully conducted at individual locations with high energy consumption and will be continued during 2024.

ANDRITZ joined the **Science Based Targets initiative (SBTi)** at the beginning of 2023 to demonstrate its determination to contribute to the 1.5°C target of the Paris Agreement. The commitment to SBTi provides ANDRITZ with the opportunity to have greenhouse gas reduction targets evaluated and validated by an independent organization based on the findings of climate science. In line with the SBTi commitment, ANDRITZ will develop comprehensive goals for the reduction of greenhouse gas emissions (Scope 1, 2 and 3) by no later than the end of 2024 and submit these to SBTi.

**Water consumption** as a percentage of sales was reduced by 17.5% in the reporting year compared with 2019, and the **waste volume**, also as a percentage of sales, was reduced by 18.7%. This means that both goals established for the end of 2025 were already achieved in 2023. For 2024, it has been decided to reduce the water consumption and the waste volume by 5% relative to the previous year. The efforts to achieve additional reductions in 2024 will focus on the five largest consumers, where targeted measures will be implemented. A revision of the internal ANDRITZ packing standard based on principles of the circular economy is also planned.

{32}------------------------------------------------

**Sustainable products and solutions accounted for 45% of sales in the reporting year**. Particular attention in 2023 was given to the "Special Growth Projects". These seven projects are being pursued intensively within the Group with the aim of making a meaningful contribution to the Group's future growth. They all have in common that they address current megatrends and serve fast-growing markets that are driven by efforts to achieve greater sustainability. Some of the projects are still in early stages, while others are already well advanced. The latter include, for example, the projects concerning carbon capture, green hydrogen, and battery production for emobility. The Special Growth Projects are intended to yield significant increases in the share of sales of sustainable products and solutions in the coming years.

### **Goals: Social**

| Goal                                                                                                  | Measuring<br>variable                                                                    | Base year 2019 | 2021 | 2022 | 2023 | Goal 2025<br>resp. % p.a. |
|-------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------|----------------|------|------|------|---------------------------|
| Reduce annual accident frequency<br>rate (> 1 day's absence) by 30%<br>compared to the preceding year | Accidents<br>causing one or<br>more days of<br>absence per 1<br>million working<br>hours | 6.1            | 3.1  | 2.8  | 2.6  | -30% p.a.                 |
| Reduction of the voluntary<br>fluctuation rate                                                        | % of total<br>employees                                                                  | 6.0            | 6.5  | 6.0  | 5.1  | <4.5                      |
| Increase the proportion of<br>female employees                                                        | % of total<br>employees                                                                  | 16.2           | 16.6 | 16.4 | 17.0 | 20                        |

In the Social area, the **occupational accident frequency rate** in 2023 was further reduced compared to the previous year, although the goal of reducing the accident frequency rate by 30% compared to the previous year was not achieved. ANDRITZ has implemented many initiatives and measures on occupational safety in recent years, which are reflected in a significant reduction in the occupational accident frequency rate by about 60% compared with the baseline value in 2019.

ANDRITZ pursues a zero-accidents goal and takes further measures in this area for a proactive safety culture in order to prevent accidents. All incidents and accidents are recorded, investigated, and analyzed – irrespective of their severity. In addition, injuries that result in absences from work are documented in a Group accident database. Furthermore, a lessons-learned report is compiled and published in the intranet. Experience from actual incidents and near-accidents as well as good/best practices are collected and used to improve the safety culture. In consideration of the need for improvement identified with respect to personal safety behavior, specific intensive training on behavior-based safety principles will be conducted throughout the entire ANDRITZ organization during 2024.

The **voluntary fluctuation rate** was decreased during the reporting year to 5.1%. ANDRITZ has taken a number of measures in this area to convincingly communicate ANDRITZ's added value as an employer, to build up an appealing employer brand, and thus to present the company as attractively as possible on the recruiting market.

The **proportion of female employees** was increased to 17.0%. Measures to increase the proportion of women in the long term include increased promotion of women for management positions and increased support in reconciling family and work life. The company-run kindergarten set up beside the headquarters of the ANDRITZ GROUP in Graz as well as at the Vienna location and the flexible working hours available to employees with young children are examples of these measures. When creating office space as part of new building projects, consideration is always given to the topic of new child care facilities for the children of employees. In addition, a strict equal opportunities policy is considered very important in the recruitment process.

{33}------------------------------------------------

#### A N D R I T Z f i n a n c i a l r e p o r t 2 0 2 3 M a n a g e m e n t r e p o r t

## **Goals: Governance**

| Goal                                                                      | Measuring<br>variable                               | 2019 | 2021 | 2022 | 2023 | Goal 2025 |
|---------------------------------------------------------------------------|-----------------------------------------------------|------|------|------|------|-----------|
| No event-driven profit warnings                                           | Number of<br>event-driven<br>profit warnings        | 0    | 0    | 0    | 0    | 0         |
| No compliance violations                                                  | Number of<br>incidents of<br>corruption             | 0    | 0    | 0    | 0    | 0         |
|                                                                           | Number of<br>antitrust<br>violations                | 0    | 0    | 0    | 0    | 0         |
| Coverage of 85% of the supply<br>volume* by assessed suppliers<br>by 2025 | % of supply<br>volume with<br>assessed<br>suppliers | 78** | 82   | 82   | 90   | 85        |

\* Cumulative external purchasing volume by suppliers with an average annual purchasing volume of more than EUR 250,000.

\*\* The figure refers to 2020 as no comparable data is available for 2019.

As in previous years, there were no **event-driven profit warnings in** 2023. Furthermore, there were **no cases of corruption or competition** within the ANDRITZ GROUP. This can be attributed above all to the effective compliance management system and the anti-corruption management system, which are certified according to ISO 37301 and ISO 37001.

ANDRITZ is also well on track for the ESG governance goal in the area of **supplier compliance** in relation to the target of 85% set for 2025. With 89.5% of the suppliers assessed in the supplier relationship management (SRM) tool in 2023, this goal was achieved early. A reassessment of the evaluation process and the goal is planned for 2024.

# **3. EU Taxonomy**

The EU Taxonomy Regulation 2020/852 of June 18, 2020, is part of the EU Sustainable Finance Action Plan and aims to define sustainable economic activities. Thus, it is a significant regulatory step towards promoting transparency in the sustainability sector. It is intended to direct investment flows towards a sustainability transformation in line with the European Green Deal.

Pursuant to Article 8 of the Regulation, ANDRITZ has been obliged to report on the form and extent of the economic activities that qualify as environmentally sustainable according to the EU Taxonomy classification system since 2021.

In June 2023, Delegated Regulation 2021/2139 was expanded to define new economic activities for the first two climate objectives of climate change mitigation and climate change adaptation. Furthermore, Delegated Regulation 2023/2486 was published containing the economic activities for the four additional environmental objectives: sustainable use and protection of water and marine resources, the transition to a circular economy, pollution prevention and control, and protection and restoration of biodiversity and ecosystems. ANDRITZ reports the taxonomy eligibility for all relevant new economic activities. For the relevant economic activities from Delegated Regulation 2021/2139, ANDRITZ reports (as in the previous reporting year) the proportions of both taxonomy-eligible and taxonomy-aligned economic activities.

{34}------------------------------------------------

While a match between the activity descriptions and the economic activities of the company is sufficient for the identification of taxonomy eligibility, taxonomy alignment requires the fulfillment of the technical screening criteria relevant for the economic activity. These are to ensure that the taxonomy-eligible economic activity makes a substantial contribution to one of the six environmental objectives, does no significant harm to the remaining five environmental objectives, and meets minimum social safeguards. Taxonomy alignment requires the cumulative fulfillment of all three requirements.

#### **Taxonomy eligibility**

As in 2022, ANDRITZ classifies individual product groups (described below under 3.a) as taxonomy-eligible according to the definition of economic activities 3.1. "Manufacture of renewable energy technologies" and 3.6. "Manufacture of other low carbon technologies". With the publication of the new delegated regulation, it is now also possible to classify product groups as taxonomy-eligible according to the definition of the economic activities 3.20. "Manufacture, installation, and servicing of high, medium, and low voltage electrical equipment for electrical transmission and distribution that result in or enable a substantial contribution to climate change mitigation" and 5.1. "Repair, refurbishment and remanufacturing".

#### **Taxonomy alignment**

After applying and reviewing the technical screening criteria, ANDRITZ continues to classify the products assigned to economic activity 3.1. as taxonomy-aligned. The products falling under economic activity 3.20. have also now been added. For details, see 3.b).

For the products assigned to economic activity 3.6., it is not possible for ANDRITZ to demonstrate taxonomy alignment at this stage because the technical screening criteria have not yet been clearly defined by the EU Commission (in particular, the criteria for a material contribution to climate change mitigation). In order to make a significant contribution to climate change mitigation, the technologies must be shown to result in significant lifecycle greenhouse gas emissions savings, according to the currently available definition. However, no clear definition exists yet for the term "significant". In addition, to satisfy taxonomy alignment, the technology must be better than the best performing alternative technology available on the market in terms of greenhouse gas emissions. Here, too, it is currently not possible to prove that ANDRITZ's technologies meet these criteria because there is yet no international database on which to base these checks.

The taxonomy-eligible and taxonomy-aligned economic activities applicable to the ANDRITZ GROUP are shown below together with the financial key performance indicators (turnover, capital expenditure, and operating expenditure) and the corresponding qualitative information to be reported pursuant to Article 8 of the EU Taxonomy Regulation.

#### **Challenges of the EU Taxonomy**

All information from ANDRITZ is based on the status of the definitions and interpretation of the EU Taxonomy at the time this report is published.

Before providing more details on the taxonomy-eligible and taxonomy-aligned economic activities, ANDRITZ wishes to point out that the EU Taxonomy cannot be equated with ANDRITZ's own definition of sustainable products and solutions that was published before the EU Taxonomy. ANDRITZ's own definition of sustainable products and solutions (as used in the ESG goals and their achievement described above in chapter 2. We Care) includes equipment, technologies, and systems that help customers achieve their sustainability goals. They help protect the environment, contribute to decarbonization, reduce the consumption of valuable resources, such as water, and promote a circular economy.

{35}------------------------------------------------

In contrast, the EU Taxonomy concentrates in its definitions of the first two climate objectives primarily on industrial economic activities that are energy-intensive and emit large quantities of CO2, without taking the respective supply chains into full consideration. For these activities, the EU Taxonomy contains very precise descriptions and technical screening criteria in order to determine the conditions under which an economic activity can be classified as taxonomy-eligible or taxonomy-aligned. As a supplier of technologies and systems that enable and push forward the green transformation, ANDRITZ believes it has not been taken into consideration sufficiently in the first two climate objectives of the EU Taxonomy. The ANDRITZ product portfolio contains a large number of technologies that make a significant contribution towards climate neutrality in many industries.

Part of ANDRITZ's service business falls under the new delegated regulation with the four additional environmental goals, in particular under the environmental objective concerning the circular economy. The assumption that additional products from the business areas of Separation, Pulp & Paper, and Metals which did not fall under the first two environmental objectives are covered by the environmental objectives "Sustainable use and protection of water and marine resources", "Transition to a circular economy", and "Pollution prevention and control" has not been confirmed. The economic activities in question refer explicitly to the construction, modernization, and operation of complete plants. In these areas, ANDRITZ generally supplies components and machines as parts of plants, meaning that these projects were classified as not taxonomy-eligible.

## **a) Identification of taxonomy-eligible turnover**

In identifying the taxonomy-eligible product groups for the environmental objectives of climate change mitigation and transition to a circular economy, ANDRITZ has adhered strictly to the European Commission's wording in the description of sustainable economic activities – also, in particular, to the definition of economic activity 3.6., "Manufacture of other low carbon technologies", which says that only those low carbon technologies that lead to a substantial reduction in greenhouse gas emissions in downstream industries may be classified as taxonomyeligible.

Finally, on the basis of the published delegated regulations and the FAQs of the EU Commission, the following product groups were classified by ANDRITZ as taxonomy-eligible in pursuit of the environmental goal of **climate change mitigation**:

#### **Economic activity 3.1. "Manufacture of renewable energy technologies":**

- **Electromechanical equipment for hydropower stations** (Hydro business area)
- **Biomass and black liquor boilers, evaporators, technologies for gasification and combustion of bark, wood dust, and wood waste** (Pulp & Paper business area)
- **Plants for the production of biomethanol** (Pulp & Paper business area)

#### **Economic activity 3.6. "Manufacture of other low carbon technologies":**

- **Presses and press lines for the production of electric vehicle components**: car body and structural elements, metal housings for batteries, electrical steel for motors (Metals business area)
- **Plants and systems for lightweight vehicle construction**: laser welding systems to produce tailor welded blanks, continuous galvanizing lines and cold-rolling mills for the production of high-strength steel grades (AHSS/UHSS), processing and heat-treatment lines for the production of aluminum sheet for lightweight bodywork (Metals business area)

{36}------------------------------------------------

▪ **Plants for CO<sup>2</sup> capture** for downstream transport and storage/further processing of CO<sup>2</sup> according to economic activities 5.11. "Transport of CO2" and 5.12. "Underground permanent geological storage of CO2" (Pulp & Paper business area)

**Economic activity 3.20. "Manufacture, installation, and servicing of high, medium, and low voltage electrical equipment for electrical transmission and distribution that result in or enable a substantial contribution to climate change":**

▪ **Synchronous condensers** (Hydro business area)

For the environmental objective **transition to a circular economy**, the following ANDRITZ product groups have been classified as taxonomy-eligible:

#### **Economic activity 5.1. "Repair, refurbishment, and remanufacturing":**

- Repairs and refurbishment services for the **process areas of pulp and paper plants** (Pulp & Paper business area)
- Repairs and refurbishment services in connection with **rolls for paper machines** (Pulp & Paper business area)
- Repairs and refurbishment services for **mechanical, hydraulic, and servo presses** as well as for **punching and forming plants** (Metals business area)
- Repairs and refurbishment services for **machines in the food industry** (Separation business area)

#### **Explanation of the taxonomy relevance of the business areas**

#### Hydro

ANDRITZ Hydro is one of the globally leading suppliers of electromechanical equipment and services for hydropower plants. With over 180 years of experience and an installed fleet of more than 470 GW output, the business area provides complete solutions for hydropower plants of all sizes as well as services for plant diagnosis, refurbishment, modernization, and upgrade of existing hydropower plants.

The business area offers a complete product portfolio with turbines, generators, and additional equipment of all types and sizes – "from water to wire" – for large and small hydro applications, pumped storage power stations, and tidal energy turbines for marine energy projects. As hydropower and pumped storage power stations are also designed for hydraulic and environmental conditions specific to the location, the associated electromechanical equipment is also planned and designed accordingly. Virtually every turbine, every generator, and the general plant layout are in general "project-specific individual solutions".

ANDRITZ supplies products and systems that form an integral part of a hydropower plant. Therefore, the contractual scope of supply usually includes the planning, engineering, delivery, installation, and commissioning of the equipment, and these are therefore grouped together as an integrated performance obligation under IFRS 15 and collectively under economic activity 3.1. in the EU Taxonomy.

The service sector offers plant diagnosis, rehab, modernization, and upgrades to existing hydropower plants. The range extends from complex upgrades to small spare part deliveries. All ANDRITZ solutions meet the specific customer requirements, are environmentally friendly, and support operations management. The scope of supply normally consists of repairs, reconditioning, or complete replacement of components and plant parts.

{37}------------------------------------------------

The product portfolio in the service sector also contains general services such as technical support, training, spare parts management, and service contracts to comply with all technical, economic, and legal requirements. Special services can be offered for life cycle and risk analysis and for operation and maintenance. At the moment, this product offering in the service area cannot be assigned to any economic activity of the EU Taxonomy due to the definition of the six environmental objectives.

Newly added here are synchronous condensers, which are indispensable for stabilization of the power grid, especially in connection with the rising share of variable renewable energy sources. They can supply significant quantities of reactive power and short-circuit power to maintain grid stability by compensating for fluctuations. This makes it possible to further improve the integration of solar and wind energy into the energy infrastructure. ANDRITZ's activities in this area are grouped together under economic activity 3.20. in the EU Taxonomy.

#### Pulp & Paper

The Pulp & Paper business area provides sustainable technology, automation, and service solutions for the production of all types of pulp, paper, board, and tissue. The technologies and services focus on increased production efficiency and lower overall operating costs as well as innovative decarbonization strategies and autonomous plant operation. This business area also includes boilers for power generation, flue gas cleaning systems, various nonwoven technologies, and panelboard (MDF) production systems.

With waste-to-value recycling, shredding, and energy solutions, waste and by-product streams from production are converted into valuable secondary raw materials as well as into sustainable resources for energy generation. State-of-the-art IIoT technologies as part of Metris digitalization solutions complete the comprehensive product offering.

The Pulp & Paper business area contains a large number of products and technologies that can contribute towards the environmental objectives of the EU's Green Deal. However, not all of these correspond to the defined economic activities and descriptions of the six environmental objectives.

The following section explains which products from the Pulp & Paper business area can be classified as economic activities within the meaning of the environmental objective **climate change mitigation**:

- **Modern biomass boilers** are subdivided into bubbling fluidized bed (BFB) and circulating fluidized bed (CFB) technologies. Both generate steam and electricity from biomass and biogenic residual materials.
- **Black liquor boilers** are used in pulp production to generate energy by burning the inorganic components in the black liquor (mainly lignin). The inorganic components in the black liquor are fully re-utilized by means of a closed-loop system for the production of the chemicals needed to pulp the wood.
- **Evaporators** are a preliminary stage that precede the black liquor boilers. Their primary goal is to produce a stable flow of black liquor containing a high proportion of solids for efficient combustion in the black liquor boiler. In a multi-stage process, the solids content in the black liquor is increased from around 15% to approximately 80% by the evaporators.

Black liquor is burned in order to generate electricity and process heat in the form of steam. Modern black liquor boilers generate around twice as much electricity as the entire pulp mill consumes. The surplus "green" electricity is fed into the national grid.

{38}------------------------------------------------

The black liquor is classified by reputable organizations like the IEA (International Energy Agency), the IPCC (Intergovernmental Panel on Climate Change), the FAO (Food and Agriculture Organization) of the United Nations, and the EU – according to the EU Renewable Energy Directive (RED II) – as a renewable, CO2-neutral, and biomass-based fuel that contributes towards reducing greenhouse gas emissions.

- **Gasification plants** use the wood waste (bark, wood dust, etc.) from pulp production to produce gas with this biomass in order to replace 100% of the fossil fuels used to fire the lime kiln. Hence, this technology makes a contribution towards substantially reducing greenhouse gas emissions.
- **Plants for the production of biomethanol:** ANDRITZ has developed a new process that produces high-purity biomethanol from the non-volatile gases arising during pulp production. This biomethanol can either be re-used in the mill or put to commercial use, for example as biofuel in the transport sector (biodiesel for shipping). This achieves substantial savings in greenhouse gas emissions.

As in the Hydro sector, the sale of these products and services also entails integrated performance obligations within the meaning of IFRS 15 and falls under economic activities 3.1. and 3.6. in the EU Taxonomy.

The following section explains which products from the Pulp & Paper business area can be classified as economic activities within the meaning of the environmental objective **circular economy**:

- Repairs and refurbishment services for individual process areas in pulp and paper plants. These include services for pulpers, refiners, dewatering systems, tissue machines, and paper/board machines, services for technologies in the area of wood and biomass processing as well as services for cooking, washing, bleaching, wet processing, drying, cutting, and baling systems.
- Repairs and upgrades in connection with rolls for the clothing of paper machines.

ANDRITZ's service activities in these areas are grouped together in the EU Taxonomy under economic activity 5.1.

#### Metals

The Metals business area is – via the Schuler Group – a technological and market leader in metal forming. Schuler supplies presses, automation solutions, dies, process know-how, and service for the entire metal-working industry and for lightweight vehicle construction. In the service area, this business area offers repair and refurbishing services for mechanical, hydraulic, and servo presses as well as for punching and forming plants, among other services. In the e-mobility sector, Schuler supplies plants for economical serial production of components for e-vehicles – car body and structural elements, metal housings for batteries, and electrical steel for motors. In addition, in the lightweight vehicle construction sector, ANDRITZ offers laser welding systems to produce tailor welded blanks, continuous galvanizing lines and cold-rolling mills for the production of high-strength steel grades (AHSS/UHSS) as well as processing and heat-treatment lines for the production of aluminum sheet for lightweight bodywork. The products from ANDRITZ and Schuler make a substantial contribution towards reducing greenhouse gas emissions in downstream industries.

The sale of these products and services is an integrated performance obligation within the meaning of IFRS 15, and they are therefore also grouped together in the EU Taxonomy under economic activity 3.6. The service activities are grouped under economic activity 5.1.

{39}------------------------------------------------

#### Separation

ANDRITZ Separation provides mechanical and thermal technologies as well as services and the related automation solutions for solid/liquid separation, serving the chemical, environmental, food, and the mining and minerals industries. The customized, innovative solutions focus on minimizing the use of resources and achieving the highest process efficiency, thus making a substantial contribution towards sustainable environmental protection.

In addition, the business area offers technologies and services for the production of animal feed and biomass pellets. Pumps for irrigation, water supply, and flood control are also part of this business area's portfolio. In the service area, this business area offers repair services for machines in the food industry, such as the ANDRITZ decanter centrifuge F, the ANDRITZ horizontal peeler centrifuge, the ANDRITZ Gouda contact drum dryer, and the ANDRITZ Gouda paddle dryer.

ANDRITZ's service activities in these areas are grouped together in the EU taxonomy under economic activity 5.1.

#### **b) Identification of taxonomy-aligned turnover**

In identifying the taxonomy-aligned product groups for the environmental objective of climate change mitigation, ANDRITZ strictly followed the wording of the technical screening criteria of the economic activities according to Delegated Regulation 2021/2139.

Finally, on the basis of the published Delegated Regulations and the FAQs of the EU Commission, the following ANDRITZ product groups were classified as taxonomy-aligned when pursuing the environmental goal of climate change mitigation:

#### **Economic activity 3.1. "Manufacture of renewable energy technologies":**

- **Electromechanical equipment for hydropower stations** (Hydro business area)
- **Biomass and black liquor boilers, evaporators, technologies for gasification and combustion of bark, wood dust, and wood waste** (Pulp & Paper business area)
- **Plants for the production of biomethanol** (Pulp & Paper business area)

**Economic activity 3.20. "Manufacture, installation, and servicing of high, medium, and low voltage electrical equipment for electrical transmission and distribution that result in or enable a substantial contribution to climate change":**

▪ **Synchronous condensers** (Hydro business area)

#### **Review of the technical screening criteria for the products in economic activities 3.1. and 3.20.**

For economic activity 3.1., a substantial contribution to climate change mitigation is given if the economic activity produces renewable energy technologies. This is the case for all products classified by ANDRITZ in economic activity 3.1.

For economic activity 3.20., a significant contribution to climate change mitigation exists because the synchronous condensers from ANDRITZ fall under e) demand response and load shifting equipment, systems and services that increase the flexibility of the electricity system and support grid stability. They therefore contribute to the expansion of renewable energies.

{40}------------------------------------------------

The following section explains in more detail how ANDRITZ has demonstrated that the economic activities do no significant harm to the remaining five environmental objectives. In addition to the products, the sites that produce the taxonomy-eligible products were analyzed in greater detail.

| Environmental Goal                                              | Avoidance of significant impairment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|-----------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Climate change adaptation                                       | Climate risk and vulnerability assessments were carried out at all ANDRITZ manufacturing<br>sites that produce taxonomy-eligible products assigned to economic activities 3.1. and 3.20.<br>Chronic and acute climate risks were assessed today, 10 years from now, and 30 years from<br>now. The risk of climatic hazards for the analyzed manufacturing sites is currently assessed<br>as low to medium. Therefore, it was also not necessary to define adaptation measures.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| Sustainable use and protection of water and<br>marine resources | All relevant sites operate an environmental management system in accordance with ISO<br>14001. In this, the water resource management plays a central role. In addition, a valid<br>permit has been issued for all sites, and any requirements and stipulations imposed by the<br>authorities regarding water have been implemented.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| Transition to a circular economy                                | The products assigned to economic activities 3.1. and 3.20. are largely made of steel, a<br>material that can be recycled again and again. The products are also designed to last for<br>several decades. Repairs, refurbishments, or modernizations can be carried out without any<br>problems.<br>All relevant sites have a waste management concept and follow the waste hierarchy<br>(avoidance, reuse, recycling, recovery, disposal).<br>ANDRITZ reports all substances of very high concern (SVHCs) to the European Chemicals<br>Agency (ECHA) and to customers via the SCIP database.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| Pollution prevention and control                                | Parts lists are available for all self designed products. The metallic materials used are stored<br>in the ANDRITZ Material Code (AMC) system, which provides information on the<br>composition of the materials. From this it can be concluded, for example, that self designed<br>components do not contain mercury.<br>ANDRITZ reports all substances of very high concern (SVHCs) to the European Chemicals<br>Agency (ECHA) via the SCIP database, and to customers if ANDRITZ receives this<br>information from suppliers. This is currently the case for lead in metallic materials. ANDRITZ<br>does not use any substances subject to authorization according to Annex XIV. The<br>requirements for restricted substances (Annex XVII) currently affect ANDRITZ in part.<br>Audits were conducted for compliance with the content requirements for substances of very<br>high concern. ANDRITZ's goal is to eliminate and substitute SVHCs in all products by the<br>end of 2023.<br>Suppliers are also expected to report SVHCs to ANDRITZ. This is required in the order<br>forms. |
| Protection and restoration of biodiversity and<br>ecosystems    | All relevant sites operate an environmental management system in accordance with ISO<br>14001. In addition, a valid permit has been issued for all of them and any conditions imposec<br>by the authorities with regard to biodiversity have been implemented.<br>No Environmental Impact Assessment (EIA) has been requested by the Authority for any of<br>the relevant sites in the past. However, in the course of reviewing the DNSH criterion, an EIA<br>screening was again conducted. This assessment also concluded that an EIA was not<br>necessary.<br>Furthermore, no site is located in biodiversity sensitive areas. Sites in the vicinity of<br>biodiversity sensitive areas have no negative impact on them.                                                                                                                                                                                                                                                                                                                                                                 |

{41}------------------------------------------------

#### **Compliance with minimum safeguard requirements**

The so-called minimum safeguards pursuant to Article 18 of the EU Taxonomy Regulation (EU) 2020/852 are intended to ensure that an economic activity is only taxonomy-aligned if it also meets international human rights standards and regulations on bribery and corruption, taxation, and fair competition. The minimum safeguard requirements are specified at the ANDRITZ GROUP level.

| Topics                 | Minimum safeguards                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Human rights           | ANDRITZ gives top priority to the protection of human rights in its business activities. Compliance with the requirements of the UN Global Compact and the OECD Guidelines for Multinational Enterprises is therefore laid down in the ANDRITZ Code of Conduct and Ethics as well as in the Code of Conduct and Ethics for Suppliers.<br><br>All ANDRITZ suppliers must complete a mandatory compliance and sustainability questionnaire during the onboarding process and receive a rating. If this is too low, measures are taken together with the supplier or no business relationship is established.<br><br>In addition, compliance and sustainability audits including follow-ups are carried out on site at suppliers in China and India. Human rights violations automatically lead to non-compliance.<br><br>Within ANDRITZ, compliance with the Code of Conduct and Ethics is verified by internal audits.<br><br>Human rights violations can also be reported anonymously by both employees and all other stakeholders via the online-based whistleblowing system "Speak UP!". |
| Bribery and corruption | There are no final convictions in this area.<br>ANDRITZ has an Anti-Corruption and Anti-Bribery Policy. Employees must regularly complete online training on these topics.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| Taxation               | There are no final convictions in this area.<br>According to the ANDRITZ tax statement, all ANDRITZ companies are subject to the local tax laws of the respective countries and must pay income and other taxes. As part of the ANDRITZ Code of Conduct, all business transactions must fully and clearly comply with legal and other regulations. Tax risks are identified, analyzed, and taken into account appropriately. ANDRITZ's handling of tax risk is integrated into the Group-wide monitoring and control system (ICS), whose main task is to identify emerging risks at an early stage and – if possible – to take countermeasures. This is an important element of active corporate management. The ANDRITZ Executive Board is responsible for implementing and monitoring the ICS. Binding regulations, policies and guidelines have been implemented throughout the Group for this purpose.                                                                                                                                                                                 |
| Fair competition       | There are no final convictions in this area.<br>ANDRITZ has a Global Competition and Antitrust Compliance Policy. Employees who have external contact with customers, suppliers or competitors must regularly complete online training on this topic.<br><br>There are no final convictions in this area.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |

{42}------------------------------------------------

## **c) Key performance indicators (KPIs) (disclosure pursuant to Annex I – 1.2.2.1)**

### **Turnover**

Turnover in the denominator includes the turnover reported in accordance with IAS 1.82(a) and corresponds to the turnover according to the consolidated income statement (see Notes to the Consolidated Financial Statements).

Taxonomy-aligned turnover in the numerator consists of turnover generated by the provision of services and the supply of goods within the definitional area of activity 3.1. "Manufacturing of renewable energy technologies" and 3.20. "Manufacture, installation, and servicing of high, medium, and low voltage electrical equipment for electrical transmission and distribution that result in or enable a substantial contribution to climate change". The typical contractual scope of supply under activity 3.1. includes the design, engineering, delivery, installation, and commissioning of the equipment and is therefore aggregated under IFRS 15 as an integrated performance obligation and in the EU Taxonomy as a whole under activity 3.1. The performance obligations identified in accordance with the provisions of IFRS 15.22 et seq. were reviewed for consistency with the EU Taxonomy. A separation of integrated performance obligations within the meaning of IFRS 15.29 has not been made for EU Taxonomy purposes.

All turnover in the taxonomy-eligible product groups described above has been considered in the taxonomyeligible turnover.

|                                        | Proportion of turnover/Total turnover |                        |
|----------------------------------------|---------------------------------------|------------------------|
|                                        | Aligned per objective                 | Eligible per objective |
| Climate Change Mitigation (CCM)        | 23.7%                                 | 27.9%                  |
| Climate Change Adaptation (CCA)        |                                       |                        |
| Water and Marine Resources (WTR)       |                                       |                        |
| Circular Economy (CE)                  |                                       | 5.9%                   |
| Pollution Prevention and Control (PPC) |                                       |                        |
| Biodiversity and ecosystems (BIO)      |                                       |                        |

{43}------------------------------------------------

#### Declaration form: Proportion of **turnover** from goods or services related to taxonomy-aligned economic activities – disclosure for the year 2023

| Financial year 2023                                                                                                                                                                                                                   | 2023              |              | Substantial Contribution Criteria  |                               |                               |            |               | DNSH criteria ('Does Not Significantly Harm') |                   |                                |                                |            |                |                       |                   |                         |                                                                                   |                                 |                                     |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------|--------------|------------------------------------|-------------------------------|-------------------------------|------------|---------------|-----------------------------------------------|-------------------|--------------------------------|--------------------------------|------------|----------------|-----------------------|-------------------|-------------------------|-----------------------------------------------------------------------------------|---------------------------------|-------------------------------------|
| Economic Activities (1)                                                                                                                                                                                                               | Code (2)          | Turnover (3) | Proportion of Turnover, year N (4) | Climate Change Mitigation (5) | Climate Change Adaptation (6) | Water (7)  | Pollution (8) | Circular Economy (9)                          | Biodiversity (10) | Climate Change Mitigation (11) | Climate Change Adaptation (12) | Water (13) | Pollution (14) | Circular Economy (15) | Biodiversity (16) | Minimum Safeguards (17) | Proportion of Taxonomy aligned (A.1.) or eligible (A.2.) turnover, year 2022 (18) | Category enabling activity (19) | Category transitional activity (20) |
| Text                                                                                                                                                                                                                                  |                   | MEUR         | %                                  | Y; N; N/EL                    | Y; N; N/EL                    | Y; N; N/EL | Y; N; N/EL    | Y; N; N/EL                                    | Y; N; N/EL        | Y/N                            | Y/N                            | Y/N        | Y/N            | Y/N                   | Y/N               | Y/N                     | %                                                                                 | E                               | T                                   |
| A. TAXONOMY-ELIGIBLE ACTIVITIES                                                                                                                                                                                                       |                   |              |                                    |                               |                               |            |               |                                               |                   |                                |                                |            |                |                       |                   |                         |                                                                                   |                                 |                                     |
| A.1. Environmentally sustainable activities (Taxonomy-aligned)                                                                                                                                                                        |                   |              |                                    |                               |                               |            |               |                                               |                   |                                |                                |            |                |                       |                   |                         |                                                                                   |                                 |                                     |
| CCM 3.1. Manufacture of renewable energy                                                                                                                                                                                              | CCM 3.1.          | 2,020.5      | 23.3%                              | Y                             | N/EL                          | N/EL       | N/EL          | N/EL                                          | N/EL              | Y                              | Y                              | Y          | Y              | Y                     | Y                 | Y                       | 23.2%                                                                             | E                               |                                     |
| CCM 3.20. Manufacture, installation, and servicing of high, medium and low voltage electrical equipment for electrical transmission and distribution that result in or enable a substantial contribution to climate change mitigation | CCM 3.20.         | 35.2         | 0.4%                               | Y                             | N/EL                          | N/EL       | N/EL          | N/EL                                          | N/EL              | Y                              | Y                              | Y          | Y              | Y                     | Y                 | Y                       | N/A                                                                               | E                               |                                     |
| Turnover of environmentally sustainable activities (Taxonomy-aligned) (A.1)                                                                                                                                                           |                   | 2,055.7      | 23.7%                              | 100%                          |                               |            |               |                                               |                   | Y                              | Y                              | Y          | Y              | Y                     | Y                 | Y                       | 23.2%                                                                             |                                 |                                     |
|                                                                                                                                                                                                                                       | Of which Enabling | 2,055.7      | 23.7%                              | 100%                          |                               |            |               |                                               |                   | Y                              | Y                              | Y          | Y              | Y                     | Y                 | Y                       | 23.2%                                                                             | E                               |                                     |

{44}------------------------------------------------

| A.2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)                     |          |         |       |             |             |             |             |             |             |  |       |
|----------------------------------------------------------------------------------------------------------------------------|----------|---------|-------|-------------|-------------|-------------|-------------|-------------|-------------|--|-------|
|                                                                                                                            |          |         |       | EL;<br>N/EL | EL;<br>N/EL | EL;<br>N/EL | EL;<br>N/EL | EL;<br>N/EL | EL;<br>N/EL |  |       |
| CCM 3.6. Manufacture of other<br>low carbon technologies                                                                   | CCM 3.6. | 361.0   | 4.2%  | EL          | N/EL        | N/EL        | N/EL        | N/EL        | N/EL        |  | 4.7%  |
| CE 5.1. Repair, refurbishment<br>and remanufacturing                                                                       | CE 5.1.  | 514.8   | 5.9%  | N/EL        | N/EL        | N/EL        | N/EL        | EL          | N/EL        |  | N/A   |
| Turnover of Taxonomy-eligible but not<br>environmentally sustainable activities (not<br>Taxonomy-aligned activities) (A.2) |          | 875.8   | 10.1% | 41%         |             |             |             | 59%         |             |  | 4.7%  |
| A. Turnover of Taxonomy eligible activities<br>(A1+A2)                                                                     |          | 2,931.5 | 33.9% | 82%         |             |             |             | 18%         |             |  | 27.9% |
| B. TAXONOMY-NON-ELIGIBLE ACTIVITIES                                                                                        |          |         |       |             |             |             |             |             |             |  |       |
| Turnover of Taxonomy-non-                                                                                                  |          | 2,553.8 | 49.1% |             |             |             |             |             |             |  |       |

| eligible activities |  | 5,728.5 | 66.1% |
|---------------------|--|---------|-------|
| TOTAL               |  | 8,660.0 | 100%  |

{45}------------------------------------------------

#### **Capital expenditure (CapEx)**

Capital expenditure as defined in the EU Taxonomy comprises additions to intangible assets other than goodwill and also additions to property, plant, and equipment, including rights of use from lease arrangements and plant additions from acquisitions. Purchased assets from acquisitions are also included. Advance payments for assets under construction in the amount of MEUR 19.3 (2022: MEUR 7.6) were deducted. Details are provided in the Notes to the Consolidated Financial Statements in section D) Non-current assets and liabilities, under sub-section 18. Property, plant and equipment, sub-section 19. Rights of use from lease arrangements and lease obligations, and sub-section 21. Intangible assets other than goodwill.

All investments in the taxonomy-eligible product groups described above have been considered in the taxonomyeligible capital expenditure. Furthermore, the following individual, sustainable capital expenditures that enable ANDRITZ to reduce its own greenhouse gas emissions and lower its consumption of water and energy were included in accordance with the EU Taxonomy:

- Water treatment and waste management (5.2. Renewal of water collection, treatment, and supply systems)
- Electrically powered vehicles (6.5. Transport by motorbikes, passenger cars, and light commercial vehicles)
- Sustainable renovation and maintenance of buildings (7.2. Renovation of existing buildings)
- Charging stations for electric vehicles (7.4. Installation, maintenance, and repair of charging stations for electric vehicles in buildings (and parking spaces attached to buildings)
- Installation of photovoltaic systems (7.6. Installation, maintenance, and repair of renewable energy technologies)

All investments in the taxonomy-aligned product groups described above have been considered in the taxonomyaligned capital expenditure. Furthermore, no other individual sustainable capital expenditures were included in accordance with the EU Taxonomy.

To avoid double counting in the CapEx KPIs (and OpEx KPIs), these capital or operating expenditures related to purchased output and individual measures that were already considered under "Category a" (i.e., capital or operating expenditures related to assets or processes associated with revenue-generating economic activities, this relates in particular to our production buildings) were only recorded once.

|                                        | Proportion of CapEx/Total CapEx |                        |
|----------------------------------------|---------------------------------|------------------------|
|                                        | Aligned per objective           | Eligible per objective |
| Climate Change Mitigation (CCM)        | 13.0%                           | 18.2%                  |
| Climate Change Adaptation (CCA)        |                                 |                        |
| Water and Marine Resources (WTR)       |                                 |                        |
| Circular Economy (CE)                  |                                 | 7.1%                   |
| Pollution Prevention and Control (PPC) |                                 |                        |
| Biodiversity and ecosystems (BIO)      |                                 |                        |

{46}------------------------------------------------

#### Declaration form: Proportion of **CapEx** from goods or services related to taxonomy-aligned economic activities – disclosure for the year 2023

| Financial year 2023                                                                                                                                                                                                                   | 2023                  |           |                                 |                               |                               |            |               |                      |                   |                                               |                                |            |                |                       |                   |                         |                                                                                |                                 |                                     |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------|-----------|---------------------------------|-------------------------------|-------------------------------|------------|---------------|----------------------|-------------------|-----------------------------------------------|--------------------------------|------------|----------------|-----------------------|-------------------|-------------------------|--------------------------------------------------------------------------------|---------------------------------|-------------------------------------|
| Economic Activities (1)                                                                                                                                                                                                               | Code (2)              | CapEx (3) | Proportion of CapEx, year N (4) | Climate Change Mitigation (5) | Climate Change Adaptation (6) | Water (7)  | Pollution (8) | Circular Economy (9) | Biodiversity (10) | DNSH criteria ('Does Not Significantly Harm') |                                |            |                |                       |                   | Minimum Safeguards (17) | Proportion of Taxonomy aligned (A.1.) or eligible (A.2.) CapEx, year 2022 (18) | Category enabling activity (19) | Category transitional activity (20) |
| Text                                                                                                                                                                                                                                  |                       | MEUR      | %                               | Y; N; N/EL                    | Y; N; N/EL                    | Y; N; N/EL | Y; N; N/EL    | Y; N; N/EL           | Y; N; N/EL        | Climate Change Mitigation (11)                | Climate Change Adaptation (12) | Water (13) | Pollution (14) | Circular Economy (15) | Biodiversity (16) | Y/N                     |                                                                                |                                 |                                     |
| A. TAXONOMY-ELIGIBLE ACTIVITIES                                                                                                                                                                                                       |                       |           |                                 |                               |                               |            |               |                      |                   |                                               |                                |            |                |                       |                   |                         |                                                                                |                                 |                                     |
| A.1. Environmentally sustainable activities (Taxonomy-aligned)                                                                                                                                                                        |                       |           |                                 |                               |                               |            |               |                      |                   |                                               |                                |            |                |                       |                   |                         |                                                                                |                                 |                                     |
| CCM 3.1. Manufacture of renewable energy technologies                                                                                                                                                                                 | CCM 3.1.              | 32.5      | 12.7%                           | Y                             | N/EL                          | N/EL       | N/EL          | N/EL                 | N/EL              | Y                                             | Y                              | Y          | Y              | Y                     | Y                 | Y                       | 24.2%                                                                          | E                               |                                     |
| CCM 3.20. Manufacture, installation, and servicing of high, medium and low voltage electrical equipment for electrical transmission and distribution that result in or enable a substantial contribution to climate change mitigation | CCM 3.20.             | 0.6       | 0.2%                            | Y                             | N/EL                          | N/EL       | N/EL          | N/EL                 | N/EL              | Y                                             | Y                              | Y          | Y              | Y                     | Y                 | Y                       | N/A                                                                            | E                               |                                     |
| CapEx of environmentally sustainable activities (Taxonomy-aligned) (A.1)                                                                                                                                                              |                       | 33.1      | 13.0%                           | 100%                          |                               |            |               |                      |                   | Y                                             | Y                              | Y          | Y              | Y                     | Y                 | Y                       | 24.2%                                                                          |                                 |                                     |
|                                                                                                                                                                                                                                       | Of which Enabling     | 33.1      | 13.0%                           | 100%                          |                               |            |               |                      |                   | Y                                             | Y                              | Y          | Y              | Y                     | Y                 | Y                       | 24.2%                                                                          | E                               |                                     |
|                                                                                                                                                                                                                                       | Of which Transitional |           |                                 |                               |                               |            |               |                      |                   |                                               |                                |            |                |                       |                   |                         |                                                                                |                                 |                                     |

{47}------------------------------------------------

| A.2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)                                             |          |      |       |             |             |             |             |             |             |       |
|----------------------------------------------------------------------------------------------------------------------------------------------------|----------|------|-------|-------------|-------------|-------------|-------------|-------------|-------------|-------|
|                                                                                                                                                    |          |      |       | EL;<br>N/EL | EL;<br>N/EL | EL;<br>N/EL | EL;<br>N/EL | EL;<br>N/EL | EL;<br>N/EL |       |
| CCM 3.6. Manufacture of other<br>low carbon technologies                                                                                           | CCM 3.6. | 6.6  | 2.6%  | EL          | N/EL        | N/EL        | N/EL        | N/EL        | N/EL        | 17.9% |
| CE 5.1. Repair, refurbishment<br>and remanufacturing                                                                                               | CE 5.1.  | 18.1 | 7.1%  | N/EL        | N/EL        | N/EL        | N/EL        | EL          | N/EL        | N/A   |
| CCM 5.2. Renewal of water<br>collection, treatment, and<br>supply systems                                                                          | CCM 5.2. | 0.1  | 0.0%  | EL          | N/EL        | N/EL        | N/EL        | N/EL        | N/EL        | 0.1%  |
| CCM 6.5. Transport by<br>motorbikes, passenger cars,<br>and light commercial vehicles                                                              | CCM 6.5. | 0.9  | 0.4%  | EL          | N/EL        | N/EL        | N/EL        | N/EL        | N/EL        | 0.3%  |
| CCM 7.2. Renovation of<br>existing buildings                                                                                                       | CCM 7.2. | 1.5  | 0.6%  | EL          | N/EL        | N/EL        | N/EL        | N/EL        | N/EL        | 0.1%  |
| CCM 7.4. Installation,<br>maintenance, and repair of<br>charging stations for electric<br>vehicles in buildings (and<br>parking spaces attached to | CCM 7.4. | 0.2  | 0.1%  | EL          | N/EL        | N/EL        | N/EL        | N/EL        | N/EL        | 0.4%  |
| CCM 7.6. Installation,<br>maintenance, and repair of<br>renewable energy technologies                                                              | CCM 7.6. | 4.2  | 1.6%  | EL          | N/EL        | N/EL        | N/EL        | N/EL        | N/EL        | 0.1%  |
| CapEx of Taxonomy-eligible but not<br>environmentally sustainable activities (not<br>Taxonomy-aligned activities) (A.2)                            |          | 31.6 | 12.4% | 43%         |             |             |             | 57%         |             | 18.9% |
| A. CapEx of Taxonomy eligible activities<br>(A1+A2)                                                                                                |          | 64.7 | 25.3% | 72%         |             |             |             | 28%         |             | 43.0% |
| B. TAXONOMY-NON-ELIGIBLE ACTIVITIES                                                                                                                |          |      |       |             |             |             |             |             |             |       |

| CapEx of Taxonomy-non-<br>eligible activities | 190.8 | 74.7% |
|-----------------------------------------------|-------|-------|
| TOTAL                                         | 255.5 | 100%  |

{48}------------------------------------------------

#### **Operating expenditure (OpEx)**

Operating expenditures according to the Delegated Regulation 2021/2178 include direct as well as non-capitalized costs that ensure maintaining the functionality of the fixed assets <sup>1</sup>. Accordingly, the following operating expenditures are to be included in the denominator for the OpEx KPI<sup>2</sup>:

- Maintenance materials and supplies
- Personnel costs incurred for the repair of machinery
- Personnel costs incurred due to the cleaning of machines
- IT costs incurred as a result of maintenance
- Expenses for short-term leases

The numerator reflects those operating expenditures associated with the processes or assets of taxonomy-aligned economic activities. This includes training and other adjustment requirements within the workforce as well as research and development costs. Also, for investments that are still in the planning stage and aim to expand taxonomy-aligned economic activities, the OpEx calculation must take into account the operating expenditures just mentioned<sup>3</sup>.

With respect to the business model of the ANDRITZ GROUP, operating expenditure essentially in the form of research and development and also maintenance falls into this category. All operating expenditures in the taxonomy-eligible product groups and investments described above have been considered in the taxonomyeligible operating expenditure. The total amount of non-capitalized research and development expenses included in the income statement is reported in the Notes to the Consolidated Financial Statements in section D) 21. Intangible assets other than goodwill reported under a) Research and development costs. Descriptions of ANDRITZ's research and development activities can also be found in the above-mentioned section.

ANDRITZ GROUP IFRS Accounting Policy defines that expenses from the research phase are not suitable for capitalization but are recorded directly as expenditure. Expenses in the development phase must be capitalized if strict criteria are met.

|                                        | Aligned per objective | Eligible per objective |
|----------------------------------------|-----------------------|------------------------|
| Climate Change Mitigation (CCM)        | 18.9%                 | 23.1%                  |
| Climate Change Adaptation (CCA)        |                       |                        |
| Water and Marine Resources (WTR)       |                       |                        |
| Circular Economy (CE)                  |                       | 8.7%                   |
| Pollution Prevention and Control (PPC) |                       |                        |
| Biodiversity and ecosystems (BIO)      |                       |                        |

<sup>1</sup> Delegated Regulation 2021/2178, p. 10, available at: https://eur-lex.europa.eu/legal-content/DE/TXT/PDF/?uri=CELEX:32021R2178&from=EN

<sup>2</sup> FAQ on Delegated Regulation 2021/2178, available at: https://ec.europa.eu/info/sites/default/files/business\_economy\_euro/banking\_and\_finance/documents/sustainable-finance-taxonomy-article-8-report-eligible-activities-

assets-faq-part-2\_en.pdf <sup>3</sup> Delegated Regulation 2021/2178, p. 10, available at: https://eur-lex.europa.eu/legal-content/DE/TXT/PDF/?uri=CELEX:32021R2178&from=EN

{49}------------------------------------------------

#### Declaration form: Proportion of **OpEx** from goods or services related to taxonomy-aligned economic activities – disclosure for the year 2023

| Financial year 2023                                                                                                                                                                                                                                           |                       | 2023     |                                      | Substantial Contribution Criteria |                               |               |               |                      |                   | DNSH criteria ('Does Not Significantly<br>Harm') |                                |            |                |                       |                   |                         |                                                                                              |                                       |                                           |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------|----------|--------------------------------------|-----------------------------------|-------------------------------|---------------|---------------|----------------------|-------------------|--------------------------------------------------|--------------------------------|------------|----------------|-----------------------|-------------------|-------------------------|----------------------------------------------------------------------------------------------|---------------------------------------|-------------------------------------------|
| Economic Activities (1)                                                                                                                                                                                                                                       | Code (2)              | OpEx (3) | Proportion<br>of OpEx,<br>year N (4) | Climate Change Mitigation (5)     | Climate Change Adaptation (6) | Water (7)     | Pollution (8) | Circular Economy (9) | Biodiversity (10) | Climate Change Mitigation (11)                   | Climate Change Adaptation (12) | Water (13) | Pollution (14) | Circular Economy (15) | Biodiversity (16) | Minimum Safeguards (17) | Proportion of<br>Taxonomy<br>aligned (A.1.)<br>or eligible<br>(A.2.) OpEx,<br>year 2022 (18) | Category<br>enabling<br>activity (19) | Category<br>transitional<br>activity (20) |
| Text                                                                                                                                                                                                                                                          |                       | MEUR     | %                                    | Y; N;<br>N/EL                     | Y; N;<br>N/EL                 | Y; N;<br>N/EL | Y; N;<br>N/EL | Y; N;<br>N/EL        | Y; N;<br>N/EL     | Y/N                                              | Y/N                            | Y/N        | Y/N            | Y/N                   | Y/N               | Y/N                     | %                                                                                            | E                                     | T                                         |
| A. TAXONOMY-ELIGIBLE ACTIVITIES                                                                                                                                                                                                                               |                       |          |                                      |                                   |                               |               |               |                      |                   |                                                  |                                |            |                |                       |                   |                         |                                                                                              |                                       |                                           |
| A.1. Environmentally sustainable activities (Taxonomy-aligned)                                                                                                                                                                                                |                       |          |                                      |                                   |                               |               |               |                      |                   |                                                  |                                |            |                |                       |                   |                         |                                                                                              |                                       |                                           |
| CCM 3.1. Manufacture of<br>renewable energy technologies                                                                                                                                                                                                      | CCM 3.1.              | 46.1     | 18.7%                                | Y                                 | N/EL                          | N/EL          | N/EL          | N/EL                 | N/EL              | Y                                                | Y                              | Y          | Y              | Y                     | Y                 | Y                       | 19.3%                                                                                        | E                                     |                                           |
| CCM 3.20. Manufacture,<br>installation, and servicing of<br>high, medium and low voltage<br>electrical equipment for<br>electrical transmission and<br>distribution that result in or<br>enable a substantial<br>contribution to climate<br>change mitigation | CCM 3.20.             | 0.5      | 0.2%                                 | Y                                 | N/EL                          | N/EL          | N/EL          | N/EL                 | N/EL              | Y                                                | Y                              | Y          | Y              | Y                     | Y                 | Y                       | N/A                                                                                          | E                                     |                                           |
| OpEx of environmentally sustainable<br>activities (Taxonomy-aligned) (A.1)                                                                                                                                                                                    |                       | 46.6     | 18.9%                                | 100%                              |                               |               |               |                      |                   | Y                                                | Y                              | Y          | Y              | Y                     | Y                 | Y                       | 19.3%                                                                                        |                                       |                                           |
|                                                                                                                                                                                                                                                               | Of which Enabling     | 46.6     | 18.9%                                | 100%                              |                               |               |               |                      |                   | Y                                                | Y                              | Y          | Y              | Y                     | Y                 | Y                       | 19.3%                                                                                        | E                                     |                                           |
|                                                                                                                                                                                                                                                               | Of which Transitional |          |                                      |                                   |                               |               |               |                      |                   |                                                  |                                |            |                |                       |                   |                         |                                                                                              |                                       |                                           |

{50}------------------------------------------------

#### A N D R I T Z f i n a n c i a l r e p o r t 2 0 2 3 M a n a g e m e n t r e p o r t

| A.2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)                 |          |      |       |             |             |             |             |             |             |  |       |
|------------------------------------------------------------------------------------------------------------------------|----------|------|-------|-------------|-------------|-------------|-------------|-------------|-------------|--|-------|
|                                                                                                                        |          |      |       | EL;<br>N/EL | EL;<br>N/EL | EL;<br>N/EL | EL;<br>N/EL | EL;<br>N/EL | EL;<br>N/EL |  |       |
| CCM 3.6. Manufacture of other<br>low carbon technologies                                                               | CCM 3.6. | 10.5 | 4.2%  | EL          | N/EL        | N/EL        | N/EL        | N/EL        | N/EL        |  | 3.9%  |
| CE 5.1. Repair, refurbishment<br>and remanufacturing                                                                   | CE 5.1.  | 21.5 | 8.7%  | N/EL        | N/EL        | N/EL        | N/EL        | EL          | N/EL        |  | N/A   |
| OpEx of Taxonomy-eligible but not<br>environmentally sustainable activities (not<br>Taxonomy-aligned activities) (A.2) |          | 32.0 | 13.0% | 33%         |             |             |             | 67%         |             |  | 3.9%  |
| A. OpEx of Taxonomy eligible activities<br>(A1+A2)                                                                     |          | 78.6 | 31.8% | 73%         |             |             |             | 27%         |             |  | 23.2% |
| B. TAXONOMY-NON-ELIGIBLE ACTIVITIES                                                                                    |          |      |       |             |             |             |             |             |             |  |       |

| OpEx of Taxonomy-non-<br>eligible activities | 168.5 | 68.2% |
|----------------------------------------------|-------|-------|
| TOTAL                                        | 247.1 | 100%  |

{51}------------------------------------------------

#### **Nuclear and fossil gas related activities**

ANDRITZ does not carry out any activities in the field of nuclear energy and fossil gas according to the definitions of the Delegated Regulation 2022/1214. No further information is therefore provided.

Template 1 – Nuclear and fossil gas related activities

|   | Nuclear energy related activities                                                                                                                                                                                                                                                                                                          |    |
|---|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----|
| 1 | The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of<br>innovative electricity generation facilities that produce energy from nuclear processes with minimal waste from the<br>fuel cycle.                                                                                        | NO |
| 2 | The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations<br>to produce electricity or process heat, including for the purposes of district heating or industrial processes such as<br>hydrogen production, as well as their safety upgrades, using best available technologies. | NO |
| 3 | The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce<br>electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen<br>production from nuclear energy, as well as their safety upgrades.                          | NO |
|   | Fossil gas related activities                                                                                                                                                                                                                                                                                                              |    |
| 4 | The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities<br>that produce electricity using fossil gaseous fuels.                                                                                                                                                              | NO |
| 5 | The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined<br>heat/cool and power generation facilities using fossil gaseous fuels.                                                                                                                                                     | NO |
| 6 | The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat<br>generation facilities that produce heat/cool using fossil gaseous fuels.                                                                                                                                                       | NO |

# **4. Non-financial risks**

Risk management is an integral part of all business processes and extends over all strategic and operational levels of the ANDRITZ GROUP. The non-financial risks described below (pursuant to § 267a (3) No. 5 UGB – the Austrian Commercial Code) deal with possible risks relating to environmental, employee and social affairs, the fight against bribery and corruption, and respect for human rights.

Non-financial risks for the company as well as for its environment can arise from the company's own business activities or from business relationships. The focus on non-financial risks was increased in the past, not only as a result of rising demands by the stakeholders, but also increasingly due to statutory regulations. In addition to financial losses, the possible consequences of non-financial risks also include loss of reputation or becoming less attractive as an employer.

## **a) Human resources**

The ANDRITZ GROUP's goal is to retain its employees within the company for the long term. It therefore attaches great importance to being an attractive employer. This includes providing a safe and healthy working environment for all employees, applying the principle of equal treatment and avoiding any form of discrimination, harassment or retaliation. However, it is impossible to exclude the possibility of some employees feeling that they have been treated unequally or unfairly. There are different means of lodging a complaint in such cases, for example to the respective local HR organization, the Works Council, or using the online Group-wide whistleblower system "Speak UP!"

{52}------------------------------------------------

Working conditions that are perceived to be unsatisfactory can lower the motivation and enthusiasm of employees and subsequently have a negative impact on productivity. Resulting increases in sick leave or employee turnover rates could lead to additional costs for ANDRITZ.

Hence, ANDRITZ attaches great importance to professional promotion and raising the level of employees' skills. However, this is only possible with the personal commitment of each individual employee. Consequently, a lack of willingness to undertake further training can result in employees not being adequately qualified. ANDRITZ could become less attractive as an employer if there are insufficient opportunities for further professional and personal development, and this may deter potential employees from applying for jobs. As a result, the company is increasingly seeking to address the changes in the professional world and the new expectations on the part of employees. This includes creating a good work-life balance, for example, to which ANDRITZ contributes by providing more flexible working hours.

## **b) Supply chain management**

Adherence to internationally applicable environmental and social standards is very important to ANDRITZ, especially in work with suppliers. Possible breaches (e.g. child labor, disregarding safety regulations, underpayment, incorrect disposal of hazardous substances, and so on) may not only harm ANDRITZ's own image, but also jeopardize its existing or future business relationships with customers. Payment of fines or penalties may also be a possible consequence of such breach. This could have a negative impact on the Group's business development.

ANDRITZ therefore endeavors to forge ahead with the implementation of internationally recognized environmental and social standards, such as ISO 14001, the principles of the UN Global Compact, the labor standards of the International Labour Organization (ILO), laws to prevent modern slavery and the OECD principles for multinationals. ANDRITZ is also committed to monitoring whether these standards are adhered to.

The ANDRITZ Code of Conduct and Ethics for Suppliers sets out the minimum requirements for companies that want to work with ANDRITZ. In addition, a questionnaire on compliance and sustainability must be completed in the course of the supplier onboarding. Serious violations can result in termination of the business relationship with suppliers and potentially the global blacklisting of the external partner.

## **c) Environmental protection inside and outside the company**

The systems and plants supplied by ANDRITZ comply with the highest environmental and safety standards and fulfill the respective legal requirements of the countries in which they are installed. Nevertheless, incorrect operation, maintenance errors or other unforeseen and uncontrollable occurrences can lead to serious injury or death or to significant property damage, and ANDRITZ could possibly be held liable for this.

Professionally qualified waste managers draw up and supervise waste management plans and ensure that these hazardous substances are handled correctly at the production sites. The waste managers are also responsible for fulfillment of the general obligations relating to collection, transport, storage and treatment of waste. The hazardous waste generated during operations is stored in lockable rooms until it is collected by the disposal company. Appropriate records are kept on quantities of hazardous and non-hazardous waste as well as waste oil. Nevertheless, there can be no guarantee that hazardous waste is disposed in accordance with to the regulations or that environmental damage is prevented. Sometimes hazardous chemicals and materials are also used during installation and other work on job sites. In the event of an accident, for example spillage of hazardous materials, a fire, or an explosion, ANDRITZ could be held liable for property damage, personal injury, or environmental damage.

{53}------------------------------------------------

## **d) Risks due to climate change**

Risks for the ANDRITZ GROUP due to climate change include physical risks as well as transition risks. Physical risks result from the impacts of climate change. In particular, these include extreme weather phenomena, such as storms, flooding, forest fires and extreme heat, which can damage company locations or job sites and result in supply chain interruptions. This could lead, in turn, to a loss of manufacturing capacities and possibly also entail other consequential damages. Extreme weather phenomena could also result in damage to the transport infrastructure and thus have a severe impact on the logistics sector, which is handled by external service providers for ANDRITZ. Delays and shortfalls in freight transport could have a substantial negative effect on the production process and on the progress of projects. As a result, the freight transport process must be adapted if necessary to the new general conditions caused by climate change. Furthermore, we expect that certain measures to adjust to changing climate conditions will be necessary in the medium term.

Climate changes in the longer term and the consequences, such as temperature changes, rising sea levels, water shortages or a loss of biological species diversity, could also have a negative impact on ANDRITZ. Hence, there is a need to implement long-term corrective measures. In accordance with the EU Taxonomy Regulation, climate risk and vulnerability analyses were conducted at the manufacturing sites producing taxonomy-eligible goods. Both chronic and acute risks were assessed for today, for 10 years from now and for 30 years from now. The risk of climate hazards for the analyzed manufacturing sites is currently assessed as low.

The climate changes worldwide in the past few years have also resulted in extreme price volatility for some raw materials. Further changes in the climate could result in rising input prices for production, energy, transport and insurance. Measures have already been implemented at individual ANDRITZ locations to enhance energy efficiency, particularly in the production process. Photovoltaic systems were also installed at several manufacturing sites in 2023, and further installations are planned for 2024. This not only increases the share of renewable energy and yields cost reductions, but also makes ANDRITZ somewhat more independent from an electricity market that has been highly unpredictable of late.

Transition risks occur due to the move to a climate-resilient economy with low CO<sup>2</sup> emissions. Higher taxation on fossil fuels or CO<sup>2</sup> emissions (such as via the Carbon Border Adjustment Mechanism, CBAM) could result in additional costs. We are striving to continuously lower our greenhouse gas emissions (Scope 1 and 2), with the goal of a 50% reduction by 2025 compared with 2019. We are currently working on establishing targets for the reduction of Scope 3 emissions.

On the product side, climate change causes a risk of certain products possibly no longer being sold successfully or even becoming unsaleable. ANDRITZ addresses these risks with a broad product portfolio of sustainable technologies. The company currently generates 45% of its total revenue from products and solutions that contribute to decarbonization (including technologies for producing renewable energy, e-mobility and green hydrogen), the circular economy (including recycling technologies and technologies for the use of side streams) and environmental protection (including technologies for prevention of air pollution and for water treatment). This percentage is to be increased further in the future.

A regulatory risk can arise relating to government measures implemented in response to climate change. This can happen in many different ways, and it is often difficult for companies to make long-term investment and operational decisions because climate policy at national, EU and international level changes frequently.

{54}------------------------------------------------

## **e) Work and travel safety**

The safety of all employees who work under the responsibility of the ANDRITZ GROUP is always our highest priority. In particular, our activities in production and on job sites pose a number of health and safety risks that must be avoided, mitigated and monitored. Under certain circumstances, the Group can be held liable in the event of industrial accidents suffered by ANDRITZ employees or persons working on behalf of the company or if third parties are hurt in accidents.

Although ANDRITZ is firmly convinced that all work accidents can and must be prevented, we cannot always keep our employees from becoming injured at work or on the way to work. All accidents are thoroughly investigated to learn any lessons and prevent similar accidents through additional improvement measures.

The results of the accident investigations show that most work accidents within the organization can be attributed to human factors. For this reason, ANDRITZ defines and reinforces the necessary safe procedures through specific behavior-based safety campaigns and trainings.

Other key factors for creating a safe work environment include a structured approach to continuously strengthening our management system, procedures and processes, both at our own locations and at job sites, as well as clearly defining safe work methods based on systematic identification of existing and potential dangers, evaluating the associated risks and defining suitable and effective prevention and monitoring measures for all activities and processes at ANDRITZ.

Another fundamental aspect of accident prevention is the precise planning and coordination of the various work activities alongside appropriate training, skills and experience on the part of the employees.

The ANDRITZ travel safety program is controlled by a Group-wide travel risk management policy. The primary objective of this program is to ensure that assignments abroad can be performed as smoothly as possible and that employees return home safely. For this purpose, Group Corporate Security constantly monitors and analyzes the situation in high-risk countries and provides support to project managers and travelers in the form of prevention and contingency plans. In turn, this helps to minimize disruptions in operations (productivity fluctuations) and thus to also increase customer satisfaction.

In addition, travelers and project managers have several tools and services at their disposal. A country portal that can also be accessed via a smartphone app offers country-specific information, risk analyses, and practical tips on the topics of travel health care and safety as well as updates on current developments. Travelers are also informed here at short notice of any sudden or imminent events (political unrest, strikes, difficult weather conditions, airport closures, outbreaks of disease, etc.) that may have an impact on project execution or travel.

Project managers, site managers and travelers should be able to make the best possible travel preparations with the information provided and be ready for a changed situation on site. There are currently also multilingual information pages on the conflict between Russia and Ukraine.

The travel helplines are another important service. The experts at the ANDRITZ Medical Travel Helpline and Security Travel Helpline are available to employees around the clock to answer any questions before departure and during the journey. The helplines also liaise with local transport companies or service providers at the traveler's destination or organize classic emergency support and even evacuation in extreme cases.

{55}------------------------------------------------

## **f) Compliance**

Willful or negligent breaches of laws, internal rules or regulations by members of staff or executives pose potential risks to ANDRITZ. Compliance violations can result in fines, loss of profit and loss of revenue captured by unfair means or dubious business partners. They can also lead to claims for damages from contract partners or third parties, exclusion from public tenders, loss of image, fewer business opportunities, government sanctions and jeopardizing of company assets. The consequences for employees may be disciplinary measures or even dismissal and possibly also criminal prosecution or claims for damages.

In order to prevent these risks, the individual departments monitor compliance with the law and with internal policies. The Group-wide compliance management system (CMS) introduced by Group Corporate Compliance is additionally focused on measures in the area of capital market law, competition law, fighting corruption, data protection, export controls, human rights, equal treatment/non-discrimination and supply chain compliance. To ensure that the compliance measures are effective and observed in practice and that the CMS is continuously improved, it has been certified according to ISO 37301, and the anti-corruption management system has been certified according to ISO 37001. The management systems are also subjected to internal and external audits.

An important foundation of the CMS is the systematic detection of compliance risks. Compliance measures for risk minimization are established on this basis. For example, regular training is conducted on the basis of the Code of Conduct and Ethics and other policies that apply throughout the Group. Depending on their area of work, employees and managers receive individually tailored training, conducted both online and in person. Every region has a Regional Compliance Officer, who reports directly to the Group Compliance Officer. Furthermore, Compliance Directors have been appointed at the executive management level in all key companies and are responsible for implementation of compliance measures at their companies.

For better monitoring of the risks at the company level and to simplify the analysis, compliance performance indicators (CPIs) were introduced for the various compliance fields. These are presented to the compliance directors within a compliance cockpit on a quarterly basis. The compliance cockpit is also used to assign, record and monitor both general compliance tasks and tasks specifically tailored to the individual companies. The Executive Board and Supervisory Board regularly monitor the implementation of compliance measures and are kept informed in this regard by the Group Compliance Officer.

We offer an anonymous whistleblower system and encourage all employees, business partners and other stakeholders to contact us and share any concerns they may have. The ANDRITZ system fully complies with the EU Whistleblowing Directive and the implementing laws of the EU Member States.

The main measures and activities in the area of compliance are also described in the consolidated Corporate Governance Report, which can be found on the ANDRITZ website: [andritz.com/governance-en.](https://www.andritz.com/group-en/investors/corporate-governance)

#### **g) Data protection**

Appropriate protection of the personal data of third parties, such as customers, suppliers, employees and all other ANDRITZ stakeholders, minimizes the risk of data protection breaches that can not only damage the company's reputation but also result in expensive penalties.

In order to comply with the statutory requirements and also define specific instructions and precise internal regulations, there is a Group-wide guideline on the subject of data protection, which deals in particular with the collection, processing, storage and maintenance of personal data. Corresponding data protection processes as well as annexes to the data protection guideline covering non-EU states, such as Brazil and China, have been introduced based on the relevant applicable national laws.

{56}------------------------------------------------

In addition, data protection coordinators, who are responsible for compliance with all the relevant requirements of the EU General Data Protection Regulation (GDPR) in the business areas, Group functions and subsidiaries, have been appointed and trained.

Additional measures have also been taken to satisfy all requirements of data protection laws, such as conducting quality checks of the databases concerning the documentation and handling of the processes that involve personal data. Nevertheless, the risk of infringing this law cannot be excluded. Penalties can be up to four percent of the Group's revenue, which again creates a substantial risk for ANDRITZ.

As a result of increasing incidents in the business world, ANDRITZ is also looking very closely at the possibility of attacks on its computer systems. System users are manipulated by criminals using tricks like phishing mails in order to access internal and sensitive data and information or trigger unwarranted payments. In this context, a group-wide safe payments policy has been implemented. Furthermore, the instructions for secure payment transactions have been tightened, and employees are constantly alerted to this topic by means of reminders and information provided in the intranet and the employee magazine as well as via phishing simulations and trainings.

## **h) Innovation**

The business success of the ANDRITZ GROUP depends to a large extent on the company's technical know-how and the resulting development of new products and technologies. The ANDRITZ Innovation Management (AIM) initiative promotes innovations and provides an opportunity for all employees to suggest ideas for new products. Internal startup contests are regularly held and have yielded successful projects in the past. The large number of ideas submitted reflects the wealth of know-how, innovative power and commitment of the employees. However, innovation projects are often time-consuming and cost-intensive. Some projects fail to establish themselves on the market and have to be discontinued even though substantial financial and human resources have been invested in their development.

## **5. Responsible human resources management**

The Group Human Resources Management (GHR) function is responsible for developing and implementing the global human resources strategy. GHR's aim is to provide the best possible support on human resources issues to all areas of the ANDRITZ GROUP and hence contribute towards achieving the long-term corporate goals. The main areas of focus include succession planning, talent management, change management, employer branding, talent acquisition, organization and service management, further development of the corporate culture (#1ANDRITZway), education and vocational training, global mobility, the remuneration strategy, digitalization, and achieving the ESG goals of the social focus.

The Global HR team is composed of employees from very different cultures, with diverse work experience and perspectives, thus utilizing all the benefits of ANDRITZ's international orientation. The core team of the Group function consists of HR competence centers in Graz, Vienna, Helsinki, Bratislava, Porto Alegre, and the USA. The team members at the competence centers develop strategies as well as processes, systems, and tools to implement the strategies in their respective special fields together with international HR specialists. In this way, they can provide services for the entire organization, especially for the local HR organizations.

{57}------------------------------------------------

In addition, there are global HR Business Partners working at different locations worldwide. They advise and provide support to the respective business units in strategic and individual HR matters. Their job is to manage relevant HR activities in the respective business unit, to communicate important essential information on human resources topics, and to exchange important information with the local HR managers.

## **a) Human resources management 2023**

In 2023, the global and local HR departments were focused on a number of key topics: the continuing development of the corporat culture program #1ANDRITZway, improving leadership capabilities and employee awareness, and launching the first #1ANDRITZway survey for all employees. In addition, the first employee engagement survey was conducted with a response rate of 70%. A number of improvement measures have been derived from the results and are now being implemented. A further four regional talent programs also took place as ANDRITZ looks to strengthen its internal talent pipeline for succession planning. Another area of major emphasis consisted of the ESG goals to decrease the voluntary turnover rate and increase the proportion of female employees.

Other major topics included the digitalization of global core processes and the further development of the master data management system (#APeople) to map and document all HR data uniformly across the Group. This employee master data is needed in many IT systems and in various processes, including as the basis for management decisions. In addition to master data management, #APeople contains various modules for the main processes in HR management, such as recruitment, onboarding of new employees, and conducting employee performance reviews. In 2023, Schuler was integrated into this system, creating a global HR system covering the entire ANDRITZ GROUP.

#### **b) #1ANDRITZway – core behavior principles**

The #1ANDRITZway initiative is a further development of the ONE ANDRITZ corporate culture campaign that has been running within the Group for some years. #1ANDRITZway defines four basic behavior principles applying to collaboration within the ANDRITZ GROUP: customer orientation, sense of responsibility, joint commitment, and openness. The initiative was rolled out even more broadly in the ANDRITZ GROUP in 2023. The #1ANDRITZway survey showed that 68% of employees often or always apply the core behavior principles in their working environment. ANDRITZ has defined the target of increasing this to over 70% by 2026.

{58}------------------------------------------------

## **c) Diversity**

At the end of December 2023, ANDRITZ had employees from more than 80 countries. 34 languages are spoken in the company. ANDRITZ depends on this diversity and is committed to a multi-cultural working environment with international career perspectives. The exchange of knowledge and experience between employees of different origins, religions, and cultures as well as different ages creates positive effects for the Group.

Image /page/58/Figure/3 description: The image is a donut chart showing employees by region as of 31.12.2023 (31.12.2022) in %. The chart is divided into five regions: A, B, C, D, and E. Region A represents Europe, with 52% of employees in 2023 and 52% in 2022. Region B represents South America, with 14% of employees in 2023 and 14% in 2022. Region C represents North America, with 13% of employees in 2023 and 13% in 2022. Region D represents China, with 13% of employees in 2023 and 13% in 2022. Region E represents Asia (without China), Africa, Australia, with 8% of employees in 2023 and 8% in 2022.

The proportion of female employees in 2023 was 17.0% (2022: 16.4%). One of the ESG goals of the ANDRITZ GROUP is to increase the share of women to 20% by the end of 2025. A further goal is to increase the proportion of women in management positions (including the Management Board), where the proportion of women is currently 12.8%. Measures to achieve these goals include increased promotion of women for management positions and increased support in reconciling work and family life. One focus is on increasing the proportion of women and underrepresented groups in succession planning.

#### **Employees by gender**

|       | Absolute 2023 | Absolute 2022 | Percentage 2023 | Percentage 2022 |
|-------|---------------|---------------|-----------------|-----------------|
| Men   | 24,654        | 24,332        | 83.0%           | 83.6%           |
| Women | 5,063         | 4,762         | 17.0%           | 16.4%           |
| TOTAL | 29,717        | 29,094        | 100.0%          | 100.0%          |

## **d) Education and vocational training**

All ANDRITZ employees are offered sound education and training as well as international career opportunities. The development programs with training and learning opportunities for various target groups are intended to encourage all employees to acquire new or enhanced skills, knowledge, and perspectives.

The most important tool to enhance personal development and good collaboration at the company locations is the performance review that is usually conducted once a year – in some areas several times per year. This employee performance review is used to discuss work content and goals, and future development is one of the central themes. Feedback is provided on the current job status and #1ANDRITZway, and future prospects are considered. At the same time, the employees' questions and concerns can be discussed.

{59}------------------------------------------------

Performance reviews were conducted with 66.7% (2022: 68.8%) of the staff in the reporting year, including 90% of salaried employees. With the successful introduction of #APerformance, the employee performance review module, a significant increase will be evident in the coming years.

In this context, talent management and succession planning play an important role at ANDRITZ. Talent management is a continuous process that enables managers to gain a better overview of the potential and skills of internal succession candidates and of their willingness to take on responsibility. The company has used different programs to develop future managers within the company for many years now – for example, the ANDRITZ Global Talent Program or the ANDRITZ Global Leadership Program.

The goal of ANDRITZ succession planning is to ensure smooth succession for all key positions and sufficient management capacities for new business opportunities. 350 key positions were defined worldwide for this purpose, and potential successors were named. This process is continuing on an ongoing basis.

## **e) Training of apprentices and collaboration with universities**

Training of young, skilled workers has a long tradition at ANDRITZ – for example, apprentices have been trained at the Graz location ever since 1922. The young people receive both theoretical and practical training, and they are also better prepared for their future careers by attending English courses, safety, and quality training as well as team-building training. As of the end of 2023, 642 apprentices were being trained at ANDRITZ locations worldwide (2022: 629 apprentices).

In addition, ANDRITZ has the opportunity to address highly qualified young talents through collaboration with universities and other educational institutions. Efforts are made to attract and secure them for the company in the long term. Students receive support for their final theses and are employed in various ways during their courses of study. Cooperation between ANDRITZ and universities / technical colleges was intensified in 2023.

## **f) Employer branding – ANDRITZ as an attractive employer**

The goals of employer branding activities are convincing communication of the added value of ANDRITZ as an employer, building up an appealing employer brand, and thus making the company as attractive as possible in the recruiting market.

These activities center around ANDRITZ employer value positioning ("ANDRITZ – where passion meets career"), which replies to the question of what the company stands for as an employer and what the central claim is towards potential and existing employees. It sets the agenda for all employer branding measures. These are various internal and external measures (including the careers page on the company web site or LinkedIn).

There is also a strong focus on incorporating employees into the company in the onboarding process. Shortly after starting work for the company, new employees are asked via the internal net promoter score whether they would recommend ANDRITZ to others as an employer. This score has risen constantly in the past few years due to a large number of measures implemented.

In 2023, 4,645 new employees were recruited, 15% of whom were over 50, 55% between 30 and 50, and 30% under 30 years old. Age distribution in the company has been very well balanced for many years. The average age is 44. More than half of the employees (57%) are between 30 and 50 years old (2022: 58%). The proportion of under-thirties is 12% (2022: 12%). 31% of the employees are over 50 years of age (2022: 30%).

{60}------------------------------------------------

ANDRITZ believes it is important to commit its employees to the company in the long term. This is also reflected in the figures. The average period of employment within the Group is 11.1 years. The staff fluctuation rate amounted to 11.4% or 3,376 employees in 2023 (2022: 12.0% or 3,471 employees). Of these, 5.1% or 1,504 employees (2022: 6.0% or 1,732 employees) left the company voluntarily and 4.1% or 1,218 employees (2022: 3.9% or 1,119 employees) had their employment terminated.

#### **Fluctuation by gender and age group**

|                | Contracts<br>terminated 2023 | Contracts<br>terminated 2022 | Fluctuation rate<br>2023* | Fluctuation rate<br>2022 |
|----------------|------------------------------|------------------------------|---------------------------|--------------------------|
| Men            | 2,905                        | 2,969                        | 11.7%                     | 12.6%                    |
| Women          | 471                          | 502                          | 9.4%                      | 10.8%                    |
| < 30 years old | 641                          | 706                          | 17.5%                     | 21.5%                    |
| 30-50 years    | 1,702                        | 1,847                        | 10.1%                     | 11.3%                    |
| > 50 years old | 1,033                        | 918                          | 11.0%                     | 10.6%                    |
| TOTAL          | 3,376                        | 3,471                        | 11.4%                     | 12.0%                    |

\* Calculation of fluctuation rate: contracts terminated in relation to the average number of employees. Contracts terminated include dismissals by the employer and resignation of employees.

## **g) Equal treatment and fairness towards all employees**

ANDRITZ's goal is to provide its workforce with a working environment offering equal opportunities, attractive means of further personal development, and fair pay for all, regardless of the location. These basic rights apply to all employees throughout the Group. They include the legal right of employees to co-determination and compliance with the principles and standards of the International Labour Organization (ILO) concerning the freedom of association, the abolition of forced labor, child labor and discrimination, as well as a fair and performance-based wage or salary.

Regular and event-driven meetings are held by the ANDRITZ AG Executive Board and the members of the Works Council to ensure and support an open and transparent exchange of information between both bodies. The company supports the formation of internal committees representing employees' interests. Freedom of assembly applies at all locations in accordance with the respective local legislation.

ANDRITZ does not condone or tolerate any form of employee harassment or discrimination of employees due to gender, age, origin, religion, nationality, and so on. The working environment should be free of intimidating and offensive behavior for every employee. This is clearly documented in the Group-wide Code of Business Conduct and Ethics and in the HR policy applying throughout the Group. Possible ways of lodging a complaint have also been defined. The notification periods for communication of significant changes in operations (closure of company locations, layoffs, etc.) are defined in a policy applying Group-wide.

### **h) Personnel expenses and social benefits**

Personnel expenses amounted to 2,165.8 MEUR in the reporting year (2022: 1,986.8 MEUR). ANDRITZ remunerates its employees fairly and in line with the respectively applicable wage or collective agreement regulations. Collective agreements exist with 55.8% of the staff. For the remainder of the staff, individual agreements are established on the basis of qualifications and professional experience as well as statutory requirements, and the remuneration is in line with the respective markets.

Average salaries for women amounted to approximately 90% of average salaries for men during the reporting period. This difference results from the fact that the proportion of women in management positions and higher-paid clerk and specialist positions is below 50%. Targeted measures have been taken to change this situation.

{61}------------------------------------------------

ANDRITZ also provides child-care support to employees, for example by entering into part-time employment contracts. Several locations have company-run kindergarten facilities, some of which also focus on technical skills. In addition, the company supports part-time contracts for fathers or other forms of support with child care. ANDRITZ allows employees to work from home, making it easier to balance work and family life.

In countries where the social welfare system is less well-developed than in Europe, employees receive voluntary social benefits ranging from accident insurance to contributions to pension funds as well as life insurance policies and support for dependents.

## **i) Respecting human rights in the execution of projects**

ANDRITZ respects and supports internationally recognized human rights and maintains the principle of equal opportunities regardless of gender, religion, origin, nationality, age, sexual orientation, or disability. ANDRITZ considers it a duty to use every opportunity to promote compliance with human rights – both inside and outside the company.

The ANDRITZ business activities contribute towards economic, ecological, and social progress. But sometimes these activities also have a negative effect on individuals. The company endeavors in collaboration with the respective customers to draw up and implement compensatory measures or to help the customer implement them.

Before participating in large-scale projects, due diligence audits are conducted in order to determine their potential effects on human beings and their environment. The resulting data and findings are evaluated and analyzed. Participation in projects is then decided on this basis. Furthermore, as a member of the IHA (International Hydropower Association), ANDRITZ Hydro is fully committed to the San José Declaration on Sustainable Hydropower, which includes a stop to new hydropower projects in UNESCO World Heritage Sites, and also supports the worldwide establishment of the Hydropower Sustainability Standard.

# **6. Supply chain management**

The Group Supply Chain Management (GSC) function defines the strategy and general conditions for collaboration with around 30,500 ANDRITZ GROUP suppliers worldwide. Approximately 2,600 of these suppliers cover almost 80% of the external purchasing volume. GSC supports the entire purchasing and distribution process together with all relevant stakeholders (purchasing managers in the regions and divisions as well as the respective management personnel). To provide optimal support to the business units, GSC is involved in sales and order processing at an early stage – with a focus on project supply chain management. The global key account, category, and project management for suppliers makes it easier to bundle purchases and allows a transparent and coordinated approach with regard to new or alternative suppliers. Another important focus of GSC is the development of a future strategy for selected projects and suppliers.

In addition to strategic alignment, the department is also responsible for Group-wide supply chain training as well as supplier compliance and sustainability. Other fields of activities are promoting digitalization, innovation, and process development within supply chain management plus management of material not needed directly in manufacturing, all services relevant for all business units (e.g. energy, IT, or business travel), and logistics.

{62}------------------------------------------------

The Supply Chain Executive Team acts as the decision-making and implementation body for the divisions and regions. It is made up of the respective purchasing or supply chain managers of the business units and regions. This committee not only puts the basic supply chain management processes and minimum standards in operations into practice in the respective area of responsibility but also aligns the consequences and actions to be taken in the event of nonconformities with agreed minimum standards.

Once again, the year 2023 presented Group Supply Chain Management with a number of challenges. Alongside market contractions due to political conflicts, such as those between Russia and Ukraine, in the Middle East, or between China and the USA as well as Taiwan, continuous reevaluation of procurement concepts was also necessitated by the high inflation in many economic regions. However, the international raw materials and product purchasing market relaxed in many locations due to the already low global economic growth. This had the effect of freeing up production resources for many suppliers.

GSC is responding with various measures to further optimize ANDRITZ's supply chains and keep them stable. These include, in particular, aiming at additional diversification and flexibility with regard to the supplier base in close coordination with the divisions (renewal and localization of the technical parameters) and the Sales teams (increasing transparency and flexibility in the supply chain structure already during the bidding phase). Reducing supply chain dependencies and continuously optimizing purchasing concepts with alternative production and supply options in other regions were also top priorities in 2023.

Furthermore, the safety inventories of special materials and standard parts built up over recent years were further reduced and adapted to the current conditions. The supply chain risk management processes establish transparency to aid in earlier identification of potential supply bottlenecks, such as in political crisis regions. This enables appropriate measures to be taken in the Group as quickly as possible.

A particularly important aspect of ANDRITZ Supply Chain Management's work in 2023 was the realignment of cooperation between the divisions and the successful establishment of globally coordinated supply chain processes. GSC also supported the implementation of alternative technical solutions, the development of new markets and the holistic coordination and optimization of resources. This approach of finding joint solutions for the project, product, and machine business also paves the way for ANDRITZ to successfully develop new business fields such as textile recycling plants, green hydrogen plants, and battery production plants.

ANDRITZ expects that the high inflation, political conflicts, high energy prices, and current sensitivities in supply chain structures will continue to play a major role in the orientation of all Group Supply Chain processes in 2024.

## **a) Project and supplier management**

ANDRITZ relies on long-term partnerships and remains in close contact with its suppliers at all times during the entire execution of a project. If there are critical components or new suppliers, ANDRITZ frequently establishes a detailed production monitoring process on site. The requirement for being an ANDRITZ supplier is compliance with strict criteria in terms of quality, costs, and on-time performance as well as an appropriate stance towards occupational health and safety, compliance, and sustainability. All suppliers must agree to and sign the contents of the ANDRITZ Supplier Code of Conduct and Ethics.

ANDRITZ employs extensive knowledge of markets to identify potential suppliers capable of not only satisfying all requirements but also offering competitive conditions. The active use of market intelligence systems enables detailed evaluation of the supplier performance compared to the industry standard and also takes aspects such as innovation and competitiveness into account.

{63}------------------------------------------------

The continuous market surveillance further allows ANDRITZ to identify potential risks in the supply chains at an early stage and take proactive measures for risk minimization in order to avoid negative impacts on the business activities. In addition, forecasts of global resource availability based on current market data help to avoid bottlenecks in the global supply chain. Alternative supplier sources are identified in this way to ensure continuous support of the production processes. The ability of ANDRITZ to respond quickly to changing market trends enables flexible adaptation of the supply chains to customer needs and market conditions. This holistic approach strengthens ANDRITZ's position in the supplier relationship and contributes to continuous optimization of the business processes.

In procurement of materials, ANDRITZ tries to source goods from suppliers near its manufacturing facilities and which are also manufactured locally. This means that long transport routes can be largely avoided. This is also reflected in both diagrams. In 2023, 57% of the external purchasing volume was generated in Europe, 16% in China, and 12% in North America. The company's manufacturing capacity was 47% in Europe, 21% in China, and 13% in North America.

Image /page/63/Figure/3 description: The image shows a pie chart titled "Purchasing volume by region as of 31.12.2023 (31.12.2022) in %". The pie chart is divided into six regions: A, B, C, D, E, and F. A is Europe with 57 (55)%, B is China with 16 (18)%, C is North America with 12 (12)%, D is South America with 9 (9)%, E is Asia (without China) with 6 (6)%, and F is Rest of the world with 1 (0)%.

# **E F Manufacturing capacity by region as of 31.12.2023 (31.12.2022) in %**

**A**

| A | Europe               | 47 | (47) |
|---|----------------------|----|------|
| B | China                | 21 | (20) |
| C | North America        | 13 | (15) |
| D | South America        | 9  | (9)  |
| E | Asia (without China) | 9  | (8)  |
| F | Rest of the world    | 1  | (1)  |

## **b) Consumption of materials**

Project materials and services account for the largest share of materials required (43.8%), measured on the basis of the external costs. This includes mechanical parts, electrical components, structural steel and conveying technology, mechanical structures, installation work, and start-up/commissioning. 32.2% is spent on manufacturing materials such as sheet metal, screens, bars, profiles, or cast and forged parts. 24.0% relates to overheads for material, services, and investments.

{64}------------------------------------------------

## **c) Logistics**

The Global Logistics team assists the business units with the logistical implementation of customer projects. Other important tasks in the logistics department are defining transport standards and guidelines, calling for tenders, negotiating framework agreements with logistics service providers, and conducting internal training courses. As ANDRITZ does not have its own vehicle fleet, transport services are purchased from third parties on a projectspecific basis. This results primarily in indirect greenhouse gas emissions, which will in future be reported under Scope 3. Global Logistics is in close communication with the corresponding internal departments to define a certain minimum dataset to be reported by the transport service providers for the emissions calculation. A joint effort is also under way to investigate how emissions tracking can be standardized in the area of logistics. In addition, Global Logistics is working on a corresponding contract clause for transport contracts that requires the provision of emissions data by the respective transport service providers. As a result of these measures, accurate greenhouse gas emission calculations in the area of logistics should be possible in the future.

## **d) Sustainability in the supply chain**

There has been a supplier compliance and sustainability officer in the Group Supply Chain Management function (GSC) since 2015. This function provides support to the local purchasing organization in terms of supplier compliance and sustainability, monitors the compliance watchlist and blacklisting process, initiates training courses, and coordinates the activities of regional auditors in China and India. In addition, this function is responsible for implementing the ANDRITZ Supplier Code of Conduct and Ethics.

New suppliers must deal with the topic of compliance and sustainability during the qualifying process. Collaboration with ANDRITZ is only possible after the supplier has agreed in writing to the content of the ANDRITZ Supplier Code of Conduct, which was compiled in 2015 on the basis of the general Code of Business Conduct and Ethics and is continuously updated. During the onboarding process, suppliers must also complete a mandatory compliance and sustainability questionnaire. This was revised during the reporting year and adapted to the German Supply Chain Due Diligence Act, among other things. The ANDRITZ Supplier Relationship Management (SRM) tool is used to handle this process. All suppliers are reviewed, approved/qualified, and documented with this tool.

As part of the ANDRITZ sustainability strategy, the goal was formulated in 2021 that 85% of the supply volume (cumulative external purchasing volume through suppliers with an average annual purchasing volume of more than EUR 250,000 in one of the last two consecutive years) should be covered by suppliers evaluated in the SRM tool by the end of 2025. By the end of 2023, this coverage was 89.5%, meaning that the goal has already been achieved. A reassessment of the evaluation process and the goal are planned for 2024.

In order to explain the content of the Supplier Code and the operations involved in the qualification process in the SRM system, training is offered for suppliers and for staff in the ANDRITZ purchasing organization. Webinars and lectures on these topics have also been held regularly for several years.

#### **Supplier compliance and sustainability management in China and India**

In 2017, ANDRITZ launched the Supplier Compliance and Sustainability Audit (SCSA) program in China and India, focusing on conducting audits and deriving corrective measures at suppliers. Since the regional auditors began their work, 177 audits (including follow-up) have been conducted in India with 96 suppliers, of which 34 audits took place in 2023. In China, 204 audits (including follow-up) have been conducted with 142 suppliers, of which 30 audits took place in 2023.

{65}------------------------------------------------

In China and India, the same number of on-site audits were performed in 2023 as before the COVID-19 pandemic. The remote audits introduced during the COVID-19 pandemic due to the travel restrictions have been continued. These represent a promising alternative for saving costs and improving efficiency. For this reason, they should continue to take place in addition to the on-site audits. Work also continued to support suppliers to the point that they are able to build up and implement their own compliance management system and realize compliance and sustainability ("from audit to compliance"). In 2024, this is to be reinforced by means of classroom training and eLearning as well as individual support.

#### **Greenhouse gas emissions along the supply chain**

Another focus during the reporting year was on greenhouse gas emissions in the upstream supply chain, especially emissions resulting from the procurement of raw materials, products, and machinery. This posed a major challenge and will be intensively continued in 2024 to enable high-quality data reporting for the purchased emissions in the future. Processes must be adapted in 2024 to ensure sufficient data for the greenhouse gas calculation with emissions factors. Moreover, suppliers to ANDRITZ must also be informed step by step and prepared so that they can provide primary data as soon as possible. This primary data is required to increase the level of accuracy of the emissions calculation. In addition, the European Carbon Border Adjustment Mechanism (CBAM) entered into force on 1 October 2023 for importing specific goods into the EU. The reporting obligations for these CBAM products also require primary data from our suppliers.

#### **German Supply Chain Due Diligence Act (LkSG)**

The Supply Chain Due Diligence Act was passed in Germany in 2021 and is entering into force in stages as of 2023. A similar law, the Corporate Sustainability Due Diligence Directive (CSDDD), is also being prepared at EU level. Among other things, the laws are intended to improve the international human rights situation by defining the requirements of responsible supply chain management. Compliance with the LkSG was implemented in 2023, resulting in more intense evaluation of all ANDRITZ suppliers than before with respect to ESG risks. Risks are identified and corresponding measures are implemented to establish transparency and ensure that due diligence obligations are also complied with and implemented on the part of the suppliers.

## **7. Quality management**

Quality management in the ANDRITZ GROUP covers products and applications, business processes, as well as safety and environmental topics. Harmonized standards worldwide improve the general understanding of processes and functions, encourage collaboration, and assign clear areas of responsibility. Each business area has its own quality, safety, and environment managers. The organizational structure aims to make these topics part of everyday business by means of harmonized quality, safety, and environmental strategies for all business areas.

The most important instrument in the ANDRITZ quality organization is the business process manual, which defines the structure of the management system for the entire Group. It defines the processes and responsibilities for process management and provides guidelines for implementation of the individual steps. In the year 2022, work began on updating and expanding the business process manual in order to meet the requirements of a growing company. This was successfully completed during the reporting year. All of the measures described in the manual are intended to increase transparency, minimize risks, enable continuous improvement, increase the efficiency of collaboration, assist employees with their everyday work, and, above all, build trust. The quality requirements for everyday work have been structured specifically for the respective business area and at local level and are easy to find in the company's intranet.

{66}------------------------------------------------

Quality management accompanies a customer project from the awarding of the contract to its completion. ISO certifications are demanded by customers and have become an essential part of doing business. Requiring clear processes and continuous improvement, they ensure the reliability of our products and services. External verifications confirm consistent and effective implementation of the standards. In the meantime, 92% (2022: 95%) of the employees are covered according to ISO 9001 (quality management systems), 79% (2022: 75%) according to ISO 14001 (environmental management systems), and 74% (2022: 70%) according to ISO 45001 (occupational health and safety management systems). The decline in ISO 9001 certifications is due to new acquisitions that have not yet been certified.

In the year 2023, ANDRITZ received a multi-site certification that forms the basis for the certificates of all integrated sites and promotes the achievement of comprehensive certification. In this way, we are seeking to contribute towards practical implementation of our #1ANDRITZ core behavior principles and strengthen the exchange of information via management systems. The number of sites covered by the multi-site certification is constantly growing. As part of the ESG strategy, ANDRITZ has set itself the goal of covering all sites with the multisite certification for ISO 9001, ISO 14001, and ISO 45001 by the end of 2025.

Furthermore, ANDRITZ holds a portfolio of more than 37 different certifications. In addition to quality, health and safety, as well as environmental management standards, sustainability and governance are ensured via certified energy and compliance management systems. Information security and cyber security certifications assure ANDRITZ customers that they can trust in our digital solutions, while certifications for a number of technical standards (such as ISO, IEC, and ASME) demonstrate our technology leadership.

A new instrument developed by ANDRITZ to improve quality control for sub-supplies was successfully launched during the reporting year. This tool makes it easier to plan the need for quality resources, enables inspections to be conducted on time, and provides a general overview of the quality situation in projects. It therefore offers great added value for quality assurance. Nevertheless, further improvements are under way with the goal of increasing the level of digitalization in quality assurance.

In 2024, ANDRITZ will also continue its efforts to improve quality management. The main focus will be placed on a double-digit reduction in non-conformities (NC) and the associated costs. The main axes of improvement will be more refined NC reporting with enhanced data quality, enhanced data analytics capabilities, and intensified feedback loops between the managing directors and the Quality Management team. This approach applies to all business units, including manufacturing, supply chain management, and project operations. ANDRITZ would like to be viewed by its customers as a world-class supplier, and one of the key success factors for achieving this is continuous and rigorous quality management.

## **a) Occupational health and safety**

Health and safety at the workplace have top priority at ANDRITZ. The goal is to create a safe, healthy, and pleasant working environment for all staff working under ANDRITZ's responsibility and for all other stakeholders. ANDRITZ is striving for a zero-accidents target and a proactive safety culture in order to prevent work accidents and illnesses.

The Group Quality and Safety Management (GQS) function defines the strategy and measures to be implemented within the entire ANDRITZ organization by all relevant parties. The health and safety team provides support in the implementation and ensures that the rules and regulations are observed. Management is responsible for ensuring safe and healthy conditions at every company workplace by supporting the employees in complying with the applicable policies, rules, and instructions, providing suitable means and resources, ensuring adequate training and communication, and reinforcing safe behavior principles while discouraging unwanted ones.

{67}------------------------------------------------

All employees are invited to actively participate in the continual improvement of the health and safety management system and have the right to refuse to perform or stop performing work that they consider unsafe without having to fear disciplinary measures.

In addition to the legal requirements, the ANDRITZ health, safety, and environmental management policy is the minimum standard for all ANDRITZ locations. Furthermore, additional policies to improve safety can be defined at each location. ANDRITZ also undertakes to obey all conventions of the International Labour Organization (ILO) in connection with occupational health and safety.

#### **Safety in day-to-day work**

For the areas of health and safety, ANDRITZ not only has regulations, guidelines, and goals to be achieved; it also has guiding values to be observed during daily work. ANDRITZ expects all its staff to act as safety leaders, taking care of themselves and all other people present at the workplace. The strengthening of the safety culture at ANDRITZ is facilitated by a network of qualified, motivated, and experienced occupational health and safety experts, who are active at all levels of the company. Dedicated health and safety professionals are also active on all major job sites.

Numerous companies of the ANDRITZ GROUP have long operated with a certified occupational health and safety management system according to the internationally recognized standard ISO 45001. The certification of the remaining sites will take place gradually as part of the multi-site certification. Proper implementation of all requirements of the ISO standards is ensured through systematic internal and external audits.

Furthermore, annual and mid-term strategy plans are developed at the Group level and cascaded within the organization, including all necessary integrations to fulfill local needs and requirements. The correct and timely implementation of the defined measures is closely followed up at all management levels on a periodic basis, making it possible to adapt the plans if they prove ineffective or if new needs emerge.

In consideration of the challenges in recent years, the ANDRITZ GROUP has established a permanent Global Emergency Committee (GEMCO), which involves the relevant Group functions and is led by Group Quality and Safety. This committee monitors the global situation, identifies existing and potential threats at a very early stage, and defines specific action plans to prevent critical situations and/or develop the necessary resilience to handle them properly.

All incidents are reported, investigated, and analyzed – irrespective of their severity. In addition, all injuries subject to mandatory reporting are collected in a shared Group incident database, together with the associated report on lessons learned. Thanks to an efficient alerting system, relevant information about reported incidents is distributed within the organization. ANDRITZ GROUP Quality and Safety is also implementing a health and safety IT solution that will facilitate and support the execution of important processes, such as incident reporting and investigation, hazard reporting, and monitoring/improving performance in the area of occupational health and safety. The new IT solution will go live in the first quarter of 2024.

Furthermore, health and safety training courses remain an important pillar of the established ANDRITZ management system. All new employees must complete online training on safety in the workplace and take a refresher course every two years. In addition, there are some safety training courses for management staff and for employees working in manufacturing. Each location must compile a qualification matrix and an annual safety training schedule. Alongside the existing specific modules, which are included in the career development of senior project managers and site managers, a module for senior site supervisors was also introduced in 2023. In consideration of the identified need for improvement in terms of personal safety conduct, specific intensive training in behavior-based safety principles will be held in 2024 throughout the entire ANDRITZ organization.

{68}------------------------------------------------

#### A N D R I T Z f i n a n c i a l r e p o r t 2 0 2 3 M a n a g e m e n t r e p o r t

#### **Industrial accidents**

|                                                                                                 | 2023 | 2022 |
|-------------------------------------------------------------------------------------------------|------|------|
| Accidents at work (with one or more days of absence)                                            | 156  | 152  |
| Accidents at work (with more than three days of absence)*                                       | 132  | 125  |
| Accident frequency (accidents causing one or more days absence per 1 million working hours)     | 2.6  | 2.8  |
| Accident frequency (accidents with more than three days of absence per 1 million working hours) | 2.3  | 2.3  |
| Fatal accidents at work                                                                         | 0    | 0    |
| Severity of accidents (absence periods in hours per accident)                                   | 230  | 165  |
| Number of medical treatment injuries at work                                                    | 580  | 494  |

\* included in accidents at work (with one or more days of absence)

Even though the health and safety performance of the ANDRITZ GROUP has improved considerably since the implementation of the global health and safety initiative in 2016 and a continuous reduction in work accidents has been achieved, ANDRITZ is unfortunately confronted with a flattening of the health and safety performance due to reaching a certain behavioral plateau. Nevertheless, the accident rate (accidents causing one or more days of absence per 1 million working hours) declined again in 2023, falling 7% compared to the result in 2022.

Subcontractors are also included in the safety efforts. They are are selected on the basis of specific criteria to guarantee that they can perform the contractual work safely. Services by external companies and third parties are monitored and assessed in regard to health and safety aspects to facilitate the further development of their potential and eliminate any observed shortcomings.

## **b) Environmental management**

Environmental protection, including the reduction of greenhouse gas emissions, the avoidance of environmental pollution, and conservation of natural resources, is an important concern and goal at ANDRITZ. The ANDRITZ Health, Safety, and Environmental Management policy defines the goals and requirements not only for health and safety matters but also for environmental management in the ANDRITZ GROUP.

The environmental function is part of Group Quality and Safety Management (GQS) and led by the Director Group Environmental Management. The ESG targets, which also include the environmental targets, were defined by the Executive Board. From this, the environmental strategy and measures were derived, which are implemented within the complete ANDRITZ organization by all relevant parties. The environmental team provides support in the implementation and ensures that the rules and regulations are observed.

The environmental data for the ANDRITZ GROUP includes manufacturing and office sites owned and controlled by ANDRITZ. In the reporting year, 86% of the fully consolidated companies reported environmental data. Smaller office locations were not included for reasons of materiality.

46% of all reporting locations are located in Europe, 24% in North America, 19% in Asia (incl. China), 10% in South America, and 1% in Australia. The key consumption figures for 2023 are based on approximate values for some sites, as the figures for the fourth quarter of 2023 were not all available yet at the copy deadline. As a result, there may be subsequent adjustments to the figures for the previous periods.

{69}------------------------------------------------

All six main groups of manufacturing processes are used at all ANDRITZ production sites worldwide: forming and casting mainly uses electrical equipment, particularly induction furnaces. The other processes, such as rolling, pressing, machining, welding, weaving, soldering, and gluing are also performed with the aid of electrically powered machines. Only hardening and annealing processes use primarily gas-powered machinery.

#### **Environmental roadmap**

In 2023, an environmental roadmap for the ANDRITZ GROUP was developed which covers the strategy until 2026. The roadmap has seven pillars covering water and waste, Scope 1, Scope 2, and Scope 3, manufacturing and office sites, products as well as materials and suppliers. Each pillar includes action plans to reach the ESG targets. Some examples for 2024 are: reworking the ANDRITZ packaging standard, implementing greenhouse gas emission accounting and management software, converting to green/renewable electricity (100% green/renewable electricity is the target for 2025), conducting energy assessments, expanding on-site generation of renewable energy (photovoltaic), holding innovation workshops for sustainable products and workshops for substituting substances of very high concern (SVHCs), and developing a global sustainable sourcing strategy.

#### **Energy and GHG emissions**

The bulk of energy and fuel consumption (district heating, heating oil, natural gas) is used to heat company premises. Natural gas is needed primarily to operate hardening and annealing furnaces. Liquid gas is often used as process energy in metal processing. Gasoline and diesel are mainly used for company vehicles. At some locations, diesel is also used for emergency generators in order to compensate for supply bottlenecks. ANDRITZ strives to reduce energy and fuel consumption. Annual fluctuations in consumption in manufacturing are largely due to the varying workload and make detailed comparisons with previous years difficult. Increases also occur as a result of acquisitions.

The amount of purchased electricity for 2023 decreased compared to 2022 and amounted to 284,962,570 kWh (2022: 311,432,783 kWh). 48% (2022: 43%) of the electricity purchased already comes from green/renewable energy sources. ANDRITZ aims to further increase the share of purchased electricity from renewable energy sources and to promote its own electricity production through photovoltaic plants. In the reporting year, several photovoltaic plants were installed and further are planned for 2024. ANDRITZ generated 4,179,155 kWh in the reporting year from its own PV plants.

{70}------------------------------------------------

#### A N D R I T Z f i n a n c i a l r e p o r t 2 0 2 3 M a n a g e m e n t r e p o r t

#### **Energy consumption\***

|                                                   | Unit | 2023        | 2022        |
|---------------------------------------------------|------|-------------|-------------|
| Externally procured heating                       | kWh  | 58,781,863  | 58,823,260  |
| District heating                                  | kWh  | 58,781,863  | 58,823,260  |
| Non-renewable energy carriers for heating         | kWh  | 136,069,033 | 175,910,971 |
| Fuel oil                                          | kWh  | 2,512,913   | 2,985,174   |
| Natural gas                                       | kWh  | 133,556,120 | 172,925,797 |
| Renewable energy carriers for heating             | kWh  | 8,630       | 0           |
| HVO diesel                                        | kWh  | 8,630       | 0           |
| Non-renewable energy carriers for process heating | kWh  | 128,821,488 | 138,753,872 |
| Gasoline                                          | kWh  | 5,473,477   | 2,727,751   |
| Diesel                                            | kWh  | 11,124,970  | 6,924,714   |
| Diesel for emergency generator                    | kWh  | 1,336,773   | 1,334,245   |
| Natural gas                                       | kWh  | 103,564,591 | 118,633,733 |
| Liquid (petrol) gas                               | kWh  | 7,283,424   | 9,133,429   |
| Hydrogen                                          | kWh  | 38,253      | 0           |
| Renewable energy carriers for process heating     | kWh  | 849,267     | 31,571      |
| HVO diesel                                        | kWh  | 849,267     | 31,571      |
|                                                   |      |             |             |

\* The key consumption figures are based on projected approximate values to maintain comparability as the complete figures for the 4th quarter of 2023 were not all available before the copy deadline. Due to adjustments made to the consumption figures, the retrospective changes have resulted.

An important goal of the ANDRITZ sustainability program "We Care" is that of reducing greenhouse gas emissions (Scope 1 + 2) in relation to sales by 50% compared to 2019. Direct emissions (Scope 1, primarily from the manufacturing sector) declined to 53,194 t of CO2e in 2023 (2022: 60,906 t CO2e). Indirect emissions (Scope 2, from the use of purchased electricity, heat, or steam) amounted to 81,035 t of CO2e (2022: 73,739 t CO2e). Although the Scope 2 emissions increased, an improvement in the intensity goal from 18.6 to 18.0 was achieved. A more detailed overview of the ESG goals can be found in chapter G) 2.

#### **Water**

Total water consumption in the reporting year was 1,678,832 m<sup>3</sup> (2022: 1,297,474 m<sup>3</sup>). The water supply comes primarily from the public water system, but a few locations also use surface water or groundwater. The water is discharged primarily to third parties, for example to the municipal wastewater disposal service. Water consumption consists of process water for production plants (including cooling water) as well as water for drinking and for hygiene purposes. A small amount is also needed for hydraulic test stands. Some industrial water is used to generate steam or cool annealing furnaces, or it evaporates in air-conditioning systems.

#### **Waste**

ANDRITZ focuses great attention on the conservation and re-use of materials and raw materials in the course of its business. The efficient use of materials, keeping rejects and waste to a minimum, and economical energy consumption in material processing all play an important role here.

The largest share of waste comes from steel used in the manufacturing process. Metal waste is separated into different types and then recycled. Other recyclable materials like plastic from packaging, waste from wooden crates, cardboard packaging, and waste paper are collected and recycled. Non-hazardous residual waste and hazardous waste are collected according to the legal provisions and taken away by disposal companies.

{71}------------------------------------------------

Special attention is paid to observing all official regulations and record-keeping obligations, particularly when disposing of hazardous substances. All in all, 54,905,356 kg of waste was produced during the reporting year (2022: 51,279,906 kg). 70% of this waste was recycled.

A detailed list of consumption figures can be found in the ESG Data Overview 2023 on the ANDRITZ website [andritz.com.](https://www.andritz.com/group-en/gr-sustainability)

# **8. Manufacturing**

ANDRITZ produces custom-tailored machines, key components, plants, systems, as well as spare and wear parts at around 144 service and manufacturing locations worldwide. Around two-thirds of these locations are in Europe and North America and one third in Asia and South America. The majority of the locations manufacture on an order-related basis for one business unit, while a few locations manufacture for several or all business units. The manufacturing facilities focus on order execution in conformity with the contract, highest production quality, highly qualified and skilled workers employed in manufacturing, proactive capacity management, and assigning specialists to product design and quality management.

ANDRITZ's manufacturing strategy aims to produce critical key components in terms of technology and quality in its own production shops. Everything else is purchased from qualified suppliers. With this procedure, it is possible to compensate effectively for any fluctuations in workload and thus make optimum use of manufacturing capacities. Precise planning, high commitment, and great flexibility on the part of the staff make short lead times and on-time production possible. Investments in manufacturing are concentrated on the one hand on building up and expanding manufacturing capacities in the emerging markets of Asia and South America and on modernizing existing locations in Central Europe and North America on the other hand. Roughly 65% of the manufacturing investments fall within the area of service and wear parts production.

The optimization and improvement projects in manufacturing are also focused on careful handling of available resources and automation of processes in addition to adapting process management to exact scheduling.

ANDRITZ uses the Manufacturing Execution System (MES) to control and monitor manufacturing in real time. With this system, it is possible to link all important information on planning, lead time, and costs as well as machinery and operating data on one platform, and the system can also be adapted to local requirements if necessary. The MES was implemented as a pilot project at the Graz manufacturing location and is now used in 22 manufacturing locations in Europe, North America, and South America.

To further promote the careful use of energy in manufacturing, a special "Energy Assessment" for production was developed during the reporting period. The goal of this assessment is to strengthen the culture of improvement at the production locations, identify potential for saving energy, and implement corresponding reduction measures. The assessment has already been successfully completed at individual locations with high energy consumption and will be continued in 2024.

The ANDRITZ Production System (oneAPS) plays a key role in continuous improvement of the production processes. It defines the basic principles applying to manufacturing Group-wide and provides tools and processes for achieving a lean and effective production process. The overriding goal is to anchor a culture of continuous improvement firmly within the company in order to achieve sustainably excellent results in the manufacture of its products.

{72}------------------------------------------------

The Group Manufacturing Management department offers comprehensive training on the topic of oneAPS. Around 320 employees at 54 manufacturing locations have taken part in various oneAPS training courses since 2017 and developed their process improvement skills further. The improvement projects implemented in the course of the training led to significant productivity increases or cost reductions. They will be included as best practices in the new oneAPS platform to share and further expand knowledge between locations. The platform can be used by all employees of the ANDRITZ GROUP and offers the basis for interactive virtual training by means of videos, games, exercises, and training documents.

# **9. Innovation management and digitalization initiatives**

ANDRITZ Ventures (AV) is a part of the Group Business Development function and supports all ANDRITZ GROUP business areas in their innovation and digitalization activities. The goal of AV is to help the business areas achieve technological leadership in their market segments. In the 2023 business year, it focused particularly on the Special Growth Projects, on training and education in the area of innovation, and on open innovation. The ANDRITZ Ventures Startup Contest was a special highlight of the year. As ANDRITZ sees digitalization as a major growth area for the future, AV will place a special focus in the 2024 business year on developing digital products and solutions through the introduction of a new agile innovation format.

### **ANDRITZ Ventures Startup Contest**

The ANDRITZ Ventures Startup Contest is a structured program that invites all employees to submit innovative suggestions for products, services and business models, to develop them, and finally, to launch them successfully on the market. The fourth installment of the program began during the 2023 business year, with a focus on topics closely allied with the strategic goals of the ANDRITZ GROUP: "Sustainable Solutions," "Digitalization & AI Solutions," "Service Offerings" and "Supply Chain."

A total of 151 ideas were submitted by enthusiastic employees and then evaluated and prioritized by internal experts. The most promising ideas will be implemented in the 2024 business year by the in-house entrepreneurs with the support of experienced coaches.

Image /page/72/Figure/12 description: This image is a bar chart that shows the distribution of different categories. The categories are Service Offerings, Digitalization & AI Solutions, Sustainable Solutions, Supply Chain, and Other. The values for each category are 19, 59, 55, 11, and 7, respectively. The total value is 151.

### **Special Growth Projects program**

Aiming for sustainable and profitable growth, ANDRITZ increasingly relies on its own innovation and an entrepreneurial spirit within the Group. The Group is currently intensively pursuing seven "Special Growth Projects" with the common goal of making a meaningful contribution to the company's future growth. All of these projects are focused on current megatrends, address rapidly growing markets and are driven by the efforts toward greater sustainability.

The Special Growth Projects support the growth goals of ANDRITZ while further broadening the Group's range of sustainable solutions. They are being entirely implemented by ANDRITZ teams acting in a spirit of innovation and entrepreneurship. Given the strong market dynamics, two key success factors for the projects consist of a fast and agile approach plus open collaboration in line with the #1ANDRITZway initiative.

{73}------------------------------------------------

Some of the projects are just getting started, while others have already reached an advanced stage. The latter include projects for CO<sup>2</sup> separation, green hydrogen and battery production for e-mobility. Backed by the Executive Board and with the assistance of an overarching program management team, the project managers work with their teams to define and achieve their goals.

Especially given the diverse starting points and maturity levels of the various projects, there are many advantages to combining them in a common program. The project teams have the opportunity to connect and profit from the ideas and experiences of others. After all, the challenges are similar for all the projects: analyzing markets and competitors, defining the product and service offering, developing the business model, and – last but not least – building an effective team.

To ensure successful implementation of the defined strategies, the project managers utilize the proven method of policy deployment. They are supported in this by Group Quality and Safety Management. Policy deployment aids in the practical, consistent and transparent realization of visions and strategies. A standardized tool assists with defining the specific activities, carrying them out and regularly evaluating their progress.

#### **Innovation trainings and culture**

One important accomplishment in the past business year was the extension of the existing training and education offering with a focus on innovation and venture building. The goal was to directly promote and foster the methodological competence of ANDRITZ employees in the area of modern innovation techniques and innovation management while also supporting opportunities for networking among the employees. This involved the creation of a special program for 30 select ANDRITZ employees, which was designed in cooperation with renowned partners, universities and experts in the field.

#### **Open innovation**

AV initiates collaborations, strategic partnerships and investments in startups with the goal of strengthening the ANDRITZ technology portfolio. A broad spectrum of innovation partners is also maintained with the aim of connecting internal and external stakeholders, promoting the exchange of ideas and knowledge, and creating positive, sustainable added value for the ANDRITZ GROUP by means of inspiration and collaboration.

## **10. Research and development**

Research and development (R&D) is an important part of the ANDRITZ corporate strategy and an essential foundation on which to create organic growth and maintain the ability to compete in the long term. The ANDRITZ research and development activities concentrate on launching products and technologies on the market that protect the environment, are economical with energy and resources, and extend the life cycle of plant and machinery. In the meantime, a significant proportion of revenue is obtained with sustainable solutions and products. Another important area of focus is digitalization. The research and development activities are also reinforced through collaboration with universities and research institutes as well as joint projects with customers.

In the past few years, life cycle assessments (LCAs) were conducted for several products and plants in order to analyze their impact on the environment over their entire life cycle. This includes production, the utilization phase, and disposal as well as all related processes before and after (e.g. production of materials and supplies).

Considering the entire life cycle prevents possible negative impacts being moved to other life cycle phases. These analyses are to be extended in the future and considered in the product development phase. On the other hand, product development can also influence the production and installation processes through design of the products. In addition, better use is to be made of materials during production in order to produce less waste.

{74}------------------------------------------------

The ANDRITZ GROUP spent MEUR 139.3 (2022: MEUR 113.8) on research and development activities during the reporting period. Research and development expenses, including order-related development work, amounted to around 3% of revenue.

The ANDRITZ GROUP holds approximately 6,550 patent rights. 79% of these patent rights have already been granted, and the remainder is under review. In addition, the Group owns around 2,445 trademarks.

The following selected projects from the business areas represent a part of the diverse research and development spectrum of the past business year:

## **a) Pulp & Paper**

Avoiding the use of fossil fuels, increasing energy efficiency, and thereby reducing greenhouse gas emissions in pulp and paper production are the focus areas of the business area's research and development activities, with the aim of helping customers achieve their sustainability goals. This is why the CircleToZero™ program was launched, with the aim of developing value-added solutions for pulp and paper mills by reducing emissions and waste, minimizing freshwater consumption, and utilizing side streams.

To achieve this, all R&D activities follow the "Reduce, Reuse, Refine" principle. "Reduce" means causing as few emissions as possible by optimizing existing processes. A new recovery boiler concept with ultra-low emissions and maximum energy efficiency has been developed and is already in the productization phase. The best examples of "Reuse" and "Refine" are found in the SulfoLoop sulfuric acid plant, where commercial-grade concentrated sulfuric acid is produced in the pulp mill itself, and the ANDRITZ KraftAnol biomethanol plant, which offers kraft pulp mills the most direct and cost-efficient way to produce commercial-grade biomethanol.

In the future, it should be possible to operate highly efficient pulp mills that have zero emissions and zero waste, and are thus CO2 neutral. Furthermore, ANDRITZ is continuously working on the reduction of freshwater usage at pulp mills. Various technologies, such as the "kidney concept" that can be deployed in different parts of the mills, are under development at the moment.

In the paper industry, ANDRITZ R&D activities focus on technologies and services for sustainable fiber treatment and sustainable tissue, paper, and board production. Based on the five pillars of energy, fiber, water, and chemical savings as well as digitalization, intensive research and testing is being carried out in the Fiber R&D Centers (Austria, China, USA), the Tissue Innovation and Application Center (PrimeLineTIAC, Austria), the Paper Technology Center (Germany), and the Felts and Fabrics R&D Center in Gloggnitz (Austria). The developments also focus on the circular economy with fiber conservation and the use of alternative raw materials as well as on recycling of press felt and forming fabric materials. The aim is to reduce the carbon footprint of tissue and paper production, such as by increasing the dry content after the press, by using an alternative process for starch application in packaging paper, or through energy-efficient and more environmentally friendly drying concepts.

Due to new European regulations to be implemented by 2025 for the recycling of textile waste, many textile manufacturers are increasingly asking for new technologies for textile recycling. ANDRITZ covers several segments in the textile industry value chain: technologies for automated textile sorting, for textile fiber preparation, and for mechanical and chemical textile recycling. In addition, ANDRITZ is active in numerous R&D activities with partners worldwide. For example, with Nouvelles Fibres Textiles (France), which recently successfully started up France's first industrial plant for automated sorting and recycling lines. This represents a unique technical offering which extends from the clothes to be sorted to the fibers ready for use in spinning or nonwoven technologies.

{75}------------------------------------------------

The Nonwoven area focuses on the development of technologies for the production of more sustainable nonwoven roll goods and converted products. ANDRITZ offers numerous processes for this market segment. In the latest process developments, all types of natural fibers, recycled fibers, and pulp are used as raw materials. Various technologies are available, such as solutions for the production of 100% biodegradable wipes, recycling solutions for absorbent hygiene products, and many more.

The Clean Air Technologies area focuses its R&D activities on technologies to reduce emissions (particulate matter, gaseous pollutants, and carbon dioxide) from industrial processes. In view of increasingly stringent emission regulations, ANDRITZ offers its customers various solutions to meet their individual requirements, including carbon capture technologies that enable new and existing plants to operate profitably and reduce their carbon footprint.

Carbon capture technology is a key step for the production of e-fuel in pulp mills, which emit the largest amount of available biogenic CO<sup>2</sup> compared to other industrial plants. Today, this CO<sup>2</sup> is released into the atmosphere and contributes to the mills' emissions. ANDRITZ wants to convert these emissions into new value-added products by capturing the CO<sup>2</sup> and combining it with green hydrogen to use it for the production of e-fuel. Based on Groupwide collaboration, ANDRITZ offers the complete technology package for e-fuel production.

Furthermore, ANDRITZ will be participating in a new R&D program together with other companies, universities, and research institutions beginning in 2024. The Emission Free Pulping research program intends to find ways to improve energy efficiency, enhance the efficiency of wood usage and conversion to products, achieve emissionfree pulping (with a special focus on carbon dioxide emissions), and significantly reduce water usage in the processes.

## **b) Metals**

In the Metals business area, research focuses on the reduction of greenhouse gas emissions from the plants supplied, on the avoidance of pollutants through regeneration concepts for end products of the process chains, and on the catalytic conversion of gaseous pollutants such as NOx. Automation and digitalization are further priorities to enable intelligent operation of the plants by the customer.

The combination of electrification and highly efficient burner systems already capable of burning hydrogen opens up for our customers a broad field of hybrid heating possibilities for diverse heat treatment applications. Plus, the further development of digital solutions helps customers operate plants efficiently and thus as economically as possible. Precise forecasts, configurations, and recordings are made possible by machine learning process parameters. In a digitalization project on a continuous hot-dip galvanizing plant, for example, the use of digital solutions based on analysis of the process and material data achieved a reduction in the gas consumption of the radiant tube soaking (RTS) zone of about 4.5% during the period studied.

Furthermore, various soft sensors were trained with machine learning models using real process data to permit continued production even after certain sensors have failed (such as the layer thickness measurement). The trained layer thickness soft sensor achieved an accuracy of 89%. It is expected that this technology will someday make it possible to predict sensor failures, identify sensor drift, and forecast future measurement values. This would in turn yield additional potential for reductions (material, energy). In addition, work is being done to continuously minimize the thermal losses of the plants through special lining concepts and energy recovery systems.

{76}------------------------------------------------

The most important innovations within the existing product portfolio include the "Green Steel Continuous Galvanizing Line" (CGL). On one hand, the gas-fired jet pipes are to be replaced by electric jet pipes that can be powered by green electricity. This leads to a drastic reduction in local CO<sup>2</sup> emissions. Other advantages are elimination of NOx emissions, a 40% increase in efficiency, and a much simpler process as there are no more gas pipes. On the other hand, the fossil fuels for the burners in the directly fired part of the furnace are to be replaced with green hydrogen. By developing ANDRITZ hydrogen burners for the furnace section, CO<sup>2</sup> emissions can be reduced as well. Furthermore, work is continuing on the development of hybrid systems that combine electric heating using renewable energy sources and gas heating (e.g. biogas or hydrogen) for preheating and heat treatment furnaces. Customers thus have access to customized heating systems for each mode of operation. Initial industrial-scale pilot plants are already being implemented on customer premises.

Non-grain-oriented (NGO) electrical steel strip plays an important role in the area of electromobility. NGO is used in the manufacturing of motors (stators and rotors) for electric drives. The eddy current losses in the motors depend heavily on the thickness of the electrical steel strip, with the optimal material thickness being that of a film. Following the successful development and market introduction of the "Sundwig MonoBock" (a 20-roll mill for the production of cold-rolled strips), the rolling mills product group has continued development of this multi-roll mill so that electrical steel strip can also be produced in film thickness in the future. In parallel to this, the proven S6-high rolling mill (an 18-roll mill) has also been improved to pursue the trend towards thinner final thicknesses.

With the aim of becoming a complete provider for NGO production, ANDRITZ is working on a new furnace concept for the production of electrical steel strip. The NGOs created with these furnaces feature higher efficiency and can be integrated directly into all mechanical systems already offered by ANDRITZ. The focus lies here on a fully modular design, which enables rapid installation as well as simple operation and maintenance of the furnaces.

The business area is also directing significant R&D effort towards electrolyzers for generating green hydrogen from renewable energy. This project was initially launched as a start-up within the ANDRITZ GROUP and is now being continued and expanded as a separate division within the business area. Priority is given to the development of systems based on PEM (proton exchange membrane) and AEL (alkaline electrolysis) technologies. Another area of investigation is SOEL (solid oxide electrolysis) technology for high-temperature electrolysis.

In the hydrogen sector, work is continuing on welding and press technology to develop the mass production of fuel cells (used to generate energy from hydrogen) in order to power buses and trucks. Alongside the collaboration between ANDRITZ Soutec and ANDRITZ subsidiary Schuler in the area of plant technology for large-scale protection of fuel cells, developments during the reporting year also included special development work by ANDRITZ Kaiser on the manufacturing of fuel cells, in particular of bipolar plates. The ToP-Line press technology was employed to create a special press line (KSH2 16,000 and KSH2 19,000) that fulfills the highest requirements with regard to the manufacturing of bipolar plates. The machines have pressing forces of 16,000 kN and 19,000 kN, are produced with an innovative biometric casting process, and can deliver maximum precision thanks to specially developed automatic ram tilt compensation. Two plants have already been delivered and are being used by customers to produce bipolar plates. Additional orders have been placed and are in progress. The machines of the ToP-Line KSH2 series are being enhanced with innovative, newly developed push-pull systems that have been designed and built specifically for the feeding of extra-thin stainless steel strips.

{77}------------------------------------------------

In the Metals Forming division, ANDRITZ subsidiary Schuler presented further developments for lightweight automotive construction in addition to the topics of digitalization and electromobility in the reporting year. Components made of high-strength aluminum sheet are increasingly being used in vehicles to save weight. Schuler now offers a new process for hot forming on hydraulic presses, in which the light metal is heated within a very short time by means of contact heating and formed in a water-cooled die. All process steps take place in the tool so that, unlike the form hardening of sheet steel, a separate furnace is no longer required. This significantly reduces the space required for the system as well as the investment and operating costs. The technology enables the production of lightweight and high-strength parts with significantly higher degrees of forming compared to cold forming and much greater freedom of design. The result is highly complex geometries and a tensile strength of 300 to 400 newtons per square millimeter.

In addition to lines for the production of car body and structural parts, Schuler also offers presses for the stamping and packaging of electrical sheets for energy-efficient motors as well as systems for the production of cylindrical and prismatic battery cell housings. A renowned car manufacturer in Germany has now placed an order with Schuler for a pilot line for the assembly of solid-state batteries, the successor to the lithium-ion batteries currently in widespread use. In addition to its expertise in forming technology, the project also incorporates its know-how in battery cell production, which was supplemented by the acquisition of the Italian Sovema Group.

Schuler collects applications for networking forming technology in the "Digital Suite". "Shopfloor Operations Management" (SOM) is the latest addition to the package. In the event of an unexpected plant shutdown, the application automatically retrieves the relevant data from the plant control system to log the cause and presents it clearly together with other performance indicators. SOM shows at a glance what the current production situation is and thus reveals potential problems at an early stage. The performance indicators can be compared with previous shifts and orders in order to optimize processes in the future. The reporting therefore forms the ideal basis for the daily store floor meeting. A 30% increase in the availability of a system is quite realistic.

The direct integration of SOM into the plant control system ensures the best possible data quality, including exact time stamps. The precise production data also ensures more realistic cost calculations. Full connectivity to customer ERP/MES systems and open data interfaces to AI solutions are also guaranteed. External causes of system downtime - such as the forklift truck delivering the required blanks too late - can be recorded quickly and easily via a user-friendly terminal for machine data acquisition. Individual notes are just as possible as addressing specific issues to the responsible person with the help of a ticketing system.

## **c) Hydro**

As a leading manufacturer of pumped storage power plants, ANDRITZ contributes decisively to the promotion of renewable energy and is thus a strong partner in the field of sustainability. The use of renewable energy sources such as solar and wind power is crucial to the reduction of greenhouse gas emissions and dependence on fossil fuels. Continuous research and development by ANDRITZ in the pumped storage sector is a key part of this effort in that it increases the overall efficiency and reliability of renewable energy systems. Compared to other energy storage systems, large amounts of energy can be stored in the reservoirs of pumped storage plants. In case of short-term power demand, pumped storage plants can secure grid stability due to the advantage of a very short reaction time. This is especially the case for variable-speed pumped turbines and motor generators.

Another important component in this area is the development of synchronous condensers. These are essential for stabilizing the power grid, especially in the context of an increased share of variable renewable energy. Synchronous condensers can provide considerable amounts of reactive power and short circuit power for maintaining grid stability by compensating for fluctuations. This makes it possible to further improve the integration of solar and wind power into the energy infrastructure.

{78}------------------------------------------------

Research and development work to improve the technology of hydropower plants and synchronous condensers leads to higher reliability and performance while also remaining environmentally friendly. This allows our customers to use renewable energy more efficiently and to achieve their sustainability goals.

## **d) Separation**

ANDRITZ is a global supplier of state-of-the-art separation technology. With this leading position, our new innovations enable customers to have the right answer to upcoming challenges triggered by a fast-changing world.

Focused development work on decanter centrifuges, an all-purpose Solid-Liquid Separation technology, has expanded their application range even further. Design and process optimizations enable the production of biogas as an alternative to fossil fuels. To help meet the growing demand for non-dairy products, we introduced a decanter for the production of oat milk. Together with our Turbex technology, an efficient extraction solution for producing high-quality extracts from plants and natural products, this represents an innovative solution for the overall valorization of raw materials in the food sector.

The proven three-phase decanter centrifuges were further improved and adapted to the requirements of recovering high-purity oil from contaminated sources, including crude oil, various oil-containing sludges, and residues from the cleaning of lakes, lagoons, or tanks as well as API separator sludge. This enhancement is part of ANDRITZ's efforts in collaboration with customers to conserve resources and reduce environmental impact. The inclusion of machines for ATEX zones 1 and 2 in the ANDRITZ portfolio is important for applications in the oil and gas industry. These are suitable for use in plants in which an explosive atmosphere may arise under normal operating conditions.

Overall optimization of customer processes is necessary to reduce consumption of energy and production additives. Our AI-powered technologies like Metris addIQ ARGOS and Metris addIQ RheoScan play a major role in this quest. The Metris addIQ radar feed controller enables increased throughput and improved product quality while featuring a modern, maintenance-friendly design.

ANDRITZ Feed & Biofuel is one of the world's leading suppliers of technology and services for the animal feed, aqua feed, pet food, and biofuel industries. During the reporting year, the focus was placed on Modular Plant Solutions as an integrated approach for fine-tuning logistics, ensuring uncompromised quality, and achieving costeffectiveness. This is exemplified by a substantial reduction in crane time from 90 to 7 days compared with conventional plants, ensuring considerable time and cost savings.

The essence of the Modular Plant Solution offering lies in smooth integration and global expertise, ensuring modules optimized for efficient logistics and guaranteeing rapid and precise on-site deployment. Tailored for regions and businesses with limited competencies or resources, the Modular Plant Solution approach leverages global expertise to facilitate trouble-free installations.

The establishment of the Automation & Digitalization business unit represents a significant milestone and a pivotal component of the overarching Feed & Biofuel Strategy, further fortifying the commitment to innovation, comprehensive plant solutions, and efficiency. The primary objective is to harness the transformative power of automation and digital technologies, strategically applied to streamline processes and provide added value to customers around the world.

{79}------------------------------------------------

During the reporting year, ANDRITZ opened a leading-edge testing and research center for the food and feed industry in Waddinxveen, The Netherlands. The Food Innovation Xperience center is a development and technology hub where customers and ANDRITZ experts team up to turn visions into reality. This facility is equipped with the latest technologies to conduct feasibility studies, pilot plant tests for scale-up, and R&D activities under food-grade or ATEX conditions.

## **e) Automation**

ANDRITZ Automation has been operating successfully in the plant automation sector for over 35 years. In the meantime, the digital solutions from ANDRITZ Digital Solutions – sold under the umbrella brand Metris – are among the leading solutions in industry. In the 2023 reporting year, a special development focus was placed on autonomous operation of entire plants as well as minimization of the risks of cyber attacks.

With the aid of the autonomous Metris solutions, it is possible to optimize the raw material input, lower the related emissions, and reduce any additional manual intervention needed to a corresponding minimum. A main focus lies on helping customers in their efforts to make their production processes more sustainable. In addition, research work also concentrated on further developing digital twin technologies for online/offline simulation and on predicting future production scenarios.

During the reporting year, the specially developed Soft PLC Metris X, which is an integral part of the Metris platform, was successfully put to use for the first time in the in-house pilot plant TIAC (Tissue Innovation and Application Center). With this seamlessly integrated, hardware-independent automation solution, the complete data from all plant processes is incorporated into the plant control, enabling our customers to implement additional process optimizations, such as reducing raw material input and energy use while simultaneously increasing product quality.

# **H) OUTLOOK**

Economic experts predict the global economy to continue to grow only moderately by around 3% in 2024. This would mean a further slight reduction in growth compared to 2023.

Ongoing geopolitical conflicts, continued high prices – particulary for energy and raw materials – as well as the slowly falling interest rates are the main reasons for this assessment. Growth rates in Europe are expected to be slightly above 1%, which would be a very small improvement compared to 2023.

No further significant stimulus is expected from the USA and economic growth in China will continue to weaken slightly according to the latest forecasts. Growth in emerging and developing countries will remain at the 2023 level at around 4% in 2024.

Despite these difficult macroeconomic conditions, the outlook, and expectations for the ANDRITZ business areas for 2024 are basically unchanged compared to the previous year.

ANDRITZ currently has no concrete indications that the general conditions described above will have a significant negative impact on the project and investment activities of the markets and customers served by ANDRITZ in 2024. Any remaining customer reluctance to place orders for large-scale investments to expand capacity will be compensated by intensive project activities relating to the modification of plants to increase efficiency and sustainability.

{80}------------------------------------------------

- Pulp & Paper: From today's perspective, project and investment activity is expected to improve again over the course of the year. After almost two years of restraint with regard to the awarding of contracts for large-scale investments to expand capacity, the first projects for new plants should be awarded. Project activity in connection with modernizations and modification is expected to remain stable. The investments planned by many pulp and paper producers in the area of sustainability should also have a supporting effect.
- Metals: In the Metals Forming sector (Schuler), the slight increase in project and investment activity is expected to continue. Individual medium-sized/large orders are expected to be awarded, particularly in the area of electromobility. In the Metals Processing sector, the market environment is expected to remain solid in 2024.
- Hydro: In the Hydro business area, the good project and investment activity of the previous year is expected to continue. The global initiatives to promote renewable energies and the increasing need to store large amounts of energy to compensate for the volatility of energy generation from wind and solar power should have a supporting effect in the medium term, particularly in the area of pumped storage power plants.
- Separation: Continued good project and investment activity is expected in both the Solid-Liquid Separation and Feed & Biofuel divisions. The market for Pumps, which have been assigned to this business area since 2023, is expected to remain stable.

Due to the continued good business development and the high order backlog at the end of the fiscal year 2023, ANDRITZ currently expects to continue its growth path in the fiscal year 2024 and anticipates an increase in both revenue and earnings compared to 2023, albeit with lower growth rates compared to the two previous years.

However, should the development of the global economy, that is forecasted by market researchers for 2024, worsen significantly, this could have negative effects on processing of orders and on order intake, and hence, a negative impact on ANDRITZ's financial development. In particular, this could necessitate capacity adjustments, which would require financial provisions and could have a negative impact on the ANDRITZ GROUP's earnings.

# **I) SHARES AND SHAREHOLDER STRUCTURE**

**Disclosure according to section 243a of the Austrian Commercial Code (Unternehmensgesetzbuch – UGB)** The capital stock of ANDRITZ AG as of December 31, 2023, amounted to 104,000,000 EUR. The proportionate amount of the capital is 1.00 EUR per no-par value share. There are no limitations concerning the voting rights or the transfer of shares.

ANDRITZ has a stable and well-balanced shareholder structure. Around 31.5% of the ANDRITZ AG share capital is held partly directly and partly indirectly by Custos Privatstiftung and by Wolfgang Leitner, a member of the ANDRITZ AG Supervisory Board, respectively. 30.72% belongs to Custos Vermögensverwaltungs GmbH and 0.77% to Cerberus Vermögensverwaltung GmbH. The company itself holds around 4.5% of the shares. With a free float of around 64%, national and international institutional investors and private investors make up the majority of the shareholders. Around 45% of the shares are held by institutional investors. Most of the institutional investors come from the UK, Austria, and Germany, while the bulk of the private investors are from Austria and Germany.

{81}------------------------------------------------

At present, there is no authorized capital. The Annual General Meeting held on March 29, 2023, authorized the Executive Board to purchase treasury shares up to the maximum amount permitted by law for a period of 30 months as from October 1, 2023, and to cancel these company shares where appropriate with the approval of the Supervisory Board without having to consult the Annual General Meeting again beforehand. There is no authorization of the members of the Executive Board – especially regarding the possibility of issuing or buying back shares – that does not result directly from legal stipulations.

As far as is known to the company, there are no holders of shares with special controlling rights. Furthermore, there are no stipulations regarding the appointment and recall of the members of the Executive Board and the Supervisory Board, nor regarding modifications to the company's Articles of Association that do not result directly from legal stipulations.

There are no significant agreements in which the company participates that would become effective, change, or end in the event of a change in the control of the company following a takeover bid.

According to the terms of the "Schuldscheindarlehen" issued in June 2017, August 2018, and May 2019, all lenders are entitled to accelerate maturity of the amount corresponding to their contributions to the "Schuldscheindarlehen" and to require immediate repayment of this principal amount plus the interest accumulating up to the day of repayment in the event of a change of control. Acceleration of maturity shall only apply if the corresponding notice of termination is given within 30 days after the change of control is announced.

Compensation agreements exist between the company and members of its Executive Board for the event of a change of control. No such compensation agreements exist for the members of the Supervisory Board or any employees.

Graz, February 26, 2024

The Executive Board of ANDRITZ AG

President & CEO CFO

Dietmar Hein

Norbert Netteshei
CFO

sheim Ja

Joachim Schönbeck Dietmar Heinisser Norbert Nettesheim Jarno Nymark Frédéric Sauze

#### **Disclaimer:**

Certain statements contained in the annual financial report 2023 and in the annual report 2023 constitute "forward-looking statements." These statements, which contain the words "believe," "intend," "expect," and words of a similar meaning, reflect the Executive Board's beliefs and expectations and are subject to risks and uncertainties that may cause actual results to differ materially. As a result, readers are cautioned not to place undue reliance on such forward-looking statements. The company disclaims any obligation to publicly announce the result of any revisions to the forward-looking statements made herein, except where it would be required to do so under applicable law.

The annual financial report 2023 and the annual report 2023 contain assumptions and forecasts which were based on the information available up to the copy deadline on February 26, 2024. If the premises for these assumptions and forecasts do not occur, or risks indicated in the chapter "corporate risks" and in the management report in the annual financial report 2023 do arise, actual results may vary from the forecasts made in the annual financial report 2023 and the annual report 2023. Although the greatest caution was exercised in preparing data, all information related to the future is provided without guarantee.

{82}------------------------------------------------

# Consolidated financial statements 2023 of the ANDRITZ GROUP

| Consolidated income statement                                                                      | 83  |
|----------------------------------------------------------------------------------------------------|-----|
| Consolidated statement of comprehensive income                                                     | 84  |
| Consolidated statement of financial position                                                       | 85  |
| Consolidated statement of cash flows                                                               | 86  |
| Consolidated statement of changes in equity                                                        | 87  |
| Notes to the consolidated financial statements                                                     | 88  |
| Statement by the Executive Board, pursuant to section 124 (1) of the (Austrian) Stock Exchange Act | 179 |
| Glossary                                                                                           | 180 |
| Auditor's report                                                                                   | 182 |

{83}------------------------------------------------

# CONSOLIDATED INCOME STATEMENT

# **FOR THE 2023 FINANCIAL YEAR**

| (in MEUR)                                                                                             | Chapter | 2023     | 2022     |
|-------------------------------------------------------------------------------------------------------|---------|----------|----------|
| Revenue                                                                                               | 9.      | 8,660.0  | 7,542.9  |
| Changes in inventories of finished goods and work in progress                                         |         | 27.8     | 61.7     |
| Other own work capitalized                                                                            |         | 6.9      | 4.6      |
| Other income                                                                                          | 10.     | 124.2    | 139.3    |
| Cost of materials                                                                                     | 11.     | -4,718.3 | -3,995.2 |
| Personnel expenses                                                                                    | 12.     | -2,165.8 | -1,986.8 |
| Other expenses                                                                                        | 13.     | -1,024.6 | -941.0   |
| Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA)                              |         | 910.2    | 825.5    |
| Depreciation, amortization, and impairment of property, plant, and equipment and intangible<br>assets | 14.     | -225.0   | -242.6   |
| Impairment of goodwill                                                                                | 20.     | 0.0      | -10.2    |
| Earnings Before Interest and Taxes (EBIT)                                                             |         | 685.2    | 572.7    |
| Result from investments accounted for using the equity method                                         | 6./15.  | 2.4      | 0.8      |
| Interest income                                                                                       |         | 68.5     | 41.0     |
| Interest expense                                                                                      |         | -48.9    | -32.3    |
| Other financial result                                                                                |         | -19.0    | -41.3    |
| Financial result                                                                                      | 15.     | 3.0      | -31.8    |
| Earnings Before Taxes (EBT)                                                                           |         | 688.2    | 540.9    |
| Income taxes                                                                                          | 16.     | -183.9   | -138.3   |
| NET INCOME                                                                                            |         | 504.3    | 402.0    |
| Net income attributable to owners of the parent                                                       |         | 510.2    | 409.6    |
| Net income allocated to non-controlling interests                                                     | 33.     | -5.9     | -7.0     |
| Basic earnings per no-par value share (in EUR)                                                        | 17.     | 5.15     | 4.14     |
| Diluted earnings per no-par value share (in EUR)                                                      | 17.     | 5.13     | 4.13     |
| Proposed dividend per no-par value share (in EUR)                                                     | 33.     | 2.50     | 2.10     |

{84}------------------------------------------------

# CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

# **FOR THE 2023 FINANCIAL YEAR**

| (in MEUR)                                                                                                                      | Chapter | 2023  | 2022  |
|--------------------------------------------------------------------------------------------------------------------------------|---------|-------|-------|
| NET INCOME                                                                                                                     |         | 504.3 | 402.0 |
| Remeasurement of defined benefit plans                                                                                         | 22.     | -3.4  | 26.3  |
| Changes in the fair value of equity instruments measured at fair value through other<br>comprehensive income                   | 30.     | -1.3  | -1.8  |
| Other comprehensive income (after income taxes) that will not be reclassified to the<br>income statement in subsequent periods |         | -4.7  | 24.5  |
| Currency translation of foreign operations                                                                                     |         | -21.3 | 14.6  |
| Cash flow hedges                                                                                                               | 34.     | 35.3  | 1.6   |
| Other comprehensive income (after income taxes) which can be reclassified to the<br>income statement in subsequent periods     |         | 14.0  | 16.2  |
| OTHER COMPREHENSIVE INCOME (AFTER INCOME TAXES)                                                                                |         | 9.3   | 40.7  |
| TOTAL COMPREHENSIVE INCOME                                                                                                     |         | 513.6 | 443.3 |
| Total comprehensive income attributable to owners of the parent                                                                |         | 519.3 | 449.3 |
| Total comprehensive income allocated to non-controlling interests                                                              |         | -5.7  | -6.0  |

{85}------------------------------------------------

# CONSOLIDATED STATEMENT OF FINANCIAL POSITION

# **AS OF DECEMBER 31, 2023**

| (in MEUR)                                                                                                           | Chapter | 2023    | 2022    |
|---------------------------------------------------------------------------------------------------------------------|---------|---------|---------|
| ASSETS                                                                                                              |         |         |         |
| Property, plant, and equipment                                                                                      | 18./19. | 1,247.5 | 1,213.8 |
| Goodwill                                                                                                            | 20.     | 826.3   | 787.0   |
| Intangible assets other than goodwill                                                                               | 21.     | 142.8   | 160.1   |
| Investments accounted for using the equity method                                                                   | 6.      | 16.1    | 13.7    |
| Investments and other financial assets                                                                              | 31.     | 70.1    | 71.9    |
| Other receivables and assets                                                                                        | 25.     | 100.6   | 85.0    |
| Deferred tax assets                                                                                                 | 16.     | 211.7   | 239.7   |
| Non-current assets                                                                                                  |         | 2,615.1 | 2,571.2 |
| Inventories                                                                                                         | 26.     | 1,165.3 | 1,135.5 |
| Advance payments made                                                                                               | 27.     | 178.5   | 219.9   |
| Trade accounts receivable                                                                                           | 24.     | 1,076.0 | 1,065.1 |
| Contract assets                                                                                                     | 9.      | 1,239.4 | 1,047.5 |
| Current tax assets                                                                                                  |         | 27.6    | 36.6    |
| Investments                                                                                                         | 31.     | 265.1   | 728.9   |
| Cash and cash equivalents                                                                                           | 32.     | 1,507.1 | 1,302.0 |
| Other receivables and assets                                                                                        | 25.     | 418.0   | 380.1   |
| Current assets other than assets held for sale                                                                      |         | 5,877.0 | 5,915.6 |
| Assets held for sale                                                                                                | 37.     | 5.2     | 5.0     |
| Current assets                                                                                                      |         | 5,882.2 | 5,920.6 |
| TOTAL ASSETS                                                                                                        |         | 8,497.3 | 8,491.8 |
|                                                                                                                     |         |         |         |
| EQUITY AND LIABILITIES                                                                                              |         |         |         |
| Share capital                                                                                                       |         | 104.0   | 104.0   |
| Capital reserves                                                                                                    |         | 36.5    | 36.5    |
| Retained earnings and other reserves                                                                                |         | 2,037.2 | 1,708.1 |
| Equity attributable to owners of the parent                                                                         |         | 2,177.7 | 1,848.6 |
| Non-controlling interests                                                                                           |         | -20.2   | -13.9   |
| Total equity                                                                                                        | 33.     | 2,157.5 | 1,834.7 |
| Bank loans and other financial liabilities                                                                          | 36.     | 503.7   | 827.5   |
| Lease liabilities                                                                                                   | 19.     | 161.1   | 162.6   |
| Provisions for employee benefits                                                                                    | 22.     | 333.6   | 312.4   |
| Provisions                                                                                                          | 23.     | 201.0   | 185.4   |
| Other liabilities                                                                                                   | 29.     | 28.8    | 28.6    |
| Deferred tax liabilities                                                                                            | 16.     | 115.0   | 121.3   |
| Non-current liabilities                                                                                             |         | 1,343.2 | 1,637.8 |
| Bank loans and other financial liabilities                                                                          | 36.     | 429.4   | 253.4   |
| Lease liabilities                                                                                                   | 19.     | 48.4    | 44.8    |
| Trade accounts payable                                                                                              | 28.     | 1,022.9 | 983.0   |
| Contract liabilities from sales recognized over time                                                                | 9.      | 1,419.6 | 1,547.5 |
| Contract liabilities from sales recognized at a point in time                                                       | 9.      | 357.0   | 400.5   |
| Provisions for employee benefits                                                                                    | 22.     | 19.6    | 15.4    |
| Provisions                                                                                                          | 23.     | 418.4   | 445.1   |
| Current tax liabilities                                                                                             |         | 75.1    | 105.8   |
| Other liabilities                                                                                                   | 29.     | 1,206.2 | 1,223.8 |
| Current liabilities                                                                                                 |         | 4,996.6 | 5,019.3 |
| TOTAL EQUITY AND LIABILITIES                                                                                        |         | 8,497.3 | 8,491.8 |
| (in MEUR)                                                                                                           | Chapter | 2023    | 2022    |
| Net income                                                                                                          |         | 504.3   | 402.0   |
| Income taxes                                                                                                        |         | 183.9   | 138.3   |
| Interest result                                                                                                     | 15.     | -19.6   | -8.7    |
| Depreciation, amortization, and impairment of intangible assets, goodwill as well as property, plant, and equipment |         | 225.0   | 252.8   |
| Result from investments accounted for using the equity method                                                       | 6./15.  | -2.4    | -0.8    |
| Gains/losses from disposal of fixed and financial assets                                                            |         | -7.4    | -34.5   |
| Other non-cash income/expenses                                                                                      |         | 101.3   | 93.3    |
| Change in net working capital                                                                                       | 36.     | -337.4  | 151.1   |
| Changes in provisions and other assets and liabilities                                                              |         | -108.1  | -131.3  |
| Interest received                                                                                                   |         | 62.3    | 32.6    |
| Interest paid                                                                                                       |         | -34.4   | -19.1   |
| Dividends received                                                                                                  |         | 0.9     | 1.7     |
| Income taxes paid                                                                                                   |         | -193.4  | -167.2  |
| CASH FLOW FROM OPERATING ACTIVITIES                                                                                 | 36.     | 375.0   | 710.8   |
| Payments made for property, plant, and equipment and intangible assets                                              |         | -170.8  | -155.0  |
| Payments received for disposals of property, plant, and equipment and intangible assets                             |         | 15.6    | 46.2    |
| Payments made for non-current and current financial assets                                                          |         | -174.3  | -636.5  |
| Payments received for disposal of non-current and current financial assets                                          |         | 632.8   | 616.8   |
| Net cash flow from company acquisitions                                                                             | 36.     | -36.4   | -62.0   |
| CASH FLOW FROM INVESTING ACTIVITIES                                                                                 | 36.     | 266.9   | -190.5  |
| Payments received from bank loans and other financial liabilities                                                   | 36.     | 136.4   | 28.2    |
| Payments made for bank loans and other financial liabilities                                                        | 36.     | -296.6  | -90.3   |
| Payments made for lease liabilities                                                                                 | 36.     | -50.6   | -59.3   |
| Dividends paid                                                                                                      | 33.     | -208.3  | -163.8  |
| Purchase of non-controlling interests and payments to former shareholders                                           | 36.     | 0.0     | -0.1    |
| Proceeds from re-issuance of treasury shares                                                                        | 33.     | 8.5     | 0.0     |
| Purchase of treasury shares                                                                                         | 33.     | 0.0     | -16.0   |
| CASH FLOW FROM FINANCING ACTIVITIES                                                                                 | 36.     | -410.6  | -301.3  |
| CHANGES IN CASH AND CASH EQUIVALENTS                                                                                |         | 231.3   | 219.0   |
| Currency translation adjustments                                                                                    |         | -26.3   | -4.0    |
| Changes in consolidation scope                                                                                      |         | 0.0     | 0.2     |
| Valuation allowance                                                                                                 |         | 0.1     | -0.2    |
| Cash and cash equivalents at the beginning of the period                                                            | 32.     | 1,302.0 | 1,087.0 |
| Cash and cash equivalents at the end of the period                                                                  | 32.     | 1,507.1 | 1,302.0 |

{86}------------------------------------------------

# CONSOLIDATED STATEMENT OF CASH FLOWS

# **FOR THE 2023 FINANCIAL YEAR**

{87}------------------------------------------------

# CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

# **FOR THE 2023 FINANCIAL YEAR**

|                                   |         |               |                  |                   |                    |                                                    |                                                |                 | Attributable to owners of the parent |       | Non-controlling interests |  | Total equity |
|-----------------------------------|---------|---------------|------------------|-------------------|--------------------|----------------------------------------------------|------------------------------------------------|-----------------|--------------------------------------|-------|---------------------------|--|--------------|
| (in MEUR)                         | Chapter | Share capital | Capital reserves | Retained earnings | Fair value reserve | Reserve of remeasurements of defined benefit plans | Reserve of exchange differences on translation | Treasury shares | Total                                |       |                           |  |              |
| BALANCE AS OF JANUARY 1, 2022     |         | 104.0         | 36.5             | 1,792.5           | 0.4                | -67.1                                              | -103.5                                         | -188.2          | 1,574.6                              | -7.3  | 1,567.3                   |  |              |
| Net income                        |         |               |                  | 409.6             |                    |                                                    |                                                |                 | 409.6                                | -7.0  | 402.6                     |  |              |
| Other comprehensive income        |         |               |                  |                   | -0.2               | 26.3                                               | 13.6                                           |                 | 39.7                                 | 1.0   | 40.7                      |  |              |
| Total comprehensive income        |         |               |                  | 409.6             | -0.2               | 26.3                                               | 13.6                                           |                 | 449.3                                | -6.0  | 443.3                     |  |              |
| Dividends                         | 33.     |               |                  | -163.1            |                    |                                                    |                                                |                 | -163.1                               | -0.6  | -163.7                    |  |              |
| Change in treasury shares         | 33.     |               |                  | -0.2              |                    |                                                    |                                                | -13.7           | -13.9                                |       | -13.9                     |  |              |
| Change from share option programs | 33.     |               |                  | -2.0              |                    |                                                    |                                                |                 | -2.0                                 |       | -2.0                      |  |              |
| Hyperinflation                    | 38.     |               |                  | 3.7               |                    |                                                    |                                                |                 | 3.7                                  |       | 3.7                       |  |              |
| Transfers and other changes       |         |               |                  | -0.5              |                    | 0.8                                                | -0.3                                           |                 | 0.0                                  |       | 0.0                       |  |              |
| BALANCE AS OF DECEMBER 31, 2022   |         | 104.0         | 36.5             | 2,040.0           | 0.2                | -40.0                                              | -90.2                                          | -201.9          | 1,848.6                              | -13.9 | 1,834.7                   |  |              |
| BALANCE AS OF JANUARY 1, 2023     |         | 104.0         | 36.5             | 2,040.0           | 0.2                | -40.0                                              | -90.2                                          | -201.9          | 1,848.6                              | -13.9 | 1,834.7                   |  |              |
| Net income                        |         |               |                  | 510.2             |                    |                                                    |                                                |                 | 510.2                                | -5.9  | 504.3                     |  |              |
| Other comprehensive income        |         |               |                  |                   | 34.0               | -3.4                                               | -21.5                                          |                 | 9.1                                  | 0.2   | 9.3                       |  |              |
| Total comprehensive income        |         |               |                  | 510.2             | 34.0               | -3.4                                               | -21.5                                          |                 | 519.3                                | -5.7  | 513.6                     |  |              |
| Dividends                         | 33.     |               |                  | -207.7            |                    |                                                    |                                                |                 | -207.7                               | -0.6  | -208.3                    |  |              |
| Change in treasury shares         | 33.     |               |                  | -1.8              |                    |                                                    |                                                | 12.2            | 10.4                                 |       | 10.4                      |  |              |
| Change from share option programs | 33.     |               |                  | 3.1               |                    |                                                    |                                                |                 | 3.1                                  |       | 3.1                       |  |              |
| Hyperinflation                    | 38.     |               |                  | 4.0               |                    |                                                    |                                                |                 | 4.0                                  |       | 4.0                       |  |              |
| Transfers and other changes       |         |               |                  | 0.5               |                    |                                                    | -0.5                                           |                 | 0.0                                  |       | 0.0                       |  |              |
| BALANCE AS OF DECEMBER 31, 2023   |         | 104.0         | 36.5             | 2,348.3           | 34.2               | -43.4                                              | -112.2                                         | -189.7          | 2,177.7                              | -20.2 | 2,157.5                   |  |              |

{88}------------------------------------------------

# NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

# **AS OF DECEMBER 31, 2023**

| A     | —General information and legal<br>bases                                                                                             | p.126 | 21. Intangible assets other than<br>goodwill            |
|-------|-------------------------------------------------------------------------------------------------------------------------------------|-------|---------------------------------------------------------|
|       |                                                                                                                                     | p.128 | 22. Personnel-related provisions<br>(employee benefits) |
|       |                                                                                                                                     | p.135 | 23. Other provisions                                    |
| p.89  | 1. General information                                                                                                              |       |                                                         |
| p.89  | 2. Accounting principles                                                                                                            |       |                                                         |
| p.91  | 3. Accounting policies and use of<br>discretionary judgments and<br>estimates                                                       |       |                                                         |
| B     | —Information on the structure of<br>ANDRITZ                                                                                         |       |                                                         |
| p.93  | 4. Consolidation scope                                                                                                              |       |                                                         |
| p.94  | 5. Acquisitions                                                                                                                     |       |                                                         |
| p.97  | 6. Investments accounted for<br>using the equity method                                                                             |       |                                                         |
| p.99  | 7. Related parties                                                                                                                  |       |                                                         |
| C     | —Result of the year                                                                                                                 |       |                                                         |
| p.103 | 8. Segment reporting                                                                                                                |       |                                                         |
| p.105 | 9. Revenue                                                                                                                          |       |                                                         |
| p.108 | 10. Other income                                                                                                                    |       |                                                         |
| p.109 | 11. Cost of materials                                                                                                               |       |                                                         |
| p.109 | 12. Personnel expenses                                                                                                              |       |                                                         |
| p.110 | 13. Other expenses                                                                                                                  |       |                                                         |
| p.110 | 14. Depreciation, amortization, and<br>impairment of property, plant, and<br>equipment and intangible assets<br>other than goodwill |       |                                                         |
| p.111 | 15. Financial result                                                                                                                |       |                                                         |
| p.111 | 16. Income taxes                                                                                                                    |       |                                                         |
| p.115 | 17. Earnings per share                                                                                                              |       |                                                         |
| D     | —Non-current assets and liabilities                                                                                                 |       |                                                         |
| p.116 | 18. Property, plant, and equipment                                                                                                  |       |                                                         |
| p.118 | 19. Right of use assets from lease<br>contracts and lease liabilities                                                               |       |                                                         |
| p.122 | 20. Goodwill                                                                                                                        |       |                                                         |
| E     | —Net working capital                                                                                                                |       |                                                         |
| p.136 | 24. Trade accounts receivable                                                                                                       |       |                                                         |
| p.137 | 25. Other receivables and assets                                                                                                    |       |                                                         |
| p.137 | 26. Inventories                                                                                                                     |       |                                                         |
| p.138 | 27. Advance payments made                                                                                                           |       |                                                         |
| p.138 | 28. Trade accounts payable                                                                                                          |       |                                                         |
| p.139 | 29. Other liabilities                                                                                                               |       |                                                         |
| F     | —Financial and capital structure,<br>financial instruments, and risk<br>management                                                  |       |                                                         |
| p.139 | 30. Financial assets and liabilities                                                                                                |       |                                                         |
| p.145 | 31. Investments and other financial<br>assets                                                                                       |       |                                                         |
| p.146 | 32. Cash and cash equivalents                                                                                                       |       |                                                         |
| p.146 | 33. Equity                                                                                                                          |       |                                                         |
| p.152 | 34. Derivatives                                                                                                                     |       |                                                         |
| p.157 | 35. Risk management – risks relating to<br>financial instruments                                                                    |       |                                                         |
| G     | —Other information                                                                                                                  |       |                                                         |
| p.166 | 36. Consolidated statement of<br>cash flows                                                                                         |       |                                                         |
| p.168 | 37. Assets held for sale                                                                                                            |       |                                                         |
| p.169 | 38. Effects of hyperinflation                                                                                                       |       |                                                         |
| p.170 | 39. Contingent assets and liabilities                                                                                               |       |                                                         |
| p.171 | 40. Expenses for services by the<br>group auditor                                                                                   |       |                                                         |
| p.171 | 41. Events after the reporting period                                                                                               |       |                                                         |
| p.172 | 42. Group companies                                                                                                                 |       |                                                         |

{89}------------------------------------------------

# **A) GENERAL INFORMATION AND LEGAL BASES**

# **1. General information**

ANDRITZ AG is an Aktiengesellschaft incorporated under the laws of the Republic of Austria and has been listed on the Vienna Stock Exchange since June 2001. The registered office of ANDRITZ AG, the parent company of the ANDRITZ GROUP, is at Stattegger Strasse 18, 8045 Graz, Austria. The ANDRITZ GROUP (the "Group" or "ANDRITZ") is a leading producer of high-technology industrial machinery and operates through four strategic operating segments: Pulp & Paper, Metals, Hydro, and Separation.

The consolidated financial statements are prepared under the responsibility of the Executive Board of ANDRITZ AG and are acknowledged by the Supervisory Board and the Annual General Meeting. On February 22, 2024, the Executive Board approved the consolidated financial statements for the year ending December 31, 2023.

Various amounts and percentages set out in the consolidated financial statements have been rounded. As a result, totals may differ from the amounts shown. If not stated otherwise, amounts are given in million euros (MEUR).

# **2. Accounting principles**

The financial statements were prepared in accordance with all International Financial Reporting Standards (IFRS) published by the International Accounting Standards Board (IASB) and endorsed by the European Union, whose application have been mandatory for 2023. All interpretations published by the IFRS Interpretations Committee (IFRS IC), which also have to be observed for 2023, have been applied. The consolidated financial statements meet the requirements of section 245a UGB (Austrian Commercial Code) on exempting consolidated financial statements according to internationally accepted accounting standards. Going concern is the basis for accounting and valuation of the assets and liabilities.

## **a) Newly-applicable standards and interpretations**

ANDRITZ has applied the following new or amended standards issued by the IASB and the interpretations issued by the IFRS IC for the financial year beginning on January 1, 2023:

| Standard/Interpretation | Title                                                                                          | Effective for annual financial<br>statements for periods<br>beginning on or after | Endorsement by EU |
|-------------------------|------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------|-------------------|
| IFRS 17                 | Insurance contracts incl. amendments of IFRS 17                                                | January 1, 2023                                                                   | November 19, 2021 |
| IAS 8                   | Amendment: Definition of accounting estimates                                                  | January 1, 2023                                                                   | March 2, 2022     |
| IAS 1                   | Amendment: Disclosure of accounting policies                                                   | January 1, 2023                                                                   | March 2, 2022     |
| IAS 12                  | Amendment: Deferred tax related to assets and<br>liabilities arising from a single transaction | January 1, 2023                                                                   | August 11, 2022   |
| IAS 12                  | International Tax Reform – Pillar Two Model Rules                                              | January 1, 2023                                                                   | November 8, 2023  |

**IFRS 17** sets out principles for the recognition, measurement, presentation, and disclosure of insurance contracts.

The amendment to **IAS 8** concerns the distinction between accounting policies and accounting estimates. The definition of "change in accounting estimates" is replaced by a definition of "accounting estimates".

{90}------------------------------------------------

The amendment to **IAS 1** regarding disclosure on accounting policies is intended to clarify which accounting policies must be stated in the financial statements.

The amendment to **IAS 12** restricts the scope of the initial recognition exemption, according to which no deferred tax asset or deferred tax liability is to be recognized at the time an asset or liability is added. If deductible and taxable temporary differences of the same amount arise in a transaction, these are no longer subject to the exception rule, so that deferred tax assets and deferred tax liabilities must be formed.

The amendment to **IAS 12** introduces a temporary exception to theaccounting for deferred taxes arising from the implementation of global minimum taxation (Pillar Two regulations of the OECD). This is intended to help ensure the consistency of the financial statements while facilitating the implementation of the regulations. Targeted disclosure requirements will also be introduced to help investors better understand the impact on the company of the supplementary taxes resulting from the reform, particularly before country-specific legislation implementing the minimum taxation comes into effect.

These amendments of the standards do not have any or no material effect at ANDRITZ.

## **b) Standards and interpretations that have been published but not yet applied**

The International Accounting Standards Board is working on numerous projects that will only have an impact on business years from 2024 onwards. ANDRITZ has not applied the following accounting pronouncements that have been published by the IASB, but are not yet effective:

| Standard/Interpretation | Title                                                                           | Effective for annual financial<br>statements for periods<br>beginning on or after | Endorsement by EU |
|-------------------------|---------------------------------------------------------------------------------|-----------------------------------------------------------------------------------|-------------------|
| IFRS 16                 | Amendment: Subsequent measurement of leases as<br>part of a sale-and-lease-back | January 1, 2024                                                                   | November 20, 2023 |
| IAS 1                   | Amendment: Classification of liabilities as current or<br>non-current           | January 1, 2024                                                                   | December 19, 2023 |
| IAS 1                   | Amendment: Non-current liabilities with covenants                               | January 1, 2024                                                                   | December 19, 2023 |
| IAS 7 and IFRS 7        | Supplier Finance Arrangements                                                   | January 1, 2024                                                                   | open              |
| IAS 21                  | Amendment: Lack of Exchangeability                                              | January 1, 2025                                                                   | open              |

The amendment to **IFRS 16** contains requirements for the subsequent measurement of leases as part of a saleand-lease-back for seller-lessees. Subsequent measurement of lease liabilities will be standardized to prevent inappropriate profit realization.

The amendment to **IAS 1** concerns the adjustment of the assessment criteria for the classification of liabilities as current or non-current. In future, only rights that exist at the end of the reporting period should be decisive for the classification of a liability. In addition, further guidelines for the interpretation of the criterion "right to postpone the fulfillment of the debt for at least twelve months" as well as explanations on the characteristic "fulfillment" were included.

The second amendment to **IAS 1** clarifies that only covenants that a company must meet on or before the balance sheet date affect the classification of liabilities as current or non-current. However, an entity must disclose information in the notes to understand the risk that non-current liabilities with covenants could become repayable within 12 months.

The amendments to **IAS 7 and IFRS 7** are intended to increase the transparency of supplier finance arrangements and their impact on liabilities, cash flows, and liquidity risk. The changes supplement the existing 

{91}------------------------------------------------

disclosure requirements by requiring companies to provide qualitative and quantitative information about supplier finance arrangements.

The amendments to **IAS 21** require the use of a consistent approach in assessing whether a currency is convertible into another currency and, if this is not the case, in determining the exchange rate to be used and the required disclosures in the notes.

These new or amended standards are not expected to have any or no material effect at ANDRITZ.

## **3. Accounting policies and use of discretionary judgments and estimates**

ANDRITZ describes the accounting policies as well as the use of discretionary judgments and estimates in the respective chapters.

#### **a) Accounting policies**

In the respective chapters, the accounting policies are indicated as follows:

# **ACCOUNTING POLICIES**

ANDRITZ has consistently applied all accounting policies described in these consolidated financial statements in all periods presented, except for the amendments resulting from the first-time application of new standards in chapter 2.a) Newly-applicable standards and interpretations. The following section describes the general accounting policies:

#### **Consolidation principles**

The basis for the consolidated financial statements is the individual financial statements of all fully consolidated companies applying uniform group-wide standards and in accordance with IFRS regulations. Intercompany receivables, liabilities, and internal business transactions, including interim results within the Group, were eliminated. The consolidated financial statements were prepared based on uniform accounting principles for comparable business transactions.

#### **Currency translation**

The consolidated financial statements are compiled in euros.

#### Foreign currency transactions

Foreign currency transactions are recorded in the functional currency by applying the exchange rate between the functional currency and the foreign currency at the date of the transaction. Exchange rate differences arising on the settlement of monetary items at rates different from those at which they were initially recorded are recognized in the income statement in the period in which they arise.

#### Foreign subsidiaries

Foreign consolidated subsidiaries are regarded as foreign operations because they are financially, economically, and organizationally autonomous. Their functional currencies are generally their respective local currencies. Items of the statement of financial position of foreign subsidiaries are translated at year-end rates to the presentation currency (euros). Expenses and income are translated using the average exchange rates for the year. All resulting translation differences are included in the item "Reserve of exchange differences on translation" in equity.

{92}------------------------------------------------

#### Hyperinflation

The financial statements (and comparative figures) of foreign subsidiaries whose functional currency is the currency of a country with severe hyperinflation must be restated in relation to changes in the purchasing power of the currency. A revaluation is carried out in accordance with IAS 29.

—**Read more in chapter 38.** Effects of hyperinflation.

#### Major exchange rates

The exchange rates used for foreign currency translation of major currencies are as follows:

| In number of units per 1 EUR |                       | Rate at reporting date |                   |       | Average rate for year |  |
|------------------------------|-----------------------|------------------------|-------------------|-------|-----------------------|--|
| Currency                     |                       | December 31, 2023      | December 31, 2022 | 2023  | 2022                  |  |
| BRL                          | Brazilian real        | 5.36                   | 5.64              | 5.40  | 5.44                  |  |
| CAD                          | Canadian dollar       | 1.46                   | 1.44              | 1.46  | 1.37                  |  |
| CHF                          | Swiss franc           | 0.93                   | 0.98              | 0.97  | 1.00                  |  |
| CNY                          | Chinese renminbi yuan | 7.85                   | 7.36              | 7.66  | 7.08                  |  |
| DKK                          | Danish krone          | 7.45                   | 7.44              | 7.45  | 7.44                  |  |
| GBP                          | British pound         | 0.87                   | 0.89              | 0.87  | 0.85                  |  |
| INR                          | Indian rupee          | 91.90                  | 88.17             | 89.30 | 82.69                 |  |
| SEK                          | Swedish krona         | 11.10                  | 11.12             | 11.48 | 10.63                 |  |
| USD                          | US dollar             | 1.11                   | 1.07              | 1.08  | 1.05                  |  |

### **b) Use of discretionary judgments and estimates**

Preparation of the consolidated financial statements requires the management to make discretionary judgments, estimates, and assumptions that can affect the applied accounting policies and the reported amounts of assets, liabilities, income, and expenses. Actual results may differ from these estimates. Estimates as well as underlying assumptions are reviewed regularly. Revisions of estimates are recognized prospectively. The Group has made key assumptions concerning the future and has identified material sources of estimation uncertainties and discretionary judgments.

The war in Ukraine, the Middle East conflict, and other geopolitical developments have been and will be continuously monitored in order to best counteract any future effects on the ANDRITZ GROUP. Currently, these geopolitical developments have no direct, significant impact on the net asset, financial position, and earnings of ANDRITZ.

ANDRITZ addresses climate-related risks in the respective chapters.

In the respective chapters, the use of discretionary judgments and estimates is indicated as follows:

### **SOURCES OF ESTIMATION UNCERTAINTY AND CRITICAL JUDGMENTS**

{93}------------------------------------------------

# **B) INFORMATION ON THE STRUCTURE OF ANDRITZ**

# **4. Consolidation scope**

# **ACCOUNTING POLICIES**

The consolidated financial statements include ANDRITZ AG and those companies it controls directly or indirectly. ANDRITZ controls an entity when it is exposed to or has rights to variable returns from its involvement with the entity and has the ability to affect those returns through its power of disposition over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control is obtained until the date on which control is lost. Changes in the Group's share in a subsidiary that do not result in a loss of control are accounted for as equity transactions. When the Group loses control over a subsidiary, it derecognizes the assets and liabilities of the subsidiary, any related non-controlling interests, and other components of equity. Any resulting gain or loss is recognized through profit or loss.

In case the influence on the Group's assets, liabilities, financial position, and profit or loss of companies controlled is of minor importance, the decision on including them into the consolidation scope is made based on quantitative and qualitative considerations. The shares in non-consolidated companies are recorded in item "Investments and other financial assets".

**2023 2022**

Full consolidation

The consolidation scope has changed as follows:

|                               | Full consolidation | Equity method | Full consolidation | Equity method |
|-------------------------------|--------------------|---------------|--------------------|---------------|
| Balance as of January 1       | 168                | 4             | 165                |               |
| Acquisitions of companies     | 6                  |               | 9                  |               |
| New foundations               | 0                  |               | 1                  |               |
| Changes in consolidation type | 2                  | -2            | -2                 |               |
| Mergers and liquidations      | -6                 |               | -5                 |               |
| Balance as of December 31     | 170                | 2             | 168                |               |
| Thereof attributable to:      |                    |               |                    |               |
| Domestic companies            | 7                  | 0             | 7                  |               |
| Foreign companies             | 163                | 2             | 161                |               |

Due to quantitative and qualitative considerations, 49 companies (2022: 48) controlled by ANDRITZ were not consolidated and 9 associated companies (2022: 7) were not accounted for using the equity method, respectively.

## **Changes in consolidation type**

In the financial year 2023, ANDRITZ no longer consolidated the following companies that were previously accounted for using the equity method because of non-fulfillment of the materiality criteria:

- Enmas ANDRITZ Pvt. Ltd., India
- VA Brazil Oy, Finland

There was no significant effect from the disposal of these companies in 2023.

{94}------------------------------------------------

In the comparison period, ANDRITZ no longer consolidated ANDRITZ Pumps Germany GmbH, Germany, and ANDRITZ HYDRO SAS, France, because of non-fulfillment of the materiality criteria. The disposal of these subsidiaries resulted in a loss of 0.4 MEUR in 2022, which is included in other expenses.

—**Read more in chapter 42.** Group companies.

## **5. Acquisitions**

# **ACCOUNTING POLICIES**

Business combinations are accounted for by applying the acquisition method if the acquired set of activities and assets meets the definition of a business and the Group has gained control. In determining whether a particular set of activities and assets is a business, the Group assesses whether the set of assets and activities acquired includes at least a resource usage and a substantial process and whether the acquired group is able to provide goods or services.

The purchase price is offset against the revalued net assets of the acquired company. In doing so, the values at the acquisition date, which is the date on which control of the acquiree was obtained, are used as a basis. Differences in value are fully recognized. The acquired identifiable assets, liabilities, and contingent liabilities are generally recognized at their fair values in the consolidated statement of financial position, irrespective of the extent attributable to non-controlling interests. Application of the acquisition method requires certain estimates and assumptions to be made, especially concerning the fair values of the intangible assets and property, plant, and equipment acquired, the liabilities assumed at the acquisition date, and the useful lives of the intangible assets and the property, plant, and equipment acquired.

Non-controlling interests can be measured either at cost (partial goodwill method) or at fair value (full goodwill method). The choice of method can be made on a case-by-case basis. It is general practice within the ANDRITZ GROUP to use the partial goodwill method.

In step acquisitions, where a company is acquired in several stages, the fair values of the acquired entity's assets and liabilities are measured in accordance with IFRS 3 – Business Combinations at the date on which control is obtained. Any resulting adjustments to the fair value of the existing interest are recognized in profit or loss. The carrying amount of the assets and liabilities already recognized in the statement of financial position is then adjusted accordingly.

### **a) Dedert-Group**

ANDRITZ GROUP has signed an agreement to acquire 100% of the shares of Dedert-Group. The headquarters of the main entity of Dedert Group are in Holewood, Illinois, USA. The closing of the transaction took place in October 2023. Dedert is one of the leading international suppliers of dryer and evaporator technologies. Dedert-Group, with around 100 employees has an annual revenue of approximately 80 MEUR and operates subsidiaries in Canada, Denmark, Mexico, and China. The acquisition expands the existing product range in the Separation operating segment. As a result of this acquisition, four fully consolidated companies entered the consolidation scope of ANDRITZ.

## **b) Dan-Web Machinery A/S**

ANDRITZ has signed an agreement to acquire 100% of the shares of Dan-Web Machinery A/S, headquartered in Galten, Denmark. The closing of the transaction took place in June 2023. The acquisition expands the existing 

{95}------------------------------------------------

product range in the Pulp & Paper operating segment. The company, with around 50 employees, has an annual revenue of approximately 14 MEUR. Dan-Web Machinery A/S was included in the consolidation scope of ANDRITZ.

## **c) Imagine That Inc.**

ANDRITZ has signed a contract to acquire 100% of the shares of Imagine That Inc. in San Jose, USA. The closing of the transaction took place in January 2023. The company, with around five employees, has an annual revenue of approximately 1.1 MEUR. The acquisition is assigned to the Metals business segment. Imagine That Inc. was included in ANDRITZ's scope of consolidation as a fully consolidated company.

## **d) SFA**

ANDRITZ has acquired assets along with key patents and intellectual properties from SFA Handels GmbH. Five employees were taken on. The acquisition expands the existing product range in the Pulp & Paper operating segment. The closing of the transaction took place in December 2023.

## **e) Scitech-Service Oy**

ANDRITZ has signed a contract to acquire 100% of the shares of Scitech-Service Oy, headquartered in Helsinki, Finland. The closing of the transaction took place in July 2023. The acquisition includes Scitech-Service Oy's subsidiary Experimentis Oy, headquartered in Rauma, Finland. The companies, with around 15 employees, have an annual revenue of approximately 2 MEUR. Due to the insignificance of this acquisition, no fully consolidated companies were included in the ANDRITZ scope of consolidation.

## **f) NAF**

ANDRITZ has signed an agreement with Flowserve Corporation based in Texas, USA, to take over the business of NAF AB. The signing of the transaction took place in October 2023. The closing of the transaction is subject to approval by the respective authorities. The closing is expected to take place in 2024.

{96}------------------------------------------------

## **g) Preliminary fair values at the acquisition date**

The preliminary fair values of the assets acquired and liabilities assumed are as follows:

| (in MEUR)                                                         | Metals | Pulp & Paper | Separation | Total |
|-------------------------------------------------------------------|--------|--------------|------------|-------|
| Intangible assets other than goodwill                             | 2.7    | 7.0          | 30.1       | 39.8  |
| Property, plant, and equipment                                    | 0.0    | 4.4          | 3.8        | 8.2   |
| Investments and other financial assets                            | 0.0    | 0.0          | 0.9        | 0.9   |
| Inventories                                                       | 0.0    | 3.8          | 1.9        | 5.7   |
| Advance payments made                                             | 0.0    | 0.0          | 3.2        | 3.2   |
| Trade accounts receivable                                         | 0.1    | 0.1          | 14.3       | 14.5  |
| Contract assets                                                   | 0.0    | 0.0          | 3.6        | 3.6   |
| Cash and cash equivalents                                         | 0.2    | 1.9          | 7.3        | 9.4   |
| Current tax assets                                                | 0.0    | 0.0          | 0.8        | 0.8   |
| Other receivables and assets                                      | 0.0    | 0.4          | 3.7        | 4.1   |
| Deferred tax liabilities                                          | -0.7   | -0.9         | -0.5       | -2.1  |
| Bank loans and other financial liabilities                        | 0.0    | 0.0          | -14.6      | -14.6 |
| Provisions                                                        | 0.0    | -0.8         | -9.3       | -10.1 |
| Lease liabilities                                                 | 0.0    | -4.0         | -1.3       | -5.3  |
| Trade accounts payable                                            | 0.0    | -0.5         | -4.3       | -4.8  |
| Contract liabilities from sales recognized over time              | 0.0    | -0.1         | -12.4      | -12.5 |
| Contract liabilities from sales recognized at a point in time     | 0.0    | -4.6         | -0.3       | -4.9  |
| Current tax liabilities                                           | 0.0    | 0.0          | -0.2       | -0.2  |
| Other liabilities                                                 | -0.5   | -4.6         | -18.9      | -24.0 |
| Net assets                                                        | 1.8    | 2.1          | 7.8        | 11.7  |
| Total comprehensive income allocated to non-controlling interests | 0.0    | 0.0          | 0.0        | 0.0   |
| Goodwill                                                          | 0.0    | 12.9         | 32.0       | 44.9  |
| CONSIDERATION TRANSFERRED                                         | 1.8    | 15.0         | 39.8       | 56.6  |

The goodwill of the acquired companies mainly results from the skills and professional talent of the workforce and the expected synergies from the integration into the ANDRITZ GROUP.

The initial accounting of the assets acquired and liabilities assumed is based on preliminary figures, because valuations have not been finalized yet. The final evaluation of the balance sheet items is carried out according to the regulations of IFRS 3 (revised) – Business Combinations.

Transaction costs directly related to the business combinations are recognized as an expense incurred in the period (in other expenses). The acquired receivables do not contain any receivables expected to be uncollectible.

The acquisitions have contributed 16.3 MEUR to the ANDRITZ GROUP's revenue and -1.1 MEUR to the ANDRITZ GROUP's EBIT since their first-time consolidation. If the businesses had been acquired at the beginning of the financial year 2023, they would have contributed 87.9 MEUR to the ANDRITZ GROUP's revenue and 3.7 MEUR to the ANDRITZ GROUP's EBIT.

## **SOURCES OF ESTIMATION UNCERTAINTY AND CRITICAL JUDGMENTS**

The first-time inclusion of individual assets acquired and liabilities assumed is based on preliminary values due to time constraints and not yet final valuations. If, within a year after the acquisition date, new and essential information becomes available about facts and circumstances that existed at the acquisition date and that would 

{97}------------------------------------------------

have led to corrections of the preliminarily recognized amounts or to additional provisions, the accounting of the acquisitions will be adjusted.

Depending on the type of asset and the availability of information, intangible assets are determined using a suitable valuation method. The fair values of land and buildings are generally determined by external experts. In addition to the assumptions about the future development of the estimated cash flows, these valuations are also significantly influenced by the discount rates used. Similar to the assets acquired and liabilities assumed, all available information about the circumstances at the time of acquisition is also used for the initial accounting of contingent purchase price liabilities.

Climate-related risks and opportunities were considered in determining the fair value of the acquired intangible assets and property, plant, and equipment, the liabilities assumed at the time of acquisition, and the useful life of the acquired assets and property, plant, and equipment based on the best estimate of future developments according to relevance. Opportunities and risks of environmental issues in acquisitions are already addressed in the purchase process as part of the due diligence.

## **6. Investments accounted for using the equity method**

# **ACCOUNTING POLICIES**

Associated companies are entities, which the Group has significant influence on, but does not have control or joint control over the financial and operating policies.

Joint ventures are entities over which ANDRITZ and one or more parties exercise joint control and have rights to their net assets.

Associated companies and joint ventures are accounted for at equity and are initially recorded at cost.

| Company                       | Main office                      | Operating<br>segment | Category           | 2023   | 2022   |
|-------------------------------|----------------------------------|----------------------|--------------------|--------|--------|
| Enmas ANDRITZ Pvt. Ltd.       | Chennai, India                   | PP                   | Associated company | -      | 40.00% |
| VA Brazil Oy                  | Espoo, Finland                   | PP                   | Associated company | -      | 40.00% |
| Psiori GmbH                   | Freiburg im Breisgau,<br>Germany | ME                   | Associated company | 25.10% | 25.10% |
| Smart Press Shop GmbH & Co KG | Halle (Saale), Germany           | ME                   | Joint venture      | 50.00% | 50.00% |

Due to non-fulfillment of the materiality criteria, Enmas ANDRITZ Pvt. Ltd., India, and VA Brazil Oy, Finland, were deconsolidated at the beginning of the financial year.

The joint venture Smart Press Shop GmbH & Co KG is controlled jointly by Schuler Group GmbH and Dr. Ing. h. c. F. Porsche Aktiengesellschaft. The purpose is the highly flexible production of sophisticated chassis parts with pioneering technologies.

{98}------------------------------------------------

The summarized financial information for associated companies and joint ventures is shown in an aggregated form because each company can be considered individually immaterial. The following overview shows the items of the statement of financial position and the income statement for companies accounted for using the equity method:

| (in MEUR)                                                                                             | 2023                    |                | 2022                    |                |
|-------------------------------------------------------------------------------------------------------|-------------------------|----------------|-------------------------|----------------|
|                                                                                                       | Associated<br>companies | Joint ventures | Associated<br>companies | Joint ventures |
| DISCLOSURES ON FINANCIAL POSITION                                                                     |                         |                |                         |                |
| Non-current assets                                                                                    | 4.9                     | 130.1          | 5.3                     | 133.6          |
| Current assets                                                                                        | 2.7                     | 21.0           | 4.5                     | 25.5           |
| thereof cash and cash equivalents                                                                     | 0.6                     | 2.2            | 0.2                     | 6.9            |
| Assets                                                                                                | 7.6                     | 151.1          | 9.8                     | 159.1          |
| Non-current liabilities                                                                               | 0.0                     | 110.4          | 0.0                     | 119.5          |
| Current liabilities                                                                                   | 0.8                     | 13.6           | 4.5                     | 16.4           |
| Liabilities                                                                                           | 0.8                     | 124.0          | 4.5                     | 135.5          |
| DISCLOSURES ON THE INCOME STATEMENT                                                                   |                         |                |                         |                |
| Revenue                                                                                               | 5.8                     | 78.5           | 4.9                     | 48.2           |
| Depreciation, amortization, and impairment of property, plant,<br>and equipment and intangible assets | -0.2                    | -7.4           | -0.2                    | -5.2           |
| Interest result                                                                                       | 0.0                     | -3.2           | 0.0                     | -2.1           |
| Result for the year                                                                                   | 0.6                     | 3.9            | -0.6                    | 1.3            |

ANDRITZ has the following share of income of companies accounted for using the equity method:

| (in MEUR)                                                                                       | 2023                    |                |       | 2022                    |                |       |
|-------------------------------------------------------------------------------------------------|-------------------------|----------------|-------|-------------------------|----------------|-------|
|                                                                                                 | Associated<br>companies | Joint ventures | Total | Associated<br>companies | Joint ventures | Total |
| Share of net income                                                                             | 0.2                     | 1.9            | 2.1   | -0.1                    | 0.6            | 0.5   |
| Share of other comprehensive income                                                             | 0.0                     | 0.0            | 0.0   | 0.0                     | 0.0            | 0.0   |
| Share of total comprehensive income                                                             | 0.2                     | 1.9            | 2.1   | -0.1                    | 0.6            | 0.5   |
| thereof not recognized in the consolidated<br>financial statements                              | 0.0                     | 0.0            | 0.0   | 0.0                     | 0.0            | 0.0   |
| thereof recognized in the consolidated<br>financial statements                                  | 0.2                     | 1.9            | 2.1   | -0.1                    | 0.6            | 0.5   |
| Elimination of interim result                                                                   | 0.0                     | 0.3            | 0.3   | 0.0                     | 0.3            | 0.3   |
| Result from investments accounted for using the<br>equity method                                | 0.2                     | 2.2            | 2.4   | -0.1                    | 0.9            | 0.8   |
| Aggregate carrying amount of the shares in com-<br>panies accounted for using the equity method | 5.4                     | 10.7           | 16.1  | 5.2                     | 8.5            | 13.7  |

The cumulative unrecognized losses amount to 0.0 MEUR (2022: -1.0 MEUR). They belonged entirely to Enmas ANDRITZ Pvt. Ltd. A loan from a company accounted for using the equity method is guaranteed in the amount of 55.2 MEUR (2022: 59.7 MEUR).

{99}------------------------------------------------

# **7. Related parties**

Under IAS 24 ">– Related Party Disclosures, related party transactions have to be disclosed with entities, as far as they are not already included as consolidated companies in the consolidated financial statements of ANDRITZ AG as well with related persons. The members of the Executive Board and the Supervisory Board of ANDRITZ AG have been defined as key management personnel, making them and the close members of their families related persons. The compensation to be disclosed includes the remuneration of the Executive Board and the Supervisory Board.

## **a) Related entities**

In addition to the companies included in the consolidated financial statements, the Group has relations in the ordinary course of business with non-consolidated companies, associated companies, and joint ventures that are considered related parties of the Group. As the Group's transfer pricing policy provides transfer prices at arm's length, no transactions are conducted that do not comply with market standards. The non-inclusion of nonconsolidated companies in the consolidated financial statements has no significant impact on the Group's net assets, liabilities, financial position, and profit or loss.

The extent of business relations with non-consolidated companies, associated companies, and joint ventures is as follows:

| (in MEUR)                                    | 2023  | 2022  |
|----------------------------------------------|-------|-------|
| REVENUE AND OTHER INCOME                     | 44.0  | 31.5  |
| with non-consolidated companies              | 43.5  | 29.7  |
| with associated companies and joint ventures | 0.5   | 1.1   |
| EXPENSES                                     | -30.8 | -37.1 |
| with non-consolidated companies              | -27.6 | -35.5 |
| with associated companies and joint ventures | -3.2  | -2.5  |
| TRADE AND OTHER RECEIVABLES                  | 24.3  | 19.3  |
| from non-consolidated companies              | 24.2  | 18.5  |
| Gross amount                                 | 66.6  | 57.5  |
| Valuation allowance                          | -42.4 | -38.4 |
| from associated companies and joint ventures | 0.1   | 0.8   |
| Gross amount                                 | 0.1   | 1.1   |
| Valuation allowance                          | 0.0   | -0.1  |
| LIABILITIES                                  | 11.7  | 11.1  |
| to non-consolidated companies                | 11.7  | 11.0  |
| to associated companies and joint ventures   | 0.0   | 0.1   |

The related companies are mainly sales companies or supplier companies that deliver goods to the Group or provide services for the Group. The joint venture Smart Press Shop GmbH & Co KG is also categorized as a related company.

—**Read more details in chapter 6.** Investments accounted for using the equity method.

{100}------------------------------------------------

## **b) Related persons**

Business relationships with companies in which members of the Executive Board or the Supervisory Board of ANDRITZ AG work are conducted at arm's length terms and are of minor importance, both individually and collectively.

#### **Executive Board**

| Name                | Function                      | Date of first appointment                                                          | End of current mandate |
|---------------------|-------------------------------|------------------------------------------------------------------------------------|------------------------|
| Joachim Schönbeck   | President & CEO               | October 1, 2014 (Member of the Executive Board)<br>April 8, 2022 (President & CEO) | April 7, 2027          |
| Domenico Iacovelli  | Member of the Executive Board | April 8, 2022                                                                      | December 31, 2023      |
| Humbert Köfler      | Member of the Executive Board | April 1, 2007                                                                      | September 30, 2023     |
| Norbert Nettesheim  | Chief Financial Officer       | December 6, 2019                                                                   | September 30, 2027     |
| Wolfgang Semper     | Member of the Executive Board | April 1, 2011                                                                      | March 29, 2023         |
| Frédéric Sauze      | Member of the Executive Board | March 30, 2023                                                                     | March 29, 2026         |
| Dietmar Heinisser   | Member of the Executive Board | April 1, 2023                                                                      | March 31, 2026         |
| Jarno Matias Nymark | Member of the Executive Board | October 1, 2023                                                                    | September 30, 2026     |

The Executive Board of ANDRITZ AG consisted of six members as of December 31, 2023. Domenico Iacovelli has resigned from the Executive Board at the end of this reporting date, therefore as of January 1, 2024, the Executive Board only consists of five Board members. Joachim Schönbeck will head the Metals operating segment as of January 1, 2024. Going into his retirement, Wolfgang Semper, who was responsible for the Hydro operating segment, stepped down from the Executive Board as of end of March 2023. He was succeeded by Frédéric Sauze. As of April 1, 2023, Dietmar Heinisser joined the Executive Board and assumed responsibility for the Separation operating segment. Following the resignation of Humbert Köfler, who was responsible for the Paper Service division, on September 30, 2023, Jarno Nymark was appointed to the Executive Board and took over the entire Pulp & Paper business segment (capital systems and service).

The annual general meeting, held on March 24, 2021, approved the compensation policy, which includes the principles of determining the compensation of the Executive Board and the Supervisory Board of ANDRITZ AG as well as of the executives. The primary goal of the compensation policy is to promote long-term and sustainable corporate development above all in the interests of shareholders. The remuneration of the Executive Board is composed of a fixed and a variable/success-based portion. The amount of the variable portion depends on the net income achieved and the achievement of non-financial targets such as currently the accident frequency rate. ANDRITZ aims to reduce the accident frequency rate by 30% each year compared to the previous year. If this target is reached, the variable remuneration for each member of the Executive Board is 100 TEUR. If the accident frequency rate is unchanged compared to the previous year, the variable remuneration does not apply. If the accident rate improves between 0% and the target value, the variable remuneration is calculated proportionately on a straight-line basis. If the target value is exceeded, the variable remuneration increases linearly up to a maximum of 150 TEUR.

For contracts with members of the Executive Board, the maximum value of the annual variable remuneration payable was set at three times the annual fixed remuneration. Any amounts in excess of this sum will be carried forward as a variable remuneration to the following three financial years. If the net income of the Group falls short of a defined minimum amount, this results in a "malus" (negative bonus) that is also carried forward to the following years and is a reduction in future variable salary components. If there is a "negative bonus" at the time of leaving, this reduces the entitlements existing upon leaving.

{101}------------------------------------------------

The other remunerations primarily relate to taxable benefits in kind, mainly for company cars and settlement of exchange rate differences, which amount to a total of 274 TEUR in 2023 (2022: 190 TEUR). In addition, ANDRITZ makes insurance contributions for the risk of accidents such as death or disability and for medical expenses. If necessary, ANDRITZ also assumes the costs of keeping two households for up to one year at the start of employment. In the 2023 financial year, the other remuneration components granted amounted to 561 TEUR (2022: 634 TEUR). No advances or loans were granted to members of the ANDRITZ AG Executive Board.

The members of the Executive Board are entitled to receive pension scheme benefits. In addition to a retirement pension, these include benefits in the event of occupational disability as well as pension payments for dependents following the death of the beneficiary. The retirement pension is normally paid from a certain age provided that the employment contract has already been terminated by this date. The administration work has been outsourced to pension funds. Pension contracts are either defined contribution oriented or defined benefit oriented. If the employment contract is terminated prematurely, contributions made up to this point shall still be vested. The pension amount to which the beneficiary is entitled is not subject to an escalation clause before any benefits become payable; after this, annual adjustments can be made to take account of the development in wages and salaries and of ANDRITZ's economic status.

Some members of the Executive Board, upon termination of their function and concurrent termination of employment, were entitled to severance payments in the meaning of section 23 of the Austrian Employees Act unless such termination is the result of justified dismissal. Severance payments in the event of premature termination without good cause of activities as member of the Executive Board are provided for in the Executive Board contracts according to section 27 of the Austrian Salaried Employees Act.

The principles applied in establishing the remuneration of the Executive Board and of senior managers comply with the Austrian Code of Corporate Governance.

The following expenses have been recognized for the Executive Board:

| (in TEUR)                | 2023   | 2022   |
|--------------------------|--------|--------|
| Short-term benefits      | 20,861 | 16,986 |
| Share-based payments     | 744    | 611    |
| Post-employment benefits | 561    | 634    |
|                          | 22,166 | 18,231 |

In 2023, a provision of 4,733 TEUR (2022: 6,728 TEUR) was recorded for pensions of former members of the Executive Board and their dependents. Expenses for these pensions amounted to 864 TEUR in 2023 (2022: 84 TEUR). In 2023, 466 TEUR (2022: 466 TEUR) were paid to former members of the Executive Board and their surviving dependents.

ANDRITZ AG took out Directors' and Officers' liability insurance (D&O insurance) for 2023. The policyholder is ANDRITZ AG. The costs are carried by the company. The D&O insurance covers certain personal liability risks of persons in the ANDRITZ GROUP acting under responsibility. The annual costs amount to approximately 680 TEUR (2022: approximately 700 TEUR).

{102}------------------------------------------------

#### **Supervisory Board**

The ANDRITZ AG Supervisory Board was composed of six appointed members and three delegated members by the employee representative organizations as of December 31, 2023:

| Name                   | Function                                    | Date of first appointment | End of current mandate                   |
|------------------------|---------------------------------------------|---------------------------|------------------------------------------|
| APPOINTED MEMBERS      |                                             |                           |                                          |
| Alexander Leeb         | Chairman of the Supervisory Board           | March 27, 2019            | Until the Annual General Meeting in 2024 |
| Wolfgang Leitner       | Deputy-Chairman of the Supervisory<br>Board | April 7, 2022             | Until the Annual General Meeting in 2026 |
| Wolfgang Bernhard      | Member of the Supervisory Board             | July 7, 2020              | Until the Annual General Meeting in 2025 |
| Jürgen Hermann Fechter | Member of the Supervisory Board             | March 30, 2016            | Until the Annual General Meeting in 2026 |
| Alexander Isola        | Member of the Supervisory Board             | March 30, 2016            | Until the Annual General Meeting in 2026 |
| Monika Kircher         | Member of the Supervisory Board             | March 21, 2014            | Until the Annual General Meeting in 2024 |
| DELEGATED MEMBERS      |                                             |                           |                                          |
| Georg Auer             | Member of the Supervisory Board             | July 1, 2011              |                                          |
| Andreas Martiner       | Member of the Supervisory Board             | February 14, 2001         |                                          |
| Alexander Mori         | Member of the Supervisory Board             | June 30, 2021             |                                          |

The remuneration scheme of the Supervisory Board is composed of a fixed and an attendance-related portion. The fixed portion is a total sum, which is to be distributed such that the chairman of the Supervisory Board receives double the amount and his deputy one-and-a-half-times the amount paid to the other members. The second portion consists of a lump sum fee paid in respect of each meeting that the member attends. Subject to approval by the Annual General Meeting, the Supervisory Board remunerations for the 2023 business year amount to a total of 325 TEUR (2022: 328 TEUR). No Supervisory Board remuneration was paid to the Supervisory Board members delegated by the employee representative organizations.

No advances or loans were granted to members of the ANDRITZ AG Supervisory Board. There were no agreements subject to approval between ANDRITZ AG and individual members of the Supervisory Board or companies closely associated with Supervisory Board members.

In 2023, Custos Vermögensverwaltungs GmbH owns 30.72% and Cerberus Vermögensverwaltung GmbH owns 0.77%. Custos Privatstiftung holds 100% of the shares in Custos Vermögensverwaltungs GmbH and 0.40% of the shares in Cerberus Vermögensverwaltung GmbH. Wolfgang Leitner, deputy chairman of the Supervisory Board, holds 99.60% of the shares in Cerberus Vermögensverwaltung GmbH and is a co-founder of the Custos Privatstiftung. Based on the number of shares listed above, both companies received a dividend of 68,8 MEUR (before capital gains tax deduction) from ANDRITZ AG. Aero Bedarfsflug GmbH based in Graz, a company controlled by Wolfgang Leitner has ceded operation of a corporate jet aircraft owned by the company to a professional private aviation firm. The related expenses for business trips amounted to 451 TEUR in 2023 (2022: 647 TEUR). As of December 31, 2023, a liability to this company amounting to 24 TEUR (2022: 26 TEUR) was recognized in this regard. Wolfgang Leitner waived his remuneration as member of the Schuler Group GmbH Supervisory Board.

The law firm GRAF ISOLA Rechtsanwälte GmbH, in which the Supervisory Board member Alexander Isola acts as a partner, provided consultancy services as a legal advisor to ANDRITZ AG in 2023. These mandates were settled at the respective applicable hourly rates of the law firm. The total volume of fees incurred in 2023 amounted to 26 TEUR (2022: 21 TEUR).

{103}------------------------------------------------

# **C) RESULT OF THE YEAR**

## **8. Segment reporting**

### **a) Operating segments**

For management purposes, the Group is organized into business areas based on products and services and has the following four operating segments:

#### **ANDRITZ Pulp & Paper (PP)**

ANDRITZ Pulp & Paper provides sustainable technology, automation, and service solutions for the production of all types of pulp, paper, board, and tissue. The technologies and services focus on increased production efficiency, lower overall operating costs as well as innovative decarbonization strategies and autonomous plant operation. The product range also includes boilers for power generation, flue gas cleaning systems, various nonwoven technologies, panelboard (MDF) production systems. Waste and side streams from production are converted into valuable secondary raw materials or energy with the offered waste-to-value recycling, shredding and energy solutions. State-of-the-art IIoT technologies as part of Metris digitalization solutions complete the comprehensive product offering.

#### **ANDRITZ Metals (ME)**

ANDRITZ Metals is ">– via the Schuler Group ">– one of the world's leading suppliers of technologies, plants, and digital solutions in metal forming. The product portfolio also includes automation and software solutions, process know-how, and service. In the metals processing sector, the operating segment offers innovative, sustainable, and market-leading solutions for the production and processing of flat products, for welding systems and industrial furnaces with their own burner systems as well as services for the metals processing industry.

#### **ANDRITZ Hydro (HY)**

ANDRITZ Hydro is one of the world's leading suppliers of electromechanical equipment and services for hydropower stations in the dynamically growing global renewable energy market. Based on 180 years of experience and a global installed capacity of 470 gigawatts, ANDRITZ offers innovative solutions for new and existing hydropower stations, from small hydropower to large-scale plants. State-of-the-art digital solutions, comprehensive services for the operation and maintenance of entire hydropower plants, and turbo generators for the thermal industry complete the portfolio.

#### **ANDRITZ Separation (SE)**

ANDRITZ Separation provides mechanical and thermal technologies as well as services and the related automation solutions for solid/liquid separation, serving the chemical, environmental, food, mining, and minerals industries. The customized, innovative solutions focus on minimizing the use of resources and achieving highest process efficiency, thus making a substantial contribution towards sustainable environmental protection. In addition, the business area offers technologies and services for the production of animal feed and biomass pellets. Pumps for irrigation, water supply, and flood control are also part of this business area's portfolio.

These strategic operating segments form the basis of the internal reporting structure to the Executive Board as the key decision maker. The accounting and valuation principles of the individual segments are the same as those of the Group.

According to the internal reporting structure, all revenue as well as all direct and indirect expenses (including overhead and administrative costs) are allocated to operating segments and reflect the management structure of the organization and the predominant sources of risks and opportunities. The key measure of operating 

{104}------------------------------------------------

performance is Earnings Before Interest, Taxes, and Amortization (EBITA). There are no substantial intersegmental transactions. All consolidation effects related to the income statement are included in the respective operating segment.

The ANDRITZ GROUP changed its internal organization and therefore the composition of its operating segments in 2023. The Pumps business (previously reported in the Hydro operating segment) and some products of the Pulp & Paper operating segment, that are mainly supplied to customers outside the pulp & paper industry, are reported in the Separation operating segment as of January 1, 2023. Accordingly, the Group has adjusted the disclosures by operating segments as of December 31, 2022.

## **Information by operating segment**

#### **2023**

| (in MEUR)                                                                                             | PP      | ME      | HY      | SE      | Total   |
|-------------------------------------------------------------------------------------------------------|---------|---------|---------|---------|---------|
| Revenue                                                                                               | 4,096.3 | 1,840.5 | 1,521.7 | 1,201.5 | 8,660.0 |
| EBITDA                                                                                                | 505.0   | 125.3   | 113.9   | 166.0   | 910.2   |
| EBITA                                                                                                 | 421.7   | 89.4    | 88.1    | 142.7   | 741.9   |
| Capital expenditure                                                                                   | 121.1   | 34.7    | 35.6    | 34.8    | 226.2   |
| Depreciation, amortization, and impairment of property, plant, and equipment<br>and intangible assets | 132.7   | 40.9    | 26.0    | 25.4    | 225.0   |
| Result from investments accounted for using the equity method                                         | 0.0     | 2.4     | 0.0     | 0.0     | 2.4     |
| Carrying amount of investments accounted for using the equity method                                  | 0.0     | 16.1    | 0.0     | 0.0     | 16.1    |

#### **2022**

| (in MEUR)                                                                                             | PP      | ME      | HY      | SE      | Total   |
|-------------------------------------------------------------------------------------------------------|---------|---------|---------|---------|---------|
| Revenue                                                                                               | 3,513.8 | 1,621.2 | 1,313.0 | 1,094.9 | 7,542.8 |
| EBITDA                                                                                                | 462.1   | 100.9   | 107.7   | 154.8   | 825.5   |
| EBITA                                                                                                 | 378.9   | 62.3    | 72.3    | 135.0   | 648.5   |
| Capital expenditure                                                                                   | 105.5   | 31.8    | 22.9    | 24.2    | 184.4   |
| Depreciation, amortization, and impairment of property, plant, and equipment<br>and intangible assets | 123.6   | 63.5    | 35.7    | 19.8    | 242.6   |
| Result from investments accounted for using the equity method                                         | 0.0     | 0.8     | 0.0     | 0.0     | 0.8     |
| Carrying amount of investments accounted for using the equity method                                  | 0.0     | 13.7    | 0.0     | 0.0     | 13.7    |

## **b) Geographical areas**

The Group's activities are mainly conducted in Europe, North America, South America, China, and Asia (without China). External revenue allocated by geographical areas is based on the location of the customers.

## **Information by geographical areas**

**2023**

| (in MEUR)           | Europe  | North<br>America | South<br>America | China   | Asia<br>(without<br>China) | Rest of the<br>world and<br>consoli-<br>dation | Total   |
|---------------------|---------|------------------|------------------|---------|----------------------------|------------------------------------------------|---------|
| Revenue             | 2,398.9 | 2,103.8          | 1,222.0          | 1,107.5 | 1,498.9                    | 328.9                                          | 8,660.0 |
| Non-current assets  | 908.6   | 258.6            | 109.0            | 186.6   | 33.4                       | 821.0                                          | 2,317.2 |
| Capital expenditure | 140.1   | 32.5             | 20.8             | 23.5    | 8.3                        | 1.0                                            | 226.2   |

{105}------------------------------------------------

#### **2022**

| (in MEUR)           | Europe  | North<br>America | South<br>America | China | Asia<br>(without<br>China) | Rest of the<br>world and<br>consoli<br>dation | Total   |
|---------------------|---------|------------------|------------------|-------|----------------------------|-----------------------------------------------|---------|
| Revenue             | 2,225.0 | 1,771.7          | 1,135.5          | 872.3 | 1,261.6                    | 276.8                                         | 7,542.9 |
| Non-current assets  | 847.9   | 248.4            | 119.7            | 201.3 | 34.5                       | 794.1                                         | 2,245.9 |
| Capital expenditure | 85.3    | 23.7             | 18.6             | 45.7  | 8.6                        | 2.5                                           | 184.4   |

External revenue in Europe includes an amount of 258.8 MEUR (2022: 154.2 MEUR) recognized in Austria. Noncurrent assets of 328.5 MEUR (2022: 318.7 MEUR) are located in Austria.

## **c) Key customers**

There is no revenue from transactions with a single external customer that amounts to 10% or more of the Group's revenue.

## **9. Revenue**

## **ACCOUNTING POLICIES**

Revenue includes all income resulting from the typical business activities of the ANDRITZ GROUP and is recognized in accordance with IFRS 15 from contracts with customers. Accordingly, ANDRITZ recognizes revenue when control of a promised product or service is transferred to a customer. The rules of IFRS 15 are implemented as part of the 5-step model: the model starts with the identification of the contract with the customer, followed by the identification of separate performance obligations. In the third step, the transaction price is determined. The transaction price is the amount of the consideration to which the supplying company is entitled as expected in exchange for the goods or services supplied. Subsequently, the transaction price is allocated to the identified performance obligations. In the last step, the revenue is recognized when the performance obligation is satisfied. Revenue is recognized either over time or at a point in time.

The majority of revenues at ANDRITZ are recognized **over time**. Revenue is recognized over time in accordance with performance progress using input- or output-oriented methods. The performance progress is measured mainly by the input-oriented method ("cost-to-cost method"). This means that revenue and order margins are recorded relative to the ratio of accumulated costs to the estimated total costs to complete. Changes of the total estimated order costs and losses, if any, are recognized in the income statement for the period in which they incur. For technological and financial risks that might occur during the remaining project period, an amount individually assessed for each order is included in the estimated order costs. For expected costs of warranty, provisions are recorded in accordance with the profit realization. Upon completion of an order, the remaining warranty risk is reassessed.

If the criteria set forth in IFRS 15 for revenue recognition over time are not met, the revenue is recognized **at a point in time**. At ANDRITZ, a customer obtains control over a promised product or service mainly when the asset is accepted or when the risks and rewards of ownership are transferred.

Impending losses are recorded when it is probable that the total project costs will exceed the revenue.

#### **Contract balances**

In case advance and progress payments received from customers exceed the performance progress for contracts with the revenue recognized over time, contract liabilities from revenue recognized over time are recorded, otherwise contract assets are recognized. Advance payments received from customers for contracts recognized at

{106}------------------------------------------------

a point in time are presented as item "contract liabilities from sales recognized at a point in time" in the consolidated statement of financial position.

Contract assets and contract liabilities are within the ordinary business cycle of ANDRITZ and are reported as current assets and liabilities, respectively. Amounts originally recorded as contract assets are reclassified to trade accounts receivable at the time when invoiced to customers. In case several contracts with a customer are to be combined into one contract for revenue accounting purposes, the contract assets and contract liabilities are netted.

## **a) Nature of products and services, timing of satisfaction of performance obligations, and significant payment terms**

ANDRITZ is a supplier of plants, equipment, and services for the pulp and paper industry (Pulp & Paper), the metalworking and steel industries (Metals), hydropower stations (Hydro), and for solid/liquid separation in the municipal and industrial sectors, pumps as well as for animal feed and biomass pelleting (Separation).

# — **Read more in chapter 8.** Segment reporting.

In the **capital** business, ANDRITZ fulfills the performance obligations using the input-oriented method (cost-to-cost method) if the conditions for the revenue recognition over time according to performance progress are met. The criteria for revenue recognition over time are on the one hand the fact that there is no alternative use and on the other hand, that ANDRITZ has an enforceable right to payment for performance completed to date (costs plus an appropriate margin). If the criteria are not met, the performance obligations are met at a point in time as soon as a customer obtains control over a promised product or service. This is especially the case when the asset is finally accepted. Down payments and progress payments are rendered by the customer – depending on the content of the contract – already before the project starts and/or in regular intervals or after reaching certain milestones.

In the **service** business, ANDRITZ basically fulfills the performance obligations with simultaneous use by the customer while the service is rendered. Revenue is recognized over time. For services on site at the customer's premises, repairs or maintenance with a short runtime or execution time, the revenue is recognized at a point in time. The invoicing of services by ANDRITZ and the payment by the customer are made on a regular basis.

Invoices are issued in accordance with the terms and conditions of the contract, whereby the terms of payment depend, among other things, on the country risk or customer credit risk.

With regard to the satisfaction of the performance obligations, it is evaluated whether two or more contracts with customers are to be combined into one performance obligation or whether one contract with a customer is to be divided into several performance obligations. If a contract is divided into several performance obligations, the total consideration is allocated to the respective performance obligations based on the estimated stand-alone selling prices. Since ANDRITZ's products and services predominantly represent customer-specific solutions, the standalone selling prices are mainly the expected costs plus a margin. Contracts with customers may also contain variable components such as bonuses, contractual penalties, or other claims from the customer or from ANDRITZ. Variable consideration is considered to the extent that it is most likely to occur.

In the financial year 2023, there were no significant financing components.

For projects with contractually agreed standardized **warranty services** ("assurance-type-warranty"), ANDRITZ recognizes provisions in accordance with revenue recognition. In exceptional cases where an additional warranty, beyond the standard ("service-type-warranty") is contractually agreed upon, a separate performance obligation arises, to which part of the consideration is attributed.

{107}------------------------------------------------

## **b) Disaggregation of revenue**

The following table shows the revenue of ANDRITZ by the reported segments:

|                         | Pulp & Paper |         | Metals  |         | Hydro   |         | Separation |         | Total   |         |
|-------------------------|--------------|---------|---------|---------|---------|---------|------------|---------|---------|---------|
| (in MEUR)               | 2023         | 2022    | 2023    | 2022    | 2023    | 2022    | 2023       | 2022    | 2023    | 2022    |
| REGION                  |              |         |         |         |         |         |            |         |         |         |
| Europe                  | 1,093.7      | 1,010.2 | 535.3   | 538.1   | 405.2   | 365.7   | 364.7      | 311.0   | 2,398.9 | 2,225.0 |
| North America           | 707.5        | 647.9   | 683.5   | 506.0   | 475.9   | 376.9   | 236.9      | 240.9   | 2,103.8 | 1,771.7 |
| South America           | 967.0        | 928.9   | 31.3    | 17.4    | 95.6    | 77.8    | 128.1      | 111.4   | 1,222.0 | 1,135.5 |
| Asia (without<br>China) | 819.0        | 490.1   | 147.4   | 333.3   | 340.8   | 292.1   | 191.7      | 146.1   | 1,498.9 | 1,261.6 |
| China                   | 401.7        | 360.6   | 418.5   | 215.4   | 67.2    | 64.6    | 220.1      | 231.7   | 1,107.5 | 872.3   |
| Others                  | 107.4        | 76.1    | 24.5    | 11.0    | 137.0   | 135.9   | 60.0       | 53.8    | 328.9   | 276.8   |
|                         | 4,096.3      | 3,513.8 | 1,840.5 | 1,621.2 | 1,521.7 | 1,313.0 | 1,201.5    | 1,094.9 | 8,660.0 | 7,542.9 |
| TYPE                    |              |         |         |         |         |         |            |         |         |         |
| Over time               | 2,597.4      | 2,106.4 | 1,203.8 | 1,012.4 | 1,322.7 | 1,117.7 | 441.1      | 413.1   | 5,565.0 | 4,649.6 |
| At a point in time      | 1,498.9      | 1,407.4 | 636.7   | 608.8   | 199.0   | 195.3   | 760.4      | 681.8   | 3,095.0 | 2,893.3 |
|                         | 4,096.3      | 3,513.8 | 1,840.5 | 1,621.2 | 1,521.7 | 1,313.0 | 1,201.5    | 1,094.9 | 8,660.0 | 7,542.9 |
| CATEGORY                |              |         |         |         |         |         |            |         |         |         |
| Capital                 | 2,413.7      | 1,978.0 | 1,384.2 | 1,212.5 | 934.0   | 772.7   | 600.1      | 580.9   | 5,332.0 | 4,544.1 |
| Service                 | 1,682.6      | 1,535.8 | 456.3   | 408.7   | 587.7   | 540.3   | 601.4      | 514.0   | 3,328.0 | 2,998.8 |
|                         | 4,096.3      | 3,513.8 | 1,840.5 | 1,621.2 | 1,521.7 | 1,313.0 | 1,201.5    | 1,094.9 | 8,660.0 | 7,542.5 |

## **c) Contract balances**

ANDRITZ recognizes contract assets in the context of revenue recognition over time in case the performance progress exceeds advance payments received from customers. In the financial year 2023, cumulative impairment on contract assets was reduced by 0.1 MEUR (2022: increase of impairment by 0.1 MEUR). Due to acquisitions, contract assets increased by 3.6 MEUR (2022: 35.3 MEUR). Amounts originally presented as contract assets are reclassified to trade accounts receivable at the time when rights become unconditional. This usually happens when the invoices are issued to the customer.

If advance payments received from customer contracts with revenue recognition over time exceed the performance progress, contract liabilities from sales recognized over time are recorded. Revenue recognized in the reporting period that was included in the contract liabilities from sales recognized over time at the beginning of the period amounted to 1,116.1 MEUR (2022: 779.4 MEUR). Due to acquisitions, contract liabilities increased by 12.4 MEUR (2022: 34.6 MEUR).

Advance payments received from customer contracts with revenue recognition at a point in time are presented as contract liabilities from revenue recognized at a point in time. These are generally recognized as revenue in the subsequent fiscal year.

Cumulative catch-up adjustments to revenue, including adjustments arising from a change in the measure of progress, a change in an estimate of the transaction price or a contract modification as well as revenue recognized in the reporting period from performance obligations (partially) satisfied in previous periods amount to less than one percent of the total revenue of a fiscal year.

{108}------------------------------------------------

## **d) Transaction price assigned to the remaining performance obligations**

The transaction price allocated to the unfulfilled or partially fulfilled remaining performance obligations (order backlog) as of December 31, 2023 contains the following expected revenue recognition:

| (in MEUR)    | within one year | in more than one<br>year | Total   |
|--------------|-----------------|--------------------------|---------|
| Pulp & Paper | 2,620.1         | 609.4                    | 3,229.5 |
| Metals       | 1,625.7         | 557.4                    | 2,183.1 |
| Hydro        | 1,254.0         | 2,144.8                  | 3,398.8 |
| Separation   | 851.1           | 210.1                    | 1,061.2 |
|              | 6,350.9         | 3,521.7                  | 9,872.6 |

ANDRITZ has not made use of the practical expedient in accordance with IFRS 15.121.

## **e) Contract costs**

ANDRITZ assumes that sales commissions paid to intermediaries as a result of concluding the contract are eligible for reimbursement. At ANDRITZ, all contract costs can be attributed directly to the contract initiation. The capitalized contract costs are included in the item "Other receivables" and amount to 10.4 MEUR as of December 31, 2023 (2022: 11.2 MEUR). According to the performance progress, 5.2 MEUR were amortized in the financial year 2023 (2022: 5.9 MEUR). In the fiscal year, no significant impairment losses were recorded.

## **SOURCES OF ESTIMATION UNCERTAINTY AND CRITICAL JUDGMENTS**

Over time revenue recognition is made in accordance with performance progress using input- or output-oriented methods. The accounting for orders with revenue recognition over time is based on estimations for order costs, expected consideration as well as order risks including technical, political, and financial risks. These estimations are reviewed regularly and adjusted accordingly. Although these estimations are based on all information available on the balance sheet date, substantial changes after the balance sheet date are possible.

The evaluation of whether two or more contracts with customers are to be combined into one performance obligation or whether a contract with a customer must be allocated to several performance obligations requires judgment that may affect the recognition of revenue or profit. Variable consideration is estimated at the most likely amount. Estimates are based primarily on expectations as well as on historical, current, and forecasted information available as of the balance sheet date.

# **10. Other income**

# **ACCOUNTING POLICIES**

The presentation for grants related to income varies, whether the grant offsets several expense categories or not. Consequently, grants related to R&D activitites are presented as other income, whereas grants related to a specific expense category are credited directly to this expense category.

{109}------------------------------------------------

| (in MEUR)                                                                  | 2023  | 2022  |
|----------------------------------------------------------------------------|-------|-------|
| Government grants                                                          | 32.8  | 36.1  |
| Insurance income                                                           | 27.4  | 4.4   |
| Rental income                                                              | 12.5  | 10.0  |
| Income from scrap material                                                 | 11.1  | 12.4  |
| Profit on disposal of intangible assets and property, plant, and equipment | 8.8   | 35.0  |
| Miscellaneous                                                              | 31.6  | 40.1  |
|                                                                            | 124.2 | 139.3 |

Miscellaneous other income includes, among other things, 2.8 MEUR from the reimbursement of expense relating to other periods.

# **11. Cost of materials**

| (in MEUR)                                                 | 2023    | 2022    |
|-----------------------------------------------------------|---------|---------|
| Expenses for raw materials, supplies, and goods purchased | 3,855.1 | 3,198.5 |
| Expenses for services purchased                           | 863.2   | 796.7   |
|                                                           | 4,718.3 | 3,995.2 |

# **12. Personnel expenses**

| (in MEUR)                               | 2023    | 2023    |
|-----------------------------------------|---------|---------|
| Wages and salaries                      | 1,751.3 | 1,610.0 |
| Expenses for social security and others | 343.4   | 310.6   |
| Pension expenses                        | 50.6    | 54.6    |
| Termination expenses                    | 14.1    | 4.7     |
| Severance expenses                      | 6.4     | 6.5     |
|                                         | 2,165.8 | 1,986.8 |

Government grants for personnel cost of 1.6 MEUR (2022: 0.7 MEUR) were recorded as a reduction of expenses.

The number of employees within the ANDRITZ GROUP was as follows:

| (headcount)                                          | 2023   | 2022   |
|------------------------------------------------------|--------|--------|
| Waged employees                                      | 10,979 | 11,309 |
| Salaried employees                                   | 18,738 | 17,785 |
| EMPLOYEES (AS OF END OF PERIOD; WITHOUT APPRENTICES) | 29,717 | 29,094 |
| Waged employees                                      | 11,369 | 10,664 |
| Salaried employees                                   | 18,366 | 17,044 |
| EMPLOYEES (AVERAGE; WITHOUT APPRENTICES)             | 29,735 | 27,708 |

{110}------------------------------------------------

# **13. Other expenses**

| (in MEUR)                                                            | 2023    | 2022  |
|----------------------------------------------------------------------|---------|-------|
| Sales expenses                                                       | 289.9   | 243.4 |
| Travel expenses                                                      | 164.2   | 131.8 |
| Administrative and consulting expenses                               | 160.5   | 140.3 |
| Repairs and maintenance                                              | 107.6   | 125.8 |
| Expenses for energy and water                                        | 65.5    | 62.9  |
| Insurance premiums and charges                                       | 61.8    | 49.1  |
| Rents and lease expenses                                             | 43.1    | 32.5  |
| Other taxes and charges                                              | 31.4    | 28.7  |
| Bank charges, guarantees, and similar expenses                       | 23.9    | 34.7  |
| Exchange rate losses                                                 | 8.7     | 5.8   |
| Expenses for valuation allowance and bad debt losses for receivables | 7.7     | 4.0   |
| Miscellaneous                                                        | 60.3    | 82.0  |
|                                                                      | 1,024.6 | 941.0 |

Miscellaneous other expenses include, but are not limited to, expenses for further training of employees and expenses for industrial patents, rights, and licenses.

## **14. Depreciation, amortization, and impairment of property, plant, and equipment and intangible assets other than goodwill**

| (in MEUR)                             | 2023  | 2022  |
|---------------------------------------|-------|-------|
| Property, plant, and equipment        |       |       |
| Depreciation                          | 161.9 | 163.5 |
| Impairment losses                     | 1.3   | 7.1   |
|                                       |       |       |
| Intangible assets other than goodwill |       |       |
| Amortization                          | 54.8  | 72.0  |
| Impairment losses                     | 7.0   | 0.0   |
|                                       | 225.0 | 242.6 |

The main impairment losses on property, plant, and equipment were recognized for technical equipment in France. In terms of intangible assets, impairment losses were recognized for brand names in Italy and the USA. These impairment losses are primarily attributable to the Pulp & Paper business segment.

{111}------------------------------------------------

# **15. Financial result**

The financial result comprises the following:

| (in MEUR)                                                     | 2023  | 2022  |
|---------------------------------------------------------------|-------|-------|
| Result from investments accounted for using the equity method | 2.4   | 0.8   |
| Interest income                                               | 68.5  | 41.0  |
| Interest expense                                              | -48.9 | -32.3 |
| Other financial result                                        | -19.0 | -41.3 |
|                                                               | 3.0   | -31.8 |

From obligations for pensions, severance payments, and other long-term employee benefits as well as return on plan assets -11.6 MEUR (2022: +4.1 MEUR interest income) is included in interest expense as well as interest expense on leases of -6.8 MEUR (2022: -4.3 MEUR).

The item "Other financial result" includes exchange rate gains and losses on loans and cash accounts of -18.9 MEUR (2022: -21.1 MEUR), valuation effects on securities of 5.8 MEUR (2022: -8.6 MEUR), as well as the gain or loss on the net monetary position from hyperinflation of -3.8 MEUR (2022: -6.7 MEUR).

## **16. Income taxes**

# **ACCOUNTING POLICIES**

Income taxes include current and deferred taxes. Current and deferred taxes are recognized in profit or loss except to the extent that the taxes are related to a business combination or to items recognized in other comprehensive income. Current taxes comprise the expected tax due (or tax receivable) on the taxable income (or the tax loss) for the financial year based on the income tax rates applicable respectively and all adjustments to the tax debt in respect of previous years. Actual tax liabilities also contain all tax debts arising as a result of dividends being declared. Current tax receivables and liabilities are offset if a legal right exists towards a tax authority to settle on a net basis. In the case of values determined in tax statements that cannot be realized the expected effects of these uncertain tax positions are considered.

Deferred taxes are recognized for temporary differences between the net book value of assets and liabilities in the IFRS consolidated financial statements and their tax bases at the level of the subsidiaries. Deferred taxes are not recognized for

- taxable temporary differences in the initial recognition of goodwill,
- temporary differences in the initial recognition of assets or liabilities in a business transaction which is not a business combination and affects neither the accounting profit nor the taxable profit,
- temporary differences in connection with shares in subsidiaries, associated companies, and joint ventures provided that the Group is able to control the timing of the reversal of the temporary difference and it is likely that the temporary difference will not be reversed in the foreseeable future.

Deferred taxes are measured in accordance with the tax rates (and tax regulations) applicable on the balance sheet date or which have essentially been passed as law and are expected to be applicable on the date when the 

{112}------------------------------------------------

deferred tax credits are realized, or deferred tax liabilities are settled. A deferred tax asset is recognized for unused tax losses, unused tax credits, and deductible temporary differences to the extent that it is probable that a future taxable profit will be available against which it can be utilized. Deferred tax assets are assessed at every reporting date and reduced to the extent to which it is no longer likely that the related tax advantage can be utilized. Provided that the deferred taxes relate to the same taxable entity and the same tax authority as well as that there is also a legally enforceable right to offset actual tax receivables against actual tax liabilities, deferred tax assets and liabilities are offset.

On January 20, 2022, the eco-social tax reform was passed in the third reading in the plenum of the National Council, which, among other things, provides for a gradual reduction in the corporate income tax rate in Austria from 25% to 24% in 2023 and finally to 23% in 2024. These changes in the corporate tax rate have already been considered in the calculation of deferred taxes.

On December 20, 2023, the Austrian government enacted the Pillar 2 income taxes legislation effective from January 1, 2024. Under this law, ANDRITZ AG as the parent company in Austria is obliged to pay an additional tax on the profits of its subsidiaries that are taxed at an effective tax rate of less than 15%. ANDRITZ assumes that it will be subject to the minimum tax with respect to its activities in Uruguay, where it is in a free trade zone. The other significant countries have met one of the three temporary safe harbors tests set out in the "Safe Harbors and Penalty Relief" document published by the OECD in December 2022, meaning that they do not have to bear additional taxes under the minimum tax law. By December 31, 2023, less than 1% of the Group's Earnings before Taxes could be affected by this tax. As the new tax law in Austria did not come into force until January 1, 2024, there is no impact on the actual tax expense for the 2023 financial year. ANDRITZ made use of the temporary, mandatory exemption regarding the recognition of deferred taxes due to the introduction of global minimum taxation. As a result, no deferred taxes are recognized in relation to income taxes under the Pillar 2 rules and no corresponding information is provided. ANDRITZ continues to assess the impact of the Pillar 2 legislation on the future profitability of the Group.

Within the ANDRITZ GROUP, a tax group according to section 9 KStG 1988 (Austrian Corporate Tax Act) consists of ANDRITZ AG as head, ANDRITZ HYDRO GmbH as domestic member as well as OTORIO LTD, Israel, and ANDRITZ DELKOR (Pty) Ltd., South Africa, as foreign members. A tax compensation agreement was concluded. Furthermore, there are two fiscal unities between selected affiliated companies in Germany for which profit and loss absorption agreements exist. In addition, comparable tax groups exist in the USA, United Kingdom, France, Italy, Denmark, and the Netherlands.

| (in MEUR)      | 2023   | 2022   |
|----------------|--------|--------|
| Current taxes  | -174.5 | -153.9 |
| Deferred taxes | -9.4   | 15.6   |
|                | -183.9 | -138.3 |

{113}------------------------------------------------

The reconciliation of the calculated income tax expense to the effective tax expense is depicted below. The calculated tax expense in the amount of 165.2 MEUR is determined by multiplying the Earnings Before Taxes in the amount of 688.2 MEUR by the applicable tax rate of 24% for ANDRITZ AG:

| (in MEUR)                                                               | 2023   | 2022   |
|-------------------------------------------------------------------------|--------|--------|
| Earnings Before Taxes (EBT)                                             | 688.2  | 540.9  |
| Calculated tax expense (24% in 2023 and 25% in 2022)                    | -165.2 | -135.2 |
| Increase (-)/Decrease (+) of tax expense by:                            |        |        |
| Non-tax-deductible expenses                                             | -22.0  | -19.5  |
| Tax allowances and tax-exempted income                                  | 9.0    | 6.5    |
| Foreign tax rate differential arising from foreign fiscal jurisdictions | 9.9    | 16.4   |
| Effects of changes in tax rates                                         | 0.7    | -0.3   |
| Taxes for prior years                                                   | 7.0    | -7.7   |
| Change in valuation allowance; non-recognition of deferred tax assets   | -11.1  | 25.6   |
| Non-deductible impairment of goodwill                                   | 0.0    | -2.6   |
| Non-allowable withholding taxes; foreign operating site taxes           | -14.6  | -18.5  |
| Others                                                                  | 2.4    | -3.7   |
| Effective tax expense                                                   | -183.9 | -138.5 |
| in % of EBT                                                             | -26.7% | -25.6% |

The nominal income tax rates applicable for subsidiaries abroad are between 9.0% and 34.0% (2022: 9.0% and 34.0%) in the financial year.

The changes of deferred taxes in the statement of financial position are as follows:

| (in MEUR)                                               | 2023   | 2022   |
|---------------------------------------------------------|--------|--------|
| Deferred tax assets                                     | 239.7  | 241.9  |
| Deferred tax liabilities                                | -121.3 | -123.3 |
| Balance as of January 1                                 | 118.4  | 118.4  |
| Deferred taxes recognized in income statement           | -9.4   | 15.6   |
| Deferred taxes recognized in other comprehensive income | -9.4   | -13.5  |
| Changes in consolidation scope                          | 0.0    | -4.2   |
| Currency translation adjustments                        | -2.9   | 2.5    |
| Balance as of December 31                               | 96.7   | 118.4  |
| Thereof:                                                |        |        |
| Deferred tax assets                                     | 211.7  | 239.7  |
| Deferred tax liabilities                                | -115.0 | -121.3 |

{114}------------------------------------------------

The following deferred tax assets and liabilities are the result of the temporary valuation differences between the book values of the consolidated statement of financial position according to IFRS and the relevant tax bases as of December 31:

|                                                                                |        | 2023           |        |             | 2022           |  |
|--------------------------------------------------------------------------------|--------|----------------|--------|-------------|----------------|--|
|                                                                                |        | Deferred taxes |        |             | Deferred taxes |  |
| (in MEUR)                                                                      | Assets | Liabilities    | Assets | Liabilities |                |  |
| Intangible assets other than goodwill                                          | 15.4   | -30.9          | 8.7    | -36.1       |                |  |
| Property, plant, and equipment                                                 | 5.8    | -81.4          | 5.2    | -77.4       |                |  |
| Financial assets                                                               | 12.2   | -6.1           | 8.3    | -1.5        |                |  |
| Inventories                                                                    | 160.0  | -8.6           | 84.3   | -8.0        |                |  |
| Receivables and other assets                                                   | 98.7   | -284.7         | 89.5   | -207.5      |                |  |
|                                                                                | 292.1  | -411.7         | 196.0  | -330.5      |                |  |
| Provisions                                                                     | 106.5  | -20.0          | 100.0  | -17.4       |                |  |
| Liabilities                                                                    | 271.9  | -206.6         | 176.8  | -84.8       |                |  |
|                                                                                | 378.4  | -226.6         | 276.8  | -102.2      |                |  |
| Tax loss carry forwards and other deductible expenses<br>to be carried forward | 185.0  | 0.0            | 192.1  | 0.0         |                |  |
| Deferred taxes before non-recognition and netting                              | 855.5  | -638.3         | 664.9  | -432.7      |                |  |
| Non-recognized deferred tax assets                                             | -120.5 | 0.0            | -113.8 | 0.0         |                |  |
|                                                                                | 735.0  | -638.3         | 551.1  | -432.7      |                |  |
| Netting                                                                        | -523.3 | 523.3          | -311.4 | 311.4       |                |  |
| Net deferred tax assets and liabilities                                        | 211.7  | -115.0         | 239.7  | -121.3      |                |  |

Non-recognition of deferred tax assets applies to the following (gross values):

| (in MEUR)                        | 2023  | 2022  |
|----------------------------------|-------|-------|
| Deductible temporary differences | 132.8 | 147.2 |
| Tax loss carry forwards          | 362.1 | 332.9 |

The unrecognized tax loss carry forwards (gross values) include an amount of 1.1 MEUR (2022: 3.9 MEUR), which is subject to expiration within the next five years. Parts of the tax losses of the German tax groups are frozen loss carry forwards for corporate income tax in the amount of 3.3 MEUR (2022: 3.3 MEUR) and for trade tax in the amount of 2.6 MEUR (2022: 2.6 MEUR).

The deductible temporary partial write-downs (amounts for outstanding sevenths from tax write-downs on investments) calculated in accordance with Austrian tax law amounted to 17.8 MEUR (2022: 0.2 MEUR). For this amount, deferred tax assets of 4.1 MEUR (2022: 0.1 MEUR) were recognized.

Regarding investments in subsidiaries, branches, and associated companies as well as in interests in joint ventures no deferred tax liabilities were recognized for temporary differences in the amount of 440.1 MEUR (2022: 451.2 MEUR).

On the balance sheet date, the loss carry forwards (gross values) are as follows:

|                      |         | 2023  |        |         | 202   |        |  |
|----------------------|---------|-------|--------|---------|-------|--------|--|
| (in MEUR)            | Germany | USA   | Others | Germany | USA   | Others |  |
| Corporate income tax | 232.8   | 154.4 | 313.8  | 252.7   | 166.7 | 301.0  |  |
| Trade tax            | 210.5   | 0.0   | 0.0    | 235.6   | 0.0   | 0.0    |  |

{115}------------------------------------------------

## **SOURCES OF ESTIMATION UNCERTAINTY AND CRITICAL JUDGMENTS**

Estimates of the future realization of deferred tax assets are decisive in assessing the recognition and recoverability of deferred tax assets. This realization is dependent on the generation of future taxable profits during the periods in which taxable temporary differences reverse and tax loss carry forwards can be utilized. This assessment takes account of the probability of the deferred tax liabilities being reversed as well as the future taxable profits. It could have adverse effects on the assets, financial, and earnings situation, if the actual results deviate from these estimates or if these estimates need to be adjusted in future periods. Effects of uncertain tax positions include the best estimation of the expected tax payment. In the future, new information could be available causing the management to change the assumptions.

# **17. Earnings per share**

Basic earnings per share (as stated subsequently in the consolidated income statement) were calculated by dividing the net income attributable to owners of the parent by the weighted average number of no-par value shares outstanding during the period.

Diluted earnings per share were calculated by dividing the net income attributable to owners of the parent by the weighted average number of no-par value shares outstanding with consideration of share options.

| (in MEUR)                                                        | 2023       | 2022       |
|------------------------------------------------------------------|------------|------------|
| Net income attributable to owners of the parent                  | 510.2      | 409.6      |
| Weighted average number of no-par value shares                   | 99,052,888 | 98,916,088 |
| Effect of potential dilution of share options                    | 461,288    | 270,376    |
| Weighted average number of no-par value shares and share options | 99,514,176 | 99,186,466 |
| Basic earnings per no-par value share (in EUR)                   | 5.15       | 4.14       |
| Diluted earnings per no-par value share (in EUR)                 | 5.13       | 4.13       |

{116}------------------------------------------------

# **D) NON-CURRENT ASSETS AND LIABILITIES**

# **18. Property, plant, and equipment**

# **ACCOUNTING POLICIES**

Property, plant, and equipment are measured at cost less accumulated depreciation and any accumulated impairment losses. When an asset is sold or retired, its cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is included as other income or as other expenses in the income statement. The cost of property, plant, and equipment comprises its purchase price including import duties and nonrefundable purchase taxes as well as any directly attributable costs of bringing it to the appropriate location for its intended use and putting the asset into working condition. The production costs of self-constructed assets contain direct material and production costs as well as adequate indirect material and production costs. Expenditure incurred after the fixed assets have been put into operation, such as maintenance and repair, is charged to the income statement in the period in which the costs are incurred.

Assets under construction are items of property, plant, and equipment not yet ready for use and are stated at cost.

Depreciation is calculated on a straight-line basis predominantly using the following estimated useful lives:

| Buildings                             | 20 - 50 year |
|---------------------------------------|--------------|
| Technical equipment and machinery     | 4 - 10 year  |
| Tools, office equipment, and vehicles | 3 - 10 year  |

The useful lives and the depreciation method are reviewed periodically to ensure that these are consistent with the expected pattern of economic benefits from items of property, plant, and equipment.

Property, plant, and equipment are reviewed for impairment losses whenever events or changes in circumstances indicate that the net book value of an asset may be higher than the amount recoverable (the higher amount of fair value less costs to sell and value in use of an asset or of a cash generating unit). Whenever the net book value of an asset exceeds its recoverable amount, an impairment loss is recognized. Recoverable amounts are estimated for individual assets or, if this is not possible, for the cash generating unit.

## **Government grants**

Government grants related to assets are deducted from the cost of the asset.

## **Borrowing costs**

Borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset are generally capitalized as part of the cost of the asset. All other costs of borrowing are expensed in the period in which they are incurred.

{117}------------------------------------------------

#### Property, plant, and equipment is as follows:

| (in MEUR)                         | Land and buildings | Technical<br>equipment and<br>machinery | Other equipment,<br>factory and office<br>equipment | Assets under<br>construction | Total    |
|-----------------------------------|--------------------|-----------------------------------------|-----------------------------------------------------|------------------------------|----------|
| COST                              |                    |                                         |                                                     |                              |          |
| Balance as of December 31, 2021   | 1,065.4            | 930.8                                   | 249.6                                               | 55.3                         | 2,301.1  |
| Additions                         | 39.7               | 36.5                                    | 29.2                                                | 71.6                         | 177.0    |
| Disposals                         | -23.3              | -11.5                                   | -20.9                                               | 0.0                          | -55.7    |
| Reclassification                  | 22.3               | 36.7                                    | 0.9                                                 | -60.8                        | -0.9     |
| Currency translation adjustments  | 6.7                | 5.5                                     | 1.5                                                 | 0.3                          | 14.0     |
| Changes in consolidation scope    | 34.0               | 8.9                                     | 0.8                                                 | 1.0                          | 44.7     |
| Reclassification as held for sale | -1.5               | 0.4                                     | 0.0                                                 | 0.0                          | -1.1     |
| Balance as of December 31, 2022   | 1,143.3            | 1,007.3                                 | 261.1                                               | 67.4                         | 2,479.1  |
| Additions                         | 49.6               | 46.0                                    | 37.9                                                | 84.7                         | 218.2    |
| Disposals                         | -25.3              | -26.6                                   | -34.1                                               | 0.0                          | -86.0    |
| Reclassification                  | 7.5                | 40.3                                    | 4.4                                                 | -53.1                        | -0.9     |
| Currency translation adjustments  | -11.7              | -11.7                                   | -1.8                                                | -0.9                         | -26.1    |
| Changes in consolidation scope    | 5.6                | 1.4                                     | 0.9                                                 | 0.8                          | 8.7      |
| Reclassification as held for sale | -3.1               | 0.0                                     | 0.0                                                 | 0.0                          | -3.1     |
| Balance as of December 31, 2023   | 1,165.9            | 1,056.7                                 | 268.4                                               | 98.9                         | 2,589.9  |
| ACCUMULATED DEPRECIATION          |                    |                                         |                                                     |                              |          |
| Balance as of December 31, 2021   | -366.8             | -583.9                                  | -179.7                                              | 0.0                          | -1,130.4 |
| Depreciation                      | -64.1              | -69.6                                   | -29.8                                               | 0.0                          | -163.5   |
| Impairment losses                 | -1.5               | -5.6                                    | 0.0                                                 | 0.0                          | -7.1     |
| Disposals                         | 14.4               | 6.4                                     | 19.8                                                | 0.0                          | 40.6     |
| Reclassification                  | 0.3                | -2.5                                    | 2.3                                                 | 0.0                          | 0.1      |
| Currency translation adjustments  | -1.6               | -2.4                                    | -1.1                                                | 0.0                          | -5.1     |
| Reclassification as held for sale | 0.3                | -0.2                                    | 0.0                                                 | 0.0                          | 0.1      |
| Balance as of December 31, 2022   | -419.0             | -657.8                                  | -188.5                                              | 0.0                          | -1,265.3 |
| Depreciation                      | -61.3              | -69.4                                   | -31.2                                               | 0.0                          | -161.9   |
| Impairment losses                 | 0.0                | -1.3                                    | 0.0                                                 | 0.0                          | -1.3     |
| Disposals                         | 19.8               | 21.5                                    | 32.9                                                | 0.0                          | 74.2     |
| Reclassification                  | -0.2               | 0.0                                     | 0.3                                                 | 0.0                          | 0.1      |
| Currency translation adjustments  | 4.1                | 5.6                                     | 1.3                                                 | 0.0                          | 11.0     |
| Reclassification as held for sale | 0.8                | 0.0                                     | 0.0                                                 | 0.0                          | 0.8      |
| Balance as of December 31, 2023   | -455.8             | -701.4                                  | -185.2                                              | 0.0                          | -1,342.4 |
| NET BOOK VALUE                    |                    |                                         |                                                     |                              |          |
| Balance as of December 31, 2022   | 724.3              | 349.5                                   | 72.6                                                | 67.4                         | 1,213.8  |
| Balance as of December 31, 2023   | 710.1              | 355.3                                   | 83.2                                                | 98.9                         | 1,247.5  |
|                                   |                    |                                         |                                                     |                              |          |

{118}------------------------------------------------

## **a) Collateral securities**

As of December 31, 2023, property, plant, and equipment amounting to 1.9 MEUR was pledged as collateral security (as of December 31, 2022: 2.0 MEUR).

#### **b) Purchase Commitments**

The commitments arising from contracts for expenditure on property, plant, and equipment are only within the ordinary scope of business. As of December 31, 2023, these commitments amounted to 32.1 MEUR (as of December 31, 2022: 33.4 MEUR).

### **c) Borrowing costs**

No borrowing costs relating to qualifying assets were capitalized in the financial years 2023 and 2022 as the amounts were immaterial.

### **d) Government grants**

In the 2023 financial year, government grants amounting to 0.6 MEUR (2022: 0.5 MEUR) were received for capital expenditure in property, plant, and equipment and were offset against acquisition costs.

## **SOURCES OF ESTIMATION UNCERTAINTY AND CRITICAL JUDGMENTS**

The anticipated useful lives of property, plant, and equipment are subject to estimates. If the current estimate of the useful lives differs significantly from the previous ones, these will be adjusted accordingly.

The impairment analyses for property, plant, and equipment are primarily based on discounted estimated future cash flows to be expected from the continued use and disposal of an asset at the end of its useful life. Factors such as lower than anticipated revenue and resulting decreases of net cash flows as well as changes in the discount rates used, could lead to an impairment.

ANDRITZ has set targets for reducing CO2, water consumption, and waste as part of the "We Care" sustainability strategy. Measures to achieve these goals were already implemented and further measures are being implemented. No significant effects on property, plant, and equipment are currently expected, but in individual cases there could be adjustments to useful lives or replacement investments.

## **19. Right of use assets from lease contracts and lease liabilities**

## **ACCOUNTING POLICIES**

A lease is an agreement in which the lessor grants the lessee the right to use an asset for an agreed period in return for a payment or a series of payments. IFRS 16 defines a comprehensive model for the identification of leasing agreements and their treatment in the financial statement of lessees and lessors. Lessees make a distinction between service and leasing. ANDRITZ only records the lease payments on the balance sheet, the service payments are recorded directly as an expense. Lessors distinguish between finance and operating leases.

The lessee records the leases and the associated right of use assets and lease liabilities on the balance sheet. Exceptions for the recognition of leases can be applied. ANDRITZ uses some practical expedients. Leasing contracts that involve an intangible asset are not recorded. This also applies to contracts for assets that are of low value or

{119}------------------------------------------------

contracts that have a short term. A uniform discount rate has been used for portfolios with similarly structured leasing contracts. Several leasing components and non-leasing components can exist within a contract. ANDRITZ has decided to separate these components and to balance them based on the relative individual selling prices.

#### **Lessee**

At inception of a contract, ANDRITZ assesses whether a contract is, or contains, a lease. A lease is a contract, or part of a contract, that conveys the right to control the use of an identified asset for a period of time in exchange for a consideration. The lease term is the non-cancellable period for which a lessee has the right to use an underlying asset plus, if applicable, periods covered by an option to extend the lease if the lessee is reasonably certain to exercise that option and/or periods covered by an option to terminate the lease if the lessee is reasonably certain to not exercise that option.

At initial recognition, ANDRITZ recognizes a lease liability for the obligation to make lease payments in the future and capitalizes a right to use the underlying asset:

- The lease liability is measured at present value of the lease payments not paid at the commencement date, discounted by the interest rate implicit in the lease or if not readily determined the incremental borrowing rate. The borrowing rates have been determined based on a reference interest rate plus a risk premium.
- Lease payments comprise fixed payments, including in-substance fixed payments and variable lease payments that depend on an index or a rate. Variable payments based on the future performance of the asset are not defined as lease payments. Further included are amounts expected to be payable under a residual value guarantee, the exercise price of a purchase option that is reasonably certain to be exercised, lease payments in an optional renewal period if it is reasonably certain to exercise an extension option and penalties for early termination of a lease if it is reasonably certain to terminate early.
- The right of use asset is measured at cost and comprises the initial amount of the lease liability adjusted for any advance payments plus initial direct costs incurred and an estimate of costs of dismantling and removing or restoring the underlying asset or the site on which it is located, less any lease incentives received.

At subsequent measurement the right of use asset is depreciated using the straight-line method from the commencement date to the end of the lease term. In case the ownership of the underlying asset is transferred to ANDRITZ at the end of the lease term or the cost of the right of use asset reflects that a purchase option will be exercised, the underlying asset is depreciated until the end of the useful life. The general depreciation rules according to IAS 16 and impairment rules according to IAS 36 are applied.

The lease liability is measured using the effective interest method. A revaluation of the interest rate takes place if the future lease payments change due to an adjustment of the index or the (interest) rate used, the term of the lease or the amounts payable under a residual value guarantee change. When the lease liability is remeasured in this way, the corresponding adjustment is made to the carrying amount of the right of use asset.

#### **Lessor**

ANDRITZ only has entered into operating leases as lessor. With operating leasing, the main opportunities and risks associated with the use of the asset remain with the lessor. Leasing income is recorded on a straight-line basis over the term of the respective lease. The initial direct costs involved in negotiating and brokering an operating lease are added to the book value of the leased asset and are recognized on a straight-line basis over the lease term.

{120}------------------------------------------------

## **a) ANDRITZ as lessee**

The Group has entered into various lease agreements for real estate, machinery, vehicles, and other assets as lessee. They are presented in the item property, plant, and equipment in the consolidated statement of financial position and comprise the following categories of right of use assets:

| (in MEUR)                                     | 2023  | 2022  |
|-----------------------------------------------|-------|-------|
| Land and buildings                            | 174.9 | 175.4 |
| Cars                                          | 20.6  | 15.1  |
| Technical equipment and machinery             | 4.1   | 4.7   |
| Other equipment, factory and office equipment | 1.7   | 1.4   |
|                                               | 201.3 | 196.6 |

Additions to the right of use assets amounted to 55.1 MEUR in the financial year 2023 (2022: 33.5 MEUR). Cash outflow for leases amounted to 57.4 MEUR in the financial year 2023 (2022: 63.5 MEUR).

In the income statement, the following amounts were recorded:

| (in MEUR)                                                                                             | 2023 | 2022 |
|-------------------------------------------------------------------------------------------------------|------|------|
| Expenses for variable lease payments that were not included in the calculation of the lease liability | 6.3  | 5.3  |
| Expenses for short-term leases that were not included in the calculation of the lease liability       | 17.9 | 12.3 |
| Lease expenses on low value assets that were not included in the calculation of the lease liability   | 6.2  | 5.2  |
| Interest expense for lease liabilities                                                                | 6.8  | 4.3  |
| Depreciation of right of use assets                                                                   | 47.0 | 49.9 |
| thereof land and buildings                                                                            | 34.3 | 37.9 |
| thereof cars                                                                                          | 10.1 | 9.0  |
| thereof technical equipment and machinery                                                             | 1.9  | 2.1  |
| thereof other equipment, factory and office equipment                                                 | 0.7  | 0.9  |

The average weighted interest rate on the lease liabilities amounted to 3.87% during the 2023 financial year (2022: 2.48%). The leasing agreements contain no restrictions on the Group's activities regarding dividends or additional debts. There are no significant subleases. Lease payments for leases that the lessee has entered into but have not yet started amount to 0.1 MEUR in 2023 (2022: 0.2 MEUR).

#### **Information on material leases**

#### Land and buildings

ANDRITZ leases land and buildings for office space, production, and storage. The leases for land and buildings have an average term of 6.4 years in 2023 (2022: 6.2 years). In several cases, leases provide for additional payments based on changes of local price indices.

Some leases for land and buildings contain extension options that the Group can exercise up to one year before the end of the non-cancellable term of the contract. The Group endeavors to include extension options in new leasing contracts if this is practicable to ensure operational flexibility. The extension options held can only be exercised by the Group and not by the lessors. At the start of the lease, the Group assesses whether the exercise of the extension options is reasonably certain. The Group evaluates whether it is possible to exercise the options with sufficient certainty if there is a significant event or change in the circumstances over which it has an influence. The Group estimates that the potential future lease payments, if the extension options are exercised, would lead to a lease liability of 0.9 MEUR as of December 31, 2023 (2022: 1.0 MEUR).

{121}------------------------------------------------

#### Other leases

In the vehicles category, ANDRITZ mainly leases cars for employees with an average leasing period of 3.5 years in the 2023 financial year (2022: 2.7 years). The leased technical equipment includes machinery and other vehicles that are used in factories and warehouses. The usual average leasing period for this category of right of use assets is 5.1 years in 2023 (2022: 4.7 years).

In addition, other equipment, factory and office equipment are leased for the use of employees. The usual average leasing period for this category of right of use assets is 4.6 years in 2023 (2022: 4.0 years). Many contracts in this category comprise low value items which are expensed immediately.

ANDRITZ monitors the usage of these vehicles and equipment and reviews the estimated amount to be paid as part of the residual value guarantees as of the balance sheet date in order to revaluate the lease liabilities and the right of use assets. As of December 31, 2023, ANDRITZ estimates that the expected remaining guarantee amounts are not material.

#### **b) ANDRITZ as lessor**

In the financial year 2023, leasing income of 12.5 MEUR (2022: 10.6 MEUR) was recognized. The contracts largely refer to real estate. The future minimum lease payments from the non-cancellable leases are as follows:

| (in MEUR)                         | 2023 | 2022 |
|-----------------------------------|------|------|
| Not exceeding 1 year              | 7.0  | 5.8  |
| 1 to 2 years                      | 1.6  | 1.4  |
| 2 to 3 years                      | 1.2  | 1.0  |
| 3 to 4 years                      | 0.9  | 0.9  |
| 4 to 5 years                      | 0.2  | 0.9  |
| More than 5 years                 | 0.0  | 0.6  |
| Total undiscounted lease payments | 10.9 | 10.6 |

## **SOURCES OF ESTIMATION UNCERTAINTY AND CRITICAL JUDGMENTS**

When applying the appropriate accounting methods for classifying leases, management makes critical judgments.

Impairment tests for right of use assets are mainly based on estimated discounted net future cash flows that can be expected from the continued use of an asset and its disposal at the end of its useful life. Factors such as lower revenue, the resulting lower net cash flows and changes in the discounting factors used can lead to an impairment.

Discretionary decisions are made when interpreting the options and defining the original price of items of low value.

The determination of the term of the lease is an essential criterion when applying IFRS 16. The useful lives of the right of use assets are usually defined by contract. If not, the expected useful lives of the right of use assets are subject to discretionary decisions and are reviewed periodically. In addition to the usual useful lives of the leased assets, other factors influence the critical judgment. These include extension options, early termination options, additions or extensions to the leased asset and economic effects of contract changes. If the current estimate of the useful lives differs significantly from the previous ones, these are adjusted accordingly.

{122}------------------------------------------------

ANDRITZ has set targets for reducing CO2, water consumption, and waste as part of the "We Care" sustainability strategy. Measures to achieve these goals were already implemented and further measures are being implemented. No significant effects on the existing leasing contracts are currently expected, but in individual cases there could be adjustments to the useful life or replacement investments.

# **20. Goodwill**

# **ACCOUNTING POLICIES**

Goodwill is measured as the residual of the cost of the business combination after recognizing the acquired identifiable assets, liabilities, and contingent liabilities at fair value. Following a review of the amounts stated, the resulting value from the comparison of cost and fair value of the net assets of the acquired negative goodwill is recognized immediately in the income statement.

Goodwill is not amortized but tested for impairment. This test is performed at least annually or more frequently if events or changes in circumstances indicate a need for impairment. ANDRITZ performs the annual goodwill impairment test as of September 30 of each business year. In determining whether the recognition of an impairment loss is required, goodwill is allocated to the cash generating units that are expected to benefit from the synergies of the business combination. In case the composition of the original cash generating units changes over time due to reorganizations or changes in the reporting structure, the goodwill is reallocated accordingly. If the net book value exceeds the value in use, which is determined by using a discounted cash flow (DCF) calculation, and the fair value less costs of disposal is not higher, an impairment loss is recognized. An impairment loss recognized for goodwill will not be reversed in a subsequent period.

The planning is carried out at the level of each cash generating unit comprising the next three years. Future payment surpluses are based on internal forecasts, which are prepared in detail for the next financial year and with simplifications for the subsequent two years and reflecting the historical performance and best estimates on future developments. After this detailed planning horizon, a normalized development is assumed.

The discount rate used for the DCF calculation corresponds to that interest rate that represents the current market estimates on the interest rate as well as the specific risks of the asset. A discount rate before tax is applied with consideration of the applicable currency and risk profile.

{123}------------------------------------------------

Goodwill developed as follows:

| (in MEUR)                        | 2023    | 2022    |
|----------------------------------|---------|---------|
| COST                             |         |         |
| Balance as of January 1          | 1,018.7 | 993.4   |
| Changes in consolidation scope   | 45.0    | 12.6    |
| Remeasurement from acquisitions  | 0.3     | 0.0     |
| Currency translation adjustments | -11.5   | 12.7    |
| Balance as of December 31        | 1,052.5 | 1,018.7 |
| ACCUMULATED IMPAIRMENT           |         |         |
| Balance as of January 1          | -231.7  | -215.1  |
| Impairment loss                  | 0.0     | -10.2   |
| Currency translation adjustments | 5.5     | -6.4    |
| Balance as of December 31        | -226.2  | -231.7  |
| NET BOOK VALUE                   |         |         |
| Balance as of January 1          | 787.0   | 778.3   |
| Balance as of December 31        | 826.3   | 787.0   |

Goodwill is allocated to the operating segments as follows:

| (in MEUR)    | 2023  | 2022  |
|--------------|-------|-------|
| Pulp & Paper | 397.4 | 393.0 |
| Metals       | 265.3 | 265.3 |
| Hydro        | 91.4  | 98.1  |
| Separation   | 72.2  | 29.1  |
|              | 826.3 | 787.7 |

#### **a) Remeasurement from acquisitions**

In the 2023 financial year, a remeasurement in accordance with IFRS 3 was carried out in the amount of 0.3 MEUR for ANDRITZ TEP D.O.O. (formerly Đuro Đaković termoenergetska postrojenja d.o.o.), Croatia, a company acquired in October 2022.

#### **b) Impairment loss**

In the 2023 financial year, no impairment losses of goodwill were recorded. In 2022, impairment losses of 10.2 MEUR were recorded in the Hydro operating segment. The impairment related to the cash generating unit Compact Hydro (HCH). The recoverable amount of the cash generating unit corresponded to its values in use and amounted to 26.3 MEUR. The discount rate before tax for this cash generating unit was 14.61% in 2022 (2021: 11.15%).

{124}------------------------------------------------

## **c) Cash generating units**

The following tables show the significant cash generating units and groups of cash generating units (CGU), respectively:

#### **2023**

| CGU                 | Operating<br>segment | Goodwill<br>(in MEUR) | Discount rate<br>before tax<br>(in %) | Non-current<br>growth rate<br>(in %) | Description                                                                                                                                                                                                                                                       |
|---------------------|----------------------|-----------------------|---------------------------------------|--------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                     |                      |                       |                                       |                                      |                                                                                                                                                                                                                                                                   |
| Xerium (PFR)        | PP                   | 220.7                 | 12.42                                 | 2.27                                 | Manufacturing and supply of machine clothing (forming fabrics,<br>press felts, drying fabrics) and roll covers for paper, tissue, and<br>board machines                                                                                                           |
| Schuler (ME-F)      | ME                   | 216.5                 | 10.62                                 | 2.40                                 | Presses, automation, tools, process know-how, and services in<br>the forming equipment field                                                                                                                                                                      |
| Nonwoven (KNW)      | PP                   | 74.1                  | 13.55                                 | 2.35                                 | Production technologies and services for the nonwovens and<br>textile industry in the area of air-through bonding, airlay,<br>needlepunch, spunlace, spunbond, wetlaid/wetlace, converting,<br>textile finishing, textile recycling, and natural fiber processing |
| Separation (ESE)    | SE                   | 58.6                  | 12.73                                 | 2.65                                 | Mechanical technologies such as centrifuges, filters, screens,<br>thickeners or separators, and thermal technologies such as dryers<br>or coolers as well as service                                                                                              |
| Large Hydro (HLH)   | HY                   | 47.5                  | 13.21                                 | 2.53                                 | Turnkey electromechanical equipment and services for the<br>installation of large new hydropower plants ("water to wire") and<br>components, including installation beyond the compact hydro<br>range                                                             |
| Service Rehab (HSR) | HY                   | 43.9                  | 12.45                                 | 2.22                                 | Modernization, rehabilitation, and capacity increases of<br>electromechanical systems and services for hydropower plants                                                                                                                                          |
| Other CGUs          |                      | 165.0                 |                                       |                                      |                                                                                                                                                                                                                                                                   |
|                     |                      | 826.3                 |                                       |                                      |                                                                                                                                                                                                                                                                   |

| CGU                 | Operating<br>segment | Goodwill     | Discount rate<br>before tax | Non-current<br>growth rate | Description                                                                                                                                                                                                                                              |
|---------------------|----------------------|--------------|-----------------------------|----------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                     |                      | (in MEUR)    | (in %)                      | (in %)                     |                                                                                                                                                                                                                                                          |
| Xerium (PFR)        | PP                   | 224.3        | 12.95                       | 2.48                       | Manufacturing and supply of machine clothing (forming fabrics, press felts, drying fabrics) and roll covers for paper, tissue, and board machines                                                                                                        |
| Schuler (ME-F)      | ME                   | 216.5        | 10.49                       | 2.56                       | Presses, automation, tools, process know-how, and services in the forming equipment field                                                                                                                                                                |
| Nonwoven (KNW)      | PP                   | 61.1         | 13.80                       | 2.52                       | Production technologies and services for the nonwovens and textile industry in the area of air-through bonding, airlay, needlepunch, spunlace, spunbond, wetlaid/wetlace, converting, textile finishing, textile recycling, and natural fiber processing |
| Large Hydro (HLH)   | HY                   | 47.6         | 14.15                       | 2.61                       | Turnkey electromechanical equipment and services for the installation of large new hydropower plants ("water to wire") and components, including installation beyond the compact hydro range                                                             |
| Service Rehab (HSR) | HY                   | 44.0         | 12.12                       | 2.50                       | Modernization, rehabilitation, and capacity increases of electromechanical systems and services for hydropower plants                                                                                                                                    |
| Separation (SES)    | SE                   | 24.5         | 13.10                       | 2.64                       | Mechanical technologies such as centrifuges, filters, screens, thickeners or separators, and thermal technologies such as dryers or coolers as well as service                                                                                           |
| Other CGUs          |                      | 169.0        |                             |                            |                                                                                                                                                                                                                                                          |
|                     |                      | <b>787.0</b> |                             |                            |                                                                                                                                                                                                                                                          |

{125}------------------------------------------------

## **SOURCES OF ESTIMATION UNCERTAINTY AND CRITICAL JUDGMENTS**

Climate-related risks and opportunities were considered in the revenue and cost of plans, if relevant, at the level of the individual cash generating units based on the best estimates of future developments. Risks for the ANDRITZ GROUP due to climate change include physical risks on the one hand as well as transition risks. ANDRITZ addresses these risks with a broad product portfolio in the sustainable technologies segment. The company already generates around 45% of its total revenue from products and solutions that contribute towards production of renewable energy, environmental protection, the circular economy, and e-mobility. This percentage is to be increased further in the future. We currently see no significant risks on the product side, as our products help our customers to achieve their climate goals.

Expected cost volatilities or increases and the corresponding options (e.g. adjustments to sales prices and price escalation clauses) of passing these increases on to customers are shown in the future cash flows.

The impairment test for goodwill requires estimations regarding the development of future revenues and margins, and their resulting cash flows as well as assumptions for determining the discount rates used and therefore includes certain inherent uncertainties.

The following changes of significant assumptions in percentage points would result in a match of the book value of the goodwill and its value in use, if all other parameters remained unchanged (energy price scenarios are not shown separately due to the low proportion of energy costs in the total costs):

#### **2023**

| CGU                 | Goodwill<br>(in MEUR) | Discount rate<br>(in %) | Planned growth<br>rates<br>(in %) | Planned cash flow<br>(in %) |
|---------------------|-----------------------|-------------------------|-----------------------------------|-----------------------------|
| Xerium (PFR)        | 220.7                 | 0.52%                   | -7.44%                            | -5.23%                      |
| Schuler (ME-F)      | 216.5                 | 2.86%                   | -33.00%                           | -27.86%                     |
| Nonwoven (KNW)      | 74.1                  | 39.87%                  | -71.86%                           | -82.02%                     |
| Separation (ESE)    | 58.6                  | 16.15%                  | -57.81%                           | -68.64%                     |
| Large Hydro (HLH)   | 47.5                  | 1.34%                   | -14.05%                           | -13.38%                     |
| Service Rehab (HSR) | 43.9                  | 7.40%                   | -35.44%                           | -45.57%                     |

#### **2022**

| CGU                 | Goodwill  | Discount rate | Planned growth<br>rates | Planned cash flow |
|---------------------|-----------|---------------|-------------------------|-------------------|
|                     | (in MEUR) | (in %)        | (in %)                  | (in %)            |
| Xerium (PFR)        | 224.3     | 0.46%         | -4.47%                  | -6.12%            |
| Schuler (ME-F)      | 216.5     | 2.22%         | -24.58%                 | -25.84%           |
| Nonwoven (KNW)      | 61.1      | 193.55%       | -92.98%                 | -114.39%          |
| Large Hydro (HLH)   | 47.6      | 2.73%         | -26.67%                 | -18.33%           |
| Service Rehab (HSR) | 44.0      | 7.63%         | -47.51%                 | -35.23%           |
| Separation (SES)    | 24.5      | 19.60%        | -68.41%                 | -66.62%           |

The absolute headroom at the time of the scheduled impairment test in the financial year 2023 for the cash generating unit Xerium (PFR) was 40.2 MEUR (2022: 37.4 MEUR).

{126}------------------------------------------------

# **21. Intangible assets other than goodwill**

# **ACCOUNTING POLICIES**

Intangible assets are accounted for at cost. After initial recognition, intangible assets are accounted for at cost less accumulated amortization and any accumulated impairment losses. Intangible assets have a finite useful life and therefore are amortized on a straight-line basis over the best estimate of their useful lives. The estimated useful lives are as follows:

| Acquired customer- and technology-related intangible assets |              |
|-------------------------------------------------------------|--------------|
| Order backlog                                               | 1 - 3 years  |
| Customer relationships                                      | 3 - 10 years |
| Brand names                                                 | 7 - 15 years |
| Technology                                                  | 4 - 10 years |
| Other intangible assets                                     |              |
| Concessions, industrial rights, and similar rights          | 3 - 15 years |
| Development cost                                            | 3 - 5 years  |

The useful lives and the amortization method are reviewed periodically to ensure that these are consistent with the expected pattern of economic benefits of the items of intangible assets.

Intangible assets are tested for impairment whenever events or changes in circumstances indicate that the net book value of an asset may be higher than the recoverable amount (the higher amount of fair value less costs to sell and value in use of an asset or of a cash generating unit). Whenever the net book value of an asset exceeds its recoverable amount, an impairment loss is recognized.

Research expenditures are expensed as incurred. Development costs are capitalized if the recognition criteria of IAS 38 are met. The company capitalizes the development expenditures at production costs. The production costs include all costs directly attributable to the development process as well as proportionate overhead costs. If the conditions for capitalizing the development costs are not met the expenses are recorded in the year in which they incur.

{127}------------------------------------------------

| (in MEUR)                        | Acquired customer-<br>and technology-<br>related intangible<br>assets | Other intangible<br>assets | Total  |
|----------------------------------|-----------------------------------------------------------------------|----------------------------|--------|
| COST                             |                                                                       |                            |        |
| Balance as of December 31, 2021  | 495.1                                                                 | 95.4                       | 590.5  |
| Additions                        | 0.0                                                                   | 7.3                        | 7.3    |
| Disposals                        | -9.9                                                                  | -0.9                       | -10.8  |
| Reclassification                 | 0.0                                                                   | 0.9                        | 0.9    |
| Currency translation adjustments | 11.4                                                                  | -0.2                       | 11.2   |
| Changes in consolidation scope   | 26.3                                                                  | 0.4                        | 26.7   |
| Balance as of December 31, 2022  | 522.9                                                                 | 102.9                      | 625.8  |
| Additions                        | 0.0                                                                   | 8.0                        | 8.0    |
| Disposals                        | -36.1                                                                 | -23.9                      | -60.0  |
| Reclassification                 | 0.0                                                                   | 0.9                        | 0.9    |
| Currency translation adjustments | -8.4                                                                  | -2.0                       | -10.4  |
| Changes in consolidation scope   | 38.9                                                                  | 0.9                        | 39.8   |
| Balance as of December 31, 2023  | 517.3                                                                 | 86.8                       | 604.1  |
| ACCUMULATED AMORTIZATION         |                                                                       |                            |        |
| Balance as of December 31, 2021  | -324.0                                                                | -75.6                      | -399.6 |
| Amortization                     | -65.6                                                                 | -6.4                       | -72.0  |
| Disposals                        | 9.9                                                                   | 0.8                        | 10.7   |
| Reclassification                 | 0.0                                                                   | -0.1                       | -0.1   |
| Currency translation adjustments | -4.9                                                                  | 0.1                        | -4.8   |
| Changes in consolidation scope   | 0.0                                                                   | 0.1                        | 0.1    |
| Balance as of December 31, 2022  | -384.6                                                                | -81.1                      | -465.7 |
| Amortization                     | -49.7                                                                 | -5.1                       | -54.8  |
| Impairment losses                | -7.0                                                                  | 0.0                        | -7.0   |
| Disposals                        | 36.1                                                                  | 23.7                       | 59.8   |
| Reclassification                 | 0.0                                                                   | -0.1                       | -0.1   |
| Currency translation adjustments | 6.0                                                                   | 0.5                        | 6.5    |
| Balance as of December 31, 2023  | -399.2                                                                | -62.1                      | -461.3 |
| NET BOOK VALUE                   |                                                                       |                            |        |
| Balance as of December 31, 2022  | 138.3                                                                 | 21.8                       | 160.1  |
| Balance as of December 31, 2023  | 118.1                                                                 | 24.7                       | 142.8  |

## **a) Research and development costs**

Expenses for research and non-capitalized development costs amounted to 137.2 MEUR in the 2023 financial year (2022: 113.8 MEUR). Development costs at 2.1 MEUR (2022: 1.6 MEUR) were capitalized as internally generated intangible assets in the item "other intangible assets" in the 2023 financial year.

## **b) Collateral securities**

As of December 31, 2023, disposal limitations arising due to the granting of collateral securities for intangible assets amounted to 0.0 MEUR (2022: 0.0 MEUR).

{128}------------------------------------------------

Image /page/128/Picture/1 description: The image shows a blue exclamation point inside of a rounded rectangle. The exclamation point is a solid blue color, and the rectangle has rounded corners.

## **SOURCES OF ESTIMATION UNCERTAINTY AND CRITICAL JUDGMENTS**

The anticipated useful lives of intangible assets are subject to estimates. If the current estimate of the useful lives differs significantly from the previous ones, these will be adjusted accordingly.

The impairment analyses for intangible assets are primarily based on estimated future discounted cash flows to be expected from the continued use and disposal of an asset at the end of its useful life. Factors such as lower than anticipated revenue and resulting decreases of net cash flows as well as changes in the discount rates used, could lead to an impairment.

ANDRITZ has set targets for reducing CO2, water consumption, and waste as part of the "We Care" sustainability strategy. Measures to achieve these goals were already implemented and further measures are being implemented. No significant effects on the intangible assets are currently expected, but in individual cases there could be adjustments to the useful lives.

# **22. Personnel-related provisions (employee benefits)**

# **ACCOUNTING POLICIES**

Some Group companies provide defined benefit pension plans. Provisions for pension obligations are recorded for benefits payable in the form of retirement, disability, and surviving dependents' pensions. The benefits offered vary according to the legal, fiscal, and economic conditions in each country. Benefits are dependent on years of service and, in some cases, on the respective employee's compensation.

In some countries there is a legal obligation to make severance payments in certain cases of termination of employment. Appropriate provisions are recognized for severance payment obligations.

The obligations are valued every year by professionally qualified and independent actuaries by using the projected unit credit method, different discount rates for different countries, and different average terms, respectively. This method assumes that in each year of service an additional part of the final benefit entitlement is earned and assesses each of these separately to build up the final obligation. The plan assets are deducted at fair value from the gross obligation. This results in the net debt and the net asset value to be reported. Due to the net interest approach, the Group determines the net interest cost (net interest income) by multiplying the net debt (net asset value) at the beginning of the period by the interest rate based on the discounting of the performance-related gross obligation at the beginning of the period. The net interest component resulting from obligations and plan assets is recognized as interest expenses in the consolidated income statement. Remeasurement effects regarding pensions and severance payments are recorded in other comprehensive income for the year, whereas those regarding anniversary bonuses and other long-term benefits are recorded in income statement. The remeasurement component includes the actuarial gains and losses from measurement of the performance-related gross obligation on the one hand and the difference between actually realized return on plan assets and the typically assumed return at the beginning of the period on the other hand. In the event that the plan has been overfunded, the remeasurement component also contains the change in net asset value from applying the asset ceiling as far as this has not been considered in the net interest component. If the present value of a defined benefit obligation changes as a result of plan amendments or curtailments, ANDRITZ shows the resulting effects in profit or loss for the period. Past service costs are generally recognized at the time the plan amendment occurs.

Image /page/128/Picture/11 description: The image shows the number 128 in a bold, sans-serif font. The color of the number is blue.

{129}------------------------------------------------

Some Group companies have defined contribution plans for pension and severance commitments. The related costs are expensed as they occur.

The provisions for personnel-related restructuring mainly contain benefits to employees resulting from termination of the employment and are based on a detailed plan agreed between management and employee representatives.

Personnel-related provisions were as follows:

| (in MEUR)                                                 | 2023  | 2022  |
|-----------------------------------------------------------|-------|-------|
| Pensions                                                  | 215.3 | 204.4 |
| Severances                                                | 87.2  | 79.9  |
| Anniversary bonuses and other long-term employee benefits | 31.7  | 30.6  |
| Termination benefits and personnel-related restructuring  | 19.0  | 12.9  |
|                                                           | 353.2 | 327.8 |
| Non-current                                               | 333.6 | 312.4 |
| Current                                                   | 19.6  | 15.4  |

### **a) Pensions**

| (in MEUR)                                    | 2023 | 2022 |
|----------------------------------------------|------|------|
| EXPENSES FROM DEFINED BENEFIT PLANS          |      |      |
| Current service cost                         | 4.2  | 8.0  |
| Past service cost                            | -1.3 | 0.4  |
| Effects of plan curtailments and settlements | 0.1  | -0.2 |
| EXPENSES FROM DEFINED CONTRIBUTION PLANS     |      |      |
| Payments to defined contribution plans       | 47.6 | 46.5 |
|                                              | 50.6 | 54.7 |

According to IAS 19, the defined benefit plans for pensions are broken down according to the different geographic locations. The pension plans largely relate to Germany, Austria, and Switzerland. The "Others" category primarily comprises pension plans in the USA, Canada, and the United Kingdom.

The basic actuarial assumptions for the calculation of the pension obligations as of December 31 are as follows:

|                                        |          | Germany and<br>Austria | Switzerland  | Others       |
|----------------------------------------|----------|------------------------|--------------|--------------|
| Discount rate                          | in %     | 3.40 - 3.55            | 1.5          | 0.92 - 7.30  |
| Wage and salary increases              | in %     | 0.00 - 2.50            | 1.00         | 0.00 - 3.00  |
| Retirement benefit increases           | in %     | 2.25 - 2.50            | 0.00         | 0.00 - 3.20  |
| Average term of the benefit obligation | in years | 5.55 - 13.29           | 9.10 - 13.90 | 5.91 - 13.00 |

{130}------------------------------------------------

#### **2022**

|                                        |          | Germany and<br>Austria | Switzerland   | Other        |
|----------------------------------------|----------|------------------------|---------------|--------------|
| Discount rate                          | in %     | 3.89 - 4.14            | 2.00 - 2.42   | 0.75 - 7.30  |
| Wage and salary increases              | in %     | 0.00 - 2.50            | 1.00          | 0.00 - 6.33  |
| Retirement benefit increases           | in %     | 2.25                   | 0.00          | 0.00 - 3.70  |
| Average term of the benefit obligation | in years | 5.03 - 14.10           | 11.57 - 15.30 | 6.24 - 17.25 |

The following mortality tables were primarily used:

|             | 2023                         | 202                         |
|-------------|------------------------------|-----------------------------|
| Austria     | AVÖ 2018-P                   | AVÖ 2018-P                  |
| Germany     | Heubeck "Richttafeln 2018 G" | Heubeck "Richttafeln 2018 G |
| Switzerland | BVG 2020 Generationentafel   | BVG 2020 Generationentafe   |

The following tables show the development of the pension benefit obligation from January 1 to December 31:

| (in MEUR)                                                                    | Germany and<br>Austria | Switzerland | Others | Total  |
|------------------------------------------------------------------------------|------------------------|-------------|--------|--------|
| Defined benefit obligation as of January 1                                   | 222.5                  | 201.2       | 62.7   | 486.5  |
| Current service cost                                                         | 0.4                    | 3.5         | 0.3    | 4.2    |
| Past service cost                                                            | 0.0                    | -1.3        | 0.0    | -1.3   |
| Effects of plan curtailments and settlements                                 | -0.6                   | 0.0         | 0.0    | -0.6   |
| Interest expense                                                             | 8.6                    | 4.6         | 2.7    | 15.9   |
| Actuarial gains (-) and losses (+) from change in demographic<br>assumptions | 0.0                    | -1.1        | -0.5   | -1.6   |
| Actuarial gains (-) and losses (+) from change in financial<br>assumptions   | 11.8                   | 15.3        | -3.0   | 24.1   |
| Actuarial gains (-) and losses (+) from change in experience<br>adjustments  | 4.5                    | 0.3         | 1.1    | 5.9    |
| Benefits paid                                                                | -14.3                  | -15.2       | -11.1  | -40.6  |
| Contributions by the plan participants                                       | 2.2                    | 3.1         | 0.0    | 5.3    |
| Currency translation adjustments                                             | 0.1                    | 13.2        | -0.6   | 12.7   |
| Changes in consolidation scope                                               | 0.0                    | 0.0         | 9.0    | 9.0    |
| Other changes                                                                | 0.0                    | 0.0         | -1.7   | -1.7   |
| Defined benefit obligation as of December 31                                 | 235.2                  | 223.6       | 58.9   | 517.7  |
| Fair value of plan assets                                                    | -41.8                  | -259.5      | -48.0  | -349.3 |
| Reduction of assets                                                          | 0.0                    | 22.2        | 1.0    | 23.2   |
| Plan assets in excess of defined benefit obligation                          | 0.0                    | 18.8        | 4.9    | 23.7   |
| Defined benefit liability as of December 31                                  | 193.4                  | 5.1         | 16.8   | 215.3  |

{131}------------------------------------------------

#### **2022**

| (in MEUR)                                                                 | Germany and Austria | Switzerland | Others | Total  |
|---------------------------------------------------------------------------|---------------------|-------------|--------|--------|
| Defined benefit obligation as of January 1                                | 292.1               | 225.1       | 155.0  | 672.2  |
| Current service cost                                                      | 2.0                 | 5.1         | 0.9    | 8.0    |
| Past service cost                                                         | 0.0                 | 0.0         | 0.4    | 0.4    |
| Effects of plan curtailments and settlements                              | 0.0                 | 0.1         | -0.2   | -0.1   |
| Interest expense                                                          | 3.3                 | 0.8         | 3.8    | 7.9    |
| Actuarial gains (-) and losses (+) from change in demographic assumptions | 0.0                 | 0.0         | -0.3   | -0.3   |
| Actuarial gains (-) and losses (+) from change in financial assumptions   | -69.2               | -46.1       | -31.7  | -147.0 |
| Actuarial gains (-) and losses (+) from change in experience adjustments  | 5.9                 | 9.5         | 2.7    | 18.1   |
| Benefits paid                                                             | -13.6               | -6.5        | -72.0  | -92.0  |
| Contributions by the plan participants                                    | 2.8                 | 2.7         | 0.0    | 5.5    |
| Currency translation adjustments                                          | 0.0                 | 10.4        | 4.3    | 14.7   |
| Changes in consolidation scope                                            | -0.8                | 0.0         | -0.1   | -0.9   |
| Other changes                                                             | 0.0                 | 0.1         | -0.1   | 0.0    |
| Defined benefit obligation as of December 31                              | 222.5               | 201.2       | 62.7   | 486.4  |
| Fair value of plan assets                                                 | -41.5               | -241.1      | -51.0  | -333.6 |
| Reduction of assets                                                       | 0.0                 | 45.2        | 6.4    | 51.6   |
| Defined benefit liability as of December 31                               | 181.0               | 5.3         | 18.1   | 204.4  |

Out of the total defined benefit obligation for pension commitments of 517.7 MEUR (2022: 486.4 MEUR), 308.1 MEUR (2022: 260.2 MEUR) are covered entirely or partly by investments in funds.

The following tables reconcile the fair value of the plan assets:

| (in MEUR)                                     | Germany and<br>Austria | Switzerland | Others | Total |
|-----------------------------------------------|------------------------|-------------|--------|-------|
| Fair value of plan assets as of January 1     | 41.5                   | 241.1       | 51.0   | 333.6 |
| Interest income                               | 1.3                    | 5.7         | 2.2    | 9.2   |
| Return on plan assets (excl. interest income) | -0.3                   | 5.3         | -2.7   | 2.3   |
| Effects of plan curtailments and settlements  | -0.6                   | 0.0         | 0.0    | -0.6  |
| Benefits paid                                 | -2.8                   | -15.2       | -11.8  | -29.8 |
| Contributions by the employer                 | 2.8                    | 4.1         | 2.7    | 9.6   |
| Contributions by the plan participants        | 0.0                    | 3.1         | 0.0    | 3.1   |
| Currency translation adjustments              | 0.0                    | 15.4        | 0.1    | 15.5  |
| Changes in consolidation scope                | 0.0                    | 0.0         | 7.6    | 7.6   |
| Other changes                                 | -0.1                   | 0.0         | -1.1   | -1.2  |
| Fair value of plan assets as of December 31   | 41.8                   | 259.5       | 48.0   | 349.3 |

{132}------------------------------------------------

#### **2022**

| (in MEUR)                                     | Germany and<br>Austria | Switzerland | Others | Total |
|-----------------------------------------------|------------------------|-------------|--------|-------|
| Fair value of plan assets as of January 1     | 47.4                   | 238.2       | 142.4  | 428.0 |
| Interest income                               | 0.8                    | 0.8         | 3.4    | 5.0   |
| Return on plan assets (excl. interest income) | -3.8                   | -9.3        | -46.1  | -59.2 |
| Effects of plan curtailments and settlements  | 0.0                    | 0.1         | 0.0    | 0.1   |
| Benefits paid                                 | -2.6                   | -6.7        | -71.6  | -80.9 |
| Contributions by the employer                 | -0.3                   | 3.7         | 19.4   | 22.8  |
| Contributions by the plan participants        | 0.0                    | 2.7         | 0.0    | 2.7   |
| Currency translation adjustments              | 0.0                    | 11.5        | 3.5    | 15.0  |
| Other changes                                 | 0.0                    | 0.1         | 0.0    | 0.1   |
| Fair value of plan assets as of December 31   | 41.5                   | 241.1       | 51.0   | 333.6 |

The plan assets are invested as follows:

#### **2023**

| (in MEUR)                          | Germany and<br>Austria | Switzerland | Others | Total |
|------------------------------------|------------------------|-------------|--------|-------|
| Equity instruments                 | 7.2                    | 50.5        | 2.8    | 60.5  |
| thereof listed on an active market | 7.1                    | 50.5        | 2.8    | 60.4  |
| Debt instruments                   | 7.8                    | 68.6        | 18.7   | 95.1  |
| thereof listed on an active market | 6.7                    | 68.6        | 18.7   | 94.0  |
| Property, plant, and equipment     | 1.4                    | 69.3        | 0.0    | 70.7  |
| thereof listed on an active market | 0.2                    | 2.1         | 0.0    | 2.3   |
| Other assets                       | 25.4                   | 71.1        | 26.5   | 123.0 |
| thereof listed on an active market | 18.3                   | 56.9        | 0.5    | 75.7  |
|                                    | 41.8                   | 259.5       | 48.0   | 349.3 |

#### **2022**

| (in MEUR)                          | Germany and<br>Austria | Switzerland | Others | Total |
|------------------------------------|------------------------|-------------|--------|-------|
| Equity instruments                 | 7.0                    | 42.0        | 2.9    | 51.5  |
| thereof listed on an active market | 6.9                    | 42.0        | 2.9    | 51.8  |
| Debt instruments                   | 6.0                    | 66.9        | 19.5   | 92.4  |
| thereof listed on an active market | 5.3                    | 66.9        | 19.5   | 91.7  |
| Property, plant, and equipment     | 1.2                    | 58.7        | 0.0    | 59.9  |
| thereof listed on an active market | 0.2                    | 0.0         | 0.0    | 0.2   |
| Other assets                       | 27.3                   | 73.5        | 28.6   | 129.4 |
| thereof listed on an active market | 20.2                   | 60.5        | 0.1    | 80.8  |
|                                    | 41.5                   | 241.1       | 51.0   | 333.6 |

In 2023, the actual investment result from plan assets amounted to 3.04% (2022: -2.05%).

As of December 31, 2023, there were no extraordinary company-specific or plan-specific risks and no substantial risk concentrations.

**132**

Expected payments to the pension funds for defined benefit plans are estimated at 19.2 MEUR for 2024.

{133}------------------------------------------------

## **SOURCES OF ESTIMATION UNCERTAINTY AND CRITICAL JUDGMENTS**

For the valuation of the various pension plans a method is applied, where parameters such as the expected discount rate, increases of salary and pension payments as well as the return on plan assets are used. If the relevant parameters develop significantly differently than expected, this can have a material impact on the provision and, subsequently, on the Group's related expenses.

The sensitivity analysis of the existing provisions for pensions is based on key actuarial assumptions. A change of +/- 0.5 percentage points in the discount factor, +/- 0.5 percentage points in the salary increase, +/- 0.5 percentage points in pension benefits, and +/- 1 year in life expectancy would have the following effects on the present value of the pension obligation, if all other parameters remained unchanged (for a change of +/- 1.0 percentage point a doubling can essentially be assumed):

#### **2023**

| (in MEUR)                    |         | Germany and<br>Austria | Switzerland | Others | Total |
|------------------------------|---------|------------------------|-------------|--------|-------|
| Discount rate                | +0.5%   | -9.7                   | -12.6       | -2.1   | -24.4 |
|                              | -0.5%   | 9.4                    | 14.1        | 2.3    | 25.8  |
| Wage and salary increases    | +0.5%   | 0.3                    | 1.4         | 0.0    | 1.7   |
|                              | -0.5%   | -0.3                   | -1.5        | -0.1   | -1.9  |
| Retirement benefit increases | +0.5%   | 7.0                    | 4.4         | 0.8    | 12.2  |
|                              | -0.5%   | -6.5                   | -0.4        | -0.5   | -7.4  |
| Life expectancy              | +1 year | 7.2                    | 6.7         | 1.7    | 15.6  |
|                              | -1 year | -7.4                   | -6.9        | -1.6   | -15.9 |

#### **2022**

| (in MEUR)                    |         | Germany and<br>Austria | Switzerland | Others | Total |
|------------------------------|---------|------------------------|-------------|--------|-------|
| Discount rate                | +0.5%   | -10.7                  | -11.5       | -3.0   | -25.2 |
| Discount rate                | -0.5%   | 11.7                   | 12.6        | 3.5    | 27.8  |
| Wage and salary increases    | +0.5%   | 0.4                    | 1.1         | 0.2    | 1.7   |
|                              |         | -0.5%                  | -0.3        | -1.4   | 0.1   |
| Retirement benefit increases | +0.5%   | 7.3                    | 4.2         | 1.0    | 12.5  |
|                              |         | -0.5%                  | -6.8        | -0.4   | -0.4  |
| Life expectancy              | +1 year | 7.6                    | 5.4         | 2.1    | 15.1  |
|                              |         | -1 year                | -7.7        | -5.7   | -2.0  |

## **b) Severances**

| (in MEUR)                                | 2023 | 2022 |
|------------------------------------------|------|------|
| EXPENSES FROM DEFINED BENEFIT PLANS      |      |      |
| Current service cost                     | 2.7  | 3.4  |
| EXPENSES FROM DEFINED CONTRIBUTION PLANS |      |      |
| Payments to defined contribution plans   | 3.7  | 3.2  |
|                                          | 6.4  | 6.6  |

In the financial year 2023, contributions of 2.9 MEUR (2022: 2.3 MEUR) to employees severance funds (MVK) in Austria, are included in the severance expenses, which represent defined contribution plans.

{134}------------------------------------------------

A breakdown of severance obligations to the various geographical locations has not been disclosed because these obligations relate to about 75% to Austria.

The actuarial assumptions used for Austria to determine the severance obligations as of December 31 are as follows:

| (in %)                                 |          | 2023         | 2022         |
|----------------------------------------|----------|--------------|--------------|
| Discount rate                          | in %     | 4.44 - 4.55  | 4.01 - 4.07  |
| Wage and salary increases              | in %     | 2.50         | 2.50         |
| Average term of the benefit obligation | in years | 8.78 - 10.96 | 8.28 - 11.66 |

The following table shows the development of defined benefit obligations from January 1 to December 31:

| (in MEUR)                                                                 | 2023 | 2022  |
|---------------------------------------------------------------------------|------|-------|
| Defined benefit obligation as of January 1                                | 83.1 | 102.1 |
| Current service cost                                                      | 2.7  | 3.4   |
| Interest expense                                                          | 3.4  | 1.3   |
| Actuarial gains (-) and losses (+) from change in demographic assumptions | 0.0  | 1.6   |
| Actuarial gains (-) and losses (+) from change in financial assumptions   | 7.1  | -19.6 |
| Actuarial gains (-) and losses (+) from change in experience adjustments  | 1.7  | 3.2   |
| Benefits paid                                                             | -9.0 | -9.5  |
| Currency translation adjustments                                          | -0.1 | -0.2  |
| Changes in consolidation scope                                            | 0.0  | 0.8   |
| Other changes                                                             | 1.7  | 0.6   |
| Defined benefit obligation as of December 31                              | 90.6 | 83.1  |
| Fair value of plan assets                                                 | -3.4 | -3.3  |
| Reduction of assets                                                       | 0.0  | 0.1   |
| Defined benefit liability as of December 31                               | 87.2 | 79.9  |

The following table reconciles the fair value of plan assets:

| (in MEUR)                                   | 2023 | 2022 |
|---------------------------------------------|------|------|
| Fair value of plan assets as of January 1   | 3.3  | 2.7  |
| Interest income                             | 0.2  | 0.2  |
| Benefits paid                               | -0.2 | -0.2 |
| Contributions by the employer               | 0.3  | 0.7  |
| Currency translation adjustments            | -0.2 | -0.1 |
| Fair value of plan assets as of December 31 | 3.4  | 3.3  |

The plan assets are invested as follows:

| (in MEUR)                          | 2023 | 2022 |
|------------------------------------|------|------|
| Debt instruments                   | 1.5  | 1.6  |
| thereof listed on an active market | 0.0  | 0.0  |
| Other assets                       | 1.9  | 1.7  |
| thereof listed on an active market | 1.1  | 1.1  |
|                                    | 3.4  | 3.3  |

{135}------------------------------------------------

Image /page/135/Picture/12 description: The image shows a blue exclamation point inside of a rounded square. The exclamation point is thick and bold.

## **SOURCES OF ESTIMATION UNCERTAINTY AND CRITICAL JUDGMENTS**

For the valuation of employee benefits a method is used, where parameters such as the expected discount rate, increases of salary and pension payments as well as the return on plan assets are used. If the relevant parameters develop significantly differently than expected, this can have a material impact on the provision and, subsequently, on the Group's related expenses.

The sensitivity analysis of the existing provisions for severances is based on key actuarial assumptions. A change of +/- 0.5 percentage points in the discount factor, and +/- 0.5 percentage points in the salary increase would have the following effects on the present value of the severance obligation, if all other parameters remained unchanged (for a change of +/- 1.0 percentage point a doubling can essentially be assumed):

| (in MEUR)                 |       | 2023 | 2022 |
|---------------------------|-------|------|------|
| Discount rate             | +0.5% | -3.4 | -3.4 |
|                           | -0.5% | 3.5  | 3.5  |
| Wage and salary increases | +0.5% | 3.4  | 3.4  |
|                           | -0.5% | -3.4 | -3.4 |

# **23. Other Provisions**

# **ACCOUNTING POLICIES**

A provision is recognized when the company has a current obligation (legal or constructive) as a result of a past event and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made regarding the amount of the obligation. Provisions are measured at the expected settlement amount. Provisions are reviewed at each balance sheet date and are adjusted to reflect the current best estimate.

Provisions for warranties and other order-related risks comprise the legal and contractual warranty obligations as well as voluntary commitments to customers and are recorded based on past experience and individual assessments.

Provisions for onerous contracts with customers are set up if the unavoidable costs of fulfilling the contractual obligations by ANDRITZ are higher than the expected sales. Onerous contracts are identified through cost and benefit forecasts and estimates are updated on an ongoing basis.

{136}------------------------------------------------

| (in MEUR)                        | Warranty<br>provisions and<br>other order-related<br>risks | Order-related<br>onerous contracts | Miscellaneous | Total  |
|----------------------------------|------------------------------------------------------------|------------------------------------|---------------|--------|
| Balance as of January 1, 2023    | 502.2                                                      | 58.4                               | 69.9          | 630.5  |
| Additions                        | 186.8                                                      | 20.6                               | 25.2          | 232.6  |
| Usage                            | -38.3                                                      | -34.8                              | -15.8         | -88.9  |
| Release                          | -146.9                                                     | -4.9                               | -8.4          | -160.2 |
| Currency translation adjustments | -3.5                                                       | -0.5                               | 0.9           | -3.1   |
| Changes in consolidation scope   | 5.9                                                        | 1.7                                | 0.9           | 8.5    |
| Balance as of December 31, 2023  | 506.2                                                      | 40.5                               | 72.7          | 619.4  |
| Non-current                      | 159.8                                                      | 0.0                                | 41.2          | 201.0  |
| Current                          | 346.4                                                      | 40.5                               | 31.5          | 418.4  |

ANDRITZ expects the non-current provisions to usually result in cash outflows during the next two to three years. Current provisions are expected to result in cash outflows within the next fiscal year.

Miscellaneous provisions include provisions for restructuring measures for non-personnel related expenses and legal disputes that are not related to the sales business.

## **SOURCES OF ESTIMATION UNCERTAINTY AND CRITICAL JUDGMENTS**

Provisions are recognized and measured based on estimates of the extent and probability of future events. As far as possible, these are based on past experience. Sometimes, however, reliable estimates can only be made with appropriate judgments, because litigation may concern complex legal issues. Therefore, in such cases, the assessment is made with the involvement of internal and external lawyers.

—**Read more in chapter 39.** Contingent assets and liabilities.

# **E) NET WORKING CAPITAL**

## **24. Trade accounts receivable**

Trade accounts receivable are as follows:

| (in MEUR)                                 | 2023    | 2022    |
|-------------------------------------------|---------|---------|
| Gross amount of trade accounts receivable | 1,126.9 | 1,114.8 |
| Valuation allowance                       | -50.9   | -49.7   |
| TRADE ACCOUNTS RECEIVABLE                 | 1,076.0 | 1,065.1 |

All trade accounts receivable are classified as current. The disposal limitations arising due to the granting of collateral securities amounted to 0.0 MEUR (2022: 0.0 MEUR). The parties receiving collateral security have no rights allowing them to sell or repledge the collateral securities provided.

{137}------------------------------------------------

—**Read more details on valuation in chapter 30.** Financial assets and liabilities.

—**Read more on payments overdue and development of impairment in chapter 35.** Risk management – Risks relating to financial instruments.

# **25. Other receivables and assets**

| (in MEUR)                                                                             | 2023  | 2022  |
|---------------------------------------------------------------------------------------|-------|-------|
| Receivables from public institutions                                                  | 230.2 | 216.4 |
| Derivatives                                                                           | 77.3  | 71.4  |
| Prepayments, deferred charges, and interest accruals                                  | 53.0  | 48.6  |
| Plan assets in excess of defined benefit obligation                                   | 23.8  | 4.9   |
| Bills of exchange receivable                                                          | 15.0  | 23.6  |
| Receivables from associated companies, joint ventures, and non-consolidated companies | 14.6  | 10.5  |
| Contract costs                                                                        | 10.4  | 11.2  |
| Miscellaneous                                                                         | 94.3  | 79.1  |
|                                                                                       | 518.6 | 465.1 |
| thereof current                                                                       | 418.0 | 380.1 |
| thereof non-current                                                                   | 100.6 | 85.0  |

Miscellaneous other receivables and assets include, but are not limited to, receivables from deposits and receivables from insurance companies as well as suppliers with debit balances.

# **26. Inventories**

# **ACCOUNTING POLICIES**

Inventories are valued at the lower of acquisition or production cost and net realizable value. Acquisition cost is determined by the average method. Production cost includes direct costs and the applicable allocation of fixed and variable overhead costs. The net realizable value is the selling price in the ordinary course of business minus costs of completion, marketing, and distribution. Valuation allowances for obsolete and slow-moving items are recorded. Inventories no longer usable are fully written-off. Changes in inventories of finished goods and work in progress serve to neutralize expenses for inventories still in stock on the balance sheet date.

Inventories consist of the following:

| (in MEUR)                                | 2023    | 2022    |
|------------------------------------------|---------|---------|
| Materials and supplies                   | 485.4   | 476.5   |
| Work in progress and unfinished services | 510.7   | 501.0   |
| Finished goods and merchandise           | 169.2   | 158.0   |
|                                          | 1,165.3 | 1,135.5 |

The write-down of inventories recognized as an expense amounted to -7.9 MEUR (2022: 2.2 MEUR). In the financial year, no substantial reversal of write-down was captured as a reduction of cost of materials.

{138}------------------------------------------------

# **27. Advance payments made**

The advance payments made relate to procurement processes for customer orders as well as general inventories.

# **28. Trade accounts payable**

# **ACCOUNTING POLICY**

## **Supply Chain Financing (SCF; reverse factoring)**

ANDRITZ offers a supply chain financing agreement, within which suppliers can choose to receive earlier payment of their invoices from a bank by selling receivables from ANDRITZ (factoring). In this agreement, the bank agrees to pay invoice amounts owed by the Group to participating suppliers and later receive compensation for this from the Group. The purpose of this agreement is to enable efficient payment processes and allow participating suppliers to sell their receivables from ANDRITZ to a bank before the due date.

ANDRITZ has not derecognized the original liabilities underlying this arrangement as no legal exemption was obtained nor the liability was materially modified by entering into the arrangement. From the Group's perspective, the agreement does not significantly extend the payment period compared to normal periods with other nonparticipating suppliers. The Group does not incur any additional interest for paying the supplier liabilities to the bank. The amounts factored by the suppliers are therefore reported under trade payables, since the nature and function of the financial liability corresponds to the other trade payables. All liabilities underlying the SCF are classified as current as of December 31, 2023, and 2022, respectively.

Payments to the bank are included in cash flow from operating activities because they remain part of the Group's normal operating cycle and their essential nature remains operational, i.e. payments for the purchase of goods and services.

—**Read more in chapter 30.** Financial Assets and liabilities.

| (in MEUR)                                                    | 2023    | 2022  |
|--------------------------------------------------------------|---------|-------|
| Trade accounts payable to related companies and persons      | 8.1     | 6.9   |
| Trade accounts payable – supply chain financing arrangements | 34.0    | 47.8  |
| Other trade accounts payable                                 | 980.8   | 928.3 |
|                                                              | 1,022.9 | 983.0 |

{139}------------------------------------------------

# **29. Other liabilities**

| (in MEUR)                                            | 2023    | 2022    |
|------------------------------------------------------|---------|---------|
| Accruals and outstanding order-related costs         | 632.5   | 634.6   |
| Unused vacation and other personnel-related accruals | 337.9   | 320.4   |
| Liabilities to public institutions                   | 95.6    | 109.0   |
| Derivatives                                          | 54.3    | 77.0    |
| Liabilities due to employees                         | 25.0    | 26.6    |
| Earn out and contingent considerations               | 23.5    | 9.3     |
| Liabilities from commissions                         | 13.6    | 18.2    |
| Miscellaneous                                        | 52.6    | 57.3    |
|                                                      | 1,235.0 | 1,252.4 |
| thereof current                                      | 1,206.2 | 1,223.8 |
| thereof non-current                                  | 28.8    | 28.6    |

Miscellaneous other liabilities include, but are not limited to, customers with credit balances.

## **F) FINANCIAL AND CAPITAL STRUCTURE, FINANCIAL INSTRUMENTS, AND RISK MANAGEMENT**

## **30. Financial assets and liabilities**

# **ACCOUNTING POLICIES**

A financial instrument is a contract that gives rise to both a financial asset for one entity and a financial liability or equity instrument for another entity. Financial instruments are accounted for on the trading day. Financial assets and financial liabilities included in the balance sheet comprise cash and cash equivalents, investments and other financial assets, trade receivables and trade payables as well as a portion of other receivables and other liabilities, bank and other financial liabilities, issued bonds, and Schuldscheindarlehen.

Financial assets and financial liabilities are recognized in the consolidated balance sheet when the Group becomes a party to the contractual arrangements of the financial instrument. Initial recognition is at fair value plus transaction costs. This does not apply to financial assets categorized as "at fair value through profit or loss". For these instruments the initial recognition is made at fair value without consideration of transaction costs. Financial instruments are netted if the Group has a legally enforceable right to netting and intends to settle either only the balance or both the receivable and the liability at the same time.

#### **Categories and subsequent measurement of financial assets**

For all recognized financial assets, subsequent measurement is carried out at amortized cost or at fair value, depending on the classification category. The classification and measurement approach for financial assets takes the business model into account in which the assets are held as well as the characteristic of the cash flows. The following three classification categories for financial assets are distinguished:

- valued at amortized cost
- valued at fair value through profit and loss (FVTPL)
- valued at fair value through other comprehensive income (FVTOCI)

{140}------------------------------------------------

The classification category is determined by type of instrument: derivatives, equity instrument, and debt instrument.

Upon subsequent measurement, **derivatives** are valued at FVTPL.

—**Read more details about measurement in chapter 34.** Derivatives.

A **debt instrument** is measured at **amortized cost** if it meets both of the following conditions and is not designated as FVTPL:

- it is held within a business model whose objective it is to hold assets to collect contractual cash flows; and
- its contractual terms lead to cash outflows on certain dates, which are solely principal and interest payments on the outstanding principal amount.

In the Group, trade receivables, loans, and other receivables with fixed or determinable payments that are not quoted on an active market belong to this category. These assets are measured at amortized cost using the effective interest method. The amortized costs are reduced by impairment losses. Interest income, foreign exchange gains and losses, derecognition effects, and impairments are recognized in profit or loss.

A **debt instrument** is valued at **FVTOCI** if it meets both of the following conditions and is not designated as FVTPL:

- it is held within a business model whose objective it is both, to collect contractual cash flows and to sell financial assets; and
- its contractual terms lead to cash outflows on certain dates, which are solely principal and interest payments on the outstanding principal amount.

These assets are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses, and impairments are recognized in profit or loss. Other net gains and losses are recognized in other comprehensive income (OCI). Upon derecognition, the cumulative gains and losses in OCI are reclassified to the income statement. In the Group, no instrument is assigned to this category in the financial year.

All **debt instruments** that are not measured at amortized cost or FVTOCI, as described above, are measured at **FVTPL**. In addition, upon initial recognition, the Group may irrevocably designate a financial asset that meets the requirements to be measured at amortized cost or at FVTOCI to be measured at FVTPL if it eliminates or substantially reduces an accounting mismatch. This option is not exercised within the Group. This category includes financial instruments acquired either mainly for the purpose of being sold or bought back at short notice. Debt instruments to obtain profits from short-term fluctuations in the market price or from the trader's margin are not held. Any gain, including interest, or loss resulting from the valuation is recognized in profit or loss.

An **equity investment** is generally measured at **FVTPL** because it is held for trading or because it is irrevocably decided upon initial recognition to not present subsequent changes in fair value in OCI but in the income statement. This choice is made for each investment individually. Equity instruments that are held to gain profits from short-term fluctuations in the market price or from the trader's margin are not held. Any gain, including dividend income, or loss resulting from the valuation is recognized in profit or loss.

The Group has decided to measure individual **equity investments** at **FVTOCI**. These assets are subsequently measured at fair value. Dividends are recognized in profit or loss unless the dividend is clearly a reimbursement of part of the investment cost. Other net gains and losses are recognized in OCI and are not reclassified to profit or loss.

{141}------------------------------------------------

#### **Categories and subsequent measurement of financial liabilities**

The valuation of financial liabilities depends on their classification in certain categories, which are distinguished and explained as follows:

- valued at fair value through profit or loss (FVTPL)
- valued at amortized cost

The Group measures its financial liabilities at **fair value through profit or loss** if the financial liability is held for trading or if it is a derivative that has not been designated as a hedging instrument and is not effective as such.

—**Read more details about measurement in chapter 34.** Derivatives.

Other financial liabilities, including taken out loans, are initially recognized at fair value less transaction costs. As part of subsequent measurement, other financial liabilities are measured at **amortized cost** in accordance with the effective interest method, whereby the interest costs are recognized in profit or loss corresponding with the effective interest rate.

#### **Fair value**

The fair value is the price that would be received in an orderly transaction between market participants on the measurement date for the sale of an asset or for the transfer of a liability. The measurement of financial instruments at fair value follows a three-level hierarchy and is based on the proximity of the applied measurement factors to an active market.

- **Level 1:** Financial instruments are valued according to level 1 if they have a quoted price in an active market for an identical asset or liability accessible for an entity. Quoted prices represent the fair value.
- **Level 2:** If the valuation according to level 1 is not accomplishable, level 2 valuation uses directly or indirectly observable inputs for determining the fair value.
- **Level 3:** If inputs are not observable, level 3 valuation uses unobservable inputs for determining the fair value.

#### **Valuation techniques**

| Class                                                                                                                                                                               | Valuation techniques for the determination of fair values                                                                                                                                                                                                                                                                                                                                           |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Derivatives, investments, miscellaneous other<br>financial assets, Schuldscheindarlehen, bank loans,<br>and other financial liabilities and lease liabilities                       | The fair value is basically calculated using stock market prices. If no stock<br>market prices are available, the valuation is carried out using customary<br>valuation methods taking specific parameters into account. The valuation<br>model takes the present value of the expected cash flows into account,<br>discounted with a risk-adjusted discount rate applicable for the remaining term |
| Trade accounts receivable, other receivables and<br>assets, cash and cash equivalents, time deposits<br>included in "investments", trade accounts payable,<br>and other liabilities | These classes of financial assets and liabilities are accounted for at their book<br>value, which is a reasonable approximation of their fair value due to the fact<br>that their residual maturity is essentially short.                                                                                                                                                                           |
| Other shares, equity instruments included in<br>"investments", and contingent considerations                                                                                        | There are no prices quoted on an active market for these financial<br>instruments. The valuation is made via valuation parameters that are not<br>observable on the market, e.g. cashflow planning                                                                                                                                                                                                  |

#### **a) Levels and fair values**

The following tables show the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. They do not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value:

{142}------------------------------------------------

## **As of December 31, 2023**

| (in MEUR)                                             |         |                                      |                       |                                   |                       | Net book value                     | Fair value |         |         |         |       |
|-------------------------------------------------------|---------|--------------------------------------|-----------------------|-----------------------------------|-----------------------|------------------------------------|------------|---------|---------|---------|-------|
|                                                       | Chapter | Hedge<br>accounting at<br>fair value | Mandatory at<br>FVTPL | Equity<br>instruments -<br>FVTOCI | At amortized<br>costs | No IFRS 9<br>valuation<br>category | Total      | Level 1 | Level 2 | Level 3 | Total |
| Time deposits included in "investments"               | 31.     |                                      |                       |                                   | 112.9                 |                                    | 112.9      |         |         |         |       |
| Other investments                                     | 31.     |                                      | 168.8                 | 28.3                              |                       |                                    | 197.1      | 168.8   |         | 28.3    | 197.1 |
| Shares in non-consolidated companies and other shares | 31.     |                                      |                       | 0.6                               |                       | 23.6                               | 24.2       |         |         | 0.6     | 0.6   |
| Derivatives                                           | 34.     | 65.4                                 | 11.9                  |                                   |                       |                                    | 77.3       |         | 77.3    |         | 77.3  |
| Miscellaneous other financial assets                  | 31.     |                                      |                       |                                   | 1.0                   |                                    | 1.0        |         | 0.9     |         | 0.9   |
| Trade accounts receivable                             | 24.     |                                      |                       |                                   | 1,076.0               |                                    | 1,076.0    |         |         |         |       |
| Other receivables and assets                          | 25.     |                                      |                       |                                   | 166.0                 | 275.3                              | 441.3      |         |         |         |       |
| Cash and cash equivalents                             | 32.     |                                      |                       |                                   | 1,507.1               |                                    | 1,507.1    |         |         |         |       |
| <b>FINANCIAL ASSETS</b>                               |         | 65.4                                 | 180.7                 | 28.9                              | 2,863.0               | 298.9                              | 3,436.9    |         |         |         |       |
| Derivatives                                           | 34.     | 30.9                                 | 23.4                  |                                   |                       |                                    | 54.3       |         | 54.3    |         | 54.3  |
| Bank loans and other financial liabilities            | 36.     |                                      |                       |                                   | 204.4                 |                                    | 204.4      |         | 197.3   |         | 197.3 |
| Lease liabilities                                     | 19./36. |                                      |                       |                                   | 209.5                 |                                    | 209.5      |         | 202.7   |         | 202.7 |
| Trade accounts payable                                | 28.     |                                      |                       |                                   | 1,022.9               |                                    | 1,022.9    |         |         |         |       |
| Earn out and contingent considerations                | 29.     |                                      |                       |                                   | 23.5                  |                                    | 23.5       |         |         | 23.0    | 23.0  |
| Schuldscheindarlehen                                  | 36.     |                                      |                       |                                   | 728.7                 |                                    | 728.7      |         | 694.8   |         | 694.8 |
| Other liabilities                                     | 29.     |                                      |                       |                                   | 89.6                  | 1,067.6                            | 1,157.2    |         |         |         |       |
| <b>FINANCIAL LIABILITIES</b>                          |         | 30.9                                 | 23.4                  |                                   | 2,278.6               | 1,067.6                            | 3,400.5    |         |         |         |       |

{143}------------------------------------------------

## **As of December 31, 2022**

| (in MEUR)                                             |         | Net book value                       |                       |                                   |                       |                                    |         | Fair value |         |         |       |
|-------------------------------------------------------|---------|--------------------------------------|-----------------------|-----------------------------------|-----------------------|------------------------------------|---------|------------|---------|---------|-------|
|                                                       | Chapter | Hedge<br>accounting at<br>fair value | Mandatory at<br>FVTPL | Equity<br>instruments -<br>FVTOCI | At amortized<br>costs | No IFRS 9<br>valuation<br>category | Total   | Level 1    | Level 2 | Level 3 | Total |
| Time deposits included in "investments"               | 31.     |                                      |                       |                                   | 497.5                 |                                    | 497.5   |            |         |         |       |
| Other investments                                     | 31.     |                                      | 253.6                 | 29.2                              |                       |                                    | 282.8   | 253.6      |         | 29.2    | 282.8 |
| Shares in non-consolidated companies and other shares | 31.     |                                      |                       | 0.6                               |                       | 19.0                               | 19.6    |            |         | 0.6     | 0.6   |
| Derivatives                                           | 34.     | 55.3                                 | 16.1                  |                                   |                       |                                    | 71.4    |            | 71.4    |         | 71.4  |
| Miscellaneous other financial assets                  | 31.     |                                      |                       |                                   | 0.9                   |                                    | 0.9     |            | 0.8     |         | 0.8   |
| Trade accounts receivable                             | 24.     |                                      |                       |                                   | 1,065.1               |                                    | 1,065.1 |            |         |         |       |
| Other receivables and assets                          | 25.     |                                      |                       |                                   | 133.2                 | 260.5                              | 393.7   |            |         |         |       |
| Cash and cash equivalents                             | 32.     |                                      |                       |                                   | 1,302.0               |                                    | 1,302.0 |            |         |         |       |
| <b>FINANCIAL ASSETS</b>                               |         | 55.3                                 | 269.7                 | 29.8                              | 2,998.7               | 279.5                              | 3,633.0 |            |         |         |       |
| Derivatives                                           | 34.     | 51.3                                 | 25.7                  |                                   |                       |                                    | 77.0    |            | 77.0    |         | 77.0  |
| Bank loans and other financial liabilities            | 36.     |                                      |                       |                                   | 187.0                 |                                    | 187.0   |            | 175.7   |         | 175.7 |
| Lease liabilities                                     | 19./36. |                                      |                       |                                   | 207.4                 |                                    | 207.4   |            | 188.4   |         | 188.4 |
| Trade accounts payable                                | 28.     |                                      |                       |                                   | 983.0                 |                                    | 983.0   |            |         |         |       |
| Earn out and contingent considerations                | 29.     |                                      |                       |                                   | 9.3                   |                                    | 9.3     |            |         | 9.3     | 9.3   |
| Schuldscheindarlehen                                  | 36.     |                                      |                       |                                   | 893.9                 |                                    | 893.9   |            | 837.3   |         | 837.3 |
| Other liabilities                                     | 29.     |                                      |                       |                                   | 100.0                 | 1,066.1                            | 1,166.1 |            |         |         |       |
| <b>FINANCIAL LIABILITIES</b>                          |         | 51.3                                 | 25.7                  |                                   | 2,380.6               | 1,066.1                            | 3,523.7 |            |         |         |       |

{144}------------------------------------------------

## **b) Reconciliation of level 3 measurement at fair value**

The table below contains only financial assets:

| (in MEUR)                                                 | 2023 | 2022 |
|-----------------------------------------------------------|------|------|
| Balance as of January 1                                   | 29.8 | 23.0 |
| Gains and losses recognised in other comprehensive income | -1.8 | -2.5 |
| Acquisitions and disposals                                | 0.9  | 9.3  |
| Balance as of December 31                                 | 28.9 | 29.8 |

## **c) Equity instruments at fair value through other comprehensive income**

The equity instruments listed in the table below were designated as measured at fair value through OCI. These shares represent long-term strategic investments, which is why ANDRITZ considers this valuation category to be appropriate. No strategic investments were sold in the financial year. With regard to these investments, no accumulated gains or losses were transferred within equity.

| (in MEUR)      | Fair value as of<br>December 31, 2023 | Fair value as of<br>December 31, 2022 | Dividend income<br>of 2023 | Dividend income<br>of 2022 |
|----------------|---------------------------------------|---------------------------------------|----------------------------|----------------------------|
| JVP VIII, L.P. | 21.0                                  | 22.7                                  | 0.0                        | 0.0                        |
| ASTARIS S.p.a. | 5.2                                   | 5.2                                   | 0.0                        | 0.0                        |
| Others         | 2.7                                   | 1.9                                   | 0.1                        | 0.1                        |
|                | 28.9                                  | 29.8                                  | 0.1                        | 0.1                        |

## **d) Net gains and losses**

| (in MEUR)                                                        | Derivatives | Financial assets<br>measured at FVTPL | Financial assets<br>measured at<br>FVTOCI | Financial assets<br>measured at<br>amortized costs | Financial liabilities<br>measured at<br>amortized costs |
|------------------------------------------------------------------|-------------|---------------------------------------|-------------------------------------------|----------------------------------------------------|---------------------------------------------------------|
| Interest result                                                  | -6.6        | 0.5                                   | 0.7                                       | 67.3                                               | -23.0                                                   |
| Dividends                                                        |             | 0.9                                   | 0.1                                       |                                                    |                                                         |
| Valuation                                                        | 0.9         | 4.9                                   |                                           | -9.5                                               |                                                         |
| Gains and losses from sale and disposal                          |             | -0.6                                  |                                           |                                                    |                                                         |
| Net gains and losses recognized in<br>net income                 | -5.7        | 5.7                                   | 0.8                                       | 57.8                                               | -23.0                                                   |
| Net gains and losses recognized in<br>other comprehensive income | 51.3        |                                       | -1.8                                      |                                                    |                                                         |
| NET GAINS AND LOSSES                                             | 45.6        | 5.7                                   | -1.0                                      | 57.8                                               | -23.0                                                   |

{145}------------------------------------------------

#### **2022**

| (in MEUR)                                                     | Derivatives | Financial assets measured at FVTPL | Financial assets measured at FVTOCI | Financial assets measured at amortized costs | Financial liabilities measured at amortized costs |
|---------------------------------------------------------------|-------------|------------------------------------|-------------------------------------|----------------------------------------------|---------------------------------------------------|
| Interest result                                               | -7.8        | 0.5                                | 1.1                                 | 38.4                                         | -23.3                                             |
| Dividends                                                     |             | 0.2                                | 0.1                                 |                                              |                                                   |
| Valuation                                                     | 12.1        | -10.0                              |                                     | -32.3                                        |                                                   |
| Net gains and losses recognized in net income                 | 4.3         | -9.3                               | 1.2                                 | 6.1                                          | -23.3                                             |
| Net gains and losses recognized in other comprehensive income | 2.0         |                                    | -2.5                                |                                              |                                                   |
| NET GAINS AND LOSSES                                          | 6.3         | -9.3                               | -1.3                                | 6.1                                          | -23.3                                             |

## **SOURCES OF ESTIMATION UNCERTAINTY AND CRITICAL JUDGMENTS**

To assess the fair value of financial instruments for which there is no active market, alternative valuation methods are used that are subject to estimation uncertainties. The parameters used in the assessment are to some extent based on future-oriented assumptions and the selection of suitable parameters requires assumptions about their comparability.

In accordance with the disclosure requirements for financial instruments, certain assumptions are made regarding the future cash inflows and outflows of the instruments concerned.

# **31. Investments and other financial assets**

# **ACCOUNTING POLICIES**

Non-current investments and other financial assets consist primarily of non-current securities, Schuldscheindarlehen, shares in non-consolidated companies, and other shares.

The current investments consist mainly of government bonds, bonds of first class banks, money market funds, and time deposits. They are held for the purpose of investing liquid funds and are not generally intended to be retained on a long-term basis.

—**Read more details on valuation in chapter 30.** Financial assets and liabilities.

Non-current investments and other financial assets are as follows:

| (in MEUR)                            | 2023 | 2022 |
|--------------------------------------|------|------|
| Investment securities                | 29.9 | 31.2 |
| Shares in non-consolidated companies | 23.6 | 19.0 |
| Time deposits                        | 15.0 | 20.2 |
| Other shares                         | 0.6  | 0.6  |
| Miscellaneous                        | 1.0  | 0.9  |
|                                      | 70.1 | 71.9 |

{146}------------------------------------------------

The shares in non-consolidated companies did not include a restricted right of use in 2023 or 2022, respectively.

Current investments consist of the following:

| (in MEUR)        | 2023  | 2022  |
|------------------|-------|-------|
| Bank bonds       | 116.7 | 146.6 |
| Time deposits    | 97.9  | 477.3 |
| Funds            | 34.2  | 85.0  |
| Government bonds | 16.3  | 20.0  |
|                  | 265.1 | 728.9 |

# **32. Cash and cash equivalents**

# **ACCOUNTING POLICIES**

Cash includes cash in hand and cash at banks. Cash equivalents comprise short-term investments that have original maturities of three months or less and are subject to an insignificant risk of changes in value e.g. time deposits.

—**Read more details on valuation in chapter 30.** Financial assets and liabilities.

Cash and cash equivalents are as follows:

| (in MEUR)     | 2023    | 2022    |
|---------------|---------|---------|
| Cash in banks | 883.6   | 906.4   |
| Time deposits | 623.5   | 395.6   |
|               | 1,507.1 | 1,302.0 |

The cash and cash equivalents in the consolidated statement of financial position correspond to cash and cash equivalents in the consolidated statement of cash flows.

In various countries foreign exchange restrictions and other legal restrictions exist. As a result, the availability of these funds of cash and cash equivalents to ANDRITZ AG as the parent company might be restricted.

# **33. Equity**

# **ACCOUNTING POLICIES**

#### **Share capital**

Only ordinary shares exist, and all shares have been issued and have the same rights. The share capital of ANDRITZ AG amounts to 104 MEUR, divided into 104 million shares of no-par value.

**146**

#### **Capital reserves**

The capital reserves include additional payments from shareholders on the issue of shares.

{147}------------------------------------------------

#### **Retained earnings**

Retained earnings predominantly include retained income, fair value reserve, actuarial gains and losses, and currency translation adjustments.

#### **Fair value reserve**

The fair value reserve contains the following components:

#### ▪ **Reserve for cash flow hedging (hedging reserve)**

This reserve comprises the effective part of the cumulative net changes in the fair value of hedging instruments used to hedge cash flows until they are subsequently recognized in profit or loss or are recognized directly in the acquisition costs or the carrying amount of a non-financial asset or a non-financial debt.

#### ▪ **Reserve for the cost of hedging**

This reserve shows gains and losses of the portion that is excluded from the designated hedging transaction that relates to the forward element of a forward exchange transaction. The cost of hedging is initially recognized in other comprehensive income and accounted for similar to the gains and losses in the reserve for cash flow hedging.

#### ▪ **Reserve from changes in the fair value of financial assets**

This reserve relates to the cumulative net changes in the fair value of equity instruments designated as measured at FVTOCI.

## **a) Other comprehensive income**

The amounts attributable to components of other comprehensive income are as follows:

| (in MEUR)                                  | 2023         |            |             | 202          |            |             |
|--------------------------------------------|--------------|------------|-------------|--------------|------------|-------------|
|                                            | Before taxes | Tax effect | After taxes | Before taxes | Tax effect | After taxes |
| Actuarial gains and losses                 | -9.5         | 6.1        | -3.4        | 40.5         | -14.2      | 26.3        |
| Remeasurement of defined benefit plans     | -9.5         | 6.1        | -3.4        | 40.5         | -14.2      | 26.3        |
| Changes in fair values                     | -1.8         | 0.5        | -1.3        | -2.5         | 0.7        | -1.8        |
| Equity instruments - FVTOCI                | -1.8         | 0.5        | -1.3        | -2.5         | 0.7        | -1.8        |
| Currency translation adjustments           | -21.3        | 0.0        | -21.3       | 14.6         | 0.0        | 14.6        |
| Currency translation of foreign operations | -21.3        | 0.0        | -21.3       | 14.6         | 0.0        | 14.6        |
| Changes in fair values                     | 33.4         | -10.4      | 23.0        | -28.6        | 8.9        | -19.7       |
| Transfers to income statement              | 14.9         | -4.7       | 10.2        | 22.0         | -6.6       | 15.4        |
| Cash flow hedges (hedging reserve)         | 48.3         | -15.1      | 33.2        | -6.6         | 2.3        | -4.3        |
| Changes in fair values                     | -1.6         | 0.5        | -1.1        | 12.9         | -4.0       | 8.9         |
| Transfers to income statement              | 4.6          | -1.4       | 3.2         | -4.3         | 1.3        | -3.0        |
| Cash flow hedges (cost of hedging)         | 3.0          | -0.9       | 2.1         | 8.6          | -2.7       | 5.9         |
|                                            | 18.7         | -9.4       | 9.3         | 54.6         | -13.9      | 40.7        |

{148}------------------------------------------------

## **b) Dividends**

For 2023, a dividend of 2.50 EUR per outstanding share is proposed by the Executive Board.

The dividend of 207.7 MEUR for 2022, which is equal to 2.10 EUR per share, was proposed by the Executive Board and approved by the 116 th Annual General Meeting on March 29, 2023. The dividend was paid to the shareholders on April 5, 2023.

## **c) Treasury shares**

Based on an authorization from the Annual General Meeting and with the approval of the Supervisory Board, the Executive Board has decided on a share buyback and share resale program, which enables the acquisition of shares to the maximum extent permitted by law for a period of 30 months from October 1, 2023.

In 2023, no shares were bought back. 272,250 shares were sold to authorized executives as part of the management share option plan for executives. 34,621 shares were transferred to employees of ANDRITZ as part of employee participation programs. As of December 31, 2023, the company held 4,789,540 treasury shares with a market value of 270.1 MEUR. It is planned to use these shares to service options under the management share option plan and the employee participation programs.

The following table shows the changes in the number of shares outstanding:

|                                                                 | Shares outstanding | Treasury shares | Total       |
|-----------------------------------------------------------------|--------------------|-----------------|-------------|
| Balance as of December 31, 2021                                 | 99,190,685         | 4,809,315       | 104,000,000 |
| Purchase of treasury shares                                     | -344,750           | 344,750         |             |
| Used to cover share options and employee participation programs | 57,654             | -57,654         |             |
| Balance as of December 31, 2022                                 | 98,903,589         | 5,096,411       | 104,000,000 |
| Purchase of treasury shares                                     | 0                  | 0               |             |
| Used to cover share options and employee participation programs | 306,871            | -306,871        |             |
| Balance as of December 31, 2023                                 | 99,210,460         | 4,789,540       | 104,000,000 |

## **d) Management share option programs**

# **ACCOUNTING POLICIES**

## **Share Option Program 2022**

In June 2022 the Executive Board and the Supervisory Board of ANDRITZ AG decided to offer managers and junior executives a share option program. The number of options granted per authorized manager can be up to 20,000, depending on the area of responsibility, and up to 37,500 for the members of the Executive Board. The options are to be drawn from the pool of shares bought back under the corporate share buy-back program. One share option entitles the holder to the purchase of one share.

In order to exercise a share option, the beneficiary must have been in an active employment relationship with a company belonging to the ANDRITZ GROUP from June 1, 2022 until the date of exercise of an option.

Up to 30% of the options can be exercised between May 1, 2025, and April 30, 2029 (i.e. period of exercise), provided that the average unweighted closing price of the ANDRITZ share over 20 consecutive trading days within the period from May 1, 2024 to April 30, 2025 is at least 10% above the exercise price or the average unweighted

{149}------------------------------------------------

closing price of the ANDRITZ share over 20 consecutive trading days within the period from May 1, 2025 to April 30, 2026 is at least 15% above the exercise price.

Up to 60% of the options can be exercised between May 1, 2025, and April 30, 2029, provided that the EBITA margin for the 2022, 2023 or 2024 business year is within the EBITA-corridor. The EBITA corridor is defined the following way: With an EBITA margin between 7.5% and 9.0% the aliquot exercise of options is possible depending on the level of the EBITA margin, and with an EBITA margin of 9.0% or higher 100% of the options can be exercised.

10% of the options can be exercised between May 1, 2025, and April 30, 2029, and only if the "Accident Frequency Rate (AFR 1) > 1 day absence" is ≤ 2.4 in 2022, ≤ 1.7 in 2023 or ≤ 1.2 in 2024.

If the conditions of exercise are met, 50% of the options can be exercised immediately, 25% after three months, and the remaining 25% after a further three months. Share options can only be exercised by way of written notification to the company. The share options are not transferable. The shares purchased under the share option program are not subject to a ban on sales over a certain period.

The calculation of fair value was based on an option pricing model; applying methods scientifically recognized. The share price at the time of granting the options was the closing price of the ANDRITZ share on June 1, 2022, and amounted to 43.56 EUR. The exercise price of the option is the unweighted average closing price of ANDRITZ shares in the four calendar weeks following the 115th Annual General Meeting on April 7, 2022, and amounted to 38.80 EUR. The expected volatility and the expected dividend were calculated based on historical data of ANDRITZ.

#### **Share Option Program 2020**

The 113th Annual General Meeting on July 7, 2020, approved another share option program for managers and members of the Executive Board. The number of options granted per authorized manager can be up to 20,000, depending on the area of responsibility, and up to 37,500 for the members of the Executive Board. The options are to be drawn from the pool of shares bought back under the corporate share buy-back program. One share option entitles the holder to the purchase of one share.

In order to exercise a share option, the beneficiary must have been in an active employment relationship with a company belonging to the ANDRITZ GROUP from September 1, 2020, until the date of exercise of an option. Another requirement is a personal investment in ANDRITZ shares of at least 5 TEUR for junior executives for future top management posts, at least 20 TEUR for senior executives and at least 40 TEUR for members of the Executive Board.

Up to 90% of the options can be exercised between May 1, 2023, and April 30, 2027 (i.e. period of exercise), provided that the average unweighted closing price of the ANDRITZ share over 20 consecutive trading days within the period from May 1, 2022 to April 30, 2023 is at least 10% above the exercise price and the EBITA margin for the 2021 or 2022 business year is within the EBITA-corridor; or the average unweighted closing price of the ANDRITZ share over 20 consecutive trading days within the period from May 1, 2023 to April 30, 2024 is at least 15% above the exercise price and the EBITA margin for the 2022 or 2023 business year is within the EBITAcorridor. The EBITA corridor is defined the following way: With an EBITA margin between 6.5% and 7.9% the aliquot exercise of options is possible depending on the level of the EBITA margin, and with an EBITA margin of 8% or higher 90% of the options can be exercised.

10% of the options can be exercised between May 1, 2023, and April 30, 2027, and only if the "Accident Frequency Rate (AFR) > 3 days absence" is ≤ 3.5 in 2021, 2022 or 2023.

{150}------------------------------------------------

If the conditions of exercise are met, 50% of the options can be exercised immediately, 25% after three months, and the remaining 25% after a further three months. Share options can only be exercised by way of written notification to the company. The share options are not transferable. The shares purchased under the share option program are not subject to a ban on sales over a certain period.

The calculation of fair value was based on an option pricing model; applying methods scientifically recognized. The share price at the time of granting the options was the closing price of the ANDRITZ share on September 1, 2020, and amounted to 27.64 EUR. The exercise price of the option is the unweighted average closing price of ANDRITZ shares in the four calendar weeks following the 113th Annual General Meeting on July 7, 2020, and amounted to 31.20 EUR. The expected volatility and the expected dividend were calculated based on historical data of ANDRITZ.

Due to the fact that the management share option programs do not include cash settlements, corresponding expenses are recorded directly in equity, according to the International Financial Reporting Standards.

948,500 options were granted from the 2020 stock option program. The fair value of the options at the time they were granted amounted to 2.1 MEUR, of which 0.3 MEUR were recognized in expenses in 2023.

828,485 options were granted from the 2022 stock option program. The fair value of the options at the time they were granted amounted to 8.4 MEUR, of which 2.9 MEUR were recognized in expenses in 2023.

Movements in options under the share option plans for the 2023 and 2022 financial years were as follows:

|                               |  | 2023              |                                                  | 2022              |                                                  |
|-------------------------------|--|-------------------|--------------------------------------------------|-------------------|--------------------------------------------------|
|                               |  | Number of options | Average exercise<br>price per option<br>(in EUR) | Number of options | Average exercise<br>price per option<br>(in EUR) |
| Balance as of January 1       |  | 1,763,485         | 34.77                                            | 1,792,000         | 38.28                                            |
| Options granted               |  | 0                 | 0.00                                             | 828,485           | 38.80                                            |
| Options exercised             |  | -272,250          | 31.20                                            | 0                 | 0.00                                             |
| Options expired and forfeited |  | -65,000           | 31.20                                            | -857,000          | 46.01                                            |
| Balance as of December 31     |  | 1,426,235         | 35.62                                            | 1,763,485         | 34.77                                            |
| Exercisable at year-end       |  | 0                 |                                                  | 0                 |                                                  |

Image /page/150/Picture/8 description: The image shows a blue exclamation point inside of a rounded blue rectangle. The exclamation point is a thick, sans-serif font.

## **SOURCES OF ESTIMATION UNCERTAINTY AND CRITICAL JUDGMENTS**

The share option programs are measured based on the fair value of the options on the grant date. The fair value of the options is based on parameters such as volatility, interest rate, share price, duration of the options, and expected dividends. The interpretation of market information necessary for the estimation of fair values also requires a certain degree of subjective judgment. This can result in a difference between the amounts recorded and values subsequently realized in the market.

{151}------------------------------------------------

## **e) Non-controlling interests**

## **ACCOUNTING POLICIES**

The share attributable to non-controlling interests is shown separately in equity of the consolidated statement of financial position, in the consolidated income statement, and in the consolidated statement of other comprehensive income. The purchase method was applied for all companies acquired. Companies purchased or sold during the year were included in the consolidated financial statements as from the date of their purchase or up to the date of their sale.

| (in MEUR)                                                                | Main office        | Proportion of ownership<br>interests and voting rights<br>held by non-controlling<br>interests |        | Net income allocated to<br>non-controlling interests |      | Non-controlling interests |       |
|--------------------------------------------------------------------------|--------------------|------------------------------------------------------------------------------------------------|--------|------------------------------------------------------|------|---------------------------|-------|
|                                                                          |                    | 2023                                                                                           | 2022   | 2023                                                 | 2022 | 2023                      | 2022  |
| OTORIO LTD                                                               | Tel Aviv, Israel   | 49.99%                                                                                         | 49.99% | -6.7                                                 | -7.8 | -22.1                     | -15.7 |
| PT. ANDRITZ HYDRO                                                        | Jakarta, Indonesia | 49.00%                                                                                         | 49.00% | 0.8                                                  | 0.8  | 1.9                       | 1.8   |
| Dabaki<br>Grundstücksverwaltungsgesellschaft<br>mbH & Co. Vermietungs KG | Mainz, Germany     | 6.00%                                                                                          | 6.00%  | 0.0                                                  | 0.0  | 0.0                       | 0.0   |
|                                                                          |                    |                                                                                                |        | -5.9                                                 | -7.0 | -20.2                     | -13.9 |

## **f) Additional capital management disclosures**

ANDRITZ is committed to maintain a strong financial profile, characterized by a conservative capital structure that provides financial flexibility. As of December 31, equity and total assets amounted to the following:

| (in MEUR)    | 2023    | 2022    |
|--------------|---------|---------|
| Total equity | 2,157.5 | 1,834.7 |
| Total assets | 8,497.3 | 8,491.8 |
| Equity ratio | 25.4%   | 21.6%   |

ANDRITZ is not subject to any statutory capital requirements. The company has obligations to sell or issue shares in connection with existing share-based payment plans. In recent years, commitments from share-based payments have primarily been satisfied through buy-back of the company's shares.

The goal in capital management is on the one hand to ensure the going concern of the group entities and on the other hand to maximize the return to shareholders by optimizing the debt and equity balance. In the past Schuldscheindarlehen (in 2017, 2018, and 2019) were issued to safeguard the financial stability and to provide the basis for further growth of the ANDRITZ GROUP. The capital structure of the Group consists of debt, cash, and equity attributable to shareholders of the parent, comprising share capital, capital reserves, and retained earnings.

The capital structure is reviewed on an ongoing basis. The cost of capital and the risks associated with each class of capital are taken into account. The Group will continue to optimize its capital structure through the payment of dividends, share buy-backs as well as the issue and repayment of debt.

The Group's overall strategy remains unchanged from 2022.

{152}------------------------------------------------

# **34. Derivatives**

## **ACCOUNTING POLICIES**

The Group uses derivatives to hedge interest rate and foreign currency risks arising from operational, financing, and investment activities. Financial liabilities to obtain profits from short-term fluctuations in the market price or from the trader's margin are not held.

#### **Accounting for derivatives, that are not designated as a hedging relationship**

Derivatives that are not designated as a hedging relationship are classified as held for trading in accordance with IFRS 9 and recorded at fair value. As of the balance sheet date, the fair value of open derivatives is calculated as the present value of future cash flows using currency and interest rate quotations. The own credit risk as well as the credit risk of the contractual partner are included. Any gain or loss resulting from the valuation is recognized in the income statement.

#### **Hedge Accounting**

In order to better present the economic effects of the risk management activities, ANDRITZ applies the regulations on the accounting of hedging transactions according to IFRS 9.

At inception of the hedge, ANDRITZ documents the economic relationship between the hedging instrument and the hedged underlying transaction, including the risk management objectives and the underlying corporate strategy. The essential conditions of the payments from the underlying transactions and hedging instruments (in particular nominal and payment dates) are basically identical or behave in opposite directions ("critical terms match").

Derivatives are initially recorded at fair value at the time a derivative contract is concluded and are measured at fair value at the end of each reporting period. Depending on the fair value (positive or negative), the derivative financial instruments are recorded as other receivables or other liabilities. The instruments are classified as non-current if the remaining terms exceed 12 months and current if the remaining terms are 12 months or less. The changes in fair value are recorded differently depending on the type of hedging relationship:

#### Fair value hedge

In connection with the hedge of the fair value of a recognized asset or recognized liability, the change in fair value of the hedging instrument and the underlying transaction are recognized in the income statement.

#### Cash flow hedge

If a derivative is designated as a cash flow hedge, the effective part of the change in fair value is recognized in other comprehensive income and accumulated in the reserve for cash flow hedges (hedging reserve). The effective part of the changes in fair value that is recognized in other comprehensive income is limited to the cumulative change in the fair value of the hedged underlying (calculated based on the present value) since the inception of the hedge. An ineffective portion of the changes in the fair value of the derivative is recognized immediately in income statement.

The Group only records the change of the fair value of the spot component of currency forwards as a hedging instrument in the hedging reserve. The change in the fair value of the forward element of forward exchange transactions (forward points) or the basis spread of swaps is accounted for separately as cost of hedging and is allocated in a reserve for cost of hedging in equity.

{153}------------------------------------------------

When the cash flow hedge results in the recognition of a non-financial asset or non-financial liability or becomes a firm commitment to which hedge accounting is applied, the amounts recognized in other comprehensive income up to the date of recognition become part of the acquisition cost of the non-financial asset or non-financial liability.

In all other cases of cash flow hedges, the amount recognized in other comprehensive income is transferred from equity to the income statement, at the point at which the underlying transaction affects the income statement.

If a hedging instrument expires, is terminated or the hedge no longer meets the criteria for hedge accounting, all cumulative gains or losses and the accrued cost of hedging remain in equity until the forecasted transaction takes place. If the forecasted transaction is no longer expected, the cumulative gains or losses and the cost of the hedging are immediately reclassified to the income statement.

In the ANDRITZ GROUP, cash flows from purchases and sales in the operating business are hedged by use of foreign currency forwards and foreign currency swaps. This is intended to secure the expected and highly likely future transactions in foreign currencies.

ANDRITZ also uses interest rate swaps to hedge against the interest rate risk of future cash flows from financial liabilities. From 2017 to 2019, Schuldscheindarlehen were issued in ten tranches with a total nominal value of 1,075.0 MEUR. The tranches were concluded with terms of five to ten years and have variable or fixed interest rates. To hedge the interest rate risk of future cash flows, four interest rate swaps were concluded. The future cash flows expected from the floating-rate nominal amount of 190.5 MEUR were defined as the underlying. Combined with the related interest rate swaps it was designated as a cash flow hedge relationship. In 2023, the repayment of the last variable-interest Schuldscheindarlehen tranche with a total nominal value of 80.0 MEUR was made (2022: one tranche with a total nominal value of 58.0 MEUR). The associated interest rate swaps were due analogously.

The following overview shows the nominal values and fair values by type of forward contract:

#### As of December 31, 2023

| (in MEUR)                          | Remaining terms nominal values |                  | Fair value |          |          |       |
|------------------------------------|--------------------------------|------------------|------------|----------|----------|-------|
|                                    | not exceeding<br>1 year        | more than 1 year | Total      | positive | negative | Total |
| Foreign exchange forward contracts | 2,906.0                        | 710.8            | 3,616.8    | 77.1     | 54.1     | 23.0  |
| thereof hedge accounting           | 1,886.4                        | 751.9            | 2,638.3    | 65.2     | 30.9     | 34.3  |
| Interest rate swaps                | 1.0                            | 2.0              | 3.0        | 0.2      | 0.0      | 0.2   |
| thereof hedge accounting           | 1.0                            | 2.0              | 3.0        | 0.2      | 0.0      | 0.2   |
| Forward contracts - Commodities    | 1.1                            | 4.5              | 5.6        | 0.0      | 0.2      | -0.2  |
|                                    | 2,908.1                        | 717.3            | 3,625.4    | 77.3     | 54.3     | 23.0  |

#### As of December 31, 2022

| (in MEUR)                          |                         | Remaining terms nominal values |         |          | Fair value |       |  |
|------------------------------------|-------------------------|--------------------------------|---------|----------|------------|-------|--|
|                                    | not exceeding<br>1 year | more than 1 year               | Total   | positive | negative   | Total |  |
| Foreign exchange forward contracts | 2,566.7                 | 957.6                          | 3,524.3 | 71.1     | 76.9       | -5.8  |  |
| thereof hedge accounting           | 1,528.6                 | 974.9                          | 2,503.5 | 55.0     | 51.3       | 3.7   |  |
| Interest rate swaps                | 11.0                    | 3.0                            | 14.0    | 0.3      | 0.0        | 0.3   |  |
| thereof hedge accounting           | 11.0                    | 3.0                            | 14.0    | 0.3      | 0.0        | 0.3   |  |
| Forward contracts - Commodities    | 2.6                     | 2.1                            | 4.7     | 0.0      | 0.1        | -0.1  |  |
|                                    | 2,580.3                 | 962.7                          | 3,543.0 | 71.4     | 77.0       | -5.6  |  |

{154}------------------------------------------------

These hedging instruments are included in the balance sheet items "Other receivables and assets" and "Other liabilities". The net gains and losses from forwards contracts, that do not qualify as hedging relationship, contained in other gains and losses are shown in the respective table:

—**Read more in chapter 30.** d) Net gains and losses.

### **a) Information on hedge accounting derivatives**

The hedging instruments designated as a hedging relationship are included in the balance sheet items "Other receivables and assets" and "Other liabilities". Information on nominal values, book values, and conditions of the hedge accounting derivatives is provided below:

#### As of December 31, 2023

|                  | Nominal value<br>(in MEUR) | Book value -<br>receivables<br>(in MEUR) | Book value -<br>liabilities<br>(in MEUR) | Book value -<br>net<br>(in MEUR) | Hedging period until          | Average<br>hedging<br>rate | Change in fair<br>value used to<br>calculate<br>ineffectiveness<br>(in MEUR) |
|------------------|----------------------------|------------------------------------------|------------------------------------------|----------------------------------|-------------------------------|----------------------------|------------------------------------------------------------------------------|
| Currency risk    |                            |                                          |                                          |                                  |                               |                            |                                                                              |
| EUR / BRL        | 173.2                      | 4.4                                      | -0.5                                     | 3.9                              | January 2024 - September 2029 | 6.3                        | 1.4                                                                          |
| EUR / CHF        | 64.7                       | 1.9                                      | -1.5                                     | 0.4                              | January 2024 - December 2027  | 1.0                        | 0.4                                                                          |
| EUR / CNY        | 43.2                       | 0.5                                      | -0.6                                     | -0.1                             | January 2024 - January 2027   | 7.7                        | 0.8                                                                          |
| EUR / INR        | 218.0                      | 0.2                                      | -0.7                                     | -0.5                             | January 2024 - May 2026       | 84.0                       | -1.1                                                                         |
| EUR / SEK        | 75.5                       | 1.1                                      | -2.0                                     | -0.9                             | January 2024 - December 2026  | 11.4                       | -1.2                                                                         |
| EUR / USD        | 93.3                       | 1.6                                      | -1.5                                     | 0.1                              | January 2024 - August 2027    | 1.1                        | 1.3                                                                          |
| USD / BRL        | 321.9                      | 7.8                                      | -0.2                                     | 7.6                              | January 2024 - November 2026  | 5.3                        | 3.7                                                                          |
| USD / CNY        | 82.0                       | 0.3                                      | -0.9                                     | -0.6                             | January 2024 - May 2027       | 7.0                        | -2.4                                                                         |
| USD / EUR        | 866.3                      | 22.6                                     | -8.4                                     | 14.2                             | January 2024 - March 2028     | 0.9                        | 27.2                                                                         |
| USD / INR        | 72.3                       | 0.2                                      | -0.1                                     | 0.1                              | January 2024 - March 2030     | 86.4                       | -0.1                                                                         |
| USD / MXN        | 89.7                       | 19.8                                     | 0.0                                      | 19.8                             | January 2024 - November 2027  | 20.6                       | 11.9                                                                         |
| AUD / EUR        | 32.7                       | 0.1                                      | -0.4                                     | -0.3                             | January 2024 - June 2026      | 0.6                        | 1.0                                                                          |
| CNY / EUR        | 275.6                      | 0.7                                      | -10.7                                    | -10.0                            | January 2024 - January 2028   | 0.1                        | -12.6                                                                        |
| GBP / EUR        | 64.0                       | 0.2                                      | -0.2                                     | 0.0                              | January 2024 - March 2028     | 1.1                        | -0.1                                                                         |
| Others           | 165.9                      | 3.8                                      | -3.2                                     | 0.6                              | January 2024 - February 2026  | -                          | 2.9                                                                          |
|                  | 2,638.3                    | 65.2                                     | -30.9                                    | 34.3                             |                               |                            |                                                                              |
| Interest risk    |                            |                                          |                                          |                                  |                               |                            |                                                                              |
| variable / fixed | 3.0                        | 0.2                                      | 0.0                                      | 0.2                              | May 2024 - May 2026           | -                          | -0.3                                                                         |
|                  | 3.0                        | 0.2                                      | 0.0                                      | 0.2                              |                               |                            |                                                                              |
|                  |                            |                                          |                                          |                                  |                               |                            |                                                                              |

{155}------------------------------------------------

#### As of December 31, 2022

|                  | Nominal value<br>(in MEUR) | Book value -<br>receivables<br>(in MEUR) | Book value -<br>liabilities<br>(in MEUR) | Book value -<br>net<br>(in MEUR) | Hedging period until          | Average<br>hedging<br>rate | Change in fair<br>value used to<br>calculate<br>ineffectiveness<br>(in MEUR) |
|------------------|----------------------------|------------------------------------------|------------------------------------------|----------------------------------|-------------------------------|----------------------------|------------------------------------------------------------------------------|
| Currency risk    |                            |                                          |                                          |                                  |                               |                            |                                                                              |
| EUR / USD        | 885.6                      | 15.1                                     | -20.9                                    | -5.8                             | January 2023 - January 2028   | 1.1                        | 1.0                                                                          |
| EUR / CNY        | 298.3                      | 3.0                                      | -3.8                                     | -0.8                             | January 2023 - November 2026  | 7.3                        | -6.4                                                                         |
| EUR / INR        | 62.2                       | 0.9                                      | -1.0                                     | -0.1                             | January 2023 - January 2026   | 90.0                       | -1.7                                                                         |
| EUR / BRL        | 60.7                       | 2.0                                      | -1.2                                     | 0.8                              | January 2023 - September 2029 | 6.4                        | -1.3                                                                         |
| EUR / AUD        | 57.5                       | 0.1                                      | -1.2                                     | -1.1                             | January 2023 - October 2025   | 1.6                        | -0.7                                                                         |
| EUR / CHF        | 14.8                       | 0.2                                      | -0.2                                     | 0.0                              | January 2023 - October 2025   | 1.0                        | 0.1                                                                          |
| USD / EUR        | 368.6                      | 12.6                                     | -8.1                                     | 4.5                              | January 2023 - August 2027    | 0.9                        | -5.1                                                                         |
| USD / BRL        | 94.0                       | 3.4                                      | -0.8                                     | 2.6                              | January 2023 - June 2026      | 5.7                        | -1.4                                                                         |
| USD / CNY        | 92.3                       | 1.5                                      | -1.0                                     | 0.5                              | January 2023 - May 2027       | 6.8                        | -2.1                                                                         |
| USD / INR        | 73.8                       | 0.2                                      | -1.3                                     | -1.1                             | January 2023 - February 2027  | 84.0                       | -3.3                                                                         |
| CHF / EUR        | 55.9                       | 0.9                                      | -1.3                                     | -0.4                             | January 2023 - December 2027  | 1.0                        | -1.2                                                                         |
| CNY / EUR        | 33.4                       | 0.1                                      | -0.7                                     | -0.6                             | January 2023 - June 2024      | 0.1                        | 0.0                                                                          |
| SEK / EUR        | 140.0                      | 0.8                                      | -5.6                                     | -4.8                             | January 2023 - June 2025      | 0.1                        | -7.3                                                                         |
| MXN / USD        | 91.5                       | 10.9                                     | 0.0                                      | 10.9                             | January 2023 - December 2027  | 0.0                        | 6.1                                                                          |
| Others           | 174.9                      | 3.3                                      | -4.2                                     | -0.9                             | January 2023 - December 2026  | -                          | -5.7                                                                         |
|                  | 2,503.5                    | 55.0                                     | -51.3                                    | 3.7                              |                               |                            |                                                                              |
| Interest risk    |                            |                                          |                                          |                                  |                               |                            |                                                                              |
| variable / fixed | 14.0                       | 0.3                                      | 0.0                                      | 0.3                              | May 2023 - May 2026           | -                          | 0.4                                                                          |
|                  | 14.0                       | 0.3                                      | 0.0                                      | 0.3                              |                               |                            |                                                                              |

## **b) Development of the cash flow hedge reserve**

Development of the cumulative other comprehensive income from hedging relationships shown in the fair value reserve, broken down by risk component and cost of hedging:

| (in MEUR)                       | Currency risk | Interest risk | Total hedging<br>reserve | Cost of hedging | Total cashflow<br>hedge reserve |
|---------------------------------|---------------|---------------|--------------------------|-----------------|---------------------------------|
| Balance as of December 31, 2021 | 2.7           | -1.3          | 1.4                      | -6.2            | -4.5                            |
| Changes in fair values          | -29.0         | 0.4           | -28.6                    | 12.9            | -15.7                           |
| Transfers to income statement   | 20.3          | 1.7           | 22.0                     | -4.3            | 17.7                            |
| Tax effect                      | 2.8           | -0.5          | 2.3                      | -2.7            | -0.4                            |
| Balance as of December 31, 2022 | -3.2          | 0.3           | -2.9                     | -0.3            | -3.1                            |
| Changes in fair values          | 33.7          | -0.3          | 33.4                     | -1.6            | 31.4                            |
| Transfers to income statement   | 14.9          | 0.0           | 14.9                     | 4.6             | 19.5                            |
| Tax effect                      | -15.2         | 0.1           | -15.1                    | -0.9            | -16.0                           |
| Balance as of December 31, 2023 | 30.5          | 0.1           | 30.6                     | 1.8             | 32.5                            |

**155**

Transfers to income statement are mainly to revenue and interest result.

{156}------------------------------------------------

## **c) Information on ineffectiveness**

When assessing the ineffectiveness of the hedging of currency risks, the default risk of a counterparty, significant changes in the credit risk of a contracting party in the hedging relationship or the change in the payment date of the hedged item, a reduction in the total invoice amount or the price of the hedged item are used. With regard to the interest rate risk, the effectiveness of the hedging relationship is determined using the cumulative dollar offset method based on forward rates.

The ineffectiveness of the designated underlying transactions is as follows:

|                                                                       |                                                                 |                 | 2023                                                |                                                                 |                 | 2022                                                |  |  |
|-----------------------------------------------------------------------|-----------------------------------------------------------------|-----------------|-----------------------------------------------------|-----------------------------------------------------------------|-----------------|-----------------------------------------------------|--|--|
| (in MEUR)                                                             | Change in fair<br>value used to<br>calculate<br>ineffectiveness | Ineffectiveness | Change in fair<br>value recorded<br>in other result | Change in fair<br>value used to<br>calculate<br>ineffectiveness | Ineffectiveness | Change in fair<br>value recorded in<br>other result |  |  |
| Currency risk                                                         |                                                                 |                 |                                                     |                                                                 |                 |                                                     |  |  |
| Foreign exchange forward contracts -<br>purchase and sale             | 33.7                                                            | 0.0             | 33.7                                                | -29.0                                                           | 0.0             | -29.0                                               |  |  |
| Interest risk                                                         |                                                                 |                 |                                                     |                                                                 |                 |                                                     |  |  |
| Interest rate swaps - variable rate<br>loans and Schuldscheindarlehen | -0.3                                                            | 0.0             | -0.3                                                | 0.4                                                             | 0.0             | 0.4                                                 |  |  |

The result of the calculation of the ineffectiveness from hedging currency and interest rate risk is recorded in the item "other financing expenses" in the income statement.

## **d) Offsetting**

The Group concludes derivatives in accordance with the Global Netting Agreements (Framework Agreement) of the International Swaps and Derivative Association (ISDA) and similar agreements. These agreements do not meet the criteria for netting in the balance sheet. This is because at present the Group has no legal entitlement to offset the amounts recognized. In the case of a termination of the framework agreement or an early termination of the outstanding contracts, the net amounts of the market values of all contracts to be terminated would be compensated.

The following table sets out the book values of all derivative financial instruments that are subject to the arrangements described:

| (in MEUR)                                                         |          | 2023     |          | 2022     |  |
|-------------------------------------------------------------------|----------|----------|----------|----------|--|
|                                                                   | positive | negative | positive | negative |  |
| Gross and net amounts (in the statement of financial<br>position) | 77.3     | -54.3    | 71.4     | -77.7    |  |
| Netting (potential effects)                                       | -3.6     | 3.6      | -9.3     | 9.3      |  |
| NET AMOUNTS                                                       | 73.7     | -50.7    | 62.1     | -67.7    |  |

## **SOURCES OF ESTIMATION UNCERTAINTY AND CRITICAL JUDGMENTS**

Assumptions are made about the fair values of derivatives, in particular derivatives in foreign currencies, as of the balance sheet date, which essentially reflect the future cash inflows or outflows from such instruments.

{157}------------------------------------------------

# **35. Risk management – risks relating to financial instruments**

As a global company serving a variety of different markets and customers, the Group is subject to risks relating to financial instruments as well as strategic and operational risks. ANDRITZ has implemented an established Groupwide control and risk management system with the main task of identifying emerging risks at an early stage and quickly taking countermeasures. It is an important element in the active risk management system within the Group. Despite having this control and risk management system in place, it cannot be guaranteed that all risks will be identified at an early stage. Consequently, assets, liabilities, financial position, and profit or loss of the Group could be adversely affected. In order to minimize the financial risks at the best possible rate and to enhance monitoring, control, and assessment of its financial and liquidity position, the ANDRITZ GROUP has implemented comprehensive policies and a transparent information system. The individual risks relating to financial instruments are described below.

For ANDRITZ there are no financial risks resulting from climate risks. ANDRITZ does not have any loan agreements that include climate-related targets, so climate-related covenants cannot be breached. Lenders have not included environmental aspects into pricing of loans that would result in a discount on the interest rate when certain climate-related targets are met, and thereby triggering accounting for an embedded derivative.

## **a) Credit risks**

Image /page/157/Picture/5 description: The image shows a blue icon of a list with rounded corners next to the text "ACCOUNTING POLICIES" in blue.

The impairment model applies to the following assets:

- Financial assets valued at amortized cost
- Debt instruments valued at FVTOCI
- Contract assets

The impairment model of "expected credit losses" (ECL) is applied. This model requires significant judgment to what extent the expected credit losses are affected by changes in economic factors. This assessment is determined based on weighted probabilities. One of the following principles serves as a basis:

- 12-month credit losses: These are the expected credit losses due to possible defaults within 12 months after the balance sheet date.
- Lifetime credit losses: These are expected credit losses due to all possible defaults during the expected lifetime of a financial instrument.

#### **General approach**

If an asset does not yet show an impairment loss at the time of acquisition, it is assessed based on the concept of 12-month credit loss at initial recognition. In principle, this assessment is retained for the following balance sheet dates. If the credit risk of a financial asset has increased significantly on the balance sheet date since initial recognition, the valuation is based on the concept of lifetime credit loss. When determining if the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Group considers appropriate and supporting information that is relevant and available without unreasonable effort. This includes both quantitative and qualitative information and analysis, based on the historical experience of the Group and forward-looking information as well as a thorough credit assesment.

**157**

The Group assumes that the credit risk of a financial asset has **significantly increased** if

▪ the financial asset is more than 30 days past due, unless there are reasonable causes or

{158}------------------------------------------------

- an instrument needs to be renegotiated and stricter requirements (e.g. increase in collateral, etc.) are applied or
- there is a significant change in credit spreads, credit default swap rates for borrowers, etc. for a specific or similar instrument.

At each balance sheet date, the Group assesses whether the respective assets are **credit-impaired**. This is the case when one or more events that adversely affect estimated future cash flows have occurred. A corresponding impairment reduces the gross book value of the assets. The following indicators are used to asses, based on reasonable estimation, that a significant change in credit risk has occurred and that it cannot be realized:

- The borrower is unlikely to fully offset its credit commitments to the Group without the Group taking any action such as claiming a payment security (if any) or
- the financial asset is more than 90 days overdue, unless there are reasonable causes or
- the rating no longer meets the notation "investment grade". The Group defines this as Baa3 respectively BBB- or higher (Cash and cash equivalents and time deposits included in "Investments" deposited at banks; or financial institutions are generally rated from Aaa to Ba1 by the rating agency Moody's and from AA+ to BB+ by Standard & Poor's and Fitch).

#### **Simplified approach**

For **trade accounts receivable** and **contract assets** that do not have a material financing component, the lifetime credit losses model always applies. ANDRITZ has also decided to apply this method to contract assets with a material financing component and other receivables. In addition to considering individual valuation allowances, the estimated expected credit losses are calculated based on experience of actual credit losses over the past five years. Credit risk within the Group is segmented by common default risk characteristics such as credit risk assessment. Actual credit losses are adjusted using scaling factors to reflect the differences between the economic conditions at the time the historical data was collected, the current conditions as well as the Group's view of economic conditions over the expected life of the receivables. The scaling factor is based on the gross domestic product (GDP) and the unemployment rate forecasts as well as the industry indicators.

When recognizing the impairments, special disclosure requirements must be considered. There is a differentiation depending on the type of financial instrument and the level of the impairment model to which a financial instrument is assigned:

- Impairment losses on financial assets measured at amortized cost are deducted from the gross carrying amount of the assets.
- If, for instance, there are objective indications of impairment at the time of acquisition, the expected credit loss is priced into the interest rate. At the time of acquisition, a separate disclosure of the valuation allowance is not necessary. For changes after initial recognition, a separate valuation allowance is required.

#### **Risk minimization strategies**

The risk of a possible default (insolvency) by individual or several counterparties is minimized by means of an internal counterparty limit system. In this system, the maximum investment limit for each individual counterparty is determined based on the respective counterparty's credit rating (by international rating agencies such as Moody's, Standard & Poor's, Fitch) and the credit default swap spreads (CDS spreads – indicator of the probability of the counterparty defaulting). The counterparty limit is adjusted on a monthly basis so that it is possible to react quickly in the event of credit rating changes at short notice. If there are larger, short-term changes in CDS spreads or counterparty ratings, the counterparty exposure is reduced immediately.

{159}------------------------------------------------

Without considering risk minimization strategies as described above, the carrying values of financial assets recorded in the financial statements represent the Group's maximum exposure to credit risk.

Valuation allowances are included for all known risks. The possibility of future payment defaults exceeding the recorded valuation allowance cannot be avoided with certainty.

| (in MEUR)                        | Trade accounts<br>receivable | Contract assets | Other<br>receivables and<br>assets | Cash and cash<br>equivalents | Investments | Total |
|----------------------------------|------------------------------|-----------------|------------------------------------|------------------------------|-------------|-------|
| Balance as of December 31, 2021  | -64.6                        | -1.4            | -5.3                               | 0.0                          | -0.2        | -71.5 |
| Charged to expenses              | -0.6                         | -0.1            | -31.2                              | -0.2                         | -0.4        | -32.5 |
| Usage                            | 10.2                         | 0.0             | 0.0                                | 0.0                          | 0.0         | 10.2  |
| Release                          | 6.5                          | 0.0             | 0.1                                | 0.0                          | 0.0         | 6.6   |
| Currency translation adjustments | -1.2                         | 0.0             | 0.0                                | 0.0                          | 0.0         | -1.2  |
| Balance as of December 31, 2022  | -49.7                        | -1.5            | -36.4                              | -0.2                         | -0.6        | -88.4 |
| Charged to expenses              | -5.9                         | 0.0             | -0.2                               | 0.0                          | 0.0         | -6.1  |
| Usage                            | 3.6                          | 0.0             | 0.0                                | 0.0                          | 0.0         | 3.6   |
| Release                          | 0.0                          | 0.1             | 0.0                                | 0.1                          | 0.6         | 0.8   |
| Currency translation adjustments | 1.1                          | 0.0             | 0.0                                | 0.0                          | 0.0         | 1.1   |
| Balance as of December 31, 2023  | -50.9                        | -1.4            | -36.6                              | -0.1                         | 0.0         | -89.0 |

Already in the bidding phase, customer credit assessments are carried out and corresponding credit limits are set. To minimize bad debt risks, payment securities are agreed with customers and default risks are largely covered by public or private insurers. Default and late payment risks are controlled using credit approvals, credit limits, and monitoring procedures.

The Group does not have any significant credit risk exposure to any single counterparty or any group of counterparties having similar characteristics. The Group defines counterparties as ones with similar characteristics if they are related entities. There is no revenue from transactions with a single external customer that amount to 10% or more of the Group's revenue. On an overall basis, there is no significant concentration of credit risk.

To ensure transparency with respect to financial risks on projects and to enable immediate countermeasures credit risk is reported to the Executive Board on a quarterly basis. The reporting shows the maximum expected unsecured credit risk for orders with a value of over one million euros as well as customer ratings.

Changes in gross book values that contribute to changes in impairment are mainly related to the project portfolio and regional distributions. For assets that were assessed according to the model of 12-month credit losses at inception, there was no significant increase in default risk since initial recognition. Therefore, there was no change to the valuation to the model of lifetime credit losses.

The following tables show the gross book values and value adjustments of the assets included in the impairment model of IFRS 9, separated by risk category. The risk classes are based on the method of determining the valuation allowance.

#### **Trade accounts receivable**

In order to control the credit risks from outstanding trade receivables effectively, the ANDRITZ GROUP has established a uniform risk management process and issued an appropriate Group-wide policy. In the ANDRITZ subsidiaries, the respective credit risk managers are responsible for regular assessments of creditworthiness of customer and project risks, including the valuation of risk cover. In particular, risk cover includes credit insurance, advance payments, letters of credit, and guarantees.

{160}------------------------------------------------

In addition to individual valuation allowances, the estimated expected credit losses are calculated based on experience with actual payment defaults over the last five years and the inclusion of a scaling factor separated into days overdue and risk classes. Key parameters in this assessment are the unemployment rate, commodity prices, automotive market, and economic growth.

#### As of December 31, 2023

| (in MEUR)                   | Average weighted<br>loss rate - risk<br>category 1 | Average weighted<br>loss rate - risk<br>category 2 | Gross amount | Impairment loss | Net amount |
|-----------------------------|----------------------------------------------------|----------------------------------------------------|--------------|-----------------|------------|
| Not due                     | 0.03%                                              | 0.22%                                              | 791.4        | -0.8            | 790.6      |
| Up to 60 days past due      | 0.18%                                              | 1.23%                                              | 184.2        | -0.9            | 183.3      |
| 61 to 120 days past due     | 0.55%                                              | 3.70%                                              | 39.4         | -0.7            | 38.7       |
| More than 120 days past due | 1.48%                                              | 9.87%                                              | 59.4         | -2.9            | 56.5       |
| Individually impaired       |                                                    |                                                    | 52.5         | -45.6           | 6.9        |
|                             |                                                    |                                                    | 1,126.9      | -50.9           | 1,076.0    |

#### As of December 31, 2022

| (in MEUR)                   | Average weighted<br>loss rate - risk<br>category 1 | Average weighted<br>loss rate - risk<br>category 2 | Gross amount | Impairment loss | Net amount |
|-----------------------------|----------------------------------------------------|----------------------------------------------------|--------------|-----------------|------------|
| Not due                     | 0.03%                                              | 0.25%                                              | 764.6        | -0.7            | 763.9      |
| Up to 60 days past due      | 0.21%                                              | 1.39%                                              | 200.7        | -0.9            | 199.8      |
| 61 to 120 days past due     | 0.63%                                              | 4.16%                                              | 37.0         | -0.6            | 36.4       |
| More than 120 days past due | 1.68%                                              | 11.08%                                             | 61.7         | -2.9            | 58.8       |
| Individually impaired       |                                                    |                                                    | 50.8         | -44.6           | 6.2        |
|                             |                                                    |                                                    | 1,114.8      | -49.7           | 1,065.1    |

#### **Contract assets**

Based on internal credit risk reporting, contract assets are valued differently, depending on whether there is a risk cover or not.

#### As of December 31, 2023

| (in MEUR)             | Average weighted<br>loss rate | Gross amount | Impairment loss | Net amount |
|-----------------------|-------------------------------|--------------|-----------------|------------|
| Individually impaired | -                             | 0.0          | 0.0             | 0.0        |
| Unsecured proportion  | 0.65%                         | 131.7        | -0.8            | 130.9      |
| Secured proportion    | 0.05%                         | 1,109.1      | -0.6            | 1,108.5    |
|                       |                               | 1,240.8      | -1.4            | 1,239.4    |

#### As of December 31, 2022

| (in MEUR)             | Average weighted<br>loss rate | Gross amount | Impairment loss | Net amount |
|-----------------------|-------------------------------|--------------|-----------------|------------|
| Individually impaired | -                             | 0.0          | 0.0             | 0.0        |
| Unsecured proportion  | 0.89%                         | 118.5        | -1.2            | 117.3      |
| Secured proportion    | 0.11%                         | 930.5        | -0.3            | 930.2      |
|                       |                               | 1,049.0      | -1.5            | 1,047.5    |

{161}------------------------------------------------

#### **Other receivables**

In addition to individual valuation allowances, the estimated expected credit losses are calculated based on experience with actual credit defaults over the last five years and the inclusion of a scaling factor.

#### As of December 31, 2023

| (in MEUR)             | Average weighted<br>loss rate | Gross amount | Impairment loss | Net amount |
|-----------------------|-------------------------------|--------------|-----------------|------------|
| Individually impaired | -                             | 49.8         | -36.4           | 13.4       |
| Lump sum impaired     | 0.22%                         | 152.8        | -0.2            | 152.6      |
|                       |                               | 202.6        | -36.6           | 166.0      |

#### As of December 31, 2022

| (in MEUR)             | Average weighted<br>loss rate | Gross amount | Impairment loss | Net amount |
|-----------------------|-------------------------------|--------------|-----------------|------------|
| Individually impaired | -                             | 50.8         | -36.1           | 14.7       |
| Lump sum impaired     | 0.34%                         | 118.8        | -0.3            | 118.5      |
|                       |                               | 169.6        | -36.4           | 133.2      |

#### **Cash and cash equivalents and investments**

ANDRITZ pursues a risk-averse investment strategy. Cash is largely invested in low-risk financial assets, such as government bonds, government-guaranteed bonds, senior bank bonds, money market funds, investment funds to cover pension obligations, or time deposits. However, turbulences on the international financial markets may lead to unfavorable price developments for various securities or make them non-tradable. This could have an adverse effect on the ANDRITZ GROUP's financial result or equity due to necessary impairment or valuation allowances. On a monthly basis the Executive Board is informed about the extent and volume of current risk exposure and the respective counterparty limits in the ANDRITZ GROUP.

Credit risk related to cash and cash equivalents and time deposits, included in the item "investments", is low, since a conservative investment strategy determines a preferably wide diversification with minimum criteria for the counterparty's credit rating of the investment. Bank balances and time deposits are assessed based on ratings.

#### As of December 31, 2023

| (in MEUR)   | External rating | Average weighted<br>loss rate | Gross amount | Impairment loss | Net amount |
|-------------|-----------------|-------------------------------|--------------|-----------------|------------|
| Low risk    | AAA to BBB-     | 0.01%                         | 1,454.3      | -0.1            | 1,454.2    |
| Medium risk | BB+ to BB-      | 0.01%                         | 163.8        | 0.0             | 163.8      |
| High risk   | B+ to D         | 0.08%                         | 2.0          | 0.0             | 2.0        |
|             |                 |                               | 1,620.1      | -0.1            | 1,620.0    |

#### As of December 31, 2022

| (in MEUR)   | External rating | Average weighted<br>loss rate | Gross amount | Impairment loss | Net amount |
|-------------|-----------------|-------------------------------|--------------|-----------------|------------|
| Low risk    | AAA to BBB-     | 0.05%                         | 1,629.6      | -0.8            | 1,628.8    |
| Medium risk | BB+ to BB-      | 0.01%                         | 167.0        | 0.0             | 167.0      |
| High risk   | B+ to D         | 0.17%                         | 3.7          | 0.0             | 3.7        |
|             |                 |                               | 1,800.3      | -0.8            | 1,799.5    |

{162}------------------------------------------------

## **SOURCES OF ESTIMATION UNCERTAINTY AND CRITICAL JUDGMENTS**

The valuation allowance based on the model of "expected credit losses" comprises to a considerable extent assessments and judgments that are based on the creditworthiness of individual groups, the current economic developments as well as the analysis of historical bad debts and future-oriented forecasts. The parameters used in the model are updated regularly.

The value adjustment of individual dubious claims also includes the assessment of the creditworthiness of the respective customer.

When assessing whether a transition from the 12-month credit losses model to the lifetime credit losses model is to be used in individual cases, considerable judgment is required and existing information about customer and market is taken into account.

## **b) Liquidity risks**

To minimize the financial risks at the best possible rate and to enhance monitoring, control, and assessment of its financial and liquidity position, the ANDRITZ GROUP has implemented comprehensive policies and a transparent information system. The Group manages liquidity risks especially by holding adequate financial reserves, having existing and unutilized credit lines, and by requiring customer advances. Refinancing risks are mitigated by financial planning and by reconciling maturity date profiles of financial assets, receivables, and liabilities. Monthly rolling liquidity forecasts are used to ensure the necessary liquidity supply for the ANDRITZ GROUP.

The Group endeavors to mitigate the risk of payment failure by customers at the best possible rate by means of bank guarantees and export insurance. However, it cannot be excluded that there will not be any individual payment default that will have a substantial negative impact on development of earnings and liquidity of the Group in the event of occurrence.

—**Read more in chapter 35.** a) Credit risks.

The ANDRITZ GROUP's position in terms of liquidity is very good and it has high liquidity reserves. The Group avoids dependence on a single bank or a few banks. To ensure independence, only a certain volume of each major financial product (cash and cash equivalents, financial liabilities, securities, guarantees, and derivatives) is handled by only one bank at a time. In the ANDRITZ GROUP, liquidity not only means the ability to meet financial obligations in the narrower sense, but also the availability of bank guarantees and surety bonds. Operative business requires that bid bonds, contract performance guarantees, downpayment guarantees as well as performance and warranty bonds are provided on a continuous basis. As a result, financial flexibility is also determined by sufficient bank guarantee and surety lines. ANDRITZ GROUP had credit lines of 119 MEUR (thereof 2 MEUR utilized) as well as surety lines of 6,594 MEUR (thereof 3,318 MEUR utilized) as of December 31, 2023.

ANDRITZ offers a supply chain financing agreement, the purpose of which is to enable more efficient payment processing of supplier invoices. The agreement allows ANDRITZ to centralize payments of trade accounts payable to the bank instead of paying each supplier individually. Since the agreement does not extend the payment terms significantly compared to normal terms with other non-participating suppliers, there would be no impact on liquidity if the supply chain financing was no longer available. The supply chain financing arrangement helps to better predict cash outflows.

—**Read more in chapter 28.** Trade accounts payable.

{163}------------------------------------------------

There are no substantial credit delays by the ANDRITZ GROUP; in general, all financial liabilities are settled on due date. The following tables show the undiscounted future contractual cash flows from financial liabilities:

#### 2023

| (in MEUR)                                  | Net book value |                         |              |              |              |              |                   | Contractual cash flow |
|--------------------------------------------|----------------|-------------------------|--------------|--------------|--------------|--------------|-------------------|-----------------------|
|                                            |                | Not exceeding<br>1 year | 1 to 2 years | 2 to 3 years | 3 to 4 years | 4 to 5 years | More than 5 years | Total                 |
| Bank loans and other financial liabilities | 204.4          | 129.3                   | 22.1         | 21.4         | 17.8         | 17.3         | 0.2               | 208.1                 |
| Lease liabilities                          | 209.5          | 55.5                    | 43.7         | 34.9         | 22.1         | 17.0         | 67.2              | 240.4                 |
| Trade accounts payable                     | 1,022.9        | 1,022.9                 | 0.0          | 0.0          | 0.0          | 0.0          | 0.0               | 1,022.9               |
| Earn out and contingent considerations     | 23.5           | 11.8                    | 2.1          | 4.0          | 1.9          | 1.7          | 3.3               | 24.8                  |
| Schuldscheindarlehen                       | 728.7          | 308.9                   | 133.7        | 131.9        | 138.4        | 37.5         | 0.0               | 750.4                 |
| Other liabilities                          | 1,157.2        | 1,154.8                 | 1.2          | 0.3          | 0.3          | 0.3          | 0.3               | 1,157.2               |
| Non-derivative financial liabilities       | 3,346.2        | 2,683.2                 | 202.8        | 192.5        | 180.5        | 73.8         | 71.0              | 3,403.8               |
| Derivatives                                | 54.3           | 41.1                    | 9.1          | 7.7          | 3.8          | 1.1          | 0.1               | 62.9                  |
| Derivative financial liabilities           | 54.3           | 41.1                    | 9.1          | 7.7          | 3.8          | 1.1          | 0.1               | 62.9                  |
|                                            | 3,400.5        | 2,724.3                 | 211.9        | 200.2        | 184.3        | 74.9         | 71.1              | 3,466.7               |

#### 2022

| (in MEUR)                                   | Net book<br>value | Contractual cash flow:     |              |              |              |              |                      |                |
|---------------------------------------------|-------------------|----------------------------|--------------|--------------|--------------|--------------|----------------------|----------------|
|                                             |                   | Not<br>exceeding<br>1 year | 1 to 2 years | 2 to 3 years | 3 to 4 years | 4 to 5 years | More than 5<br>years | Total          |
| Bank loans and other financial liabilities  | 187.0             | 90.8                       | 22.5         | 23.8         | 19.3         | 18.0         | 17.8                 | 192.2          |
| Lease liabilities                           | 207.4             | 48.1                       | 38.7         | 32.1         | 25.7         | 15.9         | 60.1                 | 220.6          |
| Trade accounts payable                      | 983.0             | 983.0                      | 0.0          | 0.0          | 0.0          | 0.0          | 0.0                  | 983.0          |
| Earn out and contingent considerations      | 9.3               | 9.3                        | 0.0          | 0.0          | 0.0          | 0.0          | 0.0                  | 9.3            |
| Schuldscheindarlehen                        | 893.9             | 177.2                      | 712.9        | 0.0          | 0.0          | 0.0          | 37.5                 | 927.6          |
| Other liabilities                           | 1,166.1           | 1,160.8                    | 3.2          | 0.7          | 0.4          | 0.4          | 0.6                  | 1,166.1        |
| <b>Non-derivative financial liabilities</b> | <b>3,446.7</b>    | <b>2,469.2</b>             | <b>777.3</b> | <b>56.6</b>  | <b>45.4</b>  | <b>34.3</b>  | <b>116.0</b>         | <b>3,498.8</b> |
| Derivatives                                 | 77.0              | 54.2                       | 13.0         | 5.0          | 4.7          | 5.1          | 0.4                  | 82.4           |
| <b>Derivative financial liabilities</b>     | <b>77.0</b>       | <b>54.2</b>                | <b>13.0</b>  | <b>5.0</b>   | <b>4.7</b>   | <b>5.1</b>   | <b>0.4</b>           | <b>82.4</b>    |
|                                             | 3,523.7           | 2,523.4                    | 790.3        | 61.6         | 50.1         | 39.4         | 116.4                | 3,581.2        |

#### **c) Market risks**

Market risk comprises the risk that market prices, for example exchange rates, interest rates or share prices, change and that this will affect the Group's earnings or the value of the financial instruments held. The aim of market risk management is to steer and control the market risk within acceptable ranges and at the same time to optimize the return. The main market risks for the ANDRITZ GROUP include currency risks and interest rate risks.

To manage market risks, the Group purchases and sells derivatives or enters into financial liabilities. All transactions are carried out within the guidelines of the Treasury Policy. If possible, hedge accounting should be used to control earnings volatility.

{164}------------------------------------------------

#### **Currency risks**

The Group's risk management policy is to hedge 75 to 85% of its estimated foreign currency exposure in respect of forecasted advance and progress payments received from customers and payments made to suppliers over the following 12 months at any point in time. The Group uses forward exchange contracts to hedge its currency risk, most with a maturity of less than one year from the reporting date.

The currency risks of the Group occur since the Group operates worldwide in different countries with different currencies. The Group enters into foreign exchange forward contracts and swaps in order to exclude or minimize the foreign exchange risk (hedging) resulting from customer orders that are concluded in foreign currency. Currency risks resulting from the recognition of equity are not hedged. Foreign exchange forward contracts are concluded exclusively with first-class national or international banks whose credit rating is checked continuously by Group Treasury to avoid a "cluster risk". The necessary measures and rules in connection with the hedging of customer or supplier orders that were not concluded in the respective functional currency of the Group company are regulated in the group-wide Treasury Policy.

The sensitivity analysis provides an approximate quantification of the risk exposure if certain specified parameters were to be changed under a specific set of assumptions. Currency risks occur particularly with the US-Dollar (USD), Chinese Renminbi Yuan (CNY), Canadian Dollar (CAD), Brazilian Real (BRL) and Indian Rupee (INR). The following details describe the sensitivity to a rise or fall in the above noted currencies against the Euro (EUR) from the Group's point of view. The change shows the amount applied in internal reporting of foreign currency risk and reflects the Group's assessment of a possible change in foreign exchange rates. Currency risks in the meaning of IFRS 7 arise from financial instruments that are denominated in a currency other than the functional currency and are of a monetary nature. Translation differences from converting the financial statements of foreign Group companies into the Group currency are disregarded. The sensitivity analysis includes the material financial instruments of the ANDRITZ GROUP outstanding on the balance sheet date.

| (in MEUR) |  |      | 2023       |        | 2022       |        |
|-----------|--|------|------------|--------|------------|--------|
|           |  |      | Net income | Equity | Net income | Equity |
| EUR / USD |  | +10% | 29.4       | 78.2   | -54.8      | -66.1  |
|           |  | -10% | -29.4      | -78.2  | 54.8       | 66.1   |
| EUR / CNY |  | +10% | -7.3       | -20.9  | 17.0       | 16.1   |
|           |  | -10% | 7.3        | 20.9   | -17.0      | -16.1  |
| EUR / CAD |  | +10% | 11.8       | 16.7   | -3.7       | -4.4   |
|           |  | -10% | -11.8      | -16.7  | 3.7        | 4.4    |
| EUR / BRL |  | +10% | -1.9       | 8.4    | -1.8       | 8.4    |
|           |  | -10% | 1.9        | -8.4   | 1.8        | -8.4   |
| EUR / INR |  | +10% | 0.1        | 11.3   | 0.1        | 6.1    |
|           |  | -10% | -0.1       | -11.3  | -0.1       | -6.1   |

The impacts on net income and equity are as follows:

The effect on net income is the change in the fair value of the financial instruments that are exposed to an exchange rate risk and are measured at fair value through profit or loss or at amortized cost.

The effect in equity consists of the effects on net income and the changes in the fair value of the financial instruments that are measured at fair value through other comprehensive income, such as derivatives that qualify as cash flow hedges.

{165}------------------------------------------------

#### **Interest rate risks**

The ANDRITZ GROUP estimates that the exposure to interest rate risk of financial assets and liabilities is low due to the risk-averse strategy. Besides the hedging instruments mentioned in chapter 34. (Derivatives) no additional significant derivatives for hedging of interest rate risks are used. The interest rate risks are managed by internal Cash-flow-at-Risk (CfaR) and Value-at-Risk (VaR) calculations as well as by defined limits. The limits for CfaR and VaR are set by using a benchmarking approach. The compliance with the defined limits is monitored on a quarterly basis.

The weighted average interest rates, referred to the remaining terms of the respective financial assets or financial liabilities, were as follows at the balance sheet date:

#### 2023

| (in %)                             | EUR | USD | BRL  | CN  |
|------------------------------------|-----|-----|------|-----|
| FINANCIAL ASSETS                   |     |     |      |     |
| Cash on current accounts           | 1.6 | 2.9 | 0.7  | 1.4 |
| Current deposits                   | 3.9 | 4.9 | 12.8 | 3.2 |
| Investments - current              | 0.0 | 0.0 | 0.0  | 2.1 |
| Investments - non-current          | 0.7 | 0.0 | 0.0  | 0.0 |
| FINANCIAL LIABILITIES              |     |     |      |     |
| Lease liabilities                  | 3.8 | 2.9 | 7.9  | 3.3 |
| Current loans                      | 0.0 | 5.8 | 0.0  | 0.0 |
| Non-current loans                  | 1.4 | 0.0 | 0.0  | 0.0 |
| Schuldscheindarlehen - non-current | 1.4 | 0.0 | 0.0  | 0.0 |

#### 2022

| (in %)                             | EUR | USD | BRL  | CNY |
|------------------------------------|-----|-----|------|-----|
| FINANCIAL ASSETS                   |     |     |      |     |
| Cash on current accounts           | 0.5 | 0.1 | 0.0  | 0.1 |
| Current deposits                   | 0.5 | 2.9 | 12.5 | 3.2 |
| Investments - current              | 0.3 | 0.0 | 0.0  | 1.8 |
| Investments - non-current          | 0.4 | 0.0 | 0.0  | 0.0 |
| FINANCIAL LIABILITIES              |     |     |      |     |
| Lease liabilities                  | 2.5 | 2.2 | 6.5  | 3.0 |
| Current loans                      | 0.1 | 0.0 | 0.0  | 0.0 |
| Non-current loans                  | 1.3 | 0.0 | 0.0  | 0.0 |
| Schuldscheindarlehen - non-current | 1.4 | 0.0 | 0.0  | 0.0 |

## **SOURCE OF ESTIMATION UNCERTAINTY AND CRITICAL JUDGEMENTS**

Interest rate sensitivity is assumed at 50 basis points in internal reporting on the interest rate risk. This reflects the Group's estimate with respect to a possible change in the interest rate.

{166}------------------------------------------------

A rise in the interest level by 50 basis points, while simultaneously keeping all other variables constant, would have led to an increase in the interest result of 4.0 MEUR in the 2023 financial year (2022: increase of 4.4 MEUR). A decline in the interest level would have led to a decrease in the interest result in the same amount.

# **G) OTHER INFORMATION**

# **36. Consolidated statement of cash flows**

# **ACCOUNTING POLICIES**

In the consolidated statement of cash flows, cash flows are separated into cash inflows and outflows from operating activities, investing activities, and financing activities, irrespective of how the items are classified in the consolidated statement of financial position.

The cash flow from operating activities is derived indirectly based on the net income, which is adjusted for noncash expenses and income (primarily depreciation and amortization as well as provisions). The cash flow from operating activities is calculated considering the change in net working capital and consumption of provisions as well as interest received, interest paid, dividends received, and income taxes paid.

Investing activities mainly comprise payments for property, plant, and equipment and intangible assets as well as payments received, and payments made for non-current and current financial assets and payments for the acquisition of subsidiaries. The payments made for property, plant, and equipment as well as intangible assets include capital expenditure (additions to property, plant, and equipment and intangible assets) for the fiscal year to the extent that they already had an effect on cash.

Financing activities include not only cash flows from the issue or repayment of bank loans and other financial liabilities as well as those of lease liabilities, but also dividend payments, payments made for buy-back of treasury shares, and payments received for the issuance of treasury shares.

Non-cash transactions encompass mainly the capitalization of right of use assets as property, plant, and equipment by means of a lease or the acquisition of intangible assets or property, plant, and equipment by assuming directly related liabilities (purchase on credit).

The changes of the items in the consolidated statement of financial position shown in the consolidated statement of cash flows cannot be derived directly as among other things effects of currency translation adjustments, additions and releases of valuation allowances, changes in consolidation type of companies not fully consolidated in prior periods or no longer consolidated in the current period, as well as assets classified as held for sale do not result in cash flows.

## **a) Cash flow from operating activities**

The cash flow from operating activities, at 375.0 MEUR, was significantly below the reference figure of the previous year (2022: 710.8 MEUR). The decrease is mainly due to changes in net working capital (-337.4 MEUR in 2023 compared to 151.1 MEUR in 2022) and results mainly from the scheduled processing of large scale orders as well as lower advance and partial payments received as a result of lower order intake.

{167}------------------------------------------------

The change in net working capital was as follows:

| (in MEUR)                                                                | 2023   | 2022   |
|--------------------------------------------------------------------------|--------|--------|
| Changes in inventories                                                   | -50.4  | -193.0 |
| Changes in advance payments made                                         | 42.6   | -59.7  |
| Changes in receivables                                                   | -32.6  | -138.3 |
| Changes in contract assets                                               | -202.2 | -70.0  |
| Changes in contract liabilities from sales recognized over time          | -143.7 | 411.5  |
| Changes in contract liabilities from sales recognized at a point in time | -38.7  | 22.3   |
| Changes in liabilities                                                   | 87.6   | 177.9  |
| Change in net working capital                                            | -337.4 | 151.1  |

## **b) Cash flow from investing activities**

The cash flow from investing activities amounted to 266.9 MEUR (2022: -190.5 MEUR). The change is mainly due to significant lower payments made for non-current and current financial assets.

The net cash flow from company acquisitions was as follows:

| (in MEUR)                                                                                                               | 2023  | 2022  |
|-------------------------------------------------------------------------------------------------------------------------|-------|-------|
| Net assets                                                                                                              | 11.7  | 82.4  |
| Goodwill                                                                                                                | 44.9  | 12.5  |
| CONSIDERATION TRANSFERRED                                                                                               | 56.6  | 95.0  |
| Cash and cash equivalents acquired                                                                                      | -9.4  | -34.4 |
| Receivables for purchase price overpaid / Payables from purchase price not yet paid (incl. contingent<br>consideration) | -10.8 | 1.4   |
| NET CASH FLOW FROM COMPANY ACQUISITIONS                                                                                 | 36.4  | 62.0  |

—**Read more details in chapter 5.** Acquisitions.

## **c) Cash flow from financing activities**

The cash flow from financing activities amounted to -410.6 MEUR (2022: -301.3 MEUR). The change mainly resulted from higher payments made for bank loans and other financial liabilities (-296.6 MEUR compared to in -90.3 MEUR in 2022), as well as higher dividends paid (-208.3 MEUR in 2023 compared to -163.8 MEUR in 2022). In 2023, inflows in the amount of 8.5 MEUR were received from the issue of treasury shares as part of the servicing of share option programs for managers, whereas own shares of 16.0 MEUR were bought back in 2022.

{168}------------------------------------------------

The carrying amounts of the financial liabilities shown in the cash flow from financing activities, broken down by cash and non-cash changes, developed as follows in the reporting year:

| (in MEUR)                        | Lease liabilities | Schuldschein-<br>darlehen | Bank loans and<br>other financial<br>liabilities | Total   |
|----------------------------------|-------------------|---------------------------|--------------------------------------------------|---------|
| Balance as of December 31, 2021  | 231.2             | 951.5                     | 185.2                                            | 1,367.9 |
| Payments received                | 0.0               | 0.0                       | 28.2                                             | 28.2    |
| Payments made                    | -63.5             | -58.0                     | -32.3                                            | -153.8  |
| Other non-cash changes           | 34.9              | 0.4                       | 0.4                                              | 35.7    |
| Currency translation adjustments | 2.2               | 0.0                       | -3.1                                             | -0.9    |
| Changes in consolidation scope   | 2.6               | 0.0                       | 8.6                                              | 11.2    |
| Balance as of December 31, 2022  | 207.4             | 893.9                     | 187.0                                            | 1,288.3 |
| Payments received                | 0.0               | 0.0                       | 136.4                                            | 136.4   |
| Payments made                    | -57.4             | -165.5                    | -131.1                                           | -354.0  |
| Other non-cash changes           | 55.5              | 0.3                       | -0.1                                             | 55.7    |
| Currency translation adjustments | -1.2              | 0.0                       | -4.1                                             | -5.3    |
| Changes in consolidation scope   | 5.2               | 0.0                       | 16.3                                             | 21.5    |
| Balance as of December 31, 2023  | 209.5             | 728.7                     | 204.4                                            | 1,142.6 |

# **37. Assets held for sale**

# **ACCOUNTING POLICIES**

The requirements of IFRS 5 for classification as assets held for sale are met if assets can be sold in their current condition, the sale is highly probable, and the sale is expected to be completed within one year of the reclassification. The assets that are shown as held for sale contain individual assets and directly associated liabilities. Assets held for sale are recognized at their fair value less costs to sell, if this amount is lower than the book value. An assessment takes place immediately before the initial classification as held for sale. Any resulting impairment losses are recognized in the income statement.

The following assets and directly associated liabilities are reported as held for sale:

| (in MEUR)                             | 2023 | 2022 |
|---------------------------------------|------|------|
| Intangible assets other than goodwill | 0.0  | 0.0  |
| Property, plant, and equipment        | 5.2  | 5.0  |
| ASSETS HELD FOR SALE                  | 5.2  | 5.0  |

In the Metals operating segment, the sale of property, plant, and equipment (land and buildings) in Germany was initiated at the end of 2021. Assets of 6.5 MEUR were classified as held for sale and no impairment losses were recorded. In 2022, part of the property, plant, and equipment was sold with a gain of 14.3 MEUR. The sale of the remaining part of property, plant, and equipment worth 4.3 MEUR will probably be completed in 2024.

In the Metals operating segment, the sale of property, plant, and equipment in the Netherlands was initiated in 2022. Assets in the amount of 1.0 MEUR were classified as held for sale and no impairment losses were recorded from the preceding valuation. In 2023 the assets were sold with a gain of 4.5 MEUR.

{169}------------------------------------------------

Also included are property, plant, and equipment from the Hydro operating segment in Canada. Assets in the amount of 0.9 MEUR were classified as held for sale and no impairment losses were recorded from the preceding valuation. The sale of the property, plant, and equipment will probably be completed in 2024.

## **SOURCES OF ESTIMATION UNCERTAINTY AND CRITICAL JUDGMENTS**

The determination of the fair value less costs to sell includes estimates and assumptions that are subject to a certain degree of uncertainty. The proceeds that actually occur may deviate from the assumptions made.

# **38. Effects of hyperinflation**

# **ACCOUNTING POLICIES**

IAS 29 – Financial Reporting in Hyperinflationary Economies is applicable if an entity's functional currency is that of a hyperinflationary economy.

A country is classified as hyperinflationary if, based on inflation rates published by local statistical authorities, cumulative inflation has exceeded 100% over the past three years.

The items of the income statement for the current reporting year have been adjusted to the current price level by applying the change in the general price index. The items are indexed monthly or quarterly by use of an average monthly or quarterly index. The effects from the first-time application are recognized in equity, the effects on the current year in the financial result.

Argentina has been classified as a hyperinflationary economy since July 1, 2018, and Turkey since March 1, 2022.

In the ANDRITZ GROUP this applies to:

- ANDRITZ FABRICS AND ROLLS S.A., Argentina
- ANDRITZ HYDRO Ltd. Sti., Turkey
- ANDRITZ FABRICS AND ROLLS TECHNOLOGIES MAKINA HIZMETLERI SANAYI LIMITED SIRKETI, Turkey

In the IFRS financial statements of these three subsidiaries all items with material effects from the change in the purchasing power of the functional currency were adjusted accordingly and reported in the measurement unit applicable on the reporting date. The adjustment of the application of hyperinflation accounting was not material in the previous years.

{170}------------------------------------------------

#### The calculations were based on the following parameters:

#### **Three-year inflation rate Turkey**

|                            | 2019 | 2020 | 2021 | 2022 | 2023 |
|----------------------------|------|------|------|------|------|
| Annual inflation rate      | 12%  | 15%  | 36%  | 64%  | 65%  |
| Cumulative three-year rate |      | 55%  | 75%  | 156% | 268% |
| Price index                | 1.12 | 1.15 | 1.36 | 1.64 | 1.65 |

#### **Three-year inflation rate Argentina**

|                            | 2019 | 2020 | 2021 | 2022 | 2023 |
|----------------------------|------|------|------|------|------|
| Annual inflation rate      | 54%  | 36%  | 51%  | 95%  | 211% |
| Cumulative three-year rate |      | 210% | 216% | 300% | 816% |
| Price index                | 1.54 | 1.36 | 1.51 | 1.95 | 3.1  |

For the 2023 financial year, the effect of the application of IAS 29 on net income amounted to -3.4 MEUR (2022: -5.9 MEUR).

## **39. Contingent assets and liabilities**

# **ACCOUNTING POLICIES**

A contingent asset is not recognized in the financial statements but is disclosed if an inflow of economic benefit is probable. Contingent liabilities are not recognized in the financial statements. They are only disclosed if the possibility of an outflow of resources embodying economic benefit is not probable but possible or the amount of the obligation cannot be measured with sufficient reliability.

In the course of its business, the ANDRITZ GROUP is party to numerous legal proceedings before both administrative and judicial courts and bodies as well as before arbitration tribunals. The substantial majority of such proceedings is typical for the Group's industry, including e.g. contract and project disputes, product liability claims, and intellectual property litigation. The ANDRITZ GROUP records adequate provisions to cover the expected outcome of those proceedings to the extent that negative outcomes are likely and reliable estimates can be made. There is no guarantee that these provisions will be sufficient. Given the amounts involved in some of these legal disputes, a negative decision for ANDRITZ in one or several of these disputes may have a material adverse effect on the earnings and liquidity position of the Group. In cases, where a negative outcome is not probable, though seems possible (and is not totally remote), the ANDRITZ GROUP does not record provisions.

#### The material cases for contingent liabilities are as follows:

The subject area product liability includes a number of cases alleging injuries and/or death resulting from exposure to asbestos. As of December 31, 2023, certain subsidiaries of the ANDRITZ GROUP are defendants in asbestos cases in the USA. All cases relate to claims against multiple defendants. All subsidiaries intend to defend each claim vigorously.

ANDRITZ HYDRO Ltda., Brazil, faces tax claims based on allegations of joint and several liabilities with the Inepar Group arising out of the previous minority holding of Inepar. The tax claim enforcement actions, which were also

{171}------------------------------------------------

contested, are not active due to a settlement agreement between Inepar Group and the National Treasury Attorney-General's Office (PGFN). At the same time, an appeal is pending to determine that ANDRITZ was never part of the Inepar Group.

# **40. Expenses for services by the group auditor**

The following table provides an overview of the fees charged by the Group auditor KPMG Austria GmbH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft which were recorded as expenses in the financial year:

| (in TEUR)       | 2023 | 2022 |
|-----------------|------|------|
| Year-end audits | 656  | 430  |
| Other reviews   | 55   | 41   |
| Other services  | 0    | 30   |
|                 | 711  | 507  |

KPMG Austria GmbH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft has been the auditor of ANDRITZ, without interruption, since the consolidated financial statements at 31 December 2016. The engagement partner is Mr Johannes Bauer.

# **41. Events after the reporting period**

There are no extraordinary events after the balance sheet date.

{172}------------------------------------------------

# **42. Group companies**

|                                                                                       |                                               |         | 2023                     |         | 2022                     |
|---------------------------------------------------------------------------------------|-----------------------------------------------|---------|--------------------------|---------|--------------------------|
| Company                                                                               | Main office                                   | Share*  | Type of<br>consolidation | Share*  | Type of<br>consolidation |
| Anstalt für Strömungsmaschinen Gesellschaft mbH                                       | Graz, Austria                                 | 100.00% | NC                       | 100.00% | NC                       |
| ANDRITZ Technology and Asset Management GmbH                                          | Graz, Austria                                 | 100.00% | FC                       | 100.00% | FC                       |
| ANDRITZ Power & Water GmbH                                                            | Vienna, Austria                               | 100.00% | FC                       | 100.00% | FC                       |
| ANDRITZ Environment S.r.l.                                                            | Monza, Italy                                  | 100.00% | NC                       | 100.00% | NC                       |
| ANDRITZ Environmental Engineering<br>(Shanghai) Co., Ltd.                             | Shanghai, China                               | -       | -                        | 100.00% | FC                       |
| ANDRITZ Separation GmbH 2)                                                            | Cologne, Germany                              | 100.00% | FC                       | 100.00% | FC                       |
| LENSER Filtration GmbH 2)                                                             | Senden, Germany                               | 100.00% | FC                       | 100.00% | FC                       |
| Lenser Asia Sdn. Bhd.                                                                 | Petaling Jaya,<br>Malaysia                    | 100.00% | FC                       | 100.00% | FC                       |
| Modul Systeme Engineering GmbH 2)                                                     | Laufen, Germany                               | 100.00% | FC                       | 100.00% | FC                       |
| ANDRITZ S.R.L.                                                                        | Cisnadie, Romania                             | 100.00% | NC                       | 100.00% | NC                       |
| ANDRITZ Deutschland Beteiligungs GmbH 2)                                              | Krefeld, Germany                              | 100.00% | FC                       | 100.00% | FC                       |
| Andritz Deutschland Holding GmbH 2)                                                   | Göppingen,<br>Germany                         | 100.00% | FC                       | 100.00% | FC                       |
| ANDRITZ GmbH 2)                                                                       | Hemer, Germany                                | 100.00% | FC                       | 100.00% | FC                       |
| ANDRITZ Kaiser GmbH 2)                                                                | Bretten-Gölshausen,<br>Germany                | 100.00% | FC                       | 100.00% | FC                       |
| ANDRITZ Metals Germany GmbH 2)                                                        | Hemer, Germany                                | 100.00% | FC                       | 100.00% | FC                       |
| ANDRITZ Fiedler GmbH 2)                                                               | Regensburg, Germany                           | 100.00% | FC                       | 100.00% | FC                       |
| ANDRITZ Fliessbett Systeme GmbH 2)                                                    | Ravensburg, Germany                           | 100.00% | FC                       | 100.00% | FC                       |
| ANDRITZ HYDRO GmbH 2)                                                                 | Ravensburg, Germany                           | 100.00% | FC                       | 100.00% | FC                       |
| ANDRITZ Küsters GmbH 2)                                                               | Krefeld, Germany                              | 100.00% | FC                       | 100.00% | FC                       |
| ANDRITZ Kufferath GmbH 2)                                                             | Düren, Germany                                | 100.00% | FC                       | 100.00% | FC                       |
| AKRE Real Estate GmbH 2)                                                              | Düren, Germany                                | 100.00% | FC                       | 100.00% | FC                       |
| ANDRITZ Ritz GmbH 2)                                                                  | Schwäbisch Gmünd,<br>Germany                  | 100.00% | FC                       | 100.00% | FC                       |
| ANDRITZ Pumps Germany GmbH 2)                                                         | Schwäbisch Gmünd,<br>Germany                  | 100.00% | NC                       | 100.00% | NC                       |
| Ritz Pumps South Africa (Pty) Ltd.                                                    | Germiston, South Africa                       | 25.00%  | NC                       | 25.00%  | NC                       |
| ANDRITZ MeWa GmbH 2)                                                                  | Gärtringen,<br>Germany                        | 100.00% | FC                       | 100.00% | FC                       |
| Schuler Group GmbH 2)                                                                 | Göppingen,<br>Germany                         | 100.00% | FC                       | 100.00% | FC                       |
| Schuler Pressen GmbH 2)                                                               | Göppingen,<br>Germany                         | 100.00% | FC                       | 100.00% | FC                       |
| Schuler Italia S.r.l.                                                                 | Turin, Italy                                  | 90.00%  | NC                       | 90.00%  | NC                       |
| Schuler (Dalian) Forming<br>Technologies Co. Ltd.                                     | Dalian, China                                 | 100.00% | FC                       | 100.00% | FC                       |
| Schuler (China) Co., Ltd.                                                             | Shanghai, China                               | 100.00% | FC                       | 100.00% | FC                       |
| Yangzhou Metal Forming Machine<br>Tool Co., Ltd.                                      | Yangzhou City, China                          | 100.00% | FC                       | 100.00% | FC                       |
| Beutler Nova AG                                                                       | Gettnau, Switzerland                          | 100.00% | FC                       | 100.00% | FC                       |
| Schuler Presses UK Limited                                                            | Walsall, United<br>Kingdom                    | 100.00% | FC                       | 100.00% | FC                       |
| BCN Technical Services Inc.                                                           | Hastings / Michigan,<br>USA                   | 100.00% | FC                       | 100.00% | FC                       |
| Pressensysteme Schuler-México, S.A. de C.V.                                           | Puebla, Mexico                                | 100.00% | FC                       | 100.00% | FC                       |
|                                                                                       |                                               | 2023    |                          | 2023    |                          |
| Company                                                                               | Main office                                   | Share*  | Type of<br>consolidation | Share*  | Type of<br>consolidation |
| Schuler Thailand Co. Ltd.                                                             | Banglamung Chonburi,<br>Thailand              | 100.00% | NC                       | 100.00% | NC                       |
| Gräbener Pressensysteme GmbH & Co. KG 1)                                              | Netphen, Germany                              | 100.00% | FC                       | 100.00% | FC                       |
| Vögtle Service GmbH 2)                                                                | Eislingen, Germany                            | 100.00% | FC                       | 100.00% | FC                       |
| Schuler France S.A.                                                                   | Strasbourg, France                            | 100.00% | FC                       | 100.00% | FC                       |
| Schuler Inc.                                                                          | Canton / Michigan,<br>USA                     | 100.00% | FC                       | 100.00% | FC                       |
| Prensas Schuler S.A.                                                                  | São Paulo, Brazil                             | 100.00% | FC                       | 100.00% | FC                       |
| Gräbener Pressensysteme-<br>Verwaltungs GmbH                                          | Netphen, Germany                              | 100.00% | NC                       | 100.00% | NC                       |
| Graebener Press Systems Inc.                                                          | Warwick / Rhode<br>Island, USA                | 100.00% | NC                       | 100.00% | NC                       |
| Schuler Ibérica S.A.U.                                                                | Sant Cugat del Vallès,<br>Spain               | 100.00% | NC                       | 100.00% | NC                       |
| Schuler Slovakia Services s.r.o.                                                      | Dubnica nad Váhom,<br>Slovakia                | 100.00% | NC                       | 100.00% | NC                       |
| Schuler India Private Limited                                                         | Pune, India                                   | 100.00% | NC                       | 100.00% | NC                       |
| Schuler Poland Service Sp. Z.o.o.                                                     | Kedzierzyn-Kózle,<br>Poland                   | 100.00% | NC                       | 100.00% | NC                       |
| Tianjin GMS Machine Tool Service Co. Ltd.                                             | Tianjin, China                                | 50.00%  | NC                       | 50.00%  | NC                       |
| PRESSE ITALIA - S.p.A.                                                                | Naples, Italy                                 | 95.00%  | NC                       | 95.00%  | NC                       |
| AWEBA Werkzeugbau GmbH Aue 2)                                                         | Aue, Germany                                  | 100.00% | FC                       | 100.00% | FC                       |
| WVL Werkzeug- und Vorrichtungsbau<br>Lichtenstein GmbH 2)                             | St. Egidien,<br>Germany                       | 100.00% | FC                       | 100.00% | FC                       |
| Dabaki Grundstücksverwaltungs-<br>gesellschaft mbH & Co. Vermietungs KG               | Mainz, Germany                                | 94.00%  | FC                       | 94.00%  | FC                       |
| PTW Powertrain Tools Weingarten GmbH2)                                                | Weingarten, Germany                           | 100.00% | FC                       | 100.00% | FC                       |
| Schuler Service Rus Limited<br>Liability Company                                      | Toljatti, Russia                              | 100.00% | NC                       | 100.00% | NC                       |
| Farina Presse S.r.l.                                                                  | Suello, Italy                                 | 100.00% | FC                       | 100.00% | FC                       |
| Smart Press Shop GmbH & Co. KG                                                        | Halle (Saale), Germany                        | 50.00%  | EQ                       | 50.00%  | EQ                       |
| Smart Press Shop Verwaltungs-GmbH                                                     | Stuttgart, Germany                            | 50.00%  | NC                       | 50.00%  | NC                       |
| SOVEMA GROUP S.p.A.                                                                   | Villafranca di Verona,<br>Italy               | 100.00% | FC                       | 100.00% | FC                       |
| SOVEMA GLOBAL SERVICES Inc.                                                           | St. Louis, USA                                | 100.00% | NC                       | 100.00% | NC                       |
| SOVEMA TIANJIN BATTERY<br>EQUIPMENT Ltd.                                              | Tianjin, China                                | 100.00% | NC                       | 100.00% | NC                       |
| Bitrode corporation                                                                   | St. Louis, USA                                | 100.00% | FC                       | 100.00% | FC                       |
| Bitrode UK Ltd.                                                                       | Cheltenham, United<br>Kingdom                 | 100.00% | FC                       | 100.00% | FC                       |
| BITRODE NL B.V.                                                                       | Rotterdam,<br>The Netherlands                 | 100.00% | FC                       | 100.00% | FC                       |
| ANDRITZ Slovakia s.r.o.                                                               | Humenné, Slovakia                             | 100.00% | FC                       | 100.00% | FC                       |
| ANDRITZ HYDRO GmbH                                                                    | Vienna, Austria                               | 100.00% | FC                       | 100.00% | FC                       |
| ANDRITZ HYDRO SAS                                                                     | Châteauroux,<br>France                        | 100.00% | NC                       | 100.00% | NC                       |
| ANDRITZ HYDRO Private Ltd.                                                            | Mandideep, India                              | 100.00% | FC                       | 100.00% | FC                       |
| ANDRITZ HYDRO Nepal Pvt. Ltd.                                                         | Kathmandu, Nepal                              | 100.00% | NC                       | 100.00% | NC                       |
| Bhutan Automation & Engineering Limited                                               | Chhukha, Bhutan                               | 49.00%  | NC                       | 49.00%  | NC                       |
| ANDRITZ HYDRO S.L.                                                                    | Algete, Spain                                 | 100.00% | NC                       | 100.00% | NC                       |
| ANDRITZ HYDRO S.r.l. Unipersonale                                                     | Schio, Italy                                  | 100.00% | FC                       | 100.00% | FC                       |
|                                                                                       |                                               |         | 2023                     |         | 2022                     |
| Company                                                                               | Main office                                   | Share*  | Type of<br>consolidation | Share*  | Type of<br>consolidation |
| ANDRITZ S.A. de C.V.                                                                  | Morelia, Mexico                               | 100.00% | FC                       | 100.00% | FC                       |
| ANDRITZ HYDRO AS                                                                      | Jevnaker, Norway                              | 100.00% | FC                       | 100.00% | FC                       |
| ANDRITZ HYDRO Ltd. Sti.                                                               | Tekeli, Turkey                                | 100.00% | FC                       | 100.00% | FC                       |
| PT. ANDRITZ HYDRO                                                                     | Jakarta, Indonesia                            | 51.00%  | FC                       | 51.00%  | FC                       |
| ANDRITZ HYDRO S.A.                                                                    | Lima, Peru                                    | 100.00% | NC                       | 100.00% | NC                       |
| ANDRITZ HYDRO (Pty) Ltd                                                               | Kyalami, South Africa                         | 100.00% | NC                       | 100.00% | NC                       |
| ANDRITZ HYDRO Ltda.                                                                   | Bogotá, Colombia                              | 100.00% | NC                       | 100.00% | NC                       |
| ANDRITZ HYDRO s.r.o.                                                                  | Prague, Czech<br>Republic                     | 100.00% | NC                       | 100.00% | NC                       |
| ANDRITZ O&M Private Limited                                                           | Mandideep, India                              | 100.00% | FC                       | 100.00% | FC                       |
| ANDRITZ HYDRO C.A.                                                                    | Caracas, Venezuela                            | 100.00% | NC                       | 100.00% | NC                       |
| ANDRITZ Sdn. Bhd.                                                                     | Kuala Lumpur,<br>Malaysia                     | 100.00% | FC                       | 100.00% | FC                       |
| ANDRITZ HYDRO, Inc.                                                                   | Makati City, Philippines                      | 100.00% | NC                       | 100.00% | NC                       |
| PHP PHILIPPINES HYDRO PROJECT, Inc.                                                   | Makati City, Philippines                      | 24.98%  | NC                       | 24.98%  | NC                       |
| ANDRITZ HYDRO Hammerfest AS                                                           | Jevnaker, Norway                              | 100.00% | FC                       | 100.00% | FC                       |
| ANDRITZ HYDRO Hammerfest (UK) Limited                                                 | Glasgow, United<br>Kingdom                    | 100.00% | FC                       | 100.00% | FC                       |
| ANDRITZ HYDRO, UNIPESSOAL LDA                                                         | Porto, Portugal                               | 100.00% | NC                       | 100.00% | NC                       |
| ANDRITZ HYDRO DRC SARL                                                                | Kinshasa, Democratic<br>Republic of the Congo | 100.00% | NC                       | 100.00% | NC                       |
| AH PUMPSTORAGE GMBH                                                                   | Vienna, Austria                               | 60.00%  | NC                       | 60.00%  | NC                       |
| ANDRITZ HYDRO Beteiligungsholding GmbH                                                | Graz, Austria                                 | 100.00% | FC                       | 100.00% | FC                       |
| ANDRITZ HYDRO Brasilien<br>Beteiligungsgesellschaft mbH                               | Graz, Austria                                 | 100.00% | FC                       | 100.00% | FC                       |
| ANDRITZ HYDRO LTDA.                                                                   | Barueri, Brazil                               | 100.00% | FC                       | 100.00% | FC                       |
| ANDRITZ Construcoes e Montagens Ltda                                                  | Barueri, Brazil                               | 100.00% | FC                       | 100.00% | FC                       |
| ANDRITZ HYDRO (SU), LDA.                                                              | Luanda, Angola                                | 100.00% | NC                       | 100.00% | NC                       |
| ANDRITZ VIETNAM COMPANY LIMITED                                                       | Hanoi, Vietnam                                | 100.00% | NC                       | 100.00% | NC                       |
| ANDRITZ HYDRO NIGERIA LIMITED                                                         | Victoria Island, Nigeria                      | 100.00% | NC                       | 100.00% | NC                       |
| ANDRITZ Hydro Pty Ltd                                                                 | Sydney, Australia                             | 100.00% | NC                       | 100.00% | NC                       |
| ANDRITZ FEED & BIOFUEL A/S                                                            | Esbjerg, Denmark                              | 100.00% | FC                       | 100.00% | FC                       |
| ANDRITZ Chile Ltda.                                                                   | Santiago de Chile,<br>Chile                   | 100.00% | FC                       | 100.00% | FC                       |
| ANDRITZ CHILE SITE SERVICES SpA                                                       | Santiago de Chile,<br>Chile                   | 100.00% | NC                       | 100.00% | NC                       |
| ANDRITZ CHILE SERVICES SpA                                                            | Santiago de Chile,<br>Chile                   | 100.00% | NC                       | 100.00% | NC                       |
| ANDRITZ (USA) Inc.                                                                    | Alpharetta / Georgia,<br>USA                  | 100.00% | FC                       | 100.00% | FC                       |
| ANDRITZ Inc.                                                                          | Alpharetta / Georgia,<br>USA                  | 100.00% | FC                       | 100.00% | FC                       |
| Imagine That, Inc.                                                                    | San José / California,<br>USA                 | 100.00% | FC                       | -       | -                        |
| ANDRITZ SEPARATION Inc.                                                               | Arlington / Texas, USA                        | 100.00% | FC                       | 100.00% | FC                       |
| ANDRITZ SEPARATION Technologies Inc.                                                  | Arlington / Texas, USA                        | 100.00% | FC                       | 100.00% | FC                       |
| ANDRITZ HYDRO Corp.                                                                   | Charlotte / North<br>Carolina, USA            | 100.00% | FC                       | 100.00% | FC                       |
| ANDRITZ METALS USA Inc.                                                               | Callery / Pennsylvania,<br>USA                | 100.00% | FC                       | 100.00% | FC                       |
|                                                                                       |                                               |         | 2023                     |         | 2022                     |
| Company                                                                               | Main office                                   | Share*  | Type of<br>consolidation | Share*  | Type of<br>consolidation |
| ANDRITZ ASKO Emera B.V.                                                               | Amsterdam,<br>The Netherlands                 | 100.00% | FC                       | 100.00% | FC                       |
| ANDRITZ Metals Netherlands B.V.                                                       | Amsterdam,<br>The Netherlands                 | 100.00% | FC                       | 100.00% | FC                       |
| SOTEC S.A. de C.V.                                                                    | San Francisco<br>Cuautlalpan, Mexico          | 25.00%  | NC                       | 25.00%  | NC                       |
| MFA Risk Solutions Inc.                                                               | Burlington / Vermont,<br>USA                  | 100.00% | FC                       | 100.00% | FC                       |
| Andritz Fabrics and Rolls Inc.                                                        | Youngsville / North<br>Carolina, USA          | 100.00% | FC                       | 100.00% | FC                       |
| ANDRITZ Fabrics and Rolls Asia<br>Holding Limited                                     | Hong Kong, China                              | 100.00% | FC                       | 100.00% | FC                       |
| Beloit Asia Pacific (M) Inc.                                                          | Port Louis, Mauritius                         | 100.00% | FC                       | 100.00% | FC                       |
| Andritz Fabrics and Rolls (Shanghai) Limited                                          | Shanghai, China                               | 100.00% | FC                       | 100.00% | FC                       |
| Huyck Wangner (Shanghai) Trading Co. Ltd.                                             | Shanghai, China                               | 100.00% | FC                       | 100.00% | FC                       |
| JJ Plank Company, LLC                                                                 | Neenah / Wisconsin,<br>USA                    | 100.00% | FC                       | 100.00% | FC                       |
| Weavexx, LLC                                                                          | Youngsville / North<br>Carolina, USA          | 100.00% | FC                       | 100.00% | FC                       |
| ANDRITZ FABRICS AND ROLLS S.A.                                                        | Buenos Aires,<br>Argentina                    | 100.00% | FC                       | 100.00% | FC                       |
| Huyck Licensco Inc.                                                                   | Youngsville / North<br>Carolina, USA          | 100.00% | FC                       | 100.00% | FC                       |
| Xerium V (US) Limited                                                                 | Youngsville / North<br>Carolina, USA          | 100.00% | FC                       | 100.00% | FC                       |
| ANDRITZ Fabrics and Rolls Ltd.                                                        | Kentville, Canada                             | 100.00% | FC                       | 100.00% | FC                       |
| ANDRITZ FABRICS AND ROLLS SPA                                                         | Coronel, Chile                                | 100.00% | FC                       | 100.00% | FC                       |
| Stowe Woodward LLC                                                                    | Youngsville / North<br>Carolina, USA          | 100.00% | FC                       | 100.00% | FC                       |
| Stowe Woodward Licensco LLC                                                           | Youngsville / North<br>Carolina, USA          | 100.00% | FC                       | 100.00% | FC                       |
| Wangner Itelpa I LLC                                                                  | Youngsville / North<br>Carolina, USA          | 100.00% | FC                       | 100.00% | FC                       |
| Wangner Itelpa Participacoes Ltda                                                     | Piracicaba, Brazil                            | 100.00% | FC                       | 100.00% | FC                       |
| Wangner Itelpa II LLC                                                                 | Youngsville / North<br>Carolina, USA          | 100.00% | FC                       | 100.00% | FC                       |
| Xerium IV (US) Limited                                                                | Youngsville / North<br>Carolina, USA          | 100.00% | FC                       | 100.00% | FC                       |
| Xerium do Brasil Ltda                                                                 | Piracicaba, Brazil                            | 100.00% | FC                       | 100.00% | FC                       |
| Robec Brazil LLC                                                                      | Youngsville / North<br>Carolina, USA          | 100.00% | FC                       | 100.00% | FC                       |
| ANDRITZ FABRICS AND ROLLS<br>INDUSTRIA E COMERCIO S.A.                                | Piracicaba, Brazil                            | 100.00% | FC                       | 100.00% | FC                       |
| ANDRITZ FABRICS AND ROLLS S.A. de C.V.                                                | Queretaro, Mexico                             | 100.00% | FC                       | 100.00% | FC                       |
| ANDRITZ Fabrics and Rolls Limited                                                     | Tokyo, Japan                                  | 100.00% | FC                       | 100.00% | FC                       |
| Andritz Fabrics and Rolls Germany Holding GmbH 2)                                     | Reutlingen,<br>Germany                        | 100.00% | FC                       | 100.00% | FC                       |
| Robec Walzen GmbH 2)                                                                  | Düren, Germany                                | 100.00% | FC                       | 100.00% | FC                       |
| Andritz Fabrics and Rolls AG 2)                                                       | Düren, Germany                                | 100.00% | FC                       | 100.00% | FC                       |
| ANDRITZ Fabrics and Rolls GmbH 2)                                                     | Reutlingen,<br>Germany                        | 100.00% | FC                       | 100.00% | FC                       |
| ANDRITZ Fabrics and Rolls AB                                                          | Uppsala, Sweden                               | 100.00% | FC                       | 100.00% | FC                       |
| ANDRITZ Fabrics and Rolls Scandinavia AB                                              | Uppsala, Sweden                               | 100.00% | FC                       | 100.00% | FC                       |
|                                                                                       |                                               | 2023    |                          |         | 2022                     |
| Company                                                                               | Main office                                   | Share*  | Type of<br>consolidation | Share*  | Type of<br>consolidation |
| ANDRITZ Fabrics and Rolls, S.A.                                                       | Madrid, Spain                                 | 100.00% | FC                       | 100.00% | FC                       |
| ANDRITZ JohnsonFoils Limited                                                          | Chachoengsao,<br>Thailand                     | 100.00% | NC                       | 100.00% | NC                       |
| ANDRITZ FABRICS AND ROLLS HOLDINGS<br>LIMITED                                         | London, United<br>Kingdom                     | 100.00% | FC                       | 100.00% | FC                       |
| Huyck.Wangner UK Limited                                                              | Kent, United Kingdom                          | 100.00% | FC                       | 100.00% | FC                       |
| Stowe-Woodward (UK) Limited                                                           | London, United<br>Kingdom                     | 100.00% | FC                       | 100.00% | FC                       |
| ANDRITZ Fabrics and Rolls Holdings SAS                                                | Paris, France                                 | 100.00% | -                        | 100.00% | FC                       |
| ANDRITZ Fabrics and Rolls SAS                                                         | Ville-la-grand, France                        | 100.00% | FC                       | 100.00% | FC                       |
| ANDRITZ Fabrics and Rolls GmbH                                                        | Gloggnitz, Austria                            | 100.00% | FC                       | 100.00% | FC                       |
| ANDRITZ Fabrics and Rolls Oy                                                          | Kerava, Finland                               | 100.00% | FC                       | 100.00% | FC                       |
| ANDRITZ Fabrics and Rolls Holdings. S.p.A.                                            | Milan, Italy                                  | 100.00% | FC                       | 100.00% | FC                       |
| ANDRITZ Fabrics and Rolls S.p.A.                                                      | Latina, Italy                                 | 100.00% | FC                       | 100.00% | FC                       |
| ANDRITZ FABRICS AND ROLLS<br>TECHNOLOGIES MAKINA HIZMETLERI<br>SANAYI LIMITED SIRKETI | Corlu / Tekirdag, Turkey                      | 100.00% | FC                       | 100.00% | FC                       |
| ANDRITZ FABRICS AND ROLLS PTY. LIMITED                                                | Geelong, Australia                            | 100.00% | FC                       | 100.00% | FC                       |
| ANDRITZ SAS                                                                           | Châteauroux,<br>France                        | 100.00% | FC                       | 100.00% | FC                       |
| ANDRITZ Metals France SAS                                                             | Asnières-sur-Seine,<br>France                 | 100.00% | FC                       | 100.00% | FC                       |
| ANDRITZ Selas Tianjin Industrial<br>Furnace Equipment Co., Ltd.                       | Tianjin, China                                | 40.00%  | NC                       | 40.00%  | NC                       |
| Jaybee Eng. (Holdings) Pty. Ltd.                                                      | Carrum Downs /<br>Victoria, Australia         | 100.00% | FC                       | 100.00% | FC                       |
| ANDRITZ Pty. Ltd.                                                                     | Carrum Downs /<br>Victoria, Australia         | 100.00% | FC                       | 100.00% | FC                       |
| ANDRITZ (NZ) Ltd.                                                                     | Tauranga, New Zealand                         | 100.00% | FC                       | 100.00% | FC                       |
| ANDRITZ Ingeniería S.A.                                                               | Algete, Spain                                 | 100.00% | FC                       | 100.00% | FC                       |
| ANDRITZ BRASIL LTDA.                                                                  | Curitiba, Brazil                              | 100.00% | FC                       | 100.00% | FC                       |
| ANDRITZ SEPARATION Indústria e Comércio<br>de Equipamentos de Filtraçâo Ltda.         | Pomerode, Brazil                              | 100.00% | FC                       | 100.00% | FC                       |
| Sindus ANDRITZ Ltda.                                                                  | Porto Alegre, Brazil                          | 100.00% | FC                       | 100.00% | FC                       |
| ANDRITZ Pilão Equipamentos Ltda.                                                      | Curitiba, Brazil                              | -       | -                        | 100.00% | FC                       |
| ANDRITZ Oy                                                                            | Helsinki, Finland                             | 100.00% | FC                       | 100.00% | FC                       |
| ANDRITZ Savonlinna Works Oy                                                           | Savonlinna, Finland                           | 100.00% | FC                       | 100.00% | FC                       |
| ANDRITZ HYDRO Oy                                                                      | Tampere, Finland                              | 100.00% | FC                       | 100.00% | FC                       |
| ANDRITZ Warkaus Works Oy                                                              | Varkaus, Finland                              | 100.00% | FC                       | 100.00% | FC                       |
| Enmas ANDRITZ Pvt. Ltd.                                                               | Chennai, India                                | 40.00%  | NC                       | 40.00%  | FC                       |
| VA Brazil Oy                                                                          | Espoo, Finland                                | 40.00%  | NC                       | 40.00%  | NC                       |
| ANDRITZ Enviroburners Oy                                                              | Vantaa, Finland                               | 100.00% | NC                       | 100.00% | NC                       |
| J. Parpala Oy                                                                         | Kokkola, Finland                              | 100.00% | NC                       | 100.00% | NC                       |
| Scitech-Service Oy                                                                    | Helsinki, Finland                             | 100.00% | NC                       | -       | -                        |
| Experimentis Oy                                                                       | Rauma, Finland                                | 100.00% | NC                       | -       | -                        |
| ANDRITZ HYDRO Canada Inc.                                                             | Pointe-Claire / Québec,<br>Canada             | 100.00% | FC                       | 100.00% | FC                       |
| ANDRITZ Ltd.                                                                          | Lachine / Québec,<br>Canada                   | 100.00% | FC                       | 100.00% | FC                       |
| ANDRITZ Feed and Biofuel Canada Inc.                                                  | Blenheim / Ontario,<br>Canada                 | 100.00% | FC                       | 100.00% | FC                       |
|                                                                                       |                                               |         | 2023                     |         | 2022                     |
| Company                                                                               | Main office                                   | Share*  | Type of<br>consolidation | Share*  | Type of<br>consolidation |
| ANDRITZ Asselin-Thibeau S.A.S.                                                        | Elbeuf, France                                | 100.00% | FC                       | 100.00% | FC                       |
| ANDRITZ Gouda B.V.                                                                    | Waddinxveen,<br>The Netherlands               | 100.00% | FC                       | 100.00% | FC                       |
| ANDRITZ AB                                                                            | Örnsköldsvik, Sweden                          | 100.00% | FC                       | 100.00% | FC                       |
| ANDRITZ Technologies AB                                                               | Stockholm, Sweden                             | 51.00%  | NC                       | 51.00%  | NC                       |
| ANDRITZ Ltd.                                                                          | Newcastle-under-Lyme,<br>United Kingdom       | 100.00% | FC                       | 100.00% | FC                       |
| ANDRITZ (China) Ltd.                                                                  | Foshan, China                                 | 100.00% | FC                       | 100.00% | FC                       |
| ANDRITZ (Shanghai) Equipment & Engineering<br>Co., Ltd                                | Shanghai, China                               | 100.00% | FC                       | 100.00% | FC                       |
| ANDRITZ SHENDE (SHANGHAI) FEED &<br>BIOFUEL CO., LTD.                                 | Shanghai, China                               | 100.00% | FC                       | 100.00% | FC                       |
| Xerium China Co. Ltd.                                                                 | Kunshan City, China                           | 100.00% | FC                       | 100.00% | FC                       |
| ANDRITZ ROLLS (CHANGZHOU) CO., LTD                                                    | Changzhou, China                              | 100.00% | FC                       | 100.00% | FC                       |
| ANDRITZ (Foshan) Intelligent Manufacturing<br>Co., Ltd.                               | Foshan, China                                 | 100.00% | FC                       | 100.00% | FC                       |
| ANDRITZ Technologies H.K. Ltd.                                                        | Hong Kong, China                              | 100.00% | FC                       | 100.00% | FC                       |
| ANDRITZ Technologies Private Limited                                                  | Chennai, India                                | 100.00% | FC                       | 100.00% | FC                       |
| ANDRITZ SEPARATION AND PUMP<br>TECHNOLOGIES INDIA PRIVATE LIMITED                     | Chennai, India                                | -       | -                        | 100.00% | FC                       |
| ANDRITZ EUROSLOT INDIA<br>PRIVATE LIMITED                                             | Mumbai, India                                 | -       | -                        | 100.00% | NC                       |
| ANDRITZ FEED & BIOFUEL Ltd.                                                           | Hull, United Kingdom                          | 100.00% | FC                       | 100.00% | FC                       |
| ANDRITZ FEED & BIOFUEL B.V.                                                           | Geldrop,<br>The Netherlands                   | 100.00% | FC                       | 100.00% | FC                       |
| ANDRITZ B.V.                                                                          | Den Helder,<br>The Netherlands                | 100.00% | FC                       | 100.00% | FC                       |
| ANDRITZ Singapore Pte. Ltd.                                                           | Singapore, Singapore                          | 100.00% | FC                       | 100.00% | FC                       |
| ANDRITZ Uruguay S.A.                                                                  | Fray Bentos, Uruguay                          | 100.00% | FC                       | 100.00% | FC                       |
| ANDRITZ Industrias S.A.                                                               | Montevideo, Uruguay                           | 100.00% | NC                       | 100.00% | NC                       |
| ANDRITZ PULP TECHNOLOGIES S.A.                                                        | Montevideo, Uruguay                           | 100.00% | FC                       | 100.00% | FC                       |
| ANDRITZ K.K.                                                                          | Tokyo, Japan                                  | 100.00% | FC                       | 100.00% | FC                       |
| ANDRITZ DELKOR (Pty) Ltd.                                                             | Kyalami, South Africa                         | 100.00% | FC                       | 100.00% | FC                       |
| GKD Delkor (Pty) Ltd.                                                                 | Kyalami, South Africa                         | 100.00% | NC                       | 100.00% | NC                       |
| PT. ANDRITZ                                                                           | Jakarta, Indonesia                            | 100.00% | FC                       | 100.00% | FC                       |
| LLC ANDRITZ                                                                           | St. Petersburg,<br>Russia                     | 100.00% | FC                       | 100.00% | FC                       |
| LLC ANDRITZ HYDRO                                                                     | Moscow, Russia                                | 100.00% | NC                       | 100.00% | NC                       |
| ANDRITZ Kufferath s.r.o.                                                              | Levice, Slovakia                              | 100.00% | FC                       | 100.00% | FC                       |
| ANDRITZ Kft.                                                                          | Tiszakécske, Hungary                          | 100.00% | FC                       | 100.00% | FC                       |
| ANDRITZ Perfojet SAS                                                                  | Montbonnot Saint<br>Martin, France            | 100.00% | FC                       | 100.00% | FC                       |
| ANDRITZ Biax SAS                                                                      | Le Bourget du Lac,<br>France                  | 100.00% | NC                       | 100.00% | NC                       |
| ANDRITZ Separation Italy S.r.l.                                                       | Milan, Italy                                  | 100.00% | FC                       | 100.00% | FC                       |
| ANDRITZ COMO S.R.L.                                                                   | Grandate, Italy                               | 100.00% | NC                       | 100.00% | NC                       |
| ANDRITZ Soutec AG                                                                     | Neftenbach,<br>Switzerland                    | 100.00% | FC                       | 100.00% | FC                       |
| EK Finance SAS                                                                        | Scorbé-Clairvaux,<br>France                   | -       | -                        | 100.00% | FC                       |
| ANDRITZ Euroslot SAS                                                                  | Scorbé-Clairvaux,<br>France                   | 100.00% | FC                       | 100.00% | FC                       |
|                                                                                       |                                               | 2023    |                          | 2023    |                          |
| Company                                                                               | Main office                                   | Share*  | Type of<br>consolidation | Share*  | Type of<br>consolidation |
| ANDRITZ FZCO                                                                          | Dubai, United Arab<br>Emirates                | 100.00% | NC                       | 100.00% | NC                       |
| OTORIO LTD                                                                            | Tel Aviv, Israel                              | 50.01%  | FC                       | 50.01%  | FC                       |
| ANDRITZ Novimpianti S.r.l.                                                            | Capannori, Italy                              | 100.00% | FC                       | 100.00% | FC                       |
| ANDRITZ Diatec S.r.l.                                                                 | Collecorvino, Italy                           | 100.00% | FC                       | 100.00% | FC                       |
| Psiori GmbH                                                                           | Freiburg im Breisgau,<br>Germany              | 25.10%  | EQ                       | 25.10%  | EQ                       |
| ANDRITZ Laroche S.A.S.                                                                | Cours-la-Ville, France                        | 100.00% | FC                       | 100.00% | FC                       |
| ANDRITZ Digital Factory d.o.o.                                                        | Zagreb, Croatia                               | 100.00% | NC                       | 100.00% | NC                       |
| ANDRITZ BONETTI HOLDING S.R.L.                                                        | Milan, Italy                                  | -       | -                        | 100.00% | FC                       |
| ANDRITZ BONETTI S.P.A.                                                                | Milan, Italy                                  | 100.00% | FC                       | 100.00% | FC                       |
| ANDRITZ BONETTI CO. INC.                                                              | Sturtevant / Wisconsin,<br>USA                | 100.00% | FC                       | 100.00% | FC                       |
| Bonetti GmbH                                                                          | Hagen, Germany                                | 100.00% | FC                       | 100.00% | FC                       |
| GIOBONETTI INTERNATIONAL CANADA INC.                                                  | Montrèal / Québec,<br>Canada                  | 100.00% | FC                       | 100.00% | FC                       |
| ANDRITZ Bonetti Canada Inc.                                                           | Trois-Rivières /<br>Québec, Canada            | 100.00% | FC                       | 100.00% | FC                       |
| ANDRITZ TEP D.O.O.                                                                    | Slavonski Brod, Croatia                       | 100.00% | FC                       | 100.00% | FC                       |
| ANDRITZ DAN-WEB A/S                                                                   | Galten, Denmark                               | 100.00% | FC                       | -       | -                        |
| Dedert International A/S                                                              | Ballerup, Denmark                             | 100.00% | FC                       | -       | -                        |
| Dedert Canada Inc.                                                                    | Rosemère / Québec,<br>Canada                  | 100.00% | FC                       | -       | -                        |
| Dedert Holding Corporation                                                            | Homewood / Illinois,<br>USA                   | 100.00% | FC                       | -       | -                        |
| Dedert Corporation                                                                    | Homewood / Illinois,<br>USA                   | 100.00% | FC                       | -       | -                        |
| Dedert (Shanghai) Drying and Evaporating<br>Technology Co Ltd.                        | Shanghai, China                               | 100.00% | NC                       | -       | -                        |
| Dedert Mexico                                                                         | Mexico City, Mexico                           | 100.00% | NC                       | -       | -                        |

{173}------------------------------------------------

{174}------------------------------------------------

{175}------------------------------------------------

{176}------------------------------------------------

{177}------------------------------------------------

{178}------------------------------------------------

\* The share is shown as the share of the immediate parent company. If a subsidiary has more than one immediate parent company within the ANDRITZ GROUP, the subsidiary is included with its share of the total ANDRITZ GROUP under the parent company with the majority share.

FC ... Full consolidation; EQ ... Equity valuation; NC ... Non-consolidated due to minor importance

1) The exemption rule according to section 264b HGB (German Commercial Code) is applied. 2) The exemption rule according to section 264 paragraph 3 HGB (German Commercial Code) is applied.

2) The exemption rule according to section 264 paragraph 3 HGB (German Commercial Code) is applied.

#### Graz, February 26, 2024

(President and CEO) (CFO)

Heinisser e.h.

Joachim Schönbeck e.h. Dietmar Heinisser e.h. Norbert Nettesheim e.h. Jarno Nymark e.h. Frédéric Sauze e.h.

Jarno Nymark e.h.

Frédéric Sauze e.h.

{179}------------------------------------------------

# STATEMENT BY THE EXECUTIVE BOARD

## **STATEMENT BY THE EXECUTIVE BOARD OF ANDRITZ AG, PURSUANT TO SECTION 124 PARAGRAPH 1 OF THE (AUSTRIAN) STOCK EXCHANGE ACT**

We confirm to the best of our knowledge that the consolidated financial statements give a true and fair view of the assets, liabilities, financial position, and profit or loss of the Group as required by the applicable accounting standards and that the Group management report gives a true and fair view of the development and performance of the business and the position of the Group, together with a description of the principal risks and uncertainties the Group faces.

We confirm to the best of our knowledge that the financial statements of the parent company give a true and fair view of the assets, liabilities, financial position, and profit or loss as required by the applicable accounting standards and that the management report gives a true and fair view of the development and performance of the business and the position of the company, together with a description of the principal risks and uncertainties the company faces.

Graz, February 26, 2024

The Executive Board of ANDRITZ AG

Joachim Schönbeck e.h. Dietmar Heinisser e.h. Norbert Nettesheim e.h. Jarno Nymark e.h. Frédéric Sauze e.h. (President and CEO) (CFO)

tmar Heinisser e.h.

ert Nettesheim e.h.
(CFO)

Jarno Nymark e.h.

Frédéric Sauze e.h.

{180}------------------------------------------------

# GLOSSARY

### **ATX**

Austrian Traded Index, the leading stock market index of the Vienna stock exchange.

#### **Capital employed**

Net working capital plus intangible assets and property, plant, and equipment.

#### **Capital expenditure**

Additions to intangible assets and property, plant, and equipment.

**CGU** Cash generating unit.

## **Dividend per share**

Part of earnings per share, which is distributed to shareholders.

#### **Earnings per share**

Net income (without non-controlling interests) / weighted average number of shares.

#### **EBIT**

Earnings before interest and taxes.

#### **EBITA**

Earnings before interest, taxes, amortization of identifiable assets acquired in a business combination and recognized separately from goodwill and impairment of goodwill.

#### **EBITDA**

Earnings before interest, taxes, depreciation, and amortization.

#### **EBT**

Earnings before taxes.

#### **Employees**

Number of employees without apprentices.

#### **Equity ratio**

Total equity / total assets.

#### **EV**

Enterprise Value: Market capitalization as of end of period minus net liquidity.

#### **Free cash flow**

Cash flow from operating activities minus capital expenditure.

#### **Free cash flow per share**

Free cash flow / weighted average number of shares.

**FVTOCI** Fair value through other comprehensive income.

#### **FVTPL**

Fair value through profit and loss.

### **Gearing**

Net debt / total equity.

**HY** Hydro operating segment.

#### **Liquid funds**

Cash and cash equivalents plus investments plus Schuldscheindarlehen.

#### **Market capitalization**

Number of shares outstanding at reporting date multiplied by the closing price at reporting date.

#### **ME**

Metals operating segment.

#### **MEUR**

Million euros.

#### **Net debt**

Interest bearing liabilities including provisions for severance payments, pensions, and other long-term employee benefits as well as plan assets in excess of defined benefit obligation less liquid funds.

#### **Net liquidity**

Liquid funds less financial liabilities.

#### **Net working capital**

Non-current receivables plus current assets (excluding investments, cash and cash equivalents as well as Schuldscheindarlehen) less other noncurrent liabilities and current liabilities (excluding 

{181}------------------------------------------------

financial liabilities and provisions as well as plan assets in excess of defined benefit obligation).

**Non-current assets** (as reported internally) consist of property, plant, and equipment, goodwill, intangible assets as well as other non-current receivables and assets. Investments accounted for using the equity method, investments and other financial assets as well as deferred tax assets are not part of the non-current assets.

#### **OCI**

Other comprehensive income

#### **Order backlog**

The order backlog consists of present customer orders at the reporting date and represents the transaction price assigned to the remaining performance obligations. The order backlog at the end of the period is basically calculated by the order backlog at the beginning of the period plus order intake less revenue during the reporting period.

#### **Order intake**

The order intake is the estimated revenue of orders which have been put into effect in the reporting period considering changes and corrections of the order value; letters of intents are not part of the order intake.

#### **Payout ratio**

Part of net income, which is distributed to shareholders and calculated as dividend per share / earnings per share.

#### **PP**

Pulp & Paper operating segment.

#### **Return on equity**

Earnings before taxes / total equity.

#### **Return on investment**

Earnings before interest and taxes / total assets.

**Return on sales** Earnings before interest and taxes / sales.

#### **ROE**

Return On Equity: Net income / total equity.

#### **SE**

Separation operating segment.

#### **Sureties**

These contain bid bonds, contract performance guarantees, down payment guarantees as well as performance and warranty bonds at the expense of the ANDRITZ GROUP.

#### **SCF**

Supply Chain Financing.

#### **TEUR**

Thousand euros.

#### **Total equity**

Total equity including non-controlling interests.

{182}------------------------------------------------

# AUDITOR'S REPORT

# **REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS**

## **Audit Opinion**

We have audited the consolidated financial statements of

Andritz AG, Graz, Austria

and its subsidiaries ("the Group"), which comprise the consolidated Statement of Financial Position as at 31 December 2023, and the Consolidated Income Statement, Consolidated Statement of Comprehensive Income, Consolidated Statement of Changes in Equity and Consolidated Statement of Cash Flows for the year then ended, and the Notes to the Consolidated Financial Statements.

In our opinion, the consolidated financial statements comply with the legal requirements and present fairly, in all material respects, the consolidated financial position of the Group as at 31 December 2023, and its consolidated financial performance and consolidated cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRSs) as adopted by the EU, and the additional requirements pursuant to Section 245a UGB (Austrian Commercial Code).

## **Basis for our Opinion**

We conducted our audit in accordance with the EU Regulation 537/2014 ("AP Regulation") and Austrian Standards on Auditing. These standards require the audit to be conducted in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the "Auditor's Responsibilities" section of our report. We are independent of the audited Group in accordance with Austrian company law and professional regulations, and we have fulfilled our other responsibilities under those relevant ethical requirements. We believe that the audit evidence we have obtained up to the date of the auditor's report is sufficient and appropriate to provide a basis for our audit opinion on this date.

# **Key Audit Matters**

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, however, we do not provide a separate opinion thereon.

## **Project Accounting**

Refer to notes chapter 9 and 23

#### **Risk for the Consolidated Financial Statements**

A major component of the revenues and net income contribution is derived from the project business. The project business comprises a large number of projects with individual project revenues of more than EUR 100 million and project terms extending over several years. When certain criteria are met, revenue is recognized over time according to the progress of the respective projects, which is measured using the cost to cost method. This method is not applied to projects for which a project loss is expected. Such loss is immediately recognized in the income statement. For completed projects the Group is liable for warranty over a defined period of time. In certain active and completed projects, the Group is involved with customers and/or suppliers with regard to contractual obligations, resulting in potential or active legal proceedings. The Group recognizes provisions for warranty

**182**

{183}------------------------------------------------

liabilities as well as for potential obligations as a result of legal proceedings. The application of over time revenue recognition, determination of the stage of completion, the estimate of costs to complete as well as the measurement of project provisions require a substantial number of assumptions and forward-looking estimates. Due to the significant volume of project business, this results in a risk of project revenue, net income, and projectrelated balance sheet items being materially misstated.

#### **Our response**

We have assessed the project accounting as follows:

- When performing our audit, we obtained an understanding of the processes and internal controls relevant to project accounting and we tested the effectiveness of selected internal controls. This relates specifically to internal controls with respect to approval of project cost estimates at contract inception, approval of the ongoing cost status reports, the actual cost-to-budget-analysis, the status reports relating to current projects, and estimate of the amount of outstanding or potentially outstanding costs to complete the project. Based on the results of these tests, we have planned additional audit procedures.
- We have applied these procedures to selected current projects and we have assessed management's assumptions regarding those projects. The selection was based on risk criteria such as project volume, low or negative project margin or significant margin changes. Audit procedures mainly included: review of underlying contracts and agreements, a plausibility check on current project information, inquiries of individuals responsible for project execution or project controlling as to the reasonableness of estimates and assumptions used, evaluation of the accuracy of accounting estimates by comparing actual results to prior period estimates, and a reconciliation of the assumptions used for estimates with contract information and other relevant documents.
- In addition, we have evaluated the method used to determine the stage of completion and the proper allocation of contract cost to individual contracts.
- To assess whether the provisions for litigations and claims from costumers are appropriate, we have read the relevant documents, obtained attorney confirmation letters and discussed the cases with personnel involved and inspected their documentation.
- In addition, we have assessed whether the presentation of the project business in the consolidated financial statements as well as the disclosures in the notes are in line with the IFRS 15 requirements.

#### **Valuation of Goodwill**

Refer to notes chapter 20

#### **Risk for the Consolidated Financial Statements**

Goodwill capitalized in the consolidated statement of financial position as of balance sheet date amounts to EUR 826.3 million. Once a year, or if a triggering event occurs, Andritz AG conducts an impairment test in order to confirm the valuation of goodwill. The approach for measuring goodwill, the allocation of goodwill to the cash generating units as well as the assumptions used and the results of the impairment tests are described in the notes.

Testing goodwill for impairment requires a considerable number of estimates concerning future development of revenues, earnings, and net cash inflows as well as assumptions on discount rates used and is therefore exposed to significant uncertainty. For the financial statements, this leads to the risk of goodwill being overstated.

**183**

{184}------------------------------------------------

#### **Our response**

We have assessed the project accounting as follows:

- We have evaluated the reasonableness of forward-looking estimates and significant assumptions as well as the valuation methodologies used, consulting our own valuation experts.
- We have reconciled the revenue and margin projections used for impairment testing to the Group's current business plan as approved by the supervisory board. We have tested the underlying assumptions for reasonableness in discussions with the management and reconciliation to information relating to the current and expected development of the respective cash generating units. We also verified the historical accuracy of the business plan by comparing plans for prior periods with the actual results.
- With regard to the discount rates used, we have tested the underlying assumptions by comparing them to market and industry-specific benchmarks and methodologies, and we have reviewed the respective calculation formula, consulting our own valuation experts. Insofar as there are CGUs with excess returns, we verified the reasons using historical data as well as future market- and economic positions.
- Furthermore, we have assessed whether the entity-prepared impairment test disclosures in the notes are appropriate.

# **Other Information**

Management is responsible for other information. Other information is all information provided in the annual financial report, other than the consolidated financial statements, the group management report and the auditor's report.

Our opinion on the consolidated financial statements does not cover other information and we do not provide any kind of assurance thereon.

In conjunction with our audit, it is our responsibility to read this other information and to assess whether, based on knowledge gained during our audit, it contains any material inconsistencies with the consolidated financial statements or any apparent material misstatement of fact. If we conclude that there is a material misstatement of fact in other information, we must report that fact. We have nothing to report in this regard.

## **Responsibilities of Management and the Audit Committee for the Consolidated Financial Statements**

Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with International Financial Reporting Standards (IFRSs) as adopted by the EU, the additional requirements pursuant to Section 245a UGB (Austrian Commercial Code) and for such internal controls as management determines are necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

Management is also responsible for assessing the Group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting, unless management either intents to liquidate the Group or to cease operations, or has no realistic alternative but to do so.

**184**

The audit committee is responsible for overseeing the Group's financial reporting process.

{185}------------------------------------------------

# **Auditor's Responsibilities**

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our audit opinion. Reasonable assurance represents a high level of assurance, but provides no guarantee that an audit conducted in accordance with the AP Regulation and Austrian Standards on Auditing (and therefore ISAs), will always detect a material misstatement, if any. Misstatements may result from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.

As part of an audit in accordance with the AP Regulation and Austrian Standards on Auditing, we exercise professional judgment and maintain professional skepticism throughout the audit.

Moreover:

- We identify and assess the risks of material misstatement in the consolidated financial statements, whether due to fraud or error, we design and perform audit procedures responsive to those risks and obtain sufficient and appropriate audit evidence to serve as a basis for our audit opinion. The risk of not detecting material misstatements resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or override of internal control.
- We obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group's internal control.
- We evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
- We conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our audit report to the respective note in the consolidated financial statements. If such disclosures are not appropriate, we will modify our audit opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group to cease to continue as a going concern.
- We evaluate the overall presentation, structure and content of the consolidated financial statements, including the notes, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
- We obtain sufficient appropriate audit evidence regarding the financial information of the entities and business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.
- We communicate with the audit committee regarding, amongst other matters, the planned scope and timing of our audit as well as significant findings, including any significant deficiencies in internal control that we identify during our audit.

{186}------------------------------------------------

- We communicate to the audit committee that we have complied with the relevant professional requirements in respect of our independence, that we will report any relationships and other events that could reasonably affect our independence and, where appropriate, the related safeguards.
- From the matters communicated with the audit committee, we determine those matters that were of most significance in the audit i.e. key audit matters. We describe these key audit matters in our auditor's report unless laws or other legal regulations preclude public disclosure about the matter or when in very rare cases, we determine that a matter should not be included in our audit report because the negative consequences of doing so would reasonably be expected to outweigh the public benefits of such communication.

# **REPORT ON OTHER LEGAL REQUIREMENTS**

## **Group Management Report**

In accordance with Austrian company law, the group management report is to be audited as to whether it is consistent with the consolidated financial statements and prepared in accordance with legal requirements. It is our responsibility to determine whether the consolidated non-financial statement has been prepared as part of the group management report, to read and assess whether, based on knowledge gained during our audit, it contains any material inconsistencies with the consolidated financial statements or any apparent material misstatement of fact.

Management is responsible for the preparation of the group management report in accordance with Austrian company law.

We have conducted our audit in accordance with generally accepted standards on the audit of group management reports.

## **Opinion**

In our opinion, the group management report is consistent with the consolidated financial statements and has been prepared in accordance with legal requirements. The disclosures pursuant to Section 243a UGB (Austrian Commercial Code) are appropriate.

## **Statement**

Based on our knowledge gained in the course of the audit of the consolidated financial statements and our understanding of the Group and its environment, we did not note any material misstatements in the group management report.

# **Additional Information in accordance with Article 10 AP Regulation**

We were elected as auditors at the Annual General Meeting on 29 March 2023 and were appointed by the supervisory board on 27 September 2023 to audit the financial statements of Company for the financial year ending on 31 December 2023.

In addition, during the Annual General Meeting, we have been elected as auditors for the following financial year and appointed by the supervisory board.

**186**

{187}------------------------------------------------

We have been auditors of the Company, without interruption, since the consolidated financial statements at 31 December 2016.

We declare that our opinion expressed in the "Report on the Consolidated Financial Statements" section of our report is consistent with our additional report to the Audit Committee, in accordance with Article 11 AP Regulation.

We declare that we have not provided any prohibited non-audit services (Article 5 Paragraph 1 AP Regulation) and that we have ensured our independence throughout the course of the audit, from the audited Group.

# **ENGAGEMENT PARTNER**

The engagement partner is Mr Johannes Bauer.

Vienna

26 February 2024

KPMG Austria GmbH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft

> Signed by: Johannes Bauer Wirtschaftsprüfer (Austrian Chartered Accountant)

This report is a translation of the original report in German, which is solely valid.

The consolidated financial statements together with our auditor's opinion may only be published if the consolidated financial statements and the group management report are identical with the audited version attached to this report. Section 281 Paragraph 2 UGB (Austrian Commercial Code) applies.

Image /page/187/Picture/12 description: The image shows the number 187 in a bold, blue font.

{188}------------------------------------------------

# **ANDRITZ AG**

Stattegger Strasse 18 8045 Graz, Austria investors@andritz.com

Produced in-house using firesys

## **Disclaimer**

Certain statements contained in the 2023 annual report and in the 2023 annual financial report constitute "forwardlooking statements." These statements, which contain the words "believe", "intend", "expect", and words of a similar meaning, reflect the Executive Board's beliefs and expectations and are subject to risks and uncertainties that may cause actual results to differ materially. As a result, readers are cautioned not to place undue reliance on such forward-looking statements. The company disclaims any obligation to publicly announce the result of any revisions to the forward-looking statements made herein, except where it would be required to do so under applicable law.

The 2023 annual report and the 2023 annual financial report contain assumptions and forecasts based on the information available up to the copy deadline on February 26, 2024. If the premises for these assumptions and forecasts do not occur, or risks indicated in the chapter "Risk Management" and in the management report in the 2023 annual financial report do arise, actual results may vary from the forecasts made in the 2023 annual report and in the 2023 annual financial report. Although the greatest caution was exercised in preparing data, all information related to the future is provided without guarantee.

{189}------------------------------------------------

Image /page/189/Picture/4 description: The image features a stylized letter 'A' in white, set against a gradient background. The background transitions from a darker blue at the top to a lighter blue at the bottom. The 'A' is bold and geometric, with a slightly truncated apex and a horizontal bar connecting the two sides near the base. The overall impression is clean, modern, and corporate.

# **Einzelabschluss ANDRITZ AG 2023**

Image /page/189/Picture/2 description: The image shows the word "ANDRITZ" in blue, with a stylized font. The background is a gradient of light blue and green.

ENGINEERED SUCCESS

{190}------------------------------------------------

# Inhaltsverzeichnis

Lagebericht Bilanz Gewinn- und Verlustrechnung Anhang Bestätigungsvermerk

{191}------------------------------------------------

# LAGEBERICHT

# **Präambel**

Der Jahresabschluss (Einzelabschluss) der ANDRITZ AG wird nach den Bilanzierungs- und Bewertungsvorschriften des österreichischen UGB aufgestellt. Entsprechend dieser Vorschriften sind die verbundenen Unternehmen im Rahmen des Finanzanlagevermögens ausgewiesen. Dadurch ergibt sich aus dem Einzelabschluss lediglich ein Ausschnitt der wirtschaftlichen Lage für die ANDRITZ AG und ihre verbundenen Unternehmen.

# **Finanzielle Leistungsindikatoren der ANDRITZ AG**

Die folgenden Kennzahlen wurden entsprechend dem Fachgutachten KFS/BW3 zur Ausgestaltung finanzieller Leistungsindikatoren im Lagebericht berechnet:

| in MEUR bzw. in %                               | 2023    | 2022    |
|-------------------------------------------------|---------|---------|
| Auftragsstand                                   | 4.042,2 | 4.021,4 |
| Umsatzerlöse                                    | 1.040,0 | 907,5   |
| Ergebnis vor Zinsen und Steuern                 | 332,2   | 217,2   |
| Umsatzrentabilität                              | 31,9%   | 23,9%   |
| Eigenkapitalrentabilität                        | 27,0%   | 19,1%   |
| Gesamtkapitalrentabilität                       | 9,6%    | 6,6%    |
| Nettoverschuldung                               | 576,8   | 758,1   |
| Nettoumlaufvermögen                             | -164,3  | -137,8  |
| Eigenkapitalquote                               | 32,3%   | 31,4%   |
| Verschuldungsgrad                               | 51,3%   | 73,1%   |
| Ergebnis vor Zinsen, Steuern und Abschreibungen | 344,0   | 279,9   |

Der Netto-Geldfluss aus der betrieblichen Tätigkeit beträgt berechnet nach der Methode der Stellungnahme 36 des Austrian Financial Reporting and Auditing Committee (kurz AFRAC 36) im Jahr 2023 +117,5 MEUR (Vorjahr: -44,1 MEUR), jener aus der Investitionstätigkeit +299,9 MEUR (Vorjahr: +228,1 MEUR) sowie jener aus der Finanzierungstätigkeit -418,7 MEUR (Vorjahr: -257,5 MEUR).

Der Finanzmittelbestand am Ende der Periode verringert sich daher von 135,0 MEUR am 31. Dezember 2022 auf 133,8 MEUR am 31. Dezember 2023.

# **Nicht-finanzielle Leistungsindikatoren der ANDRITZ AG**

Bezüglich der Themenbereiche Fertigung, Personalwesen und Umweltschutz wird auf die Ausführungen und nicht finanzielle Erklärung gemäß § 267a UGB im Konzernlagebericht verwiesen, welche auch für die ANDRITZ AG zutreffend sind. Im Bereich Forschung und Entwicklung ist die ANDRITZ AG eines von mehreren Forschungszentren in der ANDRITZ-Gruppe und in sämtlichen Geschäftsbereichen in verschiedenen Projekten tätig.

{192}------------------------------------------------

# **Eigene Aktien**

Im Geschäftsjahr 2023 hat der Vorstand keine Aktienrückkäufe getätigt, da das Unternehmen derzeit noch ausreichend eigene Aktien hält, um seine Optionsprogramme bedienen zu können. Auf der Grundlage eines Beschlusses der Hauptversammlung vom 29. März 2023 ist der Vorstand seit 1. Oktober 2023 für die Dauer von 30 Monate zum Erwerb eigener Aktien grundsätzlich ermächtigt. Für den Fall, dass der Vorstand im Rahmen dieser grundsätzlichen Ermächtigungen konkrete Rückkaufprogramme durchführen wird, werden diese auf der Webseite der Gesellschaft und über die einschlägigen Informationsdienste angekündigt.

Zum 31. Dezember 2023 befinden sich 4.789.540 Stückaktien in Besitz der ANDRITZ AG, dies entspricht einem Anteil am Grundkapital in Höhe von 5% bzw. 4.789.540 EUR. Es ist vorgesehen, diese Aktien für die Bedienung der Optionen im Rahmen der Aktienbeteiligungsprogramme für Führungskräfte sowie für Mitarbeiterbeteiligungsaktionen zu verwenden.

Im Geschäftsjahr 2023 wurden keine neuen Stückaktien erworben. 6.460 Stückaktien wurden an eine Tochtergesellschaft zu einem Kurs von 53,23 EUR je Aktie anlässlich einer Mitarbeiterbeteiligungsaktion verkauft. Der auf die verkauften Aktien entfallende Betrag des Grundkapitals ist 6.460,00 EUR, der Anteil am Grundkapital beträgt 0,006%. Die aus dem Verkauf erzielten Erlöse wurden zur kurzfristigen Liquiditätssteuerung verwendet.

Weiters wurden im Rahmen einer Mitarbeiterbeteiligungsaktion 28.166 Stückaktien an Mitarbeiter der ANDRITZ AG abgegeben.

Zur besseren Einsicht in die Vermögens-, Finanz- und Ertragslage basiert der weitere Teil des Lageberichts auf dem nach IFRS erstellten Konzernabschluss.

{193}------------------------------------------------

# LAGEBERICHT

Image /page/193/Figure/2 description: The image shows the letters A and B in a large, bold, blue font. To the right of the letter A is a horizontal line followed by the German words "Wirtschaftliche Rahmenbedingungen". To the right of the letter B is a horizontal line followed by the German word "Marktentwicklung".

- 1. Pulp & Paper
- 2. Metals
- 3. Hydro
- 4. Separation

# C— **Geschäftsentwicklung**

- 1. Änderung der Reporting Struktur
- 2. Auftragseingang
- 3. Umsatz
- 4. Auftragsstand
- 5. Ertragslage
- 6. Vermögens- und Finanzlage
- 7. Investitionen
- 8. Cashflow
- 9. Akquisitionen

# D— **Risikomanagement**

- 1. Strategische Risiken
- 2. Operative Risiken
- 3. Risiken in Verbindung mit Finanzinstrumenten
- 4. Internes Kontroll- und Risikomanagementsystem

Image /page/193/Figure/22 description: The image shows the letters E and F in blue, each followed by a horizontal line and German text. Next to the letter E, the text reads "Konsolidierter Corporate-Governance-Bericht." Next to the letter F, the text reads "Wesentliche Ereignisse nach dem Bilanzstichtag."

# G— **Konsolidierte Nicht-finanzielle Erklärung**

- 1. Wesentlichkeitsanalyse
- 2. We Care das ANDRITZ-Nachhaltigkeitsprogramm
- 3. EU-Taxonomie
- 4. Nicht-finanzielle Risiken
- 5. Verantwortungsvolles Personalmanagement
- 6. Supply Chain Management
- 7. Qualitätsmanagement
- 8. Fertigung
- 9. Innovationsmanagement und Digitalisierung
- 10. Forschung und Entwicklung

H— **Ausblick**

I

— **Aktien und Aktionärsstruktur**

{194}------------------------------------------------

# LAGEBERICHT

# **A) WIRTSCHAFTLICHE RAHMENBEDINGUNGEN**

Die Rahmenbedingungen im zurückliegenden Geschäftsjahr 2023 waren wie auch in den Vorjahren von einer Vielzahl von Herausforderungen geprägt, darunter die anhaltenden geopolitischen Spannungen, der anhaltende Inflationsdruck in vielen Ländern und die in einigen Teilen der Welt immer noch anhaltenden Nachwirkungen der Covid-19 Pandemie.

Geopolitische Spannungen, insbesondere der Angriffskrieg Russlands gegen die Ukraine, der Krieg in Israel und die Konflikte in den angrenzenden Regionen sowie die angespannten Beziehungen zwischen China und den USA erzeugten im Jahr 2023 weiterhin Unsicherheiten im Welthandel. Handelsbeschränkungen und Sanktionen beeinflussten die Verfügbarkeit von Rohstoffen und Vorprodukten.

Der Anstieg der Inflationsraten in vielen Ländern, getrieben durch gestiegene Energiepreise und Lieferkettenengpässe, hat zu spürbaren Rückgängen im privaten Konsum und in der Folge zu geringeren Auslastungen der Produktionskapazitäten bei vielen unserer Kunden geführt. Die zur Eindämmung der Inflation von vielen Zentralbanken eingeleitete Straffung der Geldpolitik mit einer deutlichen Erhöhung der Zinsen führte zu einer Erhöhung der Finanzierungskosten für Investitionen auf Seiten unserer Kunden und hat die Investitionsbereitschaft in neue Anlagen und Maschinen reduziert.

Insgesamt ist die Weltwirtschaft aufgrund der schwierigen Rahmenbedingungen entgegen anfänglicher Prognosen noch nicht wieder in eine Phase der Erholung eingetreten, wobei die Wachstumsraten in den verschiedenen Regionen der Welt stark unterschiedlich ausfielen.

In Europa reduzierte sich das Wirtschaftswachstum im Berichtszeitraum gegenüber dem Vorjahr nochmals deutlich auf unter 1%, während in den USA getrieben vom Privatkonsum, der mit rund 70% des Bruttoinlandsprodukts eine Schlüsselrolle in der US-Wirtschaft einnimmt, eine leichte Verbesserung der Wachstumsrate auf 2,5% zu verzeichnen war. Chinas Wirtschaft verzeichnete im Berichtszeitraum trotz der Belastungen aus dem Immobiliensektor und gestützt durch deutlich reduzierte Zinsen einen Anstieg des Wachstums auf rund 5,2%.

Trotz dieser im Allgemeinen eher schwierigen Rahmenbedingungen waren in einigen für ANDRITZ relevanten Wirtschaftsbereichen auch positive Entwicklungen zu verzeichnen, unter anderem getrieben von technologischem Wandel und Digitalisierung sowie von Investitionen in Nachhaltigkeit und Umweltschutz.

Quelle Wachstumsraten: Bloomberg

{195}------------------------------------------------

# **B) MARKTENTWICKLUNG**

## **1. Pulp & Paper**

Der Geschäftsbereich Pulp & Paper verzeichnete eine zufriedenstellende Projekt- und Investitionsaktivität, die sich auf die Modernisierung bestehender Pulp & Paper-Fabriken konzentrierte. Allerdings hat sich das Wachstum im Markt für Greenfield-Zellstofffabriken nach einigen sehr aktiven Jahren deutlich abgeschwächt. Im Bereich Kraftwerkskessel setzte sich die gute Investitionstätigkeit der Vorjahre fort. Im Servicegeschäft kam es aufgrund der zyklischen Abschwächung der Pulp & Paper-Produktion zu einer leichten Abschwächung.

## **2. Metals**

Der Bereich Metals Forming (Schuler) für die Automobil- und Automobilzulieferindustrie verzeichnete im Berichtszeitraum eine gute Projekt- und Investitionstätigkeit. Aufträge für Pressenlinien sowohl im mittleren als auch im höheren Preis- und Qualitätssegment wurden von internationalen Automobilherstellern und deren Zulieferern vergeben. Im wachsenden Markt der Batterieproduktion konnten sowohl für Pilotlinien zur Montage von Li-Ion- und All-Solid-State-Batterien als auch für Serienzellformationsanlagen strategisch wichtige Aufträge vergeben werden.

Die Projektaktivität im Bereich Metallverarbeitung (Anlagen zur Herstellung und Verarbeitung von Edelstahlbändern, Kohlenstoffstahlbändern und Aluminiumbändern) verlief im Berichtsjahr sehr positiv. Vor allem getrieben durch Investitionen in Edelstahl und einem stabilen Auftragseingang n den anderen Bereichen in den ersten Quartalen.

# **3. Hydro**

Die weltweite Investitions- und Projektaktivität für elektromechanische Ausrüstungen für Wasserkraftwerke verzeichnete im Geschäftsjahr 2023 erneut einen Aufwärtstrend, der vor allem auf die gute Ertragslage vieler Kunden infolge der weltweit gestiegenen Energiepreise und der weltweiten Nachfrage nach erneuerbaren Energien zurückzuführen ist. Der Speicherbedarf aufgrund großer Installationen in volatilen Solar- und Windprojekten hat den Markt für Pumpspeicherkraftwerke sowie Synchronkondensatoren für die Netzstabilität vorangetrieben. Im Berichtszeitraum wurden Projekte in diesem Marktsegment sowie mittlere und große Modernisierungen und Neuaufträge zur Lieferung von Ausrüstungen für konventionelle Wasserkraftwerke vergeben – insbesondere in Asien, Europa, Nord- und Südamerika.

## **4. Separation**

Die weltweiten Märkte für Anlagen zur Fest-Flüssig-Trennung entwickelten sich im Geschäftsjahr 2023 sehr positiv. Im Bereich Separation (Entwässerung und Trocknung von kommunalem und industriellem Klärschlamm, Entwässerung und Trocknung) war eine sehr gute Projekt- und Investitionstätigkeit zu verzeichnen. Der Bereich Futtermittel & Biokraftstoffe sowie der Pumpenmarkt verzeichneten eine stabile Entwicklung.

{196}------------------------------------------------

# **C) GESCHÄFTSENTWICKLUNG**

# **1. Änderungen in der Reporting Struktur**

Das Pumpengeschäft (bisher im Geschäftsbereich Hydro berichtet) und einige Produkte des Geschäftsbereichs Pulp & Paper, die überwiegend an Kunden außerhalb der Pulp & Paper Industrie geliefert werden, werden ab dem 1. Jänner 2023 in dem Geschäftsbereich Separation berichtet. Die Vergleichszahlen des Vorjahrs sind ebenfalls in der neuen Berichtsstruktur ausgewiesen.

# **2. Auftragseingang**

Der Auftragseingang der ANDRITZ-GRUPPE entwickelte sich im Geschäftsjahr 2023 trotz der unverändert schwierigen gesamtwirtschaftlichen Rahmenbedingungen zufriedenstellend, lag jedoch konjunkturbedingt insbesondere wegen des geringeren Umfangs erhaltener Großaufträge im Geschäftsbereich Pulp und Paper, wo im Vorjahr ein Großauftrag über eine komplette Zellstoffanlage im oberen dreistelligen Millionen-Bereich enthalten war, mit 8.551,9 MEUR unter dem Rekordwert des Vorjahres (-7,7% versus 2022: 9.263,4 MEUR). In den Geschäftsbereichen Hydro, Metals und Separation konnte der Auftragseingang gesteigert werden.

Die Entwicklung der Geschäftsbereiche im Detail:

- Pulp & Paper: Der Auftragseingang betrug 3.119,4 MEUR und lag damit um 27,4% unter dem Rekordwert des Vorjahres (2022: 4.296,4 MEUR), der einen Großauftrag für ein neues Zellstoffwerk in Asien enthalten hatte. Der Bereich Service verzeichnete im Jahresvergleich eine stabile Entwicklung des Auftragseingangs.
- Metals: Der Geschäftsbereich erzielte im Berichtsjahr mit 2.124,5 MEUR wieder einen neuen Rekordwert (+5,8% versus 2022: 2.008,6 MEUR). Hauptverantwortlich für diesen signifikanten Anstieg ist der Bereich Metals Processing, der einen großen Auftrag für eine Anlage zur Produktion von grünem Wasserstoff und einige mittelgroße Aufträge verbuchen konnte. Der Auftragseingang im Bereich Metals Forming entwickelte sich im Jahresvergleich solide.
- Hydro: Mit 2.020,9 MEUR erreichte der Auftragseingang nochmals ein sehr erfreuliches Niveau und erhöhte sich um 17,5% gegenüber dem Vorjahresvergleichswert (2022: 1.720,5 MEUR). Der Geschäftsbereich konnte zwei große und mehrere mittelgroße Aufträge zur Lieferung elektromechanischer Ausrüstungen für neue Kraftwerke bzw. zur Modernisierung bestehender Kraftwerke gewinnen.
- Separation: Der Auftragseingang erreichte mit 1.287,1 MEUR ebenfalls ein neues Höchstniveau (+4,0% versus 2022: 1.237,9 MEUR). Der Bereich Fest-Flüssig-Trennung verzeichnete im Berichtszeitraum eine sehr gute Entwicklung, der Bereich Pumpen eine solide Entwicklung. Im Bereich Feed & Biofuel war der Auftragseingang im Jahresvergleich hingegen rückläufig.

|              | Einheit | 2023    | 2022    | +/-    |
|--------------|---------|---------|---------|--------|
| Pulp & Paper | MEUR    | 3.119,4 | 4.296,4 | -27,4% |
| Metals       | MEUR    | 2.124,5 | 2.008,6 | +5,8%  |
| Hydro        | MEUR    | 2.020,9 | 1.720,5 | +17,5% |
| Separation   | MEUR    | 1.287,1 | 1.237,9 | +4,0%  |

{197}------------------------------------------------

# **Auftragseingang nach Geschäftsbereichen UMSATZ 2023 (2022) in %**

Image /page/197/Figure/2 description: The image shows a donut chart with four sections labeled A, B, C, and D. Below the chart is a list of the labels and corresponding data. A is Pulp & Paper with values 36 and (46). B is Metals with values 25 and (22). C is Hydro with values 24 and (19). D is Separation with values 15 and (13).

**UMSATZ Auftragseingang nach Regionen 2023 (2022) in %**

Image /page/197/Figure/4 description: The image shows a pie chart with six sections labeled A, B, C, D, E, and F. Below the chart is a list that corresponds to the sections of the chart. Section A is Europa with a value of 35 (27). Section B is Nordamerika with a value of 21 (27). Section C is Asien (ohne China) with a value of 19 (21). Section D is China with a value of 11 (12). Section E is Südamerika with a value of 10 (10).

# F Afrika, Australien 4 (3)

## **3. Umsatz**

Der Umsatz der ANDRITZ-GRUPPE entwickelte sich im Geschäftsjahr 2023 sehr erfreulich und erreichte aufgrund des hohen Auftragseingangs im Vorjahr mit 8.660,0 MEUR wieder einen neuen Rekordwert (+14,8% versus 2022: 7.542,9 MEUR). Alle vier Geschäftsbereiche konnten den Umsatz im Jahresvergleich deutlich steigern.

Die Umsatzentwicklung der Geschäftsbereiche im Überblick:

|              | Einheit | 2023    | 2022    | +      |
|--------------|---------|---------|---------|--------|
| Pulp & Paper | MEUR    | 4.096,3 | 3.513,8 | +16,6% |
| Metals       | MEUR    | 1.840,5 | 1.621,2 | +13,5% |
| Hydro        | MEUR    | 1.521,7 | 1.313,0 | +15,9% |
| Separation   | MEUR    | 1.201,5 | 1.094,9 | +9,7%  |

{198}------------------------------------------------

Image /page/198/Figure/1 description: The image contains two donut charts and associated data tables. The chart on the left, titled "Umsatz nach Geschäftsbereichen 2023 (2022) in %", shows the revenue by business area. The segments are labeled A, B, C, and D. The data table below the chart provides the following information: A (Pulp & Paper) has a value of 47 (47), B (Metals) has a value of 21 (21), C (Hydro) has a value of 18 (17), and D (Separation) has a value of 14 (15). The chart on the right, titled "Umsatz nach Regionen 2023 (2022) in %", shows the revenue by region. The segments are labeled A, B, C, D, E, and F. The data table below the chart provides the following information: A (Europa) has a value of 28 (29), B (Nordamerika) has a value of 24 (23), C (Asien (ohne China)) has a value of 17 (17), D (Südamerika) has a value of 14 (15), E (China) has a value of 13 (12), and F (Afrika, Australien) has a value of 4 (4).

Der Anteil des Serviceumsatzes am Umsatz der Gruppe und der Geschäftsbereiche in % im Überblick:

|                | 2023 | 202 |
|----------------|------|-----|
| ANDRITZ-GRUPPE | 38   | 40  |
| Pulp & Paper   | 42   | 44  |
| Metals         | 25   | 25  |
| Hydro          | 38   | 41  |
| Separation     | 49   | 46  |

Bei stabilem bis leicht steigendem Serviceumsatz waren die Anteile des Servicegeschäfts aufgrund des starken Anstiegs des Umsatzes im Capital Geschäft leicht rückläufig.

{199}------------------------------------------------

# **4. Auftragsstand**

Der Auftragsstand der ANDRITZ-GRUPPE per 31. Dezember 2023 betrug 9.872,6 MEUR (-1,0% versus 31. Dezember 2022: 9.976,5 MEUR). Während sich der Auftragsstand in den Geschäftsbereichen Metals, Hydro und Separation erhöhte, reduzierte sich der Auftragsstand im Geschäftsbereich Pulp & Paper im Zuge der planmäßigen Abarbeitung der im Auftragsstand befindlichen Großaufträge.

Image /page/199/Figure/3 description: The image contains two pie charts and associated data tables. The left pie chart, titled "Auftragsstand nach Geschäftsbereichen per 31.12.2023 (31.12.2022) in %", shows the distribution of business areas. The data table below the pie chart provides the following information: A (Pulp & Paper) has 33% (42%), B (Metals) has 22% (19%), C (Hydro) has 34% (29%), and D (Separation) has 11% (10%). The right pie chart, titled "Auftragsstand nach Regionen per 31.12.2023 (31.12.2022) in %", shows the distribution of regions. The data table below the pie chart provides the following information: A (Europa) has 28% (21%), B (Asien (ohne China)) has 26% (25%), C (Nordamerika) has 22% (25%), D (Südamerika) has 10% (13%), E (China) has 10% (12%), and F (Afrika, Australien) has 4% (4%).

# **5. Ertragslage**

## **a) Ergebnis**

Das operative Ergebnis (EBITA) erhöhte sich im Gleichschritt mit dem Umsatz und erreichte mit 741,9 MEUR (+14,4% versus 2022: 648,5 MEUR) ebenso wie der Umsatz einen neuen Rekordwert. Alle vier Geschäftsbereiche verzeichneten eine zum Teil deutliche Steigerung des operativen Ergebnisses. Die Rentabilität (EBITA-Marge) war mit 8,6% unverändert gegenüber dem Vorjahr (2022: 8,6%).

Das vergleichbare EBITA der Gruppe betrug 757,1 MEUR und lag damit ebenfalls signifikant über dem vergleichbaren EBITA des Vorjahres (2022: 644,3 MEUR). Die vergleichbare EBITA-Marge stieg auf 8,7% und erhöhte sich damit gegenüber dem Vorjahr (2022: 8,5%).

{200}------------------------------------------------

Die Rentabilitätsentwicklung nach Geschäftsbereichen:

- Im Geschäftsbereich Pulp & Paper erreichte die Rentabilität 10,3% und lag damit unter dem hohen Vorjahresvergleichswert (2022: 10,8%). Die im Jahresvergleich etwas niedrigere Rentabilität ist im Wesentlichen auf den veränderten Auftragsmix (höherer Anteil von Großprojekten) sowie auf die Abarbeitung von etwas margenschwächeren Großaufträgen zurückzuführen. Die vergleichbare EBITA-Marge lag bei 10,4% (2022: 10,9%).
- Die EBITA-Marge im Geschäftsbereich Metals erhöhte sich auf 4,9% (2022: 3,8%) und setzte damit ihren Aufwärtstrend weiterhin fort. Sowohl der Bereich Metals Forming (Schuler) als auch der Bereich Metals Processing verzeichneten einen starken Anstieg. Die vergleichbare EBITA-Marge betrug 5,0% (2022: 3,7%).
- Die Rentabilität im Geschäftsbereich Hydro erhöhte sich auf 5,8% (2022: 5,5%). Die vergleichbare EBITA-Marge betrug 6,2% (2022: 5,6%).
- Die EBITA-Marge im Geschäftsbereich Separation erreichte mit 11,9% erneut ein sehr erfreuliches Niveau (2022: 12,3%). Das Vorjahr hatte einen positiven Sondereffekt im Bereich Pumpen enthalten. Die vergleichbare EBITA-Marge betrug 11,9% (2022: 11,6%).

{201}------------------------------------------------

## **b) Wertschöpfung**

Die Nettowertschöpfung erhöhte sich im Geschäftsjahr um 12,9% auf 2.854 MEUR (2022: 2.528 MEUR). Hinsichtlich der Verteilung der Wertschöpfung auf die wesentlichen Stakeholder entfielen 1.239 MEUR (2022: 1.140 MEUR) auf die Beschäftigten. Basierend auf dem Dividendenvorschlag für das Geschäftsjahr 2023 erhöhte sich der Anteil, der auf die Aktionäre entfällt, nach Steuern auf 180 MEUR (2022: 151 MEUR). Der Staat und die sozialen Sicherungssysteme partizipieren an der Wertschöpfung über Steuern und Sozialabgaben mit 1.179 MEUR (2022: 1.042 MEUR). Der im Konzern verbleibende Wertschöpfungsanteil betrug 256 MEUR (2022: 195 MEUR).

Image /page/201/Figure/3 description: This image is a bar chart comparing the financial data of a company in 2022 and 2023. The chart is divided into two sections: ENTSTEHUNG (Origin) and VERWENDUNG (Use). Under ENTSTEHUNG, the chart shows the breakdown of the company's total revenue (Gesamtleistung) into its components, including Materialaufwand (Material Costs), Abschreibungen (Depreciation), Sonstige Aufwendungen und Erträge (Other Expenses and Income), and Nettowertschöpfung (Net Value Added). The values for 2022 are: Gesamtleistung 7.609, Materialaufwand 3.995, Abschreibungen 253, Sonstige Aufwendungen und Erträge 833, and Nettowertschöpfung 2.528. The values for 2023 are: Gesamtleistung 8.695, Materialaufwand 4.718, Abschreibungen 225, Sonstige Aufwendungen und Erträge 898, and Nettowertschöpfung 2.854. Under VERWENDUNG, the chart shows how the company's Nettowertschöpfung (Net Value Added) is distributed among different stakeholders, including Beschäftigte (Employees), Staat (State), Aktionäre (Shareholders), and Konzern (Group). The values for 2022 are: Beschäftigte 1.140, Staat 1.042, Aktionäre 151, and Konzern 195. The values for 2023 are: Beschäftigte 1.239, Staat 1.179, Aktionäre 180, and Konzern 256. The chart also includes a note indicating that the Staat (State) values are derived from Konzern (Group) 528, Beschäftigten (Employees) 583, and Aktionären (Shareholders) 68.

{202}------------------------------------------------

## **c) Aufwandsstrukur**

Image /page/202/Figure/2 description: The image shows a pie chart titled "Aufwandsstruktur 2023 (2022) in %" with four categories: A, B, C, and D. Category A, labeled "Materialaufwand", accounts for 58% (56%). Category B, labeled "Personalaufwand", accounts for 27% (28%). Category C, labeled "Sonstige Aufwendungen", accounts for 12% (13%). Category D, labeled "Abschreibungen", accounts for 3% (3%).

Der Materialaufwand im Geschäftsjahr 2023 betrug 4.718,3 MEUR und lag damit in Folge des Umsatzwachstums und des höheren Anteils von Capital Aufträgen deutlich über dem Niveau des Vorjahres (2022: 3.995,2 MEUR), die Materialquote (Anteil des Materialaufwands am Umsatz) erhöhte sich auf 54,5% (2022: 53,0%). Der Personalaufwand lag aufgrund des volumenbedingten Personalanstiegs aber auch aufgrund der in Folge der allgemeinen Inflation auch relativ hohen tariflichen Gehaltssteigerungen in einigen Ländern mit 2.165,8 MEUR ebenfalls deutlich über dem Niveau des Vorjahres (2022: 1.986,8 MEUR), die Personalquote (Anteil des Personalaufwands am Umsatz) reduzierte sich auf 25,0% (2022: 26,3%).

Die sonstigen Aufwendungen betrugen im Berichtszeitraum 1.024,6 MEUR (2022: 941,0 MEUR) und umfassen vor allem Aufwendungen für Transportleistungen, Vertrieb, Verwaltungs- und Beratungsaufwendungen, Reiseaufwendungen sowie für Reparaturen und Instandhaltungen. Die sonstigen Erträge lagen mit 124,2 MEUR deutlich unter dem Vorjahresniveau (2022: 139,3 MEUR) und inkludieren vor allem öffentliche Zuwendungen (im Wesentlichen Forschungsprämie und -förderung), Mieterträge, Verschrottungserträge sowie Gewinne aus dem Abgang von immateriellen Vermögenswerten und Sachanlagen.

Die Abschreibungen und Wertminderungen von immateriellen Vermögenswerten und Sachanlagen betrugen im Geschäftsjahr 2023 225,0 MEUR (2022: 242,6 MEUR). Es entfielen 54,8 MEUR (2022: 72,0 MEUR) auf Abschreibungen von immateriellen Vermögenswerten und 161,9 MEUR (2022: 163,5 MEUR) auf Abschreibungen von Sachanlagen. Im Geschäftsjahr wurden Wertminderungen in Höhe von 8,3 MEUR erfasst (2022: 7,1 MEUR), welche im Wesentlichen Markennamen und Maschinen betroffen haben.

2023 wurde keine Wertminderung auf Geschäfts- oder Firmenwerte erfasst (2022: 10,2 MEUR). Die Wertminderung des Vergleichsjahrs ist dem Geschäftsbereich Hydro zuzuordnen.

Das Finanzergebnis verbesserte sich signifikant auf 3,0 MEUR (2022: -31,8 MEUR). Das Netto-Zinsergebnis erhöhte sich einerseits durch aktives Liquiditätsmanagement (Tilgung von Schuldscheindarlehen von insgesamt 165,5 MEUR in 2023 (2022: 58,0 MEUR)) und andererseits durch die wegen dem sehr positiven Zinsumfeld mit einer wesentlich besseren Verzinsung veranlagten Bruttoliquidität.

{203}------------------------------------------------

Die Bruttoliquidität ist mit 1.787,2 MEUR im Jahresvergleich deutlich niedriger (2022: 2.051,1 MEUR), was auf einen Anstieg des Nettoumlaufvermögens im Rahmen der planmäßigen Abwicklung von Großaufträgen zurückzuführen ist. Der signifikante Rückgang des sonstigen Finanzergebnisses im Vergleich zum Vorjahr ist vor allem auf die stichtagsbezogene Bewertung von Wertpapieren zurückzuführen. Hierbei handelt es sich überwiegend um temporäre Effekte, die sich in Folgeperioden wieder umkehren werden.

Die Steuerquote hat sich im Vergleich zum Vorjahr von 25,6% auf 26,7% erhöht. Im Vorjahr war ein Einmaleffekt aus der Aktvierung von Verlustvorträgen enthalten, der sich aufgrund des aktiven Managements von Steuergruppen ergeben hatte.

—**Mehr Informationen im Konzernanhang Kapitel C) 16.** Ertragsteuern.

Das Konzernergebnis (vor Abzug von nicht beherrschenden Anteilen) betrug 504,3 MEUR (+25,3% versus 2022: 402,6 MEUR), wovon 510,2 MEUR (2022: 409,6 MEUR) auf die Gesellschafter der Muttergesellschaft und -5,9 MEUR (2022: -7,0 MEUR) auf nicht beherrschende Anteile entfielen.

—**Mehr Informationen im Konzernanhang Kapitel F) 33.** Eigenkapital.

## **d) Ergebnis und Dividende je Aktie**

Das Ergebnis je Aktie erhöhte sich signifikant auf 5,15 EUR (2022: 4,14 EUR). Im Rahmen der Hauptversammlung am 21. März 2024 wird der Vorstand für das Geschäftsjahr 2023 eine Dividende von 2,50 EUR je Aktie vorschlagen (2022: 2,10 EUR). Dies entspricht einer Ausschüttungsquote von 48,5% (2022: 50,7%). 6.00

Image /page/203/Figure/8 description: This image is a bar chart comparing the "Ergebnis je Aktie (EUR)" and "Dividende je Aktie (EUR)" from 2019 to 2023. The "Ausschüttungsquote" is also plotted as a dashed line. In 2019, the "Ergebnis je Aktie (EUR)" was 1.27, the "Dividende je Aktie (EUR)" was 0.50, and the "Ausschüttungsquote" was 39.4%. In 2020, the "Ergebnis je Aktie (EUR)" was 2.08, the "Dividende je Aktie (EUR)" was 1.00, and the "Ausschüttungsquote" was 48.1%. In 2021, the "Ergebnis je Aktie (EUR)" was 3.28, the "Dividende je Aktie (EUR)" was 1.65, and the "Ausschüttungsquote" was 50.3%. In 2022, the "Ergebnis je Aktie (EUR)" was 4.14, the "Dividende je Aktie (EUR)" was 2.10, and the "Ausschüttungsquote" was 50.7%. In 2023, the "Ergebnis je Aktie (EUR)" was 5.15, the "Dividende je Aktie (EUR)" was 2.50, and the "Ausschüttungsquote" was 48.5%.

Dividende für 2023: Vorschlag an die Hauptversammlung.

0.00

1.00

2.00

3.00

4.00

5.00

{204}------------------------------------------------

# **6. Vermögens- und Finanzlage**

## **a) Vermögens- und Kapitalstruktur**

Die Bilanzsumme betrug 8.497,3 MEUR (31. Dezember 2022: 8.491,8 MEUR), die Eigenkapitalquote erhöhte sich auf 25,4% (31. Dezember 2022: 21,6%).

**Aktiva**

|   | A                                                         | B | C            |   |              |
|---|-----------------------------------------------------------|---|--------------|---|--------------|
| A | Langfristiges Vermögen: 31%                               |   | 2.615,1 MEUR |   |              |
| B | Sonstiges kurzfristiges Vermögen: 48%                     |   | 4.110,0 MEUR |   |              |
| C | Flüssige Mittel und Veranlagungen: 21%                    |   | 1.772,2 MEUR |   |              |
|   | Passiva                                                   |   |              |   |              |
|   | A                                                         | B | C            | D |              |
| A | Summe Eigenkapital inkl. nicht beherrschende Anteile: 25% |   |              |   | 2.157,5 MEUR |
| B | Finanzverbindlichkeiten: 13%                              |   |              |   | 1.142,6 MEUR |
| C | Sonstige langfristige Schulden: 8%                        |   |              |   | 678,4 MEUR   |
| D | Sonstige kurzfristige Schulden: 54%                       |   |              |   | 4.518.8 MEUR |

Auf der Aktivseite waren per 31. Dezember 2023 Sachanlagen (1.247,5 MEUR), Geschäfts- oder Firmenwerte (826,3 MEUR), aktive latente Steuern (211,7 MEUR) und immaterielle Vermögenswerte außer Geschäfts- oder Firmenwerte (142,8 MEUR) die bedeutendsten Positionen im Bereich des langfristigen Vermögens (2.615,1 MEUR). Zu den wichtigsten Positionen des sonstigen kurzfristigen Vermögens (4.110,0 MEUR) zählen Forderungen aus Lieferungen und Leistungen und Vertragsvermögenswerte (2.315,4 MEUR), sowie Vorräte (1.165,3 MEUR).

Passivseitig inkludieren die sonstigen kurzfristigen Schulden (4.518,8 MEUR) vor allem Vertragsverbindlichkeiten aus zeitraumbezogener Umsatzrealisierung (1.419,6 MEUR), Verbindlichkeiten aus Lieferungen und Leistungen (1.022,9 MEUR) sowie Rückstellungen (418,4 MEUR). In den sonstigen Verbindlichkeiten (1.206,2 MEUR) sind Abgrenzungen und ausstehende auftragsbezogene Kosten (632,5 MEUR) sowie Urlaubsverpflichtungen und sonstige Personalverbindlichkeiten (337,9 MEUR) die bedeutendsten Positionen. Die sonstigen langfristigen Schulden (678,4 MEUR) beinhalten im Wesentlichen Rückstellungen für Leistungen an Arbeitnehmer (333,6 MEUR), sonstige Rückstellungen (201,0 MEUR) und passive latente Steuern (115,0 MEUR).

## **b) Eigene Aktien**

Zum 31. Dezember 2023 hielt die Gesellschaft 4.789.540 eigene Aktien bzw. 4,6% des Grundkapitals – im Wesentlichen zur Bedienung von Aktienoptionsprogrammen und der Ausgabe von Aktien an Beschäftigte – mit einem Marktwert von 270,1 MEUR.

—**Mehr Informationen im Konzernanhang Kapitel F) 33.** Eigenkapital.

{205}------------------------------------------------

## **c) Brutto- und Nettoliquidität**

Die Bruttoliquidität reduzierte sich auf 1.787,2 MEUR (per ultimo 2022: 2.051,1 MEUR), die Nettoliquidität betrug 912,7 MEUR (per ultimo 2022: 983,0 MEUR).

Image /page/205/Figure/3 description: This image is a bar chart comparing Bruttoliquidität (MEUR) and Nettoliquidität (MEUR) from 2019 to 2023. In 2019, Bruttoliquidität (MEUR) is 1.609,8 and Nettoliquidität (MEUR) is 244,9. In 2020, Bruttoliquidität (MEUR) is 1.719,3 and Nettoliquidität (MEUR) is 420,9. In 2021, Bruttoliquidität (MEUR) is 1.837,9 and Nettoliquidität (MEUR) is 703,3. In 2022, Bruttoliquidität (MEUR) is 2.051,1 and Nettoliquidität (MEUR) is 983,0. In 2023, Bruttoliquidität (MEUR) is 1.787,2 and Nettoliquidität (MEUR) is 912,7.

Per Jahresende 2023 war die Liquiditätsposition der ANDRITZ-GRUPPE mit Zahlungsmitteln und Zahlungsmitteläquivalenten in Höhe von 1.507,1 MEUR, Termineinlagen in Höhe von 112,9 MEUR und sonstigen kurzfristigen Wertpapieren in Höhe von 167,2 MEUR weiterhin sehr stark. Die Finanzverbindlichkeiten der ANDRITZ-GRUPPE setzten sich aus Schuldscheindarlehen in Höhe von 728,7 MEUR, einem OeKB-Bankdarlehen in Höhe von 85,0 MEUR und sonstigen Bankverbindlichkeiten in Höhe von 60,8 MEUR, hauptsächlich in regulierten Ländern wie Indien, zusammen. In 2023 hat ANDRITZ Schuldscheindarlehen mit einem Volumen von 165,5 MEUR planmäßig getilgt (2022: 58,0 MEUR vorzeitig getilgt).

## **d) Kredit- und Avallinien**

Zusätzlich zu den hohen liquiden Mitteln standen der ANDRITZ-GRUPPE per Jahresende 2023 folgende Kreditund Avallinien für Vertragserfüllungen, Anzahlungen, Gewährleistungen etc. zur Verfügung:

- Kreditlinien: 119 MEUR, davon 2 MEUR ausgenutzt
- Avallinien: 6.594 MEUR, davon 3.318 MEUR ausgenutzt

{206}------------------------------------------------

# **7. Investitionen**

Die Investitionen in Sachanlagen und immaterielle Vermögenswerte betrugen im Geschäftsjahr 2023 226,2 MEUR und lagen damit deutlich über dem Niveau des Vorjahrs (2022: 184,4 MEUR). Die Investitionen verteilen sich wie folgt auf die Geschäftsbereiche:

Image /page/206/Figure/3 description: The image contains two donut charts and associated data tables. The chart on the left is titled "Investitionen nach Geschaftsbereichen 2023 (2022) in %" and is divided into four sections labeled A, B, C, and D. The corresponding data table shows the following values for 2023 (with 2022 values in parentheses): A (Pulp & Paper) = 54 (57), B (Metals) = 15 (17), C (Hydro) = 16 (13), and D (Separation) = 15 (13). The chart on the right is titled "Investitionen nach Kategorien 2023 (2022) in %" and is also divided into four sections labeled A, B, C, and D. The corresponding data table shows the following values for 2023 (with 2022 values in parentheses): A (Fertigung) = 54 (61), B (IT) = 7 (10), C (Forschung und Entwicklung) = 5 (4), and D (Ubrige) = 34 (25).

Die Investitionsschwerpunkte betrafen – wie in den Vorjahren – insbesondere Modernisierungen von Fertigungsstätten sowie vereinzelte Erweiterungsinvestitionen zur Unterstützung des Wachstums im Wesentlichen in Europa und China.

# **8. Cashflow**

Der Cashflow aus betrieblicher Tätigkeit betrug 375,0 MEUR und lag damit deutlich unter dem Vorjahresvergleichswert (2022: 710,8 MEUR). Der Rückgang ist vor allem auf die Veränderung des Nettoumlaufvermögens (-337,4 MEUR 2023 gegenüber 151,1 MEUR 2022) zurückzuführen und resultiert im Wesentlichen aus der planmäßigen Abarbeitung von Großaufträgen und den in Folge des geringeren Auftragseingangs reduzierten erhaltenen An- und Teilzahlungen.

Nach Abzug von Investitionen in Sachanlagen und immaterielle Vermögenswerte in Höhe von 226,2 MEUR (2022: 184,4 MEUR) betrug der Free Cashflow 148,8 MEUR (2022: 526,4 MEUR).

Der Cashflow aus Investitionstätigkeit betrug 266,9 MEUR (2022: -190,5 MEUR). Die signifikante Veränderung gegenüber dem Vorjahr resultiert aus den niedrigeren Auszahlungen für den Kauf von lang- und kurzfristigen finanziellen Vermögenswerten.

Der Cashflow aus Finanzierungstätigkeit betrug -410,6 MEUR (2022: -301,3 MEUR). Die Veränderung ist vor allem bedingt durch höhere Darlehens- und Kreditrückzahlungen (-296,6 MEUR in 2023 gegenüber -90,3 MEUR in 2022) sowie eine höhere Dividendenzahlung (2023 mit -208,3 MEUR gegenüber 2022 mit -163,8 MEUR).

{207}------------------------------------------------

Im Geschäftsjahr 2023 wurden Erlöse aus der Ausgabe eigener Aktien im Rahmen der Bedienung von Optionsprogrammen für Führungskräfte in Höhe von 8,5 MEUR erzielt, während 2022 eigene Aktien in Höhe von 16,0 MEUR erworben wurden.

# **9. Akquisitionen**

Die ANDRITZ-GRUPPE hat im Oktober 2023 die in den USA und in Dänemark ansässige Dedert-Gruppe erworben. Dedert ist einer der führenden international tätigen Anbieter von Trocken- und Verdampfertechnologien. Diese Akquisition erweitert das breite Angebot an Entwässerungs- und Trocknungslösungen und stärkt die Position von ANDRITZ in der Lebensmittel- und Getränkeindustrie sowie der Chemie- und Bergbauindustrie. Das Unternehmen betreibt auch Niederlassungen in Kanada, Mexiko und China. Die Akquisition erweitert das bestehende Produktangebot im Geschäftsbereich Separation.

ANDRITZ hat im Juni 2023 Dan-Web Machinery A/S mit Hauptsitz in Galten, Dänemark erworben. Dan-Web ist ein führender Anbieter einer breiten Palette von Technologien zur Herstellung von Airlaid-Vliesstoffen. Mit dieser Akquisition erweitert ANDRITZ das Produktportfolio vom Geschäftsbereich Pulp & Paper um die Kompetenz in der Airlaid-Technologie, dem Air-Through-Bonding, Needlepunch, Spunlace, Spunbond, Wetlaid/WetlaceTM sowie der Verarbeitung von Vliesstoffen, Textilveredelung, Textilrecycling und Naturfaserverarbeitungstechnologien. ANDRITZ arbeitet seit vielen Jahren mit Dan-Web für die Lieferung von Airlaid-Systemen bei der Bereitstellung kompletter Produktionslinien zusammen.

Im Jänner 2023 hat ANDRITZ Imagine That Inc. mit Sitz in San Jose, USA, erworben. Imagine That ist ein Anbieter von Simulationssoftware und ergänzt das ANDRITZ Metris Digital Solution-Portfolio. Durch diese Erweiterung kann ANDRITZ Kunden dabei helfen, das volle Potenzial von Anlagen, Geräten und physischen Vermögenswerten auszuschöpfen, von der Machtbarkeit und dem technischen Design bis hin zu Betrieb und Wartung. Die bestehenden Kunden von ANDRITZ und Imagine That Inc werden sehr von der Vision, Technologie und den Ressourcen von ANDRITZ bei der Entwicklung der nächsten Generation digitaler Lösungen profitieren.

ANDRITZ hat Vermögenswerte sowie wichtige Patente und geistiges Eigentum von SFA Handels GmbH, einem Schweizer Innovator in der luft- und wassergekühlten Rosttechnologie, im Dezember 2023 erworben. Die SFA Handels GmbH ist führend in der Rosttechnologie für Abfall- und Biomassekessel. Durch diese Akquisition wird die Vibrationsrosttechnologie von ANDRITZ TEP D.O.O., der Power Boiler Division, gestärkt und die Führungsposition von ANDRITZ auf dem Markt für Rostkessel gestärkt. Diese Kessel sind für die Biomasse- und Abfallverbrennung von entscheidender Bedeutung und unterstützen eine Kreislaufwirtschaft und den Übergang zu grüner Energie.

ANDRITZ hat im Juli 2023 die Scitech-Service Oy mit Hauptsitz in Helsinki, Finnland, erworben. Scitech-Service bietet weltweit technische Entwicklungsdienstleistungen für die Biomasseverarbeitung in den Bereichen Zellstoffherstellung (Papier, Karton, Auflösungs-, Fluff- und High-Yield-Qualitäten), Viskoseproduktion und anderen regenerierten Zelluloseprodukten sowie biobasierten Chemikalien an. Die Akquisition umfasste auch Experimentis Oy mit Sitz in Rauma, Finnland, welche eine Tochtergesellschaft von Scitech-Service Oy ist. Experimentis Oy ist ein Labor für Biomassefraktionierung mit einer breiten Palette an Forschungs- und Entwicklungsreaktoren.

{208}------------------------------------------------

ANDRITZ hat im Oktober 2023 einen Vertrag mit der Flowserve Corporation mit Sitz in Texas, USA, zur Übernahme des Geschäfts der NAF AB unterzeichnet. NAF AB entwickelt, konstruiert und baut das NAF-Regelventilportfolio von Flowserve. NAF AB ist ein führender Anbieter mit langjähriger Erfahrung in der Bereitstellung von Prozessregelventilen für die Zellstoff- und Papierindustrie sowie andere verwandte Industrien. Am Standort Linköping, Schweden, ist das Unternehmen seit mehr als 100 Jahren ein erfolgreicher Anbieter von Prozessregelventilen. Durch diese Akquisition wird das Produkt- und Dienstleistungsportfolio von ANDRITZ im Bereich der Prozesssteuerung erweitert und gestärkt.

—**Mehr Informationen im Konzernanhang Kapitel B) 4.** Konsolidierungskreis.

—**Mehr Informationen im Konzernanhang Kapitel B) 5.** Unternehmenserwerbe.

## **D) RISIKOMANAGEMENT**

Die ANDRITZ-GRUPPE ist ein global agierendes Unternehmen, das eine Vielzahl verschiedenster industrieller Märkte und Kunden beliefert. Als solches ist die Gruppe einer Reihe von Risiken ausgesetzt, die untrennbar mit unternehmerischem Handeln verbunden sind. Zu den wesentlichen übergeordneten Risiken gem. § 243 Abs. 1 UGB gehören:

- Strategische Risiken
- Operative Risiken
- Risiken in Verbindung mit Finanzinstrumenten

Das von der ANDRITZ-GRUPPE schon seit vielen Jahren durchgeführte aktive Risikomanagement dient sowohl der langfristigen Sicherung des Unternehmensbestands als auch der Wertsteigerung und stellt somit einen wesentlichen Erfolgsfaktor für die gesamte Gruppe dar. Im Sinne einer wertorientierten Unternehmensführung ist Risikomanagement integrierter Bestandteil der Geschäftsprozesse und erstreckt sich über sämtliche strategische und operative Ebenen.

Ein integraler Bestandteil der Risikoüberwachung und -steuerung ist der Planungs- und Controlling-Prozess innerhalb der gesamten ANDRITZ-GRUPPE. Kontinuierliches Controlling und regelmäßiges Reporting sollen die Wahrscheinlichkeit erhöhen, dass größere Risiken früh erkannt und, wenn notwendig, Gegenmaßnahmen getroffen werden können. Dennoch gibt es keine Garantie dafür, dass mit den im Einsatz befindlichen Überwachungs- und Risikokontrollsystemen alle Risiken rechtzeitig erkannt werden.

Der Krieg in der Ukraine und die daraus resultierenden Sanktionen gegenüber Russland führten zu einem deutlichen Preisanstieg bzw. hoher Preisvolatilität bei Energie sowie bei vielen Rohstoffen und industriellen Vorprodukten. Infolgedessen erhöhte sich die Inflationsrate in vielen Ländern signifikant. Sollten die Preise für Rohstoffe, Energie und Zulieferprodukte aufgrund weiterer oder neuer Konflikte (z.B. Auseinandersetzungen im Roten Meer) erneut ansteigen, so könnte dies negative Auswirkungen auf die finanzielle Entwicklung der ANDRITZ-GRUPPE haben.

{209}------------------------------------------------

Neben den oben angeführten aktuellen Risiken existieren zahlreiche Risiken, deren Eintritt die konjunkturelle Entwicklung negativ beeinflussen könnten. Dazu gehören unter anderem eskalierende Handelskonflikte zwischen wirtschaftlich bedeutenden Staaten sowie zunehmende politische Instabilitäten. Die hohe Staatsverschuldung vieler Ländern stellt mittel- bis langfristig ebenfalls ein Risiko dar.

ANDRITZ verpflichtet sich zur transparenten Darstellung von klimarelevanten Chancen, aber auch von Risiken. Die Identifizierung und Analyse klimabezogener Risiken ist Teil des Gesamtrisikomanagementansatzes.

—**Mehr Informationen im Lageberichtskapitel G) 4.** Nicht-finanzielle Risiken.

Die nachfolgend beschriebenen Risiken der ANDRITZ-GRUPPE werden laufend überwacht. ANDRITZ ist bereit, darauf zu reagieren und entgegenzusteuern.

## **1. Strategische Risiken**

## **a) Politische Risiken**

Der Konzern ist unter anderem in Ländern tätig, die als politisch riskant oder sehr riskant einzustufen sind. Unterbrechungen von Aufträgen könnten die Folge terroristischer oder kriegerischer Aktivitäten oder politischer Veränderungen sein. Die politischen Entwicklungen werden für alle Länder bzw. Regionen, in denen der Konzern tätig ist, kontinuierlich beobachtet und wesentliche politische Risiken vor dem Eintritt in neue Länder überprüft. Änderungen in der Gesetzgebung in einzelnen Ländern könnten zu geänderten Produktionsbedingungen und zu einem geänderten Investitionsverhalten führen. Das Risiko für Lieferungen in als politisch durchschnittlich bis sehr riskant eingestufte Länder wird üblicherweise versichert.

Nicht immer sind jedoch die Voraussetzungen für eine vollständige Absicherung gegeben. Die diesbezüglichen Maßnahmen und Vorgehensweisen sind in der konzernweit gültigen Credit Risk-Policy geregelt.

## **b) Regulatorische Risiken**

Regulatorische Risiken beinhalten sowohl steuerliche Risiken als auch Compliance-Risiken.

Die ANDRITZ-Gesellschaften sind in den jeweiligen Ländern lokalen Steuergesetzen unterworfen und müssen sowohl Ertragsteuern, Einfuhrzölle, als auch andere Steuern bezahlen. Eine Änderung von Gesetzen oder sonstigen Bestimmungen – darunter fallen auch Regelungen zu Importzöllen etc. – sowie unterschiedliche Auslegungen der jeweils geltenden Bestimmungen können zu nachträglichen Steuer- und Zollbelastungen führen. Dementsprechend können die Steuern und Zölle etwaigen positiven oder negativen Schwankungen ausgesetzt sein.

In Österreich und in anderen Ländern, in denen die ANDRITZ-GRUPPE tätig ist, sind eine Reihe von rechtlichen Bestimmungen, inklusive kartellrechtlicher Bestimmungen und Antikorruptionsgesetze, oder Compliance Regeln in der Lieferkette einzuhalten. Die Gruppe hat ein Compliance-Komitee zur Überwachung der Einhaltung dieser Regeln eingerichtet sowie eine Reihe interner Richtlinien festgelegt, darunter geltende Richtlinien zur Verhinderung von Insider-Trading, von Verstößen gegen Kartell- und Antikorruptionsgesetze, zum Schutz von personenbezogenen Daten sowie einen Kodex über Geschäftsverhalten und Geschäftsethik und einen Verhaltenskodex für Lieferanten. Zwar ist die Gruppe bestrebt, die Einhaltung dieser Richtlinien durch eine Vielzahl von Maßnahmen sicherzustellen, es gibt jedoch keine Garantie, dass aufgrund individuellem Fehlverhalten Verstöße begangen werden. Derartige Verstöße könnten die Finanzlage und den Ruf der Gruppe schädigen bzw. auch zu Stornierungen von bestehenden Aufträgen führen.

{210}------------------------------------------------

## **c) Wettbewerbsposition**

Die ANDRITZ-GRUPPE agiert in sehr wettbewerbsintensiven Märkten, in denen einige wenige große Anbieter um einige wenige Großaufträge bieten. Darüber hinaus gibt es lokal eine Vielzahl von kleinen konkurrierenden Unternehmen, die über eine vergleichsweise niedrige Kostenbasis verfügen. Einen Großkunden zu verlieren, stellt ein zusätzliches Risiko dar. Diese Wettbewerbssituation oder eine mögliche Änderung der Wettbewerbsstruktur können sich negativ auf den Auftragseingang sowie die Umsatzmargen der Gruppe auswirken.

Die Gruppe steuert diesem Risiko durch kontinuierliche Forschungs- und Entwicklungstätigkeiten, Produktinnovationen sowie durch laufende Kostenoptimierungen entgegen. Es gibt jedoch keine Garantie dafür, dass die Gruppe ihre derzeitige Marktposition auch in Zukunft halten kann.

Da die Wettbewerbsposition der Gruppe auch auf proprietären Technologien beruht, können die durch das digitale Zeitalter begünstigte Zunahme von Produktpiraterie, Cyberattacken und Industriespionage sowie der damit einhergehende Diebstahl von geistigem Eigentum ebenfalls negative Auswirkungen auf die Wettbewerbsposition der Gruppe haben. Die Gruppe schützt, wo immer möglich, ihr geistiges Eigentum, es gibt allerdings keine Garantie, dass dies immer ausreichend gelingt.

Mit zunehmender Aufmerksamkeit auf umweltfreundliche Produkte könnten jene Produkte von Unternehmen, die eine geringe Priorität auf Umweltfreundlichkeit setzen, von Kunden nachhaltig gegenüber ökologischen Produkten substituiert werden. Das Versäumnis, nachhaltige Praktiken einzuführen oder umweltfreundliche Alternativen anzubieten, könnte zu Reputationsschäden und einer geringeren Attraktivität in Märkten führen, in denen Nachhaltigkeit ein zentrales Anliegen ist. Die ANDRITZ-GRUPPE wirkt diesem Risiko entgegen, indem es nachhaltige Forschungs- und Innovationsprojekte fördert, nachhaltige Technologien erwirbt und dadurch neue nachhaltige Produkte schafft und bereits vorhandene Produkte an neue Vorgaben anpasst.

## **d) Kundenkonzentration**

In vielen Abnehmerindustrien der ANDRITZ-GRUPPE ist ein Trend zu Unternehmenszusammenschlüssen erkennbar. Dies trifft insbesondere auf die Zellstoff- und Papierindustrie sowie die Stahlindustrie zu. Solche Zusammenschlüsse könnten dazu führen, dass die Gruppe in Zukunft einer kleineren Anzahl von Kunden mit größerer Kaufkraft gegenübersteht. Die Abhängigkeit von einzelnen Schlüsselkunden könnte steigen, was auch direkte Auswirkungen auf die Geschäftstätigkeit der Gruppe haben könnte.

## **e) Volatilität des Auftragseingangs**

Einige Kundengruppen und Industrien, die ANDRITZ beliefert, sind direkt von der allgemeinen Wirtschaftsentwicklung abhängig und unterliegen damit häufig Nachfrageschwankungen hinsichtlich ihrer Produkte. Dies trifft vor allem auf die Geschäftsbereiche Pulp & Paper sowie Metals zu; es können jedoch alle Geschäftsbereiche davon betroffen sein.

Das Preisniveau für die von ANDRITZ für diese Branchen gelieferten Anlagen und Produkte steht teilweise in direktem Zusammenhang mit dem Verhältnis von Angebot und Nachfrage der Endprodukte, die mit den von ANDRITZ gelieferten Anlagen und Produkten hergestellt werden. Mögliche Preisschwankungen können daher einen direkten Einfluss auf die Investitionsentscheidungen von Kunden und in weiterer Folge auf den Auftragseingang der Gruppe haben. Dies könnte daher zu einer Volatilität in der Entwicklung des Auftragseingangs führen.

{211}------------------------------------------------

Der künftige Erfolg der Gruppe hängt unter anderem davon ab, ob neue Aufträge in ausreichendem Umfang erhalten werden können. Es ist teilweise schwierig vorherzusagen, wann genau ein Auftrag, für den die Gruppe ein Angebot gelegt hat, vergeben wird. Die Vergabe von Aufträgen kann von Ereignissen beeinflusst werden, die nicht im Einflussbereich der Gruppe liegen, wie beispielsweise allgemeine wirtschaftliche Bedingungen, behördliche Genehmigungen sowie Zinsniveau und Erhalt von Projektfinanzierungen.

Zusätzlich können sich auch Naturkatastrophen, Pandemien oder Epidemien sowie geopolitische Spannungen (kriegerische Auseinandersetzungen, Handelskonflikte) auf die Entwicklung des Auftragseingangs, der Liquidität und die finanzielle Struktur des Konzerns negativ auswirken.

## **f) Akquisition und Integration von komplementären Geschäftsfeldern**

Eines der wesentlichen strategischen Ziele der ANDRITZ-GRUPPE besteht darin, durch organisches Wachstum und komplementäre Akquisitionen in allen Geschäftsbereichen zum Komplettanbieter zu werden. In Umsetzung dieser Strategie akquirierte die Gruppe seit 1990 eine Vielzahl von weltweit tätigen Unternehmen und gliederte diese in den Konzern ein.

Es kann jedoch nicht garantiert werden, dass die Gruppe auch künftig in der Lage sein wird, geeignete Akquisitionsziele zu identifizieren und zu erwerben, dass überhaupt geeignete Unternehmen zur Verfügung stehen und ausreichend Finanzmittel für große Akquisitionen aufgebracht werden können. ANDRITZ war bei der Integration neuer Unternehmen bisher weitestgehend erfolgreich. Es kann jedoch nicht garantiert werden, dass die angestrebten Ziele und Synergien bei allen zukünftigen Akquisitionen (wie auch bei derzeit laufenden Integrationen der zuletzt akquirierten Unternehmen) vollständig erreicht werden, oder dass die Gruppe sich nicht neuen Risiken oder Altlastrisiken konfrontiert sieht, die nicht identifiziert oder nicht exakt evaluiert wurden.

Abhängig von der Marktposition in einzelnen Ländern oder Regionen sowie der Größe von beabsichtigten Akquisitionen unterliegen Transaktionen wettbewerbsrechtlichen Genehmigungsverfahren. Dadurch könnte es bei Akquisitionen bzw. Verschmelzungen zu Verzögerungen oder vereinzelt auch zu Untersagungen von Übernahmen kommen. Im Sinne der Risikominimierung prüft ANDRITZ diese Risiken bereits intensiv im Vorfeld mit nationalen und internationalen juristischen und betriebswirtschaftlichen Experten.

## **g) Personal**

Die ANDRITZ-GRUPPE möchte für ihre Mitarbeiterinnen und Mitarbeiter ein attraktiver Arbeitgeber sein und diese langfristig an das Unternehmen binden. Hohe Qualitätsstandards im Auswahlverfahren gewährleisten, dass die am besten geeigneten Kandidatinnen und Kandidaten für die jeweiligen vakanten Positionen eingestellt werden. Es kann jedoch nicht ausgeschlossen werden, dass Mitarbeiterinnen und Mitarbeiter bereits nach kurzer Zeit das Unternehmen wieder verlassen. Das kann nicht nur zu hohen Kosten, sondern auch zu Qualitätsproblemen oder zu einer Beeinträchtigung der Kunden- und Serviceorientierung führen. ANDRITZ versucht, die Fluktuation durch Weiterbildungs- und internationale Karrieremöglichkeiten, eine leistungsorientierte Entlohnung und gezielte Employer-Branding-Aktivitäten zu minimieren.

## **h) Digitalisierung**

Basierend auf umfassender und langjähriger Erfahrung als Lieferant von Technologien und Anlagen für verschiedenste Industriezweige bietet ANDRITZ ein breites Produktportfolio an intelligenten, digitalen Lösungen an, die sich an Industriestandards orientieren. Diese unterstützen die Kunden maßgeblich bei der Erreichung ihrer Produktions-, Nachhaltigkeits- und Unternehmensziele.

Die innovativen und weltweit in vielen Referenzanlagen erprobten Digitalisierungslösungen von ANDRITZ werden unter der Technologiemarke Metris-ANDRITZ Digital Solutions gebündelt und sollen die Kunden im Bereich der Anlagen- und Prozessoptimierung sowie bei einem umfassenden Anlagenmanagement unterstützen.

{212}------------------------------------------------

Metris-Technologien entsprechen stets dem neuesten Stand der Technik, werden laufend weiterentwickelt und können auf individuelle Kundenbedürfnisse zugeschnitten werden. ANDRITZ sieht in der Digitalisierung ein wesentliches Wachstumsfeld für die Zukunft und wird daher weiterhin stark auf die Entwicklung digitaler Produkte und Lösungen fokussieren. Das Hauptaugenmerk liegt dabei auf Cybersicherheit, der Verwendung von Künstlicher Intelligenz (KI) sowie auf den neuesten am Markt verfügbaren Technologien.

Die rasanten Entwicklungen im Bereich der Digitalisierung stellen jedoch auch ein Risiko dar, falls es ANDRITZ nicht gelingen sollte, die am Markt nachgefragten Produkte und Lösungen in der gebotenen Geschwindigkeit zu entwickeln und anzubieten. Darüber hinaus kann die Erhöhung des Digitalisierungsgrads zu einem größeren Risiko von Cyberangriffen auf ANDRITZ und auf Kunden führen. Um dieses Risiko zu minimieren, wendet ANDRITZ die Cybersicherheit-Standards IEC 62443-2-4 und IEC 62443-4-1 konsequent an. Die Einhaltung dieser Cybersicherheit-Standards wurde vom TÜV auditiert und zertifiziert.

## **i) Planungsrisiken**

Das Risiko einer Inkonsistenz zwischen strategischen Zielen, Unternehmensstrategie, verfügbaren Ressourcen und der Marktsituation kann zu betrieblichen Herausforderungen und erhöhten Kosten führen. Wenn strategische Ziele nicht mit der praktizierten Unternehmensstrategie übereinstimmen oder die verfügbaren Ressourcen nicht berücksichtigen, kann dies zu unnötigem Planungs- und Bewertungsaufwand führen. Diese Fehlausrichtung kann aufgrund von Ineffizienzen zu höheren Kosten führen, da die Organisation möglicherweise Ressourcen in die Verfolgung von Zielen investiert, die angesichts der Marktbedingungen nicht realisierbar oder realistisch sind. Eine unzureichende Synchronisierung zwischen strategischen Elementen kann auch die Fähigkeit von ANDRITZ beeinträchtigen, sich an Marktveränderungen anzupassen, was möglicherweise Auswirkungen auf die Wettbewerbsfähigkeit hat. Es ist für die ANDRITZ-GRUPPE von entscheidender Bedeutung, die Kohärenz zwischen ihren strategischen Zielen, der Unternehmensstrategie, den verfügbaren Ressourcen und der vorherrschenden Marktdynamik sicherzustellen, um solche Risiken zu mindern und die allgemeine betriebliche Effektivität zu verbessern.

# **2. Operative Risiken**

## **a) Einkauf**

Die Lieferanten der ANDRITZ-GRUPPE werden regelmäßig überprüft, um Gefährdungspotenziale (hinsichtlich Lieferfähigkeit, Qualitätsmanagement, finanzielle Situation etc.) und Risiken frühzeitig zu erkennen und transparent zu machen.

Teil der Risikobetrachtung des Supply Chain Managements sind auch Cyberangriffe auf Lieferkettennetzwerke, Beschaffungssysteme und sensible Daten sowie Compliance-Anforderungen für Beschaffungsaktivitäten. Diese Aspekte beeinflussen die Beschaffungsentscheidungen der gesamten ANDRITZ- GRUPPE.

Geopolitische Spannungen sowie die Verhängung von Sanktionen gegen bestimmte Länder oder Einheiten, die in Konflikte verwickelt sind, beeinflussen mittel- und langfristig die Ausgestaltung von Supply Chain-Netzwerken. Die Divisionen werden daher laufend über aktuelle und mögliche zukünftige internationale Konflikte, Sanktionen oder Handelsvorschriften informiert. Dadurch bleibt die ANDRITZ-GRUPPE vollumfänglich handlungsfähig und kann die Einhaltung rechtlicher und gesellschaftlicher Vorgaben sicherstellen.

Globale und regionale Krisen, politische bzw. wirtschaftliche Konflikte oder Naturkatastrophen können dazu führen, dass Lieferanten nicht in der Lage sind, von ANDRITZ bestellte Produkte rechtzeitig zu fertigen und zu liefern, was wiederum zur Folge haben könnte, dass ANDRITZ den Verpflichtungen gegenüber seinen Kunden nicht zeitgerecht nachkommen kann.

{213}------------------------------------------------

Um diese Ausfallsrisiken zu minimieren und die erfolgreiche Umsetzung der Projekte sicherzustellen, setzt der Zentralbereich Group Supply Chain Management in enger Kooperation mit den Divisionen auf eine systematische Etablierung von Beschaffungsalternativen.

## **b) Fertigung**

Im Bereich der Fertigung setzt ANDRITZ auf eine gezielte Make-or-Buy-Strategie, um die im Projektgeschäft typischen Schwankungen in der Kapazitätsauslastung gut auszugleichen und die eigenen Fertigungskapazitäten bestmöglich auszulasten. Prozessrelevante Schlüsselkomponenten für Anlagen und Produkte von ANDRITZ werden überwiegend in eigenen Produktionsstätten gefertigt und montiert, einfache Komponenten hingegen bei qualifizierten Lieferanten zugekauft, deren Qualität und Termintreue sowie Compliance laufend kontrolliert werden.

Wesentliche Erfolgsfaktoren für kurze Auftragslaufzeiten und hohe Termintreue in der Fertigung sind exakte Planung, hoher Einsatz und Flexibilität seitens der Mitarbeiterinnen und Mitarbeiter. ANDRITZ setzt vor allem im europäischen Raum auf einen flexiblen Anteil an Leiharbeitskräften, um Auslastungsschwankungen besser abzufedern. Es könnte jedoch sein, dass es nicht immer gelingt, größere Schwankungen in der Kapazitätsauslastung sofort auszugleichen, was sich wiederum negativ auf die Ergebnisentwicklung der Gruppe auswirken könnte.

## **c) Projekte**

Im Zusammenhang mit Lieferungen von Ausrüstungen und Serviceleistungen ist die ANDRITZ-GRUPPE vertraglich verpflichtet, Leistungen zu erbringen und Termine einzuhalten. Werden die garantierten Leistungen nicht erreicht oder Termine nicht eingehalten, sind üblicherweise gestaffelte Vertragsstrafen zu leisten oder auf Kosten der Gruppe Behebungsmaßnahmen zu erbringen. Bleibt die Anlagenleistung weit hinter den garantierten Werten zurück, werden Termine deutlich überschritten oder akzeptiert der Kunde die Übernahme der Anlage aus sonstigen Gründen der Nichterfüllung der von der ANDRITZ Gruppe zugesagten Leistungen nicht, könnte der Kunde das Recht haben, vom Vertrag zurückzutreten und den Vertragsgegenstand bei vollem Kosten- und Schadenersatz an ANDRITZ zurückzugeben. Ein solcher Fall könnte die Finanzsituation der Gruppe negativ beeinflussen.

Viele Aufträge, die ANDRITZ abwickelt, basieren auf langfristigen Fixpreisverträgen. Umsatz und Margen können bei Fixpreisverträgen, zum Beispiel wegen Änderungen bei Kosten (vor allem schwankenden Materialkosten und stark steigenden Energiepreisen), von ursprünglichen Kalkulationen abweichen, insbesondere bei Projekten, die das Engineering und den Bau gesamter Anlagen umfassen und das Zukaufen von Arbeitsleistungen von Dritten erfordern. ANDRITZ konnte die stark steigenden Rohstoff- und Materialpreise im Geschäftsjahr 2023 durch verschiedenste operative Maßnahmen weitgehend kompensieren. Die Bewältigung steigender Kosten für Materialien und zugekaufte Komponenten ist und bleibt weiterhin eine Herausforderung. Weitere signifikante Rohstoffpreisanstiege könnten sich zukünftig negativ auf die finanzielle Entwicklung der Gruppe auswirken.

Da die Gruppe gewisse Teile einer zu liefernden Anlage von Unterlieferanten bezieht, kann es vorkommen, dass ein Angebot ohne genaue vorherige Fixierung der Preise der zugekauften Teile gelegt werden muss. Obwohl ANDRITZ bei der Kalkulation auf Erfahrungswerte und Angebote potenzieller Lieferanten zurückgreifen kann, ist es möglich, dass diese Kalkulationen nicht immer exakt sind. Derartige Probleme und Verluste können die finanzielle Entwicklung der Gruppe negativ beeinflussen. Erkenntnisse aus der Vergangenheit bilden im Sinne von "lessons learned" die Basis in der kontinuierlichen Weiterentwicklung bestehender Werkzeuge zur konsequenten Anwendung bei künftigen Projekten.

Bei einzelnen Projekten übernimmt ANDRITZ – zusätzlich zur Lieferung von Ausrüstungen und Systemen von ANDRITZ – auch die Verantwortung für das gesamte Engineering und/oder die Errichtung und den Bau von Fabriken. 

{214}------------------------------------------------

Diese Verträge bergen neben den oben angeführten Risiken auch Risiken in sich, die sich aus größerer Vorort-Verantwortung ergeben; das sind beispielsweise Umweltrisiken, Risiken in Bezug auf die lokalen Arbeitsbedingungen oder Risiken, die mit der Geologie, mit dem Bau und der Errichtung der Anlagen zusammenhängen.

Darüber hinaus ist die Gruppe auch Risiken in Bezug auf die Zusammenarbeit mit Drittparteien ausgesetzt, die bei diesen Projekten mit Bau-, Montage- und Engineering-Leistungen beauftragt werden. Hierbei handelt es sich im Wesentlichen um Streiks oder andere Arbeitsunterbrechungen, die zu Verzögerungen bei der Inbetriebnahme oder Nichteinhaltung von Terminen führen können. Die Gruppe hat zur Minimierung dieser EPC-Risiken (EPC: Engineering, Procurement, Construction) Risikomanagementsysteme implementiert, die – soweit vertraglich möglich – unter anderem auch den Abschluss von Versicherungen, die Festsetzung bestimmter vertraglicher Klauseln und standardisierte Abläufe beim Projektmanagement umfassen.

Es gibt jedoch keine Garantie, dass diese Systeme ausreichend sind, um negative finanzielle Auswirkungen zu verhindern. Die Gruppe hat diesbezüglich bei bestimmten früheren Projekten Verluste gemacht, und ähnliche Schwierigkeiten und Verluste könnten auch künftig auftreten und eine negative Auswirkung auf die finanzielle Situation der Gruppe haben.

Bei vielen EPC- und anderen Projekten übernimmt die ANDRITZ-GRUPPE gemeinsam mit Drittparteien eine Reihe von Risiken. Obwohl die Gruppe bestrebt ist, dass die Risiken aus solchen Projekten klar zugeordnet werden, kann nicht garantiert werden, dass die Gruppe dabei immer erfolgreich ist. Darüber hinaus kann der Fall, dass ein Konsortialpartner seinen Verbindlichkeiten (inklusive Schadenersatz gegenüber der Gruppe) nicht nachkommen kann, eine negative Auswirkung auf die Geschäftsergebnisse und die Liquiditätssituation der Gruppe haben.

## **d) Haftungsbeschränkungen**

Haftungen, die sich aus Verträgen der Gruppe ergeben, können Haftungen bezüglich eines Gewinnentgangs von Kunden und andere Haftungen beinhalten, die den jeweiligen Vertragswert erheblich überschreiten können. Die ANDRITZ-GRUPPE ist bestrebt, in Verträgen entsprechende Haftungsbeschränkungen festzulegen; es kann jedoch keine Garantie dafür geben, dass in allen Verträgen ausreichende Haftungsbeschränkungen enthalten sind, oder dass Haftungsbeschränkungen im jeweils anzuwendenden Recht durchsetzbar sein werden.

## **e) Verträge mit staatlichen Stellen**

Bei diversen Projekten sind staatliche Stellen die Auftraggeber. In Zusammenhang mit diesen Projekten kann die Gruppe den oben beschriebenen Leistungs-, Haftungs- und EPC-/Turnkey-Risiken in verstärktem Maße unterliegen, weil es der Gruppe aufgrund des Erfordernisses öffentlicher Ausschreibungen und lokaler Gesetze eventuell nicht immer möglich ist, ihre angestrebten vertraglichen Absicherungen zu erreichen.

## **f) Gerichtsverfahren**

Im Rahmen ihrer Geschäftstätigkeit hat die ANDRITZ-GRUPPE in zahlreichen Verfahren bei Verwaltungsbehörden, Gerichten und Schiedsgerichten Parteienstellung. Der Großteil dieser Verfahren (wie beispielsweise Vertrags- und Projektstreitigkeiten, Produkthaftungsklagen und Verfahren im Bereich geistiges Eigentum) kann als typisch für die Branche, in der die Gruppe tätig ist, angesehen werden. Die ANDRITZ-GRUPPE bildet in Fällen, bei denen ein negativer Ausgang von Verfahren wahrscheinlich erscheint und zuverlässige Schätzungen gemacht werden können, entsprechende Rückstellungen.

Es kann jedoch nicht garantiert werden, dass diese Rückstellungen ausreichend sind. In Anbetracht der Risikosummen in einigen dieser Streitfälle kann ein für ANDRITZ negativer Ausgang einer oder mehrerer dieser Rechtsstreitigkeiten zu einer wesentlichen negativen Auswirkung auf Ergebnis und Liquiditätsbestand der Gruppe führen.

{215}------------------------------------------------

Der Bereich Produkthaftung inkludiert einige Fälle aus der weiter zurückliegenden Vergangenheit wegen mutmaßlicher Körperverletzungen und/oder Todesfällen aufgrund Asbestbelastungen.

—**Mehr Informationen im Konzernanhang Kapitel G) 39.** Eventualforderungen und -verbindlichkeiten.

## **g) Währungen**

Ein beträchtlicher Teil des Umsatzes bzw. der Kosten der von Konzerngesellschaften abgeschlossenen Aufträge wird nicht in der jeweiligen funktionalen Währung, sondern in anderen Währungen, vor allem US-Dollar, abgerechnet. Die Währungen in diesen Ländern können erheblichen Wechselkursschwankungen unterliegen. Währungsrisiken im Zusammenhang mit Aufträgen, die nicht in Euro fakturiert werden, werden durch die Verwendung von derivativen Finanzinstrumenten – insbesondere Devisentermingeschäfte und Swaps – bestmöglich minimiert.

Obwohl die Gruppe bestrebt ist, die Nettowährungsposition von nicht in der jeweiligen funktionalen Währung der Konzerngesellschaft abgeschlossenen Aufträge durch den Abschluss von Termingeschäften abzusichern, können sich Währungsschwankungen mit Wechselkursverlusten im Konzernabschluss niederschlagen.

Die Entwicklung der Wechselkurse kann sich auch auf den in Euro umgerechneten Umsatz und das Ergebnis der Gruppe sowohl positiv als auch negativ auswirken. Wechselkursänderungen können auch dazu führen, dass sich die Position von ANDRITZ gegenüber der Konkurrenz verändert, obgleich viele Mitbewerber von ANDRITZ ihren Firmensitz ebenfalls im Euroraum haben.

Da einige der größeren ANDRITZ-Kunden ihren Hauptsitz außerhalb des Euroraums haben, können Wechselkursänderungen zu einer Verzögerung von Projektentscheidungen durch diese Kunden führen.

## **h) Cyber-Risiken/Hackerangriffe**

Die zunehmende Digitalisierung und Vernetzung von Anlagen und Maschinen erfordern hoch wirksame und effiziente Lösungen zur Wahrung der Datensicherheit. Der unbefugte Zugriff auf oder der Abzug sensibler Unternehmensdaten sowie die mangelnde Verfügbarkeit der Systeme als Folge von Hackerangriffen sind wesentliche Risiken, denen ANDRITZ in zunehmendem Maße ausgesetzt ist. Dabei können nicht nur die ANDRITZ-eigenen Systeme betroffen sein, sondern auch die von ANDRITZ bei Kunden installierten Industrial Internet of Things (IIoT)-Lösungen. Cyber-Risiken bzw. möglichen Hackerangriffen begegnet ANDRITZ durch den Einsatz von modernsten IT-Sicherheitstechnologien (zum Beispiel Firewall-Systemen) sowie durch verstärkte Kontrolle von Zugriffsberechtigungen. Ein Schwerpunkt liegt auf der kontinuierlichen Weiterentwicklung der Sicherheitsmaßnahmen.

Um das Risiko eines unbefugten Zugriffs in IT-Systeme weiter zu reduzieren, werden zusätzlich und in regelmäßigen Abständen Penetrationstests durchgeführt. Mit Hilfe einer optimierten IT-Infrastruktur sollen Cyber-Attacken frühzeitig erkannt werden, um diese erfolgreich abzuwehren. Es kann jedoch nicht ausgeschlossen werden, dass es durch Cyber-Angriffe zu einem unbefugten Zugang bzw. zu einem Verlust von sensiblen und vertraulichen Daten sowohl bei ANDRITZ als auch bei seinen Kunden kommt und dies in weiterer Folge zu enormen wirtschaftlichen Schäden führt, für die ANDRITZ verantwortlich gemacht werden könnte. Darüber hinaus kann eine größere Beschädigung oder Unterbrechung der IT-Systeme den laufenden Geschäftsbetrieb von ANDRITZ stören. Zur Abwendung von möglichen Cyber-Angriffen und zur weiteren Sensibilisierung der Mitarbeiterinnen und Mitarbeiter werden spezielle Online-Trainings durchgeführt.

{216}------------------------------------------------

# **3. Risiken in Verbindung mit Finanzinstrumenten**

Zu den wesentlichen finanziellen Risiken zählen Ausfallrisiken, Liquiditätsrisiken und Marktrisiken, wie zum Beispiel Währungsrisiken, Zinsänderungsrisiken und Rohstoffpreisrisiken.

Eine detaillierte Darstellung sämtlicher finanzieller Risiken der ANDRITZ-GRUPPE ist im Konzernanhang ersichtlich.

**Mehr Informationen im Konzernanhang Kapitel F) 35.** Risikomanagement – Risiken in Verbindung mit 
Finanzinstrumenten.

## **4. Internes Kontroll- und Risikomanagementsystem**

Die internationale Geschäftstätigkeit von ANDRITZ bringt nicht nur Chancen, sondern auch kurz-, mittel- und langfristige Risiken mit sich. ANDRITZ verfügt daher über ein konzernweites internes Kontroll- und Steuerungssystem (IKS), dessen Hauptaufgabe es ist, entstehende Risiken bereits in einem frühen Stadium zu identifizieren, um nach Möglichkeit rasch Gegenmaßnahmen ergreifen zu können. Dieses System stellt ein wichtiges Element in der aktiven Unternehmenssteuerung dar. Es gibt jedoch keine Garantie, dass diese Überwachungs- und Kontrollsysteme ausreichend effektiv sind.

Die Implementierung und Überwachung des IKS im Hinblick auf den Rechnungslegungsprozess bzw. die Finanzberichterstattung liegt in der Verantwortung des Vorstands. Dazu wurden sowohl für die wesentlichen Geschäftsrisiken innerhalb der Gruppe als auch für den Finanzberichterstattungsprozess gruppenweit verbindlich anzuwendende Regelungen und Richtlinien verabschiedet.

Das Rechnungswesen und die darin integrierte Finanzbuchhaltung sind dem Vorstand unterstellt. Durch verschiedene organisatorische Maßnahmen wird sichergestellt, dass gesetzliche Vorgaben erfüllt werden. Insbesondere wird durch entsprechende Regelungen sichergestellt, dass die Erfassung in den Büchern und die sonstigen Aufzeichnungen vollständig, richtig, zeitgerecht und geordnet zu erfolgen haben.

Der gesamte Prozess von der Beschaffung bis zur Zahlung unterliegt konzerneinheitlichen Richtlinien, die wesentliche damit in Zusammenhang stehende Risiken minimieren sollen.

Zu diesen Maßnahmen und Regeln zählen unter anderem Funktionstrennungen, Unterschriftenordnungen sowie ausschließlich kollektive und auf wenige Personen eingeschränkte Zeichnungsberechtigungen für Zahlungen (Vieraugenprinzip).

Kontrollmaßnahmen in Bezug auf die IT-Sicherheit spielen in diesem Zusammenhang eine wesentliche Rolle. So wird die Trennung von sensiblen Tätigkeiten durch eine generell restriktive Vergabe von IT-Berechtigungen durch die verwendete Finanzsoftware (SAP) unterstützt. Die Ordnungsmäßigkeit dieser Finanzsoftware wird auch durch direkt im System eingerichtete automatisierte Geschäftsprozesskontrollen gewährleistet.

Konzernweit einheitliche Bilanzierungs- und Bewertungsgrundsätze zur Erfassung, Buchung und Bilanzierung von Geschäftsfällen sind in der ANDRITZ GROUP IFRS Accounting Policy geregelt und für alle Konzerngesellschaften verbindlich. Automatische Kontrollen im Konsolidierungs- und Berichtssystem, aber auch zahlreiche manuelle Prüfungen sind zur bestmöglichen Vermeidung von Fehldarstellungen im Einsatz. Die Kontrollmaßnahmen gehen von der Durchsicht und Diskussion der Periodenergebnisse durch das Management bis hin zur spezifischen Überleitung von Konten.

{217}------------------------------------------------

Durch ein standardisiertes, konzernweites Finanzberichtswesen sowie durch sofortige, anlassbezogene Berichterstattung über bedeutende Ereignisse soll sichergestellt werden, dass der Vorstand angemessen und zeitnah über alle relevanten Sachverhalte in der Gruppe informiert wird. Der Aufsichtsrat wird in zumindest einer pro Quartal stattfindenden Aufsichtsratssitzung über die laufende Geschäftsentwicklung inklusive operative Planung und mittelfristige Strategie des Konzerns unterrichtet. In besonderen Fällen – wie zum Beispiel bei Akquisitionen, Restrukturierungen etc. – wird der Aufsichtsrat auch unmittelbar informiert. Darüber hinaus erhalten alle Aufsichtsratsmitglieder einen monatlichen Bericht mit den wichtigsten Finanzkennzahlen einschließlich Kommentaren. In den Prüfungsausschusssitzungen wird unter anderem auch das interne Kontroll- und Risikomanagement behandelt.

Die Interne Revision, die als Stabsstelle des Vorstands eingerichtet ist, auditiert konzernweit einzelne Prozesse oder Gesellschaften anhand eines jährlich festgelegten Prüfplans sowie in besonderen Anlassfällen (ad hoc Prüfungen). Zudem überwacht sie die Einhaltung gesetzlicher Bestimmungen und konzerninterner Richtlinien. Sie agiert in der Berichterstattung und bei der Wertung der Prüfergebnisse als unabhängiger unternehmensinterner Bereich weisungsungebunden. Die Interne Revision berichtet dem Vorstand und Prüfungsausschuss in regelmäßigen Abständen über die durchgeführten Prüfungen und deren Ergebnisse sowie über den aktuellen Umsetzungsstand der Erkenntnisse.

Der Konzernabschlussprüfer beurteilt jährlich die Funktionsfähigkeit des Risikomanagements in der ANDRITZ-GRUPPE und berichtet darüber an Aufsichtsrat und Vorstand. Die Funktionalität des Risikomanagements wurde vom Konzernabschlussprüfer 2023 kontrolliert.

# **E) KONSOLIDIERTER CORPORATE-GOVERNANCE-BERICHT**

Den konsolidierten Corporate-Governance-Bericht für das Geschäftsjahr 2023 finden Sie auf der ANDRITZ-Website [andritz.com/governance-de.](https://www.andritz.com/group-de/investor-relations/corporate-governance)

# **F) WESENTLICHE EREIGNISSE NACH DEM BILANZSTICHTAG**

Es gab keine wesentlichen oder außerordentlichen Ereignisse nach dem Bilanzstichtag.

# **G) KONSOLIDIERTE NICHT-FINANZIELLE ERKLÄRUNG**

Der folgende Abschnitt beschreibt die nicht-finanziellen Leistungsindikatoren zu Sozial-, Arbeitnehmer- und Umweltbelangen sowie zur Achtung der Menschenrechte. Informationen zur Bekämpfung von Korruption und Bestechung sind im konsolidierten Corporate-Governance-Bericht auf der ANDRITZ-Website [andritz.com/governance-de](https://www.andritz.com/group-de/investor-relations/corporate-governance) zu finden. Die Berichterstattung der nicht-finanziellen Leistungsindikatoren erfolgt quartalsweise systemgestützt im Rahmen des Konzernreportings und deckt sich im Wesentlichen mit dem Umfang der finanziellen Berichterstattung. In Bezug auf Umweltbelange erfolgt die Datenerfassung über eine eigene Anwendung, das ESG-Cockpit, in welchem im Berichtsjahr 86% der vollkonsolidierten Gesellschaften die Daten eingepflegt haben. Kleinere Bürostandorte werden aus Gründen der Wesentlichkeit nicht berücksichtigt. Die unterjährige Entwicklung der nicht-finanziellen Leistungsindikatoren ist ein integraler Bestandteil der Berichterstattung an den Aufsichtsrat.

{218}------------------------------------------------

# **1. Wesentlichkeitsanalyse**

Die ANDRITZ-GRUPPE veröffentlicht Informationen zum Thema Nachhaltigkeit gemäß den Kriterien der Global Reporting Initiative (GRI). Eine Auflistung aller berichteten Indikatoren einschließlich Kommentaren befindet sich im "GRI-Index" auf der ANDRITZ-Website [andritz.com.](https://www.andritz.com/group-de/gr-sustainability-de)

Image /page/218/Figure/3 description: This image is a scatter plot with the x-axis labeled "Langfristige gesellschaftliche Auswirkungen" and the y-axis labeled "Einfluss auf Entscheidung der Stakeholder". The x and y axes both range from 0 to 3. The plot contains the following data points: "Digitalisierung und Innovation" at approximately (1.7, 1.2), "Nachhaltige Produktion & Projekte" at approximately (2.2, 2), "Governance, Ethik und Geschaftspraktiken" at approximately (1, 1.6), "Einhaltung rechtlicher und ethischer Normen / Corporate Compliance" at approximately (2.5, 3), "Arbeitsbedingungen" at approximately (1, 2.3), "Beziehungen zu Lieferanten und anderen Geschaftspartnern" at approximately (1.3, 2.1), and "Klima- und Umweltschutz" at approximately (2.2, 2.5).

Langfristige gesellschaftliche Auswirkungen

**0** = nicht relevant / keine Auswirkungen

**1** = eher relevant / geringe Auswirkungen

**2** = relevant / mittlere Auswirkungen

**3** = sehr relevant / große Auswirkungen

{219}------------------------------------------------

Um die für die ANDRITZ-GRUPPE wesentlichen Themen für die Berichterstattung sowie die relevanten Handlungsfelder zu eruieren, wurden bereits mehrmals Stakeholder-Umfragen bzw. Interviews mit relevanten Stakeholdern durchgeführt.

Die Themen, die auf die gesellschaftliche Auswirkung der Geschäftstätigkeit von ANDRITZ bzw. die Entscheidungen der Stakeholder in puncto Geschäftsbeziehungen mit ANDRITZ den größten Einfluss haben, sind demnach:

- Einhaltung von rechtlichen und ethischen Standards / Corporate Compliance
- Klima- und Umweltschutz
- Verantwortungsvolle Arbeitsbedingungen, Arbeitssicherheit und Gesundheitsschutz
- Fairer Umgang mit Lieferanten und Geschäftspartnern
- Nachhaltige Produktion bzw. Projekte sowie Produktsicherheit
- Verantwortungsvolle Unternehmensführung, Ethik und Geschäftspraktiken
- Digitalisierung und Innovation

Die unterschiedliche Gewichtung der Themen ist in der zuvor angeführten Grafik dargestellt.

Im Berichtsjahr startete ANDRITZ mit der Durchführung einer neuen Wesentlichkeitsanalyse im Zuge der Umsetzung der Corporate Sustainability Reporting Directive (CSRD). Diese fordert eine Bewertung der doppelten Wesentlichkeit, nach welcher Unternehmen sowohl darüber berichten müssen wie sich Nachhaltigkeitsthemen auf ihr Geschäft auswirken (outside-in / financial materiality), als auch darüber, wie sich ihre Geschäftsaktivitäten auf Gesellschaft und Umwelt auswirken (inside-out / impact materiality). Die doppelte Wesentlichkeitsanalyse bildet die Basis für die zukünftige Nachhaltigkeitsberichterstattung nach CSRD.

# **2. We Care – das ANDRITZ-Nachhaltigkeitsprogramm**

ANDRITZ hat sich im Rahmen seines im Juni 2021 präsentierten Nachhaltigkeitsprogramms "We Care" umfassende, ambitionierte Ziele in den Bereichen Umwelt, Soziales und Governance gesetzt, mit denen das Unternehmen den größten Beitrag zu einer nachhaltigen Zukunft für alle Stakeholder leisten kann. Zu den Schwerpunkten im Bereich Umwelt zählen Klimaschutz, Ressourcenschonung sowie das Anbieten nachhaltiger Lösungen und Produkte. ANDRITZ als attraktiver Arbeitgeber sowie Arbeitsgesundheit und -sicherheit sind die Schwerpunkte des Kernthemas Soziales. Der Fokus beim Thema verantwortungsvolle Unternehmensführung liegt für ANDRITZ auf fairen und ethischen Geschäftspraktiken, einem umfassenden Risikomanagement und einem gewissenhaften Lieferanten-Management.

Im Berichtsjahr wurde zur Zielerreichung eine Reihe von Maßnahmen umgesetzt, deren positive Auswirkungen klar erkennbar sind.

{220}------------------------------------------------

#### A N D R I T Z - F i n a n z b e r i c h t 2 0 2 3 L a g e b e r i c h t

#### **Ziele: Umwelt**

| Ziel                                                                                             | Messgröße                            | Basisjahr 2019 | 2021   | 2022   | 2023                                        | Ziel 2025 |
|--------------------------------------------------------------------------------------------------|--------------------------------------|----------------|--------|--------|---------------------------------------------|-----------|
| Reduktion der CO2-Emissionen<br>(Scope 1+2) um 50%*                                              | Tonnen<br>CO2e/Million<br>EUR Umsatz | 28,1**         | 29,3** | 18,6** | 18,0<br>(entspricht<br>-35,9% vs.<br>2019)  | 14,0**    |
| Reduktion des Wasserverbrauchs<br>um 10%*                                                        | m3<br>/Million<br>EUR Umsatz         | 158,3          | 180,6  | 153,6  | 130,6<br>(entspricht<br>-17,5% vs.<br>2019) | 142,5     |
| Reduktion der Abfallmenge um 10%*                                                                | Tonnen/Million<br>EUR Umsatz         | 10,7           | 7,8    | 7,0    | 8,7<br>(entspricht<br>-18,7% vs.<br>2019)   | 9,6       |
| Erhöhung des Umsatzes mit<br>nachhaltigen Lösungen und<br>Produkten auf über 50% des<br>Umsatzes | %<br>des Gesamt<br>umsatzes          | 46***          | 42     | 45     | 45                                          | >50       |

Anmerkung: Nur der Umsatz der einbezogenen Standorte wurde herangezogen.

\* gegenüber Basisjahr 2019

\*\* Die Werte wurden angepasst, da ein CO2-Faktor nicht korrekt war. \*\*\* Der Wert bezieht sich auf das Jahr 2020, da keine vergleichbaren Daten für 2019 verfügbar sind.

Auch im Berichtsjahr konnten die **CO2-Emissionen** (Scope 1 und 2) der ANDRITZ-GRUPPE weiter reduziert werden. Gegenüber dem Basisjahr 2019 wurden sie, bezogen auf den Umsatz, bereits um 35,9% verringert. Die größte Reduktion erreichte man mit dem Umstieg vieler ANDRITZ-Standorte auf CO2-armen Strom aus erneuerbaren Energiequellen. Des Weiteren steigerte man auch die eigene Stromproduktion durch Photovoltaik-Anlagen. Im Berichtsjahr gingen Anlagen an 15 Standorten in Betrieb (insgesamt gibt es bereits an 20 Standorten PV-Anlagen), und weitere werden 2024 folgen. Zusätzlich wurden weitere Effizienzmaßnahmen ergriffen, wie beispielsweise der Umstieg auf LED-Beleuchtung. Um den sorgsamen Umgang mit Energie an den Fertigungsstandorten weiter zu fördern, wurde im Berichtszeitraum ein spezielles "Energy Assessment" entwickelt. Dieses zielt darauf ab, die Verbesserungskultur in den Produktionsstandorten zu stärken, Energieeinsparpotentiale zu identifizieren und entsprechende Reduktionsmaßnahmen umzusetzen. Das Assessment wurde an einzelnen Standorten mit hohem Energieverbrauch bereits erfolgreich durchgeführt und wird im Jahr 2024 fortgesetzt werden.

ANDRITZ hat sich Anfang 2023 der **Science Based Targets initative (SBTi)** angeschlossen und möchte damit seine Entschlossenheit, zum 1,5°C-Ziel des Pariser Abkommens beizutragen, zeigen. Die Verpflichtung zu SBTi bietet ANDRITZ die Möglichkeit, Treibhausgasreduktionsziele von einer unabhängigen Organisation auf der Grundlage der Erkenntnisse der Klimawissenschaft bewerten und validieren zu lassen. Im Rahmen der SBTi-Verpflichtung wird ANDRITZ bis spätestens Ende 2024 umfassende Ziele zur Reduzierung der Treibhausgasemissionen (Scope 1, 2 und 3) entwickeln und bei SBTi einreichen.

Der **Wasserverbrauch** bezogen auf den Umsatz konnte im Berichtsjahr gegenüber 2019 um 17,5% reduziert werden, und die **Abfallmenge,** ebenfalls bezogen auf den Umsatz, um 18,7%. Somit wurden beide für Ende 2025 gesetzten Ziele bereits 2023 erreicht. Für 2024 wurde beschlossen, den Wasserverbrauch und die Abfallmenge um 5% im Vergleich zum Vorjahr zu reduzieren. Um weitere Reduktionen zu erreichen, wird man sich im Jahr 2024 auf die jeweils fünf größten Verbraucher fokussieren und dort gezielt Maßnahmen setzen. Des Weiteren ist geplant, den internen ANDRITZ-Verpackungsstandard zu überarbeiten und Kriterien der Kreislaufwirtschaft einfließen zu lassen.

{221}------------------------------------------------

Der **Umsatzanteil der nachhaltigen Produkte und Lösungen betrug im Berichtsjahr 45%**. Ein besonderer Schwerpunkt lag 2023 auf den sogenannten "Special Growth Projects". Diese sieben Projekte werden in der Gruppe mit Hochdruck verfolgt und haben das Ziel, einen wesentlichen Beitrag zum zukünftigen Unternehmenswachstum zu leisten. Sie alle haben gemeinsam, dass aktuelle Megatrends aufgegriffen und schnell wachsende Märkte bedient werden, die von den Bemühungen um mehr Nachhaltigkeit getrieben werden. Manche der Projekte stehen noch am Anfang, andere sind schon weit fortgeschritten. Zu letzteren gehören etwa die Projekte rund um CO2-Abscheidung, grünen Wasserstoff und Batterieherstellung für E-Mobilität. Die "Special Growth Projects" sollen den Umsatzanteil der nachhaltigen Produkte und Lösungen in den kommenden Jahren deutlich steigern.

## **Ziele: Soziales**

| Ziel                                                                                                               | Messgröße                                                                             | Basisjahr 2019 | 2021 | 2022 | 2023 | Ziel 2025<br>bzw. % p.a. |
|--------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------|----------------|------|------|------|--------------------------|
| Reduktion der Arbeitsunfall<br>Häufigkeitsrate (>1 Tag Abwesenheit)<br>um jährlich 30% im Vergleich zum<br>Vorjahr | Unfälle mit<br>einem oder<br>mehr<br>Ausfallstagen<br>pro 1 Million<br>Arbeitsstunden | 6,1            | 3,1  | 2,8  | 2,6  | -30% p.a.                |
| Reduktion der freiwilligen<br>Fluktuationsrate                                                                     | %<br>der gesamten<br>Beschäftigten                                                    | 6,0            | 6,5  | 6,0  | 5,1  | <4,5                     |
| Steigerung des Anteils<br>weiblicher Beschäftigter                                                                 | %<br>der gesamten<br>Beschäftigten                                                    | 16,2           | 16,6 | 16,4 | 17,0 | 20                       |

Im Bereich Soziales wurde die **Arbeitsunfall-Häufigkeitsrate** im Jahr 2023 gegenüber dem Vorjahr weiter gesenkt, wenngleich das Ziel der Reduktion der Unfallhäufigkeit im Vergleich zum Vorjahr um 30% nicht erreicht wurde. ANDRITZ hat in den vergangenen Jahren viele Initiativen und Maßnahmen zum Thema Arbeitssicherheit gesetzt, die sich in einer deutlichen Reduktion der Arbeitsunfall-Häufigkeitsrate um rund 60% gegenüber dem Ausgangswert 2019 widerspiegeln.

ANDRITZ verfolgt das Null-Unfall-Ziel und setzt in diesem Bereich weitere Maßnahmen für eine proaktive Sicherheitskultur, um Unfälle zu vermeiden. Alle Vorfälle und Unfälle werden erfasst, untersucht und ausgewertet – unabhängig von ihrer Schwere. Darüber hinaus werden Verletzungen, die zu Arbeitsausfällen führen, in einer Konzernunfalldatenbank dokumentiert. Zusätzlich wird ein "Lessons Learned"-Bericht erstellt und im Intranet veröffentlicht. Erfahrungen aus tatsächlichen Vorfällen und Beinahe-Unfällen sowie gute/beste Praktiken werden gesammelt und zur Verbesserung der Sicherheitskultur genutzt. In Anbetracht des festgestellten Verbesserungsbedarfs in Bezug auf persönliche Sicherheitsverhaltensweisen wird 2024 ein spezifisches Intensivtraining zu verhaltensbasierten Sicherheitsprinzipien innerhalb der gesamten ANDRITZ-Organisation durchgeführt.

Die **freiwillige Fluktuationsrate** konnte im Berichtsjahr auf 5,1% gesenkt werden. ANDRITZ hat in diesem Bereich eine Reihe von Maßnahmen gesetzt, um den Mehrwert von ANDRITZ als Arbeitgeber überzeugend zu kommunizieren, eine ansprechende Arbeitgebermarke aufzubauen und somit das Unternehmen am Bewerbermarkt möglichst attraktiv zu präsentieren.

{222}------------------------------------------------

Der **Anteil der weiblichen Beschäftigten** konnte auf 17,0% erhöht werden. Maßnahmen zur langfristigen Erhöhung des Frauenanteils umfassen die verstärkte Förderung von Frauen für Führungspositionen sowie erhöhte Unterstützung bei der Vereinbarkeit von Familie und Beruf. Die am Stammsitz der ANDRITZ-GRUPPE in Graz und am Standort in Wien eingerichteten Kindergärten sowie flexible Arbeitszeitmodelle für Mitarbeiterinnen und Mitarbeiter mit Familie sind Beispiele dafür. Bei der Schaffung von Büroraum im Rahmen von Neubauprojekten werden stets Überlegungen hinsichtlich neuer Betreuungseinrichtungen für Kinder von Mitarbeiterinnen und Mitarbeitern einbezogen. Weiters wird im Rekrutierungsprozess besonderes Augenmerk auf eine strenge Gleichbehandlung der Geschlechter gelegt.

### **Ziele: Governance**

| Ziel                                                                               | Messgröße                                                | 2019 | 2021 | 2022 | 2023 | Ziel 2025 |
|------------------------------------------------------------------------------------|----------------------------------------------------------|------|------|------|------|-----------|
| Keine ereignisbasierten<br>Gewinnwarnungen                                         | Anzahl der<br>ereignisbasierten<br>Gewinn-<br>warnungen  | 0    | 0    | 0    | 0    | 0         |
| Keine Compliance-Verfehlungen                                                      | Anzahl der<br>Korruptions-<br>vorfälle                   | 0    | 0    | 0    | 0    | 0         |
| Keine Compliance-Verfehlungen                                                      | Anzahl der<br>Wettbewerbs-<br>vorfälle                   | 0    | 0    | 0    | 0    | 0         |
| Abdeckung von 85% des<br>Zuliefervolumens* durch<br>bewertete Lieferanten bis 2025 | % des<br>Liefervolumens<br>mit bewerteten<br>Lieferanten | 78** | 82   | 82   | 90   | 85        |

\* Kumuliertes externes Einkaufsvolumen durch Lieferanten mit einem durchschnittlichen jährlichen Einkaufsvolumen von über 250.000 EUR

\*\* Die Zahl bezieht sich auf das Jahr 2020, da keine vergleichbaren Daten für 2019 verfügbar sind.

Wie schon in den Jahren davor gab es auch 2023 keine **ereignisbasierten Gewinnwarnungen**. Des Weiteren gab es **keine Korruptions- oder Wettbewerbsvorfälle** in der ANDRITZ-GRUPPE. Dies ist vor allem auf das effektive Compliance Management-System und das Anti-Korruptionsmanagementsystem zurückzuführen, welche nach ISO 37301 bzw. ISO 37001 zertifiziert sind.

Auch beim ESG-Governance-Ziel im Bereich der **Lieferanten-Compliance** liegt ANDRITZ in Bezug auf das für 2025 gesetzte Ziel von 85% sehr gut auf Kurs. 2023 wurden 89,5% der Lieferanten im Supplier Relationship Management (SRM) Tool bewertet, und somit wurde das Ziel frühzeitig erreicht. Für das Jahr 2024 ist eine Reevaluierung des Bewertungsprozesses und des Ziels geplant.

# **3. EU-Taxonomie**

Die EU-Taxonomie-Verordnung 2020/852 vom 18. Juni 2020 ist Teil des EU-Aktionsplans "Sustainable Finance" und zielt darauf ab, nachhaltige Wirtschaftsaktivitäten zu definieren. Sie stellt somit einen bedeutenden regulatorischen Schritt zur Förderung der Transparenz im Bereich der Nachhaltigkeit dar und soll Investitionsströme in Richtung einer Nachhaltigkeitstransformation im Sinne des europäischen Green Deals lenken.

Gemäß Art. 8 der Verordnung ist ANDRITZ seit 2021 verpflichtet, über Art und Umfang der ökologisch nachhaltigen Wirtschaftsaktivitäten nach dem Klassifizierungssystem der EU-Taxonomie zu berichten.

{223}------------------------------------------------

Im Juni 2023 erfolgte eine Erweiterung der delegierten Verordnung 2021/2139, es wurden neue Wirtschaftsaktivitäten für die ersten beiden Umweltziele Klimaschutz und Anpassung an den Klimawandel definiert. Des Weiteren wurde die delegierte Verordnung 2023/2486 mit den Wirtschaftsaktivitäten für die vier weiteren Umweltziele – Nachhaltige Nutzung und Schutz von Wasser- und Meeresressourcen, Übergang zu einer Kreislaufwirtschaft, Vermeidung und Verminderung der Umweltverschmutzung sowie Schutz und Wiederherstellung von Ökosystemen und Biodiversität – veröffentlicht. ANDRITZ berichtet für alle relevanten neuen Wirtschaftsaktivitäten die Taxonomiefähigkeit. Für die relevanten Wirtschaftsaktivitäten aus der delegierten Verordnung 2021/2139 berichtet ANDRITZ, wie im vergangenen Berichtsjahr, sowohl den Anteil an taxonomiefähigen als auch an taxonomiekonformen Wirtschaftsaktivitäten.

Während für die Identifikation der Taxonomiefähigkeit eine Übereinstimmung der Aktivitätenbeschreibungen mit den Wirtschaftsaktivitäten des eigenen Unternehmens ausreichend ist, verlangt die Taxonomiekonformität die Erfüllung der für die Wirtschaftsaktivität relevanten technischen Bewertungskriterien (technical screening criteria). Diese sollen sicherstellen, dass die taxonomiefähige Wirtschaftsaktivität einen wesentlichen Beitrag (substantial contribution) zu einem der sechs Umweltziele leistet, die übrigen fünf Umweltziele nicht erheblich beeinträchtigt (do no significant harm) und soziale Mindestschutzanforderungen (minimum social safeguards) erfüllt. Erst mit der kumulativen Erfüllung aller drei Anforderungen ist die Wirtschaftsaktivität taxonomiekonform.

#### **Taxonomiefähigkeit**

Wie schon im Jahr 2022 stuft ANDRITZ einzelne (nachfolgend unter 3.a) beschriebene) Produktgruppen als taxonomiefähig gemäß der Definition der Wirtschaftsaktivitäten 3.1. "Herstellung von Technologien für erneuerbare Energie" und 3.6. "Herstellung anderer CO2-armer Technologien" ein. Durch die Veröffentlichung der neuen delegierten Verordnung können außerdem Produktgruppen gemäß der Definition der Wirtschaftsaktivitäten 3.20. "Herstellung, Installation und Überholung von elektrischen Hoch-, Mittel- und Niederspannungsbetriebsmitteln für die elektrische Übertragung und Verteilung, die einen wesentlichen Beitrag zum Klimaschutz leisten oder ermöglichen" und 5.1. "Reparatur, Wiederaufarbeitung und Wiederaufbereitung" als taxonomiefähig eingestuft werden.

#### **Taxonomiekonformität**

Nach Heranziehung und Überprüfung der technischen Bewertungskriterien stuft ANDRITZ weiterhin die der Wirtschaftsaktivität 3.1. zugeordneten Produkte als taxonomiekonform ein. Neu hinzu kommen die der Wirtschaftsaktivität 3.20. zugeordneten Produkte. Details dazu siehe unter 3.b).

Für die der Wirtschaftsaktivität 3.6. zugeordneten Produkte ist es ANDRITZ zum jetzigen Zeitpunkt nicht möglich, die Taxonomiekonformität nachzuweisen, da die technischen Bewertungskriterien (besonders die Kriterien für einen wesentlichen Beitrag zum Klimaschutz) seitens der EU-Kommission noch nicht eindeutig definiert sind. Um einen wesentlichen Beitrag zum Klimaschutz zu leisten, muss gemäß der derzeit vorliegenden Definition nachgewiesen werden, dass die Technologien zu erheblichen Einsparungen an Lebenszyklus-Treibhausgasemissionen führen. Jedoch gibt es bis dato keine klare Definition für den Begriff "erheblich". Zusätzlich muss die Technologie zur Erfüllung der Taxonomiekonformität in Bezug auf Treibhausgasemissionen besser sein als die am Markt verfügbare leistungsfähigste alternative Technologie (best performing alternative). Auch hier ist es derzeit nicht möglich, nachzuweisen, dass die Technologien von ANDRITZ diese Kriterien erfüllen, da es bisher keine internationale Datenbank gibt, anhand welcher man diese Überprüfungen durchführen könnte.

Im Folgenden werden die für die ANDRITZ-GRUPPE taxonomiefähigen und -konformen Wirtschaftsaktivitäten mit den gem. Art. 8 der EU-Taxonomie zu berichtenden finanziellen Leistungsindikatoren (Umsatzerlöse, Investitionsund Betriebsausgaben) und den entsprechenden qualitativen Angaben dargestellt.

{224}------------------------------------------------

#### **Herausforderungen der EU-Taxonomie**

Sämtliche Angaben von ANDRITZ basieren auf dem zum Veröffentlichungszeitpunkt dieses Berichts vorherrschenden Stand der Definitionen und Interpretationen der EU-Taxonomie.

Bevor auf die taxonomiefähigen und -konformen Wirtschaftsaktivitäten näher eingegangen wird, möchte ANDRITZ darauf hinweisen, dass die EU-Taxonomie nicht mit der von ANDRITZ selbst gewählten Definition von nachhaltigen Produkten und Lösungen, die bereits vor Erscheinen der EU-Taxonomie veröffentlicht wurde, gleichgesetzt werden kann. Die von ANDRITZ selbst gewählte Definition der nachhaltigen Produkte und Lösungen (wie sie auch in den oben, im Kapitel 2. We Care, dargestellten ESG-Zielen und deren Erreichung zur Anwendung kommt) umfasst Anlagen, Technologien und Systeme, die den Kunden helfen, ihre Nachhaltigkeitsziele zu erreichen. Sie helfen, die Umwelt zu schützen, tragen zur Dekarbonisierung bei, reduzieren den Verbrauch wertvoller Ressourcen wie Wasser und fördern eine Kreislaufwirtschaft.

Im Gegensatz dazu konzentriert sich die EU-Taxonomie in ihren Definitionen der beiden ersten Klimaziele in erster Linie auf energieintensive und stark CO2-emittierende industrielle Wirtschaftsaktivitäten, ohne die jeweiligen Lieferketten vollständig zu berücksichtigen. Für diese Aktivitäten enthält die EU-Taxonomie sehr genaue Beschreibungen und technische Bewertungskriterien, um die Bedingungen zu bestimmen, unter denen eine Wirtschaftsaktivität als taxonomiefähig bzw. -konform eingestuft werden kann. Als Lieferant von Technologien und Systemen, die die grüne Transformation ermöglichen und vorantreiben, sieht sich ANDRITZ bezogen auf die ersten beiden Klimaziele in der EU-Taxonomie nicht ausreichend berücksichtigt. Das Produktportfolio von ANDRITZ umfasst eine Vielzahl an Technologien, die einen maßgeblichen Beitrag zur Klimaneutralität vieler Industrien leisten.

Unter die neue delegierte Verordnung mit den vier weiteren Umweltzielen, insbesondere unter das Umweltziel zur Kreislaufwirtschaft, fällt ein Teil des Servicegeschäfts von ANDRITZ. Die Annahme, dass durch die Umweltziele "Nachhaltige Nutzung und Schutz von Wasser- und Meeresressourcen", "Übergang zu einer Kreislaufwirtschaft" sowie "Vermeidung und Verminderung der Umweltverschmutzung" weitere Produkte aus den Geschäftsbereichen Separation, Pulp & Paper und Metals, die in den ersten beiden Umweltzielen nicht berücksichtigt sind, abgedeckt werden, hat sich nicht bestätigt. Die in Frage kommenden Wirtschaftsaktivitäten beziehen sich explizit auf den Bau, die Modernisierung und den Betrieb von kompletten Anlagen. ANDRITZ liefert in diesen Bereichen in der Regel ausschließlich Komponenten und Maschinen als Teile von Anlagen und somit wurden diese Lieferungen als nichttaxonomiefähig eingestuft.

### **a) Identifizierung der taxonomiefähigen Umsatzerlöse**

Bei der Identifizierung der taxonomiefähigen Produktgruppen für die Umweltziele Klimaschutz und Übergang zu einer Kreislaufwirtschaft hat sich ANDRITZ streng an den Wortlaut der Beschreibung nachhaltiger Wirtschaftsaktivitäten der Europäischen Kommission gehalten – insbesondere auch an die Definition der Wirtschaftsaktivität 3.6. "Herstellung anderer CO2-armer Technologien", die vorsieht, dass nur diejenigen CO2-armen Technologien als taxonomiefähig eingestuft werden dürfen, die zu einer deutlichen Reduktion von Treibhausgasen in nachgelagerten Wirtschaftssektoren führen.

{225}------------------------------------------------

Schließlich wurden auf Basis der veröffentlichten delegierten Verordnungen und den FAQs der EU-Kommission folgende Produktgruppen von ANDRITZ bei Verfolgung des Umweltziels **Klimaschutz** als taxonomiefähig eingestuft:

**Wirtschaftsaktivität 3.1. "Herstellung von Technologien für erneuerbare Energien":**

- **Elektromechanische Ausrüstungen für Wasserkraftwerke** (Geschäftsbereich Hydro)
- **Biomasse- und Schwarzlaugenkessel, Verdampfer, Technologien zur Gasifizierung und Verfeuerung von Rinde sowie Holzstaub und Holzabfällen** (Geschäftsbereich Pulp & Paper)
- **Anlagen zur Herstellung von Biomethanol** (Geschäftsbereich Pulp & Paper)

#### **Wirtschaftsaktivität 3.6. "Herstellung anderer CO2-armer Technologien":**

- **Pressen und Pressenlinien für die Produktion von Bauteilen für Elektroautos**: Karosserie- und Strukturteile, Metallgehäuse für Batterien, Elektrobleche für Motoren (Geschäftsbereich Metals)
- **Anlagen und Systeme für den automobilen Leichtbau:** Laserschweißsysteme zur Herstellung von Tailor Welded Blanks, kontinuierliche Verzinkungsanlagen und Kaltwalzwerke zur Produktion von hochfesten Stahlsorten (AHSS/UHSS) sowie Weiterverarbeitungs- und Wärmebehandlungslinien zur Produktion von Aluminiumblech für den Karosserie-Leichtbau (Geschäftsbereich Metals)
- **Anlagen zur Abscheidung von CO<sup>2</sup>** zum nachgelagerten Transport und zur Speicherung/Weiterverarbeitung von CO<sup>2</sup> im Sinne der Wirtschaftsaktivitäten 5.11. "Transport von CO2" sowie 5.12. "Unterirdische dauerhafte geologische Speicherung von CO2" (Geschäftsbereich Pulp & Paper)

**Wirtschaftsaktivität 3.20. "Herstellung, Installation und Überholung von elektrischen Hoch-, Mittel- und Niederspannungsbetriebsmitteln für die elektrische Übertragung und Verteilung, die einen wesentlichen Beitrag zum Klimaschutz leisten oder ermöglichen":**

▪ **Rotierende Phasenschieber** (Geschäftsbereich Hydro)

Für das Umweltziel **Übergang zu einer Kreislaufwirtschaft** wurden folgende Produktgruppen von ANDRITZ als taxonomiefähig eingestuft:

**Wirtschaftsaktivität 5.1. "Reparatur, Wiederaufarbeitung und Wiederaufbereitung":**

- Reparaturen und Wiederaufarbeitungsservices für **Prozessbereiche von Zellstoff- und Papieranlagen** (Geschäftsbereich Pulp & Paper)
- Reparaturen und Wiederaufarbeitungsservices im Zusammenhang mit **Walzen für Papiermaschinen** (Geschäftsbereich Pulp & Paper)
- Reparaturen und Wiederaufarbeitungsservices für **mechanische, hydraulische und Servopressen** sowie für **Stanz- und Umformanlagen** (Geschäftsbereich Metals)
- Reparaturen und Wiederaufarbeitungsservices für **Maschinen in der Nahrungsmittelindustrie** (Geschäftsbereich Separation)

{226}------------------------------------------------

#### **Erläuterung der Taxonomierelevanz der Geschäftsbereiche**

#### Hydro

ANDRITZ Hydro zählt zu den weltweit führenden Anbietern von elektromechanischen Ausrüstungen und Serviceleistungen für Wasserkraftwerke. Mit mehr als 180 Jahren Erfahrung und einer installierten Kapazität von weltweit mehr als 470 Gigawatt bietet der Geschäftsbereich Gesamtlösungen für Wasserkraftwerke jeglicher Größe sowie Serviceleistungen für Anlagendiagnosen, Sanierung, Modernisierung und Leistungssteigerung bestehender Wasserkraftwerke.

Der Geschäftsbereich bietet eine komplette Produktpalette mit Turbinen, Generatoren und Zusatzausrüstungen aller Typen und Größen – "from water to wire" – sowohl für große als auch kleine Wasserkraftwerke, Pumpspeicherkraftwerke und Gezeitenstromturbinen für Meeresenergieprojekte. Da Wasserkraft- und Pumpspeicherkraftwerke immer für standortspezifische hydraulische und umwelttechnische Bedingungen ausgelegt sind, werden auch die zugehörigen elektromechanischen Ausrüstungen entsprechend konzipiert und konstruiert. Nahezu jede Turbine, jeder Generator und das allgemeine Anlagenlayout sind in der Regel "projektspezifische Einzellösungen".

ANDRITZ liefert Produkte und Systeme, die einen integrierten Teil eines Wasserkraftwerks bilden. Daher umfasst der vertragliche Lieferumfang in der Regel die Planung, das Engineering, die Lieferung, die Installation und die Inbetriebnahme der Ausrüstung und wird so gemäß IFRS 15 als integrierte Leistungsverpflichtung und in der EU-Taxonomie gesamthaft unter der Wirtschaftsaktivität 3.1. zusammengefasst.

Der Servicebereich bietet Dienstleistungen zur Anlagendiagnose, Sanierung, Modernisierung und Aufrüstung bestehender Wasserkraftanlagen an. Die Bandbreite reicht von komplexen Modernisierungsaufträgen bis hin zu kleinen Ersatzteillieferungen. Alle Lösungen von ANDRITZ erfüllen die spezifischen Kundenanforderungen, schonen die Umwelt und unterstützen die Betriebsführung. Der Lieferumfang umfasst in der Regel die Reparatur, die Wiederaufbereitung oder den kompletten Austausch von Komponenten und Anlagenteilen.

Das Produktangebot des Servicebereichs beinhaltet darüber hinaus auch allgemeine Dienstleistungen wie fachliche Unterstützung, Schulungen, Ersatzteilmanagement und Serviceverträge, um allen technischen, wirtschaftlichen und rechtlichen Anforderungen gerecht zu werden. Spezielle Dienstleistungen können für Lebenszyklus- und Risikoanalysen sowie für Betrieb und Wartung angeboten werden. Derzeit kann dieses Produktangebot des Servicebereichs aufgrund der Definition der sechs Umweltziele keiner Wirtschaftsaktivität der EU-Taxonomie zugeordnet werden.

Neu hinzu kommen rotierende Phasenschieber, die für die Stabilisierung des Stromnetzes unverzichtbar sind, insbesondere im Zusammenhang mit dem zunehmenden Anteil an variablen erneuerbaren Energien. Sie können wesentliche Mengen an Blindleistung und Kurzschlussleistung bereitstellen, um die Netzstabilität durch den Ausgleich von Schwankungen aufrechtzuerhalten. Dadurch ist es möglich, die Integration von Solar- und Windenergie in die Energieinfrastruktur weiter zu verbessern. Die Aktivitäten von ANDRITZ in diesem Bereich werden in der EU-Taxonomie gesamthaft unter der Wirtschaftsaktivität 3.20. zusammengefasst.

#### Pulp & Paper

Der Geschäftsbereich Pulp & Paper liefert nachhaltige Technologien, Automatisierungs- und Servicelösungen für die Erzeugung aller Arten von Faserstoffen, Tissue, Papier und Karton. Die Technologien und Serviceleistungen konzentrieren sich auf die Steigerung der Produktionseffizienz, die Senkung der Gesamtbetriebskosten sowie auf innovative Dekarbonisierungstechnologien und den autonomen Anlagenbetrieb. Zum Geschäftsbereich gehören auch Kessel für die Energieerzeugung, Rauchgasreinigungsanlagen, verschiedene Vliesstoff-Technologien und Faserplatten-(MDF-)Produktionssysteme.

{227}------------------------------------------------

Mit den angebotenen Waste-to-Value-Recycling-, -Zerkleinerungs- und -Energielösungen werden Abfälle und Nebenströme der Produktion nachhaltig in wertvolle Sekundär-Rohstoffe oder Energie umgewandelt. Neueste IIoT-Technologien im Rahmen der Metris-Digitalisierungslösungen komplettieren das umfassende Produktangebot.

Der Geschäftsbereich Pulp & Paper umfasst eine Vielzahl von Produkten und Technologien, die zu den Umweltzielen des Green Deal der EU beitragen können. Nicht alle entsprechen aber den definierten Wirtschaftsaktivitäten und Beschreibungen der sechs Umweltziele.

Im Folgenden wird erläutert, welche Produkte des Geschäftsbereichs Pulp & Paper als Wirtschaftsaktivität im Sinne des Umweltziels **Klimaschutz** eingestuft werden:

- **Moderne Biomassekessel** werden in die Technologien der stationären Wirbelschicht (BFB) und der zirkulierenden Wirbelschicht (CFB) unterteilt. Beide erzeugen Dampf und Strom aus Biomasse und biogenen Reststoffen.
- **Schwarzlaugenkessel** werden bei der Zellstoffproduktion zur Energieerzeugung durch die Feuerung der anorganischen Bestandteile der Schwarzlauge (im Wesentlichen Lignin) eingesetzt. Die anorganischen Bestandteile der Schwarzlauge werden mittels eines Kreislaufsystems zur Produktion der für den Holzaufschluss notwendigen Chemikalien vollständig wiederverwertet.
- **Verdampfer** sind eine Vorstufe zu den Schwarzlaugenkesseln. Ihr primäres Ziel ist es, einen stabilen, feststoffreichen Schwarzlaugenstrom für eine effiziente Verbrennung im Schwarzlaugenkessel zu erzeugen. Durch die Verdampfer wird in einem mehrstufigen Prozess der Feststoffanteil der Schwarzlauge von ca. 15% auf ca. 80% erhöht.

Die Verbrennung der Schwarzlauge dient der Erzeugung von Strom und Prozesswärme in Form von Dampf. Moderne Schwarzlaugenkessel erzeugen rund doppelt so viel Strom wie die gesamte Zellstoffanlage verbraucht. Der "grüne" Überschuss-Strom wird an das öffentliche Stromnetz geliefert.

Die Schwarzlauge wird von namhaften Organisationen wie der IEA (International Energy Agency), dem IPCC (Intergovernmental Panel on Climate Change), der FAO (Food and Agriculture Organization) der Vereinten Nationen sowie der EU im Rahmen der EU Renewable Energy Directive (RED II) als erneuerbarer, CO2-neutraler und auf Biomasse basierender Brennstoff klassifiziert, der zur Reduktion der Treibhausgase beiträgt.

- **Gasifizierungsanlagen** verwenden den bei der Zellstoffproduktion anfallenden Holzabfall (Rinde, Holzstaub etc.) und erzeugen mit dieser Biomasse Gas, das die fossilen Brennstoffe für die Feuerung des Drehrohrofens zu 100% ersetzt. Damit trägt diese Technologie zu einer erheblichen Reduktion der Treibhausgase bei.
- **Anlagen zur Produktion von Biomethanol:** ANDRITZ hat ein neues Verfahren entwickelt, mit dem aus den nichtflüchtigen Gasen der Zellstoffproduktion hochreines Biomethanol produziert wird. Dieses Biomethanol kann entweder im Werk wiederverwendet oder kommerziell genutzt werden, zum Beispiel als Biokraftstoff im Transportbereich (Biodiesel in der Schifffahrt). Damit werden hohe Treibhausgaseinsparungen erzielt.

Beim Verkauf dieser Produkte und Dienstleistungen handelt es sich wie im Bereich Hydro ebenfalls um integrierte Leistungsverpflichtungen im Sinne von IFRS 15, die in der EU-Taxonomie unter die Wirtschaftsaktivitäten 3.1. und 3.6. fallen.

{228}------------------------------------------------

Im Folgenden wird erläutert, welche Produkte des Geschäftsbereichs Pulp & Paper als Wirtschaftsaktivität im Sinne des Umweltziels **Kreislaufwirtschaft** eingestuft werden:

- Reparaturen und Wiederaufarbeitungsservices für einzelne Prozessbereiche in Zellstoff- und Papieranlagen. Dazu zählen Services für Pulper, Refiner, Entwässerungssysteme, Tissuemaschinen und Papier-/Kartonmaschinen, Services für die Technologien im Bereich Holz- und Biomasseverarbeitung sowie Services für Koch-, Wasch-, Bleich-, Nassbehandlungs-, Trocknungs-, Schneid- und Ballenverpackungsanlagen.
- Reparaturen und Aufrüstungen im Zusammenhang mit Walzen für die Bespannung von Papiermaschinen.

Die Serviceaktivitäten von ANDRITZ in diesen Bereichen werden in der EU-Taxonomie gesamthaft unter der Wirtschaftsaktivität 5.1. zusammengefasst.

#### Metals

Der Geschäftsbereich Metals ist über den Schuler-Konzern einer der weltweiten Technologie- und Marktführer in der Umformtechnik. Schuler liefert Pressen, Automationslösungen, Werkzeuge, Prozess-Know-how und Service für die gesamte metallverarbeitende Industrie und den automobilen Leichtbau. Im Bereich Service bietet der Geschäftsbereich unter anderem Reparaturen und Wiederaufarbeitungsservices für mechanische, hydraulische und Servopressen sowie für Stanz und Umformanlagen an. Im Bereich der Elektromobilität liefert Schuler Anlagen zur wirtschaftlichen Serienfertigung von Bauteilen für E-Autos – Karosserie- und Strukturteile, Metallgehäuse für Batterien oder Elektrobleche für Motoren. Darüber hinaus bietet ANDRITZ im automobilen Leichtbau Laserschweißsysteme zur Herstellung von Tailor Welded Blanks, kontinuierliche Verzinkungsanlagen und Kaltwalzwerke zur Produktion von hochfesten Stahlsorten (AHSS/UHSS) sowie Weiterverarbeitungs- und Wärmebehandlungslinien zur Produktion von Aluminiumblech für den Karosserie-Leichtbau an. Die Produkte von ANDRITZ und Schuler tragen zur erheblichen Reduktion von Treibhausgasen in nachgelagerten Wirtschaftssektoren bei.

Beim Verkauf dieser Produkte und Dienstleistungen handelt es sich um integrierte Leistungsverpflichtungen im Sinne von IFRS 15, die daher in der EU-Taxonomie gesamthaft ebenfalls unter der Wirtschaftsaktivität 3.6. zusammengefasst werden. Die Serviceaktivitäten werden unter der Wirtschaftsaktivität 5.1. zusammengefasst.

#### Separation

ANDRITZ Separation ist Anbieter von mechanischen und thermischen Technologien und Serviceleistungen sowie zugehörigen Automatisierungslösungen im Bereich der Fest-Flüssig-Trennung und beliefert die Chemie-, Umwelt-, Lebensmittel-, Bergbau- und Mineralienindustrie. Die maßgeschneiderten, innovativen Kundenlösungen zielen auf die Minimierung des Ressourceneinsatzes sowie höchste Prozesseffizienz ab und tragen so maßgeblich zu einem nachhaltigen Schutz der Umwelt bei.

Der Geschäftsbereich bietet darüber hinaus auch Technologien und Serviceleistungen für die Produktion von Tierfutter- und Biomassepellets an. Pumpen für Bewässerung, Wasserversorgung und Hochwassermanagement ergänzen das Portfolio des Geschäftsbereichs. Im Bereich Service bietet der Geschäftsbereich unter anderem Reparaturservices für Maschinen in der Nahrungsmittelindustrie wie beispielsweise ANDRITZ-Dekanterzentrifugen F (decanter centrifuge F), ANDRITZ-Horizontal-Schälzentrifugen (ANDRITZ horizontal peeler centrifuge), ANDRITZ-Gouda-Kontakttrommeltrockner (ANDRITZ Gouda contact drum dryer) oder ANDRITZ-Gouda-Schaufeltrockner (ANDRITZ Gouda paddle dryer).

Die Serviceaktivitäten von ANDRITZ in diesen Bereichen werden in der EU-Taxonomie gesamthaft unter der Wirtschaftsaktivität 5.1. zusammengefasst.

{229}------------------------------------------------

## **b) Identifizierung der taxonomiekonformen Umsatzerlöse**

Bei der Identifizierung der taxonomiekonformen Produktgruppen für das Umweltziel Klimaschutz hat sich ANDRITZ streng an den Wortlaut der technischen Bewertungskriterien der Wirtschaftsaktivitäten gemäß der delegierten Verordnung 2021/2139 gehalten.

Schließlich wurden auf Basis der veröffentlichten delegierten Verordnungen und den FAQs der EU-Kommission folgende Produktgruppen von ANDRITZ bei Verfolgung des Umweltziels **Klimaschutz** als taxonomiekonform eingestuft:

**Wirtschaftsaktivität 3.1. "Herstellung von Technologien für erneuerbare Energien":**

- **Elektromechanische Ausrüstungen für Wasserkraftwerke** (Geschäftsbereich Hydro)
- **Biomasse- und Schwarzlaugenkessel, Verdampfer, Technologien zur Gasifizierung und Verfeuerung von Rinde sowie Holzstaub und Holzabfällen** (Geschäftsbereich Pulp & Paper)
- **Anlagen zur Herstellung von Biomethanol** (Geschäftsbereich Pulp & Paper)

**Wirtschaftsaktivität 3.20. "Herstellung, Installation und Überholung von elektrischen Hoch-, Mittel- und Niederspannungsbetriebsmitteln für die elektrische Übertragung und Verteilung, die einen wesentlichen Beitrag zum Klimaschutz leisten oder ermöglichen":**

▪ **Rotierende Phasenschieber** (Geschäftsbereich Hydro)

#### **Prüfung der technischen Bewertungskriterien für die Produkte in Wirtschaftsaktivität 3.1. und 3.20.**

Für die Wirtschaftsaktivität 3.1. ist ein wesentlicher Beitrag (substantial contribution) zum Klimaschutz gegeben, wenn durch die Wirtschaftsaktivität Technologien für erneuerbare Energien hergestellt werden. Dies ist der Fall für alle Produkte, die von ANDRITZ in die Wirtschaftsaktivität 3.1 eingestuft worden sind.

Für die Wirtschaftsaktivität 3.20. ist ein wesentlicher Beitrag zum Kilmaschutz gegeben, da die rotierenden Phasenschieber von ANDRITZ unter e) Laststeuerungs- und Lastverlagerungsausrüstung, -systeme und -dienste, die die Flexibilität des Stromnetzes erhöhen und die Netzstabilität fördern, fallen. Sie tragen somit zum Ausbau der erneuerbaren Energien bei.

Im Folgenden wird näher erläutert, wie ANDRITZ nachgewiesen hat, dass die übrigen fünf Umweltziele durch die Wirtschaftsaktivitäten nicht negativ beeinträchtigt werden (do no significant harm). Dabei wurden neben den Produkten vor allem die Standorte, welche die taxonomiefähigen Produkte herstellen, genauer analysiert.

{230}------------------------------------------------

#### A N D R I T Z - F i n a n z b e r i c h t 2 0 2 3 L a g e b e r i c h t

| Umweltziel                                                           | Vermeidung erheblicher Beeinträchtigung                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|----------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Anpassung an den Klimawandel                                         | Es wurden Klimarisiko- sowie Vulnerabilitätsbewertungen an allen Fertigungsstandorten von<br>ANDRITZ durchgeführt, die den Wirtschaftsaktivitäten 3.1. und 3.20. zugeordnete,<br>taxonomiefähige Produkte herstellen. Dabei wurden chronische und akute Klimarisiken<br>heute, in 10 und in 30 Jahren bewertet. Das Risiko von Klimagefahren für die analysierten<br>Fertigungsstandorte wird derzeit gering bis mittel eingeschätzt. Daher war es auch nicht<br>notwendig, Anpassungsmaßnahmen zu definieren.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| Nachhaltige Nutzung und Schutz von Wasser-<br>und Meeresressourcen   | Alle relevanten Standorte betreiben ein Umweltmanagementsystem nach ISO 14001. Darin<br>spielt der Umgang mit Wasser eine zentrale Rolle. Außerdem liegt für alle Standorte ein<br>gültiger Genehmigungsbescheid vor, und etwaige Auflagen der Behörden bezüglich Wasser<br>wurden umgesetzt.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| Übergang zu einer Kreislaufwirtschaft                                | Die den Wirtschaftsaktivitäten 3.1. und 3.20. zugeordneten Produkte bestehen zum Großteil<br>aus Stahl, einem Werkstoff, der immer wieder recycelt werden kann. Außerdem werden die<br>Produkte für eine Lebensdauer von mehreren Jahrzehnten konstruiert. Reparaturen,<br>Sanierungen oder Modernisierungen können problemlos durchgeführt werden.<br><br>Alle relevanten Standorte verfügen über ein Konzept für Abfallmanagement und verfolgen<br>die Abfallhierarchie (Vermeidung, Wiederverwendung, Recycling, Verwertung, Beseitigung).<br><br>ANDRITZ meldet alle besonders besorgniserregenden Stoffe (SVHCs) über die SCIP-<br>Datenbank an die Europäische Chemikalien Agentur (ECHA) sowie an Kunden.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| Vermeidung und Verminderung der<br>Umweltverschmutzung               | Für alle selbstkonstruierten Produkte sind Stücklisten vorhanden. Die darin verwendeten<br>metallischen Werkstoffe sind im ANDRITZ Material Code (AMC)-System gespeichert,<br>welches Informationen zur Zusammensetzung der Materialien liefert. Daraus lässt sich z.B.<br>feststellen, dass selbstkonstruierte Bauteile kein Quecksilber enthalten.<br><br>ANDRITZ meldet alle besonders besorgniserregenden Stoffe (SVHCs) über die SCIP-<br>Datenbank an die Europäische Chemikalien Agentur (ECHA) sowie an Kunden, soweit<br>ANDRITZ diese Informationen von Lieferanten bekommt. Dies ist derzeit für Blei in<br>metallischen Werkstoffen der Fall. ANDRITZ hat keine zulassungspflichtigen Stoffe laut<br>Anhang XIV im Einsatz. Die Anforderungen für beschränkte Stoffe (Anhang XVII) betreffen<br>ANDRITZ derzeit teilweise.<br><br>Für die Einhaltung der inhaltlichen Anforderungen für besonders besorgniserregende Stoffe<br>wurden Audits durchgeführt. Ziel von ANDRITZ ist es, bis Ende 2023 SVHCs in allen<br>Produkten zu eliminieren und zu substituieren.<br><br>Auch von Lieferanten wird erwartet, dass diese SVHCs an ANDRITZ melden. Dies wird in<br>den Bestellscheinen gefordert. |
| Schutz und Wiederherstellung der Biodiversität<br>und der Ökosysteme | Alle relevanten Standorte betreiben ein Umweltmanagementsystem nach ISO 14001.<br>Außerdem liegt für alle ein gültiger Genehmigungsbescheid vor, und etwaige Auflagen der<br>Behörden bezüglich Biodiversität wurden umgesetzt.<br><br>Für keinen der relevanten Standorte wurde in der Vergangenheit von der Behörde eine<br>Umweltverträglichkeitsprüfung (UVP) gefordert. Im Zuge der Überprüfung des DNSH-<br>Kriteriums wurde aber nochmals ein UVP-Screening durchgeführt. Auch diese Bewertung<br>ergab, dass keine UVP notwendig ist.<br><br>Des Weiteren befindet sich kein Standort in biodiversitätssensiblen Gebieten. Standorte in<br>der Nähe von biodiversitätssensiblen Gebieten haben keine negativen Auswirkungen auf<br>diese.                                                                                                                                                                                                                                                                                                                                                                                                                                                            |

{231}------------------------------------------------

#### **Einhaltung der Mindestschutzanforderungen**

Der sogenannte Mindestschutz gemäß Artikel 18 der EU-Taxonomie-Verordnung (EU) 2020/852 soll sicherstellen, dass eine Wirtschaftstätigkeit nur dann taxonomiekonform ist, wenn sie auch internationalen Menschenrechtsstandards und Vorschriften zu Bestechung und Korruption, Besteuerung und fairem Wettbewerb gerecht wird. Die Mindestschutzanforderungen werden von ANDRITZ auf Gruppenebene angegeben.

| Themenbereich             | Mindestschutz                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|---------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Menschenrechte            | Für ANDRITZ hat der Schutz der Menschenrechte im Rahmen seiner Geschäftstätigkeit<br>oberste Priorität. Die Einhaltung der Anforderungen des UN Global Compact und der OECD-<br>Leitsätze für multinationale Unternehmen sind daher im ANDRITZ Verhaltens- und<br>Ethikkodex sowie im Verhaltens- und Ethikkodex für Lieferanten festgehalten.<br><br>Alle Lieferanten von ANDRITZ müssen während des Onboarding-Verfahrens einen<br>verpflichtenden Fragebogen zu Compliance und Nachhaltigkeit ausfüllen und erhalten ein<br>Rating. Ist dieses zu niedrig, werden gemeinsam mit dem Lieferanten Maßnahmen getroffen<br>oder es kommt kein Geschäftsverhältnis zustande.<br><br>Zusätzlich werden in China und Indien Compliance- und Nachhaltigkeits-Audits inkl. Follow-<br>ups bei den Lieferanten vor Ort durchgeführt. Menschenrechtsverletzungen führen<br>automatisch zu einer Nichtkonformität.<br><br>Innerhalb von ANDRITZ wird die Einhaltung des Verhaltens- und Ethikkodex durch interne<br>Audits überprüft.<br><br>Menschenrechtsverletzungen können außerdem anonym sowohl von Mitarbeiterinnen und<br>Mitarbeitern als auch von allen anderen Stakeholdern über das online-basierte<br>Hinweisgebersystem „Speak UP!“ gemeldet werden.<br><br>Es gibt keine rechtskräftigen Verurteilungen in diesem Bereich. |
| Bestechung und Korruption | ANDRITZ verfügt über eine Anti-Corruption and Anti-Bribery Policy. Mitarbeiterinnen und<br>Mitarbeiter müssen regelmäßig ein Online-Training zu diesen Themen absolvieren.<br><br>Es gibt keine rechtskräftigen Verurteilungen in diesem Bereich.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| Besteuerung               | Laut dem Tax-Statement von ANDRITZ unterliegen alle ANDRITZ-Gesellschaften den<br>lokalen Steuergesetzen der jeweiligen Länder und müssen Ertrags- und andere Steuern<br>zahlen. Als Teil des ANDRITZ-Verhaltenskodex müssen alle geschäftlichen Transaktionen<br>vollständig und eindeutig den gesetzlichen und sonstigen Vorschriften entsprechen.<br>Steuerliche Risiken werden identifiziert, analysiert und angemessen berücksichtigt. Der<br>Umgang von ANDRITZ mit dem Steuerrisiko ist in das gruppenweite Kontroll- und<br>Steuerungssystem (IKS) eingebunden, dessen Hauptaufgabe es ist, entstehende Risiken<br>frühzeitig zu erkennen und – wenn möglich – Gegenmaßnahmen zu ergreifen. Dies ist ein<br>wichtiges Element der aktiven Unternehmenssteuerung. Der Vorstand von ANDRITZ ist für<br>die Umsetzung und Überwachung des IKS verantwortlich. Dafür wurden gruppenweit<br>verbindliche Regelungen und Richtlinien/Policies implementiert.<br><br>Es gibt keine rechtskräftigen Verurteilungen in diesem Bereich.                                                                                                                                                                                                                                                                                            |
| Fairer Wettbewerb         | ANDRITZ verfügt über eine Global Competition and Antitrust Compliance Policy.<br>Mitarbeiterinnen und Mitarbeiter, die Außenkontakt mit Kunden, Lieferanten oder<br>Mitbewerbern haben, müssen regelmäßig ein Online-Training zu diesem Thema absolvieren.<br><br>Es gibt keine rechtskräftigen Verurteilungen in diesem Bereich.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |

{232}------------------------------------------------

## **c) Key Performance Indicators (KPI) (Offenlegung gemäß Anhang I - 1.2.2.1)**

#### **Umsatzerlöse (Turnover)**

Der Umsatz im Nenner umfasst die gemäß IAS 1.82(a) ausgewiesenen Erlöse und entspricht den Umsatzerlösen gemäß Konzern-Gewinn- und Verlustrechnung (siehe Konzernanhang).

Der taxonomiekonforme Umsatz im Zähler setzt sich aus Umsatzerlösen zusammen, die durch die Erbringung von Dienstleistungen und die Lieferung von Gütern im Definitionsbereich der Aktivität 3.1. Herstellung von Technologien für erneuerbare Energien und 3.20. Herstellung, Installation und Überholung von elektrischen Hoch-, Mittel- und Niederspannungsbetriebsmitteln für die elektrische Übertragung und Verteilung, die einen wesentlichen Beitrag zum Klimaschutz leisten oder ermöglichen erzielt wurden. Der typische vertragliche Lieferumfang umfasst im Rahmen der Aktivität 3.1. in der Regel die Planung, das Engineering, die Lieferung, die Installation und die Inbetriebnahme der Ausrüstung und wird daher gemäß IFRS 15 als integrierte Leistungsverpflichtung und in der EU-Taxonomie gesamthaft unter der Aktivität 3.1 zusammengefasst. Die gemäß den Vorschriften von IFRS 15.22ff. identifizierten Leistungsverpflichtungen wurden auf Übereinstimmung mit der EU-Taxonomie überprüft. Eine Separierung integrierter Leistungsverpflichtungen im Sinne von IFRS 15.29 wurde für Zwecke der EU-Taxonomie nicht vorgenommen.

Im taxonomiefähigen Umsatz wurden alle Umsätze aus den oben beschriebenen taxonomiefähigen Produktgruppen berücksichtigt.

|                                                              | Umsatzanteil/Gesamtumsatz |                        |
|--------------------------------------------------------------|---------------------------|------------------------|
|                                                              | Taxonomiekonform je Ziel  | Taxonomiefähig je Ziel |
| Klimaschutz (CCM)                                            | 23,7%                     | 27,9%                  |
| Anpassung an den Klimawandel (CCA)                           |                           |                        |
| Wasser- und Meeresressourcen (WTR)                           |                           |                        |
| Kreislaufwirtschaft (CE)                                     |                           | 5,9%                   |
| Vermeidung und Verminderung der<br>Umweltverschmutzung (PPC) |                           |                        |
| Biologische Vielfalt und Ökosysteme (BIO)                    |                           |                        |

{233}------------------------------------------------

#### Meldebogen: Anteil des **Umsatzes** aus Waren oder Dienstleistungen, die mit taxonomiekonformen Wirtschaftstätigkeiten verbunden sind — Offenlegung für das Jahr 2023

| Geschäftsjahr 2023                                                                                                                                                                                                                                                         |                            | 2023       |                             |                 | Kriterien für einen wesentlichen Beitrag |               |                         |                         |                           |                  |                                   |             |                          |                          |                           | DNSH-Kriterien ('Keine erhebliche<br>Beeinträchtigung') |                                                                                                    |                                             |                                        |  |  |  |  |  |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------|------------|-----------------------------|-----------------|------------------------------------------|---------------|-------------------------|-------------------------|---------------------------|------------------|-----------------------------------|-------------|--------------------------|--------------------------|---------------------------|---------------------------------------------------------|----------------------------------------------------------------------------------------------------|---------------------------------------------|----------------------------------------|--|--|--|--|--|
| Wirtschaftstätigkeiten (1)                                                                                                                                                                                                                                                 | Code (2)                   | Umsatz (3) | Umsatzanteil,<br>Jahr N (4) | Klimaschutz (5) | Anpassung an den Klimawandel (6)         | Wasser (7)    | Umweltverschmutzung (8) | Kreislaufwirtschaft (9) | Biologische Vielfalt (10) | Klimaschutz (11) | Anpassung an den Klimawandel (12) | Wasser (13) | Umweltverschmutzung (14) | Kreislaufwirtschaft (15) | Biologische Vielfalt (16) | Mindestschutz (17)                                      | Anteil<br>taxonomiekon-<br>former (A.1.) oder<br>taxonomiefähi-<br>ger (A.2.) Umsatz,<br>2022 (18) | Kategorie ermögli-<br>chende Tätigkeit (19) | Kategorie Übergangs-<br>tätigkeit (20) |  |  |  |  |  |
| Text                                                                                                                                                                                                                                                                       |                            | MEUR       | %                           | J; N;<br>N/EL   | J; N;<br>N/EL                            | J; N;<br>N/EL | J; N;<br>N/EL           | J; N;<br>N/EL           | J; N;<br>N/EL             | J/N              | J/N                               | J/N         | J/N                      | J/N                      | J/N                       | J/N                                                     | %                                                                                                  | E                                           | T                                      |  |  |  |  |  |
| A. TAXONOMIEFÄHIGE TÄTIGKEITEN                                                                                                                                                                                                                                             |                            |            |                             |                 |                                          |               |                         |                         |                           |                  |                                   |             |                          |                          |                           |                                                         |                                                                                                    |                                             |                                        |  |  |  |  |  |
| A.1. Ökologisch nachhaltige Tätigkeiten (taxonomiekonform)                                                                                                                                                                                                                 |                            |            |                             |                 |                                          |               |                         |                         |                           |                  |                                   |             |                          |                          |                           |                                                         |                                                                                                    |                                             |                                        |  |  |  |  |  |
| CCM 3.1. Herstellung von<br>Technologien für erneuerbare<br>Energien                                                                                                                                                                                                       | CCM 3.1.                   | 2.020,5    | 23,3%                       | J               | N/EL                                     | N/EL          | N/EL                    | N/EL                    | N/EL                      | J                | J                                 | J           | J                        | J                        | J                         | J                                                       | 23,2%                                                                                              | E                                           |                                        |  |  |  |  |  |
| CCM 3.20. Herstellung,<br>Installation und Überholung<br>von elektrischen Hoch-, Mittel-<br>und Niederspannungs-<br>betriebsmitteln für die<br>elektrische Übertragung und<br>Verteilung, die einen<br>wesentlichen Beitrag zum<br>Klimaschutz leisten oder<br>ermöglichen | CCM 3.20.                  | 35,2       | 0,4%                        | J               | N/EL                                     | N/EL          | N/EL                    | N/EL                    | N/EL                      | J                | J                                 | J           | J                        | J                        | J                         | J                                                       | N/A                                                                                                | E                                           |                                        |  |  |  |  |  |
| Umsatz ökologisch nachhaltiger Tätigkeiten<br>(taxonomiekonform) (A.1)                                                                                                                                                                                                     |                            | 2.055,7    | 23,7%                       | 100%            |                                          |               |                         |                         |                           | J                | J                                 | J           | J                        | J                        | J                         | J                                                       | 23,2%                                                                                              |                                             |                                        |  |  |  |  |  |
| Davon ermöglichende Tätigkeiten                                                                                                                                                                                                                                            |                            | 2.055,7    | 23,7%                       | 100%            |                                          |               |                         |                         |                           | J                | J                                 | J           | J                        | J                        | J                         | J                                                       | 23,2%                                                                                              | E                                           |                                        |  |  |  |  |  |
|                                                                                                                                                                                                                                                                            | Davon Übergangstätigkeiten |            |                             |                 |                                          |               |                         |                         |                           |                  |                                   |             |                          |                          |                           |                                                         |                                                                                                    |                                             |                                        |  |  |  |  |  |

{234}------------------------------------------------

|                                                                                                                           |          | A.2 Taxonomiefähige, aber nicht ökologisch nachhaltige Tätigkeiten (nicht taxonomiekonforme Tätigkeiten) |            |            |            |            |       |  |
|---------------------------------------------------------------------------------------------------------------------------|----------|----------------------------------------------------------------------------------------------------------|------------|------------|------------|------------|-------|--|
|                                                                                                                           |          |                                                                                                          | EL<br>N/EL | EL<br>N/EL | EL<br>N/EL | EL<br>N/EL |       |  |
| CCM 3.6. Herstellung anderer<br>CO2-armer Technologien                                                                    | CCM 3.6. | 361,0                                                                                                    | 4,2%       | EL<br>N/EL | EL<br>N/EL | EL<br>N/EL | 4,7%  |  |
| CE 5.1. Reparatur,<br>Wiederaufarbeitung und<br>Wiederaufbereitung                                                        | CE 5.1.  | 514,8                                                                                                    | 5,9%       | N/EL       | N/EL       | N/EL       | N/A   |  |
| Umsatz taxonomiefähiger, aber nicht<br>ökologisch nachhaltiger Tätigkeiten (nicht<br>taxonomiekonforme Tätigkeiten) (A.2) |          | 875,8                                                                                                    | 10,1%      | 41%        |            | 59%        | 4,7%  |  |
| A. Umsatz taxonomiefähiger Tätigkeiten<br>(A1+A2)                                                                         |          | 2.931,5                                                                                                  | 33,9%      | 82%        |            | 18%        | 27,9% |  |
| B. NICHT TAXONOMIEFÄHIGE TÄTIGKEITEN                                                                                      |          |                                                                                                          |            |            |            |            |       |  |

| Umsatz nicht<br>taxonomiefähiger Tätigkeiten | 5.728,5 | 66,1% |
|----------------------------------------------|---------|-------|
| GESAMT                                       | 8.660,0 | 100%  |

{235}------------------------------------------------

#### **Investitionsausgaben (CapEx)**

Als Investitionsausgaben im Sinne der EU-Taxonomie gelten Zugänge zu immateriellen Vermögenswerten außer Geschäfts- oder Firmenwerte und Zugänge zu Sachanlagen inkl. Nutzungsrechten aus Leasingverhältnissen plus Anlagenzugänge aus Akquisitionen. Weiters wurden erworbene Vermögensgegenstände aus Unternehmenskäufen berücksichtigt. Geleistete Anzahlungen für Anlagen in Bau in Höhe von 19,3 MEUR (2022: 7,6 MEUR) wurden in Abzug gebracht. Details sind im Konzernanhang im Kapitel D) Langfristige Vermögenswerte und Schulden in den Unterkapiteln 18. Sachanlagen, 19. Nutzungsrechte aus Leasingverhältnissen und Leasingverbindlichkeiten und 21. Immaterielle Vermögenswerte außer Geschäfts- oder Firmenwerte zu entnehmen.

In den taxonomiefähigen Investitionsausgaben wurden alle Investitionen in den oben beschriebenen taxonomiefähigen Produktgruppen berücksichtigt. Darüber hinaus wurden folgende einzelne nachhaltige Investitionsausgaben gemäß EU-Taxonomie miteinbezogen, die es ANDRITZ ermöglichen, zu einer Verringerung der eigenen Treibhausgasemissionen beizutragen sowie den Verbrauch von Wasser und Energie zu reduzieren:

- Wasseraufbereitung und Abfallmanagement (5.2. Erneuerung von Systemen der Wassergewinnung, -behandlung und -versorgung)
- Elektrisch betriebene Fahrzeuge (6.5. Beförderung mit Motorrädern, Personenkraftwagen und leichten Nutzfahrzeugen)
- Nachhaltige Renovierung und Instandhaltung von Gebäuden (7.2. Renovierung bestehender Gebäude)
- Ladestationen für Elektrofahrzeuge (7.4. Installation, Wartung und Reparatur von Ladestationen für Elektrofahrzeuge in Gebäuden (und auf zu Gebäuden gehörenden Parkplätzen)
- Installation von Photovoltaik-Anlagen (7.6. Installation, Wartung und Reparatur von Technologien für erneuerbare Energien)

In den taxonomiekonformen Investitionsausgaben wurden alle Investitionen in den oben beschriebenen taxonomiekonformen Produktgruppen berücksichtigt. Darüber hinaus wurden keine weiteren einzelnen nachhaltigen Investitionsausgaben gemäß EU-Taxonomie miteinbezogen.

Um Doppelzählungen im CapEx-KPI (und OpEx-KPI) zu vermeiden, wurden diese Investitions- bzw. Betriebsausgaben bezogen auf zugekauften Output und Einzelmaßnahmen, die bereits unter "Kategorie a" betrachtet wurden (d.h. Investitions- bzw. Betriebsausgaben im Zusammenhang mit Vermögenswerten oder Prozessen, die mit umsatzgenerierenden Wirtschaftsaktivitäten in Verbindung stehen, dies betrifft insbesondere unsere Produktionsgebäude), nur einmal erfasst.

|                                                              | CapEx-Anteil/Gesamt-CapEx |                        |
|--------------------------------------------------------------|---------------------------|------------------------|
|                                                              | Taxonomiekonform je Ziel  | Taxonomiefähig je Ziel |
| Klimaschutz (CCM)                                            | 13,0%                     | 18,2%                  |
| Anpassung an den Klimawande (CCA)                            |                           |                        |
| Wasser- und Meeresressourcen (WTR)                           |                           |                        |
| Kreislaufwirtschaft (CE)                                     |                           | 7,1%                   |
| Vermeidung und Verminderung der<br>Umweltverschmutzung (PPC) |                           |                        |
| Biologische Vielfalt und Ökosysteme (BIO)                    |                           |                        |

{236}------------------------------------------------

#### Meldebogen: **CapEx**-Anteil aus Waren oder Dienstleistungen, die mit taxonomiekonformen Wirtschaftstätigkeiten verbunden sind — Offenlegung für das Jahr 2023

| Geschäftsjahr 2023                                                                                                                                                                                                                                                    |           | 2023      |                             | Kriterien für einen wesentlichen Beitrag |                                  |               |                         |                         |                           |                  |                                   |             | DNSH-Kriterien ('Keine erhebliche<br>Beeinträchtigung') |                          |                           |                    |                                                                                                         |                                                   |                                           |  |  |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------|-----------|-----------------------------|------------------------------------------|----------------------------------|---------------|-------------------------|-------------------------|---------------------------|------------------|-----------------------------------|-------------|---------------------------------------------------------|--------------------------|---------------------------|--------------------|---------------------------------------------------------------------------------------------------------|---------------------------------------------------|-------------------------------------------|--|--|
| Wirtschaftstätigkeiten (1)                                                                                                                                                                                                                                            | Code (2)  | CapEx (3) | CapEx-Anteil,<br>Jahr N (4) | Klimaschutz (5)                          | Anpassung an den Klimawandel (6) | Wasser (7)    | Umweltverschmutzung (8) | Kreislaufwirtschaft (9) | Biologische Vielfalt (10) | Klimaschutz (11) | Anpassung an den Klimawandel (12) | Wasser (13) | Umweltverschmutzung (14)                                | Kreislaufwirtschaft (15) | Biologische Vielfalt (16) | Mindestschutz (17) | Anteil<br>taxonomiekon-<br>former (A.1.)<br>oder<br>taxonomiefähi-<br>ger (A.2.)<br>CapEx, 2022<br>(18) | Kategorie<br>ermögli-<br>chende<br>Tätigkeit (19) | Kategorie<br>Übergangs-<br>tätigkeit (20) |  |  |
| Text                                                                                                                                                                                                                                                                  |           | MEUR      | %                           | J; N;<br>N/EL                            | J; N;<br>N/EL                    | J; N;<br>N/EL | J; N;<br>N/EL           | J; N;<br>N/EL           | J; N;<br>N/EL             | J/N              | J/N                               | J/N         | J/N                                                     | J/N                      | J/N                       | J/N                | %                                                                                                       | E                                                 | T                                         |  |  |
| A. TAXONOMIEFÄHIGE TÄTIGKEITEN                                                                                                                                                                                                                                        |           |           |                             |                                          |                                  |               |                         |                         |                           |                  |                                   |             |                                                         |                          |                           |                    |                                                                                                         |                                                   |                                           |  |  |
| A.1. Ökologisch nachhaltige Tätigkeiten (taxonomiekonform)                                                                                                                                                                                                            |           |           |                             |                                          |                                  |               |                         |                         |                           |                  |                                   |             |                                                         |                          |                           |                    |                                                                                                         |                                                   |                                           |  |  |
| CCM 3.1. Herstellung von<br>Technologien für erneuerbare<br>Energien                                                                                                                                                                                                  | CCM 3.1.  | 32,5      | 12,7%                       | J                                        | N/EL                             | N/EL          | N/EL                    | N/EL                    | N/EL                      | J                | J                                 | J           | J                                                       | J                        | J                         | J                  | 24,2%                                                                                                   | E                                                 |                                           |  |  |
| CCM 3.20. Herstellung,<br>Installation und Überholung von<br>elektrischen Hoch-, Mittel- und<br>Niederspannungsbetriebsmitteln<br>für die elektrische Übertragung<br>und Verteilung, die einen<br>wesentlichen Beitrag zum<br>Klimaschutz leisten oder<br>ermöglichen | CCM 3.20. | 0,6       | 0.2%                        | J                                        | N/EL                             | N/EL          | N/EL                    | N/EL                    | N/EL                      | J                | J                                 | J           | J                                                       | J                        | J                         | J                  | N/A                                                                                                     | E                                                 |                                           |  |  |
| CapEx ökologisch nachhaltiger<br>Tätigkeiten (taxonomiekonform) (A.1)                                                                                                                                                                                                 |           | 33,1      | 13,0%                       | 100%                                     |                                  |               |                         |                         |                           | J                | J                                 | J           | J                                                       | J                        | J                         | J                  | 24,2%                                                                                                   |                                                   |                                           |  |  |
| Davon ermöglichende Tätigkeiten                                                                                                                                                                                                                                       |           | 33,1      | 13,0%                       | 100%                                     |                                  |               |                         |                         |                           | J                | J                                 | J           | J                                                       | J                        | J                         | J                  | 24,2%                                                                                                   | E                                                 |                                           |  |  |
| Davon Übergangstätigkeiten                                                                                                                                                                                                                                            |           |           |                             |                                          |                                  |               |                         |                         |                           |                  |                                   |             |                                                         |                          |                           |                    |                                                                                                         |                                                   |                                           |  |  |

{237}------------------------------------------------

| A.2 Taxonomiefähige, aber nicht ökologisch nachhaltige Tätigkeiten (nicht taxonomiekonforme Tätigkeiten)                                                 |          |      |       |             |             |             |             |             |             |       |
|----------------------------------------------------------------------------------------------------------------------------------------------------------|----------|------|-------|-------------|-------------|-------------|-------------|-------------|-------------|-------|
|                                                                                                                                                          |          |      |       | EL;<br>N/EL | EL;<br>N/EL | EL;<br>N/EL | EL;<br>N/EL | EL;<br>N/EL | EL;<br>N/EL |       |
| CCM 3.6. Herstellung anderer<br>CO2-armer Technologien                                                                                                   | CCM 3.6. | 6,6  | 2,6%  | EL          | N/EL        | N/EL        | N/EL        | N/EL        | N/EL        | 17,9% |
| CE 5.1. Reparatur,<br>Wiederaufarbeitung und<br>Wiederaufbereitung                                                                                       | CE 5.1.  | 18,1 | 7,1%  | N/EL        | N/EL        | N/EL        | N/EL        | EL          | N/EL        | N/A   |
| CCM 5.2. Erneuerung von<br>Systemen der<br>Wassergewinnung, -behandlung<br>und -versorgung                                                               | CCM 5.2. | 0,1  | 0,0%  | EL          | N/EL        | N/EL        | N/EL        | N/EL        | N/EL        | 0,1%  |
| CCM 6.5. Beförderung mit<br>Motorrädern,<br>Personenkraftwagen und leichten<br>Nutzfahrzeugen                                                            | CCM 6.5. | 0,9  | 0,4%  | EL          | N/EL        | N/EL        | N/EL        | N/EL        | N/EL        | 0,3%  |
| CCM 7.2. Renovierung<br>bestehender Gebäude                                                                                                              | CCM 7.2. | 1,5  | 0,6%  | EL          | N/EL        | N/EL        | N/EL        | N/EL        | N/EL        | 0,1%  |
| CCM 7.4. Installation, Wartung<br>und Reparatur von Ladestationen<br>für Elektrofahrzeuge in Gebäuden<br>(und auf zu Gebäuden<br>gehörenden Parkplätzen) | CCM 7.4. | 0,2  | 0,1%  | EL          | N/EL        | N/EL        | N/EL        | N/EL        | N/EL        | 0,4%  |
| CCM 7.6. Installation, Wartung<br>und Reparatur von Technologien<br>für erneuerbare Energien                                                             | CCM 7.6. | 4,2  | 1,6%  | EL          | N/EL        | N/EL        | N/EL        | N/EL        | N/EL        | 0,1%  |
| CapEx taxonomiefähiger, aber nicht<br>ökologisch nachhaltiger Tätigkeiten (nicht<br>taxonomiekonforme Tätigkeiten) (A.2)                                 |          | 31,6 | 12,4% | 43%         |             |             |             | 57%         |             | 18,9% |
| A. CapEx taxonomiefähiger Tätigkeiten<br>(A1+A2)                                                                                                         |          | 64,7 | 25,3% | 72%         |             |             |             | 28%         |             | 43,0% |
| B. NICHT TAXONOMIEFÄHIGE TÄTIGKEITEN                                                                                                                     |          |      |       |             |             |             |             |             |             |       |
| CapEx nicht                                                                                                                                              |          |      |       |             |             |             |             |             |             |       |

| CapEx nicht<br>taxonomiefähiger T\u00e4tigkeiten | 190,8 | 74,7% |
|--------------------------------------------------|-------|-------|
| GESAMT                                           | 255,5 | 100%  |

{238}------------------------------------------------

#### **Betriebsausgaben (OpEx)**

Betriebsausgaben gemäß der delegierten Verordnung 2021/2178 umfassen direkte sowie nicht aktivierte Kosten, welche den Erhalt der Funktionalität des Anlagevermögens sicherstellen<sup>1</sup>. Demzufolge sind im Nenner für den OpEx-KPI folgende Betriebsausgaben zu berücksichtigen<sup>2</sup> :

- Wartungsmaterialien und Betriebsstoffe
- Personalkosten, die durch die Reparatur von Maschinen entstanden sind
- Personalkosten, die durch die Reinigung von Maschinen entstanden sind
- IT-Kosten, die durch die Instandhaltung entstanden sind
- Aufwendungen für kurzfristige Leasingverhältnisse

Im Zähler sind jene Betriebsausgaben reflektiert, die mit den Prozessen oder Vermögenswerten der taxonomiekonformen Wirtschaftsaktivitäten verbunden sind. Dies umfasst Schulungen und sonstige Anpassungserfordernisse innerhalb der Belegschaft sowie Kosten für Forschung und Entwicklung. Auch für Investitionen, die noch in Planung sind und eine Ausweitung von taxonomiekonformen Wirtschaftsaktivitäten anstreben, sind in der OpEx-Berechnung die eben erwähnten Betriebsausgaben zu berücksichtigen<sup>3</sup> .

In Bezug auf das Geschäftsmodell der ANDRITZ-GRUPPE kommen Betriebsausgaben im Wesentlichen in Form von Forschung und Entwicklung sowie Instandhaltung in Betracht. In den taxonomiefähigen Betriebsausgaben wurden alle Betriebsausgaben in den oben beschriebenen taxonomiefähigen Produktgruppen und Investitionen berücksichtigt. Der Gesamtbetrag der nicht aktivierten Forschungs- und Entwicklungsaufwendungen, die in der Gewinn- und Verlustrechnung erfasst sind, wird im Konzernanhang in Kapitel D) 21. Immaterielle Vermögenswerte außer Geschäfts- oder Firmenwerte unter a) Forschungs- und Entwicklungskosten berichtet. Dem genannten Kapitel können auch Beschreibungen zu den Forschungs- und Entwicklungsaktivitäten von ANDRITZ entnommen werden.

Die ANDRITZ GROUP IFRS Accounting Policy definiert, dass Aufwendungen aus der Forschungsphase nicht aktivierungsfähig sind, sondern direkt im Aufwand erfasst werden. Aufwendungen in der Entwicklungsphase müssen bei Erfüllen strenger Voraussetzungen aktiviert werden.

|                                                              | OpEx-Anteil/Gesamt-OpEx  |                        |
|--------------------------------------------------------------|--------------------------|------------------------|
|                                                              | Taxonomiekonform je Ziel | Taxonomiefähig je Ziel |
| Klimaschutz (CCM)                                            | 18,9%                    | 23,1%                  |
| Anpassung an den Klimawande (CCA)                            |                          |                        |
| Wasser- und Meeresressourcen (WTR)                           |                          |                        |
| Kreislaufwirtschaft (CE)                                     |                          | 8,7%                   |
| Vermeidung und Verminderung der<br>Umweltverschmutzung (PPC) |                          |                        |
| Biologische Vielfalt und Ökosysteme (BIO)                    |                          |                        |

<sup>1</sup> Delegierte VO 2021/2178, S. 10, abrufbar unter: https://eur-lex.europa.eu/legal-content/DE/TXT/PDF/?uri=CELEX:32021R2178&from=EN

<sup>2</sup> FAQ zur delegierten VO 2021/2178, abrufbar unter: https://ec.europa.eu/info/sites/default/files/business\_economy\_euro/banking\_and\_finance/documents/sustainable-

finance-taxonomy-article-8-report-eligible-activities-assets-faq-part-2\_en.pdf <sup>3</sup> Delegierte VO 2021/2178, S. 10, abrufbar unter: https://eur-lex.europa.eu/legal-content/DE/TXT/PDF/?uri=CELEX:32021R2178&from=EN

{239}------------------------------------------------

#### Meldebogen: **OpEx**-Anteil von Waren oder Dienstleistungen, die mit taxonomiekonformen Wirtschaftstätigkeiten verbunden sind — Offenlegung für das Jahr 2023

| Geschäftsjahr 2023                                                                                                                                                                                                                                                    |           |          | Kriterien für einen wesentlichen Beitrag |                 |                                  |               |                         |                         |                           | DNSH-Kriterien ('Keine erhebliche<br>Beeinträchtigung') |                                   |             |                          |                          |                           |                    |                                                                                                     |                                                   |                                           |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------|----------|------------------------------------------|-----------------|----------------------------------|---------------|-------------------------|-------------------------|---------------------------|---------------------------------------------------------|-----------------------------------|-------------|--------------------------|--------------------------|---------------------------|--------------------|-----------------------------------------------------------------------------------------------------|---------------------------------------------------|-------------------------------------------|
| Wirtschaftstätigkeiten (1)                                                                                                                                                                                                                                            | Code (2)  | OpEx (3) | OpEx-Anteil,<br>Jahr N (4)               | Klimaschutz (5) | Anpassung an den Klimawandel (6) | Wasser (7)    | Umweltverschmutzung (8) | Kreislaufwirtschaft (9) | Biologische Vielfalt (10) | Klimaschutz (11)                                        | Anpassung an den Klimawandel (12) | Wasser (13) | Umweltverschmutzung (14) | Kreislaufwirtschaft (15) | Biologische Vielfalt (16) | Mindestschutz (17) | Anteil<br>taxonomiekon-<br>former (A.1.)<br>oder<br>taxonomiefähi-<br>ger (A.2.)<br>OpEx, 2022 (18) | Kategorie<br>ermögli-<br>chende<br>Tätigkeit (19) | Kategorie<br>Übergangs-<br>tätigkeit (20) |
| Text                                                                                                                                                                                                                                                                  |           | MEUR     | %                                        | J; N;<br>N/EL   | J; N;<br>N/EL                    | J; N;<br>N/EL | J; N;<br>N/EL           | J; N;<br>N/EL           | J; N;<br>N/EL             | J/N                                                     | J/N                               | J/N         | J/N                      | J/N                      | J/N                       | J/N                | %                                                                                                   | E                                                 | T                                         |
| A. TAXONOMIEFÄHIGE TÄTIGKEITEN                                                                                                                                                                                                                                        |           |          |                                          |                 |                                  |               |                         |                         |                           |                                                         |                                   |             |                          |                          |                           |                    |                                                                                                     |                                                   |                                           |
| A.1. Ökologisch nachhaltige Tätigkeiten (taxonomiekonform)                                                                                                                                                                                                            |           |          |                                          |                 |                                  |               |                         |                         |                           |                                                         |                                   |             |                          |                          |                           |                    |                                                                                                     |                                                   |                                           |
| CCM 3.1. Herstellung von<br>Technologien für erneuerbare<br>Energien                                                                                                                                                                                                  | CCM 3.1.  | 46,1     | 18,7%                                    | J               | N/EL                             | N/EL          | N/EL                    | N/EL                    | N/EL                      | J                                                       | J                                 | J           | J                        | J                        | J                         | J                  | 19,3%                                                                                               | E                                                 |                                           |
| CCM 3.20. Herstellung,<br>Installation und Überholung von<br>elektrischen Hoch-, Mittel- und<br>Niederspannungsbetriebsmitteln<br>für die elektrische Übertragung<br>und Verteilung, die einen<br>wesentlichen Beitrag zum<br>Klimaschutz leisten oder<br>ermöglichen | CCM 3.20. | 0,5      | 0,2%                                     | J               | N/EL                             | N/EL          | N/EL                    | N/EL                    | N/EL                      | J                                                       | J                                 | J           | J                        | J                        | J                         | J                  | N/A                                                                                                 | E                                                 |                                           |
| OpEx ökologisch nachhaltiger Tätigkeiten<br>(taxonomiekonform) (A.1)                                                                                                                                                                                                  |           | 46,6     | 18,9%                                    |                 |                                  |               |                         |                         |                           | J                                                       | J                                 | J           | J                        | J                        | J                         | J                  | 19,3%                                                                                               |                                                   |                                           |
| Davon ermöglichende Tätigkeiten                                                                                                                                                                                                                                       |           | 46,6     | 18,9%                                    |                 |                                  |               |                         |                         |                           | J                                                       | J                                 | J           | J                        | J                        | J                         | J                  | 19.3%                                                                                               | E                                                 |                                           |
| Davon Übergangstätigkeiten                                                                                                                                                                                                                                            |           |          |                                          |                 |                                  |               |                         |                         |                           |                                                         |                                   |             |                          |                          |                           |                    |                                                                                                     |                                                   |                                           |

{240}------------------------------------------------

#### A N D R I T Z - F i n a n z b e r i c h t 2 0 2 3 L a g e b e r i c h t

| A.2 Taxonomiefähige, aber nicht ökologisch nachhaltige Tätigkeiten (nicht taxonomiekonforme Tätigkeiten)          |          |      |       |             |             |             |             |             |             |  |       |  |
|-------------------------------------------------------------------------------------------------------------------|----------|------|-------|-------------|-------------|-------------|-------------|-------------|-------------|--|-------|--|
|                                                                                                                   |          |      |       | EL;<br>N/EL | EL;<br>N/EL | EL;<br>N/EL | EL;<br>N/EL | EL;<br>N/EL | EL;<br>N/EL |  |       |  |
| CCM 3.6. Herstellung anderer CO2-armer Technologien                                                               | CCM 3.6. | 10,5 | 4,2%  | EL          | N/EL        | N/EL        | N/EL        | N/EL        | N/EL        |  | 3,9%  |  |
| CE 5.1. Reparatur, Wiederaufarbeitung und Wiederaufbereitung                                                      | CE 5.1.  | 21,5 | 8,7%  | N/EL        | N/EL        | N/EL        | N/EL        | EL          | N/EL        |  | N/A   |  |
| OpEx taxonomiefähiger, aber nicht ökologisch nachhaltiger Tätigkeiten (nicht taxonomiekonforme Tätigkeiten) (A.2) |          | 32,0 | 13,0% |             |             |             | 67%         |             |             |  | 3,9%  |  |
| A. OpEx taxonomiefähiger Tätigkeiten (A1+A2)                                                                      |          | 78,6 | 31,8% |             |             |             | 27%         |             |             |  | 23,2% |  |

| OpEx nicht<br>taxonomiefähiger Tätigkeiten | 168,5 | 68,2% |
|--------------------------------------------|-------|-------|
| GESAMT                                     | 247,1 | 100%  |

{241}------------------------------------------------

#### **Tätigkeiten im Bereich Kernenergie und fossiles Gas**

ANDRITZ führt keine Tätigkeiten im Bereich Kernenergie und fossiles Gas gemäß den Definitionen der delegierten Verordnung 2022/1214 durch. Auf eine weiterführende Angabe wird daher verzichtet.

Meldebogen 1 - Tätigkeiten in den Bereichen Kernenergie und fossiles Gas

|   | Tätigkeiten im Bereich Kernenergie                                                                                                                                                                                                                                                                                                                                                                                                     |      |
|---|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------|
| 1 | Das Unternehmen ist im Bereich Erforschung, Entwicklung, Demonstration und Einsatz innovativer<br>Stromerzeugungsanlagen, die bei minimalem Abfall aus dem Brennstoffkreislauf Energie aus Nuklearprozessen<br>erzeugen, tätig, finanziert solche Tätigkeiten oder hält Risikopositionen im Zusammenhang mit diesen Tätigkeiten.                                                                                                       | NEIN |
| 2 | Das Unternehmen ist im Bau und sicheren Betrieb neuer kerntechnischer Anlagen zur Erzeugung von Strom oder<br>Prozesswärme — auch für die Fernwärmeversorgung oder industrielle Prozesse wie die Wasserstofferzeugung —<br>sowie bei deren sicherheitstechnischer Verbesserung mithilfe der besten verfügbaren Technologien tätig, finanziert<br>solche Tätigkeiten oder hält Risikopositionen im Zusammenhang mit diesen Tätigkeiten. | NEIN |
| 3 | Das Unternehmen ist im sicheren Betrieb bestehender kerntechnischer Anlagen zur Erzeugung von Strom oder<br>Prozesswärme - auch für die Fernwärmeversorgung oder industrielle Prozesse wie die Wasserstofferzeugung —<br>sowie bei deren sicherheitstechnischer Verbesserung tätig, finanziert solche Tätigkeiten oder hält Risikopositionen<br>im Zusammenhang mit diesen Tätigkeiten.                                                | NEIN |
|   | Tätigkeiten im Bereich fossiles Gas                                                                                                                                                                                                                                                                                                                                                                                                    |      |
| 4 | Das Unternehmen ist im Bau oder Betrieb von Anlagen zur Erzeugung von Strom aus fossilen gasförmigen<br>Brennstoffen tätig, finanziert solche Tätigkeiten oder hält Risikopositionen im Zusammenhang mit diesen<br>Tätigkeiten.                                                                                                                                                                                                        | NEIN |
| 5 | Das Unternehmen ist im Bau, in der Modernisierung und im Betrieb von Anlagen für die Kraft-Wärme/Kälte<br>Kopplung mit fossilen gasförmigen Brennstoffen tätig, finanziert solche Tätigkeiten oder hält Risikopositionen im<br>Zusammenhang mit diesen Tätigkeiten.                                                                                                                                                                    | NEIN |
| 6 | Das Unternehmen ist im Bau, in der Modernisierung und im Betrieb von Anlagen für die Wärmegewinnung, die<br>Wärme/Kälte aus fossilen gasförmigen Brennstoffen erzeugen, tätig, finanziert solche Tätigkeiten oder hält<br>Risikopositionen im Zusammenhang mit diesen Tätigkeiten.                                                                                                                                                     | NEIN |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                        |      |

# **4. Nicht-finanzielle Risiken**

Risikomanagement ist ein integrierter Bestandteil aller Geschäftsprozesse und erstreckt sich über sämtliche strategische und operative Ebenen der ANDRITZ-GRUPPE. Die nachfolgend beschriebenen nicht-finanziellen Risiken (gem. § 267a Abs. 3 Z 5 UGB) behandeln mögliche Risiken in Bezug auf Umwelt-, Arbeitnehmer- und Sozialbelange, die Bekämpfung von Korruption und Bestechung sowie die Achtung der Menschenrechte.

Nicht-finanzielle Risiken können aus der eigenen Geschäftstätigkeit oder aus Geschäftsbeziehungen sowohl für das Unternehmen als auch für das Unternehmensumfeld entstehen. Der Fokus auf nicht-finanzielle Risiken wurde in der Vergangenheit nicht nur aufgrund steigender Anforderungen der Stakeholder, sondern zunehmend auch durch gesetzliche Regulierungen verstärkt. Zu den möglichen Folgen nicht-finanzieller Risiken zählen neben finanziellen Schäden auch ein Reputationsverlust oder die mangelnde Attraktivität des Unternehmens als Arbeitgeber.

### **a) Personal**

Ziel der ANDRITZ-GRUPPE ist es, ihre Mitarbeiterinnen und Mitarbeiter langfristig an das Unternehmen zu binden. Ein wichtiges Anliegen des Unternehmens ist es daher, ein attraktiver Arbeitgeber zu sein. Dazu zählen unter anderem die Schaffung einer sicheren und gesunden Arbeitsumgebung für alle Beschäftigten unter Anwendung des Gleichbehandlungsprinzips ohne jegliche Form von Diskriminierung, Bedrohung oder Vergeltung. Es kann jedoch nicht ausgeschlossen werden, dass sich manche Beschäftigte ungleich oder unfair behandelt fühlen. In diesem Fall gibt es unterschiedliche Beschwerdemöglichkeiten, wie zum Beispiel über die jeweiligen lokalen HR-Organisationen, den Betriebsrat oder das online-basierte gruppenweite Hinweisgebersystem "Speak UP!".

{242}------------------------------------------------

Als unzufriedenstellend empfundene Arbeitsbedingungen könnten die Motivation und den Einsatzwillen der Mitarbeiterinnen und Mitarbeiter negativ beeinflussen und in weiterer Folge negative Auswirkungen auf die Produktivität haben. Daraus resultierende erhöhte Krankenstands- oder Fluktuationsraten könnten zu Mehrkosten für ANDRITZ führen.

Fachliche Förderung und Qualifizierung von Beschäftigten sind daher wichtige Anliegen von ANDRITZ, die aber nur durch persönliche Bereitschaft jeder einzelnen Mitarbeiterin und jedes einzelnen Mitarbeiters möglich sind. Mangelnde Bereitschaft zur Weiterbildung kann deshalb zu einer nicht ausreichenden Qualifikation der Beschäftigten führen. Auch fehlende Angebote zur fachlichen und persönlichen Weiterbildung könnten die Attraktivität von ANDRITZ als Arbeitgeber beeinträchtigen und potenzielle Mitarbeiterinnen und Mitarbeiter von einer Bewerbung abhalten. Daher versucht das Unternehmen, verstärkt auf Veränderungen in der Arbeitswelt sowie auf neue Anforderungen von Beschäftigten einzugehen. Dazu zählt beispielsweise die Schaffung einer guten Work-Life-Balance, wozu ANDRITZ mit einer verstärkten Flexibilisierung der Arbeitszeit beiträgt.

## **b) Lieferkettenmanagement**

Die Einhaltung von international gültigen Umwelt- und Sozialstandards ist ANDRITZ insbesondere in der Zusammenarbeit mit Lieferanten sehr wichtig. Mögliche Verstöße (z.B. Kinderarbeit, Missachtung von Sicherheitsvorschriften, Unterbezahlung, unsachgemäße Entsorgung von gefährlichen Stoffen etc.) können nicht nur das Image von ANDRITZ selbst, sondern auch bestehende oder zukünftige Geschäftsbeziehungen von ANDRITZ mit Kunden gefährden. Auch die Zahlung von Bußgeldern oder Strafen wäre eine mögliche Konsequenz einer Missachtung. Dies könnte sich negativ auf die Geschäftsentwicklung der Gruppe auswirken.

ANDRITZ ist daher bestrebt, die Implementierung von international anerkannten Umwelt- und Sozialstandards, wie beispielsweise die ISO 14001, die Prinzipien des UN Global Compact, die Arbeitsnormen der Internationalen Arbeitsorganisation (ILO), Gesetze gegen moderne Sklaverei oder die OECD-Leitsätze für multinationale Unternehmen, bei Lieferanten weiter voranzutreiben und deren Einhaltung auch zu überprüfen. Der ANDRITZ-Verhaltens- und Ethikkodex für Lieferanten legt die Mindestanforderungen für die Zusammenarbeit fest. Zusätzlich muss im Zuge des Lieferanten-Onboardings ein Fragebogen zu Compliance und Nachhaltigkeit ausgefüllt werden. Schwere Verstöße können bis zur Auflösung des Geschäftsverhältnisses mit Lieferanten beziehungsweise zu einem globalen Blacklisting des externen Partners führen.

## **c) Umweltschutz innerhalb und außerhalb des Unternehmens**

Die von ANDRITZ gelieferten Systeme und Anlagen entsprechen den höchsten Umwelt- und Sicherheitsstandards und erfüllen die jeweiligen gesetzlichen Vorgaben der Länder, in denen sie installiert werden. Dennoch kann es bei unsachgemäßem Betrieb der Anlagen, Wartungsfehlern oder sonstigen, unvorhergesehenen und nicht beeinflussbaren Ereignissen zu schweren Verletzungen bis hin zum Tod von Menschen bzw. zu bedeutenden Eigentumsbeschädigungen kommen, wofür ANDRITZ eventuell haftbar gemacht werden könnte.

Fachlich qualifizierte Abfallbeauftragte erstellen und kontrollieren Abfallwirtschaftskonzepte und sorgen für einen fachgemäßen Umgang mit gefährlichen Substanzen in den Fertigungsstätten. Die Abfallbeauftragten sind auch für die Erfüllung der allgemeinen Pflichten betreffend Sammlung, Beförderung, Lagerung und Behandlung von Abfällen verantwortlich. Die im Betrieb anfallenden gefährlichen Abfälle werden bis zur Abholung durch den Entsorger in absperrbaren Räumen gelagert. Über die Menge an nicht gefährlichen und gefährlichen Abfällen sowie über Altöle werden entsprechende Aufzeichnungen geführt. Dennoch kann nicht ausgeschlossen werden, dass gefährliche Abfälle nicht den Vorschriften entsprechend entsorgt werden und so eventuell Umweltschäden entstehen. Auch bei Montage- und sonstigen Arbeiten auf Baustellen werden manchmal gefährliche Chemikalien und Werkstoffe verwendet. Im Falle eines Unfalls, wie etwa des Auslaufens gefährlicher Stoffe, eines Feuers oder einer Explosion, könnte ANDRITZ für Sach-, Personen- oder Umweltschäden haftbar gemacht werden.

{243}------------------------------------------------

## **d) Risiken aufgrund des Klimawandels**

Zu den Risiken des Klimawandels für die ANDRITZ-GRUPPE zählen sowohl physische Risiken als auch Übergangsrisiken. Physische Risiken entstehen aus den Auswirkungen des Klimawandels. Dazu zählen insbesondere Extremwetterereignisse wie Stürme, Überschwemmungen, Brände und große Hitze, die zu Schäden an Standorten oder auf Baustellen sowie zu Unterbrechungen der Lieferkette führen könnten. Dies könnte wiederum zu einem Ausfall von Fertigungskapazitäten führen und möglicherweise auch weitere Folgeschäden nach sich ziehen. Extreme Wetterphänomene könnten auch zu Schäden an der Verkehrsinfrastruktur führen und so den Logistikbereich, der bei ANDRITZ von externen Dienstleistern durchgeführt wird, stark betreffen. Verzögerungen oder Ausfälle von Gütertransporten könnten einen erheblichen negativen Effekt auf den Produktionsprozess bzw. den Fortschritt von Projekten haben. Daher muss der Ablauf des Warentransports gegebenenfalls an durch den Klimawandel veränderte Rahmenbedingungen angepasst werden. Darüber hinaus ist davon auszugehen, dass mittelfristig gewisse Maßnahmen zur Anpassung an sich ändernde klimatischen Bedingungen gesetzt werden müssen.

Auch längerfristige Klimaveränderungen und deren Folgen, wie beispielsweise Temperaturveränderungen, steigende Meeresspiegel, eine geringere Verfügbarkeit von Wasser oder der Verlust an biologischer Artenvielfalt könnten sich negativ auf ANDRITZ auswirken. Somit müssen auch langfristige Anpassungsmaßnahmen gesetzt werden. Entsprechend der EU-Taxonomie-Verordnung wurden an jenen Fertigungsstandorten, die taxonomiefähige Produkte herstellen, Klimarisiko- und Vulnerabilitätsanalysen durchgeführt. Dabei wurden sowohl chronische als auch akute Gefahren heute, in 10 und in 30 Jahren bewertet. Das Risiko von Klimagefahren für die analysierten Fertigungsstandorte wird derzeit als gering eingeschätzt.

Die in den letzten Jahren weltweit feststellbaren Klimaveränderungen haben auch zu starker Preisvolatilität bei einzelnen Rohstoffen geführt. Weitere Klimaveränderungen könnten in steigenden Inputpreisen für Produktion, Energie, Transport und Versicherungen resultieren. An einzelnen ANDRITZ-Standorten wurden bereits Maßnahmen gesetzt, um die Energieeffizienz vor allem im Produktionsprozess zu steigern. Des Weiteren wurden 2023 an einigen Fertigungsstandorten Photovoltaikanlagen installiert, und für 2024 sind weitere Anlagen in Planung. Das führt nicht nur zu einer Erhöhung des Anteils an erneuerbaren Energien und zu Kosteneinsparungen, sondern macht ANDRITZ auch ein Stück weit unabhängiger vom zuletzt sehr unberechenbaren Strommarkt.

Übergangsrisiken entstehen durch den Übergang zu einer CO2-armen, klimaresistenten Wirtschaft. Eine höhere Besteuerung von fossiler Energie oder von CO2-Emissionen (beispielsweise durch den CO2- Grenzausgleichsmechanismus CBAM) könnte zu Mehrkosten führen. Daher ist man bestrebt, die Treibhausgasemissionen (Scope 1 und 2) kontinuierlich zu senken, nämlich bis Ende 2025 um 50% im Vergleich zu 2019. An Zielen für die Reduktion von Scope 3-Emissionen wird bereits gearbeitet.

Auf der Produktseite bestehen die Risiken des Klimawandels darin, dass gewisse Produkte eventuell nicht mehr erfolgreich verkauft oder sogar unverkäuflich werden könnten. Diesen Risiken begegnet ANDRITZ durch ein breites Produktportfolio im Bereich der "nachhaltigen Technologien". Das Unternehmen generiert bereits heute 45% seines Gesamtumsatzes aus Produkten und Lösungen, die zur Dekarbonisierung (u.a. Technologien zur Herstellung erneuerbarer Energie, E-Mobilität und grünem Wasserstoff), zur Kreislaufwirtschaft (u.a. Recyclingtechnologien und Technologien zur Nutzung von Nebenströmen) und zum Umweltschutz (u.a. Technologien für die Luftreinhaltung und Abwasseraufbereitung) beitragen. Dieser Anteil soll künftig noch gesteigert werden.

Auch ein Regulierungsrisiko kann entstehen, welches sich auf staatliche Maßnahmen, die als Reaktion auf den Klimawandel gesetzt werden, bezieht. Dies kann in vielfältiger Weise geschehen, und oft ist es für Unternehmen schwierig, langfristige Investitions- und Betriebsentscheidungen zu treffen, weil sich die Klimapolitik auf nationaler, EU- und internationaler Ebene häufig ändert.

{244}------------------------------------------------

## **e) Arbeits- und Reisesicherheit**

Die Sicherheit aller Mitarbeiterinnen und Mitarbeiter, die unter der Verantwortung der ANDRITZ-GRUPPE arbeiten, hat stets höchste Priorität. Besonders unsere Aktivitäten in den Fertigungsstätten und auf Baustellen bergen eine Reihe von Gesundheits- und Sicherheitsrisiken, die vermieden, gemildert und kontrolliert werden müssen. Bei Arbeitsunfällen von ANDRITZ-Beschäftigten und Personen, die im Auftrag des Unternehmens arbeiten bzw. wenn Drittpersonen durch Unfälle zu Schaden kommen, kann die Gruppe unter Umständen haftbar gemacht werden.

Obwohl ANDRITZ der festen Überzeugung ist, dass alle Arbeitsunfälle verhindert werden können und müssen, kann es nicht immer vermieden werden, dass sich unsere Mitarbeitenden bei der Arbeit oder auf dem Arbeitsweg verletzen. Alle Unfälle werden genau untersucht, um daraus zu lernen und diese zukünftig durch zusätzliche Verbesserungsmaßnahmen zu vermeiden.

Die Ergebnisse der Unfalluntersuchungen zeigen, dass die meisten Arbeitsunfälle innerhalb der Organisation auf menschliche Faktoren zurückzuführen sind. Aus diesem Grund wird ANDRITZ die definierten und geforderten sicheren Verhaltensweisen durch spezifische verhaltensbasierte Sicherheitskampagnen und Trainings festigen.

Ein weiterer sehr wichtiger Faktor für die Schaffung eines sicheren Arbeitsumfelds ist die kontinuierliche und strukturierte Stärkung des Managementsystems, der Abläufe und Prozesse, sowohl an den eigenen Standorten als auch auf den Baustellen, sowie klar definierte und sichere Arbeitsmethoden, basierend auf einer systematischen Identifizierung der bestehenden und potenziellen Gefahren, der Bewertung der damit verbundenen Risiken und der Definition geeigneter und effektiver Präventiv- und Kontrollmaßnahmen für alle Aktivitäten und Prozesse bei ANDRITZ.

Ein weiterer grundlegender Aspekt für die Unfallverhütung ist die genaue Planung und Koordination der verschiedenen Arbeitsaktivitäten sowie die entsprechende Ausbildung, Kompetenz und Erfahrung der Mitarbeiterinnen und Mitarbeiter.

Das ANDRITZ-Reisesicherheitsprogramm wird über eine konzernweite Travel Risk Management Policy gesteuert. Oberstes Ziel dieses Programms ist es, für möglichst reibungslose Auslandseinsätze zu sorgen sowie die gesunde und sichere Heimkehr der Mitarbeiterinnen und Mitarbeiter sicherzustellen. Zu diesem Zweck beobachtet die Gruppenfunktion Group Corporate Security laufend die Lage in Risikoländern, analysiert diese und unterstützt Projektverantwortliche und Reisende mittels Präventions- und Notfallkonzepten. Dies wiederum trägt zu einer Minimierung von operativen Unterbrechungen (Produktivitätsschwankungen) und somit auch zur Kundenzufriedenheit bei.

Zusätzlich stehen Reisenden und Projektverantwortlichen verschiedene Tools und Services zur Verfügung. Ein Länderportal, das auch via Smartphone-App abrufbar ist, bietet länderspezifische Informationen, Risikoanalysen und praktische Handlungsempfehlungen zum Thema Reisegesundheit und -sicherheit sowie Updates zu aktuellen Entwicklungen. Dazu zählen beispielsweise Informationen über politische Unruhen oder medizinische Risiken. Reisende werden hier auch kurzfristig über plötzlich eingetretene oder anstehende Ereignisse (politische Unruhen, Streiks, erschwerte Wetterbedingungen, Flughafenschließungen, Ausbruch von Krankheiten etc.), die Einfluss auf die Projektabwicklung bzw. Reisetätigkeit haben könnten, informiert.

Projektmanagerinnen und -manager, Baustellenleitende sowie Reisende sollen durch die bereitgestellten Informationen bestmögliche Vorbereitungen treffen bzw. sich auf eine veränderte Lage vor Ort einstellen können. Zurzeit gibt es auch mehrsprachige Informationsseiten zum Russland-Ukraine-Konflikt.

{245}------------------------------------------------

Einen weiteren wesentlichen Service stellen die Travel Helplines dar. Die Expertinnen und Experten der ANDRITZ Medical Travel Helpline und der ANDRITZ Security Travel Helpline stehen den Mitarbeiterinnen und Mitarbeitern rund um die Uhr für Fragen vor und während der Reise zur Verfügung. Die Helplines dienen auch zur Vermittlung ortskundiger Transport- oder Sicherheitsfirmen am Zielort bzw. zur Organisation klassischer Notfallunterstützung bis hin zur Evakuierung.

## **f) Compliance**

Vorsätzliche oder fahrlässige Verletzungen von Gesetzen, internen Richtlinien oder Regeln durch Mitarbeiterinnen und Mitarbeiter oder Führungskräfte stellen ein potenzielles Risiko für ANDRITZ dar. Geldbußen, Gewinnentgang, Verlust von Umsätzen, die mit unlauteren Mitteln oder unseriösen Geschäftspartnern erwirtschaftet wurden, Schadenersatzforderungen von Vertragspartnern oder Dritten, Ausschluss von öffentlichen Ausschreibungen, Imageverlust, geringere Geschäftschancen, staatliche Sanktionen und Gefährdung des Unternehmensvermögens können die Folgen von Compliance-Verstößen sein. Für Mitarbeiterinnen und Mitarbeiter kann es zu Disziplinarmaßnahmen bis hin zur Entlassung und unter Umständen auch zu strafrechtlichen Verfolgungen und Schadenersatzforderungen kommen.

Um diesen Risiken entgegenzuwirken, überwachen die einzelnen Abteilungen die Einhaltung der Gesetze und internen Richtlinien. Zusätzlich liegt der Fokus des gruppenweiten Compliance-Management-Systems (CMS), welches von Group Corporate Compliance eingeführt wurde, auf Maßnahmen auf dem Gebiet des Kapitalmarktrechts, des Wettbewerbsrechts, der Korruptionsbekämpfung, des Datenschutzes, der Exportkontrolle, der Menschenrechte, der Gleichbehandlung/Nichtdiskriminierung sowie der Lieferketten-Compliance. Um die Effektivität der Einhaltung der Compliance-Maßnahmen sicherzustellen und das CMS laufend zu verbessern, ist es nach ISO 37301 und das Anti-Korruptionsmanagementsystem nach ISO 37001 zertifiziert. Des Weiteren werden die Managementsysteme internen und externen Audits unterzogen.

Eine wichtige Grundlage des CMS ist die systematische Ermittlung der Compliance-Risiken. Auf dieser Grundlage werden Compliance-Maßnahmen zur Risikominimierung gesetzt. Beispielsweise werden regelmäßig Schulungen auf Basis des gruppenweit gültigen Verhaltens- und Ethik-Kodex und anderer Regelwerke durchgeführt. Je nach Aufgabenbereich erhalten Mitarbeiterinnen und Mitarbeiter sowie Führungskräfte auf sie zugeschnittene Schulungen. Diese werden sowohl mittels Online-Schulungsprogrammen als auch persönlich durchgeführt. In jeder Region gibt es einen Regional Compliance Officer, der direkt an den Group Compliance Officer berichtet. Zusätzlich wurde auf Geschäftsführungsebene in allen wesentlichen Gesellschaften jeweils ein Compliance Director bestellt, in dessen Aufgabenbereich die Umsetzung der Compliance-Maßnahmen für die jeweilige Gesellschaft fällt.

Um die Risiken auf Firmenebene besser monitoren zu können und eine einfachere Analyse zu ermöglichen, wurden für die unterschiedlichen Compliance-Felder Compliance Performance- Indikatoren (CPI) eingeführt, welche den Compliance Directors im sogenannten Compliance Cockpit quartalsweise zur Verfügung gestellt werden. Darüber hinaus werden im Compliance Cockpit allgemeine Compliance-Aufgaben zugewiesen bzw. auch speziell auf die einzelnen Firmen abgestimmte Aufgaben erfasst und gemonitort. Vorstand und Aufsichtsrat befassen sich regelmäßig mit der Überwachung der Umsetzung der Compliance-Maßnahmen und werden diesbezüglich vom Group Compliance Officer informiert.

Mit einem anonymen Hinweisgeber-System ermutigen wir alle unsere Mitarbeiterinnen und Mitarbeiter, Geschäftspartnerinnen und Geschäftspartner und andere Interessengruppen, sich an uns zu wenden und etwaige Bedenken zu melden. Das System von ANDRITZ entspricht in vollem Umfang der EU-Whistleblowing-Richtlinie und den Umsetzungsgesetzen der EU-Mitgliedstaaten.

Die wesentlichen Maßnahmen und Aktivitäten im Bereich Compliance sind auch im konsolidierten Corporate-Governance-Bericht auf der ANDRITZ-Websit[e andritz.com/governance-de](https://www.andritz.com/group-de/investor-relations/corporate-governance) nachzulesen.

{246}------------------------------------------------

## **g) Datensicherheit und Datenschutz**

Ein angemessener Schutz der persönlichen Daten von Dritten, etwa von Kunden, Lieferanten, Mitarbeiterinnen und Mitarbeitern sowie allen anderen ANDRITZ-Stakeholdern, minimiert das Risiko von Datenschutzverletzungen, die nicht nur den Ruf des Unternehmens schädigen, sondern auch hohe Strafen nach sich ziehen können.

Um die gesetzlichen Anforderungen zu erfüllen sowie konkrete Handlungsanweisungen und genaue interne Regeln festzulegen, gibt es eine gruppenweite Richtlinie zum Thema Datenschutz, die sich vor allem mit der Erhebung, Verarbeitung, Speicherung und Pflege von personenbezogenen Daten beschäftigt. Auf Basis der jeweils geltenden nationalen Gesetze wurden entsprechende Datenschutzprozesse beziehungsweise Anhänge zur Datenschutz-Richtlinie in Nicht-EU-Staaten, wie beispielsweise in Brasilien und China, eingeführt.

Des Weiteren wurden Datenschutzkoordinatorinnen und -koordinatoren nominiert und geschult, die für die Einhaltung aller relevanten Forderungen der EU-Datenschutz-Grundverordnung (DSGVO) in den Geschäftsbereichen, Gruppenfunktionen und Gesellschaften zuständig sind.

Zusätzlich wurden weitere Maßnahmen gesetzt, um alle Anforderungen aus den Datenschutzgesetzen zu erfüllen, wie beispielweise die Durchführung einer Qualitätsüberprüfung der Datenbanken zur Dokumentation und zur Handhabung der Prozesse, die persönliche Daten beinhalten. Dennoch ist ein Verstoß gegen das Gesetz nicht ausgeschlossen. Die Strafen können bis zu 4% des Gruppenumsatzes betragen, was wiederum ein erhebliches Risiko für ANDRITZ darstellt.

Aufgrund vermehrter Vorfälle in der Wirtschaftswelt beschäftigt sich ANDRITZ auch intensiv mit Angriffen auf Informationssysteme. Systemnutzerinnen und -nutzer werden von Kriminellen durch Tricks, wie etwa Phishing Mails, manipuliert, um an interne und sensible Daten und Informationen zu gelangen bzw. unrechtmäßige Zahlungen auszulösen. In diesem Zusammenhang wurde gruppenweit eine Safe Payment Policy implementiert. Darüber hinaus wurden die Anweisungen für sicheren Zahlungsverkehr verschärft, und die Beschäftigten werden laufend durch Hinweise und Informationen im Intranet und in der Mitarbeiterzeitung sowie durch Phishing-Simulationen und Trainings für das Thema sensibilisiert.

## **h) Innovation**

Der Geschäftserfolg der ANDRITZ-GRUPPE ist in hohem Maße vom technischen Know-how des Unternehmens und der daraus resultierenden Entwicklung von neuen Produkten und Technologien abhängig. Die ANDRITZ Innovation Management (AIM)-Initiative fördert Innovationen und ermöglicht allen Mitarbeiterinnen und Mitarbeitern, Ideen für neue Produkte einzubringen. Zudem werden regelmäßig interne Startup-Wettbewerbe durchgeführt, die bereits erfolgreiche Projekte hervorgebracht haben. Die hohe Anzahl an Einreichungen spiegelt das enorme Knowhow, die Innovationskraft und das Engagement der Beschäftigten wider. Innovationsprojekte sind aber auch oft zeitund kostenintensiv. Manche Projekte setzen sich am Markt nicht durch und müssen daher gestoppt werden, auch wenn bereits ein hohes Maß an finanziellen und personellen Ressourcen in deren Entwicklung gesteckt wurde.

## **5. Verantwortungsvolles Personalmanagement**

Die Gruppenfunktion Group Human Resources Management (GHR) ist verantwortlich für die Entwicklung und Umsetzung der globalen Personalstrategie. GHR hat das Ziel, sämtliche Bereiche der ANDRITZ-GRUPPE bestmöglich in Personalangelegenheiten zu unterstützen und damit zur Erreichung der langfristigen Unternehmensziele beizutragen. Zu den Schwerpunkten zählen Nachfolgeplanung, Talente-Management, Veränderungsmanagement, Employer Branding, Talentakquise, Organisations- und Leistungsmanagement, Weiterentwicklung der Unternehmenskultur (#1ANDRITZway), Aus- und Weiterbildung, globale Mobilität, die Entlohnungsstrategie, die Digitalisierung sowie das Erreichen der ESG-Ziele des sozialen Schwerpunkts.

{247}------------------------------------------------

Das GHR-Team setzt sich aus Mitarbeiterinnen und Mitarbeitern verschiedenster Kulturen mit unterschiedlichen Arbeitserfahrungen und Perspektiven zusammen und nutzt somit alle Vorteile der internationalen Ausrichtung von ANDRITZ. Das Kernteam der Gruppenfunktion besteht aus HR-Kompetenzzentren in Graz, Wien, Helsinki, Bratislava, Porto Alegre und den USA. Die Teammitglieder der Kompetenzzentren entwickeln in ihren jeweiligen Fachgebieten gemeinsam mit internationalen Personalfachkräften Strategien sowie Prozesse, Systeme und Instrumente zur Umsetzung der Strategien. Dadurch können sie Dienstleistungen für die gesamte Organisation, vor allem für die lokalen HR-Organisationen, bereitstellen.

Darüber hinaus gibt es globale HR Business Partner, die weltweit an unterschiedlichen Standorten beschäftigt sind. Sie beraten und unterstützen die jeweiligen Geschäftsbereiche in strategischen und individuellen Personalfragen. Ihre Aufgabe ist es, relevante HR-Aktivitäten im jeweiligen Geschäftsbereich zu managen, wesentliche Informationen zu Personalthemen zu kommunizieren sowie wichtige Informationen mit den lokalen Personalverantwortlichen auszutauschen.

## **a) Personalmanagement 2023**

Im Jahr 2023 konzentrierten sich die globalen und lokalen Personalabteilungen auf eine Reihe von Schlüsselthemen: die Weiterentwicklung des Unternehmenskultur-Programms #1ANDRITZway, die Bereiche Führungskompetenzen und Mitarbeiterbewusstsein sowie die Einführung der ersten #1ANDRITZway-Umfrage für alle Mitarbeiterinnen und Mitarbeiter. Darüber hinaus wurde die erste Umfrage zum Mitarbeiterengagement durchgeführt, die eine Rücklaufquote von 70% aufwies und aus der eine Reihe von Verbesserungsmaßnahmen abgeleitet wurden, die nun in Angriff genommen werden. Darüber hinaus fanden vier weitere regionale Talentprogramme statt, mit denen ANDRITZ seine interne Talentpipeline für die Nachfolgeplanung stärken will. Ein weiterer Schwerpunkt lag auf den ESG-Zielen, die freiwillige Fluktuationsrate zu senken und die Frauenquote zu erhöhen.

Weitere wichtige Themen waren die Digitalisierung der globalen Kernprozesse und die Weiterentwicklung des Stammdatenmanagementsystems (#APeople) zur konzernweit einheitlichen Abbildung und Dokumentation aller HR-Daten. Diese Mitarbeiterstammdaten werden in vielen IT-Systemen und verschiedenen Prozessen benötigt. Sie dienen auch als Grundlage für Managemententscheidungen. Neben der Stammdatenverwaltung enthält #APeople verschiedene Module für die Hauptprozesse im Personalmanagement, wie Recruitment, Onboarding von neuen Mitarbeiterinnen und Mitarbeitern oder die Durchführung von Mitarbeitergesprächen. Im Jahr 2023 wurde Schuler in dieses System integriert und damit ein globales HR-System geschaffen, das die gesamte ANDRITZ-GRUPPE abdeckt.

## **b) #1ANDRITZway – Verhaltensleitsätze**

Die Initiative #1ANDRITZway ist die Weiterentwicklung der ONE ANDRITZ-Kampagne für Unternehmenskultur, die seit einigen Jahren intern läuft. #1ANDRITZway legt vier zentrale Verhaltensweisen fest, die die Zusammenarbeit innerhalb der ANDRITZ-GRUPPE regeln: Kundenorientierung, Verantwortungsbewusstsein, gemeinsames Engagement und Offenheit. Im Jahr 2023 wurde die Initiative in der ANDRITZ-GRUPPE noch breiter ausgerollt. Aus der #1ANDRITZway-Umfrage geht hervor, dass 68% der Mitarbeitenden die Kernverhaltensweisen oft oder immer in ihrem Arbeitsumfeld anwenden. ANDRITZ hat sich zum Ziel gesetzt, diesen Wert bis 2026 auf über 70% zu erhöhen.

{248}------------------------------------------------

## **c) Diversität**

Per Ende Dezember 2023 arbeiteten Mitarbeiterinnen und Mitarbeiter aus mehr als 80 Ländern bei ANDRITZ. Es werden derzeit 34 Sprachen im Unternehmen gesprochen. ANDRITZ setzt auf diese Vielfalt und engagiert sich für ein multikulturelles Arbeitsumfeld mit internationalen Berufsperspektiven. Durch den Wissens- und Erfahrungsaustausch zwischen Beschäftigten unterschiedlicher Herkunft, Religion und Kultur sowie unterschiedlichen Alters entstehen positive Effekte für die Gruppe.

Image /page/248/Figure/3 description: This image shows a pie chart and a table describing the distribution of employees by region. The pie chart is divided into five sections, labeled A through E. The table lists the regions corresponding to each letter, along with the percentage of employees in each region for the years 2023 and 2022. Region A, Europa, has 52% of the employees in both 2023 and 2022. Region B, Südamerika, has 14% of the employees in both years. Region C, Nordamerika, has 13% of the employees in both years. Region D, China, has 13% of the employees in both years. Region E, Asien (ohne China), Afrika, Australien, has 8% of the employees in both years.

Der Frauenanteil betrug im Jahr 2023 17,0% (2022: 16,4%). Eines der ESG-Ziele der ANDRITZ-GRUPPE ist es, den Frauenanteil bis Ende 2025 auf 20% zu erhöhen. Ein weiteres Ziel ist die Erhöhung der Frauenquote in Führungspositionen (inkl. Vorstand), wo der Frauenanteil derzeit bei 12,8% liegt. Maßnahmen zur Erreichung dieser Ziele umfassen die verstärkte Förderung von Frauen für Führungspositionen sowie erhöhte Unterstützung bei der Vereinbarkeit von Familie und Beruf. Ein Schwerpunkt liegt auch in der gezielten Erhöhung des Anteils von Frauen und unterrepräsentierten Gruppen in der Nachfolgeplanung.

#### Mitarbeiterinnen und Mitarbeiter nach Geschlecht

|        | Absolut 2023 | Absolut 2022 | Anteil 2023 | Anteil 2022 |
|--------|--------------|--------------|-------------|-------------|
| Männer | 24.654       | 24.332       | 83,0%       | 83,6%       |
| Frauen | 5.063        | 4.762        | 17,0%       | 16,4%       |
| GESAMT | 29.717       | 29.094       | 100,0%      | 100,0%      |

### **d) Aus- und Weiterbildung**

Allen Mitarbeiterinnen und Mitarbeitern von ANDRITZ werden eine fundierte Aus- und Weiterbildung sowie internationale Karrieremöglichkeiten geboten. Durch die Entwicklungsprogramme mit Schulungs- und Lernmöglichkeiten für verschiedene Zielgruppen sollen alle Beschäftigten dazu ermutigt werden, sich neue oder erweiterte Fähigkeiten, Kenntnisse und Sichtweisen anzueignen.

# **Mitarbeiterinnen und Mitarbeiter nach Regionen**

{249}------------------------------------------------

Das wichtigste Instrument für persönliche Entwicklung und gute Zusammenarbeit an den Standorten ist das Mitarbeitergespräch, das zumeist einmal jährlich – in einigen Bereichen mehrmals pro Jahr – stattfindet. Im Mitarbeitergespräch werden Arbeitsinhalte und Ziele besprochen und zukünftige Entwicklungen thematisiert. Es werden Feedback zum aktuellen Stand im Job, zu #1ANDRITZway sowie Perspektiven für die Zukunft gegeben. Gleichzeitig können Fragen und Anliegen der Mitarbeiterinnen und Mitarbeiter besprochen werden.

Im Berichtsjahr wurden mit 66,7% (2022: 68,8%) der Belegschaft Mitarbeitergespräche geführt, bei den Angestellten liegt der Anteil bei 90%. Mit der erfolgreichen Einführung von #APerformance, dem Modul für Mitarbeitergespräche, wird in den kommenden Jahren eine deutliche Steigerung erkennbar sein.

In diesem Zusammenhang spielen bei ANDRITZ auch Talente-Management und Nachfolgeplanung eine große Rolle. Das Talente-Management ist ein kontinuierlicher Prozess, der es Führungskräften ermöglicht, einen besseren Überblick über Potenzial und Fähigkeiten von internen Nachfolgekandidatinnen und -kandidaten und deren Bereitschaft zur Verantwortungsübernahme zu erhalten. Bereits seit vielen Jahren werden unterschiedliche Programme zur Führungskräfteentwicklung im Unternehmen eingesetzt – etwa das ANDRITZ Global Talent Program oder das ANDRITZ Global Leadership Program.

Die Nachfolgeplanung von ANDRITZ zielt darauf ab, eine reibungslose Nachfolge für alle Schlüsselpositionen und ausreichende Managementkapazitäten für neue Geschäftsmöglichkeiten sicherzustellen. Aus diesem Grund wurden weltweit 350 Schlüsselpositionen definiert und mögliche Nachfolgerinnen und Nachfolger festgelegt. Dieser Prozess wird laufend fortgeführt.

## **e) Lehrlingsausbildung und Zusammenarbeit mit Universitäten**

Die Ausbildung von jungen Fachkräften hat bei ANDRITZ lange Tradition – so werden am Standort Graz bereits seit 1922 Lehrlinge ausgebildet. Die jungen Menschen erhalten sowohl theoretischen als auch praktischen Unterricht und werden zusätzlich mit Englischkursen, Sicherheits- und Qualitäts- sowie teamfördernden Schulungen auf das Berufsleben vorbereitet. Per Ende 2023 waren weltweit 642 Lehrlinge in Ausbildung (2022: 629 Lehrlinge).

Durch die Zusammenarbeit mit Universitäten und anderen Ausbildungsinstitutionen hat ANDRITZ darüber hinaus die Möglichkeit, hochqualifizierte Nachwuchskräfte anzusprechen. Man ist bestrebt, diese langfristig für das Unternehmen zu begeistern und zu gewinnen. Studierende werden auch bei ihren Abschlussarbeiten unterstützt und in unterschiedlicher Form während des Studiums beschäftigt. Die Zusammenarbeit zwischen ANDRITZ und Universitäten / Fachhochschulen wurde 2023 intensiviert.

## **f) Employer Branding – ANDRITZ als attraktiver Arbeitgeber**

Den Mehrwert von ANDRITZ als Arbeitgeber überzeugend zu kommunizieren, eine ansprechende Arbeitgebermarke aufzubauen und somit das Unternehmen am Bewerbermarkt möglichst attraktiv zu gestalten, sind die Ziele der Employer-Branding-Aktivitäten.

Im Zentrum steht die ANDRITZ-Employer-Value-Positionierung ("ANDRITZ – Where passion meets career"), die die Frage beantwortet, wofür das Unternehmen als Arbeitgeber steht, und was das zentrale Versprechen an potenzielle und bestehende Mitarbeiterinnen und Mitarbeiter ist. Sie gibt die Richtung für alle Employer-Branding-Maßnahmen vor. Diese bestehen aus unterschiedlichen internen und externen Maßnahmen (u.a. Karriereseite der Homepage oder LinkedIn).

Auch auf die Einarbeitung der Mitarbeiterinnen und Mitarbeiter im Unternehmen – das sogenannte Onboarding – wird hohes Augenmerk gelegt. Kurz nach ihrem Eintritt werden neue Beschäftigte mittels Internal Net Promoter Score gefragt, ob sie ANDRITZ als Arbeitgeber weiterempfehlen würden. Dieser Score hat sich in den letzten Jahren durch eine Vielzahl von durchgeführten Maßnahmen kontinuierlich erhöht.

{250}------------------------------------------------

4.645 Mitarbeiterinnen und Mitarbeiter wurden im Jahr 2023 neu eingestellt, davon waren 15% über 50 Jahre, 55% zwischen 30 und 50 Jahre und 30% unter 30 Jahre alt. Die Altersverteilung im Unternehmen ist seit Jahren sehr ausgewogen. Das durchschnittliche Alter beträgt 44 Jahre. Mehr als die Hälfte der Mitarbeiterinnen und Mitarbeiter (57%) ist zwischen 30 und 50 Jahre alt (2022: 58%). Der Anteil der unter 30-Jährigen liegt bei 12% (2022: 12%). 31% der Beschäftigten sind über 50 Jahre alt (2022: 30%).

ANDRITZ ist es wichtig, Mitarbeiterinnen und Mitarbeiter langfristig an das Unternehmen zu binden. Das spiegelt sich auch in den Zahlen wider. Die durchschnittliche Beschäftigungszeit innerhalb der Gruppe beträgt 11,1 Jahre. Die Fluktuationsrate im Jahr 2023 betrug 11,4% bzw. 3.376 Mitarbeiterinnen und Mitarbeiter (2022: 12,0% bzw. 3.471 Mitarbeiterinnen und Mitarbeiter). Davon verließen 5,1% bzw. 1.504 Mitarbeiterinnen und Mitarbeiter (2022: 6,0% bzw. 1.732 Mitarbeiterinnen und Mitarbeiter) das Unternehmen freiwillig und bei 4,1% bzw. 1.218 Mitarbeiterinnen und Mitarbeitern (2022: bei 3,9% bzw. 1.119 Mitarbeiterinnen und Mitarbeitern) wurde das Dienstverhältnis beendet.

|             | Vertragsbeendigungen 2023 | Vertragsbeendigungen 2022 | Fluktuationsrate 2023* | Fluktuationsrate 2022 |
|-------------|---------------------------|---------------------------|------------------------|-----------------------|
| Männer      | 2.905                     | 2.969                     | 11,7%                  | 12,6%                 |
| Frauen      | 471                       | 502                       | 9,4%                   | 10,8%                 |
| < 30 Jahre  | 641                       | 706                       | 17,5%                  | 21,5%                 |
| 30-50 Jahre | 1.702                     | 1.847                     | 10,1%                  | 11,3%                 |
| > 50 Jahre  | 1.033                     | 918                       | 11,0%                  | 10,6%                 |
| GESAMT      | 3.376                     | 3.471                     | 11,4%                  | 12,0%                 |

#### Fluktuation nach Geschlecht und Altersgruppe

\* Berechnung der Fluktuationsrate: Vertragsbeendigungen im Verhältnis zur durchschnittlichen Mitarbeiterzahl, Vertragsbeendigungen inkludieren arbeitgeber- und arbeitnehmerseitige Beendigungen von Dienstverhältnissen.

## **g) Gleichbehandlung und Fairness gegenüber allen Mitarbeiterinnen und Mitarbeitern**

ANDRITZ möchte seiner Belegschaft ein Arbeitsumfeld bieten, das Chancengleichheit, gute Entwicklungsmöglichkeiten und gerechte Entlohnung für alle ermöglicht – egal an welchem Standort. Die grundlegenden Rechte gelten gruppenweit für alle Mitarbeiterinnen und Mitarbeiter. Dazu zählen das Recht der gesetzlichen Mitbestimmung der Arbeitnehmerinnen und Arbeitnehmer sowie die Einhaltung der Grundsätze und Normen der International Labour Organization (ILO) betreffend Vereinigungsfreiheit, Abschaffung von Zwangsarbeit, Kinderarbeit und Diskriminierung sowie faire und leistungsgerechte Entlohnung.

Zwischen dem Vorstand der ANDRITZ AG und den Betriebsräten gibt es regelmäßige sowie auch anlassbezogene Treffen, die den offenen und transparenten Informationsaustausch zwischen beiden Organen sicherstellen und unterstützen. Die Bildung von internen Gremien, die Mitarbeiterinteressen vertreten, wird befürwortet. An allen Standorten gilt die Versammlungsfreiheit gemäß den jeweiligen lokalen Gesetzen.

ANDRITZ duldet und toleriert keine Form von Belästigungen und Diskriminierung von Mitarbeiterinnen und Mitarbeitern aufgrund von Geschlecht, Alter, Herkunft, Religion, Nationalität etc. Das Arbeitsumfeld jedes Beschäftigten soll frei von Einschüchterung und anzüglichem Verhalten sein. Dies ist sowohl im gruppenweiten Kodex über Geschäftsverhalten und -ethik als auch in der gruppenweit geltenden Personal-Richtlinie klar dokumentiert. Auch die Möglichkeiten im Beschwerdefall sind festgelegt. Die Fristen für Mitteilungen bei wesentlichen betrieblichen Änderungen (Schließung von Standorten, Kündigungen etc.) sind in einer gruppenweit gültigen Richtlinie geregelt.

{251}------------------------------------------------

## **h) Personalaufwendungen und Sozialleistungen**

Die Aufwendungen für Personal betrugen im Berichtsjahr 2.165,8 MEUR (2022: 1.986,8 MEUR). ANDRITZ entlohnt seine Mitarbeiterinnen und Mitarbeiter fair und gemäß den jeweils geltenden Tarif- oder Kollektivvertragsvorschriften. Mit 55,8% der Belegschaft gibt es Kollektivvertragsvereinbarungen. Für den Rest der Belegschaft bestehen individuelle Vereinbarungen auf der Grundlage von Qualifikation und Berufserfahrung, sowie gesetzlichen Anforderungen, die mit der marktüblichen Vergütung in Einklang stehen.

Das durchschnittliche Gehalt der Frauen lag im Berichtszeitraum bei rund 90% des durchschnittlichen Gehalts der Männer. Dieser Unterschied resultiert aus der Tatsache, dass der Anteil der Frauen in Führungspositionen und höher bezahlten Referenten- und Fachpositionen unter 50% liegt. Gezielte Maßnahmen zur Veränderung dieser Situation wurden ergriffen. ANDRITZ unterstützt zum Beispiel Beschäftigte in der Kinderbetreuung, etwa durch die Vereinbarung von Teilzeitarbeitsverhältnissen. An mehreren Standorten gibt es Betriebskindergärten, die teilweise auch technische Betreuungsschwerpunkte haben. Das Unternehmen steht auch Teilzeitvereinbarungen für Väter oder anderen Formen der Unterstützung bei der Kinderbetreuung positiv gegenüber. ANDRITZ ermöglicht seinen Mitarbeiterinnen und Mitarbeitern auch Home Office, was Familie und Beruf leichter vereinbaren lässt.

In Ländern, in denen das Sozialsystem weniger ausgeprägt ist als in Europa, erhalten Mitarbeiterinnen und Mitarbeiter freiwillige Sozialleistungen, wie etwa Unfallversicherungen, Beiträge zur Pensionsvorsorge und Lebensversicherungen bis hin zur Unterstützung von Familienangehörigen.

## **i) Achtung der Menschenrechte bei der Durchführung von Projekten**

ANDRITZ achtet und unterstützt die international anerkannten Menschenrechte und wahrt die Chancengleichheit unabhängig von Geschlecht, Religion, Herkunft, Nationalität, Alter, sexueller Orientierung oder Behinderung. ANDRITZ sieht es als seine Verpflichtung, jede Möglichkeit zu nutzen, die Einhaltung der Menschenrechte zu fördern – sowohl innerhalb als auch außerhalb des Unternehmens.

Die Geschäftstätigkeit von ANDRITZ leistet einen Beitrag zum wirtschaftlichen, ökologischen und sozialen Fortschritt. Manchmal sind aber auch Menschen davon negativ betroffen. Das Unternehmen strebt danach, in Zusammenarbeit mit den jeweiligen Auftraggebern Ausgleichsmaßnahmen dafür auszuarbeiten und umzusetzen bzw. die Kunden dabei zu unterstützen, diese durchzuführen.

Vor der Teilnahme an Großprojekten werden Due-Diligence-Prüfungen durchgeführt, um potenzielle Auswirkungen auf Menschen und Umwelt zu ermitteln. Die gewonnenen Daten und Erkenntnisse werden evaluiert und analysiert. Darauf basierend wird dann über die Teilnahme an Projekten entschieden. Darüber hinaus bekennt sich ANDRITZ Hydro als Mitglied der IHA (International Hydropower Association) uneingeschränkt zur San José Declaration on Sustainable Hydropower, die einen Stopp für neue Wasserkraftprojekte in UNESCO-Welterbestätten inkludiert, und unterstützt auch die weltweite Etablierung des Hydropower Sustainability Standards.

{252}------------------------------------------------

# **6. Supply Chain Management**

Die Gruppenfunktion Group Supply Chain Management (GSC) legt die Strategie und die Rahmenbedingungen für die Zusammenarbeit mit den weltweit rund 30.500 Lieferanten der ANDRITZ-GRUPPE fest. Etwa 2.600 davon decken beinahe 80% des externen Einkaufsvolumens ab. GSC unterstützt – unter Einbeziehung aller relevanten Stakeholder (Einkaufsleiterinnen und -leiter der Regionen und Divisionen sowie das jeweilige Management) – den gesamten Beschaffungs- und Distributionsprozess der Gruppe. Um eine bestmögliche Unterstützung der Geschäftsbereiche sicherstellen zu können, wird GSC frühzeitig in die Verkaufs- und Auftragsabwicklung eingebunden – mit Schwerpunkt auf dem Management der Projektlieferketten. Das globale Key Account, Category and Project Procurement Management für Lieferanten erleichtert die Bündelung von Beschaffungen und ermöglicht eine transparente sowie abgestimmte Herangehensweise in Bezug auf Neu- und Alternativlieferanten. Ein weiterer Schwerpunkt von GSC ist die Erarbeitung einer Zukaufsstrategie für ausgewählte Projekte und Lieferanten.

Neben der strategischen Ausrichtung ist die Abteilung auch für das gruppenweite Supply Chain Training sowie für Lieferanten-Compliance und -Nachhaltigkeit verantwortlich. Weitere Aufgabenbereiche sind die Förderung von Digitalisierung, Innovation und Prozessentwicklung innerhalb des Supply Chain Managements sowie das Management des nicht direkt in der Fertigung benötigten Materials, der für alle Geschäftsbereiche relevanten Services (z.B. Energie, IT oder Geschäftsreisen) und der Logistik.

Das Supply Chain Executive Team fungiert als Entscheidungs- und Umsetzungsgremium für die Divisionen und Regionen. Es setzt sich aus den jeweiligen Einkaufs- bzw. Supply Chain Managern der Geschäftsbereiche und Regionen zusammen. Dieses Gremium ist nicht nur verantwortlich für die operative Umsetzung der grundlegenden Supply Chain Management-Prozesse und -Minimumstandards im jeweiligen Verantwortungsbereich, sondern stimmt sich auch über Konsequenzen und Handlungen bei Abweichungen von vereinbarten Mindeststandards ab.

Das Jahr 2023 stellte Group Supply Chain Management wieder vor einige Herausforderungen. Neben den Markteinschränkungen durch politische Konflikte, wie jenen zwischen Russland und der Ukraine, im Nahen Osten oder zwischen China und den USA bzw. Taiwan, machte auch die hohe Inflation in vielen Wirtschaftsregionen permanente Neu- oder Reevaluierungen von Beschaffungskonzepten notwendig. Der internationale Rohstoff- und Produktzukaufsmarkt entspannte sich jedoch mancherorts durch das bereits rückläufige weltweite Wirtschaftswachstum. Dadurch wurden bei vielen Lieferanten wieder Produktionsressourcen frei.

Um die Lieferketten von ANDRITZ weiterhin zu optimieren und stabil zu halten, reagiert GSC mit verschiedenen Maßnahmen. Dazu zählt insbesondere die weitere Diversifizierung und Flexibilisierung der Lieferantenbasis in enger Zusammenarbeit mit den Divisionen (Erneuerung bzw. Lokalisierung der technischen Parameter) und den Sales-Teams (Steigerung der Transparenz und Flexibilität in der Lieferkettengestaltung bereits in der Angebotsphase). Abhängigkeiten in den Lieferketten zu reduzieren bzw. Zukaufskonzepte mit alternativen Produktions- und Liefermöglichkeiten in anderen Regionen konstant zu optimieren war auch 2023 das oberste Ziel.

Des Weiteren wurden die in den letzten Jahren aufgebauten Sicherheits-Lagerbestände für spezielle Materialien bzw. Standardteile wieder reduziert und an die aktuellen Gegebenheiten angepasst. Die Lieferketten-Risikomanagement-Prozesse schaffen Transparenz, um potenzielle Lieferengpässe, z.B. in politischen Krisenregionen, noch früher zu erkennen. Dadurch können in der Gruppe schnellstmöglich geeignete Maßnahmen ergriffen werden.

{253}------------------------------------------------

Ein besonders wichtiger Aspekt in der Arbeit des ANDRITZ Supply Chain Managements war im Jahr 2023 die Neuausrichtung der Zusammenarbeit zwischen den Divisionen und die erfolgreiche Etablierung global abgestimmter Supply Chain-Prozesse. GSC unterstützte auch die Implementierung alternativer technischer Lösungen, die Erschließung neuer Märkte und die ganzheitliche Abstimmung und Optimierung von Ressourcen. Dieser Ansatz der gemeinsamen Lösungsfindung für das Projekt-, Produkt- und Maschinengeschäft ebnet ANDRITZ auch den Weg für die erfolgreiche Entwicklung neuer Geschäftsfelder wie z.B. Textil-Recycling-Anlagen, Green Hydrogen-Anlagen oder Anlagen zur Produktion von Batterien.

ANDRITZ rechnet damit, dass die hohe Inflation, die politischen Konflikte, die hohen Energiepreise sowie die aktuell empfindlichen Strukturen der Lieferketten auch im Jahr 2024 eine große Rolle in den Ausrichtungen aller Group Supply Chain- Prozesse spielen werden.

### **a) Projekt- und Lieferantenmanagement**

ANDRITZ setzt auf langfristige partnerschaftliche Beziehungen und steht mit seinen Lieferanten während der gesamten Ausführung eines Auftrags stets in engem Kontakt. Bei kritischen Bauteilen oder neuen Lieferanten wird häufig ein detailliertes Fertigungsüberwachungskonzept vor Ort etabliert. Voraussetzungen, um als Lieferant mit ANDRITZ zusammenarbeiten zu können, sind die Einhaltung strenger Kriterien hinsichtlich Qualität, Kosten und Liefertreue sowie eine entsprechende Einstellung zu Arbeitssicherheit und -gesundheit, Compliance und Nachhaltigkeit. Alle Lieferanten müssen den Inhalten des ANDRITZ-Verhaltens- und -Ethikkodex für Lieferanten zustimmen und ihn unterzeichnen.

Durch umfassende Marktkenntnisse identifiziert ANDRITZ potenzielle Lieferanten, die nicht nur alle Anforderungen erfüllen, sondern auch wettbewerbsfähige Konditionen bieten. Die aktive Nutzung von Market Intelligence-Systemen ermöglicht eine eingehende Bewertung der Lieferantenleistung im Vergleich zum Branchenstandard, wobei auch Aspekte wie Innovations- und Wettbewerbsfähigkeit berücksichtigt werden.

Die kontinuierliche Marktüberwachung ermöglicht es ANDRITZ auch, potenzielle Risiken in der Lieferkette frühzeitig zu identifizieren und proaktive Maßnahmen zur Risikominimierung zu ergreifen, um mögliche negative Auswirkungen auf die Geschäftstätigkeit zu vermeiden. Zudem gewährleistet die auf aktuelle Marktdaten gestützte Prognose der globalen Ressourcenverfügbarkeit die Vermeidung von Engpässen in der globalen Lieferkette. Hierbei werden alternative Lieferantenquellen identifiziert, um eine kontinuierliche Unterstützung der Produktionsprozesse zu sichern. Die Fähigkeit von ANDRITZ, frühzeitig auf sich ändernde Markttrends zu reagieren, ermöglicht eine flexible Anpassung der Lieferkette an Kundenbedürfnisse und Marktgegebenheiten. Diese ganzheitliche Herangehensweise stärkt die Position von ANDRITZ in der Lieferantenbeziehung und trägt zur kontinuierlichen Optimierung der Geschäftsprozesse bei.

Bei der Beschaffung von Materialien achtet man darauf, dass diese möglichst von Lieferanten in der Nähe der Fertigungsstätten bezogen und gefertigt werden. Dadurch können lange Transportwege weitgehend vermieden werden. Dies spiegelt sich auch in den beiden Grafiken wider. 2023 wurden 57% des externen Einkaufsvolumens in Europa erbracht, 16% in China und 12% in Nordamerika. Die Fertigungskapazität in Europa betrug 47%, in China 21% und in Nordamerika 13%.

{254}------------------------------------------------

Image /page/254/Figure/1 description: The image contains two donut charts and two tables. The donut chart on the left is titled "Einkaufsvolumen nach Regionen per 31.12.2023 (31.12.2022) in %" and the donut chart on the right is titled "Fertigungskapazitaten nach Regionen per 31.12.2023 (31.12.2022) in %". The table on the left shows the following data: A Europa 57 (55), B China 16 (18), C Nordamerika 12 (12), D Sudamerika 9 (9), E Asien (ohne China) 6 (6), F Rest der Welt 1 (0). The table on the right shows the following data: A Europa 47 (47), B China 21 (20), C Nordamerika 13 (15), D Sudamerika 9 (9), E Asien (ohne China) 9 (8), F Rest der Welt 1 (1).

## **b) Materialverbrauch**

Der größte Anteil an Material (43,8%), gemessen an den externen Kosten, fällt in den Bereich Projektmaterial und Dienstleistungen. Dazu zählen mechanische Teile, elektrische Komponenten, Stahlbau und Fördertechnik, mechanische Konstruktionen sowie Montage und Inbetriebnahme. 32,2% werden für Fertigungsmaterial wie Bleche, Siebe, Stäbe, Profile oder Guss- und Schmiedeteile aufgewendet. 24,0% sind Gemeinkosten für Material, Leistungen und Investitionen.

### **c) Logistik**

Der Bereich Global Logistics unterstützt die Geschäftsbereiche bei der logistischen Umsetzung von Kundenprojekten. Zu den weiteren wesentlichen Aufgaben der Abteilung gehören das Definieren von Standards und Richtlinien für den Transport, das Durchführen von Ausschreibungen, das Verhandeln von Rahmenvereinbarungen mit Logistik-Dienstleistern sowie interne Schulungen. Da es keinen eigenen Fuhrpark gibt, werden Transportdienstleistungen projektspezifisch zugekauft. Es fallen daher hauptsächlich indirekte Treibhausgasemissionen an, die zukünftig unter Scope 3 berichtet werden. Global Logistics steht in engem Austausch mit den entsprechenden internen Abteilungen, um einen gewissen Mindestdatensatz für die Emissionsberechnung zu definieren, der von den Transportdienstleistern berichtet werden muss. Zudem wird gemeinsam untersucht, wie das Emissionstracking im Bereich Logistik künftig standardisiert werden kann. Des Weiteren arbeitet Global Logistics an einer entsprechenden Vertragsklausel für Transportverträge, welche die Emissionsdaten von den jeweiligen Transportdienstleistern einfordert. Dadurch sollen zukünftig genaue Treibhausgasberechnungen im Bereich Logistik möglich sein.

{255}------------------------------------------------

## **d) Nachhaltigkeit in der Lieferkette**

Innerhalb der Gruppenfunktion Group Supply Chain Management (GSC) gibt es seit 2015 einen Supplier Compliance and Sustainability Officer. Dieser unterstützt die lokalen Einkaufsorganisationen hinsichtlich Lieferanten-Compliance und -Nachhaltigkeit, überwacht den Compliance-Watch- und Blacklisting-Prozess, initiiert Schulungen und Trainings und koordiniert die Aktivitäten der regionalen Auditoren in China und Indien. Des Weiteren ist er für die Umsetzung des ANDRITZ-Verhaltens- und -Ethikkodex für Lieferanten verantwortlich.

Neue Lieferanten müssen sich bereits im Qualifizierungsverfahren mit dem Thema Compliance und Nachhaltigkeit auseinandersetzen. Eine Zusammenarbeit erfolgt erst nach einer schriftlichen Zustimmung zu den Inhalten des ANDRITZ-Verhaltens- und -Ethikkodex für Lieferanten, der 2015 auf Basis des allgemeinen Kodex für Geschäftsverhalten und -ethik erstellt wurde und laufend aktualisiert wird. Während des Onboarding-Verfahrens müssen Lieferanten auch einen verpflichtenden Fragebogen zu Compliance und Nachhaltigkeit ausfüllen. Dieser wurde im Berichtsjahr überarbeitet und unter anderem an das deutsche Lieferkettensorgfaltspflichtengesetz angepasst. Für die Abwicklung wird das ANDRITZ Supplier Relationship Management (SRM) Tool verwendet. Damit werden alle Lieferanten geprüft, genehmigt/qualifiziert und dokumentiert.

Im Rahmen der ANDRITZ-Nachhaltigkeitsstrategie wurde 2021 das Ziel formuliert, dass 85% des Liefervolumens (kumuliertes externes Einkaufsvolumen durch Lieferanten mit einem durchschnittlichen jährlichen Einkaufsvolumen von mehr als 250.000 EUR in einem der letzten zwei aufeinanderfolgenden Jahre) bis Ende 2025 durch im SRM-Tool bewertete Lieferanten abgedeckt werden sollen. Bis Ende 2023 waren schon 89,5% abgedeckt, und somit wurde das Ziel bereits erreicht. Für das Jahr 2024 ist eine Reevaluierung des Bewertungsprozesses und des Ziels geplant.

Um den Lieferanten die Inhalte des Lieferanten-Kodex sowie die Abläufe des Qualifizierungsverfahrens im SRM-System zu erklären, werden ihnen sowie auch den Mitarbeiterinnen und Mitarbeitern der ANDRITZ-Einkaufsorganisation Trainings angeboten. Seit einigen Jahren werden auch regelmäßig Webinare und Vorträge zu diesen Themen abgehalten.

#### **Lieferanten-Compliance- und Nachhaltigkeitsmanagement in China und Indien**

2017 startete ANDRITZ das Supplier Compliance and Sustainability Audit (SCSA)-Programm in China und Indien, mit Fokus auf der Durchführung von Audits und der Ableitung von Korrekturmaßnahmen bei Lieferanten. Seit Tätigkeitsbeginn der regionalen Auditoren fanden in Indien 177 Audits (inkl. Follow-up) mit 96 Lieferanten statt, davon 34 Audits im Jahr 2023. In China wurden 204 Audits (inkl. Follow-up) mit 142 Lieferanten durchgeführt, davon 30 Audits im Jahr 2023.

In China und Indien wurden 2023 wieder so viele Audits vor Ort durchgeführt wie vor der Covid-19-Pandemie. Die aufgrund der Reisebeschränkungen während der Covid-19-Pandemie eingeführten Fernaudits wurden beibehalten. Sie stellen eine vielversprechende Alternative dar, um Kosten zu sparen und die Effizienz zu erhöhen, daher sollen sie auch in Zukunft zusätzlich zu den Audits vor Ort durchgeführt werden. Außerdem wurde weiterhin daran gearbeitet, die Lieferanten so weit zu unterstützen, dass sie selbstständig in der Lage sind, ein Compliance-Management-System aufzubauen und umzusetzen sowie Compliance bzw. Nachhaltigkeit zu leben ("vom Audit zur Compliance"). 2024 sollen diese Bemühungen durch Präsenzschulungen, eLearnings sowie individuelle Unterstützung verstärkt werden.

{256}------------------------------------------------

#### **Treibhausgasemissionen entlang der Lieferkette**

Ein Fokus im Berichtsjahr lag auch auf der Ermittlung von Treibhausgasemissionen in der vorgelagerten Lieferkette, besonders von Emissionen, die durch den Zukauf von Rohmaterialien, Produkten und Maschinen entstehen. Dies stellte eine große Herausforderung dar und wird im Jahr 2024 intensiv weiterverfolgt werden, um zukünftig die zugekauften Emissionen in einer guten Datenqualität berichten zu können. 2024 müssen Prozesse angepasst werden, um einerseits ausreichend Daten für die Treibhausgasberechnung mit Emissionsfaktoren sicherstellen zu können. Andererseits müssen die Lieferanten von ANDRITZ auch Schritt für Schritt informiert und darauf vorbereitet werden, dass sie so bald wie möglich Primärdaten zur Verfügung stellen können. Diese Primärdaten sind zum einen erforderlich, um den Genauigkeitsgrad der Emissionsberechnung zu erhöhen. Zum anderen trat mit 1.Oktober 2023 für Importe bestimmter Waren in die EU das europäische CO2-Grenzausgleichssystem (Carbon Border Adjustment Mechanism - CBAM) in Kraft. Die Berichtspflichten für diese CBAM-Produkte erfordern ebenfalls Primärdaten von unseren Lieferanten.

#### **Deutsches Lieferkettensorgfaltspflichtengesetz (LkSG)**

In Deutschland wurde 2021 das sogenannte Lieferkettensorgfaltspflichtengesetz beschlossen, welches ab 2023 schrittweise in Kraft getreten ist. Auch auf EU-Ebene ist ein ähnliches Gesetz, die Corporate Sustainability Due Diligence Directive (CSDDD), in Vorbereitung. Die Gesetze sollen unter anderem zur Verbesserung der internationalen Menschenrechtslage führen, indem sie Anforderungen an ein verantwortungsvolles Lieferketten-Management definieren. Das LkSG wurde 2023 konform umgesetzt, mit der Auswirkung, dass alle Lieferanten von ANDRITZ noch intensiver als bisher auf ESG-Risiken überprüft werden. Risiken werden identifiziert und entsprechende Maßnahmen werden umgesetzt, um Transparenz zu schaffen und sicherzustellen, dass Sorgfaltsplichten auch von Seiten der Lieferanten eingehalten und umgesetzt werden.

## **7. Qualitätsmanagement**

Das Qualitätsmanagement der ANDRITZ-GRUPPE umfasst Produkte und Anwendungen, Geschäftsprozesse sowie Sicherheits- und Umweltthemen. Weltweit harmonisierte Standards verbessern das allgemeine Verständnis für Prozesse und Funktionen, fördern die Zusammenarbeit und weisen klare Verantwortungsbereiche zu. Jeder Geschäftsbereich hat seine eigenen Qualitäts-, Sicherheits- und Umweltmanager. Die Organisationsstruktur zielt darauf ab, diese Themen durch harmonisierte Qualitäts-, Sicherheits- und Umweltstrategien für alle Geschäftsbereiche zu einem Teil des täglichen Geschäfts zu machen.

Das wichtigste Instrument der ANDRITZ-Qualitätsorganisation ist das Geschäftsprozesshandbuch, das die Struktur des Managementsystems für die gesamte Gruppe definiert. Es legt die Prozesse und Verantwortlichkeiten für das Prozessmanagement fest und bietet Richtlinien für die Umsetzung der einzelnen Schritte. Im Jahr 2022 wurde damit begonnen, das Geschäftsprozesshandbuch zu aktualisieren und zu erweitern, um den Anforderungen eines wachsenden Unternehmens gerecht zu werden. Dies wurde im Berichtsjahr erfolgreich abgeschlossen. Alle im Handbuch beschriebenen Maßnahmen zielen darauf ab, die Transparenz zu erhöhen, Risiken zu minimieren, eine kontinuierliche Verbesserung zu ermöglichen, die Effizienz der Zusammenarbeit zu steigern, die Mitarbeiterinnen und Mitarbeiter bei ihrer täglichen Arbeit zu unterstützen und vor allem Vertrauen zu schaffen. Die Qualitätsanforderungen für den Arbeitsalltag sind spezifisch für die jeweiligen Geschäftsbereiche und auf lokaler Ebene strukturiert sowie im Intranet des Unternehmens leicht zugänglich zu finden.

Das Qualitätsmanagement begleitet ein Projekt von der Auftragsvergabe bis zur Fertigstellung. ISO-Zertifizierungen werden von den Kunden gefordert und sind zu einem wesentlichen Bestandteil des Geschäftslebens geworden. Sie erfordern klare Prozesse und kontinuierliche Verbesserungen und gewährleisten die Zuverlässigkeit unserer Produkte und Dienstleistungen. Externe Verifizierungen bestätigen die konsequente und wirksame Umsetzung der Standards.

{257}------------------------------------------------

Mittlerweile besteht eine Abdeckung von 92% (2022: 95%) der Beschäftigten nach ISO 9001 (Qualitätsmanagementsysteme), eine Abdeckung von 79% (2022: 75%) nach ISO 14001 (Umweltmanagementsysteme) und eine Abdeckung von 74% (2022: 70%) nach ISO 45001 (Arbeitsschutz-managementsysteme). Der Rückgang der ISO 9001-Zertifizierungen ist auf Neuakquisitionen zurückzuführen, die noch nicht zertifiziert wurden.

Im Jahr 2023 hat ANDRITZ eine Gruppenzertifizierung (Multi-Site Certification) erhalten, die die Grundlage für die Zertifikate aller integrierten Standorte bildet und die Erreichung einer flächendeckenden Zertifizierung fördert. Auf diese Weise wollen wir zur praktischen Umsetzung unserer #1ANDRITZ-Verhaltensleitsätze beitragen und den Informationsaustausch über Managementsysteme stärken. Die Anzahl der Standorte, die von der Gruppenzertifizierung erfasst werden, wächst stetig. Im Rahmen der ESG-Strategie hat sich ANDRITZ das Ziel gesetzt, bis Ende 2025 alle Standorte mit der Gruppenzertifizierung für ISO 9001, ISO 14001 und ISO 45001 abzudecken.

Darüber hinaus verfügt ANDRITZ über ein Portfolio von mehr als 37 verschiedenen Zertifizierungen. Neben Qualitäts-, Gesundheits- und Sicherheits- sowie Umweltmanagementstandards werden Nachhaltigkeit und Governance durch zertifizierte Energie- und Compliance-Managementsysteme sichergestellt. Zertifizierungen für Informations- und Cybersicherheit geben ANDRITZ-Kunden die Gewissheit, dass sie unseren digitalen Lösungen vertrauen können, und Zertifizierungen für eine Vielzahl von technischen Standards (z.B. ISO, IEC und ASME) demonstrieren die Technologieführerschaft.

Ein neues, von ANDRITZ entwickeltes Instrument zur Verbesserung der Qualitätskontrolle bei Zulieferungen wurde im Berichtsjahr erfolgreich eingeführt. Dieses Instrument erleichtert die Planung des Bedarfs an Qualitätsressourcen, ermöglicht die zeitgerechte Durchführung von Inspektionen und bietet einen Gesamtüberblick über die Qualitätssituation bei Projekten. Es bietet somit einen großen Mehrwert für die Qualitätssicherung. Dennoch hat eine Weiterentwicklung begonnen, die auf einen erhöhten Digitalisierungsgrad in der Qualitätssicherung abzielt.

Im Jahr 2024 wird ANDRITZ außerdem seine Anstrengungen zur Verbesserung des Qualitätsmanagements fortsetzen. Das Hauptaugenmerk wird auf einer zweistelligen Reduktion der Non-Conformities (NC) und der damit verbundenen Kosten liegen. Die Schwerpunkte der Verbesserung werden ein verfeinertes NC-Reporting mit verbesserter Datenqualität, die Verstärkung der Datenanalysefähigkeiten und intensivierte Feedbackschleifen zwischen den Geschäftsführerinnen und -führern sowie dem Qualitätsmanagement sein. Dieser Ansatz gilt für alle Geschäftsbereiche, einschließlich Fertigung, Supply Chain Management und Projektbetrieb. ANDRITZ möchte von seinen Kunden als Weltklasse-Lieferant wahrgenommen werden, und einer der wichtigsten Erfolgsfaktoren ist ein kontinuierliches und strenges Qualitätsmanagement.

## **a) Arbeitssicherheit und -gesundheit**

Gesundheit und Sicherheit am Arbeitsplatz haben bei ANDRITZ oberste Priorität. Ziel ist es, ein sicheres, gesundes und angenehmes Arbeitsumfeld für alle Mitarbeiterinnen und Mitarbeiter, die unter der Verantwortung von ANDRITZ arbeiten, und auch für alle anderen an der Geschäftstätigkeit Beteiligten zu schaffen. ANDRITZ strebt ein Null-Unfall-Ziel und eine proaktive Sicherheitskultur an, um Arbeitsunfälle und Krankheitsfälle zu vermeiden.

Die Gruppenfunktion Group Quality and Safety Management (GQS) definiert die Strategie und die Maßnahmen, die innerhalb der gesamten ANDRITZ-Organisation von allen relevanten Parteien umzusetzen sind. Das Gesundheitsund Sicherheitsteam unterstützt bei der Umsetzung und stellt sicher, dass die Regeln und Vorschriften eingehalten werden.

{258}------------------------------------------------

Das Management ist dafür verantwortlich, sichere und gesunde Bedingungen an jedem Arbeitsplatz des Unternehmens zu gewährleisten, indem es die Mitarbeiterinnen und Mitarbeiter bei der Einhaltung der geltenden Richtlinien, Regeln und Anweisungen unterstützt und begleitet, indem es geeignete Mittel und Ressourcen zur Verfügung stellt, angemessene Schulungen und Kommunikation gewährleistet, sichere Verhaltensweisen verstärkt und unerwünschte unterbindet. Alle Mitarbeitenden sind aufgefordert, sich aktiv an der kontinuierlichen Verbesserung des Gesundheits- und Sicherheitsmanagementsystems zu beteiligen und haben das Recht, Arbeiten, die sie für unsicher halten, zu verweigern oder abzubrechen, ohne disziplinarische Maßnahmen befürchten zu müssen.

Neben den gesetzlichen Anforderungen ist die ANDRITZ-Gesundheits-, -Sicherheits- und -Umweltmanagement-Policy der Mindeststandard für alle ANDRITZ-Standorte. Zusätzliche Richtlinien zur Verbesserung der Sicherheit können darüber hinaus an jedem Standort definiert werden. ANDRITZ verpflichtet sich auch zur Einhaltung aller Konventionen der Internationalen Arbeitsorganisation (ILO) im Zusammenhang mit Arbeitssicherheit und Gesundheitsschutz.

#### **Sicherheit im Arbeitsalltag**

Für die Bereiche Gesundheit und Sicherheit gibt es bei ANDRITZ nicht nur Vorschriften, Richtlinien und Ziele, die es zu erreichen gilt, sondern auch Leitwerte, die in der täglichen Arbeit gelebt werden. ANDRITZ erwartet von allen Mitarbeiterinnen und Mitarbeitern, dass sie als Sicherheitsverantwortliche agieren und auf sich selbst und alle anderen Personen am Arbeitsplatz achten. Die Stärkung der Sicherheitskultur bei ANDRITZ wird durch ein Netzwerk von qualifizierten, motivierten und erfahrenen Expertinnen und Experten für Gesundheit und Sicherheit am Arbeitsplatz unterstützt, die auf allen Ebenen des Unternehmens eingesetzt werden. Auch auf allen größeren Baustellen sind engagierte Gesundheits- und Sicherheitsfachleute im Einsatz.

Zahlreiche Unternehmen der ANDRITZ-GRUPPE arbeiten bereits seit Langem mit einem zertifizierten Arbeitsschutzmanagementsystem nach der international anerkannten Norm ISO 45001. Die Zertifizierung der verbleibenden Standorte wird im Rahmen der Gruppenzertifizierung schrittweise erfolgen. Die ordnungsgemäße Umsetzung aller Anforderungen der ISO-Normen wird durch systematische interne und externe Audits sichergestellt.

Darüber hinaus werden jährliche und mittelfristige Strategiepläne auf Gruppenebene entwickelt und innerhalb der Organisation kaskadenartig weitergegeben, einschließlich aller notwendigen Integrationen, um die lokalen Bedürfnisse und Anforderungen zu erfüllen. Die korrekte und termingerechte Umsetzung der festgelegten Maßnahmen wird auf allen Managementebenen in regelmäßigen Abständen genau verfolgt, so dass die Möglichkeit besteht, die Pläne bei mangelnder Wirksamkeit oder neuen Erfordernissen anzupassen.

In Anbetracht der Herausforderungen der letzten Jahre hat die ANDRITZ-GRUPPE ein permanentes globales Notfallkomitee (GEMCO) eingerichtet, das die relevanten Gruppenfunktionen einbezieht und von der Gruppenfunktion Group Quality and Safety geleitet wird. Dieses Komitee überwacht die globale Situation, identifiziert bestehende und potenzielle Gefahren in einem sehr frühen Stadium und legt spezifische Aktionspläne fest, um kritische Situationen zu verhindern und/oder die erforderliche Widerstandsfähigkeit zu entwickeln, um sie angemessen zu bewältigen.

Alle Vorfälle werden gemeldet, untersucht und analysiert - unabhängig von ihrer Schwere. Darüber hinaus werden alle meldepflichtigen Verletzungen in einer gemeinsamen Datenbank für Gruppenvorfälle, zusammen mit dem zugehörigen Bericht über die gewonnenen Erkenntnisse, gesammelt. Dank eines effizienten Alarmierungssystems werden relevante Informationen über die gemeldeten Vorfälle innerhalb der Organisation verteilt.

{259}------------------------------------------------

ANDRITZ Group Quality and Safety implementiert auch eine IT-Lösung für Sicherheit und Gesundheitsschutz, die die Ausführung wichtiger Prozesse, wie z.B. die Meldung und Untersuchung von Vorfällen, die Meldung von Gefahren und die Überwachung/Steigerung der Leistung im Bereich Sicherheit und Gesundheitsschutz, erleichtern und unterstützen wird. Die neue IT-Lösung wird im ersten Quartal 2024 in Betrieb gehen.

Darüber hinaus bleiben Gesundheits- und Sicherheitsschulungen eine wichtige Säule des etablierten ANDRITZ-Managementsystems. Alle neuen Mitarbeiterinnen und Mitarbeiter müssen ein Online-Training zur Sicherheit am Arbeitsplatz absolvieren, welches alle zwei Jahre aufgefrischt wird. Zusätzlich gibt es eigene Sicherheitsschulungen für Führungskräfte sowie Mitarbeiterinnen und Mitarbeiter in der Fertigung. Jeder Standort muss eine Qualifikationsmatrix und einen jährlichen Sicherheitsschulungsplan erstellen. Zusätzlich zu den bereits entwickelten spezifischen Modulen, die in die Karriereentwicklung von leitenden Projektmanagern und Führungskräften am Bau einfließen, wurde 2023 auch ein Modul für Mitarbeitende in leitender Bauaufsicht eingeführt. In Anbetracht des festgestellten Verbesserungsbedarfs in Bezug auf persönliche Sicherheitsverhaltensweisen wird 2024 ein spezifisches Intensivtraining zu verhaltensbasierten Sicherheitsprinzipien innerhalb der gesamten ANDRITZ-Organisation durchgeführt.

#### Arbeitsunfälle

|                                                                                           | 2023 | 2022 |
|-------------------------------------------------------------------------------------------|------|------|
| Arbeitsunfälle (mit einem oder mehr Ausfallstagen)                                        | 156  | 152  |
| Arbeitsunfälle (mit mehr als drei Ausfallstagen)*                                         | 132  | 125  |
| Unfallhäufigkeit (Unfälle mit einem oder mehr Ausfallstagen pro 1 Million Arbeitsstunden) | 2,6  | 2,8  |
| Unfallhäufigkeit (Unfälle mit mehr als drei Ausfallstagen pro 1 Million Arbeitsstunden)   | 2,3  | 2,3  |
| Tödliche Arbeitsunfälle (in der Fertigung und auf Baustellen)                             | 0    | 0    |
| Unfallschwere (Ausfallszeiten in Stunden pro Unfall)                                      | 230  | 165  |
| Anzahl der medizinischen Behandlungen                                                     | 580  | 494  |

\* inkludiert in Arbeitsunfälle (mit einem oder mehr Ausfallstagen)

Auch wenn sich die Gesundheits- und Sicherheitsleistung der ANDRITZ-GRUPPE seit der Umsetzung der globalen Gesundheits- und Sicherheitsinitiative im Jahr 2016 erheblich verbessert hat und eine kontinuierliche Verringerung der Arbeitsunfälle erzielt werden konnte, ist ANDRITZ in den letzten Jahren aufgrund der Erreichung eines gewissen Verhaltensplateaus leider mit einer Abflachung der Gesundheits- und Sicherheitsleistung konfrontiert. Nichtsdestotrotz verbesserte sich die Unfallhäufigkeitsrate (Unfälle mit einem oder mehreren Ausfallstagen pro 1 Million Arbeitsstunden) auch 2023, nämlich um 7% gegenüber dem Ergebnis von 2022.

Auch Subunternehmer werden in die Sicherheitsbemühungen einbezogen. Sie werden nach spezifischen Kriterien ausgewählt, um zu gewährleisten, dass sie die vertraglich vereinbarten Arbeiten sicher ausführen können. Die Leistungen externer Unternehmen und Dritter werden im Hinblick auf Gesundheits- und Sicherheitsaspekte überwacht und bewertet, um die kontinuierliche Weiterentwicklung ihrer Potenziale zu ermöglichen und festgestellte Mängel zu beheben.

#### **b) Umweltmanagement**

Umweltschutz, einschließlich der Reduktion von Treibhausgasemissionen, der Vermeidung von Umweltverschmutzung und der Schonung der natürlichen Ressourcen, ist ein wichtiges Anliegen und Ziel von ANDRITZ. Die ANDRITZ-Gesundheits-, -Sicherheits- und -Umweltmanagement-Policy definiert die Ziele und Anforderungen nicht nur für Gesundheits- und Sicherheitsfragen, sondern auch für das Umweltmanagement in der ANDRITZ-GRUPPE.

{260}------------------------------------------------

Die Umweltfunktion ist Teil von Group Quality and Safety Management (GQS) und wird vom Director Group Environmental Management geleitet. Die ESG-Ziele, die auch die Umweltziele beinhalten, wurden vom Vorstand definiert. Daraus wurden die Umweltstrategie und die Umweltmaßnahmen abgeleitet, die innerhalb der gesamten ANDRITZ-Organisation von allen relevanten Stellen umgesetzt werden. Das Umweltteam unterstützt bei der Umsetzung und stellt sicher, dass die Regeln und Vorschriften eingehalten werden.

Die Umweltdaten der ANDRITZ-GRUPPE umfassen Produktions- und Bürostandorte, die im Eigentum und unter Kontrolle von ANDRITZ stehen. Im Berichtsjahr haben 86% der vollkonsolidierten Gesellschaften Umweltdaten eingepflegt. Kleinere Bürostandorte wurden aus Gründen der Wesentlichkeit nicht berücksichtigt.

46% aller berichtenden Standorte befinden sich in Europa, 24% in Nordamerika, 19% in Asien (inkl. China), 10% in Südamerika und 1% in Australien. Die Verbrauchskennzahlen im Jahr 2023 basieren bei einigen Standorten auf Näherungswerten, da bei Redaktionsschluss noch nicht alle Zahlen für das vierte Quartal 2023 verfügbar waren. Aus diesem Grund kann es zu nachträglichen Anpassungen von Werten der Vorperioden kommen.

An allen ANDRITZ-Fertigungsstandorten weltweit werden alle sechs Hauptgruppen der Fertigungsverfahren angewendet: Formgebung und Gießen werden vor allem elektrisch und hauptsächlich mit Induktionsöfen durchgeführt. Auch die weiteren Verfahren wie Walzen, Pressen, Zerspanen, Schweißen, Weben, Löten und Kleben erfolgen mithilfe von strombetriebenen Maschinen. Einzig für das Härten und Glühen werden hauptsächlich gasbetriebene Maschinen verwendet.

#### **Umwelt-Roadmap**

Im Jahr 2023 wurde eine Umwelt-Roadmap für die ANDRITZ-GRUPPE entwickelt, die die Strategie bis 2026 umfasst. Die Roadmap beruht auf sieben Säulen, die Wasser und Abfall, Scope 1, Scope 2 und Scope 3, Produktions- und Bürostandorte, Produkte sowie Materialien und Lieferanten abdecken. Jede Säule enthält Aktionspläne, um die ESG-Ziele zu erreichen. Einige Beispiele für 2024 sind: Überarbeitung des ANDRITZ-Verpackungsstandards, Implementierung einer Software zur Bilanzierung und zum Management von Treibhausgasemissionen, Umstellung auf grünen/erneuerbaren Strom (100% grüner/erneuerbarer Strom ist das Ziel für 2025), Durchführung von Energie-Assessments, Ausbau der eigenen Energieerzeugung (Photovoltaik), Durchführung von Innovationsworkshops für nachhaltige Produkte und Workshops zur Substitution von besonders besorgniserregenden Stoffen (SVHCs) oder Entwicklung einer globalen nachhaltigen Beschaffungsstrategie.

#### **Energie und Treibhausgasemissionen**

Der Großteil des Energie- und Kraftstoffverbrauchs (Fernwärme, Heizöl, Erdgas) wird für die Heizung der Betriebsräumlichkeiten aufgewendet. Erdgas wird vor allem für den Betrieb von Härte- und Glühöfen gebraucht. In der Metallbearbeitung wird häufig Flüssiggas als Prozessenergie verwendet. Benzin und Diesel werden hauptsächlich für Firmen- und Betriebsfahrzeuge genutzt. An einigen Standorten kommt Diesel auch für Notstromaggregate zum Einsatz, um Versorgungsengpässe auszugleichen. ANDRITZ ist bestrebt, den Energie- und Kraftstoffverbrauch zu senken. Jährliche Schwankungen beim Verbrauch in der Fertigung sind überwiegend auf die unterschiedliche Auslastung zurückzuführen und machen detaillierte Vergleiche mit den Vorjahren schwierig. Anstiege erfolgen auch aufgrund von Akquisitionen.

{261}------------------------------------------------

Die Menge an zugekauftem Strom ist gegenüber 2022 gesunken und betrug im Berichtsjahr 284.962.570 kWh (2022: 311.432.783 kWh). 48% (2022: 43%) des bezogenen Stroms stammen bereits aus grünen/erneuerbaren Energiequellen. ANDRITZ ist sowohl bestrebt, den Anteil an zugekauftem Strom aus erneuerbaren Energiequellen weiter zu erhöhen, als auch, die eigene Stromproduktion durch Photovoltaik-Anlagen zu fördern. Im Berichtsjahr wurden mehrere Photovoltaikanlagen installiert und weitere sind für 2024 geplant. ANDRITZ erzeugte im Berichtsjahr 4.179.155 kWh Strom mit eigenen PV-Anlagen.

#### **Energieverbrauch\***

|                                                 | Einheit | 2023        | 202        |
|-------------------------------------------------|---------|-------------|------------|
| Fremdbezug Wärme                                |         |             |            |
| Fernwärme                                       | kWh     | 58.781.863  | 58.823.26  |
| Heizenergieträger nicht erneuerbar              |         |             |            |
| Heizöl                                          | kWh     | 2.512.913   | 2.985.17   |
| Erdgas                                          | kWh     | 133.556.120 | 172.925.79 |
| Heizenergieträger erneuerbar                    |         |             |            |
| HVO-Diesel                                      | kWh     | 8.630       |            |
|                                                 | kWh     | 8.630       |            |
| Energieträger für Prozesswärme nicht erneuerbar |         |             |            |
| Benzin                                          | kWh     | 5.473.477   | 2.727.75   |
| Diesel                                          | kWh     | 11.124.970  | 6.924.71   |
| Diesel für Notstromaggregat                     | kWh     | 1.336.773   | 1.334.24   |
| Erdgas                                          | kWh     | 103.564.591 | 118.633.73 |
| Flüssiggas                                      | kWh     | 7.283.424   | 9.133.42   |
| Wasserstoff                                     | kWh     | 38.253      |            |
| Energieträger für Prozesswärme erneuerbar       |         |             |            |
| HVO-Diesel                                      | kWh     | 849.267     | 31.57      |
|                                                 | kWh     | 849.267     | 31.57      |

\* Die Verbrauchskennzahlen für das Jahr 2023 basieren auf Näherungswerten, da bei Redaktionsschluss nicht alle Zahlen für das 4. Quartal 2023 verfügbar waren. Aus diesem Grund kann es auch zu nachträglichen Anpassungen von Werten der Vorperioden kommen.

Ein wesentliches Ziel des ANDRITZ-Nachhaltigkeitsprogramm "We Care" ist die Verringerung der Treibhausgasemissionen (Scope 1 + 2) bezogen auf den Umsatz um 50% gegenüber 2019. Die direkten Emissionen (Scope 1, vorwiegend aus dem Bereich der Fertigung) sanken 2023 auf 53.194 t CO2e (2022: 60.906 t CO2e). Die indirekten Emissionen (Scope 2, aus dem Verbrauch von gekaufter Elektrizität, Wärme oder Dampf) betrugen 81.035 t CO2e (2022: 73.739 t CO2e). Obwohl die Scope 2 Emissionen gestiegen sind, konnte eine Verbesserung des Intensitätsziels von 18,6 auf 18,0 erreicht werden. Eine genaue Übersicht der ESG-Ziele ist in Kapitel G) 2. zu finden.

#### **Wasser**

Die gesamte Wasserentnahme betrug im Berichtsjahr 1.678.832 m<sup>3</sup> (2022: 1.297.474 m<sup>3</sup> ). Wasser wird hauptsächlich aus dem öffentlichen Netz bezogen, an wenigen Standorten wird auch Oberflächenwasser oder Grundwasser verwendet. Rückgeführt wird das Wasser hauptsächlich an Dritte, also beispielsweise in die kommunale Abwasserentsorgung. Der Wasserverbrauch setzt sich aus Prozesswasser für Produktionsanlagen (inkl. Kühlwasser) sowie Trinkwasser und Wasser für den Sanitärbereich zusammen. Ein kleiner Anteil wird auch für hydraulische Versuchsstände benötigt. Verbrauchswasser wird zum Teil für die Dampferzeugung oder die Kühlung der Wärmebehandlungsöfen genutzt bzw. verdunstet in Klimaanlagen.

{262}------------------------------------------------

#### **Abfall**

ANDRITZ legt im Rahmen seiner Geschäftstätigkeit hohes Augenmerk auf Schonung und Wiederverwendung von Materialien und Rohstoffen. Der effiziente Einsatz des Materials, die Minimierung von Ausschuss und Abfällen und ein sparsamer Energieverbrauch in der Materialbearbeitung spielen dabei eine wesentliche Rolle.

Der mengenmäßig größte Anteil an Abfällen entfällt in der Fertigung auf Stahlmaterialien. Metallabfälle werden sortenrein getrennt und der Wiederverwertung zugeführt. Auch Abfälle wie Kunststoff aus Verpackungen, Abfälle aus Holzkisten und Kartonagen sowie Altpapier werden gesammelt und verwertet. Ungefährlicher Restmüll und Sonderabfälle werden entsprechend den gesetzlichen Bestimmungen gesammelt und entsorgt. Bei der Entsorgung von gefährlichen Stoffen achtet man besonders auf die Einhaltung aller behördlichen Auflagen und Aufzeichnungspflichten. Insgesamt fielen im Berichtsjahr 54.905.356 kg (2022: 51.279.906 kg) an Abfall an. 70% davon wurden recycelt.

Eine genaue Auflistung der Verbrauchskennzahlen ist im ESG-Datenüberblick 2023 auf der ANDRITZ-Website [andritz.com](https://www.andritz.com/group-de/gr-sustainability-de) zu finden.

# **8. Fertigung**

ANDRITZ produziert an weltweit rund 144 Service- und Fertigungsstandorten maßgeschneiderte Maschinen, Schlüsselkomponenten, Anlagen und Systeme sowie Ersatz- und Verschleißteile. Rund zwei Drittel dieser Standorte befinden sich in Europa und Nordamerika, ein Drittel in Asien und Südamerika. Der Großteil der Standorte produziert auftragsbezogen für einen Geschäftsbereich, einige wenige Standorte fertigen für mehrere bzw. alle Geschäftsbereiche. Die Fertigungsstätten fokussieren sich auf eine vertragskonforme Auftragsabwicklung, höchste Produktionsqualität, eine hohe Qualifikation der in der Produktion eingesetzten Fachkräfte, proaktives Kapazitätsmanagement und den Einsatz von Spezialisten für Produktgestaltung und Qualitätsmanagement.

Die Fertigungsstrategie von ANDRITZ zielt darauf ab, technologie- und qualitätskritische Kernkomponenten in den eigenen Fertigungsstätten herzustellen. Alles andere wird bei qualifizierten Lieferanten zugekauft. Diese Vorgehensweise ermöglicht es, etwaige Auslastungsschwankungen gut auszugleichen und damit Fertigungskapazitäten optimal zu nutzen. Exakte Planung sowie hoher Einsatz und große Flexibilität seitens der Mitarbeiterinnen und Mitarbeiter ermöglichen kurze Auftragsdurchlaufzeiten und hohe Termintreue. Die Investitionen im Bereich der Fertigung konzentrieren sich einerseits auf den Auf- und Ausbau von Fertigungskapazitäten in den aufstrebenden Ländern Asiens und Südamerikas, andererseits auf die Modernisierung bestehender Standorte in Zentraleuropa und Nordamerika. Rund 65% der Fertigungsinvestitionen sind dem Bereich Service und Verschleißteilproduktion zuzurechnen.

Der Fokus der Optimierungs- und Verbesserungsprojekte in der Fertigung liegt neben der Anpassung des Prozessmanagements zur exakten Planung auch auf dem schonenden Umgang mit den zur Verfügung stehenden Ressourcen und auf der Automatisierung von Abläufen.

ANDRITZ setzt dabei das Manufacturing Execution System (MES) ein, das die Fertigung in Echtzeit steuern und kontrollieren soll. Das System ermöglicht es, alle wichtigen Informationen zu Planung, Durchlaufzeit und Kosten bis hin zu Maschinen- und Betriebsdaten auf einer Plattform zu verknüpfen, und kann bei Bedarf auch lokal angepasst werden. MES wurde als Pilotprojekt in der Fertigung in Graz implementiert und ist mittlerweile bereits in 22 Fertigungsstandorten in Europa, Nord- und Südamerika im Einsatz.

{263}------------------------------------------------

Um den sorgsamen Umgang mit Energie in der Fertigung weiter zu fördern, wurde im Berichtszeitraum ein spezielles "Energy Assessment" für die Produktion entwickelt. Dieses Assessment zielt darauf ab, die Verbesserungskultur in den Produktionsstandorten zu stärken, Energieeinsparpotentiale zu identifizieren und entsprechende Reduktionsmaßnahmen umzusetzen. Das Assessment wurde an einzelnen Standorten mit hohem Energieverbrauch bereits erfolgreich durchgeführt und wird im Jahr 2024 weitergeführt werden.

Eine Schlüsselrolle bei der kontinuierlichen Verbesserung der Fertigungsprozesse spielt das ANDRITZ Production System (oneAPS). Es definiert gruppenweit gültige Grundsätze für die Fertigung und liefert Werkzeuge und Methoden für einen schlanken und effektiven Produktionsprozess. Übergeordnetes Ziel ist es, eine Kultur der kontinuierlichen Verbesserung fest im Unternehmen zu verankern, um bei der Fertigung der Produkte dauerhaft ausgezeichnete Ergebnisse zu erzielen.

Die gruppenweite Abteilung Group Manufacturing Management bietet zum Thema oneAPS umfassende Schulungen an. Seit 2017 haben rund 320 Mitarbeiterinnen und Mitarbeiter aus 54 Fertigungsstandorten an unterschiedlichen oneAPS-Schulungen teilgenommen und so ihre Fähigkeiten zur Prozessverbesserung weiterentwickelt. Die im Zuge der Trainings umgesetzten Verbesserungsprojekte führten zu wesentlichen Produktivitätssteigerungen bzw. Kostensenkungen. Sie werden als "best practice" in die neue oneAPS-Plattform aufgenommen, um Wissen zwischen den Standorten zu teilen und weiter auszubauen. Die Plattform kann von allen Mitarbeiterinnen und Mitarbeitern der ANDRITZ-GRUPPE genutzt werden und bietet die Basis für virtuelle Trainings in interaktiver Form mittels Videos, Spielen, Übungen und Trainingsdokumenten.

# **9. Innovationsmanagement und Digitalisierungsinitiativen**

Der Bereich ANDRITZ Ventures (AV) ist Teil der Gruppenfunktion Group Business Development und unterstützt alle Geschäftsbereiche der ANDRITZ-GRUPPE bei ihren Innovations- und Digitalisierungsaktivitäten. Ziel von AV ist es, den Geschäftsbereichen dabei zu helfen, Technologieführerschaft in ihren Marktsegmenten zu erlangen. Im Geschäftsjahr 2023 lag der Fokus auf den sogenannten "Special Growth Projects", auf Aus- und Weiterbildungen zum Thema Innovation sowie auf Open Innovation. Ein Highlight im Berichtsjahr war auch der ANDRITZ Ventures Startup Contest. Da ANDRITZ in der Digitalisierung ein wesentliches Wachstumsfeld für die Zukunft sieht, wird im Geschäftsjahr 2024 ein besonderer Fokus auf der Entwicklung digitaler Produkte und Lösungen durch die Einführung eines neuen agilen Innovationsformats liegen.

#### **ANDRITZ Ventures Startup Contest**

Der ANDRITZ Ventures Startup Contest ist ein strukturiertes Programm, bei dem alle Mitarbeiterinnen und Mitarbeiter dazu eingeladen werden, innovative Vorschläge für Produkte, Dienstleistungen und Geschäftsmodelle einzureichen, diese zu entwickeln und schlussendlich erfolgreich auf den Markt zu bringen. Im Geschäftsjahr 2023 wurde der vierte Durchgang des Programms – mit Fokus auf die eng mit den strategischen Zielen der ANDRITZ-GRUPPE abgestimmten Themen "Sustainable Solutions", "Digitalization & AI Solutions", "Service Offerings" und "Supply Chain" – gestartet.

Image /page/263/Figure/8 description: This image shows a stacked bar chart. The total height of the bar is labeled as 151. The bar is divided into several sections, each representing a different category. The top section is labeled "Service Offerings" and has a value of 19. The next section is labeled "Digitalization & AI Solutions" and has a value of 59. Below that is a section labeled "Sustainable Solutions" with a value of 55. The next section is labeled "Supply Chain" with a value of 11. The bottom section is labeled "Other" and has a value of 7.

{264}------------------------------------------------

Insgesamt wurden 151 Ideen von engagierten Mitarbeiterinnen und Mitarbeitern eingereicht, die durch interne Expertinnen und Experten bewertet und priorisiert wurden. Die vielversprechendsten Ideen werden im Geschäftsjahr 2024 von den internen Entrepreneuren mit Unterstützung durch erfahrene Coaches umgesetzt.

#### **Special Growth Projects Programm**

ANDRITZ will nachhaltig und profitabel wachsen und setzt dabei verstärkt auf die eigene Innovationskraft und den Unternehmergeist in der Gruppe. Sieben Wachstumsprojekte – die "Special Growth Projects" – werden zurzeit in der Gruppe mit Hochdruck verfolgt und haben das Ziel, einen wesentlichen Beitrag zum zukünftigen Unternehmenswachstum zu leisten. Sie alle eint, dass aktuelle Megatrends aufgegriffen und schnell wachsende Märkte bedient werden, die von den Bemühungen um mehr Nachhaltigkeit getrieben werden.

Die Special Growth Projects unterstützen die Wachstumsziele von ANDRITZ und tragen zu einem breiteren nachhaltigen Lösungsangebot bei. Sie werden zur Gänze durch ANDRITZ-Teams mit großem Unternehmer- und Innovationsgeist umgesetzt. Aufgrund der hohen Marktdynamik sind zwei zentrale Erfolgsfaktoren schnelles und agiles Handeln sowie die offene Zusammenarbeit gemäß der #1ANDRITZway Initiative.

Manche der Projekte stehen noch am Anfang, andere sind schon weit fortgeschritten. Zu letzteren gehören etwa die Projekte rund um CO2-Abscheidung, grünen Wasserstoff und Batterieherstellung für E-Mobilität. Mit dem Rückhalt des Vorstands und mithilfe eines übergreifenden Programm-Managements arbeiten die Projektleiter mit ihren Teams an ihren Zielen und deren Umsetzung.

Besonders durch die unterschiedlichen Ausgangssituationen und Reifegrade der verschiedenen Projekte bringt die Arbeit im Rahmen eines gemeinsamen Programms viele Vorteile. Die Projektteams können sich vernetzen und von den Ideen und Erfahrungen der anderen profitieren. Denn die Herausforderungen sind für alle sehr ähnlich – Märkte und Konkurrenz analysieren, das Produkt- und Serviceangebot definieren, das Geschäftsmodell entwickeln und nicht zuletzt ein schlagkräftiges Team aufbauen.

Um die definierten Strategien schließlich erfolgreich umzusetzen, verwenden die Projektleiter die bewährte Methode des Policy Deployments. Unterstützung kommt dabei aus Group Quality and Safety Management. Das Policy Deployment hilft dabei, Visionen und Strategien konsequent und transparent in die Praxis umzusetzen. Mithilfe eines standardisierten Tools werden die konkreten Aktivitäten definiert, ausgeführt und der Fortschritt regelmäßig überprüft.

#### **Innovationstrainings und -kultur**

Eine besondere Neuerung im vergangenen Geschäftsjahr war die Erweiterung des bestehenden Aus- und Weiterbildungsangebots mit Fokus auf Innovation und Venture Building. Ziel war es, die Methodenkompetenz von ANDRITZ-Mitarbeiterinnen und -Mitarbeitern im Bereich moderner Innovationstechniken und Innovationsmanagement gezielt zu fördern und die Vernetzung von Mitarbeitenden zu unterstützen. Dabei wurde in Kooperation mit renommierten Partnern, Universitäten und Fachexperten ein spezielles Programm für 30 ausgewählte ANDRITZ-Mitarbeiterinnen und -Mitarbeiter konzipiert und umgesetzt.

#### **Open Innovation**

AV initiiert Kooperationen, strategische Partnerschaften und Investitionen in Startups, um die Technologiepalette von ANDRITZ zu stärken. Des Weiteren wird ein breites Ökosystem an Innovationspartnern betreut, mit dem Ziel, interne und externe Stakeholder zu vernetzen, den Austausch von Ideen und Wissen zu fördern und durch Inspiration und Kollaboration positive, nachhaltige Mehrwerte für die ANDRITZ-GRUPPE zu schaffen.

{265}------------------------------------------------

# **10. Forschung und Entwicklung**

Für ANDRITZ ist Forschung und Entwicklung (F&E) ein wichtiger Teil der Unternehmensstrategie und bildet die wesentliche Grundlage zur Schaffung von internem Wachstum und zum Erhalt der langfristigen Wettbewerbsfähigkeit. Die Forschungs- und Entwicklungsaktivitäten von ANDRITZ konzentrieren sich darauf, Produkte und Technologien auf den Markt zu bringen, die die Umwelt schonen, den Energie- und Ressourceneinsatz minimieren und den Lebenszyklus von Maschinen und Anlagen verlängern. Mittlerweile wird ein bedeutender Anteil des Umsatzes mit nachhaltigen Lösungen und Produkten erzielt. Ein weiterer wichtiger Schwerpunkt ist die Digitalisierung. Die Forschungs- und Entwicklungsaktivitäten werden auch durch die Zusammenarbeit mit Universitäten, Forschungsinstituten sowie durch gemeinsame Projekte mit Kunden gestärkt.

In den vergangenen Jahren wurden für einige Produkte bzw. Anlagen Lebenszyklusanalysen, sogenannte Life Cycle Assessments (LCAs), durchgeführt, um deren Umweltauswirkungen über den gesamten Lebensweg hinweg zu analysieren. Dazu zählen die Produktion, die Nutzungsphase und die Entsorgung, sowie alle damit verbundenen vor- und nachgeschalteten Prozesse (z.B. Herstellung der Roh-, Hilfs- und Betriebsstoffe).

Durch die Betrachtung der gesamten Lebensdauer wird verhindert, dass mögliche negative Auswirkungen in andere Lebensphasen verschoben werden. Diese Analysen sollen künftig ausgeweitet bzw. gegebenenfalls auch bereits in der Produktentwicklungsphase berücksichtigt werden. Die Produktentwicklung wiederum kann durch die Gestaltung der Produkte auch die Produktions- und Montageprozesse beeinflussen. Auch sollen zukünftig Materialien in der Produktion besser genutzt und so weniger Abfall produziert werden.

Im Berichtsjahr wendete die ANDRITZ-GRUPPE für Forschungs- und Entwicklungstätigkeiten 139,3 MEUR (2022: 113,8 MEUR) auf. Inklusive auftragsbezogener Entwicklungsarbeiten betrugen die Forschungs- und Entwicklungsaufwendungen rund 3% des Umsatzes.

Die ANDRITZ-GRUPPE hat derzeit rund 6.550 Patentrechte. 79% davon sind bereits erteilt, der Rest befindet sich in Prüfung. Darüber hinaus hält die Gruppe die Rechte an rund 2.445 Marken.

Die folgenden ausgewählten Projekte aus den Geschäftsbereichen repräsentieren einen Teil des vielfältigen Forschungs- und Entwicklungsspektrums des vergangenen Geschäftsjahrs:

## **a) Pulp & Paper**

Die Vermeidung von fossilen Brennstoffen, die Steigerung der Energieeffizienz und damit die Verringerung der Treibhausgasemissionen in der Papier- und Zellstoffproduktion stehen im Mittelpunkt der Forschungs- und Entwicklungsaktivitäten des Geschäftsbereichs, mit dem Ziel, die Kunden bei der Erreichung ihrer Nachhaltigkeitsziele zu unterstützen. Aus diesem Grund wurde das CircleToZero™-Programm ins Leben gerufen, das darauf abzielt, wertschöpfende Lösungen für Papier- und Zellstofffabriken zu entwickeln, indem Emissionen und Abfälle reduziert, der Frischwasserverbrauch minimiert und Nebenströme genutzt werden.

Um dies zu erreichen, folgen alle F&E-Aktivitäten dem Prinzip "Reduce, Reuse, Refine". "Reduce" bedeutet, so wenig Emissionen wie möglich zu verursachen, indem die bestehenden Prozesse optimiert werden. Ein neues Konzept für Rückgewinnungskessel mit extrem niedrigen Emissionen und maximaler Energieeffizienz wurde entwickelt und befindet sich bereits in der Produktisierungsphase. Beste Beispiele für "Reuse" und "Refine" sind die SulfoLoop-Schwefelsäure-Anlage, in der handelsübliche, konzentrierte Schwefelsäure in der Zellstofffabrik selbst hergestellt wird, und die ANDRITZ KraftAnol-Biomethanol-Anlage. Sie bietet Kraftzellstoff-Fabriken die direkteste und kosteneffizienteste Möglichkeit, Biomethanol in kommerzieller Qualität zu produzieren.

{266}------------------------------------------------

In Zukunft sollte es möglich sein, hocheffiziente Zellstofffabriken emissions- und abfallfrei und damit CO2-neutral zu betreiben. Darüber hinaus arbeitet ANDRITZ kontinuierlich an der Reduktion des Frischwasserverbrauchs in Zellstofffabriken. Derzeit werden verschiedene Technologien entwickelt, wie z.B. das "Kidney-Konzept", das in verschiedenen Bereichen der Fabriken eingesetzt werden kann.

In der Papierindustrie konzentrieren sich die F&E-Aktivitäten von ANDRITZ auf Technologien und Services für die nachhaltige Faseraufbereitung und die nachhaltige Tissue-, Papier- und Kartonproduktion. Basierend auf den fünf Säulen Energie-, Faser-, Wasser- und Chemikalieneinsparung sowie Digitalisierung wird in den F&E-Zentren für Fasern (Österreich, China, USA), im Tissue Innovation and Application Center (PrimeLineTIAC, Österreich), im Technologiezentrum für Papier (Deutschland) und im F&E-Zentrum für Filze und Gewebe in Gloggnitz (Österreich) intensiv geforscht und getestet. Die Entwicklungen konzentrieren sich auch auf die Kreislaufwirtschaft mit Fasereinsparungen und dem Einsatz von alternativen Rohstoffen sowie auf das Recycling von Pressfilz- und Formiersiebmaterialien. Ziel ist es, den CO2-Fußabdruck der Tissue- und Papierproduktion zu verringern, beispielsweise durch die Erhöhung des Trockengehalts nach der Presse, durch ein alternatives Verfahren für den Stärkeeinsatz in Verpackungspapier oder durch energiesparende und umweltfreundlichere Trocknungskonzepte.

Aufgrund neuer europäischer Vorschriften, die bis 2025 für das Recycling von Textilabfällen umgesetzt werden sollen, fragen viele Textilhersteller verstärkt nach neuen Technologien für das Textilrecycling. ANDRITZ deckt mehrere Segmente in der Wertschöpfungskette der Textilindustrie ab: Technologien für die automatisierte Sortierung von Textilien, die Aufbereitung von Textilfasern sowie das mechanische und chemische Recycling von Textilien. Darüber hinaus ist ANDRITZ in zahlreichen F&E-Aktivitäten mit Partnern weltweit aktiv. So z.B. mit Nouvelles Fibres Textiles (Frankreich), das vor kurzem die erste industrielle Anlage Frankreichs für automatisierte Sortier- und Recycling-Linien erfolgreich in Betrieb genommen hat. Dies stellt ein einzigartiges technisches Angebot dar, das von der zu sortierenden Kleidung bis hin zu den Fasern reicht, die für Spinn- oder Vliesstofftechnologien genutzt werden können.

Im Bereich Nonwoven konzentriert man sich auf die Entwicklung von Technologien zur Herstellung von nachhaltigeren Vliesstoff-Rollenwaren und -Verarbeitungsprodukten. ANDRITZ bietet zahlreiche Verfahren für dieses Marktsegment an. In den neuesten Prozessentwicklungen werden alle Arten von Naturfasern, Recycling-Fasern und Zellstoff als Rohmaterial eingesetzt. Es stehen verschiedene Technologien zur Verfügung, wie z.B. Lösungen für die Produktion von 100% biologisch abbaubaren Wischtüchern, Recyclinglösungen für absorbierende Hygieneprodukte und vieles mehr.

Der Bereich Clean Air Technologies konzentriert seine F&E-Aktivitäten auf Technologien zur Reduktion von Emissionen (Feinstaub, gasförmige Schadstoffe und Kohlendioxid) aus industriellen Prozessen. Angesichts immer strengerer Emissionsvorschriften bietet ANDRITZ seinen Kunden verschiedene Lösungen für ihre individuellen Anforderungen an, darunter Technologien zur CO2-Abscheidung, die es neuen und bestehenden Anlagen ermöglichen, profitabel zu arbeiten und ihren CO2-Fußabdruck zu reduzieren.

Die Technologie zur CO2-Abscheidung ist auch ein wichtiger Schritt für die Herstellung von E-Kraftstoff in Zellstofffabriken. Sie emittieren im Vergleich zu anderen Industrieanlagen die größte Menge an verfügbarem biogenem CO2. Heute wird dieses CO<sup>2</sup> in die Atmosphäre freigesetzt und trägt zu den Emissionen der Werke bei. ANDRITZ will diese Emissionen in neue wertschöpfende Produkte umwandeln, indem das CO<sup>2</sup> abgetrennt und mit grünem Wasserstoff kombiniert wird, um es für die Produktion von E-Kraftstoff zu verwenden. Basierend auf einer gruppenweiten Zusammenarbeit bietet ANDRITZ das komplette Technologie-Paket für die Produktion von E-Kraftstoff an.

{267}------------------------------------------------

Darüber hinaus wird ANDRITZ ab 2024 gemeinsam mit anderen Unternehmen, Universitäten und Forschungseinrichtungen an einem neuen F&E-Programm teilnehmen. Das Forschungsprogramm "Emission Free Pulping" zielt darauf ab, Wege zu finden, um die Energieeffizienz zu verbessern, die Effizienz der Holznutzung und der Umwandlung in Produkte zu erhöhen, einen emissionsfreien Zellstoff (insbesondere ohne CO2-Emissionen) zu erreichen und den Wasserverbrauch in den Prozessen deutlich zu reduzieren.

## **b) Metals**

Im Geschäftsbereich Metals liegen die Forschungsschwerpunkte auf der Reduktion von Treibhausgasemissionen der gelieferten Anlagen, auf der Vermeidung von Schadstoffen durch Regenerationskonzepte von Endprodukten aus den Prozessketten sowie auf der katalytischen Umwandlung von gasförmigen Schadstoffen wie NOx. Des Weiteren setzt man auf Automatisierung und Digitalisierung, um einen smarten Betrieb der Anlagen bei den Kunden zu ermöglichen.

Die Kombination aus Elektrifizierung und hocheffizienten, bereits wasserstofffähigen Brennersystemen eröffnet unseren Kunden ein breites Feld an Hybridbeheizungsmöglichkeiten für diverse Wärmebehandlungs-anwendungen. Darüber hinaus hilft die Weiterentwicklung digitaler Lösungen den Kunden, Anlagen effizient und somit möglichst wirtschaftlich zu betreiben. Durch Machine-Learning-Prozessparameter sind exakte Prognosen, Einstellungen und Aufzeichnungen möglich. So konnte etwa im Zuge eines Digitalisierungsprojekts bei einer kontinuierlichen Feuerverzinkungsanlage durch den Einsatz digitaler Lösungen auf Basis einer Analyse der Prozess- und Materialdaten im beobachteten Zeitraum eine Reduktion des Gasverbrauchs der Radiant Tube Soaking (RTS)-Zone von ca. 4,5% erreicht werden.

Des Weiteren wurden mit Machine-Learning-Modellen verschiedene Softsensoren anhand realer Prozessdaten trainiert, um die Produktion, während des Ausfalls gewisser Sensoren (z.B. der Schichtdicken-Messung) weiterführen zu können. Der trainierte Schichtdicken-Softsensor erreichte dabei eine Genauigkeit von 89%. Es wird erwartet, dass mithilfe dieser Technologie zukünftig Sensorausfälle prädiziert, Sensordrifts erkannt sowie zukünftige Messwerte vorhergesagt werden können. Dies wiederum würde weitere Reduktionspotenziale (Material, Energie) ergeben. Darüber hinaus wird daran gearbeitet, die thermischen Verluste der Anlagen durch spezielle Ausmauerungskonzepte und Energierückgewinnungssysteme kontinuierlich zu minimieren.

Zu den wichtigsten Innovationsprojekten innerhalb des bereits bestehenden Produktportfolios zählt die "Green Steel Continuous Galvanizing Line" (CGL). Einerseits sollen die gasbefeuerten Strahlrohre durch Elektrostrahlrohre, die mit Ökostrom betrieben werden können, ersetzt werden. Dies führt zu einer drastischen Reduktion der lokalen CO2- Emissionen. Weitere Vorteile sind die Beseitigung der NOx-Emissionen, die Steigerung des Wirkungsgrads um 40% und die erhebliche Vereinfachung des Prozesses durch den Wegfall aller Gasleitungen. Andererseits sollen die fossilen Brennstoffe für die Brenner im direkt befeuerten Ofenteil durch grünen Wasserstoff ersetzt werden. Durch die Entwicklung eigener ANDRITZ-Wasserstoff-Brenner für den Ofenteil können ebenfalls CO2-Emissionen reduziert werden. Außerdem arbeitet man an der Entwicklung von sogenannten Hybridsystemen, die die Beheizung mit Strom aus erneuerbarer Energie und Gas (z.B. Biogas oder Wasserstoff) für Erwärmungs- und Wärmebehandlungsöfen kombinieren. Dadurch können dem Kunden maßgeschneiderte Beheizungssysteme für jede Betriebsart zu Verfügung gestellt werden. Die ersten industriellen Pilotanlagentests bei Kunden sind bereits in der Umsetzung.

{268}------------------------------------------------

Im Bereich Elektromobilität spielt NGO (non grain oriented)-Elektroband eine wesentliche Rolle. NGO wird für die Herstellung von Motoren (Stator und Rotor) für Elektroantriebe verwendet. Die Wirbelstromverluste bei den Motoren sind stark abhängig von der eingesetzten Banddicke des Elektrobands - am besten eignet sich Material in Folienstärke. Die Produktgruppe Walzwerke hat nach der erfolgreichen Entwicklung und Markteinführung des "Sundwig MonoBlock" (ein 20-Rollen-Walzwerk zur Herstellung von kaltgewalzten Bändern) dieses Mehrrollengerüst weiterentwickelt, um damit zukünftig auch Elektroband in Folienstärke herstellen zu können. Parallel wurde auch das bewährte S6-High-Walzgerüst (ein 18-Rollen-Walzwerk) weiterentwickelt, um dem Trend zu dünneren Endstärken zu folgen.

Um ein Komplettanbieter für die NGO-Produktion zu werden, arbeitet ANDRITZ an einem neuen Konzept für Öfen zur Herstellung von Elektrobändern. Die mit diesen Öfen hergestellten NGOs haben einen besseren Wirkungsgrad und können direkt in alle bereits von ANDRITZ angebotenen mechanischen Anlagen integriert werden. Der Schwerpunkt liegt dabei auf einem vollständig modularen Design, das eine schnelle Installation sowie eine einfache Bedienung und Wartung der Öfen ermöglicht.

Ein weiterer großer F&E-Schwerpunkt des Geschäftsbereichs liegt auf Elektrolyseuren zur Erzeugung von grünem Wasserstoff aus erneuerbarer Energie. Dieses Vorhaben wurde anfänglich als Startup innerhalb der ANDRITZ-GRUPPE begonnen und wird nun als eigene Division im Geschäftsbereich weitergeführt und ausgebaut. Die Priorität liegt auf der Entwicklung von Systemen, die auf den PEM (Proton Exchange Membrane)- und AEL (Alkaline Electrolysis)-Technologien beruhen. Ferner beschäftigt man sich mit der SOEL (Solid Oxide Electrolysis)- Technologie zur Hochtemperaturelektrolyse.

Im Bereich Wasserstoff wird auch an der Schweiß- und Pressentechnologie zur Entwicklung der Massenfertigung von Brennstoffzellen (zur Energieerzeugung aus Wasserstoff) für den Antrieb von Lastkraftwägen und Bussen gearbeitet. Neben der Kooperation von ANDRITZ Soutec und der ANDRITZ-Tochter Schuler für Anlagentechnik zur Großserienfertigung von Brennstoffzellen gab es im Berichtsjahr auch spezielle Entwicklungen von ANDRITZ Kaiser zur Herstellung von Brennstoffzellen und hier im Speziellen zur Fertigung von Bipolarplatten. Auf Basis der ToP-Line-Pressentechnologie entstand eine eigene Pressenlinie (KSH2 16.000 und KSH2 19.000), die den höchsten Anforderungen zur Fertigung von Bipolarplatten gerecht wird. Die Maschinen verfügen über Presskräfte von 16.000 kN und 19.000 kN, sind in einer innovativen biometrischen Guss-Konstruktion hergestellt und können über eine eigens entwickelte automatische Stößel-Kippungs-Kompensation höchste Präzision erzeugen und liefern. So wurden bereits zwei Anlagen geliefert, die beim Kunden Bipolar-Platten produzieren, weitere Anlagen sind in der Abwicklung bzw. bestellt. Ergänzt werden die Maschinen aus der ToP-Line-Baureihe KSH2 mit innovativen, neu entwickelten Vorschub-Systemen (push-pull), die gesondert für den Vorschub von extra dünnen Edelstahl-Bändern entwickelt und gebaut wurden.

Im Bereich Metals Forming hat das ANDRITZ-Tochterunternehmen Schuler im vergangenen Jahr neben den Themen Digitalisierung und Elektromobilität auch Weiterentwicklungen für den automobilen Leichtbau vorgestellt. So kommen Bauteile aus hochfestem Aluminiumblech in Fahrzeugen immer häufiger zum Einsatz, um Gewicht zu sparen. Schuler bietet auf hydraulischen Pressen nun ein neues Verfahren zur Warmumformung an, bei der das Leichtmetall innerhalb kürzester Zeit mittels Kontakterwärmung erhitzt und in einem wassergekühlten Werkzeug umgeformt wird. Sämtliche Prozessschritte laufen dabei im Werkzeug ab, so dass, anders als beim Formhärten von Stahlblech, kein separater Ofen mehr erforderlich ist. Dadurch reduzieren sich der Platzbedarf für die Anlage sowie die Investitions- und Betriebskosten erheblich. Die Technologie ermöglicht die Produktion von leichten und hochfesten Teilen mit deutlich höheren Umformgraden im Vergleich zur Kaltumformung und viel größerem Freiraum beim Design. Das Ergebnis sind hochkomplexe Geometrien und eine Zugfestigkeit von 300 bis 400 Newton pro Quadratmillimeter.

{269}------------------------------------------------

Neben Linien zur Produktion von Karosserie- und Strukturteilen bietet Schuler auch Pressen zur Stanzpaketierung von Elektroblechen für energieeffiziente Motoren sowie Anlagen zur Herstellung von zylindrischen und prismatischen Batteriezellgehäusen. Ein renommierter Autohersteller in Deutschland hat Schuler nun den Auftrag über eine Pilotlinie zur Montage von Festkörperbatterien erteilt, dem Nachfolger der aktuell weit verbreiteten Lithium-Ionen-Batterien. In das Projekt fließt neben dem Know-how für Umformtechnik auch jenes für die Batteriezellproduktion ein, das durch die Übernahme der italienischen Sovema Group ergänzt wurde.

In der "Digital Suite" sammelt Schuler Anwendungen zur Vernetzung der Umformtechnik. "Shopfloor Operations Management" (SOM) nennt sich der jüngste Neuzugang in dem Paket. Im Falle eines unerwarteten Anlagenstillstands zieht sich die Applikation zur Protokollierung der Ursache die entsprechenden Daten automatisch aus der Anlagensteuerung und bereitet sie zusammen mit weiteren Leistungsindikatoren übersichtlich auf. SOM zeigt auf einen Blick, wie es um die aktuelle Produktion bestellt ist, und legt dadurch mögliche Probleme frühzeitig offen. Die Leistungsindikatoren lassen sich dabei mit vergangenen Schichten und Aufträgen vergleichen, um Prozesse in Zukunft zu optimieren. Das Reporting bildet damit die ideale Grundlage für das tägliche Shopfloor-Meeting. Eine Erhöhung der Verfügbarkeit einer Anlage um 30% ist durchaus realistisch.

Die direkte Integration von SOM in die Anlagensteuerung sorgt dabei für eine bestmögliche Datenqualität einschließlich exakter Zeitstempel. Des Weiteren sorgen die genauen Produktionsdaten auch für eine realistischere Kostenkalkulation. Die vollständige Konnektivität zu kundenseitigen ERP-/MES-Systemen sowie offene Datenschnittstellen zu KI-Lösungen sind ebenfalls gewährleistet. Über ein bedienerfreundliches Terminal zur Maschinendatenerfassung lassen sich externe Ursachen für Anlagenstillstände – wie zum Beispiel der Gabelstapler, der die benötigten Platinen zu spät anliefert – schnell und einfach erfassen. Individuelle Notizen sind dabei ebenso möglich wie die Adressierung bestimmter Themen an die jeweils Verantwortlichen mit Hilfe eines Ticketing-Systems.

## **c) Hydro**

Als führender Ausrüster von Pumpspeicherkraftwerken trägt ANDRITZ entscheidend zur Förderung erneuerbarer Energien bei und ist somit ein starker Partner auf dem Gebiet der Nachhaltigkeit. Die Nutzung erneuerbarer Energiequellen wie Solar- und Windenergie ist entscheidend für die Verringerung der Treibhausgasemissionen und der Abhängigkeit von fossilen Brennstoffen. Die kontinuierliche Forschungs- und Entwicklungsarbeit von ANDRITZ im Bereich der Pumpspeicherung ist ein wichtiger Beitrag zu diesen Bemühungen, da sie die Gesamteffizienz und Zuverlässigkeit der erneuerbaren Energiesysteme erhöht. Im Vergleich zu anderen Energiespeichersystemen können in den Reservoirs von Pumpspeicherkraftwerken sehr große Mengen an Energie gespeichert werden. Bei kurzfristigem Strombedarf können sie die Netzstabilität sichern, da sie den Vorteil einer sehr kurzen Reaktionszeit haben. Dies gilt insbesondere für drehzahlvariable Pumpturbinen und Motorgeneratoren.

Ein weiterer wichtiger Baustein in diesem Bereich ist die Entwicklung von rotierenden Phasenschiebern. Sie sind für die Stabilisierung des Stromnetzes unverzichtbar, insbesondere im Zusammenhang mit dem zunehmenden Anteil an variablen erneuerbaren Energien. Rotierende Phasenschieber können wesentliche Mengen an Blindleistung und Kurzschlussleistung bereitstellen, um die Netzstabilität durch den Ausgleich von Schwankungen aufrechtzuerhalten. Dadurch ist es möglich, die Integration von Solar- und Windenergie in die Energieinfrastruktur weiter zu verbessern.

Die Forschungs- und Entwicklungsarbeit zur Verbesserung der Technologie von Wasserkraftwerken und rotierenden Phasenschiebern führt zu höherer Zuverlässigkeit und Leistung bei gleichzeitiger Umweltfreundlichkeit. Dies ermöglicht es unseren Kunden, erneuerbare Energie effizienter zu nutzen und dadurch ihre Nachhaltigkeitsziele zu erreichen.

{270}------------------------------------------------

## **d) Separation**

ANDRITZ ist ein globaler Anbieter modernster Trenntechnik. Aus dieser führenden Position heraus ermöglichen unsere Innovationen den Kunden, die richtige Antwort auf die Herausforderungen einer sich schnell verändernden Welt zu finden.

Durch gezielte Forschungs- und Entwicklungsarbeit bei Dekanter-Zentrifugen, einer der universellsten Technologien zur Fest-Flüssig-Trennung, konnte deren Anwendungsbereich erweitert werden. Design- und Prozessoptimierungen ermöglichen die Produktion von Biogas als Alternative zu fossilen Brennstoffen. Weiters wurde aufgrund der wachsenden Nachfrage nach milchfreien Produkten ein Dekanter für die Produktion von Hafermilch eingeführt. Zusammen mit unserer Turbex-Technologie, einer effizienten Extraktionslösung zur Herstellung hochwertiger Extrakte aus Pflanzen und Naturprodukten, stellt dies eine innovative Lösung für die gesamtheitliche Nutzung von Rohstoffen im Lebensmittelsektor dar.

Die bewährten Dreiphasen-Dekanterzentrifugen wurden weiterentwickelt und an die Anforderungen in puncto Rückgewinnung von hochreinem Öl aus verunreinigten Quellen angepasst, darunter Rohöl, verschiedene ölhaltige Schlämme sowie Rückstände aus der Reinigung von Seen, Lagunen oder Tanks und API-Separatorenschlamm. Diese Weiterentwicklung ist Teil der Bestrebungen von ANDRITZ, in Zusammenarbeit mit Kunden Ressourcen und Umwelt zu schonen. Wichtig für Anwendungen in der Öl- und Gasindustrie ist, dass das ANDRITZ-Angebot Maschinen für die ATEX-Zonen 1 und 2 umfasst. Diese eignen sich für den Einsatz in Anlagen, in denen unter normalen Betriebsbedingungen eine explosionsfähige Atmosphäre entstehen kann.

Um den Verbrauch von Energie und Produktionshilfsmitteln zu reduzieren, ist eine umfassende Optimierung der Kundenprozesse notwendig. Unsere auf künstlicher Intelligenz basierenden Technologien wie Metris addIQ ARGOS und Metris addIQ RheoScan spielen dabei eine wichtige Rolle. Der Metris addIQ Radar-Füllregler ermöglicht einen höheren Durchsatz, verbessert die Produktqualität und zeichnet sich durch ein modernes, wartungsfreundliches Design aus.

Im Bereich Feed & Biofuel zählt ANDRITZ zu den weltweit führenden Anbietern von Technologien und Serviceleistungen für die Futtermittel-, Aquafutter-, Tiernahrungs- und Biokraftstoff-Industrie. Hier lag der Fokus im Berichtsjahr auf modularen Anlagenlösungen (Modular Plant Solution) mit einem integrierten Ansatz zur Optimierung der Logistik, Sicherung der Qualität und Erreichung von Kosteneffizienz. Ein Beispiel dafür ist die erhebliche Verkürzung der Kranzeit von 90 auf 7 Tage im Vergleich zu herkömmlichen Anlagen, was zu erheblichen Zeit- und Kosteneinsparungen führt. Der Kern des Angebots an modularen Anlagenlösungen liegt in der reibungslosen Integration und dem globalen Know-how, das durch optimierte Module für eine effiziente Logistik sorgt, die einen schnellen und präzisen Einsatz vor Ort garantieren. Der Ansatz der Modular Plant Solution ist auf Regionen und Unternehmen mit begrenzten Kompetenzen oder Ressourcen zugeschnitten und nutzt globales Fachwissen, um problemlose Installationen zu ermöglichen.

Die Einführung des Bereichs Automation & Digitalisierung stellt einen bedeutenden Meilenstein und eine zentrale Komponente der übergreifenden Feed & Biofuel-Strategie dar und stärkt das Engagement für Innovation, umfassende Anlagenlösungen und Effizienz. Das Hauptziel ist, die transformative Kraft der Automatisierung und der digitalen Technologien strategisch einzusetzen, um Prozesse zu rationalisieren und den Kunden weltweit einen Mehrwert zu bieten.

In Waddinxveen, Niederlande, eröffnete ANDRITZ im Berichtsjahr ein hochmodernes Versuchs- und Forschungszentrum für die Lebens- und Futtermittelindustrie. Das Food Innovation Xperience Center ist ein Entwicklungs- und Technologiezentrum, in dem Kunden sowie ANDRITZ-Expertinnen und -Experten gemeinsam Visionen in die Realität umsetzen können. Es ist mit den neuesten Technologien ausgestattet und bietet die Möglichkeit, Machbarkeitsstudien, Pilotversuche zur Hochskalierung sowie F&E-Aktivitäten unter lebensmittelgerechten und ATEX-konformen Bedingungen durchzuführen.

{271}------------------------------------------------

## **e) Automation**

ANDRITZ Automation ist bereits seit mehr als 35 Jahren erfolgreich im Bereich der Anlagenautomatisierung tätig. Die digitalen Lösungen von ANDRITZ Digital Solutions – angeboten unter der Dachmarke Metris – gehören mittlerweile zu den führenden in der Industrie. Im Berichtsjahr 2023 wurde ein Hauptaugenmerk der Entwicklung auf die autonome Betriebsführung von Gesamtanalgen sowie auf die Risikominimierung durch Cyberattacken gelegt.

Mit Hilfe der autonomen Metris-Lösungen ist es möglich, den Einsatz von Rohstoffen zu optimieren, die damit verbundenen Emissionen entsprechend zu senken sowie die zusätzlich notwendigen manuellen Eingriffe auf ein entsprechendes Minimum zu reduzieren. Ein wichtiges Augenmerk liegt hierbei darauf, die Kunden bei den Nachhaltigkeitsbestrebungen für ihre Produktionsprozesse zu unterstützen. Zusätzlich stellte die Weiterentwicklung von Digital-Twin-Technologien zur On-/Offline-Simulation und die Vorhersage zukünftiger Produktionsszenarien einen Forschungsschwerpunkt im Berichtsjahr dar.

Die eigens entwickelte Soft PLC Metris X, welche ein integrierter Bestandteil der Metris All-in-One Platform ist, wurde im Berichtsjahr erstmalig in der hauseigenen Pilotanlage TIAC (Tissue Innovation and Application Center) erfolgreich zum Einsatz gebracht. Mit dieser nahtlos-integrierten hardwareunabhängigen Automatisierungslösung werden alle Daten des Gesamtanlagenprozesses in die Anlagensteuerung miteinbezogen, um unseren Kunden weitere Prozessoptimierungen, wie beispielsweise die Reduktion des Rohstoffeinsatzes, der Energie sowie die gleichzeitige Steigerung der Produktqualität, zu gewährleisten.

# **H) AUSBLICK**

Wirtschaftsexperten erwarten für das Jahr 2024 ein weiterhin nur moderates Wachstum der Weltwirtschaft in Höhe von rund 3%. Damit würde sich das Wachstum gegenüber 2023 nochmals leicht reduzieren.

Anhaltende geopolitischen Konflikte, weiterhin hohe Preise – insbesondere für Energie und Rohstoffe – sowie die langsam wieder sinkenden Zinsen sind die wesentlichen Ursachen für diese Einschätzung. In Europa ist von Wachstumsraten leicht über 1% auszugehen, was eine sehr geringe Verbesserung gegenüber 2023 wäre.

Aus den USA werden ebenfalls keine wesentlichen weiteren Impulse erwartet und das Wachstum in China wird sich nach jüngsten Prognosen weiter leicht abschwächen. Das Wachstum in den Schwellen- und Entwicklungsländern wird für 2024 mit rund 4% auf dem Niveau des Jahres 2023 verbleiben.

Trotz dieser schwierigen gesamtwirtschaftlichen Rahmenbedingungen sind die Aussichten und Erwartungen für die ANDRITZ-Geschäftsbereiche für das Jahr 2024 - im Vergleich zum Vorjahr – im Wesentlichen unverändert.

ANDRITZ hat derzeit keine konkreten Hinweise darauf, dass sich die oben beschriebenen Rahmenbedingungen im Jahr 2024 signifikant negativ auf die Projekt- und Investitionstätigkeit der von ANDRITZ bedienten Märkte und Kunden auswirken werden. Eine eventuell fortbestehende Zurückhaltung der Kunden hinsichtlich der Platzierung von Aufträgen für kapazitätserweiternde Großinvestitionen wird durch intensive Projekt-Aktivitäten hinsichtlich der Umrüstung von Anlagen zur Steigerung von Effizienz- und Nachhaltigkeit kompensiert.

▪ Pulp & Paper: Aus heutiger Sicht wird im Laufe des Jahres mit einer sich wieder verbessernden Projekt- und Investitionsaktivität, gerechnet. Nach dann fast zwei Jahren der Zurückhaltung in Bezug auf die Vergabe von Aufträgen über kapazitätserweiternde Großinvestitionen sollten erste Projekte für Neuanlagen zur Vergabe kommen. Die Projekttätigkeit im Zusammenhang mit Modernisierungen und Umrüstungen wird als weiterhin stabil eingeschätzt. Unterstützend sollten sich auch die von vielen Zellstoff- und Papierproduzenten geplanten Investitionen im Bereich der Nachhaltigkeit auswirken.

{272}------------------------------------------------

- Metals: Im Bereich Metals Forming (Schuler) wird mit einer Fortsetzung der leicht ansteigenden Projekt- und Investitionsaktivität gerechnet. Vor allem im Bereich der Elektromobilität ist die Vergabe einzelner mittlerer/größerer Aufträge zu erwarten. Im Bereich Metals Processing wird im Jahr 2024 ein weiterhin solides Marktumfeld erwartet.
- Hydro: Im Geschäftsbereich Hydro ist mit einer weiteren Fortsetzung der guten Projekt- und Investitionstätigkeit des Vorjahres zu rechnen. Die weltweiten Initiativen zur Förderung von erneuerbaren Energien sowie der zunehmende Bedarf zur Speicherung von großen Energiemengen zum Ausgleich der Volatilität der Energieerzeugung durch Wind und Sonne, sollten sich mittelfristig unterstützend insbesondere im Bereich der Pumpspeicherkraftwerke auswirken.
- Separation: Sowohl im Bereich Fest-Flüssig-Trennung als auch im Bereich Feed & Biofuel ist mit einer anhaltend guten Projekt- und Investitionstätigkeit zu rechnen. Der Markt für Pumpen, die seit 2023 diesem Geschäftsbereich zugeordnet sind, wird als stabil eingeschätzt.

Aufgrund der weiterhin guten Geschäftsentwicklung und des hohen Auftragsstands zum Ende des Geschäftsjahrs 2023 erwartet ANDRITZ aus heutiger Sicht, seinen Wachstumskurs im Geschäftsjahr 2024 fortzusetzen und rechnet sowohl bei Umsatz als auch Ergebnis mit einer Steigerung gegenüber 2023 – diese jedoch mit im Vergleich zu den beiden Vorjahren geringeren Wachstumsraten.

Sollte sich die von den Wirtschaftsforschern prognostizierte Entwicklung der Weltwirtschaft im Jahr 2024 jedoch deutlich verschlechtern, könnte dies negative Auswirkungen auf die Abarbeitung von Aufträgen bzw. auf den Auftragseingang und somit einen negativen Einfluss auf die finanzielle Entwicklung von ANDRITZ haben. Insbesondere könnten dadurch kapazitive Anpassungen erforderlich werden, die finanzielle Vorsorgen notwendig machen und das Ergebnis der ANDRITZ-GRUPPE negativ beeinträchtigen könnten.

# **I) AKTIEN UND AKTIONÄRSSTRUKTUR**

## **Offenlegung gemäß § 243a UGB**

Das Grundkapital der ANDRITZ AG per 31. Dezember 2023 betrug 104.000.000 EUR. Auf jede nennwertlose Aktie entfällt damit ein anteiliger Betrag am Grundkapital von 1,00 EUR. Es bestehen keine Beschränkungen, welche die Stimmrechte oder die Übertragung von Aktien betreffen.

ANDRITZ verfügt über eine stabile und ausgewogene Aktionärsstruktur. Rund 31,5% des Grundkapitals der ANDRITZ AG wurden zum Bilanzstichtag – teils indirekt und teils direkt – von der Custos Privatstiftung bzw. Herrn Wolfgang Leitner, Mitglied im Aufsichtsrat der ANDRITZ AG, gehalten. Davon entfallen 30,72% auf die Custos Vermögensverwaltungs GmbH und 0,77% auf die Cerberus Vermögensverwaltung GmbH. Rund 4,5% der Aktien hält die Gesellschaft selbst. Mit einem Streubesitz von rund 64% stellen nationale und internationale institutionelle Anleger sowie Privataktionärinnen und -aktionäre den Hauptanteil der Anteilseigner. Rund 45% der Aktien werden von institutionellen Anlegern gehalten. Der Großteil der institutionellen Anleger kommt aus Großbritannien, Österreich und Deutschland, jener der Privataktionärinnen und -aktionäre aus Österreich und Deutschland.

{273}------------------------------------------------

Es gibt derzeit kein genehmigtes Kapital. Der Vorstand wurde von der Hauptversammlung am 29. März 2023 ermächtigt, für die Dauer von 30 Monaten ab dem 1. Oktober 2023, eigene Aktien der Gesellschaft im gesetzlich jeweils höchst zulässigen Ausmaß zu erwerben und, ohne dass die Hauptversammlung vorher nochmals befasst werden muss, gegebenenfalls diese Aktien der Gesellschaft mit Zustimmung des Aufsichtsrats einzuziehen. Es gibt keine sich nicht unmittelbar aus dem Gesetz ergebenden Befugnisse für Mitglieder des Vorstands, insbesondere hinsichtlich der Möglichkeit, Aktien auszugeben oder zurückzukaufen.

Soweit der Gesellschaft bekannt ist, gibt es keine Inhaber von Aktien mit besonderen Kontrollrechten. Es existieren darüber hinaus auch keine sich nicht unmittelbar aus dem Gesetz ergebenden Bestimmungen über die Ernennung und Abberufung der Mitglieder des Vorstands und des Aufsichtsrats sowie über die Änderung der Satzung der Gesellschaft.

Die Gesellschaft ist keine bedeutenden Vereinbarungen eingegangen, die bei einem Kontrollwechsel der Gesellschaft infolge eines Übernahmeangebots wirksam werden, sich ändern oder enden würden.

Gemäß den Bedingungen der im Juni 2017, im August 2018 sowie im Mai 2019 aufgenommenen Schuldscheindarlehen ist jeder Darlehensgeber bei einem Kontrollwechsel berechtigt, den Betrag der seiner Beteiligung an dem Schuldscheindarlehen entspricht, fällig zu stellen und die unverzügliche Rückzahlung dieses Kapitalbetrags zuzüglich der aufgelaufenen Zinsen bis zum Tag der Rückzahlung zu verlangen. Die Fälligstellung ist nur gültig, wenn die entsprechende Kündigungserklärung innerhalb von 30 Tagen nach der Bekanntmachung des Kontrollwechsels erfolgt.

Es existieren Entschädigungsvereinbarungen zwischen der Gesellschaft und Mitgliedern des Vorstands im Falle eines Kontrollwechsels. Es gibt keine Entschädigungsvereinbarungen für die Aufsichtsratsmitglieder und Arbeitnehmerinnen und Arbeitnehmer.

Graz, 26. Februar 2024

Der Vorstand der ANDRITZ AG

Joachim Schonbeck e.h.
(Vorstandsvorsitzender)

etmar Heinisser e.h

Joachim Schönbeck e.h. Dietmar Heinisser e.h. Norbert Nettesheim e.h. Jarno Nymark e.h. Frédéric Sauze e.h. (Vorstandsvorsitzender) (Finanzvorstand)

Jarno Nymark e.h.

Frédéric Sauze e.h.

#### **Disclaimer:**

Bestimmte Aussagen im Jahresfinanzbericht 2023 und im Geschäftsbericht 2023 sind "zukunftsgerichtete Aussagen". Diese Aussagen, welche die Worte "glauben", "beabsichtigen", "erwarten" und Begriffe ähnlicher Bedeutung enthalten, spiegeln die Ansichten und Erwartungen der Geschäftsleitung wider und unterliegen Risiken und Unsicherheiten, welche die tatsächlichen Ergebnisse wesentlich beeinträchtigen können. Der Leser sollte daher nicht unangemessen auf diese zukunftsgerichteten Aussagen vertrauen. Die Gesellschaft ist nicht verpflichtet, das Ergebnis allfälliger Berichtigungen der hierin enthaltenen zukunftsgerichteten Aussagen zu veröffentlichen, außer dies ist nach anwendbarem Recht erforderlich.

Der Jahresfinanzbericht 2023 und der Geschäftsbericht 2023 enthalten Annahmen und Prognosen, die auf Basis aller bis Redaktionsschluss am 26. Februar 2024 zur Verfügung stehenden Informationen getroffen wurden. Sollten die den Annahmen und Prognosen zugrunde liegenden Einschätzungen nicht eintreffen oder die im Kapitel "Unternehmensrisiken" und im Lagebericht des Jahresfinanzberichts 2023 angesprochenen Risiken eintreten, so können die tatsächlichen Ergebnisse von den im Jahresfinanzbericht 2023 und im Geschäftsbericht 2023 erwarteten Ergebnissen abweichen. Trotz größter Sorgfalt erfolgen daher alle zukunftsbezogenen Aussagen ohne Gewähr.

{274}------------------------------------------------

# BILANZ

# **ZUM 31. DEZEMBER 2023**

| (in EUR)                                                                    | 2023              | 202               |
|-----------------------------------------------------------------------------|-------------------|-------------------|
| AKTIVA                                                                      |                   |                   |
| A. ANLAGEVERMÖGEN                                                           | 2.580.215.299,47  | 2.609.761.804,26  |
| I. Immaterielle Vermögensgegenstände                                        | 9.131.076,60      | 10.422.651,67     |
| 1. Software, Lizenzen und andere Rechte                                     | 7.785.798,53      | 8.556.973,26      |
| 2. Firmenwert                                                               | 1.345.278,07      | 1.865.678,41      |
| II. Sachanlagen                                                             | 96.755.421,95     | 94.224.049,41     |
| 1. Grundstücke und Bauten                                                   | 65.090.684,12     | 64.291.718,49     |
| 2. technische Anlagen und Maschinen                                         | 19.345.292,72     | 19.284.926,82     |
| 3. andere Anlagen, Betriebs- und Geschäftsausstattung                       | 6.419.177,01      | 5.633.279,42      |
| 4. geleistete Anzahlungen und Anlagen in Bau                                | 5.900.268,10      | 5.014.124,68      |
| III. Finanzanlagen                                                          | 2.474.328.800,92  | 2.505.115.103,18  |
| 1. Anteile an verbundenen Unternehmen                                       | 2.033.428.263,29  | 1.982.717.392,11  |
| 2. Ausleihungen an verbundene Unternehmen                                   | 421.035.815,51    | 483.534.645,26    |
| 3. Beteiligungen                                                            | 2.380,00          | 2.380,00          |
| 4. Wertpapiere des Anlagevermögens                                          | 19.862.342,12     | 38.860.685,81     |
| B. UMLAUFVERMÖGEN                                                           | 834.041.733,46    | 642.743.228,16    |
| I. VORRÄTE                                                                  | 318.716.924,77    | 192.280.254,49    |
| 1. Roh-, Hilfs- und Betriebsstoffe                                          | 37.194.313,04     | 31.255.945,11     |
| 2. noch nicht abrechenbare Leistungen                                       | 253.033.789,96    | 133.044.674,63    |
| noch nicht abrechenbare Leistungen<br>mit erhaltenen Anzahlungen verrechnet | 2.128.957.077,24  | 1.567.114.642,21  |
| mit erhaltenen Anzahlungen verrechnet                                       | -1.875.923.287,28 | -1.434.069.967,58 |
| 3. geleistete Anzahlungen                                                   | 28.488.821,77     | 27.979.634,75     |
| geleistete Anzahlungen<br>mit erhaltenen Anzahlungen verrechnet             | 68.622.188,97     | 70.615.082,66     |
| mit erhaltenen Anzahlungen verrechnet                                       | -40.133.367,20    | -42.635.447,91    |
| II. Forderungen und sonstige Vermögensgegenstände                           | 236.224.864,95    | 168.810.469,67    |
| 1. Forderungen aus Lieferungen und Leistungen                               | 41.827.408,56     | 30.350.073,44     |
| davon mit einer Laufzeit von mehr als einem Jahr                            | 0,00              | 0,00              |
| 2. Forderungen gegenüber verbundenen Unternehmen                            | 172.764.655,05    | 94.192.851,70     |
| davon mit einer Laufzeit von mehr als einem Jahr                            | 108.589.739,53    | 37.624.702,04     |
| 3. sonstige Forderungen und Vermögensgegenstände                            | 21.632.801,34     | 44.267.544,53     |
| davon mit einer Laufzeit von mehr als einem Jahr                            | 1.083.651,31      | 36.298,92         |
| III. Wertpapiere und Anteile                                                | 145.319.468,50    | 146.604.350,00    |
| IV. Kassenbestand, Guthaben bei Kreditinstituten                            | 133.780.475,24    | 135.048.154,00    |
| C. RECHNUNGSABGRENZUNGSPOSTEN                                               | 18.212.189,60     | 17.615.058,76     |
| D. AKTIVE LATENTE STEUERN                                                   | 42.004.001,27     | 25.422.661,18     |
| SUMME AKTIVA                                                                | 3.474.473.223,80  | 3.295.542.752,36  |
| (in EUR)                                                                    | 2023              | 202               |
| PASSIVA                                                                     |                   |                   |
| A. EIGENKAPITAL                                                             | 1.123.910.812,55  | 1.030.313.062,4   |
| I. eingefordertes und einbezahltes Nennkapital (Grundkapital)               | 99.210.460,00     | 98.903.589,0      |
| gezeichnet Nennkapital (Grundkapital)                                       | 104.000.000,00    | 104.000.000,0     |
| Eigene Anteile                                                              | -4.789.540,00     | -5.096.411,0      |
| II. gebundene Kapitalrücklagen                                              | 40.069.442,40     | 40.069.442,4      |
| III. Optionsrücklage                                                        | 6.519.724,22      | 11.095.328,0      |
| IV. gesetzliche Gewinnrücklage                                              | 5.338.626,77      | 5.338.626,77      |
| V. Rücklage wegen eigener Anteile                                           | 4.789.540,00      | 5.096.411,0       |
| VI. Bilanzgewinn                                                            | 967.983.019,16    | 869.809.665,1     |
| davon Gewinnvortrag                                                         | 662.112.128,29    | 696.004.724,0     |
| B. RÜCKSTELLUNGEN                                                           | 357.394.690,84    | 317.302.995,0     |
| 1. Rückstellungen für Abfertigungen                                         | 26.656.963,00     | 27.383.872,0      |
| 2. Rückstellungen für Pensionen                                             | 5.954.586,31      | 7.753.329,3       |
| 3. Steuerrückstellungen                                                     | 12.173.574,67     | 6.934.258,7       |
| 4. sonstige Rückstellungen                                                  | 312.609.566,86    | 275.231.534,9     |
| C. VERBINDLICHKEITEN                                                        | 1.993.134.720,41  | 1.947.893.694,8   |
| davon mit einer Restlaufzeit von bis zu einem Jahr                          | 962.276.580,39    | 725.398.704,2     |
| davon mit einer Restlaufzeit von mehr als einem Jahr                        | 1.030.858.140,02  | 1.222.494.990,6   |
| 1. Schuldscheindarlehen                                                     | 729.000.000,00    | 894.500.000,00    |
| davon mit einer Restlaufzeit von bis zu einem Jahr                          | 300.000.000,00    | 165.500.000,00    |
| davon mit einer Restlaufzeit von mehr als einem Jahr                        | 429.000.000,00    | 729.000.000,00    |
| 2. Verbindlichkeiten gegenüber Kreditinstituten                             | 84.985.975,00     | 101.980.110,00    |
| davon mit einer Restlaufzeit von bis zu einem Jahr                          | 16.998.597,50     | 16.998.011,00     |
| davon mit einer Restlaufzeit von mehr als einem Jahr                        | 67.987.377,50     | 84.982.099,00     |
| 3. erhaltene Anzahlungen auf Bestellungen                                   | 416.534.107,80    | 434.243.445,9     |
| erhaltene Anzahlungen auf Bestellungen                                      | 2.332.590.762,28  | 1.910.948.861,4   |
| mit Vorräten verrechneter Anteil                                            | -1.916.056.654,48 | -1.476.705.415,4  |
| davon mit einer Restlaufzeit von bis zu einem Jahr                          | 207.875.105,15    | 243.844.466,2     |
| davon mit einer Restlaufzeit von mehr als einem Jahr                        | 208.659.002,65    | 190.398.979,7     |
| 4. Verbindlichkeiten aus Lieferungen und Leistungen                         | 109.029.317,19    | 104.978.817,5     |
| davon mit einer Restlaufzeit von bis zu einem Jahr                          | 105.443.942,84    | 102.016.248,6     |
| davon mit einer Restlaufzeit von mehr als einem Jahr                        | 3.585.374,35      | 2.962.568,8       |
| 5. Verbindlichkeiten gegenüber verbundenen Unternehmen                      | 617.982.625,06    | 379.881.958,3     |
| davon mit einer Restlaufzeit von bis zu einem Jahr                          | 305.749.090,86    | 164.730.615,3     |
| davon mit einer Restlaufzeit von mehr als einem Jahr                        | 312.233.534,20    | 215.151.343,0     |
| 6. sonstige Verbindlichkeiten                                               | 35.602.695,36     | 32.309.363,0      |
| davon mit einer Restlaufzeit von bis zu einem Jahr                          | 26.209.844,04     | 32.309.363,0      |
| davon mit einer Restlaufzeit von mehr als einem Jahr                        | 9.392.851,32      | 0,0               |
| davon aus Steuern                                                           | 2.514.431,75      | 5.048.189,8       |
| davon im Rahmen der sozialen Sicherheit                                     | 4.617.967,57      | 3.767.843,7       |
| D. RECHNUNGSABGRENZUNGSPOSTEN                                               | 33.000,00         | 33.000,0          |

{275}------------------------------------------------

#### A N D R I T Z A G – J a h r e s a b s c h l u s s 2 0 2 3 B i l a n z

{276}------------------------------------------------

# GEWINN- UND VERLUSTRECHNUNG

# **FÜR DAS GESCHÄFTSJAHR 2023**

| (in EUR)                                                                                                                       | 2023              | 2022            |
|--------------------------------------------------------------------------------------------------------------------------------|-------------------|-----------------|
| 1. Umsatzerlöse                                                                                                                | 1.039.955.623,87  | 907.479.285,05  |
| 2. Bestandsveränderungen                                                                                                       | 548.671.852,11    | 150.147.904,16  |
| a) Veränderung des Bestands an fertigen Erzeugnissen sowie an noch nicht abrechenbaren<br>Leistungen                           | 566.198.626,74    | 188.871.974,33  |
| b) Veränderungen der Auftragsrückstellungen                                                                                    | -17.526.774,63    | -38.724.070,17  |
| 3. andere aktivierte Eigenleistungen                                                                                           | 1.356.828,88      | 1.094.357,48    |
| 4. sonstige betriebliche Erträge                                                                                               | 35.748.129,23     | 19.098.632,59   |
| a) Erträge aus dem Abgang vom Anlagevermögen mit Ausnahme der Finanzanlagen                                                    | 18.223,24         | 174.729,75      |
| b) Erträge aus der Auflösung von Rückstellungen                                                                                | 357.198,24        | 438.492,86      |
| c) übrige                                                                                                                      | 35.372.707,75     | 18.485.409,98   |
| 5. Aufwendungen für Material und sonstige bezogene Herstellungsleistungen                                                      | -1.071.910.536,06 | -665.236.824,01 |
| a) Materialaufwand                                                                                                             | -918.611.962,09   | -584.338.859,67 |
| b) Aufwendungen für bezogene Leistungen                                                                                        | -153.298.573,97   | -80.897.964,34  |
| 6. Personalaufwand                                                                                                             | -255.226.976,05   | -222.307.539,77 |
| a) Löhne                                                                                                                       | -25.174.233,70    | -23.621.417,58  |
| b) Gehälter                                                                                                                    | -181.512.654,60   | -150.667.962,35 |
| c) Soziale Aufwendungen                                                                                                        | -48.540.087,75    | -48.018.159,84  |
| davon Aufwendungen für Altersversorgung                                                                                        | -2.693.414,48     | -4.287.575,89   |
| davon Aufwendungen für Abfertigungen und Leistungen an betriebliche<br>Mitarbeitervorsorgekassen                               | -3.264.023,55     | -7.139.691,16   |
| davon für Aufwendungen für gesetzlich vorgeschriebene Sozialabgaben sowie vom Entgelt<br>abhängige Abgaben und Pflichtbeiträge | -42.063.464,14    | -36.132.050,85  |
| davon für sonstige soziale Aufwendungen                                                                                        | -519.185,58       | -458.841,94     |
| 7. Abschreibungen auf immaterielle Gegenstände des Anlagevermögens und Sachanlagen                                             | -11.786.265,43    | -17.978.352,59  |
| 8. sonstige betriebliche Aufwendungen                                                                                          | -214.901.284,39   | -180.986.506,05 |
| a) Steuern, soweit sie nicht unter Z 18 fallen                                                                                 | -2.047.046,20     | -2.524.255,20   |
| b) übrige                                                                                                                      | -212.854.238,19   | -178.462.250,85 |
| 9. Zwischensumme aus Z 1 bis 8 (Betriebserfolg)                                                                                | 71.907.372,16     | -8.689.043,18   |
| 10. Erträge aus Beteiligungen                                                                                                  | 216.272.581,78    | 244.336.184,18  |
| davon aus verbundenen Unternehmen                                                                                              | 216.186.743,42    | 244.336.184,18  |
| 11. Erträge aus anderen Wertpapieren und Ausleihungen des Finanzanlagevermögens                                                | 44.500,00         | 62.300,00       |
| 12. sonstige Zinsen und ähnliche Erträge                                                                                       | 24.737.967,57     | 44.396.422,24   |
| davon aus verbundenen Unternehmen                                                                                              | 21.782.446,78     | 21.747.775,71   |
| 13. Erträge aus dem Abgang von und der Zuschreibung zu Finanzanlagen und Wertpapieren<br>des Umlaufvermögens                   | 21.594.305,29     | 12.833.115,24   |
| 14. Aufwendungen aus Finanzanlagen und aus Wertpapieren des Umlaufvermögens                                                    | -2.336.419,00     | -75.748.942,57  |
| davon aus Abschreibungen                                                                                                       | 23.845,71         | -44.710.163,00  |
| davon Aufwendungen aus verbundenen Unternehmen                                                                                 | -2.360.264,71     | -75.409.513,79  |
| 15. Zinsen und ähnliche Aufwendungen                                                                                           | -28.549.419,53    | -19.444.854,99  |
| davon betreffend verbundene Unternehmen                                                                                        | -12.002.527,45    | -3.583.317,05   |
| 16. Zwischensumme aus Z 10 bis 15 (Finanzerfolg)                                                                               | 231.763.516,11    | 206.434.224,10  |
| 17. Ergebnis vor Steuern                                                                                                       | 303.670.888,27    | 197.745.180,92  |
| 18. Steuern vom Einkommen und vom Ertrag                                                                                       | -15.892.469,20    | -10.014.123,28  |
| davon aus latenten Steuern                                                                                                     | 16.581.340,09     | 2.740.674,54    |
| davon aus Steuerumlage                                                                                                         | -4.681.422,59     | -7.301.136,35   |
| 19. Ergebnis nach Steuern (Jahresüberschuss)                                                                                   | 287.778.419,07    | 187.731.057,64  |
| 20. Auflösung Rücklage wegen eigener Anteile                                                                                   | 8.019.113,90      | 57.654,00       |
| 21. Zuweisung Rücklage wegen eigener Anteile                                                                                   | 0,00              | -344.750,00     |
| 22. Zuweisung freie Gewinnrücklagen                                                                                            | 10.073.357,90     | -13.639.020,50  |
| 23. Gewinnvortrag aus dem Vorjahr                                                                                              | 662.112.128,29    | 696.004.724,05  |

{277}------------------------------------------------

# **JAHRESABSCHLUSS ZUM 31. DEZEMBER 2023** ANHANG

# **A) BILANZIERUNGS- UND BEWERTUNGSMETHODEN**

Der Jahresabschluss zum 31. Dezember 2023 wurde unter Beachtung der Grundsätze ordnungsgemäßer Buchführung sowie unter Beachtung der Generalnorm, ein möglichst getreues Bild der Vermögens-, Finanz- und Ertragslage zu vermitteln, aufgestellt. Die Bilanzierungs- und Bewertungsmethoden stimmen mit dem Konzept der Unternehmensfortführung überein. Für die Gewinn- und Verlustrechnung wird das Gesamtkostenverfahren angewendet.

Die immateriellen Vermögensgegenstände und das Sachanlagevermögen werden zu Anschaffungs- bzw. Herstellungskosten abzüglich planmäßiger linearer Abschreibungen bewertet. Für Zugänge werden ab dem Folgemonat der Anschaffung monatlich Abschreibungen vorgenommen. Bei voraussichtlich dauernder Wertminderung werden außerplanmäßige Abschreibungen vorgenommen. Geringwertige Wirtschaftsgüter werden im Jahr der Anschaffung voll abgeschrieben und im Anlagenspiegel als Zugänge und Abgänge ausgewiesen. Die Sätze der Normalabschreibungen entsprechen den unternehmensrechtlichen Vorschriften. Sie betragen für das immaterielle Anlagevermögen zwischen 10% und 25%, für Gebäude und sonstige Baulichkeiten zwischen 2% und 14,29% sowie für technische Anlagen und Maschinen, andere Anlagen und Betriebs- und Geschäftsausstattung zwischen 6,67% und 25%. Gewährte Zuschüsse für die Anschaffung bzw. Herstellung von immateriellen Vermögensgegenständen und Sachanlagevermögen werden direkt von den Anschaffungs- bzw. Herstellungskosten des jeweiligen Vermögensgegenstandes abgesetzt.

Die Überprüfung der Werthaltigkeit der Beteiligungsbuchwerte erfordert Schätzungen über künftige Umsatzentwicklungen und Ergebnismargen und daraus resultierende Zahlungsmittelüberschüsse sowie Annahmen zur Festlegung der verwendeten Diskontierungszinssätze und ist daher mit einer Unsicherheit behaftet.

Firmenwerte, die vor dem 1. Jänner 2016 entstanden sind, werden auf 15 Jahre verteilt abgeschrieben. Seit dem 1. Jänner 2016 sind keine neuen Firmenwerte entstanden.

Zuschreibungen zu Vermögensgegenständen des Anlagevermögens werden vorgenommen, wenn die Gründe für die außerplanmäßige Abschreibung weggefallen sind. Die Zuschreibung erfolgt maximal auf den Nettobuchwert, der sich unter Berücksichtigung der Normalabschreibungen, die inzwischen vorzunehmen gewesen wären, ergibt. Bei Firmenwerten unterbleibt gemäß § 208 Abs 2 UGB die Zuschreibung.

Die Vorräte und Forderungen werden unter Beachtung des strengen Niederstwertprinzips bewertet.

Aufträge werden mit ihren Herstellungskosten abzüglich allfälliger Vorsorgen für drohende Verluste bewertet. Gewinnrealisierungen erfolgen bei Endabrechnung der Kundenaufträge. Für das Gewährleistungsrisiko werden Einzelvorsorgen gebildet.

Der Bilanzansatz der noch nicht abrechenbaren Leistungen wird mit erhaltenen Anzahlungen, soweit diese bereits angearbeitete Aufträge betreffen, offen saldiert.

Wertpapiere werden zu den Anschaffungskosten oder den niedrigeren Kurswerten bewertet.

{278}------------------------------------------------

Der Nennbetrag der erworbenen eigenen Anteile wird offen vom Nennkapital abgesetzt. Der Unterschiedsbetrag zwischen dem Nennbetrag und den Anschaffungskosten wird mit der zuvor dotierten Gewinnrücklage verrechnet. Der Nennbetrag wird in die Rücklage wegen eigener Anteile eingestellt. Bei der Veräußerung der eigenen Anteile wird der positive Saldo aus Veräußerungserlös abzüglich Nennbetrag bis zur Höhe der verrechneten Rücklagen aus dem Kauf der eigenen Anteile in die freie Gewinnrücklage eingestellt. Der darüber hinaus gehende Unterschiedsbetrag wird in die gebundene Kapitalrücklage eingestellt und die Rücklage wegen eigener Anteile wird aufgelöst.

Die Verpflichtungen aus vertraglichen Pensionszusagen und laufenden Pensionen, aus Abfertigungen sowie die kollektivvertraglichen Jubiläumsgelder sind nach versicherungsmathematischen Grundsätzen passiviert, wobei die Bewertungsvorschriften von IAS 19 angewendet werden. Die Rückstellungen berücksichtigen die nach den Grundsätzen unternehmerischer Beurteilung erkennbaren Risiken und Verpflichtungen.

Fremdwährungsforderungen werden mit dem Entstehungskurs oder mit dem für die Bilanzierung maßgeblichen, niedrigeren Stichtagskurs bewertet. Fremdwährungsverbindlichkeiten werden mit dem Entstehungskurs oder mit dem für die Bilanzierung maßgeblichen, höheren Stichtagskurs bewertet. Sofern für Fremdwährungsforderungen oder Fremdwährungsverbindlichkeiten eine designierte Kurssicherung erfolgt, wird anstatt des Stichtagskurses der gesicherte Kurs herangezogen. Dies gilt auch für Fremdwährungsverbindlichkeiten, deren Rückführung durch ausreichend große Cash-Bestände gesichert ist (Sicherungsbeziehung).

Die Ansätze für die Vermögensgegenstände und Schulden entsprechen im Übrigen den bereits in den Vorjahren angewandten Grundsätzen.

Aufgrund von Änderungen der Kontenzuordnungen im Rahmen einer Revision des Kontenplan sind die Vorjahresbeträge möglicherweise nicht vergleichbar.

{279}------------------------------------------------

# **B) ERLÄUTERUNGEN ZUR BILANZ**

# **AKTIVA**

# **Entwicklung der Anschaffungskosten**

(Beträge in EUR)

|                                                             | Stand am<br>01.01.2023 | Zugänge        | Umbuchung      | Abgänge        | Stand am<br>31.12.2023 |
|-------------------------------------------------------------|------------------------|----------------|----------------|----------------|------------------------|
| I. Immaterielle Vermögensgegenstände                        |                        |                |                |                |                        |
| 1. Software, Lizenzen und<br>andere Rechte                  | 29.548.605,74          | 1.344.522,98   | 16.214,34      | 12.295.265,35  | 18.614.077,71          |
| 2. Firmenwert                                               | 7.806.005,04           | 0,00           | 0,00           | 0,00           | 7.806.005,04           |
|                                                             | 37.354.610,78          | 1.344.522,98   | 16.214,34      | 12.295.265,35  | 26.420.082,75          |
| II. Sachanlagen                                             |                        |                |                |                |                        |
| 1. Grundstücke und Bauten                                   | 111.791.920,00         | 1.243.812,86   | 1.577.375,47   | 2.178,28       | 114.610.930,05         |
| 2. technische Anlagen und<br>Maschinen                      | 53.074.323,21          | 2.293.619,50   | 1.205.350,99   | 106.953,83     | 56.466.339,87          |
| 3. andere Anlagen,<br>Betriebs- und<br>Geschäftsausstattung | 25.255.276,75          | 3.868.106,20   | 641.202,23     | 9.184.840,87   | 20.579.744,31          |
| 4. geleistete Anzahlungen<br>und Anlagen in Bau             | 5.014.124,68           | 4.326.286,45   | -3.440.143,03  | 0,00           | 5.900.268,10           |
|                                                             | 195.135.644,64         | 11.731.825,01  | -16.214,34     | 9.293.972,98   | 197.557.282,33         |
| III. Finanzanlagen                                          |                        |                |                |                |                        |
| 1. Anteile an verbundenen<br>Unternehmen                    | 2.165.418.652,61       | 78.495.659,76  | 0,00           | 62.570.947,03  | 2.181.343.365,34       |
| 2. Ausleihungen an<br>verbundene Unternehmen                | 503.668.193,01         | 51.217.789,80  | 0,00           | 113.716.619,55 | 441.169.363,26         |
| 3. Beteiligungen                                            | 2.380,00               | 0,00           | 0,00           | 0,00           | 2.380,00               |
| 4. Wertpapiere des<br>Anlagevermögens                       | 39.141.915,81          | 909.096,31     | -20.000.000,00 | 0,00           | 20.051.012,12          |
|                                                             | 2.708.231.141,43       | 130.622.545,87 | -20.000.000,00 | 176.287.566,58 | 2.642.566.120,72       |
| SUMME                                                       | 2.940.721.396,85       | 143.698.893,86 | -20.000.000,00 | 197.876.804,91 | 2.866.543.485,80       |

{280}------------------------------------------------

# **Entwicklung der kumulierten Abschreibungen**

(Beträge in EUR)

|                                                             | Stand am<br>01.01.2023 | Jahres-<br>abschreibung | Zuschreibung | Umbuchung | Abgänge       | Stand am<br>31.12.2023 |
|-------------------------------------------------------------|------------------------|-------------------------|--------------|-----------|---------------|------------------------|
| I. Immaterielle<br>Vermögensgegenstände                     |                        |                         |              |           |               |                        |
| 1. Software, Lizenzen und<br>andere Rechte                  | 20.991.632,48          | 2.131.912,05            | 0,00         | 0,00      | 12.295.265,35 | 10.828.279,18          |
| 2. Firmenwert                                               | 5.940.326,63           | 520.400,34              | 0,00         | 0,00      | 0,00          | 6.460.726,97           |
|                                                             | 26.931.959,11          | 2.652.312,39            | 0,00         | 0,00      | 12.295.265,35 | 17.289.006,15          |
| II. Sachanlagen                                             |                        |                         |              |           |               |                        |
| 1. Grundstücke und Bauten                                   | 47.500.201,51          | 2.022.222,70            | 0,00         | 0,00      | 2.178,28      | 49.520.245,93          |
| 2. technische Anlagen und<br>Maschinen                      | 33.789.396,39          | 3.410.976,32            | 0,00         | 0,00      | 79.325,56     | 37.121.047,15          |
| 3. andere Anlagen,<br>Betriebs- und<br>Geschäftsausstattung | 19.621.997,33          | 3.700.754,02            | 0,00         | 0,00      | 9.162.184,05  | 14.160.567,30          |
| 4. geleistete Anzahlungen<br>und Anlagen in Bau             | 0,00                   | 0,00                    | 0,00         | 0,00      | 0,00          | 0,00                   |
|                                                             | 100.911.595,23         | 9.133.953,04            | 0,00         | 0,00      | 9.243.687,89  | 100.801.860,38         |
| III. Finanzanlagen                                          |                        |                         |              |           |               |                        |
| 1. Anteile an verbundenen<br>Unternehmen                    | 182.701.260,50         | 0,00                    | 0,00         | 0,00      | 34.786.158,45 | 147.915.102,05         |
| 2. Ausleihungen an<br>verbundene Unternehmen                | 20.133.547,75          | 0,00                    | 0,00         | 0,00      | 0,00          | 20.133.547,75          |
| 3. Beteiligungen                                            | 0,00                   | 0,00                    | 0,00         | 0,00      | 0,00          | 0,00                   |
| 4. Wertpapiere des<br>Anlagevermögens                       | 281.230,00             | 0,00                    | 92.560,00    | 0,00      | 0,00          | 188.670,00             |
|                                                             | 203.116.038,25         | 0,00                    | 92.560,00    | 0,00      | 34.786.158,45 | 168.237.319,80         |
| Summe                                                       | 330.959.592,59         | 11.786.265,43           | 92.560,00    | 0,00      | 56.325.111,69 | 286.328.186,33         |

{281}------------------------------------------------

# **Buchwerte zum 31.12.2023**

(Beträge in EUR)

|                                                       | Anschaffungs-<br>kosten | kumulierte<br>Abschreibung | Buchwert<br>31.12.202 |
|-------------------------------------------------------|-------------------------|----------------------------|-----------------------|
| I. Immaterielle Vermögensgegenstände                  |                         |                            |                       |
| 1. Software, Lizenzen und andere Rechte               | 18.614.077,71           | 10.828.279,18              | 7.785.798,53          |
| 2. Firmenwert                                         | 7.806.005,04            | 6.460.726,97               | 1.345.278,07          |
|                                                       | 26.420.082,75           | 17.289.006,15              | 9.131.076,60          |
| II. Sachanlagen                                       |                         |                            |                       |
| 1. Grundstücke und Bauten                             | 114.610.930,05          | 49.520.245,93              | 65.090.684,12         |
| 2. technische Anlagen und Maschinen                   | 56.466.339,87           | 37.121.047,15              | 19.345.292,72         |
| 3. andere Anlagen, Betriebs- und Geschäftsausstattung | 20.579.744,31           | 14.160.567,30              | 6.419.177,01          |
| 4. geleistete Anzahlungen und Anlagen in Bau          | 5.900.268,10            | 0,00                       | 5.900.268,10          |
|                                                       | 197.557.282,33          | 100.801.860,38             | 96.755.421,95         |
| III. Finanzanlagen                                    |                         |                            |                       |
| 1. Anteile an verbundenen Unternehmen                 | 2.181.343.365,34        | 147.915.102,05             | 2.033.428.263,29      |
| 2. Ausleihungen an verbundene Unternehmen             | 441.169.363,26          | 20.133.547,75              | 421.035.815,51        |
| 3. Beteiligungen                                      | 2.380,00                | 0,00                       | 2.380,00              |
| 4. Wertpapiere des Anlagevermögens                    | 20.051.012,12           | 188.670,00                 | 19.862.342,12         |
|                                                       | 2.642.566.120,72        | 168.237.319,80             | 2.474.328.800,92      |
| SUMME                                                 | 2.866.543.485,80        | 286.328.186,33             | 2.580.215.299,47      |

# **Sachanlagen**

Der in den Grundstücken und Bauten enthaltene Grundwert beträgt 1.748.592,62 EUR (Vorjahr: 1.748.592,62 EUR).

# **Finanzanlagen**

Die Zugänge unter den Anteilen an verbundenen Unternehmen betreffen im Jahr 2023 getätigte Kapitalmaßnahmen bei bestehenden Tochtergesellschaften sowie Akquisitionen. Abschreibungen resultieren aus der Neubewertung von Anteilen an verbundenen Unternehmen, sowie der Kursbewertung langfristiger Ausleihungen.

Im Jahr 2023 haben mehrere verbundene Unternehmen von ihrem vertraglich zugesicherten Recht einer vorzeitigen Darlehensrückführung Gebrauch gemacht und insgesamt Ausleihungen in Höhe von 113.716.619,55 EUR (Vorjahr: 47.896.842,45 EUR) getilgt.

Per 31. Dezember 2023 existieren Ausleihungen mit Restlaufzeiten von weniger als einem Jahr in Summe von 112.651.170,83 EUR (Vorjahr: 11.255.699,21 EUR). Es ist sehr wahrscheinlich, dass die betreffenden Ausleihungen weiter verlängert werden.

# **Roh-, Hilfs- und Betriebsstoffe**

Die Bewertung erfolgte zu durchschnittlichen Einstandspreisen oder den niedrigeren Wiederbeschaffungspreisen des Bilanzstichtags. Für nicht- oder schwergängige Materialien wurden angemessene Abwertungen vorgenommen.

{282}------------------------------------------------

# **Noch nicht abrechenbare Leistungen**

Der Wertansatz bei den noch nicht abrechenbaren Leistungen erfolgte zu Herstellungskosten, wobei auch bei langfristiger Fertigung keine Zuschläge für Verwaltungs- und Vertriebskosten angesetzt wurden. In die Herstellungskosten wurden auch angemessene Teile der fixen und variablen Gemeinkosten eingerechnet. Aufwendungen für betriebliche Sozialeinrichtungen sowie Zinsen für Fremdkapital wurden in den Herstellungskosten nicht angesetzt. Wertberichtigungen wurden für aus Kundenaufträgen erwartete Verluste sowie für schwere Verwertbarkeit bei Vorratsaufträgen gebildet. Noch nicht verrechnete Anzahlungen von Kunden wurden, soweit die Aufträge bereits angearbeitet waren, in dieser Bilanzposition offen saldiert.

# **Forderungen und sonstige Vermögensgegenstände**

Unter Beachtung des strengen Niederstwertprinzips wurden bei den Forderungen und sonstigen Vermögensgegenständen erkennbare Risiken durch Einzelwertberichtigungen berücksichtigt. Auslandsforderungen sind in den meisten Fällen durch Exportgarantien besichert. Wesentliche unverzinsliche langfristige Forderungen aus Lieferungen und Leistungen wurden abgezinst.

In den Forderungen gegen verbundene Unternehmen sind 40.161.825,28 EUR (Vorjahr: 17.018.585,50 EUR) aus Lieferungen und Leistungen enthalten.

In den sonstigen Forderungen sind 13.677.991,78 EUR (Vorjahr: 24.417.272,98 EUR) Erträge enthalten, welche erst nach dem Abschlussstichtag zahlungswirksam werden.

## **Aktive latente Steuern**

Die aktivierten latenten Steuern beruhen im Wesentlichen auf der unterschiedlichen Behandlung von Abschreibungen von Anteilen an verbundenen Unternehmen, den abweichend zu bilanzierenden Werten bei den Rückstellungen für Abfertigungen, den Rückstellungen für Pensionen, den Rückstellungen für Jubiläumsgelder, den Rückstellungen für nicht konsumierte Urlaube, den Rückstellungen für Gewährleistungen und den Rückstellungen für Drohverluste sowie der unterschiedlichen Abschreibungsdauer bei Firmen-PKWs im Steuerrecht und im Unternehmensgesetzbuch. Aufgrund der stufenweisen Senkung des Körperschaftsteuersatzes wurden die latenten Steuern mit einem Steuersatz von 23,0% berechnet. Aktive latente Steuern für Verlustvorträge werden nicht angesetzt. Da der Steueranspruch gegenüber derselben Behörde besteht, wurde eine Saldierung der aktiven latenten Steuern mit den passiven latenten Steuern vorgenommen.

Zum 31. Dezember 2023 betragen die aktiven latenten Steuern 42.004.001,27 EUR (Vorjahr: 25.422.661,18 EUR). Die Veränderung in Höhe von 16.581.340,09 EUR resultiert im Wesentlichen aus Änderungen im Bereich des Sozialkapitals.

## **Mindestbesteuerungsreformgesetz**

Am 30. Dezember 2023 wurde in Österreich, das Land, in dem das Mutterunternehmen seinen Sitz hat, das Mindestbesteuerungsreformgesetz (MinBestRefG, BGBl I Nr 187/2023) veröffentlicht, mit dem die auf den OECD-Mustervorschriften ('Pillar II') basierende EU-Richtlinie 2022/2523 zur Gewährleistung einer globalen Mindestbesteuerung für multinationale Unternehmensgruppen und große inländische Gruppen in der Union mit Umsatzerlösen von mehr als MEUR 750 umgesetzt.

Aufgrund des Inkrafttretens des MinBestG am 31. Dezember 2023 und der entsprechenden Anwendbarkeit des Gesetzes auf Geschäftsjahre beginnend ab dem 31. Dezember 2023 ergibt sich im laufenden Geschäftsjahr keine Auswirkung auf die laufenden Ertragsteuern aufgrund der Mindestbesteuerung.

{283}------------------------------------------------

Es wurden darüber hinaus zum Stichtag keine gemäß § 198 (1) Satz 3 Z 4 UGB aus dem MinBestG oder eines vergleichbaren ausländischen Gesetzes entstehenden latenten Steuern angesetzt. Die Gesellschaft evaluiert weiterhin die Auswirkungen der Gesetzgebung zur globalen Mindestbesteuerung, diese sind jedoch zum jetzigen Zeitpunkt noch nicht abschätzbar.

# **PASSIVA**

# **Grundkapital**

Das Grundkapital der Gesellschaft beträgt 104.000.000,00 EUR (Vorjahr: 104.000.000,00 EUR). Es ist in 104.000.000 Stückaktien (Vorjahr: 104.000.000,00 Stückaktien) ohne Nennwert zerlegt. Der Nennbetrag der eigenen Anteile in Höhe von 4.789.540,00 EUR (Vorjahr: 5.096.411,00 EUR) wird offen vom Grundkapital abgesetzt.

# **Gebundene Kapitalrücklage**

Die gebundene Kapitalrücklage zum 31. Dezember 2023 beträgt 40.069.442,40 EUR (Vorjahr: 40.069.442,40 EUR) und resultiert im Wesentlichen aus dem Agio des Börsengangs im Jahr 2001.

# **Optionsrücklage**

Der Betrag der Verpflichtung, die aus den beschlossenen Optionsprogrammen resultiert, wird während des Ernennungszeitraums in gleichen Raten als Aufwand verrechnet und in eine Optionsrücklage eingestellt. Der Ertrag für diese anteilsbasierten Vergütungen für noch laufende Programme betrug im Geschäftsjahr 3.136.639,04 EUR (Vorjahr: 2.024.241,43 EUR).

# **Gesetzliche Gewinnrücklage**

Die gesetzliche Rücklage zum 31. Dezember 2023 beträgt 5.338.626,77 EUR (Vorjahr: 5.338.626,77 EUR).

# **Rücklage wegen eigener Anteile**

Die Rücklage wegen eigener Anteile zum 31. Dezember 2023 beträgt 4.789.540,00 EUR (Vorjahr: 5.096.411,00 EUR). Die Höhe der Rücklage entspricht dem Nennbetrag der eigenen Anteile.

# **Freie Gewinnrücklage**

Die freie Gewinnrücklage zum 31. Dezember 2023 beträgt 0,00 EUR (Vorjahr: 0,00 EUR).

{284}------------------------------------------------

# **Rückstellungen für Abfertigungen, Rückstellungen für Pensionen**

Die Verpflichtungen aus den theoretischen Abfertigungsansprüchen der Dienstnehmer sowie die Rückstellungen für Pensionen wurden zum 31. Dezember 2023 nach versicherungsmathematischen Grundsätzen berechnet. Bei Ermittlung der Abfertigungsansprüche wurden ein Zinssatz von 3,47% (Vorjahr: 4,01%) und ein Gehaltstrend von 2,50% (Vorjahr 2,50%), bei den Pensionsverpflichtungen ein Zinssatz von 3,37% (Vorjahr: 3,89%) und ein Rententrend von 2,25% (Vorjahr 2,25%) herangezogen. Für die Berechnung wurden die neuen AVÖ2018–P Angestellte-Rechtsgrundlagen zugrunde gelegt. Aufgrund der Rückstellungsveränderung sind Aufwendungen in Höhe von 693.747,51 EUR (Vorjahr: 15.335.051,19 EUR Erträge) entstanden, welche im Personalaufwand bzw. im Finanzergebnis ausgewiesen werden. Das rechnungsmäßige Pensionsalter entspricht wie im Vorjahr dem frühest möglichen Anfallsalter für die vorzeitige Alterspension gemäß der im Budgetbegleitgesetz 2003 verankerten Pensionsreform. Für die im Jahr 1999 an eine Pensionskasse übertragenen Pensionsansprüche wurde ein Gutachten nach den gleichen Grundsätzen erstellt, es wurde jedoch aufgrund der höheren Duration ein Zinssatz von 3,53% (Vorjahr 4,11%) herangezogen.

Zum 31. Dezember 2023 lag das Deckungskapital der Pensionsversicherung unter dem Niveau der entsprechenden Pensionsverpflichtungen. Eine entsprechende Rückstellung für zu erwartende Nachschüsse wurde daher gebildet.

Die Höhe der Gesamtpensionsverpflichtung bei ausgelagerten Verpflichtungen beträgt 23.324.867,05 EUR (Vorjahr: 24.199.604,92 EUR). Die Gesamtpensionsverpflichtung wird mit dem Zeitwert des Planvermögens saldiert.

# **Sonstige Rückstellungen**

In den sonstigen Rückstellungen sind folgende wesentliche Rückstellungen enthalten:

|                                   | 2023           | 202           |
|-----------------------------------|----------------|---------------|
|                                   | (in EUR)       | (in EUR)      |
| Auftragsbezogene Vorsorgen für    |                |               |
| - fehlende Selbstkosten           | 122.741.313,09 | 114.369.213,6 |
| - Gewährleistungen und Mehrkosten | 75.030.567,65  | 70.232.084,1  |
| - Personalaufwendungen            | 82.897.258,51  | 68.198.099,6  |

Zu erwartende Auftragsverluste werden in Höhe der Unterschiedsbeträge zwischen den voraussichtlichen Gesamtselbstkosten und den Erlösen ermittelt und passiviert.

Die Rückstellung für unverbrauchte Urlaube ist mit 24.976.437,02 EUR (Vorjahr: 23.393.664,14 EUR) angesetzt.

Die Rückstellung für Jubiläumsgelder wird nach versicherungsmathematischen Grundsätzen (IAS 19) berechnet. Aufgrund der Rückstellungsveränderung sind Aufwendungen in Höhe von 1.128.129,00 EUR (Vorjahr 1.914.612,00 EUR Erträge) entstanden.

{285}------------------------------------------------

#### A N D R I T Z A G – J a h r e s a b s c h l u s s 2 0 2 3 A n h a n g

# **Verbindlichkeiten**

(Beträge in EUR)

|                                                     | Bilanzwert       | Restlaufzeit  | Hypothekar- schulden |
|-----------------------------------------------------|------------------|---------------|----------------------|
|                                                     |                  | > als 5 Jahre |                      |
|                                                     | Vorjahr          | Vorjahr       | Vorjahr              |
| Schuldscheindarlehen                                | 729.000.000,00   | 0,00          | 0,00                 |
|                                                     | 894.500.000,00   | 37.000.000,00 | 0,00                 |
| Verbindlichkeiten gg Kreditinstituten               | 84.985.975,00    | 0,00          | 0,00                 |
|                                                     | 101.980.110,00   | 16.996.419,80 | 0,00                 |
| erhaltene Anzahlungen auf Bestellungen              | 416.534.107,80   | 20.894.096,84 | 0,00                 |
|                                                     | 434.243.445,96   | 14.401.376,28 | 0,00                 |
| Verbindlichkeiten aus Lieferungen und Leistungen    | 109.029.317,19   | 803.380,97    | 0,00                 |
|                                                     | 104.978.817,52   | 271.375,18    | 0,00                 |
| Verbindlichkeiten gegenüber verbundenen Unternehmen | 617.982.625,06   | 0,00          | 0,00                 |
|                                                     | 379.881.958,35   | 0,00          | 0,00                 |
| sonstige Verbindlichkeiten                          | 35.602.695,36    | 0,00          | 0,00                 |
|                                                     | 32.309.007,91    | 0,00          | 0,00                 |
|                                                     | 1.993.134.720,41 | 21.697.477,81 | 0,00                 |
|                                                     | 1.947.893.339,74 | 68.669.171,26 | 0,00                 |

Am 21. Juni 2017 wurde ein Schuldscheindarlehen in Höhe von 400 MEUR begeben. Dieses gliedert sich in zwei Tranchen, welche aus 300 MEUR mit einer Laufzeit von sieben Jahren und einer Fixverzinsung von 1,41% und 100 MEUR mit einer Laufzeit von zehn Jahren und einer Fixverzinsung von 1,97% bestehen.

Am 29. August 2018 wurde ein weiteres Schuldscheindarlehen in Höhe von 500 MEUR begeben. Das Schuldscheindarlehen bestand aus verschiedenen Tranchen, welche bereits zum Teil getilgt wurden, wie die nachfolgende Tabelle zeigt.

| Laufzeit in<br>Jahren | fix   | Verzinsung in % p.a. variabel | Ausgabevolumen in MEUR gesamt | Ausgabevolumen in MEUR dv. fix | Ausgabevolumen in MEUR dv. variabel | offenes Volumen in MEUR gesamt | offenes Volumen in MEUR dv. fix | offenes Volumen in MEUR dv. variabel |
|-----------------------|-------|-------------------------------|-------------------------------|--------------------------------|-------------------------------------|--------------------------------|---------------------------------|--------------------------------------|
| 5                     | 0,96% | 6 mE+70 bps                   | 108,0                         | 80,0                           | 28,0                                |                                |                                 |                                      |
| 7                     | 1,42% | 6 mE+90 bps                   | 222,0                         | 127,5                          | 94,5                                | 127,5                          | 127,5                           |                                      |
| 7,3/4                 | 1,16% | 6 mE+100 bps                  | 133,0                         | 75,0                           | 58,0                                | 75,0                           | 75,0                            |                                      |
| 10                    | 2,00% | -                             | 37,0                          | 37,0                           | -                                   | 37,0                           | 37,0                            |                                      |
|                       |       |                               | 500,0                         | 319,5                          | 180,5                               | 239,5                          | 239,5                           | 0,0                                  |

Für die variabel verzinsten Teile wurden über das jeweilige gesamte Volumen und die gesamte Laufzeit Zinsswaps abgeschlossen, mit denen die variablen Zinszahlungen gegen fixe Zinszahlungen getauscht werden.

In den Jahren 2021 und 2022 wurden sämtliche variabel verzinsten Teile unter Einhaltung der Kündigungsfrist vor Fälligkeit vollständig getilgt. Am 28. August 2023 wurde auch der fix verzinste Teil der ersten Tranche in Gänze (80,0 MEUR) zur Fälligkeit getilgt.

{286}------------------------------------------------

#### A N D R I T Z A G – J a h r e s a b s c h l u s s 2 0 2 3 A n h a n g

Am 22. Mai 2019 wurde ein weiteres Schuldscheindarlehen in Höhe von 175 MEUR begeben. Das Schuldscheindarlehen bestand aus verschiedenen Tranchen, welche bereits zum Teil getilgt wurden, wie die nachfolgende Tabelle zeigt.

| Laufzeit in<br>Jahren | Verzinsung in % p.a. |              | Ausgabevolumen in MEUR |         |              | offenes Volumen in MEUR |         |              |
|-----------------------|----------------------|--------------|------------------------|---------|--------------|-------------------------|---------|--------------|
|                       | fix                  | variabel     | gesamt                 | dv. fix | dv. variabel | gesamt                  | dv. fix | dv. variabel |
| 4                     | 0,700%               | 6 mE+65 bps* | 85,5                   | 75,5    | 10,0         |                         |         |              |
| 7                     | 1,040%               | -            | 53,0                   | 53,0    | -            | 53,0                    | 53,0    | -            |
| 8                     | 1,284%               | -            | 36,5                   | 36,5    | -            | 36,5                    | 36,5    | -            |
|                       |                      |              | 175,0                  | 165,0   | 10,0         | 89,5                    | 89,5    | 0,0          |

\*Floor bei 65 bps

Für den variabel verzinsten Teil wurde über das gesamte Volumen und die gesamte Laufzeit ein Zinsswap abgeschlossen, mit welchem die variablen Zinszahlungen gegen fixe Zinszahlungen getauscht werden.

Am 19. Mai 2023 wurden sowohl der fix wie auch der variabel verzinste Teil der ersten Tranche, in Summe somit 85,5 MEUR, zur Fälligkeit getilgt. Zum selben Zeitpunkt ist auch der für den variabel verzinsten Teil abgeschlossene Zinsswap ausgelaufen.

Am 27. März 2019 wurde ein ÖKB-Darlehen in Höhe von 170 MEUR aufgenommen. Das Darlehen bestand aus verschiedenen Tranchen, wovon die ersten vier Tranchen vollständig und termingerecht zum 30.09. des jeweiligen Jahres getilgt wurden, wie die nachfolgende Tabelle zeigt.

| Laufzeit in<br>Jahren | Verzinsung in % p.a. |          | Ausgabevolumen in MEUR |         |              | offenes Volumen in MEUR |         |              |
|-----------------------|----------------------|----------|------------------------|---------|--------------|-------------------------|---------|--------------|
|                       | fix                  | variabel | gesamt                 | dv. fix | dv. variabel | gesamt                  | dv. fix | dv. variabel |
| 0,5                   | 1,265%               | 0,790%   | 17,0                   | 8,5     | 8,5          |                         |         |              |
| 1,5                   | 1,265%               | -        | 17,0                   | 17,0    | -            |                         |         |              |
| 2,5                   | 1,265%               | -        | 17,0                   | 17,0    | -            |                         |         |              |
| 3,5                   | 1,265%               | -        | 17,0                   | 17,0    | -            |                         |         |              |
| 4,5                   | 1,265%               | -        | 17,0                   | 17,0    | -            |                         |         |              |
| 5,5                   | 1,265%               | -        | 17,0                   | 17,0    | -            | 17,0                    | 17,0    | -            |
| 6,5                   | 1,265%               | -        | 17,0                   | 17,0    | -            | 17,0                    | 17,0    | -            |
| 7,5                   | 1,265%               | -        | 17,0                   | 17,0    | -            | 17,0                    | 17,0    | -            |
| 8,5                   | 1,265%               | -        | 17,0                   | 17,0    | -            | 17,0                    | 17,0    | -            |
| 9,5                   | 1,265%               | -        | 17,0                   | 17,0    | -            | 17,0                    | 17,0    | -            |
|                       |                      |          | 170,0                  | 161,5   | 8,5          | 85,0                    | 85,0    | 0.5          |

In den Verbindlichkeiten gegenüber verbundenen Unternehmen sind 179.837.706,60 EUR (Vorjahr: 30.125.811,63 EUR) aus Lieferungen und Leistungen und 143.436.527,40 EUR (Vorjahr: 119.237.295,36 EUR) aus erhaltenen Anzahlungen enthalten.

In den sonstigen Verbindlichkeiten sind Aufwendungen in Höhe von 8.030.851,37 EUR (Vorjahr: 8.222.991,76 EUR) enthalten, welche erst nach dem Abschlussstichtag zahlungswirksam werden.

{287}------------------------------------------------

# **Haftungsverhältnisse**

Die Haftungsverhältnisse zum 31. Dezember 2023 betragen 2.726.978.848,48 EUR (Vorjahr: 2.808.312.048,61 EUR). In den Haftungsverhältnissen sind Haftungen für verbundene Unternehmen in Höhe von 2.276.806.705,57 EUR (Vorjahr: 2.366.273.415,26 EUR) enthalten. Die Haftungsverhältnisse entfallen zur Gänze auf übernommene Garantien.

Von den gesamten Haftungsverhältnissen betreffen 523.210.299,55 EUR von Banken übernommene Haftungen (davon für verbundene Unternehmen 77.177.443,21 EUR) und 2.203.768.548,93 EUR Werkshaftungen (davon für verbundene Unternehmen 2.199.629.262,36 EUR).

Es bestehen darüber hinaus Einstandsverpflichtungen für die folgenden Tochterunternehmen: ANDRITZ Deutschland Beteiligungs GmbH, Deutschland, ANDRITZ Fabrics and Rolls Germany Holding GmbH, Deutschland, ANDRITZ Feed & Biofuel BV, Niederlande, ANDRITZ Gouda BV, Niederlande, ANDRITZ Separation GmbH, Deutschland, LENSER Filtration GmbH, Deutschland und Modul Systeme Engineering GmbH, Deutschland.

# **Verpflichtungen aus der Nutzung von in der Bilanz nicht ausgewiesenen Sachanlagen**

(Beträge in EUR)

|                                                | des folgenden<br>Geschäftsjahres | der folgenden<br>fünf Geschäftsjahre |
|------------------------------------------------|----------------------------------|--------------------------------------|
|                                                | Vorjahr                          | Vorjahr                              |
| Verpflichtungen aus Leasing- und Mietverträgen | 5.065.490,73                     | 2.866.572,44                         |
|                                                | 761.073,00                       | 5.805.439,74                         |
| davon gegenüber verbundenen Unternehmen        | 9.886,00                         | 28.974,00                            |
|                                                | 200.074,56                       | 954.235,80                           |

# **Sonstige finanzielle Verpflichtungen**

Zum 31. Dezember 2023 bestand ein Bestellobligo für Investitionsgüter in Höhe von 4.547.656,75 EUR (Vorjahr: 4.342.603,12 EUR).

# **Außerbilanzielle Geschäfte**

Es bestehen keine Geschäfte, die weder in der Bilanz ausgewiesen noch gemäß § 237 Z 8 UGB oder § 199 UGB anzugeben sind, aus denen wesentliche Risiken oder Vorteile entstehen.

{288}------------------------------------------------

# **C) ERLÄUTERUNGEN ZUR GEWINN- UND VERLUSTRECHNUNG**

# **Umsatzerlöse**

(Beträge in EUR)

|                     |               |                | 2023             | 2022           |
|---------------------|---------------|----------------|------------------|----------------|
|                     | Inland        | Export         | Gesamt           | Gesamt         |
| PULP & PAPER        | 24.106.067,26 | 506.269.446,38 | 530.375.513,64   | 519.243.241,54 |
| METALS              | 36.291,25     | 117.126.660,46 | 117.162.951,71   | 99.873.646,31  |
| HYDRO               | 5.851.125,20  | 136.017.852,38 | 141.868.977,58   | 104.287.276,01 |
| SEPARATION          | 6.067.950,88  | 26.871.878,33  | 32.939.829,21    | 25.099.225,00  |
| Sonstige            | 2.477.324,93  | 9.172.444,16   | 11.649.769,09    | 19.298.334,11  |
| Nebenerlöse, Skonti | 29.194.614,11 | 176.763.968,53 | 205.958.582,64   | 139.677.562,04 |
|                     | 67.733.373,63 | 972.222.250,24 | 1.039.955.623,87 | 907.479.285,01 |

# **Umsatzerlöse nach Märkten**

(Beträge in EUR)

|                   | 2023             | 2022           |
|-------------------|------------------|----------------|
| Inland            | 67.733.373,63    | 74.003.498,69  |
| Europäische Union | 296.608.461,51   | 204.761.989,72 |
| Übriges Europa    | 21.897.853,80    | 79.896.879,53  |
| Nordamerika       | 80.179.860,02    | 64.733.234,27  |
| Asien             | 472.458.979,16   | 359.628.804,43 |
| Südamerika        | 23.970.568,57    | 21.422.356,68  |
| Übrige Welt       | 77.106.527,18    | 103.032.521,69 |
|                   | 1.039.955.623,87 | 907.479.285,01 |

Der Exportanteil bei den Umsatzerlösen beträgt 93,49% (Vorjahr 91,85%).

{289}------------------------------------------------

# **Übrige sonstige betriebliche Erträge**

Die übrigen sonstigen betrieblichen Erträge setzen sich im Wesentlichen zusammen aus:

|                                                       | 2023          | 2022          |
|-------------------------------------------------------|---------------|---------------|
|                                                       | (in EUR)      | (in EUR)      |
| Erträge aus Kursdifferenzen                           | 6.686.609,88  | 3.469.480,80  |
| Erträge aus Zuschüssen von öffentlichen Institutionen | 14.231.462,84 | 12.769.134,56 |
| Andere sonstige betriebliche Erträge                  | 14.454.635,03 | 2.246.794,62  |

# **Löhne**

Im Posten Löhne sind Aufwendungen für Rückstellungen für Jubiläumsgelder in Höhe von 85.102,78 EUR (Vorjahr: 245.640,62 EUR) enthalten.

# **Gehälter**

Im Posten Gehälter sind Aufwendungen für Rückstellungen für Jubiläumsgelder in Höhe von 215.627,22 EUR (Vorjahr: 1.319.558,38 EUR) enthalten.

# **Aufwendungen für Altersversorgung**

In den Aufwendungen für Altersversorgung sind Aufwendungen aus beitragsorientierten Pensionszusagen in Höhe von 1.478.766,11 EUR (Vorjahr: 1.240.023,76 EUR) enthalten.

# **Aufwendungen für Abfertigungen und Leistungen an betriebliche Mitarbeitervorsorgekassen**

In den Aufwendungen für Abfertigungen und Leistungen an betriebliche Mitarbeitervorsorgekassen sind Aufwendungen aus Abfertigungen, die aus der Veränderung der Abfertigungsrückstellung resultieren, in Höhe von 3.656.686,70 EUR (Vorjahr: 2.515.921,97 EUR Erträge) enthalten. Der restliche Betrag von 1.806.545,81 EUR (Vorjahr: 1.314.919,93 EUR) betrifft Leistungen an betriebliche Mitarbeitervorsorgekassen.

{290}------------------------------------------------

# **Übrige betriebliche Aufwendungen**

Die übrigen betrieblichen Aufwendungen setzen sich im Wesentlichen zusammen aus:

|                             | 2023<br>(in EUR) | 2022<br>(in EUR) |
|-----------------------------|------------------|------------------|
| Auftragsbezogene Kosten     | 39.124.624,00    | 31.564.784,12    |
| Wechselkursdifferenzen      | 7.170.091,49     | 3.251.503,56     |
| Beratungsaufwendungen       | 32.425.853,41    | 31.377.649,32    |
| Reisekosten                 | 18.346.320,58    | 14.276.768,84    |
| Instandhaltungsaufwendungen | 4.086.011,73     | 4.735.861,81     |
| Mietaufwendungen            | 4.236.737,09     | 3.290.549,89     |
| IT-Aufwendungen             | 51.390.032,43    | 29.126.910,19    |
| Versicherungsaufwendungen   | 6.873.351,34     | 7.818.328,72     |
| Marketingaufwendungen       | 5.353.162,13     | 4.647.156,87     |

# **Finanzergebnis**

Die Erträge aus Beteiligungen in Höhe von 216.272.581,78 EUR (Vorjahr: 244.336.184,18 EUR) stammen aus Gewinnausschüttungen von Tochterunternehmen.

In der Position sonstige Zinsen und ähnliche Aufwendungen sind Zinsaufwendungen aus der Rückstellung für Abfertigungen in Höhe von 2.199.208,96 EUR enthalten. Im Vorjahr wurden Zinserträge aus dieser Rückstellung in Höhe von 8.228.118,00 EUR in der Position sonstige Zinsen und ähnliche Erträge ausgewiesen.

# **Steuern vom Einkommen und vom Ertrag**

Die Steuern vom Einkommen und vom Ertrag betreffen insbesondere Ertragssteuern des laufenden Geschäftsjahres 2023, Steuern aus Vorperioden sowie ausländische Quellensteuern.

{291}------------------------------------------------

# **D) SONSTIGES**

# **Beteiligungen verbundene Unternehmen**

(Beträge in TEUR)

| Unternehmen                                                  | Sitz                                    | Beteiligungs- quote    |          | 2023                  |              | 2023                  |              |
|--------------------------------------------------------------|-----------------------------------------|------------------------|----------|-----------------------|--------------|-----------------------|--------------|
|                                                              |                                         | direkt                 | indirekt | Jahresüberschuss      | Eigenkapital | Jahresüberschuss      | Eigenkapital |
| Anstalt für Strömungsmaschinen Gesellschaft mbH1)            | Graz, Österreich                        | 100,00%                |          | 13                    | 1.549        | 13                    | 1.549        |
| ANDRITZ Technology and Asset Management GmbH                 | Graz, Österreich                        | 100,00%                |          | -309                  | 31.004       | -154                  | 31.313       |
| ANDRITZ Environmental Engineering (Shanghai) Co., Ltd.2)     | Shanghai, China                         | 100,00%                |          | 0                     | 0            | 15                    | 3.443        |
| ANDRITZ Deutschland Beteiligungs GmbH                        | Krefeld, Deutschland                    | 72,45%                 | 27,55%   | 38                    | 789.418      | 6.703                 | 789.380      |
| ANDRITZ GmbH                                                 | Hemer, Deutschland                      | 6,25%                  | 93,75%   | 24.738                | 52.141       | -4.656                | 52.145       |
| ANDRITZ HYDRO GmbH                                           | Wien, Österreich                        | 100,00%                |          | 41.185                | 208.507      | 4.100                 | 193.949      |
| ANDRITZ FEED & BIOFUEL A/S                                   | Esbjerg, Dänemark                       | 100,00%                |          | 2.597                 | 5.462        | 5.696                 | 6.907        |
| ANDRITZ Slovakia s.r.o.                                      | Humenné, Slowakei                       | 100,00%                |          | 870                   | 24.471       | 234                   | 23.681       |
| ANDRITZ Chile Ltda.                                          | Santiago de Chile, Chile                | 100,00%                |          | 12.111                | 33.111       | 5.731                 | 24.678       |
| ANDRITZ (USA) Inc.                                           | Alpharetta / Georgia, USA               | 100,00%                |          | 85.771                | 495.834      | 86.649                | 420.384      |
| ANDRITZ SAS                                                  | Châteauroux, Frankreich                 | 100,00%                |          | -49.773               | 33.434       | 10.458                | 70.562       |
| Jaybee Eng. (Holdings) Pty. Ltd.                             | Carrum Downs / Victoria, Australia      | 100,00%                |          | 1.068                 | -11.540      | 893                   | -13.068      |
| ANDRITZ Ingeniería S.A.                                      | Algete, Spanien                         | 100,00%                |          | 568                   | 2.197        | 186                   | 2.029        |
| ANDRITZ Brasil Ltda.                                         | Curitiba, Brasilien                     | 100,00%                |          | 41.602                | 83.098       | 26.723                | 64.886       |
| ANDRITZ Pilão Equipamentos Ltda.2)                           | Curitiba, Brasilien                     | 100,00%                |          | 0                     | 0            | 557                   | 0            |
| ANDRITZ Oy                                                   | Helsinki, Finnland                      | 100,00%                |          | 34.215                | 99.804       | 26.757                | 86.690       |
| ANDRITZ HYDRO Canada Inc.                                    | Pointe-Claire / Québec, Kanada          | 100,00%                |          | -12.295               | 72.421       | 6.938                 | 85.928       |
| ANDRITZ AB                                                   | Örnsköldsvik / Växjö , Schweden         | 100,00%                |          | 10.718                | 51.089       | 11.761                | 44.404       |
| ANDRITZ Ltd.                                                 | Newcastle-under-Lyme, Großbritannien    | 100,00%                |          | -661                  | 2.327        | 895                   | 2.928        |
| ANDRITZ (China) Ltd.                                         | Foshan, China                           | 74,49%                 | 25,51%   | 94.655                | 188.405      | 83.414                | 179.195      |
| ANDRITZ Technologies H.K. Ltd.                               | Hong Kong, China                        | 100,00%                |          | 4.922                 | 5.493        | 4.756                 | 8.572        |
| ANDRITZ Technologies Private Limited                         | Chennai, Indien                         | 100,00%                |          | 6.044                 | 29.396       | 7.129                 | 24.555       |
| ANDRITZ FEED & BIOFUEL Ltd.                                  | Hull, Großbritannien                    | 100,00%                |          | 525                   | 2.078        | 436                   | 1.747        |
| ANDRITZ FEED & BIOFUEL B.V.                                  | Geldrop, Niederlande                    | 100,00%                |          | 4.061                 | 30.821       | 3.499                 | 27.760       |
|                                                              |                                         | Beteiligungs-<br>quote |          | 2023                  |              | 2022                  |              |
| Unternehmen                                                  | Sitz                                    | direkt                 | indirekt | Jahresüber-<br>schuss | Eigenkapital | Jahresüber-<br>schuss | Eigenkapital |
| ANDRITZ Singapore<br>Pte. Ltd.                               | Singapur,<br>Singapur                   | 100,00%                |          | 1.084                 | 4.244        | 706                   | 5.677        |
| ANDRITZ Uruguay<br>S.A.                                      | Fray Bentos,<br>Uruguay                 | 100,00%                |          | 9.965                 | 16.022       | 7.643                 | 13.333       |
| ANDRITZ Industrias<br>S.A.1)                                 | Montevideo,<br>Uruguay                  | 100,00%                |          | 23                    | 12           | -4                    | -3           |
| ANDRITZ PULP<br>TECHNOLOGIES S.A.                            | Montevideo,<br>Uruguay                  | 100,00%                |          | -247                  | 5.342        | -214                  | 5.612        |
| ANDRITZ K.K.                                                 | Tokyo, Japan                            | 100,00%                |          | 1.871                 | 6.270        | 752                   | 4.938        |
| ANDRITZ DELKOR<br>(Pty) Ltd.                                 | Kyalami,<br>Südafrika                   | 100,00%                |          | -3.960                | -6.411       | -1.790                | -2.842       |
| PT. ANDRITZ                                                  | Jakarta,<br>Indonesien                  | 100,00%                |          | 486                   | 4.915        | 1.401                 | 4.596        |
| LLC ANDRITZ                                                  | St. Petersburg,<br>Russland             | 100,00%                |          | 2.621                 | 7.732        | 4.505                 | 7.858        |
| LLC ANDRITZ<br>HYDRO2)                                       | Moskau,<br>Russland                     | 100,00%                |          | 0                     | 87           | 0                     | 87           |
| ANDRITZ Kufferath<br>s.r.o.                                  | Levice, Slowakei                        | 100,00%                |          | 671                   | 9.443        | 621                   | 8.827        |
| ANDRITZ Kft.                                                 | Tiszakécske,<br>Ungarn                  | 100,00%                |          | 3.383                 | 13.917       | 1.361                 | 11.315       |
| ANDRITZ Perfojet<br>SAS                                      | Montbonnot Saint-<br>Martin, Frankreich | 100,00%                |          | 6.330                 | 13.192       | 11.230                | 18.890       |
| ANDRITZ Biax SAS3)                                           | Le Bourget du<br>Lac, Frankreich        | 100,00%                |          | -8                    | -135         | -8                    | -118         |
| ANDRITZ<br>SEPARATION ITALY<br>S.R.L.                        | Mailand, Italien                        | 100,00%                |          | -20                   | -823         | 7                     | -810         |
| ANDRITZ Como<br>S.R.L.4)                                     | Grandate, Italien                       | 100,00%                |          | 47                    | 434          | 46                    | 396          |
| ANDRITZ Asselin-<br>Thibeau S.A.S.                           | Elbeuf, Frankreich                      | 100,00%                |          | 3.157                 | 14.762       | 6.623                 | 18.526       |
| ANDRITZ Soutec AG                                            | Neftenbach,<br>Schweiz                  | 100,00%                |          | 15.231                | 31.662       | 13.421                | 29.260       |
| ANDRITZ Gouda B.V.                                           | Waddinxveen,<br>Niederlande             | 100,00%                |          | 2.671                 | 14.208       | 2.875                 | 14.584       |
| ANDRITZ Euroslot<br>SAS                                      | Scorbé-Clairvaux,<br>Frankreich         | 100,00%                |          | 1.073                 | 7.059        | 2.076                 | 6.961        |
| Lenser Filtration<br>GmbH                                    | Senden,<br>Deutschland                  | 100,00%                |          | 2.232                 | 17.723       | 1.493                 | 15.476       |
| ANDRITZ<br>Johnson Foils Limited                             | Chachoengsao,<br>Thailand               | 100,00%                |          | 0                     | 0            | 0                     | 0            |
| ANDRITZ S.R.L.5)                                             | Cisnadie,<br>Rumänien                   | 100,00%                |          | -117                  | 967          | 58                    | 1.279        |
| Modul Systeme<br>Engineering GmbH                            | Laufen,<br>Deutschland                  | 100,00%                |          | 127                   | 2.440        | 248                   | 3.103        |
| ANDRITZ<br>SEPARATION GmbH                                   | Köln, Deutschland                       | 100,00%                |          | 7.747                 | 30.870       | 7.433                 | 32.780       |
| Powerlase<br>Technologies Inc6)                              | Orlando / Florida,<br>USA               | 100,00%                |          | 0                     | 0            | 0                     | 144          |
|                                                              |                                         | Beteiligungs-<br>quote |          | 2023                  |              | 2023                  |              |
| Unternehmen                                                  | Sitz                                    | direkt                 | indirekt | Jahresüber-<br>schuss | Eigenkapital | Jahresüber-<br>schuss | Eigenkapital |
| ANDRITZ FZCO1)                                               | Dubai, Vereinigte<br>Arabische Emirate  | 100,00%                |          | 0                     | 316          | 0                     | 316          |
| Otorio Ltd                                                   | Tel-Aviv, Israel                        | 50,01%                 |          | -14.032               | -44.279      | -14.003               | -32.253      |
| ANDRITZ Novimpianti<br>S.R.L.                                | Capannori, Italien                      | 100,00%                |          | 70                    | 305          | -139                  | 232          |
| ANDRITZ Diatec<br>S.R.L.                                     | Collecorvino,<br>Italien                | 100,00%                |          | 2.125                 | 4.366        | -123                  | 2.243        |
| ANDRITZ FABRICS<br>AND ROLLS HOLD-<br>INGS LIMITED           | London,<br>Großbritannien               | 100,00%                |          | 787                   | 36.081       | 172                   | 35.293       |
| ANDRITZ Fabrics and<br>Rolls Limited                         | Tokyo, Japan                            | 100,00%                |          | 830                   | 13.097       | 956                   | 13.596       |
| ANDRITZ Fabrics and<br>Rolls Holdings SAS2)                  | Paris, Frankreich                       | 100,00%                |          | 0                     | 0            | -419                  | 9.983        |
| ANDRITZ Fabrics and<br>Rolls GmbH                            | Gloggnitz,<br>Österreich                | 94,00%                 | 6,00%    | 6.507                 | 113.941      | 12.869                | 107.808      |
| ANDRITZ Fabrics and<br>Rolls Germany Hold-<br>ing GmbH       | Reutlingen,<br>Deutschland              | 100,00%                |          | 2.612                 | 71.014       | -2.126                | 67.465       |
| ANDRITZ (Foshan) In-<br>telligent Manufacturing<br>Co., Ltd. | Foshan, China                           | 99,00%                 | 1,00%    | 1.781                 | 35.392       | 674                   | 35.908       |
| ANDRITZ Laroche<br>S.A.S.                                    | Cours-la-Ville,<br>Frankreich           | 100,00%                |          | 5.373                 | 10.506       | 4.179                 | 12.259       |
| ANDRITZ Digital<br>Factory d.o.o.3)                          | Zagreb, Kroatien                        | 100,00%                |          | -381                  | -1.231       | -297                  | -424         |
| ANDRITZ Bonetti<br>Holding S.r.l.2)                          | Mailand, Italien                        | 100,00%                |          | 0                     | 0            | -77                   | 3.246        |
| ANDRITZ BONETTI<br>S.P.A.                                    | Mailand, Italien                        | 100,00%                |          | -545                  | 11.044       | 0                     | 0            |
| ANDRITZ TEP D.O.O.                                           | Slavonski Brod,<br>Kroatien             | 100,00%                |          | 3.730                 | 22.640       | 939                   | 19.218       |
| ANDRITZ DAN-WEB<br>A/S                                       | Galten, Dänemark                        | 100,00%                |          | -269                  | -3.612       | 0                     | 0            |
| Dedert International<br>A/S                                  | Ballerup,<br>Dänemark                   | 100,00%                |          | -373                  | 15.916       | 0                     | 0            |

1) Werte 2023 zum Zeitpunkt der Bilanzerstellung nicht verfügbar (Werte aus 2022 angegeben).

2) Gesellschaft 2023 liquiditiert.

{292}------------------------------------------------

#### A N D R I T Z A G – J a h r e s a b s c h l u s s 2 0 2 3 A n h a n g

1) Werte 2023 zum Zeitpunkt der Bilanzerstellung nicht verfügbar (Werte 2023 hochgerechnet).

2) Werte 2023 zum Zeitpunkt der Bilanzerstellung nicht verfügbar (Werte aus 2020).

3) Werte 2023 zum Zeitpunkt der Bilanzerstellung nicht verfügbar (Werte aus 2022 bzw. 2020 angegeben).

4) Werte 2023 zum Zeitpunkt der Bilanzerstellung nicht verfügbar (Werte 2023 hochgerechnet).

5) Werte 2023 zum Zeitpunkt der Bilanzerstellung nicht verfügbar (Werte 2023 hochgerechnet, Vorjahreswerte aus 2021).

6) Gesellschaft 2023 liquiditiert.

{293}------------------------------------------------

#### A N D R I T Z A G – J a h r e s a b s c h l u s s 2 0 2 3 A n h a n g

1) Werte 2023 zum Zeitpunkt der Bilanzerstellung nicht verfügbar (Werte aus 2022 angegeben).

2) Gesellschaft 2023 verschmolzen.

3) Werte 2023 zum Zeitpunkt der Bilanzerstellung nicht verfügbar (Werte 2023 hochgerechnet, Vorjahreswerte aus 2021).

Die Angaben für Eigenkapital und Jahresergebnis der verbundenen Unternehmen wurden den zur Erstellung des Konzernabschlusses herangezogenen Abschlüssen, welche entsprechend den ЩInternational Financial Reporting StandardsĀ (IFRS) aufgestellt wurden, entnommen.

## **Steuerliche Unternehmensgruppe**

Zwischen der ANDRITZ AG als Gruppenträger, der ANDRITZ Hydro GmbH, Wien, als Gruppenmitglied, der ANDRITZ Delkor (Pty) Ltd., Südafrika, als Gruppenmitglied und der Otorio Ltd., Israel, als Gruppenmitglied besteht eine steuerliche Unternehmensgruppe gem. c 9 KStG.

Die aus dem Gruppenvertrag resultierenden Steuerumlagen werden nach der Belastungsmethode verrechnet. Im Falle eines steuerlichen Gewinns hat das inländische Gruppenmitglied eine Steuerumlage an den Gruppenträger zu entrichten. Im Falle eines steuerlichen Verlustes wird dieser evident gehalten und mit späteren Gewinnen des Gruppenmitglieds ausgeglichen. Die Steuerumlage ist spätestens bis zum 30.9. des folgenden Geschäftsjahrs zu leisten, der Gruppenträger kann jedoch entsprechende Vorauszahlungen vorschreiben. Der Vertrag wurde auf unbestimmte Dauer geschlossen und unterliegt österreichischem Recht. Der aktuelle Körperschaftsteuersatz für die Steuergruppe beträgt derzeit 24%. Ab dem Jahr 2024 liegt der gültige Körperschaftsteuersatz bei 23%.

{294}------------------------------------------------

# **Beschäftigte**

Im Jahresdurchschnitt wurden 1.998 Mitarbeiter (ohne Lehrlinge) (Vorjahr: 1.823), davon 375 Arbeiter (Vorjahr: 374) und 1.623 Angestellte (Vorjahr: 1.449), beschäftigt.

# **Aufwendungen für Abfertigungen und Pensionen**

|                                                  | 2023      | 2022       |
|--------------------------------------------------|-----------|------------|
|                                                  | (in EUR)  | (in EUR)   |
| für Vorstandsmitglieder und leitende Angestellte | 1.296.655 | 3.265.824  |
| für andere                                       | 4.660.783 | 8.161.443  |
|                                                  | 5.957.438 | 11.427.267 |

# **Aufwendungen für den Abschlussprüfer**

Die Aufwendungen für den Abschlussprüfer werden im Konzernabschluss der ANDRITZ AG angegeben.

# **Vorschlag zur Verwendung des Ergebnisses**

Vorstand und Aufsichtsrat schlagen vor, aus dem zum 31. Dezember 2023 ausgewiesenen Bilanzgewinn in Höhe von 967.983.019,16 EUR eine Dividende in Höhe von 2,50 EUR pro dividendenberechtigter Aktie, das sind auf Basis der im Umlauf befindlichen Aktien zum Zeitpunkt der Bilanzveröffentlichung insgesamt 248.243.025,00 EUR, an die Aktionäre auszuschütten und den verbleibenden Restbetrag von 719.739.994,16 EUR auf neue Rechnung vorzutragen.

# **Ereignisse nach dem Bilanzstichtag**

Wesentliche Ereignisse nach dem Bilanzstichtag fanden nicht statt. Hinsichtlich der aktuellen politischen Entwicklungen in den Ländern, in denen die ANDRITZ AG Projekte abwickelt, und des damit einhergehenden Risikos, wird auf den Lagebericht verwiesen.

# **Aktienbeteiligungsprogramm für Führungskräfte**

## **Optionsprogramm 2020:**

Das Aktienoptionsprogramm 2020 wurde am 7. Juli 2020 von der 113. Ordentlichen Hauptversammlung der ANDRITZ AG beschlossen.

Die Anzahl der je berechtigter Führungskraft gewährten Optionen beträgt je nach Verantwortungsbereich bis zu 20.000, für Mitglieder des Vorstands jeweils 37.500. Die Optionen sollen aus von der Gesellschaft rückerworbenen eigenen Aktien bedient werden. Erstmals wurde das Programm auch einigen wenigen Nachwuchsführungskräften (< 3.000 Optionen) angeboten. Eine Aktienoption berechtigt zum Bezug einer Aktie. Um eine Aktienoption ausüben zu können, muss der Berechtigte vom 1. September 2020 bis vor einem jeden Ausübungszeitpunkt dauernd in einem aktiven Arbeitsverhältnis zur Gesellschaft oder einer zum ANDRITZ-Konzern gehörenden Gesellschaft gestanden haben. Weitere Voraussetzung ist ein Eigeninvestment in ANDRITZ-Aktien von zumindest 20.000 EUR für leitende Angestellte (5.000 EUR für Nachwuchsführungskräfte) und 40.000 EUR für Mitglieder des Vorstands das bis zur Ausübung ununterbrochen gehalten werden muss.

Der Ausübungspreis für die Aktienoptionen ist der ungewichtete Durchschnitt der Börsenschlusskurse der ANDRITZ-Aktie während der vier auf die 113. ordentliche Hauptversammlung vom 7. Juli 2020 folgenden Kalenderwochen und beträgt 31,20 EUR.

{295}------------------------------------------------

#### A N D R I T Z A G – J a h r e s a b s c h l u s s 2 0 2 3 A n h a n g

Die Ausübungskriterien des Aktienoptionsprogramms 2020 sind wie folgt:

| Zielgröße                      | Zielwert                                                                     | Gewichtung |
|--------------------------------|------------------------------------------------------------------------------|------------|
| Steigerung Aktienkurs          | 10%1 - 15%2                                                                  |            |
| EBITA-Marge4                   | 6,5% - 8% für mindestens eines der<br>Geschäftsjahre 2021, 2022 oder<br>2023 | 90%3       |
| Accident Frequency Rate (AFR)5 | Für mindestens eines der<br>Geschäftsjahre 2021, 2022 oder<br>2023: ≤ 3,5    | 10%6       |

Die Ausübung des Aktienoptionsprogramms hat am 1. Mai 2023 begonnen und wird am 30. April 2027 enden. Die Ausübungskriterien für das Optionsprogramm 2020 wurden erfüllt. Damit konnten 50% der Optionen sofort nach Beginn der Ausübungsfrist, 25% der Optionen nach drei Monaten und die restlichen 25% nach weiteren drei Monaten ausgeübt werden.

Aktienoptionen können nur durch schriftliche Erklärung an die Gesellschaft ausgeübt werden. Die Aktienoptionen sind nicht übertragbar. Die in Ausübung der Aktienoptionen bezogenen Aktien unterliegen keiner Behaltefrist.

| OPTIONSPROGRAMM 2020 |                                           |                        |                       |                              |
|----------------------|-------------------------------------------|------------------------|-----------------------|------------------------------|
|                      | EINGERÄUMTE<br>OPTIONEN<br>PER 31.12.2022 | DAVON<br>AUSÜBUNG 2023 | DAVON<br>WEGFALL 2023 | NOCH OFFEN<br>PER 31.12.2022 |
| Vorstand             |                                           |                        |                       |                              |
| Joachim Schönbeck    | 37.500                                    | 0                      |                       | 37.500                       |
| Domenico Iacovelli   | 15.000                                    | 0                      |                       | 15.000                       |
| Humbert Köfler a)    | 37.500                                    | 0                      |                       | 37.500                       |
| Norbert Nettesheim   | 37.500                                    | -10.000                |                       | 27.500                       |
| Wolfgang Semper b)   | 37.500                                    | 0                      |                       | 37.500                       |
| Frederic Sauze c)    | 5.000                                     | 0                      |                       | 5.000                        |
| Dietmar Heinisser d) | 20.000                                    | -10.000                |                       | 10.000                       |
| Jarno Nymark e)      | 20.000                                    | 0                      |                       | 20.000                       |
| Leitende Angestellte | 702.000                                   | -252.250               |                       | 407.750                      |
| GESAMT               | 912.000                                   | -272.250               | -42.000               | 597.750                      |

Ausübungspreis je Aktie in EUR 31,20 Innerer Wert Optionen gesamt per 31.12.2023 in EUR 25,20

a) Schied mit 30.9.2023 aus dem Vorstand aus

b) Schied mit 29.3.2023 aus dem Vorstand aus

c) Neues Vorstandsmitglied seit 30.3.2023

d) Neues Vorstandsmitglied seit 1.4.2023

e) Neues Vorstandsmitglied seit 1.10.2023

<sup>1</sup> wenn der ungewichtete Schlusskurs der ANDRITZ-Aktie im Durchschnitt von zwanzig aufeinander folgenden Handelstagen im Zeitraum von 1. Mai 2022 bis 30. April 2023 mindestens 10% über dem Ausübungspreis liegt

<sup>2</sup> wenn der ungewichtete Schlusskurs der ANDRITZ-Aktie im Durchschnitt von zwanzig aufeinander folgenden Handelstagen im Zeitraum von 1. Mai 2023 bis 30. April 2024 mindestens 15% über dem Ausübungspreis liegt

<sup>3</sup> Beide Kriterien (Steigerung Aktienkurs und EBITA-Marge) müssen erfüllt sein

<sup>4</sup> Ergibt sich als Quotient aus EBITA und Umsatz. Bei Unterschreitung des Zielwerts können keine Optionen ausgeübt werden, zwischen 6,5% und 7,9% EBITA-Marge können Optionen aliquot je nach Höhe der EBITA-Marge ausgeübt werden, bei einer EBITA-Marge von 8% oder mehr können 90% ausgeübt werden.

<sup>5</sup> Unfallhäufigkeit mit mehr als drei Ausfallstagen pro 1 Million Arbeitsstunden

<sup>6</sup> Bei Erreichen dieses Ziels können diese Optionen unabhängig von der Erreichung der anderen beiden Ziele ausgeübt werden.

{296}------------------------------------------------

## **Optionsprogramm 2022:**

Das Aktienoptionsprogramm 2022 wurde im Juni 2022 vom Vorstand und Aufsichtsrat der ANDRITZ AG beschlossen.

Die Anzahl der je berechtigter Führungskraft gewährten Optionen beträgt je nach Verantwortungsbereich bis zu 20.000, für Mitglieder des Vorstands jeweils 37.500. Die Optionen sollen aus von der Gesellschaft rückerworbenen eigenen Aktien bedient werden. Eine Aktienoption berechtigt zum Bezug einer Aktie. Um eine Aktienoption ausüben zu können, muss der Berechtigte vom 1. Juni 2022 bis zur etwaigen Ausübung der Optionen dauernd in einem aktiven Arbeitsverhältnis zur Gesellschaft oder einer zum ANDRITZ-Konzern gehörenden Gesellschaft gestanden haben. Weitere Voraussetzung ist ein Eigeninvestment in ANDRITZ-Aktien von zumindest 20.000 EUR für leitende Angestellte (5.000 EUR für Nachwuchsführungskräfte) und 40.000 EUR für Mitglieder des Vorstands das bis zur Ausübung ununterbrochen gehalten werden muss.

Der Ausübungspreis für die Aktienoptionen ist der ungewichtete Durchschnitt der Börsenschlusskurse der ANDRITZ-Aktie während der vier auf die 115. ordentliche Hauptversammlung vom 7. April 2022 folgenden Kalenderwochen und beträgt 38,80 EUR.

| Zielgröße                          | Zielwert                                                                                                                                                                                | Gewichtung |
|------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|
| Steigerung Aktienkurs              | 10%7 bzw. 15%8                                                                                                                                                                          | 30%        |
| EBITA-Marge                        | Zwischen 7,5% und 9,0% für mindestens eines der<br>Geschäftsjahre 2022, 2023 oder 2024                                                                                                  | 60%9       |
| Accident Frequency Rate<br>(AFR)10 | Reduzierung der AFR der Geschäftsjahre 2022, 2023<br>und 2024 um mindestens 30% gegenüber dem<br>jeweiligen Vorjahr (ausgehend vom für das Jahr 2021<br>gesetzten AFR-Zielwert von 3,4) | 10%11      |

Die Ausübungskriterien des Aktienoptionsprogramms 2022 sind wie folgt:

Die Ausübung des Aktienoptionsprogramms soll am 1. Mai 2025 beginnen und am 30. April 2029 enden. Die drei definierten Kriterien sind unabhängig voneinander. Im Falle der Erfüllung einer der Ausübungsbedingungen gemäß den definierten Kriterien können 50% der den jeweiligen Kriterien zugeordneten Optionen sofort nach Beginn der Ausübungsfrist, 25% der Optionen nach drei Monaten und die restlichen 25% nach weiteren drei Monaten ausgeübt werden.

Aktienoptionen können nur durch schriftliche Erklärung an die Gesellschaft ausgeübt werden. Die Aktienoptionen sind nicht übertragbar. Die in Ausübung der Aktienoptionen bezogenen Aktien unterliegen keiner Behaltefrist.

<sup>7</sup> wenn der ungewichtete Schlusskurs der ANDRITZ-Aktie im Durchschnitt von zwanzig aufeinander folgenden Handelstagen im Zeitraum von 1. Mai 2024 bis 30. April 2025 mindestens 10% über dem Ausübungspreis liegt

<sup>8</sup> wenn der ungewichtete Schlusskurs der ANDRITZ-Aktie im Durchschnitt von zwanzig aufeinander folgenden Handelstagen im Zeitraum von 1. Mai 2025 bis 30. April 2026 mindestens 15% über dem Ausübungspreis liegt

<sup>9</sup> wenn die EBITA-Marge des Geschäftsjahrs 2022, des Geschäftsjahrs 2023 oder des Geschäftsjahrs 2024 mindestens 7,5% beträgt <sup>10</sup> Unfallhäufigkeit mit einem oder mehr Ausfallstagen pro 1 Million

<sup>11</sup> wenn die Accident Frequency Rate (AFR 1) im Geschäftsjahr 2022 <= 2,4 oder im Geschäftsjahr 2023 <= 1,7 oder im Geschäftsjahr 2024 <= 1,2 beträgt

{297}------------------------------------------------

#### A N D R I T Z A G – J a h r e s a b s c h l u s s 2 0 2 3 A n h a n g

| OPTIONSPROGRAMM 2022                               |                                           |
|----------------------------------------------------|-------------------------------------------|
|                                                    | EINGERÄUMTE<br>OPTIONEN<br>PER 31.12.2023 |
| Vorstand                                           |                                           |
| Joachim Schönbeck                                  | 37.50                                     |
| Humbert Köflera)                                   | 37.50                                     |
| Norbert Nettesheim                                 | 37.50                                     |
| Wolfgang Sempeb)                                   | 37.50                                     |
| Frederic Sauzec)                                   | 7.50                                      |
| Dietmar Heinisserd)                                | 20.00                                     |
| Jarno Nymarke)                                     | 20.00                                     |
| Leitende Angestellte                               | 569.00                                    |
| GESAMT                                             | 766.50                                    |
| Ausübungspreis je Aktie in EUR                     | 38,80                                     |
| Innerer Wert Optionen gesamt per 31.12.2023 in EUR | 17,60                                     |

a) Schied mit 30.9.2023 aus dem Vorstand aus
b) Schied mit 29.3.2023 aus dem Vorstand aus

c) Neues Vorstandsmitglied seit 30.3.2023

d) Neues Vorstandsmitglied seit 1.4.2023

e) Neues Vorstandsmitglied seit 1.10.2023

# **Derivative Finanzinstrumente**

Fremdwährungsrisiken, welche durch Devisentermingeschäfte bzw. zu geringem Anteil an Devisenswaps abgesichert werden, resultieren im Wesentlichen aus dem laufenden Geschäftsbetrieb sowie den Ausleihungen. Der Absicherungszeitraum der laufenden Geschäfte entspricht jenen der zugrundeliegenden Geschäfte. Kurssicherungen im Zusammenhang mit Ausleihungen werden quartalsweise bzw. halbjährlich verlängert.

Zum Bilanzstichtag bestanden folgende Devisentermingeschäfte (in EUR):

|                      |                | Offene Kontrakte |  |
|----------------------|----------------|------------------|--|
|                      | Umfang         | Zeitwert         |  |
| USDEUR               |                |                  |  |
| Kauf USD             | 25.174.511,02  | -302.329,81      |  |
| Verkauf USD          | 258.537.630,36 | 9.698.700,35     |  |
| USD Summe            | 283.712.141,38 | 9.396.370,54     |  |
| CADEUR               |                |                  |  |
| Kauf CAD             | 388.054,54     | -4.439,35        |  |
| Verkauf CAD          | 70.146.583,12  | 447.597,14       |  |
| CAD Summe            | 70.534.637,66  | 443.157,79       |  |
| CNYEUR bzw. CNHEUR   |                |                  |  |
| Kauf CNY bzw. CNH    | 122.043.278,49 | -1.434.267,66    |  |
| Verkauf CNY bzw. CNH | 0,00           | 0,00             |  |
| CNY/CNH Summe        | 122.043.278,49 | -1.434.267,66    |  |
| Andere Währungspaare |                |                  |  |
| Kauf                 | 1.038.424,33   | -6.725,04        |  |
| Verkauf              | 1.647.948,39   | -10.507,46       |  |
| Summe                | 2.686.372,72   | -17.232,50       |  |
| GESAMTSUMME          | 478.976.430,25 | 8.388.028,17     |  |
| GESAMTSUMME VORJAHR  | 597.732.027,12 | 7.538.342,41     |  |

{298}------------------------------------------------

Der beizulegende Zeitwert wird auf Basis der Terminkurse zum Bilanzstichtag durch Abzinsung des ermittelten Endwerts über die Restlaufzeit errechnet. Die Effektivitätsmessung der Devisentermingeschäfte erfolgt laufend sowie bei Laufzeitende durch Ermittlung der Gesamtkursdifferenz aus Grundgeschäft und Kurssicherung.

Drohende Verluste aus derivativen Finanzinstrumenten werden in der Bilanz nicht passiviert, da diese mit bilanzierten Aktiv- bzw. Passivposten eine geschlossene Position bilden.

Die Laufzeit der Zinsswaps entsprach jenen der zugrundeliegenden Grundgeschäfte, der letzte Zinsswap ist am 19. Mai 2023 zeitgleich mit dem Wegfall des Grundschäfte ausgelaufen. Der beizulegende Zeitwert für die Zinssicherung in Form eines Zinsswaps beträgt daher zum 31. Dezember 2023 0,00 EUR (Vorjahr: 93.891,12 EUR) und repräsentiert den Marktwert zum Bilanzstichtag.

# **Vorstand und Aufsichtsrat**

Als Aufwendungen für den Vorstand wurden erfasst:

|                                                     | 2023       | 202        |
|-----------------------------------------------------|------------|------------|
|                                                     | (in EUR)   | (in EUR    |
| Kurzfristige Leistungen                             | 20.861.371 | 16.986.740 |
| Leistungen nach Beendigung des Arbeitsverhältnisses | 561.032    | 633.562    |
| Aktienbasierte Vergütungen                          | 744.599    | 610.875    |
|                                                     | 22.167.002 | 18.231.177 |

Der Gegenwert der aktienbasierten Vergütungen wurde nach den IFRS ermittelt. Für Pensions-, Abfertigungs- und Jubiläumsgeldansprüche werden die Dienstzeitaufwendungen gemäß IAS 19 angesetzt.

An ehemalige Vorstandsmitglieder und deren Hinterbliebene wurden 470.291,58 EUR (Vorjahr: 446.354,79 EUR) ausbezahlt.

Eine vom Stellvertreter des Aufsichtsratsvorsitzenden der ANDRITZ AG beherrschte Gesellschaft überlässt den Betrieb eines in ihrem Eigentum stehenden Geschäftsflugzeuges einem professionellen Privatflugunternehmen. Der Aufwand für die Charterleistung sowie sonstige Leistungen im Zusammenhang mit diesem Flugzeug für Dienstreisen des Vorstandsvorsitzenden und anderer Vorstandsmitglieder betrug im Jahr 2023 664.407,08 EUR (Vorjahr: 644.708,42 EUR). Zum 31. Dezember 2023 bestehen offene Verbindlichkeiten gegenüber dem Privatflugunternehmen von 23.786,00 EUR (Vorjahr: 25.500,00 EUR).

Diese sowie andere Geschäftsbeziehungen zu Unternehmen, in denen Aufsichtsratsmitglieder bzw. Mitglieder des Vorstands der ANDRITZ AG tätig sind, werden zu marktüblichen Bedingungen durchgeführt und sind einzeln und insgesamt von untergeordneter Bedeutung.

Die Aufsichtsratsvergütungen (inklusive Sitzungsgelder) für das Geschäftsjahr 2023 betragen vorbehaltlich der Genehmigung durch die Hauptversammlung insgesamt 325.000,00 EUR (Vorjahr: 327.500,00 EUR).

{299}------------------------------------------------

#### A N D R I T Z A G – J a h r e s a b s c h l u s s 2 0 2 3 A n h a n g

# **Aufsichtsrat:**

### **Gewählte Mitglieder:**

 Alexander Leeb Vorsitzender

 Wolfgang Leitner Stellvertreter des Vorsitzenden

 Jürgen Herrmann Fechter Alexander Isola Monika Kircher Wolfgang Bernhard

### **Delegierte Mitglieder:**

 Georg Auer Andreas Martiner Alexander Mori

## **Vorstand:**

 Joachim Schönbeck Vorsitzender

 Dietmar Heinisser (ab 01.04.2023) Domenico Iacovelli (bis 31.12.2023) Norbert Nettesheim Jarno Matias Nymark (ab 01.10.2023) Frédéric Sauze (ab 30.03.2023) Humbert Köfler (bis 30.09.2023) Wolfgang Semper (bis 29.03.2023)

Graz, am 26. Februar 2024

#### **Der Vorstand**

Joachim Schönbeck e.
(Vorstandsvorsitzender)

(Vorstandsvorsitzender) (Finanzvorstand)

Joachim Schönbeck e.h. Dietmar Heinisser e.h. Norbert Nettesheim e.h. Jarno Nymark e.h. Frédéric Sauze e.h.

Jarno Nymark e.h.

Frédéric Sauze e.h

Image /page/299/Picture/18 description: The image shows the number 23 in a large, bold, blue font. The number is centered in the image.

{300}------------------------------------------------

# BESTÄTIGUNGSVERMERK

# **BERICHT ZUM JAHRESABSCHLUSS**

# **Prüfungsurteil**

Wir haben den Jahresabschluss der

## Andritz AG, Graz,

bestehend aus der Bilanz zum 31. Dezember 2023, der Gewinn- und Verlustrechnung für das an diesem Stichtag endende Geschäftsjahr und dem Anhang, geprüft.

Nach unserer Beurteilung entspricht der Jahresabschluss den gesetzlichen Vorschriften und vermittelt ein möglichst getreues Bild der Vermögens- und Finanzlage zum 31. Dezember 2023 sowie der Ertragslage der Gesellschaft für das an diesem Stichtag endende Geschäftsjahr in Übereinstimmung mit den österreichischen unternehmensrechtlichen Vorschriften.

# **Grundlage für das Prüfungsurteil**

Wir haben unsere Abschlussprüfung in Übereinstimmung mit der EU-Verordnung Nr 537/2014 (im Folgenden AP-VO) und mit den österreichischen Grundsätzen ordnungsgemäßer Abschlussprüfung durchgeführt. Diese Grundsätze erfordern die Anwendung der International Standards on Auditing (ISA). Unsere Verantwortlichkeiten nach diesen Vorschriften und Standards sind im Abschnitt "Verantwortlichkeiten des Abschlussprüfers für die Prüfung des Jahresabschlusses" unseres Bestätigungsvermerks weitergehend beschrieben. Wir sind von der Gesellschaft unabhängig in Übereinstimmung mit den österreichischen unternehmens- und berufsrechtlichen Vorschriften und wir haben unsere sonstigen beruflichen Pflichten in Übereinstimmung mit diesen Anforderungen erfüllt. Wir sind der Auffassung, dass die von uns erlangten Prüfungsnachweise bis zum Datum dieses Bestätigungsvermerkes ausreichend und geeignet sind, um als Grundlage für unser Prüfungsurteil zu diesem Datum zu dienen.

# **Besonders wichtige Prüfungssachverhalte**

Besonders wichtige Prüfungssachverhalte sind solche Sachverhalte, die nach unserem pflichtgemäßen Ermessen am bedeutsamsten für unsere Prüfung des Jahresabschlusses des Geschäftsjahres waren. Diese Sachverhalte wurden im Zusammenhang mit unserer Prüfung des Jahresabschlusses als Ganzes und bei der Bildung unseres Prüfungsurteils hierzu berücksichtigt und wir geben kein gesondertes Prüfungsurteil zu diesen Sachverhalten ab.

## **Bilanzierung des Projektgeschäfts**

Siehe Anhang Kapitel B) Noch nicht abrechenbare Leistungen und Sonstige Rückstellungen sowie C) Umsatzerlöse.

## **Das Risiko für den Abschluss**

Der überwiegende Anteil der im Geschäftsjahr ausgewiesenen Umsatzerlöse und operativen Ergebnisbeiträge der Andritz AG stammt aus dem Projektgeschäft. Das Projektgeschäft der Andritz AG umfasst eine große Anzahl von Projekten mit Projektvolumen von jeweils über 50 Mio EUR und einer Laufzeit über mehrere Jahre. Die Erfassung der Umsatzerlöse erfolgt mit der Endabnahme des Projektes durch den Kunden. Projekte, die noch nicht abgeschlossen sind, werden unter den nicht abrechenbaren Leistungen in Höhe ihrer bis zum Bilanzstichtag angefallenen Herstellungskosten ausgewiesen. Insoweit als für noch nicht abgeschlossene Projekte voraussichtlich ein Verlust entsteht, vermindert die Andritz AG die noch nicht abrechenbaren Leistungen in Höhe des erwarteten Verlustes. Falls der Buchwert, der noch nicht abrechenbaren Leistungen Null beträgt, erfolgt darüber hinaus der Ansatz einer Rückstellung für drohende Verluste.

{301}------------------------------------------------

Für abgeschlossene Projekte besteht über einen bestimmten Zeitraum die Verpflichtung zur Gewährleistung. Bei einigen laufenden oder abgeschlossenen Projekten kann es zu unterschiedlichen Auffassungen mit Kunden und/oder Lieferanten über die vertraglichen Verpflichtungen kommen, aus denen drohende oder bereits anhängige Rechtsstreitigkeiten resultierten. Sowohl für die Gewährleistungsverpflichtungen als auch für drohende Verpflichtungen aus Rechtsstreitigkeiten setzt die Andritz AG Rückstellungen an.

Die Bewertung der noch nicht abrechenbaren Leistungen und der projektbezogenen Rückstellungen erfordern in erheblichem Umfang Annahmen und zukunftsbezogene Schätzungen. Auf Grund des wesentlichen Umfangs des Projektgeschäfts resultiert daraus das Risiko, dass die Bestandsveränderungen (bestehend aus Veränderung des Bestands an fertigen Erzeugnissen und an noch nicht abrechenbaren Leistungen und Veränderungen der Auftragsrückstellungen) sowie die Aufwendungen für Gewährleistungen und projektbezogene Rechtsverfahren in der Gewinn- und Verlustrechnung und die dazugehörigen Bilanzposten wesentlich falsch dargestellt sind.

#### **Unsere Vorgehensweise in der Prüfung**

Wir haben die Bilanzierung des Projektgeschäfts wie folgt beurteilt:

- Wir haben im Zuge unserer Prüfung ein Verständnis über die für die Projektbilanzierung relevanten Prozesse und internen Kontrollen erlangt und die Wirksamkeit ausgewählter interner Kontrollen überprüft. Dies betraf vor allem interne Kontrollen in Zusammenhang mit der Freigabe der Projektkalkulation beim Abschluss neuer Verträge, der Billigung der Mitkalkulation und den Statusberichten zu laufenden Projekten und der Einschätzung des Betrages ausstehender oder drohender Kosten aus Projekten. Auf Basis der Ergebnisse dieser Überprüfung haben wir weitere Prüfungshandlungen festgelegt.
- Diese Prüfungshandlungen haben wir auf ausgewählte Projekte angewendet und für diese Projekte, die von den gesetzlichen Vertretern vorgenommenen Ermessensentscheidungen beurteilt. Die Auswahl erfolgte nach risikoorientierten Kriterien wie Projektgröße, geringe oder negative Projektmargen oder hohe Margenanpassungen. Die Prüfungshandlungen umfassten vor allem die Durchsicht der zugrundeliegenden Verträge und Vereinbarungen, die kritische Würdigung der aktuellen Projektinformationen, die Befragung von Projektverantwortlichen oder Projektcontrollern zur Plausibilität der getroffenen Schätzungen und Annahmen, die Beurteilung der Schätzungsgenauigkeit durch Vergleich der eingetretenen Ergebnisse mit den Schätzungen in den Vorjahren und die Abstimmung der Annahmen und in die Schätzung eingeflossenen Werte mit Vertragsdokumenten und anderen relevanten Unterlagen. Darüber hinaus haben wir für im Geschäftsjahr endabgerechnete Projekte gewürdigt, ob entsprechende finale Abnahmeprotokolle der jeweiligen Auftraggeber vorhanden sind.
- Zur Beurteilung der Angemessenheit von Rückstellungen für Ansprüche von Kunden und für drohende oder bereits anhängige Rechtsstreitigkeiten haben wir relevante Dokumente gelesen, Auskunftsschreiben von Rechtsvertretern eingeholt sowie Gespräche mit den mit dem Sachverhalt betrauten Personen geführt und in deren Aufzeichnungen Einsicht genommen.

### **Werthaltigkeit der Anteile an verbundenen Unternehmen**

Siehe Anhang Kapitel B) Finanzanlagen.

#### **Das Risiko für den Abschluss**

Die Anteile an verbundenen Unternehmen der Andritz AG betragen zum Bilanzstichtag 2.033,4 Mio EUR. Die relevanten Rechnungslegungsvorschriften des UGB erfordern bei Vorliegen von Anzeichen für eine dauernde Wertminderung eine Überprüfung der Werthaltigkeit der Anteile mittels einer Unternehmensbewertung.

Das Ergebnis dieser Bewertung ist in hohem Maße von der Einschätzung des künftigen Umsatzwachstums und der Ergebnismargen und der daraus resultierenden Zahlungsüberschüsse sowie Annahmen zur Festlegung der verwendeten Diskontierungszinssätze abhängig und daher mit einer erheblichen Unsicherheit behaftet.

Für den Abschluss besteht das Risiko einer Überbewertung dieses Bilanzpostens.

{302}------------------------------------------------

#### **Unsere Vorgehensweise in der Prüfung**

Wir haben die Werthaltigkeit der Anteile an verbundenen Unternehmen wie folgt beurteilt:

- Wir haben uns ein Verständnis darüber verschafft, wie die Andritz AG das Vorliegen von Anzeichen einer dauernden Wertminderung überwacht.
- Bei aktuellen Unternehmensbewertungen haben wir die Angemessenheit der wesentlichen zukunftsbezogenen Schätzungen und Annahmen sowie der angewendeten Bewertungsmethoden unter Konsultation von unseren Bewertungsspezialisten beurteilt.
- Wir haben uns ein Verständnis über den Planungsprozess verschafft und die der Bewertung zugrunde gelegten Umsatz- und Margenplandaten mit der aktuellen vom Aufsichtsrat genehmigten Mittelfristplanung abgeglichen. Im Zusammenhang mit der Budgeterstellung und der Budgetgenehmigung haben wir das Design und die Implementierung der internen Kontrollen, die als Basis für die interne Planung des Vorstandes dienen, beurteilt. Wir haben die zugrundeliegenden Planungsannahmen mit dem Management besprochen sowie anhand von Informationen über die aktuelle und erwartete Entwicklung der jeweiligen Einheit plausibilisiert. Die Planungstreue haben wir durch Vergleich der in den Vorperioden erfolgten Planungen mit den tatsächlich eingetretenen Werten beurteilt.
- Die zur Festlegung der Diskontierungszinssätze herangezogenen Annahmen haben wir durch Abgleich mit markt- und branchenspezifischen Richtwerten und Ermittlungsmethoden auf Angemessenheit geprüft sowie das Berechnungsschema nachvollzogen. Soweit sich bei Beteiligungen/Zahlungsmittel generierenden Einheiten Überrenditen ergeben haben wir deren Begründung anhand von Daten aus der Vergangenheitsanalyse und der zukünftigen Markt- und Wirtschaftsposition nachvollzogen.

## **Sonstige Informationen**

Die gesetzlichen Vertreter sind für die sonstigen Informationen verantwortlich. Die sonstigen Informationen umfassen alle Informationen im Jahresfinanzbericht, ausgenommen den Jahresabschluss, den Lagebericht und den Bestätigungsvermerk.

Unser Prüfungsurteil zum Jahresabschluss erstreckt sich nicht auf diese sonstigen Informationen, und wir geben keine Art der Zusicherung darauf.

Im Zusammenhang mit unserer Prüfung des Jahresabschlusses haben wir die Verantwortlichkeit, diese sonstigen Informationen zu lesen und dabei zu würdigen, ob die sonstigen Informationen wesentliche Unstimmigkeiten zum Jahresabschluss oder unseren bei der Abschlussprüfung erlangten Kenntnissen aufweisen oder anderweitig falsch dargestellt erscheinen.

Falls wir auf der Grundlage der von uns zu den vor dem Datum des Bestätigungsvermerks des Abschlussprüfers erlangten sonstigen Informationen durchgeführten Arbeiten den Schluss ziehen, dass eine wesentliche falsche Darstellung dieser sonstigen Informationen vorliegt, sind wir verpflichtet, über diese Tatsache zu berichten. Wir haben in diesem Zusammenhang nichts zu berichten.

## **Verantwortlichkeiten der gesetzlichen Vertreter und des Prüfungsausschusses für den Jahresabschluss**

Die gesetzlichen Vertreter sind verantwortlich für die Aufstellung des Jahresabschlusses und dafür, dass dieser in Übereinstimmung mit den österreichischen unternehmensrechtlichen Vorschriften ein möglichst getreues Bild der Vermögens , Finanz- und Ertragslage der Gesellschaft vermittelt. Ferner sind die gesetzlichen Vertreter verantwortlich für die internen Kontrollen, die sie als notwendig erachten, um die Aufstellung eines Jahresabschlusses zu ermöglichen, der frei von wesentlichen falschen Darstellungen aufgrund von dolosen Handlungen oder Irrtümern ist.

{303}------------------------------------------------

Bei der Aufstellung des Jahresabschlusses sind die gesetzlichen Vertreter dafür verantwortlich, die Fähigkeit der Gesellschaft zur Fortführung der Unternehmenstätigkeit zu beurteilen, Sachverhalte im Zusammenhang mit der Fortführung der Unternehmenstätigkeit – sofern einschlägig – anzugeben, sowie dafür, den Rechnungslegungsgrundsatz der Fortführung der Unternehmenstätigkeit anzuwenden, es sei denn, die gesetzlichen Vertreter beabsichtigen, entweder die Gesellschaft zu liquidieren oder die Unternehmenstätigkeit einzustellen oder haben keine realistische Alternative dazu.

Der Prüfungsausschuss ist verantwortlich für die Überwachung des Rechnungslegungsprozesses der Gesellschaft.

# **Verantwortlichkeiten des Abschlussprüfers für die Prüfung des Jahresabschlusses**

Unsere Ziele sind hinreichende Sicherheit darüber zu erlangen, ob der Jahresabschluss als Ganzes frei von wesentlichen falschen Darstellungen aufgrund von dolosen Handlungen oder Irrtümern ist und einen Bestätigungsvermerk zu erteilen, der unser Prüfungsurteil beinhaltet. Hinreichende Sicherheit ist ein hohes Maß an Sicherheit, aber keine Garantie dafür, dass eine in Übereinstimmung mit der AP-VO und mit den österreichischen Grundsätzen ordnungsgemäßer Abschlussprüfung, die die Anwendung der ISA erfordern, durchgeführte Abschlussprüfung eine wesentliche falsche Darstellung, falls eine solche vorliegt, stets aufdeckt. Falsche Darstellungen können aus dolosen Handlungen oder Irrtümern resultieren und werden als wesentlich angesehen, wenn von ihnen einzeln oder insgesamt vernünftigerweise erwartet werden könnte, dass sie die auf der Grundlage dieses Jahresabschlusses getroffenen wirtschaftlichen Entscheidungen von Nutzern beeinflussen.

Als Teil einer Abschlussprüfung in Übereinstimmung mit der AP-VO und mit den österreichischen Grundsätzen ordnungsgemäßer Abschlussprüfung, die die Anwendung der ISA erfordern, üben wir während der gesamten Abschlussprüfung pflichtgemäßes Ermessen aus und bewahren eine kritische Grundhaltung.

Darüber hinaus gilt:

- Wir identifizieren und beurteilen die Risiken wesentlicher falscher Darstellungen aufgrund von dolosen Handlungen oder Irrtümern im Abschluss, planen Prüfungshandlungen als Reaktion auf diese Risiken, führen sie durch und erlangen Prüfungsnachweise, die ausreichend und geeignet sind, um als Grundlage für unser Prüfungsurteil zu dienen. Das Risiko, dass aus dolosen Handlungen resultierende wesentliche falsche Darstellungen nicht aufgedeckt werden, ist höher als ein aus Irrtümern resultierendes, da dolose Handlungen kollusives Zusammenwirken, Fälschungen, beabsichtigte Unvollständigkeiten, irreführende Darstel-lungen oder das Außerkraftsetzen interner Kontrollen beinhalten können.
- Wir gewinnen ein Verständnis von dem für die Abschlussprüfung relevanten internen Kontrollsystem, um Prüfungshandlungen zu planen, die unter den gegebenen Umständen angemessen sind, jedoch nicht mit dem Ziel, ein Prüfungsurteil zur Wirksamkeit des internen Kontrollsystems der Gesellschaft abzugeben.
- Wir beurteilen die Angemessenheit der von den gesetzlichen Vertretern angewandten Rechnungslegungsmethoden sowie die Vertretbarkeit der von den gesetzlichen Vertretern dargestellten geschätzten Werte in der Rechnungslegung und damit zusammenhängende Angaben.
- Wir ziehen Schlussfolgerungen über die Angemessenheit der Anwendung des Rechnungslegungsgrundsatzes der Fortführung der Unternehmenstätigkeit durch die gesetzlichen Vertreter sowie, auf der Grundlage der erlangten Prüfungsnachweise, ob eine wesentliche Unsicherheit im Zusammenhang mit Ereignissen oder Gegebenheiten besteht, die erhebliche Zweifel an der Fähigkeit der Gesellschaft zur Fortführung der Unternehmenstätigkeit aufwerfen können. Falls wir die Schlussfolgerung ziehen, dass eine wesentliche Unsicherheit besteht, sind wir verpflichtet, in unserem Bestätigungsvermerk auf die dazugehörigen Angaben im Jahresabschluss aufmerksam zu machen oder, falls diese Angaben unangemessen sind, unser Prüfungsurteil zu modifizieren. Wir ziehen unsere Schlussfolgerungen auf der Grundlage der bis zum Datum unseres Bestätigungsvermerks erlangten Prüfungsnachweise. Zukünftige Ereignisse oder Gegebenheiten können jedoch die Abkehr der Gesellschaft von der Fortführung der Unternehmenstätigkeit zur Folge haben.

{304}------------------------------------------------

- Wir beurteilen die Gesamtdarstellung, den Aufbau und den Inhalt des Jahresabschlusses einschließlich der Angaben sowie ob der Jahresabschluss die zugrunde liegenden Geschäftsvorfälle und Ereignisse in einer Weise wiedergibt, dass ein möglichst getreues Bild erreicht wird.
- Wir tauschen uns mit dem Prüfungsausschuss unter anderem über den geplanten Umfang und die geplante zeitliche Einteilung der Abschlussprüfung sowie über bedeutsame Prüfungsfeststellungen, einschließlich etwaiger bedeutsamer Mängel im internen Kontrollsystem, die wir während unserer Abschlussprüfung erkennen, aus.
- Wir geben dem Prüfungsausschuss auch eine Erklärung ab, dass wir die relevanten beruflichen Verhaltensanforderungen zur Unabhängigkeit eingehalten haben und uns mit ihm über alle Beziehungen und sonstigen Sachverhalte austauschen, von denen vernünftigerweise angenommen werden kann, dass sie sich auf unsere Unabhängigkeit und – sofern einschlägig – damit zusammenhängende Schutzmaßnahmen auswirken.
- Wir bestimmen von den Sachverhalten, über die wir uns mit dem Prüfungsausschuss ausgetauscht haben, diejenigen Sachverhalte, die am bedeutsamsten für die Prüfung des Jahresabschlusses des Geschäftsjahres waren und daher die besonders wichtigen Prüfungssachverhalte sind. Wir beschreiben diese Sachverhalte in unserem Bestätigungsvermerk, es sei denn, Gesetze oder andere Rechtsvorschriften schließen die öffentliche Angabe des Sachverhalts aus oder wir bestimmen in äußerst seltenen Fällen, dass ein Sachverhalt nicht in unserem Bestätigungsvermerk mitgeteilt werden sollte, weil vernünftigerweise erwartet wird, dass die negativen Folgen einer solchen Mitteilung deren Vorteile für das öffentliche Interesse übersteigen würden.

# **Sonstige gesetzliche und andere rechtliche Anforderungen**

# **Bericht zum Lagebericht**

Der Lagebericht ist aufgrund der österreichischen unternehmensrechtlichen Vorschriften darauf zu prüfen, ob er mit dem Jahresabschluss in Einklang steht und ob er nach den geltenden rechtlichen Anforderungen aufgestellt wurde.

Die gesetzlichen Vertreter sind verantwortlich für die Aufstellung des Lageberichts in Übereinstimmung mit den österreichischen unternehmensrechtlichen Vorschriften.

Wir haben unsere Prüfung in Übereinstimmung mit den Berufsgrundsätzen zur Prüfung des Lageberichts durchgeführt.

### **Urteil**

Nach unserer Beurteilung ist der Lagebericht nach den geltenden rechtlichen Anforderungen aufgestellt worden, enthält die nach § 243a UGB zutreffenden Angaben, und steht in Einklang mit dem Jahresabschluss.

### **Erklärung**

Angesichts der bei der Prüfung des Jahresabschlusses gewonnenen Erkenntnisse und des gewonnenen Verständnisses über die Gesellschaft und ihr Umfeld haben wir keine wesentlichen fehlerhaften Angaben im Lagebericht festgestellt.

## **Zusätzliche Angaben nach Artikel 10 AP-VO**

Wir wurden von der Hauptversammlung am 29. März 2023 als Abschlussprüfer gewählt und am 27. September 2023 vom Aufsichtsrat mit der Abschlussprüfung der Gesellschaft für das am 31. Dezember 2023 endende Geschäftsjahr beauftragt.

Wir sind ohne Unterbrechung seit dem Jahresabschluss zum 31. Dezember 2016 Abschlussprüfer der Gesellschaft.

{305}------------------------------------------------

Wir erklären, dass das Prüfungsurteil im Abschnitt "Bericht zum Jahresabschluss" mit dem zusätzlichen Bericht an den Prüfungsausschuss nach Artikel 11 der AP-VO in Einklang steht.

Wir erklären, dass wir keine verbotenen Nichtprüfungsleistungen (Artikel 5 Abs 1 der AP-VO) erbracht haben und dass wir bei der Durchführung der Abschlussprüfung unsere Unabhängigkeit von der geprüften Gesellschaft gewahrt haben.

# **Auftragsverantwortlicher Wirtschaftsprüfer**

Der für die Abschlussprüfung auftragsverantwortliche Wirtschaftsprüfer ist Herr Mag. Dr. Johannes Bauer.

Wien 26. Februar 2024

> KPMG Austria GmbH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft

> > Mag. Dr. Johannes Bauer Wirtschaftsprüfer

Die Veröffentlichung oder Weitergabe des Jahresabschlusses mit unserem Bestätigungsvermerk darf nur in der von uns bestätigten Fassung erfolgen. Dieser Bestätigungsvermerk bezieht sich ausschließlich auf den deutschsprachigen und vollständigen Jahresabschluss samt Lagebericht. Für abweichende Fassungen sind die Vorschriften des § 281 Abs 2 UGB zu beachten.

{306}------------------------------------------------

## **ANDRITZ AG**

Stattegger Straße 18 8045 Graz, Österreich investors@andritz.com

Inhouse produziert mit firesys

## **Hinweis**

Aus Gründen der besseren Lesbarkeit wurde in diesem Bericht auf geschlechtsspezifische Formulierungen verzichtet. Sämtliche personenbezogenen Bezeichnungen beziehen sich auf alle Geschlechter.

## **Disclaimer**

Bestimmte Aussagen im Jahresabschluss 2023 und im Lagebericht 2023 sind "zukunftsgerichtete Aussagen". Diese Aussagen, welche die Worte "glauben", "beabsichtigen", "erwarten" und Begriffe ähnlicher Bedeutung enthalten, spiegeln die Ansichten und Erwartungen der Geschäftsleitung wider und unterliegen Risiken und Unsicherheiten, welche die tatsächlichen Ergebnisse wesentlich beeinträchtigen können. Der Leser sollte daher nicht unangemessen auf diese zukunftsgerichteten Aussagen vertrauen. Die Gesellschaft ist nicht verpflichtet, das Ergebnis allfälliger Berichtigungen der hierin enthaltenen zukunftsgerichteten Aussagen zu veröffentlichen, außer dies ist nach anwendbarem Recht erforderlich.

Der Jahresabschluss 2023 und der Lagebericht 2023 enthalten Annahmen und Prognosen, die auf Basis aller bis Redaktionsschluss am 23. Februar 2024 zur Verfügung stehenden Informationen getroffen wurden. Sollten die den Annahmen und Prognosen zugrunde liegenden Einschätzungen nicht eintreffen oder die im Lagebericht angesprochenen Risiken eintreten, so können die tatsächlichen Ergebnisse von den im Jahresabschluss 2023 erwarteten Ergebnissen abweichen. Trotz größter Sorgfalt erfolgen daher alle zukunftsbezogenen Aussagen ohne Gewähr.