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Letter to the shareholders

Dear Ladies and Gentlemen,
dear Shareholders,
dear Colleagues,

We can look back with pride on the business results achieved by the ANDRITZ GROUP in 2021. Despite the challenges of the Covid-19 pandemic during the reporting period, we succeeded in reaching all-time highs in order intake and net income. All four of our business areas were able to increase their business results compared to the previous year – some quite substantially.

There are two main reasons for this: On the one hand, we made some cautious assumptions concerning the economic development of our company in the medium term at a very early stage of the pandemic, when it was difficult to estimate its impact on the global economy. These assumptions resulted in moderate adjustment measures that are also reasonable in the medium term, but in some individual cases, more extensive adjustments were unavoidable, for example at Schuler in Germany. In addition, we have proactively extended the means of digital communication also accepted by our customers and suppliers – including online support during start-up of complex systems – in the course of the pandemic.

All these measures have reduced our cost base substantially. On this note, I would like, on behalf of the Executive Board, to thank all of our employees for the understanding they have shown for the measures taken and for their great commitment in spite of the very difficult and demanding circumstances prevailing on our job sites in particular.

The second main reason for our success, which was reflected in the record order intake in the past financial year, is undoubtedly the fact that we are in a strong competitive position in all business segments due to our broad product portfolio and range of advanced technologies. And this applies to both the capital goods and also our rapidly growing service business sector.

With our innovative products and service offerings, incorporating both on-site services and remote digital support, we help our customers achieve their individual goals in the best way possible.

In the sustainability sector in particular, I see great opportunities and potential for ANDRITZ. With our sustainability program “We Care” launched in June 2021, we have not only set very ambitious ESG goals for ourselves, like a significant reduction of CO2 emissions as well as decreases in waste and consumption of water, but also defined areas of focus in which we can make a significant contribution towards sustainable development and environmental protection.

We have a variety of products in all four business areas that help our customers achieve their sustainability goals – whether they involve reducing CO2 emissions, making use of renewable energy sources, minimizing the consumption of resources, or recycling waste products and textiles. In recycling, our acquisition of Laroche, the world market leader in textile recycling, has put us in an excellent position to meet the rising demand in the nonwovens and textile industry for sustainable solutions to reduce waste, increase the recycling quota and improve the CO2 balance by using natural fibers.

In the future, we intend to continue pushing the development of green, sustainable products forward and thus tap into new markets.

Wolfgang Leitner, President and CEO

"I would like, on behalf of the Executive Board, to thank all of our employees for the understanding they have shown for the measures taken and for their great commitment in spite of the very difficult and demanding circumstances prevailing on our job sites in particular."

Wolfgang Leitner

From today’s perspective, we expect a continuing recovery of the global economy in the 2022 business year and a favorable market environment in all four of our business areas.

Although the further development of the pandemic as well as the conflict in Ukraine and their potential impacton the global economy remain the main instability factors, we are entering the new year with a solid order backlog thanks to our extremely high order intake, so we also expect very positive development for ANDRITZ in 2022.

At the same time, we will be expanding our investments in research and development of new products and in becoming more competitive, and our four business areas will remain on the lookout for potential company acquisitions and promising startups.

Due to our good financial standing, with gross liquidity in the region of 1.8 billion euros, we are not only in a position to make use of opportunities to acquire other companies at any time, but also to make internal company investments for the future and thus strengthen our market position.

2022 will also bring personnel changes in the Executive Board. After 35 years, 28 of which were spent as CEO, I will end my functions on the Executive Board of ANDRITZ AG at the Annual General Meeting in April 2022. We have planned the related changes in the long term and with great care. The Supervisory Board and I are confident that our Group will be in a strong position with the internal successors appointed to the Executive Board. The future Austrian-German-Swiss Executive Board combines decades of extensive experience in industry and management – an excellent basis for the continuing success of ANDRITZ in the long term.

I have been proposed for election to the Supervisory Board at the upcoming Annual General Meeting in April 2022 by holders of more than 25% of the share capital, in keeping with the Austrian law on joint stock companies.

I would like to express my warmest personal thanks to all employees, shareholders and customers for the trust they have placed in me and ask them to stay with ANDRITZ on its road to success in the future.


President and CEO