Important Notice

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Important Notice

Important Notice
NOT FOR DISTRIBUTION TO ANY U.S. PERSON OR TO ANY PERSON OR ADDRESS IN THE U.S.
IMPORTANT: You must read the following before continuing. The following applies to the
information memorandum following this page, and you are therefore advised to read this carefully
before reading, accessing or making any other use of the information memorandum. In accessing the
information memorandum, you agreed to be bound by the following terms and conditions, including
any modifications to them any time you receive any information from us as a result of such access.
NOTHING IN THIS ELECTRONIC TRANSMISSION CONSTITUTES AN OFFER OF SECURITIES FOR SALE IN
THE UNITED STATES OR ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DO SO. THE
SECURITIES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE U.S. SECURITIES ACT OF
1933 (THE ‘‘SECURITIES ACT’’ OR THE SECURITIES LAWS OF ANY STATE OF THE U.S. OR OTHER
JURISDICTION AND THE SECURITIES MAY NOT BE OFFERED OR SOLD WITHIN THE U.S. OR TO, OR
FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS (AS DEFINED IN REGULATION S UNDER THE
SECURITIES ACT), EXCEPT PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT
SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND APPLICABLE STATE OR
LOCAL SECURITIES LAWS.
THE FOLLOWING INFORMATION MEMORANDUM MAY NOT BE FORWARDED OR DISTRIBUTED TO
ANY OTHER PERSON AND MAY NOT BE REPRODUCED IN ANY MANNER WHATSOEVER, AND IN
PARTICULAR, MAY NOT BE FORWARDED TO ANY U.S. PERSON OR TO ANY U.S. ADDRESS. ANY
FORWARDING, DISTRIBUTION OR REPRODUCTION OF THIS DOCUMENT IN WHOLE OR IN PART IS
UNAUTHORISED. FAILURE TO COMPLY WITH THIS DIRECTIVE MAY RESULT IN VIOLATION OF THE
SECURITIES ACT OR THE APPLICABLE LAWS OF OTHER JURISDICTIONS.
Confirmation of your Representation: In order to be eligible to view this information memorandum
or make an investment decision with respect to the securities, investors must not be a U.S. person
(within the meaning of Regulation S under the Securities Act). This information memorandum is being
sent at your request and by accepting the e-mail and accessing this information memorandum, you
shall be deemed to have represented to us that you are not a U.S. person, the electronic mail address
that you gave us and to which this e-mail has been delivered is not located in the U.S. and that you
consent to delivery of such information memorandum by electronic transmission.
You are reminded that this information memorandum has been delivered to you on the basis that you
are a person into whose possession this information memorandum may be lawfully delivered in
accordance with the laws of the jurisdiction in which you are located and you may not, nor are you
authorised to, deliver this information memorandum to any other person.
The materials relating to the offering do not constitute, and may not be used in connection with, an
offer or solicitation in any place where offers or solicitations are not permitted by law. If a jurisdiction
requires that the offering be made by a licensed broker or dealer and the underwriters or any affiliate
of the underwriters is a licensed broker or dealer in that jurisdiction, the offering shall be deemed to
be made by the underwriters or such affiliate on behalf of the Issuer in such jurisdiction.
This information memorandum has been sent to you in an electronic form. You are reminded that
documents transmitted via this medium may be altered or changed during the process of electronic
transmission and consequently neither Citigroup, HVB Corporates & Markets, J.P. Morgan Securities
Ltd. (together, the ‘‘Joint Lead Managers’’) nor any person who controls either of them nor any of
their respective directors, officers, employees or agents or any of their respective affiliates accepts any
liability or responsibility whatsoever in respect of any difference between the information
memorandum distributed to you in electronic format and the hard copy version available to you on
request from the Joint Lead Managers.
LANXESS FINANCE B.V.
(a private limited liability company incorporated under the laws of The Netherlands)
F 500,000,000 4.125 per cent. Guaranteed Notes of 2005/2012
unconditionally and irrevocably guaranteed by
LANXESS Aktiengesellschaft
(a stock corporation incorporated under the laws of the Federal Republic of Germany)
Issue price: 99.779 per cent.
The issue price of the F 500,000,000 4.125 per cent. Guaranteed Notes of 2005/2012 (the
‘‘Notes’’) in the denomination of F 1,000 each and issued by LANXESS Finance B.V. (the
‘‘Issuer’’) is 99.779 per cent. of their principal amount.
The Notes will be redeemed on June 21, 2012. They are subject to early redemption (in
whole, but not in part) at their principal amount at the option of the Issuer in the event of
certain changes affecting taxation in the Netherlands or in the Federal Republic of Germany
(‘‘Germany’’). In addition, the Issuer may, at its option, on giving not more than 60 days’ nor
less than 30 days’ prior notice to the Noteholders in accordance with § 12, redeem the Notes,
in whole or in part, at their principal amount, together with interest accrued thereon to the
date fixed for redemption and an early redemption compensation (see ‘‘Terms and Conditions
of the Notes – Redemption’’).
The Notes will bear interest from and including June 21, 2005 to but excluding June 21, 2012
at the rate of 4.125 per cent. per annum, payable annually in arrear on June 21 of each year,
commencing June 21, 2006.
LANXESS Aktiengesellschaft (‘‘LANXESS’’ or the ‘‘Guarantor’’) has given an unconditional and
irrevocable Guarantee for the due and punctual payment of principal of, and interest on, and
any other amounts expressed to be payable in respect of the Notes.
The Notes will be governed by the laws of the Federal Republic of Germany.
The Notes are initially represented by a temporary global note (the ‘‘Temporary Global
Note’’) without coupons. The Temporary Global Note will be exchangeable for Notes in the
relevant denomination represented by a permanent global note (the ‘‘Permanent Global
Note’’) without coupons. The Temporary Global Note shall be exchanged for the Permanent
Global Note on a date (the ‘‘Exchange Date’’) not later than 180 days after the date of issue
of the Temporary Global Note. The Exchange Date for such exchange shall not be earlier
than 40 days after the date of issue of the Temporary Global Note. Such exchange shall only
be made upon delivery of certifications to the effect that the beneficial owner or owners of
the Notes represented by the Temporary Global Note is not a U. S. person (other than certain
financial institutions or certain persons holding Notes through such financial institutions). The
Permanent Global Note shall be kept in custody by or on behalf of Clearstream Banking,
société anonyme, Luxembourg, and Euroclear Bank S.A./N.V., Brussels, as operator of the
Euroclear System and any successor in such capacity.
The Notes are expected to be rated BBB- (Investment Grade) by Standard & Poor’s Rating
Services, a division of The McGraw-Hill Companies, Inc and Baa3 (Investment Grade) by
Moody’s Investors Service Limited. A rating is not a recommendation to buy, sell or hold
securities and may be subject to revision, suspension or withdrawal at any time by the
assigning Rating Agency.
Application has been made to list the Notes on the Luxembourg Stock Exchange.
Joint Lead Managers
Citigroup
HVB Corporates & Markets
JPMorgan
Co-Managers
Banc of America Securities
Limited
BayernLB
Commerzbank
Corporates & Markets
Dresdner Kleinwort
Wasserstein
SEB Merchant Banking
The Royal Bank of Scotland
The date of this Information Memorandum is June 17, 2005.
Each of the Issuer and the Guarantor accepts responsibility for the information contained in
this Information Memorandum and confirms that, to its knowledge and belief, the facts
stated herein are accurate and that no material circumstances have been omitted.
The Issuer and the Guarantor have confirmed to the managers set forth on the cover page
(each a ‘‘Manager’’ and together the ‘‘Managers’’) that this Information Memorandum
complies in all material respects with all applicable legal requirements, the statements
contained in this Information Memorandum are in every material respect accurate, complete
and not misleading, there are no other facts the omission of which would make any
statement in this Information Memorandum misleading in any material respect, and that all
reasonable enquiries have been made by the Issuer and the Guarantor to ascertain such facts
and to verify the accuracy and completeness of all such information and statements. Where
this Information Memorandum consists of opinions and intentions, the Issuer and the
Guarantor have confirmed that these are honestly held and have been reached after
considering all relevant circumstances and are based on reasonable assumptions.
No person has been authorised to give any information which is not contained in or not
consistent with this Information Memorandum or any other information supplied in
connection with the Notes and, if given or made, such information must not be relied upon
as having been authorised by or on behalf of the Issuer, the Guarantor or any of the
Managers.
This Information Memorandum should be read in conjunction with any amendment or
supplement hereto and with any other document incorporated herein by reference.
This Information Memorandum reflects the status as of its date of issue. The offering, sale
and delivery of the Notes may not be taken as an implication that the information contained
herein is accurate and complete subsequent to the date hereof or that there has been no
adverse change in the financial condition of the Issuer or the Guarantor since the date
hereof.
Neither any Manager nor any of its respective affiliates accepts responsibility for the accuracy
and completeness of the information contained in this Information Memorandum or any
document incorporated by reference.
The distribution of this Information Memorandum and the offering, sale and delivery of the
Notes in certain jurisdictions may be restricted by law. Persons into whose possession this
Information Memorandum comes are required to inform themselves about and to observe
any such restrictions. For a description of the restrictions applicable in Germany, the United
States of America, the United Kingdom, France, Italy and the Netherlands, see ‘‘Subscription
and Sale – Selling Restrictions’’. In particular, the Notes have not been and will not be
registered under the United States Securities Act of 1933, as amended, and are subject to
United States tax law requirements in the United States of America. Subject to certain
exceptions, the Notes may not be offered, sold or delivered within the United States of
America or to U.S. persons.
This Information Memorandum may only be used for the purposes for which it has been
published. It may in particular not be used for the purpose of an offer or solicitation by
anyone in any jurisdiction in which such offer or solicitation is not authorised or to any
person to whom it is unlawful to make such offer or solicitation.
In connection with the issue of the Notes, Citigroup Capital Markets Limited (the ‘‘Stabilising
Manager’’) may over-allot or effect transactions with a view to supporting the market price
of the Notes at a level higher than that which might otherwise prevail for a limited period.
However, there may be no obligation on the Stabilising Manager to do this. Such stabilising,
if commenced, may be discontinued at any time and must be brought to an end after a
limited period. Such stabilising shall be in compliance with all applicable laws, regulations
and rules.
In this Information Memorandum references to ‘‘J’’, ‘‘euro’’ or ‘‘EUR’’ are to the single
currency of certain member states of the European Union.
2
TABLE OF CONTENTS
TERMS AND CONDITIONS OF THE NOTES........................................................................
4
GUARANTEE .......................................................................................................................
24
USE OF PROCEEDS .............................................................................................................
30
OVERVIEW, STRATEGY AND FORMATION OF THE LANXESS GROUP ............................
31
DESCRIPTION OF LANXESS FINANCE B.V..........................................................................
39
DESCRIPTION OF LANXESS ................................................................................................
41
OPERATIONAL OVERVIEW ................................................................................................
50
RISK MANAGEMENT..........................................................................................................
58
INVESTMENTS AND INVESTMENT POLICY........................................................................
59
RESEARCH & DEVELOPMENT ............................................................................................
61
PATENTS, TRADEMARKS AND LICENSES ..........................................................................
62
REAL ESTATE AND PRINCIPAL ESTABLISHMENTS ............................................................
65
LITIGATION / REGULATORY PROCEEDINGS......................................................................
67
RECENT DEVELOPMENTS AND OUTLOOK........................................................................
72
FINANCIAL INFORMATION OF THE LANXESS GROUP......................................................
73
FINANCIAL INFORMATION OF LANXESS AG ....................................................................
124
TAXATION ..........................................................................................................................
133
SUBSCRIPTION AND SALE..................................................................................................
138
GENERAL INFORMATION...................................................................................................
141
3
TERMS AND CONDITIONS OF THE NOTES
(ANLEIHEBEDINGUNGEN)
TERMS AND CONDITIONS OF THE NOTES
(NON-BINDING ENGLISH TRANSLATION)
§1
WÄHRUNG, FORM, DEFINITIONEN
§1
CURRENCY, FORM, DEFINITIONS
(1)
Währung; Stückelung. Die von der
LANXESS Finance B.V., Einsteinstraat 11
NL-6716 AC Ede, Niederlande (die
,,Emittentin’’), begebene Anleihe im
Gesamtnennbetrag von EUR 500.000.000
(in Worten: fünf hundert Millionen
Euro) ist eingeteilt in 500.000 unter sich
gleichberechtigte, auf den Inhaber
lautende Schuldverschreibungen (die
,,Schuldverschreibungen’’) im
Nennbetrag von je EUR 1.000 (die
,,festgelegte Stückelung’’).
(1)
Currency; Denomination. The issue by
LANXESS Finance B.V., Einsteinstraat 11
NL-6716 AC Ede, The Netherlands (the
‘‘Issuer’’) in the aggregate principal
amount of EUR 500,000,000 (in words:
five hundred million euro) is divided
into 500,000 notes in the denomination
of EUR 1,000 each (the ‘‘Specified
Denomination’’) payable to bearer and
ranking pari passu with each other (the
‘‘Notes’’).
(2)
Vorläufige Globalurkunde. Austausch.
(2)
Temporary Global Note; Exchange.
(a)
Die Schuldverschreibungen sind
anfänglich durch eine vorläufige
Globalurkunde (die ,,vorläufige
Globalurkunde’’) ohne Zinsscheine
verbrieft. Die vorläufige Globalurkunde
wird gegen Schuldverschreibungen in
der festgelegten Stückelung, die durch
eine Dauerglobalurkunde (die
,,Dauerglobalurkunde’’) ohne Zinsscheine
verbrieft sind, ausgetauscht. Die
vorläufige Globalurkunde und die
Dauerglobalurkunde tragen jeweils die
eigenhändigen Unterschriften zweier
ordnungsgemäß bevollmächtigter
Vertreter der Emittentin und sind mit
einer Kontrollunterschrift versehen.
Einzelurkunden und Zinsscheine werden
nicht ausgegeben.
(a)
The Notes are initially represented by a
temporary global note (the ‘‘Temporary
Global Note’’) without coupons. The
Temporary Global Note will be
exchangeable for Notes in the Specified
Denomination represented by a
permanent global note (the ‘‘Permanent
Global Note’’) without coupons. The
Temporary Global Note and the
Permanent Global Note shall each be
signed manually by two authorised
signatories of the Issuer and shall each
be authenticated. Definitive Notes and
interest coupons will not be issued.
(b)
Die vorläufige Globalurkunde wird an
einem Tag (der ,,Austauschtag’’) gegen
die Dauerglobalurkunde ausgetauscht,
der nicht mehr als 180 Tage nach dem
Tag der Ausgabe der vorläufigen
Globalurkunde liegt. Der Austauschtag
für einen solchen Austausch soll nicht
weniger als 40 Tage nach dem Tag der
Ausgabe der vorläufigen Globalurkunde
liegen. Ein solcher Austausch soll nur
nach Vorlage von Bescheinigungen
erfolgen, wonach der oder die
wirtschaftlichen Eigentümer der durch
die vorläufige Globalurkunde verbrieften
Schuldverschreibungen keine U.S.Personen sind (ausgenommen bestimmte
Finanzinstitute oder bestimmte Personen,
die Schuldverschreibungen über solche
Finanzinstitute halten). Zinszahlungen
auf durch die vorläufige Globalurkunde
(b)
The Temporary Global Note shall be
exchanged for the Permanent Global
Note on a date (the ‘‘Exchange Date’’)
not later than 180 days after the date of
issue of the Temporary Global Note. The
Exchange Date for such exchange shall
not be earlier than 40 days after the
date of issue of the Temporary Global
Note. Such exchange shall only be made
upon delivery of certifications to the
effect that the beneficial owner or
owners of the Notes represented by the
Temporary Global Note is not a U. S.
person (other than certain financial
institutions or certain persons holding
Notes through such financial
institutions). Payment of interest on
Notes represented by a Temporary
Global Note will be made only after
delivery of such certifications. A separate
4
certification shall be required in respect
of each such payment of interest. Any
such certification received on or after
the 40th day after the date of issue of
the Temporary Global Note will be
treated as a request to exchange such
Temporary Global Note pursuant to this
sub-paragraph (b). The Permanent
Global Note delivered in exchange for
the Temporary Global Note shall be
delivered outside of the United States.
For purposes of this sub-paragraph (2)
and § 4(1) ‘‘United States’’ means the
United States of America (including the
States thereof and the District of
Columbia) and its possessions (including
Puerto Rico, the U.S. Virgin Islands,
Guam, American Samoa, Wake Island
and Northern Mariana Islands).
verbriefte Schuldverschreibungen
erfolgen erst nach Vorlage solcher
Bescheinigungen. Eine gesonderte
Bescheinigung ist hinsichtlich einer jeden
solchen Zinszahlung erforderlich. Jede
Bescheinigung, die am oder nach dem
40. Tag nach dem Tag der Ausgabe der
vorläufigen Globalurkunde eingeht, wird
als ein Ersuchen behandelt werden, diese
vorläufige Globalurkunde gemäß dieses
Absatzes (b) auszutauschen. Die
Dauerglobalurkunde, die im Austausch
für die vorläufige Globalurkunde
geliefert wird, ist außerhalb der
Vereinigten Staaten zu liefern. Für die
Zwecke dieses Absatzes (2) und von §
4(1) bezeichnet ,,Vereinigte Staaten’’ die
Vereinigten Staaten von Amerika
(einschließlich deren Bundesstaaten und
des District of Columbia) sowie deren
Territorien (einschließlich Puerto Rico,
U.S. Virgin Islands, Guam, American
Samoa, Wake Island und Northern
Mariana Islands).
(3)
(3)
Clearing System. Die
Dauerglobalurkunde wird solange von
einem oder im Namen des Clearing
Systems verwahrt, bis sämtliche
Verbindlichkeiten der Emittentin aus
den Schuldverschreibungen erfüllt sind.
,,Clearing System’’ bedeutet: Clearstream
Banking, société anonyme, Luxembourg
(,,CBL’’), und Euroclear Bank S. A./N. V.,
Brüssel, als Betreiberin des Euroclear
Systems (,,Euroclear’’), sowie jeder
Funktionsnachfolger.
Clearing System. The Permanent Global
Note shall be kept in custody by or on
behalf of the Clearing System until all
obligations of the Issuer under the
Notes have been satisfied. ‘‘Clearing
System’’ means Clearstream Banking,
société anonyme, Luxembourg (‘‘CBL’’)
and Euroclear Bank S.A./N.V., Brussels, as
operator of the Euroclear System
(‘‘Euroclear’’) and any successor in such
capacity.
§2
STATUS, GUARANTEE AND NEGATIVE
PLEDGES
§2
STATUS, GARANTIE UND
NEGATIVVERPFLICHTUNGEN
(1)
Status. Die Schuldverschreibungen
begründen nicht besicherte und nicht
nachrangige Verbindlichkeiten der
Emittentin, die untereinander und mit
allen anderen nicht besicherten und
nicht nachrangigen Verbindlichkeiten
der Emittentin gleichrangig sind, soweit
diesen Verbindlichkeiten nicht durch
zwingende gesetzliche Bestimmungen
ein Vorrang eingeräumt wird.
(1)
Status. The obligations under the Notes
constitute unsecured and
unsubordinated obligations of the Issuer
ranking pari passu among themselves
and pari passu with all other unsecured
and unsubordinated obligations of the
Issuer, unless such obligations are
accorded priority under mandatory
provisions of statutory law.
(2)
Garantie. Die LANXESS
Aktiengesellschaft, Kaiser-Wilhelm-Allee
1, 51369 Leverkusen, Bundesrepublik
Deutschland (die ,,Garantin’’), hat eine
unwiderrufliche und unbedingte
Garantie (die ,,Garantie’’) für die
fristgerechte Zahlung von Kapital,
Zinsen und allen sonstigen aufgrund der
Schuldverschreibungen zu zahlenden
(2)
Guarantee. LANXESS Aktiengesellschaft,
Kaiser-Wilhelm-Allee 1, 51369
Leverkusen, Federal Republic of Germany
(the ‘‘Guarantor’’), has given an
unconditional and irrevocable guarantee
(the ‘‘Guarantee’’) for the due payment
of principal, interest and any other
amounts payable under the Notes. The
Guarantee constitutes a contract for the
5
benefit of each holder of the Notes
(each a ‘‘Noteholder’’) as a third party
beneficiary in accordance with Section
328 paragraph 1 of the German Civil
Code, giving rise to the right of each
Noteholder to require performance
under the Guarantee directly from the
Guarantor and to enforce the Guarantee
directly against the Guarantor. The
Guarantee is deposited with Citibank
N.A.
Beträgen übernommen. Die Garantie ist
ein Vertrag zugunsten jedes Inhabers
von Schuldverschreibungen (jeder ein
,,Anleihegläubiger’’) als begünstigtem
Dritten (§ 328 Abs. 1 BGB), der das
Recht jedes Anleihegläubigers
begründet, die Garantin unmittelbar aus
der Garantie auf Erfüllung in Anspruch
zu nehmen und Ansprüche gegen die
Garantin unmittelbar durchzusetzen. Die
Garantie ist bei Citibank N.A. hinterlegt.
(3)
(3)
Negativverpflichtung der Emittentin. Die
Emittentin verpflichtet sich, solange
Schuldverschreibungen ausstehen, jedoch
nur bis zu dem Zeitpunkt, an dem alle
Beträge an Kapital und Zinsen der
Emissionsstelle zur Verfügung gestellt
worden sind, weder ihr gegenwärtiges
noch ihr zukünftiges Vermögen ganz
oder teilweise zur Besicherung einer
gegenwärtigen oder zukünftigen
Kapitalmarktverbindlichkeit (wie im
Folgenden definiert), die von der
Emittentin oder einer anderen Person
eingegangen oder gewährleistet ist, zu
belasten oder eine solche Belastung zu
diesem Zweck bestehen zu lassen, ohne
gleichzeitig die Anleihegläubiger an
derselben Sicherheit im gleichen Rang
und gleichen Verhältnis teilnehmen zu
lassen.
‘‘Capital Market Indebtedness’’ means
any obligation for the payment of
borrowed money which is in the form
of, or represented by, a certificate of
indebtedness or in the form of, or
represented by, notes or other securities
which are or are capable of being
quoted, listed, dealt in or traded on a
stock exchange or other recognised
securities market.
,,Kapitalmarktverbindlichkeit’’ ist jede
Verbindlichkeit zur Zahlung
aufgenommener Gelder, die durch
Schuldscheine oder durch
Schuldverschreibungen oder sonstige
Wertpapiere, die an einer Börse oder an
einem anderen anerkannten
Wertpapiermarkt notiert oder gehandelt
werden oder werden können, verbrieft,
verkörpert oder dokumentiert ist.
(4)
Negative Pledge of the Issuer. So long as
any of the Notes remains outstanding,
but only up to the time all amounts of
principal and interest have been placed
at the disposal of the Fiscal Agent, the
Issuer undertakes not to grant or permit
to subsist any encumbrance over any or
all of its present or future assets, as
security for any present or future Capital
Market Indebtedness (as defined below)
issued or guaranteed by the Issuer or by
any other person, without at the same
time having the Noteholders share
equally and rateably in such security.
(4)
Negativverpflichtung der Garantin. In
der Garantie hat sich die Garantin
verpflichtet, solange
Schuldverschreibungen ausstehen, jedoch
nur bis zu dem Zeitpunkt, an dem alle
Beträge an Kapital und Zinsen der
Emissionsstelle zur Verfügung gestellt
worden sind, weder ihr gegenwärtiges
Kapitalmarktverbindlichkeit, die von der
Garantin, einer wesentlichen
Tochtergesellschaften oder einer
anderen Person eingegangen oder
gewährleistet ist, zu belasten oder eine
solche Belastung zu diesem Zweck
bestehen zu lassen, und (ii) ihre
6
Negative Pledge of the Guarantor.
Pursuant to the Guarantee, so long as
any of the Notes remains outstanding,
but only up to the time all amounts of
principal and interest have been placed
at the disposal of the Fiscal Agent, the
Guarantor undertook (i) not to grant or
permit to subsist any encumbrance over
any or all of its present or future assets,
as security for any present or future
Capital Market Indebtedness issued or
guaranteed by the Guarantor or by any
of its Principal Subsidiaries or by any
other person, and (ii) to procure (to the
extent legally possible and permissible)
that none of its Principal Subsidiaries
will grant or permit to subsist any
encumbrance over any or all of its
wesentlichen Tochtergesellschaften zu
veranlassen (soweit rechtlich möglich
und zulässig), weder ihr gegenwärtiges
Kapitalmarktverbindlichkeit, die von der
jeweiligen wesentlichen
Tochtergesellschaft eingegangen oder
gewährleistet ist, zu belasten oder eine
solche Belastung zu diesem Zweck
bestehen zu lassen, ohne gleichzeitig die
Anleihegläubiger an derselben Sicherheit
im gleichen Rang und gleichen
Verhältnis teilnehmen zu lassen, mit
Ausnahme von bestehenden
Besicherungen am Vermögen einer
Gesellschaft, die im Rahmen einer
Akquisition wesentliche
Tochtergesellschaft wird.
present or future assets, as security for
any present or future Capital Market
Indebtedness issued or guaranteed by
the respective Principal Subsidiary,
without at the same time having the
Noteholders share equally and rateably
in such security, other than any
encumbrance existing over assets of a
newly acquired company which becomes
a Principal Subsidiary.
Die in diesem § 2 benutzten Worte
,,Vermögen’’ und ,,Verbindlichkeiten zur
Zahlung aufgenommener Gelder’’
schließen nicht solche
Vermögensgegenstände und
Verbindlichkeiten der Garantin oder
einer wesentlichen Tochtergesellschaft
mit ein, die bei Abschluss der
Transaktion im Einklang mit den
Gesetzen und den in der Bundesrepublik
Deutschland anerkannten Regeln der
Bilanzierung und Buchführung nicht in
der Bilanz der Garantin oder einer
wesentlichen Tochtergesellschaft
ausgewiesen werden müssen und darin
auch nicht ausgewiesen werden oder die
Gegenstand von sog. asset-backed
financings sind oder in diesem
Zusammenhang eingegangen werden;
der Wert solcher Vermögensgegenstände
und Verbindlichkeiten darf in Summe
EUR 750.000.000 nicht übersteigen.
The expressions ‘‘assets’’ and
‘‘obligations for the payment of
borrowed money’’ as used in this § 2 do
not include assets and obligations of the
Guarantor or a Principal Subsidiary
which, at the time of the transaction
pursuant to the requirements of law
and accounting principles generally
accepted in the Federal Republic of
Germany need not, and are not,
reflected in the Guarantor’s or a
Principal Subsidiary’s balance sheet or
which are the subject of, or have been
incurred in connection with, so-called
asset-backed financings; the value of
such assets and obligations must not
exceed an aggregate amount of EUR
750,000,000.
,,Wesentliche Tochtergesellschaft’’
bezeichnet eine Tochtergesellschaft der
Garantin, deren Umsatz oder deren
Summe der Aktiva aufgrund ihres
geprüften Abschlusses nach
Konsolidierungsmaßnahmen (jedoch auf
konsolidierter Basis, falls die betreffende
Tochtergesellschaft ihrerseits
Tochtergesellschaften hat und einen
Konzernabschluss erstellt) ausweislich
des jeweils letzten geprüften
konsolidierten Abschlusses der Garantin
bzw. für den Zeitraum, auf den sich
dieser Abschluss bezieht, mindestens
zwei Prozent des Umsatzes oder der
Summe der Aktiva des Konzerns
betragen hat, wie im geprüften
‘‘Principal Subsidiary’’ means a
Subsidiary of the Guarantor, the
turnover or the total assets of which, as
shown in its audited financial statements
following consolidation measures (in
each case consolidated where that
Subsidiary itself has any Subsidiaries and
draws up group financial statements), as
at the date at which its latest audited
consolidated financial statements were
prepared or, as the case may be, for the
financial period to which those financial
statements relate, account for 2 per
cent. or more of the turnover or total
assets of the Group (all as calculated by
reference to the latest audited
consolidated financial statements of the
7
Group). ‘‘Group’’ means the Guarantor
and its Subsidiaries from time to time,
taken as a whole. ‘‘Subsidiary’’ means
any enterprise controlled by the
Guarantor or, as the case may be, by a
Subsidiary of the Guarantor, within the
meaning of § 17 German Stock
Corporation Act (abhängiges
Unternehmen).
konsolidierten Konzernabschluss
ausgewiesen. ,,Konzern’’ bezeichnet die
Garantin und ihre jeweiligen
Tochtergesellschaften, betrachtet als
Ganzes. ,,Tochtergesellschaft’’ ist jedes
von der Garantin oder einer
Tochtergesellschaft abhängige
Unternehmen im Sinne von § 17
Aktiengesetz.
§3
ZINSEN
§3
INTEREST
(1)
Zinssatz und Zinszahlungstage. Die
Schuldverschreibungen werden bezogen
auf ihren Nennbetrag verzinst, und zwar
vom 21. Juni 2005 (einschließlich) bis
zum Fälligkeitstag (wie in § 5 Absatz 1
definiert) (ausschließlich) mit jährlich
4,125%. Die Zinsen sind nachträglich am
21. Juni eines jeden Jahres zahlbar
(jeweils ein ,,Zinszahlungstag’’). Die
erste Zinszahlung erfolgt am 21. Juni
2006.
(1)
Rate of Interest and Interest Payment
Dates. The Notes shall bear interest on
their principal amount at the rate of
4.125 per cent. per annum from (and
including) June 21, 2005 to (but
excluding) the Maturity Date (as defined
in § 5 (1)). Interest shall be payable in
arrear on June 21 in each year (each
such date, an ‘‘Interest Payment Date’’).
The first payment of interest shall be
made on June 21, 2006.
(2)
Auflaufende Zinsen. Falls die Emittentin
die Schuldverschreibungen bei Fälligkeit
nicht einlöst, erfolgt die Verzinsung der
Schuldverschreibungen vom Tag der
Fälligkeit (einschließlich) bis zum Tag
der tatsächlichen Rückzahlung der
Schuldverschreibungen (ausschließlich) in
Höhe des gesetzlich festgelegten Satzes
für Verzugszinsen.
(2)
Accrual of Interest. If the Issuer shall fail
to redeem the Notes when due, interest
shall continue to accrue beyond the due
date (including) until the date of the
actual redemption of the Notes
(excluding) at the default rate of
interest established by law.
(3)
Berechnung der Zinsen für Teile von
Zeiträumen. Sofern Zinsen für einen
Zeitraum von weniger oder mehr als
einem Jahr zu berechnen sind, erfolgt
die Berechnung auf der Grundlage des
Zinstagequotienten (wie nachstehend
definiert).
(3)
Calculation of Interest for Partial
Periods. If interest is required to be
calculated for a period of less than a
full year, such interest shall be
calculated on the basis of the Day Count
Fraction (as defined below).
(4)
Zinstagequotient. ,,Zinstagequotient’’
bezeichnet im Hinblick auf die
Berechnung des Zinsbetrages auf eine
Schuldverschreibung für einen
beliebigen Zeitraum (der
,,Zinsberechnungszeitraum’’) die Anzahl
der Tage in dem betreffenden
Zinsberechnungszeitraum (einschließlich
des ersten aber ausschließlich des
letzten Tages dieses Zeitraums) geteilt
durch das Produkt aus (a) der Anzahl
der Tage in der Feststellungsperiode und
(b) der Anzahl der Zinszahlungstage, die
in ein Kalenderjahr fallen oder fallen
würden, falls Zinsen für das gesamte
betreffende Jahr zu zahlen wären,
wobei ,,Feststellungsperiode’’ den
Zeitraum ab einem Zinszahlungstag
(einschließlich desselben) bis zum
nächsten Zinszahlungstag (ausschließlich
(4)
Day Count Fraction. ‘‘Day Count
Fraction’’ means, in respect of the
calculation of an amount of interest on
any Note for any period of time (the
‘‘Calculation Period’’) the number of
days in such Calculation Period (from
and including the first day of such
period but excluding the last) divided by
the product of (a) the number of days
in the Determination Period and (y) the
number of Interest Payment Dates that
occur in one calendar year or that
would occur in one calendar year if
interest were payable in respect of the
whole of such year, where
‘‘Determination Period’’ means the
period from (and including) an Interest
Payment Date to, but excluding, the
next Interest Payment Date.
8
desselben) bezeichnet.
§4
ZAHLUNGEN
(1)
(a)
Zahlungen auf Kapital. Zahlungen
auf Kapital in bezug auf die
Schuldverschreibungen erfolgen in
Euro an das Clearing System oder
dessen Order zur Gutschrift auf den
Konten der jeweiligen
Kontoinhaber des Clearing Systems
gegen Vorlage und (außer im Fall
von Teilzahlungen) Einreichung der
die Schuldverschreibungen zum
Zeitpunkt der Zahlung
verbriefenden Globalurkunde bei
der Emissionsstelle außerhalb der
Vereinigten Staaten.
(b)
Zahlung von Zinsen. Die Zahlung
von Zinsen auf
Schuldverschreibungen erfolgt an
das Clearing System oder dessen
Order zur Gutschrift auf den
Konten der jeweiligen
Kontoinhaber des Clearing Systems
gegen Vorlage der Globalurkunde
bei der bezeichneten
Geschäftsstelle einer der Zahlstellen
außerhalb der Vereinigten Staaten.
Die Zahlung von Zinsen auf
Schuldverschreibungen, die durch
die vorläufige Globalurkunde
verbrieft sind, erfolgt an das
Clearing System oder dessen Order
zur Gutschrift auf den Konten der
jeweiligen Kontoinhaber des
Clearing Systems, und zwar nach
ordnungsgemäßer Bescheinigung
gemäß § 1 Absatz 2(b).
§4
PAYMENTS
(1)
(a)
Payment of Principal. Payment of
principal in respect of Notes shall
be made in Euro to the Clearing
System or to its order for credit to
the accounts of the relevant
account holders of the Clearing
System upon presentation and
(except in the case of partial
payment) surrender of the Global
Note representing the Notes at the
time of payment at the Fiscal
Agent outside the United States.
(b)
Payment of Interest. Payment of
interest on Notes shall be made to
the Clearing System or to its order
for credit to the accounts of the
relevant account holders of the
Clearing System upon presentation
of the Global Note at the specified
office of any Paying Agent outside
the United States. Payment of
interest on Notes represented by
the Temporary Global Note shall be
made to the Clearing System or to
its order for credit to the accounts
of the relevant account holders of
the Clearing System, upon due
certification as provided in §
1(2)(b).
(2)
Erfüllung. Die Emittentin wird durch
Leistung der Zahlung an das Clearing
System oder dessen Order von ihrer
Zahlungspflicht befreit.
(2)
Discharge. The Issuer shall be discharged
by payment to, or to the order of, the
Clearing System.
(3)
Geschäftstag. Fällt der Fälligkeitstermin
einer Zahlung auf eine
Schuldverschreibung auf einen Tag, der
kein Geschäftstag ist, so hat der
Anleihegläubiger keinen Anspruch auf
Zahlung vor dem nächsten Geschäftstag
am jeweiligen Geschäftsort. Der
Anleihegläubiger ist nicht berechtigt,
weitere Zinsen oder sonstige Zahlungen
aufgrund dieser Verspätung zu
verlangen. ,,Geschäftstag’’ bezeichnet
einen Tag (außer einem Samstag oder
Sonntag), an dem das Clearing System
sowie alle für die Abwicklung von
Zahlungen in Euro wesentlichen
Bereiche des Trans-European Automated
(3)
Payment Business Day. If the date for
payment of any amount in respect of
any Note is not a Payment Business Day,
then the Noteholder shall not be
entitled to payment until the next such
day in the relevant place and shall not
be entitled to further interest or other
payment in respect of such delay. For
these purposes, ‘‘Payment Business Day’’
means any day which is a day (other
than a Saturday or a Sunday) on which
the Clearing System as well as all parts
of the Trans-European Automated Realtime Gross settlement Express Transfer
System (TARGET) relevant for the
settlement of payments made in Euro
9
Real-time Gross settlement Express
Transfer (TARGET) Systems betriebsbereit
sind.
(4)
are operational.
Bezugnahmen auf Zinsen. Bezugnahmen
in diesen Anleihebedingungen auf
Zinsen auf Schuldverschreibungen
schließen sämtliche gemäß § 7
zahlbaren zusätzlichen Beträge ein.
(4)
§5
RÜCKZAHLUNG
References to Interest. Reference in
these Conditions to interest in respect of
the Notes shall be deemed to include, as
applicable, any Additional Amounts
which may be payable under § 7.
§5
REDEMPTION
(1)
Rückzahlung bei Endfälligkeit. Soweit
nicht zuvor bereits ganz oder teilweise
zurückgezahlt oder angekauft und
entwertet, werden die
Schuldverschreibungen zu ihrem
Nennbetrag am 21. Juni 2012 (der
,,Fälligkeitstag’’) zurückgezahlt.
(1)
Final Redemption. Unless previously
redeemed in whole or in part or
purchased and cancelled, the Notes shall
be redeemed at their principal amount
on June 21, 2012 (the ‘‘Maturity Date’’).
(2)
Vorzeitige Rückzahlung aus steuerlichen
Gründen. Die Schuldverschreibungen
können insgesamt, jedoch nicht
teilweise, nach Wahl der Emittentin mit
einer Kündigungsfrist von nicht weniger
als 30 und nicht mehr als 60 Tagen
durch eine Mitteilung an die
Anleihegläubiger gemäß § 12 vorzeitig
gekündigt und zu ihrem Nennbetrag
zuzüglich bis zum für die Rückzahlung
festgesetzten Tag aufgelaufener Zinsen
zurückgezahlt werden, falls die
Emittentin oder die Garantin infolge
einer Änderung oder Ergänzung der
Steuer- oder Abgabengesetze und vorschriften der Niederlande oder der
Bundesrepublik Deutschland oder deren
politischen Untergliederungen oder
Steuerbehörden oder infolge einer
Änderung oder Ergänzung der
Anwendung oder der amtlichen
Auslegung dieser Gesetze und
Vorschriften (vorausgesetzt, diese
Änderung oder Ergänzung wird am oder
nach dem Tag, an dem die
Schuldverschreibungen begeben werden,
wirksam) am nächstfolgenden
Zinszahlungstag (im Fall der Emittentin)
zur Zahlung von zusätzlichen Beträgen
(wie in § 7 definiert) bzw. (im Fall der
Garantin) zur Zahlung von zusätzlichen
Beträgen (wie in § 7 definiert) im
Hinblick auf ihre
Zahlungsverpflichtungen unter der
Garantie verpflichtet sein wird und diese
Verpflichtung nicht durch das Ergreifen
der Emittentin bzw. der Garantin zur
Verfügung stehender zumutbarer
Maßnahmen vermieden werden kann.
Die Kündigung darf nicht (i) früher als
90 Tage vor dem frühestmöglichen
(2)
Early Redemption for Reasons of
Taxation. If as a result of any change in,
or amendment to, the laws or
regulations applicable in the
Netherlands or the Federal Republic of
Germany or any political subdivision or
taxing authority thereof or therein
affecting taxation or the obligation to
pay duties of any kind, or any change
in, or amendment to, an official
interpretation, generally accepted
interpretation or application of such
laws, interpretation or regulations,
which amendment or change is effective
on or after the date on which the Notes
were issued, the Issuer is required to pay
Additional Amounts (as defined in § 7
herein) or the Guarantor is required to
pay Additional Amounts (as defined in §
7 herein) in respect of its payment
obligations under the Guarantee (as the
case may be) on the next succeeding
Interest Payment Date, the Notes may
be redeemed, in whole but not in part,
at the option of the Issuer, upon not
more than 60 days’ nor less than 30
days’ prior notice of redemption given
to the Noteholders in accordance with §
12, at their principal amount, together
with interest accrued to the date fixed
for redemption. No such notice of
redemption may be given (i) earlier than
90 days prior to the earliest date on
which the Issuer or the Guarantor (as
the case may be) would be obligated to
pay such Additional Amounts were a
payment in respect of the Notes then
due, or (ii) if at the time such notice is
given, such obligation to pay such
Additional Amounts does not remain in
effect. Any such notice shall be
10
irrevocable, must specify the date fixed
for redemption and must set forth a
statement in summary form of the facts
constituting the basis for the right of
the Issuer to redeem the Notes.
Termin erfolgen, an dem die Emittentin
bzw. die Garantin verpflichtet wäre,
solche zusätzlichen Beträge zu zahlen,
falls eine Zahlung auf die
Schuldverschreibungen dann fällig sein
würde, oder (ii) erfolgen, wenn zu dem
Zeitpunkt, zu dem die Kündigung
erfolgt, die Verpflichtung zur Zahlung
von solchen zusätzlichen Beträgen nicht
mehr besteht. Die Kündigung ist
unwiderruflich, muss den für die
Rückzahlung festgelegten Termin
nennen und eine Erklärung in
zusammengefasster Form enthalten,
welche die das Rückzahlungsrecht der
Emittentin begründenden Umstände
darlegt.
(3)
(3)
Vorzeitige Rückzahlung nach Wahl der
Emittentin. Die Emittentin kann die
Schuldverschreibungen ganz oder
teilweise mit einer Kündigungsfrist von
nicht weniger als 30 Tagen und nicht
mehr als 60 Tagen durch eine Mitteilung
an die Anleihegläubiger gemäß § 12
vorzeitig zur Rückzahlung kündigen. Der
Rückzahlungsbetrag entspricht (i) 100 %
des Nennbetrags der
Schuldverschreibungen, mindestens aber
(ii) dem durch den Referenzhändler (wie
nachstehend definiert) bestimmten
Betrag, bestehend aus (A) der Summe
der Barwerte der auf die
Schuldverschreibung noch ausstehenden
Zahlungen an Kapital und Zinsen
(ausschließlich der bis zum
Rückzahlungstag angewachsenen
Zinsen), diskontiert zum
Rückzahlungstag auf jährlicher Basis
(unter Zugrundelegung der tatsächlich
verstrichenen Tage, geteilt durch 365
bzw. 366) unter Anwendung des
Referenzhändlersatzes (wie nachstehend
definiert), zzgl. 0,10 %, zzgl. (B) der
jeweils bis zum Rückzahlungstag
angewachsenen Zinsen.
Early Redemption at the Option of the
Issuer. The Issuer may at any time, on
giving not more than 60 days’ nor less
than 30 days’ notice to the Noteholders
in accordance with § 12, redeem all or
some only of the Notes at a redemption
price equal to the greater of (i) 100% of
the principal amount of such Notes or
(ii) as determined by the Reference
Dealer (as defined below), (A) the sum
of the present values of the remaining
scheduled payments of principal and
interest thereon (not including any
portion of such payments of interest
accrued as of the date of redemption)
discounted to the redemption date on
an annual basis (based on the actual
number of days elapsed divided by 365
or 366, as the case may be) at the
Reference Dealer Rate (as defined
below), plus 10 basis points, plus (B) in
each case, accrued interest thereon to
the date of redemption.
,,Referenzhändler’’ bezeichnet entweder
Bayerische Hypo– und Vereinsbank AG,
Citigroup Global Markets Limited oder
J.P. Morgan Securities Ltd. bzw. ihre
jeweiligen Nachfolger.
‘‘Reference Dealer’’ means either of
Bayerische Hypo– und Vereinsbank AG,
Citigroup Global Markets Limited or
J.P. Morgan Securities Ltd. or their
respective successors.
,,Referenzhändlersatz’’ bezeichnet mit
Bezug auf den Referenzhändler und
einen Rückzahlungstag, die vom
Referenzhändler ermittelte mittlere
jährliche Restlaufzeitrendite der 5,000 %
Bundesanleihe mit Fälligkeit am 4. Juli
2012 oder, falls diese Bundesanleihe
zurückgezahlt wurde, eines
vergleichbaren, vom Referenzhändler
‘‘Reference Dealer Rate’’ means with
respect to the Reference Dealer and any
redemption date, the midmarket annual
yield to maturity, as determined by the
Reference Dealer, of the German
Government Bund 5.000% due on July
4, 2012 or, if that security is no longer
outstanding, a similar security in the
reasonable judgement of the Reference
11
nach billigem Ermessen bestimmten
Wertpapiers, um 11 Uhr (Londoner Zeit)
am fünften Geschäftstag in London vor
dem Rückzahlungstag. Der
Referenzhändler hat den
Referenzhändlersatz der Emittentin
schriftlich mitzuteilen.
Dealer, at 11.00 a.m. (London time) on
the fifth business day in London
preceding such redemption date quoted
in writing to the Issuer by such
Reference Dealer.
Im Falle einer teilweisen Rückzahlung
der Schuldverschreibungen werden die
zurückzuzahlenden
Schuldverschreibungen in
Übereinstimmung mit den Regeln des
betreffenden Clearing Systems bestimmt.
In the case of a partial redemption of
the Notes, Notes to be redeemed shall
be selected in accordance with the rules
of the relevant Clearing System.
(4)
Vorzeitige Rückzahlung nach Wahl der
Anleihegläubiger
(4)
Redemption at the option of the
Noteholders
(A)
Ein Rückzahlungsereignis gilt als
eingetreten, wenn:
(A)
A Put Event will be deemed to occur if:
(i)
eine Person oder mehrere Personen, die
abgestimmt handeln, oder einer oder
mehrere Dritte, die im Auftrag einer
solchen Person oder Personen handeln,
zu irgendeiner Zeit mittelbar oder
unmittelbar (unabhängig davon, ob der
Vorstand oder der Aufsichtsrat der
Garantin seine Zustimmung erteilt hat)
(I) mehr als 50 % des ausstehenden
Grundkapitals der Garantin oder (II) eine
solche Anzahl von Aktien der Garantin
hält bzw. halten oder erworben hat
bzw. haben, auf die mehr als 50 % der
normalerweise bei Hauptversammlungen
der Garantin stimmberechtigten
Stimmrechte entfallen, (jeweils ein
,,Kontrollwechsel’’); und
(i)
any person or persons acting in concert
or any person or persons acting on
behalf of any such person(s), at any time
directly or indirectly own(s) or acquire(s)
(whether or not approved by the
Management Board or Supervisory
Board of the Guarantor) (I) more than
50 per cent. of the issued ordinary share
capital of the Guarantor or (II) such
number of shares in the capital of the
Guarantor carrying more than 50 per
cent. of the voting rights normally
exercisable at a general meeting of the
Guarantor (each, a Change of Control);
and
(ii)
die Schuldverschreibungen bei Eintritt
des Kontrollwechsels über ein (mit
Zustimmung der Emittentin erteiltes) (i)
Investment Grade Rating (Baa3/BBBoder gleichwertig oder besser), (ii) noninvestment Grade Rating (Ba1/BB+ oder
gleichwertig oder schlechter) oder (iii)
über kein Rating von Moody’s Investors
Services Limited (Moody’s) oder
Standard & Poor’s Rating Services, eine
Abteilung von The McGraw-Hill
Companies Inc. (S&P), oder Fitch Ratings
Ltd (Fitch) oder einer jeweiligen
Nachfolgegesellschaft (jeweils eine
Rating Agentur) verfügen und:
(ii)
at the time of the occurrence of a
Change of Control, the Notes carry (with
the agreement of the Issuer) (i) an
investment grade credit rating (Baa3/
BBB-, or equivalent, or better), (ii) a
non-investment grade credit rating (Ba1/
BB+, or equivalent, or worse) or (iii) no
credit rating from any of Moody’s
Investors Services Limited (Moody’s) or
Standard & Poor’s Rating Services, a
division of The McGraw-Hill Companies
Inc. (S&P) or Fitch Ratings Ltd (Fitch), or
any of their respective successors (each,
a rating agency) and:
(a)
im Fall von (i) dieses Rating von einer
Rating Agentur innerhalb von 120
Tagen nach dem Kontrollwechsel zu
einem non-investment Grade Rating
(Ba1/BB+ oder gleichwertig oder
schlechter) abgesenkt oder das Rating
zurückgezogen wurde und nicht
innerhalb dieser 120-Tagesperiode
anschließend (im Falle einer Absenkung)
(a)
in the case of (i) above such rating from
any rating agency is within 120 days of
such time either downgraded to a noninvestment grade credit rating (Ba1/BB+,
or equivalent, or worse) or withdrawn
and is not within such 120-day period
subsequently (in the case of a
downgrade) upgraded to an investment
grade credit rating by such rating
12
durch diese Rating Agentur wieder auf
ein Investment Grade Rating angehoben
oder (im Falle einer Zurückziehung)
durch das Investment Grade Rating einer
anderen Rating Agentur ersetzt wurde;
oder
agency or (in the case of a withdrawal)
replaced by an investment grade credit
rating from any other rating agency; or
(b)
im Fall von (ii) dieses Rating durch
irgendeine Rating Agentur innerhalb
von 120 Tagen nach Kontrollwechsel um
einen oder mehrere Punkte (zur
Erläuterung: Ba1 nach Ba2 entspricht
einem Punkt) abgesenkt und nicht
innerhalb dieser 120-Tagesperiode
anschließend wieder auf das
ursprüngliche oder ein besseres
Kreditrating angehoben wurde; oder
(b)
in the case of (ii) above such rating
from any rating agency is within 120
days of such time downgraded by one
or more notches (for illustration, Ba1 to
Ba2 being one notch) and is not within
such 120-day period subsequently
upgraded to its earlier credit rating or
better by such rating agency; or
(c)
im Fall von (iii) keine Rating Agentur
innerhalb von 90 Tagen nach dem
Kontrollwechsel ein Investment Grade
Rating für die Schuldverschreibungen
vergibt (es sei denn, der Emittent ist
trotz zumutbarer Anstrengungen
innerhalb dieses Zeitraums nicht in der
Lage ein solches Rating zu erhalten,
ohne dass dies seine Ursache im
Kontrollwechsel hat;
(c)
in the case of (iii) above no rating
agency assigns within 90 days of such
time an investment grade credit rating
to the Notes (unless the Issuer is unable
to obtain such a rating within such
period having used all reasonable
endeavours to do so save where such
failure is unconnected with the
occurrence of the Change of Control);
Provided that if at the time of the
occurrence of the Change of Control the
Notes carry a rating from more than
one rating agency, at least one of which
is investment grade, then sub-paragraph
(a) will apply; and
Falls falls die Schuldverschreibungen
zum Zeitpunkt des Eintritts des
Kontrollwechsels über ein Rating von
mehr als einer Rating Agentur verfügen,
von denen mindestens eines ein
Investment Grade Rating ist, findet
Absatz (a) Anwendung; und
(iii) im Zusammenhang mit einer der o.g.
Änderungen hat die betreffende Rating
Agentur öffentlich bekannt gemacht
oder gegenüber der Emittentin
schriftlich bestätigt, dass diese Änderung
ganz oder teilweise auf den
Kontrollwechsel zurückzuführen ist.
(iii) in making the relevant decision(s)
referred to above, the relevant rating
agency announces publicly or confirms
in writing to the Issuer that such
decision(s) resulted, in whole or in part,
from the occurrence of the Change of
Control.
(B)
Wenn ein Rückzahlungsereignis eintritt,
hat jeder Anleihegläubiger das Recht,
von der Emittentin die Rückzahlung
oder, nach Wahl der Emittentin, den
Ankauf seiner Schuldverschreibungen
durch die Emittentin (oder auf ihre
Veranlassung durch einen Dritten) zum
Nennbetrag zuzüglich angewachsener
Zinsen bis zum Rückzahlungstag
(ausschließlich) zu verlangen. Diese
Option ist wie nachstehend beschrieben
auszuüben.
(B)
If a Put Event occurs, each Noteholder
shall have the option to require the
Issuer to redeem or, at the Issuer’s
option, purchase (or procure the
purchase of) his Note at its principal
amount together with interest accrued
to but excluding the date of redemption
or purchase. Such option shall operate
as set out below.
(C)
Wenn ein Kontrollwechsel eintritt, wird
die Emittentin innerhalb von 21 Tagen
nach Ablauf der in (A)(ii)(a) oder (b)
genannten 120 Tage-Frist bzw. der in
Absatz (A)(ii)(c) genannten 90 Tage-Frist
den Anleihegläubigern Mitteilung vom
(C)
If a Put Event occurs then, within 21
days of the end of the 120 day period
referred to in paragraph (A)(ii)(a) or (b)
above or, as the case may be, the 90
day period referred to in paragraph
(A)(ii)(c) above, the Issuer shall give
13
Rückzahlungsereignis gemäß § 12
machen (eine Rückzahlungsmitteilung),
in der die Umstände des
Rückzahlungsereignisses sowie das
Verfahren für die Ausübung der in
diesem § 5 Abs. 3 genannten Option
angegeben sind.
(D)
notice (a Put Event Notice) to the
Noteholders in accordance with
Condition 12 specifying the nature of
the Put Event and the procedure for
exercising the option contained in this
Condition 5(3).
(D)
Zur Ausübung der Rückzahlungs- bzw.
Ankaufsoption für eine
Schuldverschreibung nach Maßgabe
dieses § 5 Abs. 3 muss der
Anleihegläubiger seine
Schuldverschreibung(en) an einem
Geschäftstag innerhalb eines Zeitraums
(der Rückzahlungszeitraum) von 30
Tagen, nachdem die
Rückzahlungsmitteilung veröffentlicht
wurde, bei der angegebenen
Niederlassung der Zahlstelle unter
Beifügung einer ordnungsgemäß
ausgefüllten und unterzeichnenden
Ausübungserklärung einreichen, die in
ihrer jeweils maßgeblichen Form bei der
angegebenen Niederlassung der
Zahlstelle erhältlich ist (die
Ausübungserklärung). Die Zahlstelle, der
die Schuldverschreibung(en) und die
Ausübungserklärung übermittelt werden,
wird dem Anleihegläubiger eine
nichtübertragbare Quittung für die
Schuldverschreibung ausstellen. Die
Emittentin wird nach ihrer Wahl die
maßgebliche(n) Schuldverschreibung(en)
7 Tage nach Ablauf des
Rückzahlungszeitraums (der
Rückzahlungstag) zurückzahlen oder
erwerben (bzw. erwerben lassen), soweit
sie nicht bereits vorher zurückgezahlt
oder erworben wurde(n). Die Zahlung in
Bezug auf solchermaßen eingereichte
Schuldverschreibung(en) erfolgt
entweder am Rückzahlungstag auf ein
Bankkonto des Anleihegläubigers, falls
der Anleihegläubiger ein solches Konto
in der Ausübungserklärung
ordnungsgemäß bezeichnet hat, bzw. in
anderen Fällen am oder nach dem
Rückzahlungstag gegen Vorlage und
Aushändigung der Quittung bei der
angegebenen Niederlassung einer
Zahlstelle. Eine einmal gegebene
Ausübungserklärung ist unwiderruflich.
Wenn 80 % oder mehr des Nennbetrags
der dann ausstehenden
Schuldverschreibungen gemäß § 5 Abs. 3
zurückgezahlt oder zurückerworben
wurde, ist die Emittentin berechtigt,
nach vorheriger Bekanntmachung, die
innerhalb von 30 Tagen nach dem
To exercise the option to require the
redemption or purchase of a Note under
this Condition 5(3) the Noteholder must
deliver such Note, on any Business Day
falling within the period (the Put
Period) of 30 days after a Put Event
Notice is given, at the specified office of
any Paying Agent accompanied by a
duly signed and completed notice of
exercise in the form (for the time being
current) obtainable from the specified
office of any Paying Agent (a Put
Notice). The Paying Agent to which such
Note and Put Notice are delivered will
issue to the Noteholder concerned a
non-transferable receipt in respect of
the Note so delivered. The Issuer shall at
its option redeem or purchase (or
procure the purchase of) the relevant
Notes on the date (the Put Date) seven
days after the expiration of the Put
Period unless previously redeemed or
purchased and cancelled. Payment in
respect of any Note so delivered will be
made, if the holder duly specified in the
Put Notice a bank account to which
payment is to be made, on the Put Date
by transfer to that bank account and, in
every other case, on or after the Put
Date against presentation and surrender
of such receipt at the specified office of
any Paying Agent. A Put Notice, once
given, shall be irrevocable.
If 80 per cent. or more in principal
amount of the Notes then outstanding
have been redeemed or purchased
pursuant to the provisions of this
Condition 5(3), the Issuer may, on not
less than 30 or more than 60 days’
notice to the Noteholders given within
14
30 days after the Put Date, redeem, at
its option, the remaining Notes as a
whole at a redemption price of the
principal amount thereof plus interest
accrued to but excluding the date of
such redemption.
Rückzahlungstag erfolgen muss,
gegenüber den Anleihegläubigern mit
einer Frist von mindestens 30 und
höchstens 60 Tagen nach ihrer Wahl alle
ausstehenden Schuldverschreibungen
zum Nennbetrag zuzüglich bis zum
Rückzahlungstag (ausschließlich)
angewachsenen Zinsen zurück zu
zahlen.
(E)
(E)
Falls sich die von Moody’s, S&P oder
Fitch verwendeten Rating Kategorien
gegenüber denen, die in Absatz (A)(ii)
angegeben wurde, ändern sollten, wird
die Emittentin diejenigen Rating
Kategorien von Moody’s, S&P bzw. Fitch
bestimmen, die den früheren Rating
Kategorien von Moody’s, S&P bzw. Fitch
möglichst nahe kommen; (A)(ii) ist dann
entsprechend auszulegen.
§6
THE FISCAL AGENT AND THE PAYING
AGENT
§6
DIE EMISSIONSSTELLE UND DIE
ZAHLSTELLE
(1)
Bestellung; designierte Geschäftsstelle.
Die anfänglich bestellte Emissionsstelle
und die anfänglich bestellte Zahlstelle
und deren designierten Geschäftsstellen
lauten wie folgt:
(1)
Appointment; Specified Office. The
initial Fiscal Agent and the initial Paying
Agent and their initial specified offices
shall be:
Emissionsstelle:
Citibank N.A.
Fiscal Agent:
Citibank N.A.
Zahlstelle:
Citibank N.A.
Paying Agent:
Citibank N.A.
Die Emissionsstelle und die Zahlstelle
sind berechtigt, jederzeit ihre
designierten Geschäftsstellen durch eine
andere designierte Geschäftsstelle in
derselben Stadt zu ersetzen.
(2)
If the rating designations employed by
any of Moody’s, S&P or Fitch are
changed from those which are described
in paragraph (A)(ii) above, the Issuer
shall determine the rating designations
of Moody’s or S&P or Fitch (as
appropriate) as are most equivalent to
the prior rating designations of Moody’s
or S&P or Fitch and paragraph A(ii) shall
be read accordingly.
The Fiscal Agent and the Paying Agent
reserve the right at any time to change
their specified offices to some other
specified office in the same city.
(2)
Änderung der Bestellung oder
Abberufung. Die Emittentin ist
berechtigt, jederzeit die Bestellung der
Emissionsstelle und der Zahlstelle zu
ändern oder zu beenden und eine
andere Emissionsstelle und andere
Zahlstellen zu bestellen. Die Emittentin
wird zu jedem Zeitpunkt eine
Emissionsstelle und eine Zahlstelle in
einer europäischen Stadt unterhalten
und, solange die Schuldverschreibungen
an einer Börse notiert sind, eine
Zahlstelle (die die Emissionsstelle sein
kann) mit einer Geschäftsstelle an dem
von den Regeln dieser Börse
vorgeschriebenen Ort unterhalten. Eine
Änderung, Abberufung, Bestellung oder
ein sonstiger Wechsel wird nur wirksam
(außer im Insolvenzfall, in dem eine
solche Änderung sofort wirksam wird),
sofern diese den Anleihegläubigern
gemäß § 12 vorab unter Einhaltung
einer Frist von mindestens 30 und nicht
mehr als 45 Tagen bekannt gemacht
15
Variation or Termination of
Appointment. The Issuer reserves the
right at any time to vary or terminate
the appointment of the Fiscal Agent and
the Paying Agent and to appoint
another Fiscal Agent and Paying Agent.
The Issuer shall at all times maintain a
Fiscal Agent and a Paying Agent in a
European city and, so long as the Notes
are listed on any stock exchange, a
Paying Agent (which may be the Fiscal
Agent) in such place as may be required
by the rules of such stock exchange. Any
variation, termination, appointment or
other change shall only take effect
(other than in the case of insolvency,
when it shall be of immediate effect)
after not less than 30 nor more than 45
days’ prior notice thereof shall have
been given to the Noteholders in
accordance with § 12.
wurden.
(3)
(3)
Beauftragte der Emittentin. Die
Emissionsstelle und die Zahlstelle
handeln ausschließlich als Beauftragte
der Emittentin und übernehmen
keinerlei Verpflichtungen gegenüber
den Anleihegläubigern und es wird kein
Auftrags- oder Treuhandverhältnis
zwischen ihnen und den
Anleihegläubigern begründet.
Agents of the Issuer. The Fiscal Agent
and the Paying Agent act solely as the
agents of the Issuer and do not assume
any obligations towards or relationship
of agency or trust for any Noteholder.
§7
STEUERN
§7
TAXATION
Sämtliche auf die Schuldverschreibungen zu
zahlenden Beträge (einschließlich Zahlungen
der Garantin unter der Garantie) sind ohne
Einbehalt oder Abzug von oder aufgrund
von gegenwärtigen oder zukünftigen Steuern
oder sonstigen Abgaben gleich welcher Art
zu leisten, die von oder in den Niederlanden
oder von oder in der Bundesrepublik
Deutschland oder für deren Rechnung oder
von oder für Rechnung einer politischen
Untergliederung oder Steuerbehörde
auferlegt oder erhoben werden, es sei denn,
dieser Einbehalt oder Abzug ist gesetzlich
vorgeschrieben. In diesem Fall wird die
Emittentin bzw. die Garantin diejenigen
zusätzlichen Beträge (die ,,zusätzlichen
Beträge’’) zahlen, die erforderlich sind, damit
die den Anleihegläubigern zufließenden
Nettobeträge nach diesem Einbehalt oder
Abzug jeweils den Beträgen an Kapital und
Zinsen entsprechen, die ohne einen solchen
Abzug oder Einbehalt von den
Anleihegläubigern empfangen worden
wären; die Verpflichtung zur Zahlung solcher
zusätzlicher Beträge besteht jedoch nicht im
Hinblick auf Steuern und Abgaben, die:
All amounts payable in respect of the Notes
(including payments by the Guarantor under
the Guarantee) shall be paid without
withholding or deduction for or on account
of any present or future taxes or duties of
whatever nature imposed or levied by way of
withholding or deduction by or on behalf of
the Netherlands or the Federal Republic of
Germany or any political subdivision or any
authority thereof or therein having power to
tax unless it is required by law to make such
withholding or deduction. In such event, the
Issuer or the Guarantor (as the case may be)
shall pay such additional amounts (the
‘‘Additional Amounts’’) as shall be necessary
in order that the net amounts received by
the Noteholders, after such withholding or
deduction shall equal the respective amounts
of principal and interest which would
otherwise have been receivable in the
absence of such withholding or deduction;
except that no such Additional Amounts shall
be payable on account of any taxes or duties
which:
(a)
wegen einer gegenwärtigen oder
früheren persönlichen oder
geschäftlichen Beziehung des
Anleihegläubigers zu den Niederlanden
oder zur Bundesrepublik Deutschland zu
zahlen sind, es sei denn diese Beziehung
beschränkt sich auf die Inhaberschaft
der Schuldverschreibung; oder
(a)
are payable by reason of the Noteholder
having, or having had, some personal or
business connection with the
Netherlands or the Federal Republic of
Germany other than the mere holding
of the Notes, or
(b)
aufgrund (i) einer Richtlinie oder
Verordnung der Europäischen Union
betreffend die Besteuerung von
Zinserträgen oder (ii) einer
zwischenstaatlichen Vereinbarung über
deren Besteuerung, an der die
Niederlande, die Bundesrepublik
Deutschland oder die Europäische Union
beteiligt ist, oder (iii) einer gesetzlichen
Vorschrift, die diese Richtlinie,
Verordnung oder Vereinbarung umsetzt
oder befolgt, abzuziehen oder
(b)
are to be deducted or withheld
pursuant to (i) any European Union
directive or regulation concerning the
taxation of interest income, or (ii) any
international treaty or agreement
relating to such taxation and to which
the Netherlands, the Federal Republic of
Germany or the European Union is a
party, or (iii) any provision of law
implementing, or complying with, or
introduced to conform with, such
directive, regulation, treaty or
16
einzubehalten sind; oder
agreement, or
(c)
zahlbar sind, wobei der
Anleihegläubiger einen Einbehalt oder
Abzug ganz oder zum Teil durch
Vorlage eines Formulars oder einer
Bescheinigung und/oder Abgabe einer
Erklärung oder Geltendmachung eines
Anspruchs auf Freistellung oder
Ermäßigung des Einbehalts oder Abzugs
hätte vermeiden können, dies aber zu
tun versäumt hat; oder
(c)
are payable where the Noteholder
would be able to avoid such
withholding or deduction, in whole or
in part, by presenting any form or
certificate and/or making a declaration
or similar claim for exemption or
reduction of the withholding or
deduction but fails to do so, or
(d)
anders als durch einen von der
Emittentin selbst vorzunehmenden
Einbehalt oder Abzug von Zahlungen zu
entrichten sind, die die Emittentin an
den Anleihegläubiger leistet, wie
beispielsweise die in bestimmten Fällen
von einer Depotbank des
Anleihegläubigers einzubehaltende
deutsche Zinsabschlagsteuer.
(d)
are payable otherwise than by
withholding or deduction by the Issuer
itself of payments made by the Issuer to
the Noteholders, as for example the
German withholding tax on interest
(Zinsabschlagsteuer) which in certain
cases is to be withheld by a custodian
bank on behalf of a Noteholder.
§8
VORLEGUNGSFRIST UND VERJÄHRUNG
§8
PRESENTATION PERIOD AND STATUTE OF
LIMITATION
(1)
Vorlegungsfrist. Die in § 801 Absatz 1
Satz 1 BGB bestimmte Vorlegungsfrist
wird für die Schuldverschreibungen auf
zehn Jahre verkürzt.
(1)
Presentation Period. The presentation
period provided in § 801 paragraph 1,
sentence 1 BGB (German Civil Code) is
reduced to ten years for the Notes.
(2)
Verjährung. Erfolgt die Vorlegung
während der Vorlegungsfrist, so
verjähren die Ansprüche aus der
Schuldverschreibung in zwei Jahren von
dem Ende der Vorlegungsfrist an.
(2)
Statute of Limitation. Following the
presentation of the Notes during the
presentation period, the limitation
period with regard to any claim arising
under the Notes will be two years from
the expiry of the presentation period.
§9
KÜNDIGUNG
§9
EVENTS OF DEFAULT
(1)
Kündigungsgründe. Jeder
Anleihegläubiger ist berechtigt, seine
Schuldverschreibung zu kündigen und
deren sofortige Rückzahlung zu ihrem
Nennbetrag, zuzüglich etwaiger bis zum
Tage der Rückzahlung aufgelaufener
Zinsen zu verlangen, falls
(1)
Events of Default. Each Noteholder shall
be entitled to declare his Notes due and
demand immediate redemption thereof
at their principal amount, together with
accrued interest (if any) to the date of
repayment, in the event that
(a)
Kapital oder Zinsen nicht innerhalb von
15 Tagen nach dem betreffenden
Fälligkeitstermin gezahlt sind; oder
(a)
principal or interest is not paid within
15 days from the relevant due date, or
(b)
die Emittentin oder die Garantin die
ordnungsgemäße Erfüllung einer
anderen Verpflichtung aus den
Schuldverschreibungen bzw. der
Garantie unterlässt und diese
Unterlassung nicht geheilt werden kann
oder, falls sie geheilt werden kann,
länger als 30 Tage fortdauert, nachdem
die Emissionsstelle hierüber eine
Benachrichtigung von einem
Anleihegläubiger erhalten hat; oder
(b)
the Issuer or the Guarantor fails duly to
perform any other obligation arising
from the Notes or the Guarantee (as the
case may be) which failure is not
capable of remedy or, if such failure is
capable of remedy, such failure
continues for more than 30 days after
the Fiscal Agent has received notice
thereof from a Noteholder, or
(c)
eine Finanzverbindlichkeit (wie im
(c)
any Financial Indebtedness (as defined
17
below) of the Issuer, the Guarantor or
any Principal Subsidiary becomes
prematurely due as a result of a breach
of the terms thereof, or the Issuer, the
Guarantor or any Principal Subsidiary
fails to fulfil any payment obligation in
excess of EUR 50,000,000 or the
equivalent thereof under any Financial
Indebtedness or under any guarantee or
other indemnity given for any Financial
Indebtedness of others within 30 days
from its due date or, in the case of a
guarantee or other indemnity, within 30
days after the guarantee or other
indemnity has been invoked, or
Folgenden definiert) der Emittentin, der
Garantin oder einer ihrer wesentlichen
Tochtergesellschaften nach ihren
anwendbaren Bedingungen wegen
Vertragsverletzung vorzeitig fällig wird,
oder die Emittentin, die Garantin oder
eine ihrer wesentlichen
Tochtergesellschaften einer
Zahlungsverpflichtung in Höhe oder im
Gegenwert von mehr als Euro
50.000.000 aus einer
Finanzverbindlichkeit oder aufgrund
einer Garantie oder sonstigen
Gewährleistung, die für eine
Finanzverbindlichkeit Dritter gegeben
wurde, nicht innerhalb von 30 Tagen
nach ihrer Fälligkeit bzw. im Falle einer
Garantie oder sonstigen Gewährleistung
nicht innerhalb von 30 Tagen nach
Inanspruchnahme aus dieser Garantie
oder sonstigen Gewährleistung
nachkommt; oder
(d)
die Emittentin oder die Garantin ihre
Zahlungsunfähigkeit bekannt gibt oder
ihre Zahlungen einstellt; oder
(d)
the Issuer or the Guarantor announces
its inability to meet its financial
obligations or ceases its payments, or
(e)
ein Gericht ein Insolvenzverfahren gegen
die Emittentin oder die Garantin
eröffnet, oder die Emittentin oder die
Garantin ein solches Verfahren einleitet
oder beantragt oder eine allgemeine
Schuldenregelung zugunsten ihrer
Gläubiger anbietet oder trifft, oder ein
Dritter ein Insolvenzverfahren gegen die
Emittentin oder die Garantin beantragt
und ein solches Verfahren nicht innerhalb
einer Frist von 60 Tagen aufgehoben
oder ausgesetzt worden ist; oder
(e)
a court opens insolvency proceedings
against the Issuer or the Guarantor, or
the Issuer or the Guarantor applies for
or institutes such proceedings or offers
or makes an arrangement for the
benefit of its creditors generally, or a
third party applies for insolvency
proceedings against the Issuer or the
Guarantor and such proceedings are not
discharged or stayed within 60 days, or
(f)
die Garantin ihre Geschäftstätigkeit ganz
oder überwiegend einstellt, alle oder
den wesentlichen Teil ihres Vermögens
veräußert oder anderweitig abgibt und
(i) dadurch den Wert ihres Vermögens
wesentlich vermindert, (ii) abzusehen ist,
dass die Garantin dadurch ihre
Zahlungsverpflichtungen gegenüber den
Anleihegläubigern nicht mehr erfüllen
kann und (iii) die Garantin es
unterlassen hat, den Anleihegläubigern
eine adäquate Sicherheit für die
Zahlungsverpflichtungen aus der
Garantie zu stellen; oder
(f)
the Guarantor ceases all or substantially
all of its business operations or sells or
disposes of its assets or the substantial
part thereof and thus (i) diminishes
considerably the value of its assets, (ii) it
can be foreseen that for this reason the
Guarantor may not fulfil its payment
obligations against the Noteholders and
(iii) the Guarantor failed to provide
adequate security to the Noteholders in
respect of its payment obligations under
the Guarantee, or
(g)
die Garantin in Liquidation tritt, es sei
denn, dies geschieht im Zusammenhang
mit einer Verschmelzung oder einer
anderen Form des Zusammenschlusses
mit einer anderen Gesellschaft und diese
Gesellschaft übernimmt alle
Verpflichtungen, die die Garantin im
(g)
the Guarantor goes into liquidation
unless in connection with a merger or
other form of combination with another
company and such company assumes all
obligations contracted by the Guarantor
in connection with the Guarantee.
18
Zusammenhang mit der Garantie
eingegangen ist; oder
(h)
die Garantie ungültig wird oder nicht
mehr rechtsverbindlich ist.
(h)
,,Finanzverbindlichkeit’’ bezeichnet jede
Verbindlichkeit aus aufgenommenen
Geldern unabhängig davon, ob sie
verbrieft ist oder nicht.
The Guaranty becomes invalid or is not
legally binding any longer.
‘‘Financial Indebtedness’’ means any
indebtedness for borrowed money
whether or not represented or
evidenced.
(2)
Das Kündigungsrecht erlischt, falls der
Kündigungsgrund vor Ausübung des
Rechts geheilt wurde.
(2)
The right to declare Notes due shall
terminate if the situation giving rise to
it has been cured before the right is
exercised.
(3)
Quorum. In den Fällen des § 9 Absätze
1(b) oder 1(c) wird eine Kündigung,
sofern nicht bei deren Eingang zugleich
einer der in § 9 Absätze 1(a) und 1(d)
bis 1(gh) bezeichneten
Kündigungsgründe vorliegt, erst
wirksam, wenn bei der Emissionsstelle
Kündigungserklärungen von
Anleihegläubigern von
Schuldverschreibungen im Nennbetrag
von mindestens 1/10 der dann
ausstehenden Schuldverschreibungen
eingegangen sind.
(3)
Quorum. In the events specified in § 9
(1) (b) or (1) (c), any notice declaring
Notes due shall, unless at the time such
notice is received any of the events
specified in § 9 (1) (a) and (1) (d) to (1)
(g) entitling Noteholders to declare their
Notes due has occurred, become
effective only when the Fiscal Agent has
received such notices from the
Noteholders of at least one-tenth in
principal amount of Notes then
outstanding.
(4)
Benachrichtigung. Eine Benachrichtigung
einschließlich einer Kündigung der
Schuldverschreibungen gemäß
vorstehendem Absatz 1 ist schriftlich in
deutscher oder englischer Sprache
gegenüber der Emissionsstelle zu
erklären und diesem persönlich oder per
Einschreiben zu übermitteln. Der
Benachrichtigung ist ein Nachweis
beizufügen, aus dem sich ergibt, dass
der betreffende Anleihegläubiger zum
Zeitpunkt der Abgabe der
Benachrichtigung Inhaber der
betreffenden Schuldverschreibung ist.
Der Nachweis kann durch eine
Bescheinigung der Depotbank (wie in §
13 Absatz 3 definiert) oder auf andere
geeignete Weise erbracht werden.
(4)
Notice. Any notice, including any notice
declaring Notes due, in accordance with
sub-paragraph (1) above shall be made
by means of a written declaration in the
German or English language delivered
by hand or registered mail to the Fiscal
Agent together with proof that such
Noteholder at the time of such notice is
a holder of the relevant Notes by means
of a certificate of his Custodian (as
defined in § 13 (3)) or in any other
appropriate manner.
§ 10
ERSETZUNG
§ 10
SUBSTITUTION
(1)
Ersetzung. Die Garantin ist jederzeit
berechtigt, ohne Zustimmung der
Anleihegläubiger sich selbst oder ein mit
ihr verbundenes Unternehmen (wie
unten definiert) an Stelle der Emittentin
als Hauptschuldnerin (die
,,Nachfolgeschuldnerin’’) für alle
Verpflichtungen aus und im
Zusammenhang mit diesen
Schuldverschreibungen einzusetzen,
vorausgesetzt, dass:
(1)
Substitution. The Guarantor may,
without the consent of the Noteholders,
at any time substitute for the Issuer
either itself or any of its Affiliates (as
defined below) as principal debtor in
respect of all obligations arising from or
in connection with the Notes (the
‘‘Substitute Debtor’’) provided that:
(a)
die Nachfolgeschuldnerin alle
(a)
the Substitute Debtor assumes all
19
Verpflichtungen der Emittentin in bezug
auf die Schuldverschreibungen
übernimmt;
obligations of the Issuer in respect of
the Notes;
(b)
die Emittentin und die
Nachfolgeschuldnerin alle erforderlichen
Genehmigungen erhalten haben und
berechtigt sind, an die Emissionsstelle
die zur Erfüllung der
Zahlungsverpflichtungen aus den
Schuldverschreibungen zahlbaren
Beträge in der hierin festgelegten
Währung zu zahlen, ohne verpflichtet
zu sein, jeweils in dem Land, in dem die
Nachfolgeschuldnerin oder die
Emittentin ihren Sitz oder Steuersitz
haben, erhobene Steuern oder andere
Abgaben jeder Art abzuziehen oder
einzubehalten;
(b)
the Issuer and the Substitute Debtor
have obtained all necessary
authorisations and may transfer to the
Fiscal Agent in the currency required
hereunder and without being obligated
to deduct or withhold any taxes or
other duties of whatever nature levied
by the country in which the Substitute
Debtor or the Issuer has its domicile or
tax residence, all amounts required for
the fulfilment of the payment
obligations arising under the Notes;
(c)
die Nachfolgeschuldnerin sich
verpflichtet hat, jeden Anleihegläubiger
hinsichtlich solcher Steuern oder
Abgaben freizustellen, die einem
Anleihegläubiger als Folge der Ersetzung
auferlegt werden;
(c)
the Substitute Debtor has agreed to
indemnify and hold harmless each
Noteholder against any tax or duty
imposed on such Noteholder in respect
of such substitution;
(d)
für den Fall, dass die
Nachfolgeschuldnerin nicht die Garantin
ist, die Bestimmungen des Nr. 1(e) der
Garantie, wonach sich die Garantie auf
die von der Nachfolgeschuldnerin
gemäß diesen Anleihebedingungen
zahlbaren Beträge erstreckt, in vollem
Umfang Bestand haben; und
(d)
in the event that the Substitute Debtor
is not the Guarantor, the provisions of
no. 1(e) of the Guarantee, pursuant to
which the Guarantee shall extend to any
and all amounts expressed to be payable
by the Substitute Debtor pursuant to
this Terms and Conditions, shall be in
full force and effect;
(e)
der Emissionsstelle jeweils ein
Rechtsgutachten bezüglich der
betroffenen Rechtsordnungen von
anerkannten Rechtsanwälten vorgelegt
werden, die bestätigen, dass die
Bestimmungen in den vorstehenden
Unterabsätzen (a), (b), (c) und (d) erfüllt
wurden.
(e)
there shall have been delivered to the
Fiscal Agent one opinion for each
jurisdiction affected of lawyers of
recognised standing to the effect that
sub-paragraphs (a), (b), (c) and (d) above
have been satisfied.
Für die Zwecke dieses § 10 bedeutet
,,verbundenes Unternehmen’’ ein
Unternehmen, das seinen Sitz innerhalb der
Europäischen Union hat und deren
stimmberechtigte Anteile direkt oder indirekt
zu mehr als 90% von der Emittentin gehalten
werden.
For purposes of this § 10, ‘‘Affiliate’’ shall
mean any enterprise which has its seat within
the European Union and of which more than
90 per cent. of the voting stock is held
directly or indirectly by the Issuer.
(2)
(2)
Bekanntmachung. Jede Ersetzung ist
gemäß § 12 bekanntzumachen.
20
Notice. Notice of any such substitution
shall be published in accordance with
§ 12.
(3)
(3)
Änderung von Bezugnahmen. Im Fall
einer Ersetzung gilt jede Bezugnahme in
diesen Anleihebedingungen auf die
Emittentin ab dem Zeitpunkt der
Ersetzung als Bezugnahme auf die
Nachfolgeschuldnerin und jede
Bezugnahme auf das Land, in dem die
Emittentin ihren Sitz oder Steuersitz hat,
gilt ab diesem Zeitpunkt als
Bezugnahme auf das Land, in dem die
Nachfolgeschuldnerin ihren Sitz oder
Steuersitz hat. Des weiteren gilt im Fall
einer Ersetzung in § 9 Absatz 1(c) bis (g)
eine alternative Bezugnahme auf die
Emittentin in ihrer Eigenschaft als
Garantin als aufgenommen (zusätzlich
zu der Bezugnahme auf die
Nachfolgeschuldnerin).
§ 11
BEGEBUNG WEITERER
SCHULDVERSCHREIBUNGEN, ANKAUF UND
ENTWERTUNG
Change of References. In the event of
any such substitution, any reference in
these Conditions to the Issuer shall from
then on be deemed to refer to the
Substitute Debtor and any reference to
the country in which the Issuer is
domiciled or resident for taxation
purposes shall from then on be deemed
to refer to the country of domicile or
residence for taxation purposes of the
Substitute Debtor. Furthermore, in the
event of such substitution in § 9 (1)(c) to
(g) an alternative reference to the Issuer
in its capacity as guarantor shall be
deemed to have been included in
addition to the reference to the
Substitute Debtor.
§ 11
FURTHER ISSUES, PURCHASES AND
CANCELLATION
(1)
Begebung weiterer
Schuldverschreibungen. Die Emittentin
behält sich vor, von Zeit zu Zeit ohne
Zustimmung der Anleihegläubiger
weitere Schuldverschreibungen mit
gleicher Ausstattung in der Weise zu
begeben, dass sie mit diesen
Schuldverschreibungen zusammengefasst
werden, eine einheitliche Anleihe mit
ihnen bilden und ihren
Gesamtnennbetrag erhöhen. Der Begriff
,,Schuldverschreibungen’’ umfasst im
Falle einer solchen Erhöhung auch
solche zusätzlich begebenen
Schuldverschreibungen.
(1)
Further Issues. The Issuer may from time
to time, without the consent of the
Noteholders, issue further Notes having
the same conditions as the Notes which
are consolidated with these Notes and
constitute a single issue and increase
their aggregate principal amount. The
term ‘‘Notes’’ shall in the event of such
an increase include the additionally
issued Notes.
(2)
Ankauf. Die Emittentin ist berechtigt,
jederzeit Schuldverschreibungen im
Markt oder anderweitig zu jedem
beliebigen Preis zu kaufen. Die von der
Emittentin erworbenen
Schuldverschreibungen können nach
Wahl der Emittentin von ihr gehalten,
weiterverkauft oder bei der
Emissionsstelle zwecks Entwertung
eingereicht werden. Sofern diese Käufe
durch öffentliches Angebot erfolgen,
muss dieses Angebot allen
Anleihegläubigern gemacht werden.
(2)
Purchases. The Issuer may at any time
purchase Notes in the open market or
otherwise and at any price. Notes
purchased by the Issuer may, at the
option of the Issuer, be held, resold or
surrendered to the Fiscal Agent for
cancellation. If purchases are made by
public tender, such tenders must be
made available to all Noteholders alike.
(3)
Entwertung. Sämtliche vollständig
zurückgezahlten Schuldverschreibungen
sind unverzüglich zu entwerten und
können nicht wiederbegeben oder
wiederverkauft werden.
(3)
Cancellation. All Notes redeemed in full
shall be cancelled forthwith and may
not be reissued or resold.
21
§ 12
MITTEILUNGEN
§ 12
NOTICES
Alle die Schuldverschreibungen betreffenden
Mitteilungen sind in einer führenden
Tageszeitung mit allgemeiner Verbreitung in
Luxemburg, voraussichtlich dem d’Wort, zu
veröffentlichen. Eine derartige Mitteilung
wird am dritten Tag nach dem Tag der
Veröffentlichung (oder bei mehreren
Veröffentlichungen am dritten Tag nach dem
Tag der ersten dieser Veröffentlichung)
wirksam.
All notices concerning the Notes shall be
published in a leading daily newspaper
having general circulation in Luxembourg
which is expected to be the d’Wort. Any
notice so given will become effective on the
third day following the date of such
publication (or, if published more than once,
on the third day following the first day of
any such publication).
§ 13
ANWENDBARES RECHT, GERICHTSSTAND
UND GERICHTLICHE GELTENDMACHUNG
§ 13
APPLICABLE LAW, PLACE OF JURISDICTION
AND ENFORCEMENT
(1)
Anwendbares Recht. Form und Inhalt
der Schuldverschreibungen und der
Garantie sowie die Rechte und Pflichten
der Anleihegläubiger, der Emittentin
und der Garantin bestimmen sich in
jeder Hinsicht nach deutschem Recht.
(1)
Applicable Law. The Notes and the
Guarantee, as to form and content, and
all rights and obligations of the
Noteholders, the Issuer and the
Guarantor, shall be governed by German
law.
(2)
Gerichtsstand. Nicht ausschließlich
zuständig für sämtliche im
Zusammenhang mit den
Schuldverschreibungen und der Garantie
entstehenden Klagen oder sonstige
Verfahren (,,Rechtsstreitigkeiten’’) ist das
Landgericht Frankfurt am Main.
(2)
Submission to Jurisdiction. The District
Court (Landgericht) Frankfurt am Main
shall have non-exclusive jurisdiction for
any action or other legal proceedings
(‘‘Proceedings’’) arising out of or in
connection with the Notes or the
Guarantee.
(3)
Gerichtliche Geltendmachung. Jeder
Anleihegläubiger ist berechtigt, in jedem
Rechtsstreit gegen die Emittentin oder
die Garantin oder in jedem Rechtsstreit,
in dem der Anleihegläubiger und die
Emittentin oder die Garantin Partei sind,
seine Rechte aus diesen
Schuldverschreibungen und der Garantie
im eigenen Namen auf der folgenden
Grundlage zu schützen oder geltend zu
machen: (i) er bringt eine Bescheinigung
der Depotbank bei, bei der er für die
Schuldverschreibungen ein
Wertpapierdepot unterhält, welche (a)
den vollständigen Namen und die
vollständige Adresse des
Anleihegläubigers enthält, (b) den
Gesamtnennbetrag der
Schuldverschreibungen bezeichnet, die
unter dem Datum der Bestätigung auf
dem Wertpapierdepot verbucht sind und
(c) bestätigt, dass die Depotbank
gegenüber dem Clearing System eine
schriftliche Erklärung abgegeben hat,
die die vorstehend unter (a) und (b)
bezeichneten Informationen enthält;
und (ii) er legt eine Kopie der die
betreffenden Schuldverschreibungen
verbriefenden Globalurkunde vor, deren
Übereinstimmung mit dem Original eine
(3)
Enforcement. Any Noteholder may in
any proceedings against the Issuer or
the Guarantor, or to which such
Noteholder and the Issuer or the
Guarantor are parties, protect and
enforce in his own name his rights
arising under such Notes and the
Guarantee on the basis of (i) a
statement issued by the Custodian with
whom such Noteholder maintains a
securities account in respect of the
Notes (a) stating the full name and
address of the Noteholder, (b) specifying
the aggregate principal amount of
Notes credited to such securities account
on the date of such statement and (c)
confirming that the Custodian has given
written notice to the Clearing System
containing the information pursuant to
(a) and (b) and (ii) a copy of the Note in
global form certified as being a true
copy by a duly authorised officer of the
Clearing System or a depository of the
Clearing System, without the need for
production in such proceedings of the
actual records or the global note
representing the Notes. For purposes of
the foregoing, ‘‘Custodian’’ means any
bank or other financial institution of
recognised standing authorised to
22
engage in securities custody business
with which the Noteholder maintains a
securities account in respect of the
Notes and includes the Clearing System.
Each Noteholder may, without prejudice
to the foregoing, protect and enforce
his rights under the Notes and the
Guarantee also in any other way which
is admitted in the country of the
proceedings.
vertretungsberechtigte Person des
Clearing Systems oder des Verwahrers
des Clearing Systems bestätigt hat, ohne
dass eine Vorlage der Originalbelege
oder der die Schuldverschreibungen
verbriefenden Globalurkunde in einem
solchen Verfahren erforderlich wäre. Für
die Zwecke des Vorstehenden
bezeichnet ,,Depotbank’’ jede Bank oder
ein sonstiges anerkanntes Finanzinstitut,
das berechtigt ist, das
Wertpapierverwahrungsgeschäft zu
betreiben und bei der/dem der
Anleihegläubiger ein Wertpapierdepot
für die Schuldverschreibungen unterhält,
einschließlich des Clearing Systems.
Unbeschadet des Vorstehenden kann
jeder Anleihegläubiger seine Rechte aus
den Schuldverschreibungen und der
Garantie auch auf jede andere Weise
schützen oder geltend machen, die im
Land des Rechtsstreits prozessual
zulässig ist.
(4)
Zustellungsbevollmächtigter. Für etwaige
Rechtsstreitigkeiten oder sonstige
Verfahren vor deutschen Gerichten
bestellt die Emittentin die Garantin zum
Zustellungsbevollmächtigten.
(4)
§ 14
SPRACHE
Agent for the Service of Process. For any
legal disputes or other proceedings
before German courts, the Issuer
appoints the Guarantor as authorised
agent for accepting Services of process.
§ 14
LANGUAGE
Diese Anleihebedingungen sind in deutscher
Sprache abgefasst. Eine Übersetzung in die
englische Sprache ist beigefügt. Der deutsche
Text ist verbindlich und maßgeblich. Die
Übersetzung in die englische Sprache ist
unverbindlich.
These Conditions are written in the German
language and provided with an English
language translation. The German text shall
be controlling and binding. The English
language translation is provided for
convenience only.
23
GUARANTEE
Non-binding translation of the Guarantee and the Negative Pledge:
Garantie
Guarantee
und
Negativverpflichtung
and
Negative Pledge
der
of
Leverkusen, Bundesrepublik Deutschland,
Leverkusen, Federal Republic of Germany,
zugunsten der Anleihegläubiger der
F 500.000.000 4,125% Schuldverschreibungen
2005/2012
for the benefit of the holders of F 500,000,000
4.125% Notes 2005/2012
der
by
LANXESS Finance B.V.
(einer mit beschränkter Haftung in den
Niederlanden errichteten Gesellschaft)
(incorporated with limited liability in The
Netherlands)
(die ,,Schuldverschreibungen‘‘)
(the ‘‘Notes’’)
Im Hinblick darauf, dass:
Whereas:
(A)
LANXESS Finance B.V. beabsichtigt, die
Schuldverschreibungen zu begeben;
(A)
LANXESS Finance B.V. intends to issue
the Notes;
(B)
die Garantin die Zahlung von Kapital
und Zinsen sowie von allen sonstigen
Beträgen, die aufgrund der
Schuldverschreibungen zu leisten sind,
garantieren möchte;
(B)
the Guarantor wishes to guarantee the
payment of principal and interest and
any other amounts payable in respect of
the Notes;
(C)
(C)
die Garantin gegenüber jedem
Anleihegläubiger eine
Negativverpflichtung eingehen möchte;
the Guarantor wishes to enter into a
negative pledge for the benefit of each
Noteholder;
wird folgende Garantie abgegeben:
the following Guaranty is given:
(1)
(1)
(a)
Die Garantin übernimmt gegenüber
Inhabern von
Schuldverschreibungen (wobei
dieser Begriff die vorläufige und
die Dauerglobalurkunde
einschließt), die unbedingte und
unwiderrufliche Garantie für die
ordnungsgemäße und pünktliche
Zahlung von Kapital und Zinsen
auf die Schuldverschreibungen
sowie von allen sonstigen Beträgen,
die gemäß den Bedingungen der
Schuldverschreibungen zahlbar sind,
bei deren Fälligkeit gemäß den
Bedingungen der
Schuldverschreibungen.
(b)
Diese Garantie begründet eine
unbedingte, unbesicherte und nicht
nachrangige Verbindlichkeit der
Garantin, die mit allen anderen
jeweils bestehenden, nicht
besicherten und nicht nachrangigen
Verbindlichkeiten der Garantin
24
(a)
The Guarantor unconditionally and
irrevocably guarantees to the
holder of each Note (which
expression shall include the
Temporary Global Note and the
Permanent Global Note), the due
and punctual payment of the
principal of, and interest on, the
Notes and any other amounts
which may be expressed to be
payable under any Note, in
accordance with the Conditions of
the Notes, as and when the same
shall become due in accordance
with the Conditions of the Notes.
(b)
This Guarantee constitutes an
unconditional, unsecured and
unsubordinated obligation of the
Guarantor and ranks pari passu with
all other unsecured and
unsubordinated obligations of the
Guarantor from time to time
gleichrangig ist.
(c)
outstanding.
(c)
Sämtliche unter der Garantie zu
zahlenden Beträge sind ohne
Einbehalt oder Abzug von oder
aufgrund von gegenwärtigen oder
zukünftigen Steuern oder sonstigen
Abgaben gleich welcher Art zu
leisten, die von oder in den
Niederlanden oder von oder in der
Bundesrepublik Deutschland oder
für deren Rechnung oder von oder
für Rechnung einer politischen
Untergliederung oder
Steuerbehörde auferlegt oder
erhoben werden, es sei denn,
dieser Einbehalt oder Abzug ist
gesetzlich vorgeschrieben. In
diesem Fall wird die Garantin
diejenigen zusätzlichen Beträge
(die ..zusätzlichen Beträge‘‘) zahlen,
die erforderlich sind, damit die den
Anleihegläubigern zufließenden
Nettobeträge nach diesem
Einbehalt oder Abzug jeweils den
Beträgen an Kapital und Zinsen
entsprechen, die ohne einen
solchen Abzug oder Einbehalt von
den Anleihegläubigern empfangen
worden wären; die Verpflichtung
zur Zahlung solcher zusätzlichen
Beträge besteht jedoch nicht im
Hinblick auf Steuern und Abgaben,
die:
All amounts payable under the
Guarantee shall be paid without
withholding or deduction for or on
account of any present or future
taxes or duties of whatever nature
imposed or levied by way of
withholding or deduction by or on
behalf of the Netherlands or the
Federal Republic of Germany or any
political subdivision or any
authority thereof or therein having
power to tax unless it is required
by law to make such withholding
or deduction. In such event, the
Guarantor (as the case may be)
shall pay such additional amounts
(the ‘‘Additional Amounts’’) as shall
be necessary in order that the net
amounts received by the
Noteholders, after such withholding
or deduction shall equal the
respective amounts of principal and
interest which would otherwise
have been receivable in the
absence of such withholding or
deduction; except that no such
Additional Amounts shall be
payable on account of any taxes or
duties which:
(i)
wegen einer gegenwärtigen
oder früheren persönlichen
oder geschäftlichen Beziehung
des Anleihegläubigers zu den
Niederlanden oder zur
Bundesrepublik Deutschland
zu zahlen sind, es sei denn
diese Beziehung beschränkt
sich auf die Inhaberschaft der
Schuldverschreibung; oder
(i)
are payable by reason of the
Noteholder having, or having
had, some personal or business
connection with the
Netherlands or the Federal
Republic of Germany other
than the mere holding of the
Notes; or
(ii)
aufgrund (i) einer Richtlinie
oder Verordnung der
Europäischen Union
betreffend die Besteuerung
von Zinserträgen oder (ii)
einer zwischenstaatlichen
Vereinbarung über deren
Besteuerung, an der die
Niederlande, die
Bundesrepublik Deutschland
oder die Europäische Union
beteiligt ist, oder (iii) einer
gesetzlichen Vorschrift, die
diese Richtlinie, Verordnung
oder Vereinbarung umsetzt
oder befolgt, abzuziehen oder
(ii)
are deducted or withheld
pursuant to (i) any European
Union directive or regulation
concerning the taxation of
interest income, or (ii) any
international treaty or
agreement relating to such
taxation and to which the
Netherlands, the Federal
Republic of Germany or the
European Union is a party, or
(iii) any provision of law
implementing, or complying
with, or introduced to
conform with, such directive,
regulation, treaty or
25
einzubehalten sind; oder
agreement, or
(iii) zahlbar sind, wobei der
Anleihegläubiger einen
Einbehalt oder Abzug ganz
oder zum Teil durch Vorlage
eines Formulars oder einer
Bescheinigung und/oder
Abgabe einer Erklärung oder
Geltendmachung eines
Anspruchs auf Freistellung
oder Emäßigung des
Einbehalts oder Abzugs hätte
vermeiden können, dies aber
zu tun versäumt hat; oder
(iii) are payable where the
Noteholder would be able to
avoid such withholding or
deduction, in whole in in part,
by presenting any form or
certificate and/or making a
declaration or similar claim for
exemption or reduction of the
withholding or deduction but
fails to do so, or
(iv) anders als durch einen von der
Emittentin selbst
vorzunehmenden Einbehalt
oder Abzug von Zahlungen zu
entrichten sind, die die
Emittentin an den
Anleihegläubiger leistet, wie
beispielsweise die in
bestimmten Fällen von einer
Depotbank des
Anleihegläubigers
einzubehaltende deutsche
Zinsabschlagsteuer.
(iv) are payable otherwise than by
withholding or deduction by
the Issuer itself of payments
made by the Issuer to the
Noteholders, as for example
the German withholding tax
on interest
(Zinsabschlagsteuer) which in
certain cases is to be withheld
by a custodian bank on behalf
of a Noteholder.
(d)
Die Verpflichtungen der Garantin
aus dieser Garantie (i) sind
selbständig und unabhängig von
den Verpflichtungen der LANXESS
Finance B.V. aus den
Schuldverschreibungen, (ii)
bestehen unabhängig von der
Rechtmäßigkeit, Gültigkeit,
Verbindlichkeit und
Durchsetzbarkeit der
Schuldverschreibungen und (iii)
werden nicht durch Ereignisse,
Bedingungen oder Umstände
tatsächlicher oder rechtlicher Art
berührt, außer durch die
vollständige, endgültige und
unwiderrufliche Erfüllung
sämtlicher nach Maßgabe der
Schuldverschreibungen
eingegangenen
Zahlungsverpflichtungen.
(d)
The obligations of the Guarantor
under this Guarantee (i) shall be
separate and independent from the
obligations of LANXESS Finance
B.V. under the Notes, (ii) shall exist
irrespective of the legality, validity
and binding effect or enforceability
of the Notes, and (iii) shall not be
affected by any event, condition or
circumstance of whatever nature,
whether factual or legal, save the
full, definitive and irrevocable
satisfaction of any and all payment
obligations expressed to be
assumed under the Notes.
(e)
Die Verpflichtungen der Garantin
aus dieser Garantie erstrecken sich,
ohne dass eine weitere Handlung
vorgenommen wird oder ein
weiterer Umstand eintreten muss,
auf die Verpflichtungen einer nicht
mit der Garantin identischen
Nachfolgeschuldnerin, die infolge
einer Schuldnerersetzung gemäß
den Bedingungen der
(e)
The obligations of the Guarantor
under this Guarantee shall, without
any further act or thing being
required to be done or to occur,
extend to the obligations of any
Substituted Debtor which is not the
Guarantor arising in respect of any
Note by virtue of a substitution
pursuant to the Conditions of the
Notes.
26
Schuldverschreibungen entstehen.
(2)
(2)
Die Garantin verpflichtet sich,
solange Schuldverschreibungen
ausstehen, jedoch nur bis zu dem
Zeitpunkt, an dem alle Beträge an
Kapital und Zinsen der Zahlstelle
zur Verfügung gestellt worden
sind, weder ihr gegenwärtiges noch
ihr zukünftiges Vermögen ganz
oder teilweise zur Besicherung
einer gegenwärtigen oder
zukünftigen
Kapitalmarktverbindlichkeit, die
von der Garantin, einer
wesentlichen Tochtergesellschaften
oder einer anderen Person
eingegangen oder gewährleistet ist,
zu belasten oder eine solche
Belastung zu diesem Zweck
bestehen zu lassen, und (ii) ihre
wesentlichen Tochtergesellschaften
zu veranlassen (soweit rechtlich
möglich und zulässig), weder ihr
gegenwärtiges noch ihr zukünftiges
Vermögen ganz oder teilweise zur
Besicherung einer gegenwärtigen
oder zukünftigen
Kapitalmarktverbindlichkeit, die
von der jeweiligen wesentlichen
Tochtergesellschaft eingegangen
oder gewährleistet ist, zu belasten
oder eine solche Belastung zu
diesem Zweck bestehen zu lassen,
ohne gleichzeitig die
Anleihegläubiger an derselben
Sicherheit im gleichen Rang und
gleichen Verhältnis teilnehmen zu
lassen, mit Ausnahme von
bestehenden Besicherungen am
Vermögen einer Gesellschaft, die
im Rahmen einer Akquisition
wesentliche Tochtergesellschaft
wird.
So long as any of the Notes
remains outstanding, but only up
to the time all amounts of principal
and interest have been placed at
the disposal of the Paying Agent,
the Guarantor undertakes (i) not to
grant or permit to subsist any
present or future assets, as security
for any present or future Capital
Market Indebtedness issued or
guaranteed by the Guarantor or by
any of its Principal Subsidiaries or
by any other person, and (ii) to
procure (to the extent legally
possible and permissible) that none
of its Principal Subsidiaries will
grant or permit to subsist any
present or future assets, as security
for any present or future Capital
Market Indebtedness issued or
guaranteed by the respective
Principal Subsidiary, without at the
same time having the Noteholders
share equally and rateably in such
security, other than any
encumbrance existing over assets of
a newly acquired company which
becomes a Principal Subsidiary.
The expressions ‘‘assets’’ and
‘‘obligations for the payment of
borrowed money’’ as used in this
paragraph (2) do not include assets
and obligations of the Guarantor
or a Principal Subsidiary which, at
the time of the transaction
pursuant to the requirements of
law and accounting principles
generally accepted in the Federal
Republic of Germany need not, and
are not, reflected in the
Guarantor’s or a Principal
Subsidiary’s balance sheet or which
are the subject of, or have been
incurred in connection with, so-
Die in diesem Absatz (2) benutzten
Worte ,,Vermögen‘‘ und
,,Verbindlichkeiten zur Zahlung
aufgenommener Gelder‘‘ schließen
nicht solche
Verbindlichkeiten der Garantin
oder einer wesentlichen
Tochtergesellschaft mit ein, die bei
Abschluss der Transaktion im
Einklang mit den Gesetzen und den
in der Bundesrepublik Deutschland
anerkannten Regeln der
Bilanzierung und Buchführung
nicht in der Bilanz der Garantin
oder einer wesentlichen
27
Tochtergesellschaft ausgewiesen
werden müssen und darin auch
nicht ausgewiesen werden oder die
Gegenstand von sog. asset-backed
financings sind oder in diesem
Zusammenhang eingegangen
werden; der Wert solcher
Verbindlichkeiten darf die Summe
EUR 750.000.000 nicht übersteigen.
called asset-backed financings; the
value of such assets and obligations
must not exceed an aggregate
amount of EUR 750,000,000.
,,Wesentliche Tochtergesellschaft‘‘
bezeichnet eine Tochtergesellschaft
der Garantin, deren Umsatz oder
deren Summe der Aktiva aufgrund
ihres geprüften Abschlusses nach
Konsolidierungsmaßnahmen (jedoch
auf konsolidierter Basis, falls die
betreffende Tochtergesellschaft
ihrerseits Tochtergesellschaften hat
und einen Konzernabschluss
erstellt) ausweislich des jeweils
letzten geprüften konsolidierten
Abschlusses der Garantin bzw. für
den Zeitraum, auf den sich dieser
Abschluss bezieht, mindestens zwei
Prozent des Umsatzes oder der
Summe der Aktiva des Konzerns
betragen hat, wie im geprüften
konsolidierten Konzernabschluss
ausgewiesen. ,,Konzern‘‘ bezeichnet
die Garantin und ihre jeweiligen
Tochtergesellschaften, betrachtet
als Ganzes. ,,Tochtergesellschaft‘‘
ist jedes von der Garantin oder
einer Tochtergesellschaft abhängige
Unternehmen im Sinne von § 17
Aktiengesetz.
‘‘Principal Subsidiary’’ means a
Subsidiary of the Guarantor, the
turnover or the total assets of
which, as shown in its audited
financial statements following
consolidation measures (in each
case consolidated where that
Subsidiary itself has any Subsidiaries
and draws up group financial
statements), as at the date at which
its latest audited consolidated
financial statements were prepared
or, as the case may be, for the
financial period to which those
financial statements relate, account
for 2 per cent. or more of the
turnover or total assets of the
Group (all as calculated by
reference to the latest audited
consolidated financial statements of
the Group). ‘‘Group’’ means the
Guarantor and its Subsidiaries from
time to time, taken as a whole.
‘‘Subsidiary’’ means any enterprise
controlled by the Guarantor or, as
the case may be, by a Subsidiary of
the Guarantor, within the meaning
of § 17 German Stock Corporation
Act (abhängiges Unternehmen).
(3)
Diese Garantie und alle darin
enthaltenen Verpflichtungen stellen
einen Vertrag zugunsten der
Anleihegläubiger als begünstigte
Dritte gemäß § 328 Absatz 1 BGB
dar. Sie begründen das Recht eines
jeden Anleihegläubigers, die
Erfüllung der hierin eingegangenen
Verpflichtungen unmittelbar von
der Garantin zu fordern und diese
Verpflichtungen unmittelbar
gegenüber der Garantin
durchzusetzen.
(3)
This Guaranty and all obligations
herein contained constitute a
contract for the benefit of the
Noteholders from time to time as
third party beneficiaries pursuant
to § 328 (1) of the German Civil
Code. They give rise to the right of
each such Noteholder to require
performance of the obligations
undertaken herein directly from the
Guarantor and to enforce such
obligations directly against the
Guarantor.
(4)
Die Citibank N.A. handelt nicht als
Treuhänder oder in einer ähnlichen
Eigenschaft für die
Anleihegläubiger.
(4)
Citibank N.A. does not act as
fiduciary or in any similar capacity
for the Noteholders.
(5)
Die in dieser Garantie verwendeten
und darin nicht anders definierten
(5)
Terms used in this Guaranty and
not otherwise defined herein shall
28
(6)
Begriffe haben die ihnen in den
Bedingungen der
Schuldverschreibungen zugewiesene
Bedeutung.
Dieser Garantie unterliegt
deutschem Recht.
have the meanings attributed to
them in the Conditions of the
Notes.
(6)
This Guaranty shall be governed by,
and construed in accordance with,
German law.
This Guaranty is written in the
German language and attached
hereto is a non-binding English
language translation.
(7)
Dieser Vertrag ist in deutscher
Sprache abgefasst und ihm ist eine
unverbindliche Übersetzung in die
englische Sprache beigefügt.
(7)
(8)
Das Original dieser Garantie wird
der Citibank N.A. ausgehändigt und
von dieser verwahrt.
(8)
The original version of this
Guaranty shall be delivered to, and
kept by, Citibank N.A.
(9)
Gerichtsstand für alle
Rechtsstreitigkeiten aus oder im
Zusammenhang mit dieser Garantie
ist Frankfurt am Main. Jeder
Anleihegläubiger kann seine
Ansprüche jedoch auch vor jedem
anderen zuständigen Gericht
geltend machen.
(9)
The place of jurisdiction for all
legal proceedings arising out of or
in connection with this Guaranty
shall be Frankfurt am Main. Each
Noteholder, however, may pursue
his claims also before any other
court of competent jurisdiction.
(10) Each Noteholder may in any legal
proceedings against the Guarantor
or to which such Noteholder and
the Guarantor are parties protect
and enforce in his own name his
rights arising under this Guaranty
on the basis of a copy of this
Agreement certified as being a true
copy by a duly authorised officer of
Citibank N.A., without the need for
production in such proceedings of
this Guarantee.
(10) Jeder Anleihegläubiger kann in
jedem Rechtsstreit gegen die
Garantin und in jedem Rechtsstreit,
in dem er und die Garantin Partei
sind, seine Rechte aus dieser
Garantie auf der Grundlage einer
von einer vertretungsberechtigten
Person der Citibank N.A.
beglaubigten Kopie dieser Garantie
ohne Vorlage des Originals im
eigenen Namen wahrnehmen und
durchsetzen.
Leverkusen, den 17. Juni 2005
Leverkusen, June 17, 2005
Wir nehmen die Bedingungen der
vorstehenden Garantie ohne Obligo,
Gewährleistung oder Haftung an.
We accept the terms of the above Guarantee
without recourse, warranty or liability.
17. Juni 2005
June 17, 2005
Citibank N.A.
Citibank N.A.
29
USE OF PROCEEDS
The net proceeds from the issue of the Notes, amounting to approximately F497,020,000 will
be used by the Issuer to make one or more loans to the Guarantor (hereinafter together with
its direct and indirect subsidiaries collectively the ‘‘LANXESS Group’’ or the ‘‘Group’’) or one
or several subsidiaries within the LANXESS Group pursuant to the relevant loan agreement or
agreements. Any net proceeds of the issue of the Notes not advanced to the Guarantor or
one or several subsidiaries within the Group will remain with the Issuer.
The aforementioned borrower or borrowers will use such net proceeds primarily to repay
debt. In addition, such proceeds will be used for general financing purposes.
30
OVERVIEW, STRATEGY AND FORMATION OF THE LANXESS GROUP
Overview
The LANXESS Group is a corporate group newly formed from the majority of the existing
chemical and approximately one third of the polymer activities of the Bayer group and
consisting of LANXESS as the ultimate parent company which basically performs the functions
of a management holding company and its directly and indirectly owned subsidiaries.
The LANXESS Group is one of Europe’s major providers of polymers and chemicals with a
comprehensive product portfolio in the fields of polymers and basic, specialty and fine
chemicals. With more than 50 operating companies, the LANXESS Group generated net sales
of approximately F 6.8 billion in fiscal year 2004 and approximately F 6.3 billion in fiscal year
2003 (all all figures for 2003 and 2004 based on Combined Financial Statements as explained
on page 73 under ‘‘Financial Information’’). As of December 31, 2004, the Group employed
approximately 19,659 employees worldwide, of which approximately 51 per cent. were based
in Germany. The global business activities of the LANXESS Group are structured into 17
operating business units combined into the four segments Performance Rubber, Engineering
Plastics, Chemical Intermediates and Performance Chemicals.
The following two diagrams show the LANXESS Group’s net sales in fiscal year 2004, broken
down by segment and by the geographical regions in which the Group operates.
Net Sales in Fiscal Year 2004 broken down
by segment as a percentage of total sales
Net Sales in Fiscal Year 2004 broken down
by region as a percentage of total sales
Miscellaneous
business
operations
3.3%
Performance
Rubber
21.1%
Chemical
Intermediates
22.0%
Asia
14.6%
Performance
Chemicals
28.2%
EMEA
(excl. Germany)
35.7%
Germany
23.8%
Engineering
Plastics
25.4%
America
25.9%
Corporate Strategy
LANXESS plans to use its new corporate independence intensively to increase the profitability
of the LANXESS Group. The earnings potential of all business activities will thus be reviewed,
and concerted cost-reduction, efficiency-enhancement and restructuring measures will be
implemented.
The four cornerstones of the LANXESS Group’s strategy are:
–
Short-term measures for improving operational productivity through continued efforts
to reduce costs, optimisation of processes, improvement of the product and customer
mix and development of a new price-quantity strategy;
–
Systematic restructuring through, for example, consolidation, relocation or closure of
facilities, and measures to reduce personnel costs, particularly in those businesses and
product lines which are unlikely to attain a satisfactory level of profitability on the basis
of an implementation of the planned measures for improving operational productivity
alone;
31
–
Active portfolio management through a review of cooperative ventures and divestitures
primarily in those business sectors where the Company is unable with its own resources
to attain, within a given timeframe, the strategic or financial position it desires;
–
Selective organic growth in profitable businesses with attractive growth potential (e.g.,
the expansion of production capacities in butyl rubber) and in Asia, particularly in China.
Moreover, LANXESS intends to adapt the group’s organisational and corporate legal structure
to enable better management of its strategic goals and, in particular, of the optimisation of
its portfolio, such adaptive measures to include the carve-out of individual units into separate
independent entities and, where appropriate, modifications to the LANXESS Group’s national
organisations.
Even if LANXESS intends to maintain and steadily improve its investmentgrade ratings, it can
not be excluded that LANXESS will, in some point in time, be downgraded to lower grades.
To avoid such measures, LANXESS will especially focus on strong cash flow generation.
The Board of Management will also review whether profitability may be further increased by
the carving-out or outsourcing of services, existing distribution structures or other parts of
the value chain.
Formation of the LANXESS Group
The formation of the LANXESS Group can be described, in simplified terms, with the
following two steps:
In a first step, the majority of the existing chemical and approximately one third of the
polymer activities of the Bayer group, including certain service-related operating units of the
service companies Bayer Business Services GmbH, Bayer Industry Services GmbH & Co. KG and
Bayer Technology Services GmbH, have been transferred to LANXESS Deutschland GmbH
which was a wholly owned subsidiary of Bayer AG and its subsidiaries (LANXESS Deutschland
GmbH and its subsidiaries collectively the ‘‘LANXESS Subgroup’’). In addition, LANXESS
Deutschland GmbH acquired a 40 per cent. interest in Bayer Industry Services GmbH & Co. KG
against cash contribution. Bayer AG continues to hold the remaining 60 per cent. in Bayer
Industry Services GmbH & Co. KG. Furthermore, on December 30, 2004, LANXESS Deutschland
GmbH and Bayer AG entered into a real estate purchase agreement by which LANXESS
Deutschland GmbH acquired virtually all of the real property it currently uses in Germany as
well as additional real properties in Germany (together with any fixtures and accessories).
Likewise, with respect to almost all of the foreign real properties used by the LANXESS
Subgroup, ownership has been or will be transferred.
As a second step, Bayer AG transferred its interest in LANXESS Deutschland GmbH and certain
other assets to LANXESS by way of a spin-off pursuant to the German Transformation Act
(the ‘‘Spin-Off’’). Bayer AG and LANXESS implemented the spin-off plan by entering into a
Spin-Off and Acquisition Agreement on September 22, 2004. Under the terms of such
agreement, LANXESS, in consideration for the assets transferred to it, granted shares in
LANXESS to the stockholders of Bayer AG. The shares in LANXESS were subsequently admitted
to the official market segment and, simultaneously, the official market sub-segment entailing
additional post-admission obligations of the Frankfurt Stock Exchange. In order to be valid,
the Spin-Off and Acquisition Agreement required the approval by the stockholders’ meetings
of Bayer AG and LANXESS which approval was resolved upon on November 17, 2004 and
December 21, 2004, respectively. The spin-off of LANXESS from Bayer AG became legally
effective when it was entered in the commercial register of Bayer AG on January 28, 2005.
This was made with backdated economic effect from July 1, 2004. Since January 31, 2005,
LANXESS shares have been traded officially at Frankfurt Stock Exchange in the Prime
Standard segment.
On September 22, 2004, Bayer AG and LANXESS entered into a Master Agreement which
forms an integral part of the Spin-Off and Acquisition Agreement. Pursuant to the Master
Agreement, both parties intend, among other things, to ensure the combination of the
chemicals and polymers activities in LANXESS Deutschland GmbH and its subsidiaries and that
certain minimum standards will be observed in such combination, to conclusively determine
the apportionment of liability as between the LANXESS Group and the Bayer group in the
areas of environment, antitrust and product liability, and establish certain reciprocal rules of
conduct and duties of cooperation for the period following the Spin-Off.
32
With respect to other subjects which relate to the listing at the Frankfurt Stock Exchange,
LANXESS and Bayer AG have entered into additional agreements concerning the
apportionment of liability as between themselves in other areas (for example, with respect to
the preparation of the Combined Financial Statements).
With respect to the apportionment of liability, the Master Agreement caps the LANXESS
Group’s liability for environmental contamination of real property caused prior to July 1, 2004
at F 350 million. However, in simplified terms, this liability cap applies only to remedial
action ordered, agreed upon or actually carried out by December 31, 2009. As to antitrust,
the Master Agreement contains special provisions governing antitrust proceedings and civil
litigation in connection with products of the former Bayer AG Rubber Business Unit that are
now allocated to the LANXESS Group. If, prior to July 1, 2004, regulatory proceedings had at
least been commenced or if a company had taken steps before an antitrust authority with a
view to commencing proceedings, the LANXESS Group will bear 30%, and the Bayer group
70%, of any liability resulting therefrom. The LANXESS Group’s liability in such proceedings is
generally limited to a total of F 100 million. In addition, any tax disadvantages arising
thereby due to limited deductibility for tax purposes are to be reimbursed. Reimbursement
payments will be limited to F 50 million per calendar year. Costs of external assistance in
these antitrust proceedings are likewise shared between the parties on a 30:70 basis but will
not count towards the liability cap.
Remaining Relationships with the Bayer Group
Extensive global business relationships are in place between LANXESS and the Bayer group.
LANXESS estimates that in 2005 the Bayer group will supply approximately F 0.5 billion worth
of goods and services to LANXESS Group companies. This figure does not include services
provided by Bayer Industry Services GmbH & Co. OHG and its subsidiaries. In 2005, LANXESS
anticipates that the Group companies will obtain approximately F 0.5 billion worth of sitespecific services at the chemical park sites from this company (including its subsidiaries).
Furthermore, LANXESS estimates that in 2005 the Bayer group will purchase goods and
services in the amount of approximately F 0.7 billion from LANXESS Group companies. Most
of these goods and services will be supplied to the Bayer MaterialScience and Bayer
CropScience subgroups.
In a number of countries in which the LANXESS Group does not have its own foreign
affiliates, it conducts its local distribution through Bayer group companies. LANXESS
anticipates that sales released in this manner will amount to approximately F 0.7 billion in
2005. Conversely, companies within the LANXESS Group distribute Bayer group products in
some countries on the basis of commercial agency and exclusive dealer arrangements. These
sales will, however, not be significant.
Further ongoing relationships between the LANXESS Group and the Bayer group relate to:
–
Tax matters in connection with the Spin-Off;
–
Assignments and re-registrations of intellectual property rights;
–
Co-operation in order to effect the transfer of title in real property and operating
equipment from Bayer AG to LANXESS Deutschland GmbH due to a notarised land
purchase agreement entered into between the parties, dated December 30, 2004;
–
Co-operation in order to effect the transfer of certain business activities – in particular in
India and South Africa – to LANXESS Deutschland GmbH in connection with the
formation of the LANXESS Subgroup;
–
Use and management of sites jointly used by LANXESS Group and Bayer group
companies;
–
Shareholding of LANXESS Deutschland GmbH (40%) and Bayer AG (60%) in Bayer
Industry Services GmbH & Co. OHG.
In addition, the following significant agreements are currently being negotiated or have
already been executed between LANXESS Group and Bayer group companies:
–
A so-called ‘‘shareholder agreement’’ is expected to be executed between LANXESS (Pty)
Ltd., South Africa, Bayer (Pty) Ltd., South Africa, and Bayer Mining Holdings (Pty) Ltd.,
South Africa, and is intended to govern the rights of LANXESS (Pty) Ltd. and Bayer (Pty)
Ltd. as the stockholders of Bayer Mining Holdings (Pty) Ltd.;
33
–
At the end of 2004, the LANXESS Group and the Bayer group agreed to extend the
payment dates with respect to the supply of selected goods and services by the Bayer
group to the LANXESS Group. This payment extension covered a volume of
approximately F130 million, scheduled on a rolling basis until the third quarter of fiscal
year 2006;
–
The Boards of Management at LANXESS and Bayer AG have reached an agreement that
the sponsorship volumes attributable to the LANXESS Group in fiscal year 2004 (F 4.9
million) would be continued and progressively lowered from that level over the next
three years – 75% in fiscal year 2005, 50% in fiscal year 2006 and 25% in fiscal year
2007. In this regard, a cooperation agreement is currently being prepared. Furthermore,
the LANXESS Board of Management has announced its intention that, in regard to
donation funding of non-profit company organisations, the donations made in fiscal
year 2004 and attributable to the LANXESS Group (F 5 million) would be continued from
2005 until 2007 commensurately with the reductions made under the sponsorship
programs;
Risks relating to the Spin-Off
Tax consequences in connection with the Spin-off and the preparatory measures
implemented for this purpose
The German tax authority responsible for Bayer AG has issued an advance ruling in which it
confirmed that the factual elements serving as prerequisites to a spin-off pursuant to section
15 of the German Transformation Tax Act (Umwandlungssteuergesetz) have been met. The
statement of the facts on which this advance ruling was based also contained a description of
the establishment of a LANXESS Corporate Center within Bayer AG. This LANXESS Corporate
Center, which is relevant for demonstrating in connection with the Spin-Off that LANXESS is
an operationally separate business division (Teilbetrieb), has been transferred to LANXESS.
LANXESS intends to continue this Corporate Center with respect to its functions and at least
on the same scale (in terms of its personnel) existing on the date the Spin-Off took effect,
thereby fulfilling the contractual duty to ensure the continuance of the LANXESS Corporate
Center at least until December 31, 2005. The advance ruling is binding only if and to the
extent that the supporting facts were correctly described. Otherwise, the Spin-Off could be
treated as a taxable dividend distribution to the participating stockholders, from which Bayer
AG would be required to withhold the statutory withholding tax. The parties believe that,
regarding the LANXESS Corporate Center, there is no discrepancy from the facts as described
in the application.
By way of the Spin-Off corporate income tax and trade tax loss carry forwards incurred by
Bayer AG passed to LANXESS on a pro rata basis. The transfer of the pro-rated tax loss carry
forwards presupposes that the businesses or business divisions to which such apportionable
past losses are attributable will continue to operate for five years following the Spin-Off
date, as defined for tax purposes, on a scale considered comparable in view of the overall
economic circumstances. This rule applies to the businesses or business divisions transferred to
LANXESS as well as those remaining with the Bayer group. No agreement was made to the
effect that the Bayer companies refrain from undertaking restructuring measures during this
period.
Irrespective thereof, LANXESS will not be able to utilise the loss carry forwards if more than
50% of LANXESS’ shares are transferred and LANXESS receives predominantly new assets. In
the view of the German tax authorities the increase in cash resulting from borrowing funds
or issuing debt instruments, such as the issued Convertible Bond, could constitute a receipt of
new business assets. If the tax loss carry forwards of LANXESS could not be utilised, valuation
adjustments would have to be made to the deferred tax assets recorded in the consolidated
balance sheet. This would lower LANXESS’ consolidated net income and reduce the LANXESS
Group’s stockholders’ equity.
With respect to the amount of the loss carry forwards to be transferred to LANXESS, there is
a general risk that government tax audits could result in corrections for tax assessment
periods ending prior to the effective transfer date for tax purposes.
In connection with the preparatory spin-offs from Bayer Chemicals AG and Bayer
MaterialScience AG to LANXESS Deutschland GmbH, the latter is deemed for tax purposes to
34
have acquired the assets as part of a capital contribution at the fair market value. The
allocation of the aggregate value of the capital contribution among the individual assets was
conducted by the participating Bayer companies and by LANXESS Deutschland GmbH on the
basis of the existing valuation reports. Necessary write-downs of book values were allocated
to non-current assets. It cannot be excluded that the tax authorities will calculate a different
aggregate value and/or a different apportionment of the aggregate capital contribution
among the individual assets. This could result in future income tax charges being imposed on
LANXESS Deutschland GmbH. Bayer AG and LANXESS Deutschland GmbH entered into an
agreement under which the present value of such future additional income tax charges will
be shared equally between these two companies, insofar as they relate to current assets.
Favourable tax effects with respect to non-current assets deemed realized in the future are
taken into account for computing this cost sharing irrespective of LANXESS Deutschland
GmbH’s actual future income situation.
Pursuant to the Spin-Off and Acquisition Agreement and the Master Agreement concluded in
connection therewith between Bayer AG and LANXESS, Bayer AG or the relevant transferring
enterprises affiliated with it bear any income taxes based on actions taken on or before the
effective date of the Spin-Off (July 1, 2004). In addition, the contractual provisions concluded
in the context of the transfer of portions of the LANXESS Subgroup generally provide that
the respective transferring Bayer company must bear income taxes assessed for those periods
that end on or prior to the effective date of the transfer (as a rule July 1, 2004) to the
extent the prior figures reported on the balance sheet are exceeded and the present value of
any tax relief effects from offsetting changes in income at the LANXESS Group cannot be set
off against such tax liability. When calculating present value, rules based on type will be
applied with respect to the timing of the recognition of the reversal effect, irrespective of
LANXESS Deutschland GmbH’s actual income situation.
An exception to this principle applies in certain circumstances with respect to tax liabilities
arising from transfer-pricing adjustments involving foreign affiliates which were not
transferred as part of the spin-offs from Bayer Chemicals AG or Bayer Material Science AG.
Although there is currently no indication of this, the possibility that the LANXESS Group
could thereby be exposed to material financial liability cannot be excluded.
Irrespective of these contractual provisions, the possibility cannot be excluded that the
transferee LANXESS companies will also be held liable vis-à-vis third parties for such taxes on
account of their joint and several liability in connection with the spin-off. However, the
agreements entered into in the course of establishing the LANXESS Subgroup and/or
corporate practices routinely provide that the transferee LANXESS company is entitled to be
indemnified against such liability by the respective transferor Bayer company.
Transfer taxes arising as a result of the measures taken to establish the LANXESS Group
structure, such as land transfer taxes, must be borne by the LANXESS Group. The same applies
to any land transfer tax applicable upon the purchase of domestic real property by LANXESS
Deutschland GmbH. The land purchase agreement concluded on December 30, 2004 became
effective upon the expiry of the first calendar day following the Spin-Off. At such time, also
the use and enjoyment of, and the risks and encumbrances relating to, the land were
transferred. Consequently, in the opinion of the Board of Management of LANXESS, LANXESS
Deutschland GmbH was not the economic owner of these properties at the time of the SpinOff as a result of the condition precedent, such that the Spin-Off should not have triggered
any land transfer tax liability in addition to that arising from the land purchase agreement.
Liability consequences and obligations to provide security in connection with the SpinOff and the associated preparatory measures
The Spin-Off and the combining of the chemicals and polymers businesses into LANXESS
Deutschland GmbH and its direct and indirect subsidiaries involve liability risks for the
LANXESS Group.
Pursuant to section 133 (1) and (3) of the German Transformation Act, LANXESS is jointly and
severally liable for the performance of the obligations remaining with Bayer AG that had
already been established prior to the date the Spin-Off took effect, if such obligations
become due within five years following the date on which the registration of the Spin-Off in
the Commercial Register for Bayer AG is announced and such obligations give rise to claims
against LANXESS that are asserted in the manner prescribed by law. Bayer AG and LANXESS
35
agreed in the Spin-off Agreement that Bayer AG would indemnify LANXESS with respect to
any claims enforced against LANXESS on the basis of such obligations of BAYER AG.
Nevertheless, if creditors enforce such claims in the future and Bayer AG is not in a position
to comply with its indemnity obligations, this could have a material adverse effect on the
financial condition and results of operations of the LANXESS Group.
Furthermore, pursuant to sections 22, 125 and 133 of the German Transformation Act,
creditors of LANXESS may, within six months from the date the registration of the Spin-Off in
the Commercial Register for Bayer AG is announced, demand that LANXESS furnishes them
with collateral to secure their claims, provided such creditors are unable to demand
satisfaction of their claims at the respective time, that they provide written notice of the
grounds and extent of their claims and that they provide credible evidence that the Spin-Off
jeopardises the settlement of their claims. Should LANXESS be obligated to provide collateral
to some or all of its creditors, this could have an adverse effect on the LANXESS Group’s
financial condition and results of operations.
The arrangements mentioned above with respect to liability also apply to the spin-offs from
Bayer Chemicals AG and/or Bayer MaterialScience AG to LANXESS Deutschland GmbH which
were carried out in the course of combining the relevant chemicals and polymers activities in
LANXESS Deutschland GmbH. LANXESS Deutschland GmbH is subject to joint and several
liability under section 133 (1) and (3) of the German Transformation Act for the performance
of the obligations remaining with Bayer Chemicals AG and/or Bayer MaterialScience AG that
had already been established prior to the date the spin-off took effect, if such obligations
become due within five years following the date on which the registration of the relevant
spin-off in the Commercial Register for Bayer Chemicals AG or Bayer MaterialScience AG, as
the case may be, is announced and such obligations give rise to claims against LANXESS
Deutschland GmbH that are asserted in the manner prescribed by law. These obligations
include those arising from the joint liability of Bayer Chemicals AG and Bayer MaterialScience
AG for Bayer AG’s former liabilities in connection with the carve-out of the business activities
from Bayer AG to these companies in 2002. As in the case of the Spin-Off, Bayer Chemicals
AG and Bayer MaterialScience AG, on the one hand, and LANXESS Deutschland GmbH, on the
other, agreed that Bayer Chemicals AG or Bayer Material Science AG will, respectively,
indemnify LANXESS Deutschland GmbH in respect of claims asserted against it based on
liabilities of Bayer Chemicals AG or Bayer Material Science AG. Nevertheless, if Bayer
Chemicals AG or Bayer MaterialScience AG, as the case may be, are unable in the future to
comply with their indemnity obligations, this could have a material adverse effect on the
financial condition and results of operations of the LANXESS Group.
Furthermore, pursuant to sections 22, 125 and 133 of the German Transformation Act,
creditors of LANXESS Deutschland GmbH may, within six months from the date the
registration of the spin-offs in the Commercial Register for Bayer Chemicals AG or Bayer
MaterialScience AG, as the case may be, is announced, demand that the LANXESS
Deutschland GmbH furnish them with collateral to secure their claims, provided that such
creditors are unable to demand satisfaction of their claims at the respective time, that they
provide written notice of the grounds and extent of their claims and that they provide
credible evidence that the spin-off jeopardises the settlement of their claims. Should LANXESS
Deutschland GmbH be obligated to provide collateral to some or all of its creditors, this
could have a material adverse effect on the LANXESS Group’s financial condition and results
of operations.
Implementation of planned restructuring and cost-reduction measures
LANXESS plans to restructure the LANXESS Group and reorganise its business activities. To this
end, LANXESS examines, and will continue to examine, all business units and identify those
which will belong to the strategic core business of the LANXESS Group in the medium and
long term. LANXESS will continue to carefully examine the earnings potential of those
business units that are not classified as strategic core business, with a view to potential
partnering or possibly taking portfolio measures once the specific restructuring and costreduction measures have been implemented. In addition, LANXESS plans in the short term to
implement performance programs for improving competitiveness as well as Group-wide
programs for optimising processes and reducing costs. In regional terms, LANXESS aims for
selective growth, particularly in China, possibly together with suitable partners. The measures
36
undertaken by LANXESS Group companies in order to implement its strategic realignment
could significantly impact the LANXESS Group’s results as early as the fiscal year 2005.
There can be no assurance that LANXESS will succeed in achieving the extensive alignment of
the Group and the associated restructuring in a timely manner. The possibility cannot be
excluded that, for instance, due to the existing general legal framework, certain operations
may need to be continued or that LANXESS Group companies will be unable to implement
portfolio measures because the divestiture of certain business operations fails or because no
suitable partner is found.
As a result of the Agreement to Safeguard Sites and Employment III (Vereinbarung zur
Standort- und Beschäftigungssicherung III), to which LANXESS and LANXESS Deutschland
GmbH must adhere, and a breakdown in negotiations on the modifications to or conclusion
of other collective bargaining agreements, the possibility cannot be excluded that potential
necessary restructuring measures may be delayed or prevented or may be subject to higher
costs. In addition, actions relating to labour struggles in Germany or abroad cannot be
excluded. Likewise, the implementation of the restructuring measures may be delayed or
prevented because of existing production network structures, the complexity of the LANXESS
Group’s IT system or the inability to convey real property from Bayer AG to LANXESS
Deutschland GmbH as planned. Furthermore, the possibility that the expenses incurred during
the implementation of the restructuring and cost-reduction measures will be higher than
budgeted cannot be excluded. This risk applies to, among other things, possible revaluations
of the LANXESS Group’s business operations in connection with portfolio measures, which
could necessitate impairments. In addition, the group may lose current synergies with other
business operations if individual business activities are sold.
There is also a risk that LANXESS’ growth strategy cannot be implemented in the Asian
market as planned because, for example, no suitable partners can be found there or because
existing or future partnerships turn out to be unsuccessful.
Should LANXESS not succeed in achieving the appropriate measures for implementing its
strategy or should the measures taken not be successful, this could have a material adverse
effect on the financial condition and results of operations of the LANXESS Group.
Pending measures for the establishment of the LANXESS Group
A number of measures have been implemented for purposes of combining almost all of the
chemicals and parts of the polymers activities of the Bayer Group in LANXESS Deutschland
GmbH and its subsidiaries. In addition to the spin-offs from Bayer Chemicals AG and Bayer
MaterialScience AG to LANXESS Deutschland GmbH, the LANXESS Group’s foreign chemicals
and polymers businesses were transferred to LANXESS Deutschland GmbH and its subsidiaries
in the individual countries using different legal methods.
At present, the transfer of certain business activities – in particular in India and South Africa
– has not yet been effected. This also applies to the Thane production site in India and the
Rustenberg mine in South Africa. The business operated at the Rustenberg mine cannot be
transferred to the LANXESS Group until the latter has complied with the legal requirements
for obtaining the required licences and thus for operating the mine. Accordingly, the transfer
of the land, the machinery and the intangible assets will be subject to the condition
precedent that such legal requirements are met. On the other hand, the business’s accounts
receivable and consumables (such as spare parts) were transferred with effect from August 1,
2004. The LANXESS Group already took over the chromium distribution business with effect
from July 1, 2004. Pending the final transfer of all assets, LANXESS Mining (Pty) Ltd. will
operate the mine on behalf of Bayer (Pty) Ltd. The existing Bayer licence for the Rustenberg
mine expires in 2007. The failure of the LANXESS Group to obtain its own licence by that
time could have a material adverse effect on the business activities of the LANXESS Group in
the area of leather chemicals.
The possibility also cannot be excluded that, the transfer to the LANXESS Group of interests
in individual joint ventures will require the consent from the respective joint venture partners
and that such consent may be withheld or delayed or that the transfer will trigger rights of
first refusal.
The conveyance of the real property and operating equipment on the basis of the land
purchase agreement dated December 30, 2004 between LANXESS Deutschland GmbH and
37
Bayer AG has not yet been completed. The possibility cannot be excluded that the
conveyance cannot transpire as planned because, for example, regulatory permits have not
been granted. In addition, adjustments may be made to existing governmental permits and/or
new governmental permits may be required in connection with subdividing the relevant land,
which in turn could lead to additional capital expenditures and/or more costs. Furthermore,
the possibility that these properties may be subject to future revaluations cannot be
excluded.
38
DESCRIPTION OF LANXESS FINANCE B.V.
Incorporation and Registered Office
LANXESS Finance B.V. was founded on June 6, 2005, and was recorded with the Commercial
Register in Arnhem, The Netherlands, under No. 9151956 on June 9, 2005.
LANXESS Finance B.V.’s principal place of business is in Ede, The Netherlands. Its duration is
for an indefinite period of time.
Object
According to its articles of association, LANXESS Finance B.V.’s purpose is:
–
to participate in, to finance or to have any other interest in, or to conduct the
management of, other companies or entreprises,
–
to furnish guarantees, provide security, warrant performance or in any other way assume
liability, whether jointly or severally or otherwise, for or in respect of obligations of
group companies,
–
to do anything which is, in the widest sense of the word, connected with or may be
conducive to the attainment of these objects.
Share Capital
Authorised capital is F 10 million, paid in share capital is F 2 million.
Capitalisation
The initial capitalisation is the paid in share capital of F 2 million.
The following table sets forth the unaudited capitalisation of the Issuer as of the date of this
Information Memorandum adjusted for the notes being issued on the date of the issue.
17.06.2005
J
Share Capital .................................................................................................................
Shareholder’s Funds .....................................................................................................
Liabilities .......................................................................................................................
2,000,000
2,000,000
500,000,000
Total Capitalisation.......................................................................................................
502,000,000
Management and Corporate Bodies
LANXESS Finance B.V.’s corporate bodies are its board of management and the general
meeting of shareholders.
The board of management is authorized to represent LANXESS Finance B.V. The board of
management consists of Mr. Wisse van de Guchte and Mr. Martin Krämer.
Mr. van de Guchte’s business address is Einsteinstraat 11, 6716 AC Ede, The Netherlands.
Mr. Krämer’s business address is that of the head office of LANXESS.
Fiscal Year
The fiscal year of LANXESS Finance B.V. is the calendar year.
Auditors
PwC, Diamantstraat 2, 7550 AB Hengelo OV, The Netherlands, has been appointed as the
Company’s auditor for fiscal year 2005.
Interim Financial Statements
The Issuer does not, and does not intend, to publish interim financial statements.
39
Recent Developments
Since its incorporation, the Issuer has not engaged in any business activities save that it has
entered into various agreements in connection with the issue of the Notes.
40
DESCRIPTION OF LANXESS
Incorporation and Registered Office
LANXESS was established as a stock corporation under the laws of Germany on October 28,
1999 and registered with the commercial register on November 18, 1999. It was formed under
the company name ‘‘SIFRI Beteiligungs Aktiengesellschaft’’ as a so-called ‘‘shelf’’ company
without any business operations of its own. On July 13, 2004, Bayer AG acquired all of the
shares in this company. The company’s name was changed to LANXESS Aktiengesellschaft and
the registered office was moved to Leverkusen. LANXESS is registered in the commercial
register of Cologne under number HRB 53652. Its registered and head office is at KaiserWilhelm-Allee 1, 51369 Leverkusen, Germany.
Object
The objective of LANXESS (as set out in its Articles of Association) is to engage in
manufacturing, distribution and other industrial activities or the provision of services in the
chemicals and polymers areas.
LANXESS is authorised to engage in any business that is related to, or directly or indirectly
serves, that purpose.
LANXESS may establish, acquire and take participating interests in other enterprises, in
particular those whose corporate purposes fully or partially cover the areas set forth above.
LANXESS may bring companies in which it holds a participating interest under its uniform
control or confine itself to the administration of such interest. LANXESS may carve out its
operations, in whole or in part, to affiliated companies or may permit affiliated companies to
perform its operations.
Share Capital
The issued share capital of LANXESS is F 73,034,192, divided into 73,034,192 no par value
ordinary bearer shares (no-par shares), each such no-par share representing a F 1 portion of
the capital stock. All of the shares are fully paid up. The initial issued share capital was
F 50,000, divided into 50,000 no-par shares, and was increased, based on a resolution of the
stockholders’ meeting of LANXESS as of December 21, 2004, by F 72,984,192 in order to
implement the Spin-Off.
Following the exercise of the conversion rights under the Convertible Bond, the share capital
of LANXESS will be increased on or shortly after July 20, 2005 by at least F 11,586,479 and at
most F 13,324,450 using contingent capital resolved at the ordinary shareholders’ meeting
dated June 16, 2005.
Authorised Capital
On September 15, 2004, the stockholders’ meeting of LANXESS authorised the Board of
Management, subject to the Supervisory Board’s approval, to increase the company’s capital
stock by a total of up to F 36,517,096 in one or more issuances of new no-par shares against
contributions in cash or in kind until August 30, 2009. The authorised capital was registered
with the commercial register for LANXESS on February 25, 2005.
Convertible Bond
On the basis of the resolution adopted by its stockholders’ meeting on September 15, 2004,
LANXESS issued to Bayer AG a convertible bearer bond with a nominal value of F 200,000,000,
divided into 2,000 individual bonds each with a nominal value of F 100,000 and a maturity
date of September 15, 2007 (the ‘‘Convertible Bond’’).
On June 6, 2005, LANXESS entered into a sale and purchase agreement with Bayer AG to
repurchase the Convertible Bond. Immediately following such repurchase, LANXESS sold the
Convertible Bond to Morgan Stanley who successfully placed the minimum amount of
11,586,479 shares of LANXESS to be delivered following the exercise of the conversion right
with institutional investors at a share price of F 18.20 each. A second tranche of up to
1,737,971 shares may follow. Morgan Stanley is obliged to exercise the conversion right at
the earliest date possible, i.e. on or shortly after July 20, 2005. As a consequence of these
41
transactions, LANXESS is no longer obliged to pay interest on the principal of the Convertible
Bond.
Capitalisation
The following table sets forth the actual capitalisation of the LANXESS Group as of December
31, 2004, based on the audited Combined Financial Statements of the LANXESS Group as of
December 31, 2004 and the capitalization of the LANXESS Group as of March 31, 2005, based
on actual unaudited interim consolidated Financial Statements:
J million
31.03.2005
31.12.2004
Capital stock and reserves of LANXESS AG ............................................
Retained earnings ....................................................................................
Net income (loss)......................................................................................
Other comprehensive income .................................................................
Minority interest ......................................................................................
836
631
70
-366
14
836
896
-12
-369
14
Stockholders’ equity................................................................................
1,185
1,365
Provisions for pensions and other post-employment benefits .............
Other noncurrent provisions ...................................................................
Noncurrent financial liabilities................................................................
Other noncurrent liabilities.....................................................................
431
222
112
1
418
238
131
1
Noncurrent liabilities ...............................................................................
766
788
Other current provisions..........................................................................
Current financial liabilities ......................................................................
Trade payables .........................................................................................
Other current liabilities ...........................................................................
326
1,252
756
209
243
1,076
820
189
Current liabilities .....................................................................................
2,543
2,328
Deferred taxes .........................................................................................
174
55
Deferred income ......................................................................................
49
41
Changes in stockholder’s equity are mainly due to the transition from the Combined Financial
Statements to consolidated Group financial statements, mainly because of adjustments to
deferred taxes that are not recognised in income. There has been no material change in the
capitalisation of the LANXESS Group since March 31, 2005. After conversion of the
Convertible Bond on or shortly after July 20, 2005, capital stock and reserves will increase by
more than F 200 million, whereas current liabilities will decrease by a corresponding amount.
Financing strategy and main financing elements
LANXESS seeks to maintain a flexible financing structure through the use of a variety of
financial instruments. In line with this goal, the issue of the Notes will further diversify the
financing portfolio and extend the average maturity of LANXESS indebtedness.
Currently the following financing elements are in place:
LANXESS entered into a senior, unsecured F 1.5 billion revolving credit facility with a bank
syndicate on December 10, 2004. The facility can be utilised by LANXESS, LANXESS
Deutschland GmbH and LANXESS Corp, whereas drawings of the latter two are guaranteed
by LANXESS. The facility includes a F 0.5 billion tranche structured as a revolving credit line
with a term of 364 days, including a term-out- and an extension option. In addition, the
Credit Facility includes two revolving tranches totalling F 1.0 billion with terms ending in
December 2009.
Furthermore, LANXESS has implemented a F 200 million Asset Backed Securities program. On
a revolving basis euro denominated trade receivables of LANXESS Deutschland GmbH can be
sold to a Special Purpose Vehicle, which funds the receivables purchase through the issuance
42
of commercial papers. Due to structural characteristics, the programme is reported on the
balance sheet.
Other financing sources include financial and operational leases as well as bilateral credit
agreements.
The following diagram shows the significance of financing elements for the LANXESS Group
in relation to total funds drawn on December 31, 2004:
Significance of financing elements in relation to total
funds drawn on December 31, 2004
Mandatory
Convertible
17%
Financial Lease
7%
Loans
61%
ABS Programme
15%
Most of the financial liabilities of the LANXESS Group are either unsecured or have the same
priority level. Liabilities amounting to F 257 million were secured on December 31, 2004,
thereof F 182 million in the context of the above mentioned Asset Backed Securities program
and F 23 million by mortgages.
Also in the future, LANXESS will actively manage its balance sheet and continuously explore
equity and debt capital market opportunities to further improve, among other things, its
flexibility, financing costs and maturity profiles. This may also include a replacement of
existing financial indebtedness with equity, structured debt or hybrid instruments.
Subsidiaries’ Guarantees
In January 2005, LANXESS Deutschland GmbH, Germany, LANXESS International AG,
Switzerland, LANXESS Corporation, U.S.A., and LANXESS N.V., Belgium, irrevocably and
unconditionally fully guaranteed vis-à-vis LANXESS the due and punctual observance and
performance of all legally enforceable current and future financial liabilities of LANXESS,
subject to statutory limitations applicable to the guarantors. Each of such guarantees is
limited in time until December 31, 2008 but will extend automatically be renewed annually if
not terminated. The termination of a guarantee does not affect its validity with respect to
financial obligations which have been incurred by LANXESS prior to such termination
becoming effective.
Board of Management
LANXESS’ Board of Management currently consists of the following four members who were
appointed by the Supervisory Board of LANXESS on September 2, 2004 and newly appointed
on December 7, 2004 for a three-year term commencing when the Spin-Off took effect (i.e.
January 28, 2005):
Dr. Axel Claus Heitmann
Dr. Ulrich Koemm
Dr. Martin Wienkenhöver
Matthias Zachert
– Chief Executive Officer
– Industrial Relations Director
– Chief Financial Officer
43
Supervisory Board
Prior to the Spin-Off taking effect, LANXESS did not have any employees. Thus, its
Supervisory Board was not co-determined. Upon the Spin-Off taking effect on January 28,
2005, the provisions of the German Co-Determination Act of 1976 became applicable with
respect to the composition of LANXESS’ Supervisory Board.
The newly constituted Supervisory Board consists of 16 members, of which eight represent
stockholders and the other eight represent employees. The names and principal occupations
of the current members of the Supervisory Board are:
Name
Additional Supervisory Board Appointments and
Appointments at Comparable German and Foreign
Supervisory Bodies of Business Enterprises
Position
Dr. Rolf Stomberg................ Chairman of the Supervisory Board of
LANXESS
Chairman of the Board of Directors of Management
Consulting Group plc, London, Great Britain
Member of the Supervisory Board of Deutsche BP AG,
Hamburg
Member of the Supervisory Board of Biesterfeld AG,
Hamburg
Member of the Board of Directors of Reed Elsevier plc,
London, Great Britain
Member of the Board of Directors of Smith & Nephew plc,
London, Great Britain
Member of the Supervisory Board of Reed Elsevier NV,
Amsterdam, The Netherlands
Member of the Supervisory Board of TPG Post Group,
Amsterdam, The Netherlands
Member of the Supervisory Board of Scania AB,
Södertälje, Sweden
Ralf Deitz*............................ Vice Chairman of the Supervisory Board —
of LANXESS, member of works council of
Bayer AG
Wolfgang Blossey* .............. Secretary of IG BCE Hauptvorstand
Hanover
Vice Chairman of the Supervisory Board of Stora Enso
Beteiligungen GmbH
Werner Czaplik* .................. Member of works council of Bayer AG
—
Member of the administration board of Bayer BKK
Dr. Rudolf Fauß*.................. Head of Human Resources of LANXESS
Deutschland GmbH, Chairman of the
representative committee of executive
employees of the LANXESS Group and of
LANXESS
Ulrich Freese*....................... Vice Chairman of IG BCE
Vice Chairman of the Supervisory Board of Vattenfall
Europe Mining AG
Vice Chairman of the Supervisory Board of Wismut GmbH
First Vice Chairman of the Supervisory Board of RAG
Immobilien
Vice Chairman of the Supervisory Board of Deutsche
Montan Technologie
Vice Chairman of the Supervisory Board of GSB –
Gesellschaft zur Sicherung von Bergmannswohnungen
mbH
Vice Chairman of the Supervisory Board of Wohnbau
Westfalen GmbH
Vice Chairman of the Supervisory Board of
Wohnungsbaugesellschaft für das Rheinische
Braunkohlenrevier GmbH / GSG Wohnungsbau
Braunkohle GmbH
Rainer Hippler* .................... Chairman of works council of
RheinChemie Rheinau GmbH
Member of the Supervisory Board of RheinChemie
Rheinau GmbH
Dr. Friedrich Janssen ............ Member of the Board of Management of Member of the Supervisory Board of Gerling
E.ON Ruhrgas AG, Essen
Versicherungs-Beteiligungs-AG, Cologne
Member of the Supervisory Board of HDI Rechtsschutz
Versicherungs-AG, Hanover
Member of the Supervisory Board of STEAG AG, Essen
Various appointments to the Supervisory Boards of
companies associated with E.ON Ruhrgas AG, Essen
Member of the Advisory Board of HDI Haftpflichtverband
der Deutschen Industrie Versicherungsverein auf
Gegenseitigkeit, Hanover
Dr. Jürgen F. Kammer.......... Chairman of the Supervisory Board of
Süd-Chemie AG, Munich, former
Chairman of the Board of Management
of Süd-Chemie AG
44
Member of the Supervisory Board of Villeroy & Boch AG,
Mettlach
Name
Additional Supervisory Board Appointments and
Appointments at Comparable German and Foreign
Supervisory Bodies of Business Enterprises
Position
Robert J. Koehler ................. Chairman of the Board of Management
of SGL CARBON AG, Wiesbaden
Chairman of the Supervisory Board of Benteler AG,
Paderborn
Member of the Supervisory Board and of the
Shareholders’ Committee of Wacker-Chemie GmbH,
Munich
Member of the Supervisory Board of Pfleiderer AG,
Neumarkt
Member of the Supervisory Board of AXA Versicherung
AG, Cologne
Member of the Supervisory Board of Heidelberger
Druckmaschinen AG, Heidelberg
Rainer Laufs.......................... Independent consultant, former
Chairman of the Board of Management
of Deutsche Shell AG, Hamburg, and
former member of the Board of
Management of Shell Chemicals Europe
and Shell Europe Oil Products
Member of the Supervisory Board of WCM Beteiligungsund Grundbesitz AG, Frankfurt am Main
Member of the Supervisory Board of Klöckner Werke AG,
Duisburg
Lutz Lingnau ........................ Member of the Board of Management of Chairman of the Board of Directors of Berlex Inc.,
Schering AG, Berlin
Montville, New Jersey, USA
Chairman of the Board of Directors of Medrad Inc.,
Indianola, Pennsylvania, USA
Vice Chairman of the Board of Directors of Schering
Berlin Inc., Montville, New Jersey, USA
Chairman of the Board of Directors of Intendis Inc.,
Montville, New Jersey, USA
Prof. h.c. (CHN) Dr. Ulrich
Vice Chairman of the Board of
Middelmann ......................... Management of ThyssenKrupp AG,
Duisburg/Essen
Chairman of the Supervisory Board of ThyssenKrupp Stahl
AG, Duisburg
Chairman of the Supervisory Board of ThyssenKrupp
Technologies AG, Essen
Chairman of the Supervisory Board of Edelstahl WittenKrefeld GmbH, Witten
Chairman of the Supervisory Board of Eisen- und
Hüttenwerke AG, Bochum
Chairman of the Advisory Board of Hoberg & Driesch
GmbH & Co. KG, Dusseldorf
Member of the Supervisory Board of ThyssenKrupp
Automotive AG, Bochum
Member of the Supervisory Board of ThyssenKrupp
Elevator AG, Bochum
Member of the Supervisory Board of RAG AG, Essen
Further appointments to offices in companies affiliated
with ThyssenKrupp AG, Duisburg/Essen
Member of the Advisory Board of STEAG AG, Essen
Dr. Sieghardt Rometsch....... Chairman of the Supervisory Board of
HSBC Trinkaus & Burkhardt KGaA,
Dusseldorf
Chairman of the Supervisory Board of APCOA Parking AG,
Stuttgart
Chairman of the Supervisory Board of Düsseldorfer
Universitätsklinikum, Dusseldorf
Member of the Board of HSBC Private Banking Holdings
(Suisse) SA, Geneva, Switzerland
Member of the Board of HSBC Bank Polska S.A., Warsaw,
Poland
Chairman of the Advisory Board of Management Partner
GmbH, Stuttgart
Hans-Jürgen Schicker* ......... Member of works council of Bayer AG
—
Gisela Seidel* ....................... Member of works council of Bayer AG
—
*
Employee representative
Since upon conclusion of the annual stockholders’ meeting of LANXESS in 2005 the offices
held by all stockholder representatives on the Supervisory Board will end, a new election to
the Supervisory Board will occur at such stockholders’ meeting.
The eight employee representatives have been appointed by court. Their terms of office will
end upon the completion of the election of the employee representatives in accordance with
the provisions of the German Co-Determination Act of 1976.
Chairman of the Supervisory Board is Dr. Rolf Stomberg.
The business address of the members of the Board of Management and the Supervisory
Board is that of the head office of LANXESS.
45
Stockholders’ Meeting
The ordinary general meeting of stockholders is held at least once a year, within the first
eight months of each fiscal year. Each no-par share is entitled to one vote at the
stockholders’ meeting.
Independent Auditors
PwC Deutsche Revision Aktiengesellschaft, Wirtschaftsprüfungsgesellschaft, Hohenzollernring
21-23, 50672 Cologne (hereinafter referred to as ‘‘PwC Cologne’’), was appointed as the
Company’s auditor for fiscal year 2004. PWC Deutsche Revision Aktiengesellschaft,
Wirtschaftsprüfungsgesellschaft, Friedrich-List-Straße 20, 45128 Essen (hereinafter referred to
as ‘‘PwC Essen’’), was appointed as the Company’s auditor for fiscal year 2003.
PwC Cologne has audited the unconsolidated financial statements of LANXESS as of
December 31, 2004 in accordance with the German Commercial Code, as well as the
Combined Financial Statements according to IFRS of the LANXESS Group as of December 31,
2004. PwC Essen has audited the Combined Financial Statements according to IFRS of the
LANXESS Group as of December 31, 2003. In connection with all such audits an unqualified
audit opinion has been issued.
The unconsolidated financial statements of LANXESS as of December 31, 2003 and as of
December 31, 2002 were audited by the auditor Diplom-Volkswirt Wolfgang Sell,
Leopoldsweg 2, 61348 Bad Homburg, in accordance with the German Commercial Code, and
an unqualified audit opinion was issued in connection with each such audit.
Fiscal Year
The fiscal year of LANXESS is the calendar year.
Equity Interests
The table below lists those of LANXESS’ subsidiaries that have a book value of at least 10%
of the LANXESS Group’s stockholders’ equity and/or which account for at least 10% of the
consolidated net profit or loss of the group on the basis of the Combined Financial
Statements 2004. In addition, companies were taken into account if they were regarded
material for other reasons. LANXESS owns, directly or indirectly, 100% of the capital stock of
most of these subsidiaries, which are all consolidated according to the principles of the
Combined Financial Statements. The book value of these subsidiaries is taken from the
financial statements of the LANXESS Group company that owns the equity interest (in most
cases, LANXESS Deutschland GmbH). The earnings for the respective periods are taken from
the financial statements and/or accounting systems prepared or in place in accordance with
IFRS. They reflect the earnings the individual Group companies contributed to the Group
earnings shown in the Combined Financial Statements in 2004. In connection with the
formation of the LANXESS Group several Group companies were newly created by means of a
transfer of the assets attributable to the LANXESS business during the financial year 2004.
The earnings taken from local accounts would not be representative for the earnings
situation of the individual Group companies from an economic point of view as these
earnings would only include the result for a stub period for the newly created companies.
46
47
100%* Manufacturing and
distribution, Performance
Rubber
100%
100%
LANXESSS Buna GmbH, Marl ................................
IAB Ionenaustauscher GmbH, Bitterfeld, Greppin
LANXESS Belgien GmbH, Leverkusen ...................
distribution, Engineering
Plastics, Performance Rubber
Rubber
LANXESS N.V., Antwerp (Belgium).......................
LANXESS Elastomeres S.A.S., Lillebonne (France)
Manufacturing and
Rubber
100%
F0
F 179,963
F 38,863
F 4,000
F 276,135
F 43,621
F 11,971
F 179,988
F 5,159
F 2,588
F 96,407
F 26,716
F 22,900
F 738,839
Book value
of interests
as of
31.12.2004
pursuant to
IFRS
F 3,350
F 12,500
F 500
Facility and other services,
Associated company
100%* Distribution, all segments
40%
F 25
F 30,700
F 1,540
F 7,670
F 20,452
F 282
F 20,000
Subscribed
capital as of
31.12.2004
Manufacturing and
Chemicals
Manufacturing and
Chemicals
Holding company,
Performance Rubber
LANXESS Rubber N.V., Zwijndrecht (Belgium) ....
Rest of Europe
Bayer Industrie Services GmbH & Co. OHG,
Leverkusen .............................................................
ISL-Chemie GmbH & Co KG, Kürten.....................
100%
LANXESSS Kautschuk GmbH, Dormagen .............
Distribution, all segments
Manufacturing and
Chemicals
100%
100%
LANXESSS Distribution GmbH, Köln.....................
Manufacturing and
distribution, all segments
Field of activity
RheinChemie Rheinau GmbH, Mannheim ...........
100%
Proportion
of capital
held
31.12.2004
by LANXESS
Deutschland
GmbH
LANXESS Deutschland GmbH, Leverkusen...........
Germany
Name, Registered Office
Amounts in ’000
F 9,426
F 99,133
F 79,862
F234,866
F 1,108
F 179,963
F 63,947
F 5,345
F 63,027
F 34,497
F 4,117
F 1,555,976
Reserves
as of
31.12.2004
pursuant to
IFRS
-F 4,613
F 6,042
F 8,262
-F 11,948
F 1,871
—
F 4,640
-F 6,207
-F 6,224
F 20,631
F 2,030
-F 53,572
Net income/
(loss) for the
most recent
fiscal year
IFRS
F0
F0
F0
F0
F0
F0
F0
F0
F0
F0
F0
F0
Amount still
be paid up
on shares
held
F0
F0
F0
F0
F0
F0
F0
F0
F0
F0
F0
F0
Income from
interests in
fiscal year
2004 IFRS
48
100%* Holding company,
Performance Chemicals
Sybron Chemicals Inc., Wilmington, New Jersey
(USA) ......................................................................
100%
LANXESS S.A. de C.V., Mexico (Mexico)...............
Manufacturing and
LANXESS S.A., Buenos Aires (Argentina) .............
50%* Manufacturing, Performance
Chemicals
Chrome International South Africa (Pty.),
Newcastle (South Africa).......................................
Manufacturing, Performance
Chemicals
99%
LANXESS Pty., Pinetown (South Africa) ...............
Latin America / Africa / Middle East
100%
LANXESS Inc., Sarnia, Ontario (Canada) ..............
Manufacturing and
Rubber
100%
Manufacturing and
LANXESS Corporation, Pittsburgh, Pennsylvania
(USA) ......................................................................
North America
100%
LANXESS S.r.l., Milano (Italy) ................................
100%
LANXESS Limited, Staffordshire (Great Britain)...
100%
Plastics
LANXESS Chemicals S.L., Barcelona (Spain) .........
LANXESS International SA, Fribourg
(Switzerland)..........................................................
Plastics
LANXESS Styrenics S.L., Barcelona (Spain) ...........
Manufacturing and
distribution, Chemical
Intermediates
Europigments S.L., Vilassar de Mar (Spain) .........
Field of activity
100%* Holding company,
Proportion
of capital
held
31.12.2004
by LANXESS
Deutschland
GmbH
Sybron Chemical Industries, Nederland B.V., Ede
(Netherlands) .........................................................
Amounts in ’000
MXN 200,050
ARS 90,000
ZAR 200,000
ZAR 287,448
0
CAD 61,000
$245,912
F 7,500
F 640
F 16,705
F 2,373
F 8,216
F 60
F 35
Subscribed
capital as of
31.12.2004
F 14,820
-MXN 16,516
- ZAR 24,333
- ZAR 309,314
F 2,076
F 64,682
ZAR 1,354
$57,834
CAD 100,027
-$8,123
-F 1,201
F 41,535
F 1,562
F 6,150
F 8,860
F 4,004
F 66,399
Reserves
as of
31.12.2004
pursuant to
IFRS
F 36,087
F 103,228
F 37,074
F 119,841
F 7,503
F 229,933
F 19,697
F 13,241
F 46,899
F 31
F 108,123
Book value
of interests
as of
31.12.2004
pursuant to
IFRS
F 1,399
F 3,523
-F 9,582
-F 6,661
F 1,951
F 811
-F 16,316
F 2,497
F 51,537
-F 4,659
F 3,251
-F 1,447
F 1,387
F 7,109
Net income/
(loss) for the
most recent
fiscal year
IFRS
MXN 0
ZAR 0
ZAR 0
ZAR 0
$0
CAD 0
$0
F0
F0
F0
F0
F0
F0
F0
Amount still
be paid up
on shares
held
MXN 0
ZAR 0
ZAR 0
ZAR 0
F0
CAD 0
F0
F0
F0
F0
F0
F0
F0
F0
Income from
interests in
fiscal year
2004 IFRS
49
Field of activity
100%* Chemical Intermediates,
100%
RheinChemie (Qiongado) Co Ltd, Quing Dao
(China)....................................................................
LANXESS India Private Ltd., New Dehli (India)....
*indirect
100%
LANXESS (Wuxi) Chemical Co. Ltd., Wuxi (China)
Chemical Intermediates, all
segments
Manufacturing and
Chemicals
Manufacturing and
distribution, Chemical
Intermediates
100%* Distribution, all segments
Manufacturing and
Plastics
100%
100%
LANXESS (Thailand) Co Ltd., Map Ta Phut
(Thailand)...............................................................
LANXESS K.K., Tokyo (Japan) ...............................
100%
LANXESS Pte.Ltd., Singapore (Singapore)............
LANXESS Shanghai Pigments, Shanghai (China) .
100%
Proportion
of capital
held
31.12.2004
by LANXESS
Deutschland
GmbH
LANXESS Hong Kong Ltd., Hongkong
(Hongkong)............................................................
Far East / Oceania
LANXESS Industria de Produtos, Quimicos e
Plasticos Ltda., Sao Paulo (Brasil) .........................
Amounts in ’000
INR 1,735,098
F 24,341
F 6,720
F 12,549
CNY 127,345
CNY 74,586
F 10,187
F 19,614
F 9,482
F 20,636
F 14,237
F 21,880
CNY 99,786
JPY 400
THB 470,000
SGD 43,000
HKD 78,000
BRL 82,358
Subscribed
capital as of
31.12.2004
Book value
of interests
as of
31.12.2004
pursuant to
IFRS
- INR 69,921
-CNY 31,160
-CNY 23,162
-CNY 73
JPY 1,215
- THB 369,923
SGD 144,290
HKD 187,646
BRL 5,509
Reserves
as of
31.12.2004
pursuant to
IFRS
F 2,001
F 2,157
F 2,098
F 1,584
F 4,062
-F 3,557
F 1,776
F 4,104
-F 2,299
Net income/
(loss) for the
most recent
fiscal year
IFRS
INR 0
CNY 0
CNY 0
CNY 0
JPY 0
THB 0
SGD 0
HKD 0
BRL 0
Amount still
be paid up
on shares
held
INR 0
CNY 0
CNY 0
CNY 0
JPY 0
THB 0
SGD 0
HKD 0
BRL 0
Income from
interests in
fiscal year
2004 IFRS
OPERATIONAL OVERVIEW
Overview
The business activities of the LANXESS Group are structured in 17 operational business units
combined into the four segments Performance Rubber, Engineering Plastics, Chemical
Intermediates and Performance Chemicals.
Overview of the Segments and Business Units of the Lanxess Group
LANXESS
Chemical Intermediates
Butyl Rubber
Performance Rubber
Styrenic Resins
Basic Chemicals
Polybutadiene Rubber
Semi-Crystalline
Products
Fine Chemicals
Material Protection
Products
Technical Rubber
Products
Engineering Plastics
Inorganic Pigments
Functional Chemicals
Leather
Fibers
Textile Processing
Chemicals
Paper
RheinChemie
Rubber Chemicals
Ion Exchange Resins
The Four Segments and their Business Units
The product portfolio of the LANXESS Group primarily comprises established and thus more
mature products from the polymers and basic, specialty and fine chemicals fields. However,
the group also manufactures and markets less mature products with high innovative
potential, such as for high temperature-resistant applications in engine construction
(structural components, oil modules and oil pans, etc.). The significant polymers activities of
the LANXESS Group are combined in the Performance Rubber and Engineering Plastics
segments. The polymers and polymer additives of the Performance Chemicals segment’s
Functional Chemicals, RheinChemie, Rubber Chemicals and Ion Exchange Resins business units
supplement the group’s overall competence with respect to polymers. In addition, the
Performance Chemicals segment’s business units produce and distribute, in particular,
finishing agents and additives for the leather, textile and paper industries, as well as material
protection products. The Chemical Intermediates segment encompasses activities in the fields
of basic and fine chemicals, which are used as intermediates in a number of fields of
application, and inorganic pigments, which are used to colour, for example, concrete
components and coatings.
Performance Rubber
The LANXESS Group’s operations in the area of rubber manufacturing are consolidated within
the Performance Rubber segment. The LANXESS Group is one of the world’s largest
manufacturers of butyl rubber and polybutadiene rubber which are used, in particular, in the
manufacture of automobile and truck tyres. The group also produces a variety of synthetic
rubbers for a broad range of applications, e.g., for use in tyre compounds or plastics
modification, as well as a series of specialty elastomers which exhibit a high level of
resistance to heat and abrasion and to aggressive environmental influences. The Performance
Rubber segment generated sales of F 1,431 million in fiscal year 2004.
Butyl Rubber
The Butyl Rubber business unit produces high-quality rubber products for the tyre and rubber
industries. Butyl rubber is impermeable to air. The Butyl Rubber business unit builds on this
characteristic, producing and marketing butyl rubber, bromobutyl rubber and chlorobutyl
rubber. Bromobutyl and chlorobutyl rubbers are used in tubeless tyres for cars, trucks and
50
aircraft. Special applications include pharmaceutical packaging and protective apparel. Butyl
rubbers are found, for example, in bicycle inner tubes, truck inner tubes and balls. An
interesting niche application continues to be the chewing gum market.
The global halogen-free and halogenised butyl rubbers business is conducted by a few major
companies that focus on a few major global customers. The growth of the market is largely
driven by growth in the automobile tyre market, which in turn is determined by the rapidlyincreasing number and use of automobiles in Asia, particularly in China. Market growth
outside of Asia is expected to be moderate. The number of suppliers is currently increasing as
a result of Russian and new Chinese suppliers. In important areas, the LANXESS Group
supplies a significant portion of global demand for butyl rubber and halobutyl rubber and, as
such, ranks as one of the leading suppliers worldwide (International Institute for Synthetic
Rubber Producers Inc., Worldwide Rubber Statistics, 2003).
Polybutadiene Rubber
The Polybutadiene Rubber business unit operates in the field of polybutadiene and solution
styrene butadiene rubbers. It supplies the general-purpose rubber grades PBR (polybutadiene
rubber) and S-SBR (solution-styrene-butadiene-rubber). The various synthetic rubbers are sold
under the brand name BunaTM CB/BunaTM VSL (not registered in the United States) and
Taktene1, and are primarily used in tyre components and plastics modification (HIPS/high
impact polystyrene). They are also used in technical rubber goods, electronics and golf balls.
In addition to neodymium and cobalt-catalysed grades, the portfolio of products also includes
polybutadiene manufactured by lithium catalysis.
In-house production by the large tyre producers accounts for approximately two thirds of
North America’s and approximately one third of Europe’s requirements for these types of
rubber. In addition, other so-called ’’merchant producers’’ of polybutadiene also supply the
tyre industry. Growth in the global polybutadiene rubbers trade goes hand in hand with
economic growth, particularly in Asia (SRI INternational, Chemical Economics Handbook,
’’Polybutadiene Elastomers’’, May 2003). A growing number of customers are building new
production sites there and also at the same time in other low-wage regions such as Latin
American and Eastern Europe. The big tyre producers with their own production of
polybutadiene are increasingly withdrawing from the merchant market and relying on their
own production for supplies to the extent this is technically possible. The Polybutadiene
Rubber business unit is one of the world’s leading manufacturers of polybutadiene rubbers
and, alone among the so-called merchant producers, operates production plants on two
continents (North America and Europe).
Technical Rubber Products
The Technical Rubber Products business unit is one of the major suppliers of specialty
elastomers for the worldwide rubber processing industry. The business unit’s products are
processed primarily into technical rubber goods outside the tyre industry, and are also used
as modifiers for plastics and adhesive raw materials. In this regard, abrasion and heat
resistance play an especially important role, as does resistance to aggressive environmental
influences.
The business unit’s key products are polychloroprene solid rubber and Latex (CR/Baypren1),
ethylene-propylene-diene-rubber (EPDM/BunaTM (not registered in the United States) EP),
nitrile rubber (NBR/Krynac1, Baymod1 N, Perbunan1), hydrogenated nitrile rubber (HNBR/
Therban1), ethylene-vinyl acetate rubber (EVM/Levapren1, Levamelt1, Baymod1 L) and
emulsion-styrene-butadiene-rubber (E-SBR/Krylene1, KrynolTM). The business unit’s broad
range of products is tailored to, among other things, applications in the automobile,
construction, electronics and construction engineering industries, as well as industrial plants,
oil exploration, aviation, household goods and footwear.
While the segments with more mature products report moderate growth, the specialty
product segments demonstrate higher growth rates. From a regional perspective, the highest
growth rates are observable in Asia. Consistent with the trend among customer industries,
relocation by a number of customers of production sites to these regions is underway. The
customer base of this business is highly fragmented. LANXESS anticipates that, in the case of
EPDM and NBR, the pressure on prices caused by supply shortages will subside. The Technical
51
Rubbers Products business unit is one of the world’s leading companies in the field of
specialty elastomers.
With its Engineering Plastics segment, the LANXESS Group is one of the world’s major
providers of polymers. The LANXESS Group’s range of polymer products includes high-quality
PBT (polybutylene terephtalate) and PA (polyamide) plastics, as well as ABS (acrylonitrilebutadiene-styrene), ASA (acrylonitrile-styrene-acrylic esters), SAN (styrene-acrylonitrile) and PAABS (polyamideacrylonitrile-butadiene-styrene) plastics. Potential applications for these plastics
are to be found, in particular, in the household goods, automobile, electronics and electrical
engineering and medical technology industries. Through its Fibers business, the LANXESS
Group offers high-quality syntetic elastane fibres (spandex) for virtually all branches of the
textile industry and polyamide-based monofilaments for technical applications. In fiscal year
2004, the segment generated sales of F 1,722 million.
Styrenic Resins
The Styrenic Resins business unit is a supplier of ABS, SAN and ABS+PA plastics operating at
the global level. The most important products of this business unit include the ABS brands
Novodur1, Lustran1 ABS and AbsolacTM with applications focusing on the areas of household
goods, automobiles, electronics and medical engineering. The SAN-grades Lustran1 SAN and
AbsolanTM are, for example, used in battery casings, lighters and cosmetic packaging.
Activities in the area of ABS+PA-blends are consolidated under the name Triax1 and are
opening up new fields of application particularly in automotive engineering and for the
electrical and electronics industries. ASA and AES polymers are marketed in the United States
under the brand Centrex1, specifically in the area of weatherproof outdoor applications such
as mobile homes and whirlpools.
The ABS market segment accounts for most of the worldwide volume; more than half of
which is generated in Asia. LANXESS anticipates that volume growth in the ABS business will
be slightly above that of the global economy, essentially due to the positive developments in
Asia (particularly in China). Business in Europe and North America is experiencing moderate
growth. Overcapacity as well as currency-dependent imports from Asian suppliers are
affecting margins, especially as regards standard ABS types. The LANXESS Group holds a
leading position in the ABS business, particularly in Europe, North and South America and
India. The business unit possesses particular technological competence with respect to dyed
products and specialties.
Semi-Crystalline Products
The Semi-Crystalline Products business unit supplies the demand for polyamide- and
polyesterbased engineering plastics. It also markets the starting products for these
(caprolactam and adipic acid) and glass fibres. The high-quality plastics Durethan1 (based on
polyamide 6 and polyamide 6.6) and Pocan1 (basis polybutylene terephthalates) as well as
the starting products for these plastics (caprolactam and adipic acid) and glass fibres comprise
the Semi-Crystalline Products business unit’s future-oriented product portfolio. Durethan1 and
Pocan1 are marketed both in a nonreinforced state and as compounds (in some cases
reinforced with glass fibres). The most important applications of these products are in the
automobile industry, the electronics and electrical engineering industries and the packaging
industry. In hybrid technology, for example, the plastics are processed with metals to produce
high-strength components, which maintain their shape even when exposed to heat.
LANXESS anticipates growth in the business to be above that of the general economy due to,
in particular, growth in Asia – above all China – and Europe. The business is characterised by
a broad customer base in various industries. These customers are also increasingly setting up
production in Asia. Opportunities for growth for the plastics marketed by the business unit
also arise from the substitution of other materials. The Semi-Crystalline Products business unit
holds a significant position in Europe. In addition, it also operates in markets in North and
South America and Asia.
Fibers
The Fibers business unit produces and markets high-quality syntetic elastane fibres (spandex)
for nearly all textile industries, and offers polyamide-based and polyester-based
52
monofilaments for technical applications. The business unit’s most important products include
the elastane fibre Dorlastan1 for the clothing industry, sanitary goods and industrial fabrics,
as well as polyamide monofilaments such as Perlon1, Atlas1 and Bayco1 for use in paper
machines, fishing lines and the manufacture of cables and ropes. Technical fibre specialties
(monofilaments) are subject to different market trends than are elastane fibres (spandex). For
this reason, the monofilaments business has been transferred to a separate LANXESS Group
company.
The markets for synthetic elastane fibre (spandex) and polyamide and polyester
monofilaments are highly competitive. The elastane fibres segment supplies the greater part
of worldwide demand (over 90 per cent., based on sales); the polyamide and polyester
monofilaments segments constitute a specialty business. Asian suppliers, in particular, are
continually expanding their spandex capacities and individual suppliers are increasingly
distributing their products in North and South America and Europe. Growth rates here are
significantly above those of the general economy. Asia is by far the largest market and
exhibits the highest growth rates. The business unit holds one of the leading positions in
Europe and North and South America.
The LANXESS Group’s operations in the area of basic and fine chemicals and inorganic
pigments are combined within its Chemical Intermediates segment. Intrinsic to the production
of high-quality industrial chemicals is a complex network of chlorination, nitration,
hydrogenation, phosgenation and isomer separation plants (the aromatics network), which
enables the segment to offer a broad range of products at low production costs. In the area
of fine chemicals, the LANXESS Group’s production is focussed primarily on custom
manufacturing of, in particular, active ingredients and intermediates for the pharmaceuticals
and crop protection industries, starting products for the electrical and electronics industry, as
well as photo chemicals. The LANXESS Group is thus able to offer tailor-made products and
development services. The inorganic pigments manufactured by the LANXESS Group,
particularly iron oxide pigments, are used primarily in the colouring of concrete building
components and coatings. In fiscal year 2004, the Chemical Intermediates segment generated
sales of F 1,487 million.
Basic Chemicals
The Basic Chemicals business unit is a major manufacturer of high-quality industrial chemicals.
Noteworthy among its broad range of products are the products of the aromatics network
(chlorobenzenes, chlorotoluenes, nitrotoluenes, cresols, toluidines and monoisocyanates). The
business unit also produces amines, amino alcohols, benzyl products, hydrofluoric and
sulphuric acids, thio products such as thionylchloride and sulfurylchloride, fluoride
compounds, oxidation products such as phthalic anhydride and maleicanhydride and polyols
such as trimethylolpropane and hexandiol. The basis for the aromatics production is a
network of production facilities for chlorination, nitration, hydrogenation, phosgenation and
isomer separation which enables the business unit to offer a broad range of products.
The basic chemicals business environment is characterised by the limited number of
competitors, except in India and the People’s Republic of China. Competition in the area of
basic chemicals is increasing as a result of Asian suppliers. At the same time, many customers
are relocating their production facilities to Asia. Further consolidation is anticipated in all
areas. LANXESS assumes that existing overcapacities, e.g., in the area of nitrotoluenes, will
persist in the next few years. At the same time, LANXESS anticipates growth in the basic
chemicals business to be slightly below that of the general economy. The Basic Chemicals
business unit holds one of the leading positions worldwide in most of the product segments.
Fine Chemicals
The Fine Chemicals business unit offers syntheses for fine chemicals in the area of custom
manufacturing. The business unit produces and markets numerous starting products and
intermediates for crop protection agents and active ingredients for pharmaceuticals as well as
other high-quality fine chemicals (e.g., vitamin precursors, starting products for cosmetics and
the electronics industry, and photo chemicals).
Fine chemicals are distributed on the global market without any further regional
segmentation. As a result of increased in-sourcing by the big pharmaceutical companies and
53
the establishment by competitors of numerous new facilities, there are currently
overcapacities with respect to custom manufacturing for pharmaceuticals. At the same time,
Asian suppliers are increasingly establishing themselves as suppliers of starting products. There
is significant pressure on prices. Consolidation in the market is continuing as a result of
increasing competition. Developments in the fine chemicals business have been very volatile
in recent years. A focal point of the Fine Chemicals business unit’s operations is in the area
of complex chemical syntheses. In the area of custom manufacturing (e.g., as regards
agrochemicals), the business unit is one of the leading companies worldwide.
Inorganic Pigments
The Inorganic Pigments business unit is a global manufacturer of iron oxide pigments and
chromium oxide pigments, and has a broad range of products. The preferred areas of
application include the colouring of construction materials (e.g., of concrete and roof tiles),
surface coatings, plastics and numerous specialty applications. The business unit’s most
important products include the iron oxide pigments Bayferrox1, Bayoxide1, Bayscape1,
Colortherm1 and chromium oxide pigments (e.g. Chromoxid GN).
Business is growing at a steady rate slightly below that of the general economy. LANXESS
estimates that approximately 40 per cent. of iron oxide pigments are currently being
manufactured in China and marketed to some extent at very low prices. The segment is
characterised by a number of Chinese manufacturers and dealers who can readily supply the
construction industry with lower-quality products. Despite overcapacities at Chinese
manufacturers, there were still supply shortages in 2004 due to problems with the supply of
raw materials (scrap) and energy.
Anticipated consolidation of competitors is intensifying competitive pressure. A sizeable share
of the market is in the hands of just a few companies. LANXESS anticipates that, in the
future, the demand for iron oxide pigments will be met by European and Chinese companies.
Some competitors are beginning to relocate their production capacities to China. The
Inorganic Pigments business unit was able to reclaim a share of the market in 2004 and, with
its broad product range, is currently one of the leading companies in the fields of iron oxide
and chromium oxide pigments.
The applications-based business activities of the LANXESS Group in the area of specialty
chemicals are combined within the Performance Chemicals segment. Specialty chemicals are
used in a variety of different areas. For example, the LANXESS Group produces and markets
biocides and material protection agents for the areas of, for example, wood protection,
disinfection and corrosion protection. The Group offers a broad range of plastics additives
(e.g., plasticisers, blowing agents), rubber chemicals (e.g., antioxidants), organic and inorganic
colouring agents as well as other specialty chemicals (e.g., flame retardants) for the polymers
processing and rubber and lubricants industries. In addition, the LANXESS Group’s multitude
of chemical products makes it one of the major providers of system solutions for the leather
industry; it offers textile and textile processing chemicals, in particular in the area of textile
pre-treatment and dyeing auxiliaries and also possesses a comprehensive range of products
for the paper industry. One special area of business is the production of ion exchange resins,
adsorbers and functional polymers for the treatment of aqueous solutions. In fiscal year 2004,
the segment reported sales of F 1,910 million.
Material Protection Products
The Material Protection Products business unit offers a broad range of biocidal active
ingredients and material protection agents for applications in the areas of industrial
preservatives, disinfection, personal care, wood protection and anti-fouling, as well as in the
area of cold sterilisation of specialty beverages. The most important product line is the
Preventol1 range. The bactericides, fungicides, insecticides and corrosion inhibitors produced
by the business unit are used in wood preservation, as industrial, hospital and household
disinfectants and in animal hygiene. Other brand name products are SolbrolTM (preservatives
for cosmetics), Velcorin1 (cold sterilisation for beverages containing fruit juice) as well as
Tektamer1, Metasol1 and Biochek1.
In the area of biocides and material protection products, moderate growth in line with that
of the general economy is anticipated. The largest market for biocides and material
54
protection products is in North America, followed by Europe and Asia. The number of
suppliers in this area is currently growing as a result of the influx of new Asian producers.
The increasing statutory regulation of biocides and material protection products, particularly
in Europe, also poses a barrier to entry into the market, which could lead to a strengthening
of the position of the major market players. The business unit holds one of the leading
positions among the European suppliers. Its sales in the last three years have increased
substantially as a result of internal and external growth.
Functional Chemicals
The Functional Chemicals business unit has an extensive range of plastics additives (including
plasticisers, blowing agents and emulsifiers), phosphorus and specialty chemicals (flame
retardants, water chemicals, synthesis chemicals), and organic and inorganic colorants, i.e.,
dyestuffs and pigments (for colouring plastics and surface coatings in ink jet printing, but
also for specialty pigmentation, e.g., of crop protection agents). Other important fields of
application for the products are in the areas of polymers processing, office communication
equipment, optical data storage and water treatment, and flame retardants for plastics and
polyurethanes or as synthesis chemicals.
Among the business unit’s most important products are Baypure1 (water conditioning,
washing powder and surface cleansers), hydrazine hydrate (for the synthesis of
pharmaceutical preparations and crop protection agents) and LevoxinTM (used for corrosion
control in closed steam generation and heating systems), Disflamoll1, Bayfomox1, LevagardTM
(flame retardants), phosphorus chloride (preliminary stage, e.g., for organophosphoric esters
flame retardants), Macrolex1, Bayplast1 (organic pigments for plastics), Mesamoll1, Adimoll1,
Ultramoll1, Unimoll1, Triacetin (specialty plasticisers for polymers processing), Bayhibit1
(stone and corrosion inhibitor for the treatment of water and for industrial cleansers) as well
as LevanylTM and SolfortTM (dyes).
The individual segments exhibit very heterogeneous structures and growth in line with that
of the general economy. With respect to water and specialty chemicals, the trend towards
consolidation continues. With respect to flame retardants, there is a broader trend away from
brominated flame retardants towards more environmentally-friendly halogen-free phosphorusbased flame retardants, which are one of the focal points of the Functional Chemicals
business unit. Larger manufacturers are particularly profiting from this trend because of the
high technological and structural requirements involved in the development of new flame
retardants. The Functional Chemicals business unit holds one of the leading market positions
in the sub-markets for auxiliaries for water conditioning and phosphorus-based flame
retardants.
Leather
The Leather business unit is one of the major providers of system solutions for the leather
industry. It develops, produces and markets a number of products for leather manufacturing,
including inorganic and synthetic tanning agents, preservatives and fat liquoring agents, dyes
and tanning and finishing auxiliaries for the shoe, furniture, automobile and clothing
industries and also provides on-site application technology support.
The business unit’s products include tanning auxiliaries (Baymol1, CismollanTM, Preventol1,
Baykanol1 and Xeroderm1), mineral tanning and re-tanning agents (Baychrom1, BlancorolTM,
Chromosal1), synthetic/organic tanning and re-tanning agents (Baykanol1, Levotan1,
Tanigan1, Retingan1), dyes (Aciderm1, Baygenal1, Levaderm1, Euderm1, Bayderm1,
BaycolorTM, EukanolTM), PU dispersions (Bayderm1, AquadermTM, HydrholacTM), finishing
auxiliaries (BaysinTM, Euderm1, Eusin1, PersidermTM), solvent-based top coats (Isoderm1) and
special processes (BaygenTM, LevacastTM).
Collaborations with Rohm & Haas with its brands Leukotan1, Primal1, LubritanTM and
AcrysolTM (e.g., as polyacrylics for the wet end as well as finishing) and Seta S/A, Taquari,
Brazil with its brand SetaTM as a vegetable tanning agent serve to extend the range of
products offered by the business unit.
The largest markets for leather chemicals are in Asia, particularly in China. LANXESS
anticipates that the automobile industry, in particular, will provide the impetus for positive
growth. The Leather business unit has given the LANXESS Group one of the leading positions
in the global market for leather chemicals.
55
Textile Processing Chemicals
The Textile Processing Chemicals business unit is an important supplier in the field of textiles
and textile processing chemicals. The business unit’s primary focus is on the area of textile
pretreatment, dyeing auxiliaries, finishing and textile printing. In addition to standard
products, the business unit offers, particularly in Europe and North America, a number of
specialty products for sophisticated applications, such as flame-retardant textiles or in carpet
printing.
The business unit offers brand-name products that include Diadavin1, Tanaterge1, Baylase1,
Baysolex1, Erkantol1, Levapon1, PlexeneTM and Tannex1 in the area of pre-treatment, and
Astragal1, Avolan1, Levegal1, Levogen1, Lubit1, TanasperseTM, Tanapal1, TanadelTM and
TanedeTM in the area of dyeing auxiliaries. Brand-name products used in finishing and textile
printing are, among others, Baygard1, Baypret1, Persoftal1, EulanTM, Synthappret1,
AcraconzTM/AcraconcTM, Acramin1, Acrafix1, Tanaprint1, NofomeTM and CellolubeTM.
The textile and textile processing chemicals business is heavily fragmented. No one supplier
holds a prominent position. There are only a few major suppliers operating worldwide and
they offer a portfolio of products covering most aspects of textile processing. The
development of the textile and textile processing chemicals market sector is to a large extent
determined by and the global textile industry. This industry is growing along with the world’s
population, however, increased productivity and substantial pressure on prices are reducing
total revenues.
The textiles business is very regional in nature because product requirements and trends vary
greatly from region to region. Markets that have traditionally been important for textiles,
such as Western Europe, Japan and the United States, are saturated and are shrinking. The
Textile Processing Chemicals business unit, with its focus on textile pre-treatment, dyeing
auxiliaries, finishing and textile printing, is one of the few major suppliers operating
internationally. Its portfolio comprises products that essentially exhibit growth rates below
that of the general economy. Compared with other companies worldwide, the business unit’s
production complies with strict environmental standards. With respect to ink jet printing of
carpets, LANXESS believes the LANXESS Group holds one of the leading positions in the
market.
Paper
The Paper business unit develops, produces and markets a comprehensive range of products
for the paper industry. Products include primarily liquid dyes for colouring paper, cardboard
(packaging material) and specialty papers (Levacell1/Pontamine1, AstraTM/VeronaTM Basic),
organic pigments (HalopontTM, Ponolith1), a broad range of fluorescent whitening agents
(Blankophor1), process chemicals such as retention aids, fixation agents (Retaminol1,
Levogen1), functional chemicals such as sizes and wet strength agents (Baysize1,
BaystrengthTM, NadavinTM, Parez1) and products for the manufacture of micro capsules for
carbonless copying paper (Baymicron1).
LANXESS anticipates growth of the business with additives for the paper industry to be in
line with that of the general economy. The business is characterised by significant pressure on
prices due, in particular, to heavy competition, also with respect to technical add-on services,
as well as the emergence of new suppliers, particularly in Asia. Current overcapacities will
contribute to further consolidation of the market. In the FWA and liquid dye fields, the
business unit holds major positions.
RheinChemie
The RheinChemie business unit is a cross-industry manufacturer of custom-made formulations
and specialty chemicals for the rubber, lubricant, polyurethane and plastics industries, as well
as pigment pastes and coatings.
Important products of the business unit include additives for the rubber industry
(Rhenogran1, Rhenoslab1, Aktiplast1, Aflux1, Rhenosin1, Rhenopren1, UrepanTM,
Rhenoblend1, Rhenodiv1, Rhenofit1, Rhenocure1, Antilux1), additives for the lubricant
industry (AdditinTM), additives for the polyurethane and plastics industry (RC-PUR1,
Stabaxol1) as well as colour pastes, coatings and pigment preparations (IsopurTM/BayflexTM,
IsothanTM, MoltoprenTM).
56
The business in the area of formulations and specialty chemicals for improving material
characteristics is characterised by a customer base made up of mostly small to medium-sized
companies from the rubber, plastics, polyurethane and lubricant industries. As regards
suppliers in the important polymer-based chemicals segment, only smaller companies operate
on a worldwide basis. The technical demands of customers, particularly those in Asia, Central
and Eastern Europe and Brazil, are increasing. At the same time, a growing number of
customers are reducing their capacities for application technology for cost reasons. In
LANXESS’ estimation, this will result in further potential for growth for suppliers who
manufacture products primarily according to customer specifications.
As a supplier of formulations and specialty chemicals for improving material characteristics,
the RheinChemie business unit is focussed on small and medium-sized companies. In certain
areas, for example in its role as partner to the lubricant industry, RheinChemie also sees itself
as a leading supplier of other customers. RheinChemie is particularly strong in the business
for polymer dispersion agents for the rubber industry and hydrolysis protection agents for
plastics and polyurethanes.
Rubber Chemicals
The Rubber Chemicals business unit is a global manufacturer and supplier of rubber
chemicals. Rubber chemicals enable and facilitate the mixing and processing of elastomers,
blends or their rubber compounds, and help to achieve certain characteristics of the
elastomers or finished rubber or latex products, e.g., through vulcanisation, and protect an
end product against undesirable alteration of its physical properties or degradation, e.g.,
oxidation, under its conditions of use.
The business unit’s most important products include antioxidants (Vulkanox1, Vulkazon1),
accelerators (Vulkacit1, NaMBT) and specialty chemicals (Vulkalent1, Zinkoxyd AktivTM,
Cohedur1, Vulcuren1, Emulvin1W, Vulkasil1, Renacit1, VulkanolTM, Coagulant WS, Colloidal
Sulphur acid 95, Zinc oxide Transparent). The products are used particularly in the tyre
industry and by manufacturers of technical rubber goods.
There are only a few suppliers of rubber chemicals worldwide, among them the LANXESS
Group. The rubber chemicals business is heavily dependent on the rubber processing industry.
In particular, the pressure on prices exerted by the automobile industry on its suppliers is also
noticeable with respect to rubber chemicals. As a result of the recent significant increase in
raw material prices, margin pressure has increased even more markedly. LANXESS anticipates
that new opportunities will arise as a result of innovation and new fields of application. The
Rubber Chemicals business unit is one of the world’s leading companies in the rubber
chemicals field.
Ion Exchange Resins
The Ion Exchange Resins business unit is one of the world’s major providers of ion exchange
resins, adsorbers and functional polymers which are used, in particular, for the treatment of
water and purification of glucose and starch solutions, as chemical catalysts and for the
treatment of chemical process streams. The products are sold worldwide under the brand
names Lewatit1 and Ionac1.
As these products largely represent capital assets, the business is characterised by clear
development cycles. At the same time, it exhibits a very heterogeneous customer base. It is
already possible today to substitute reverse osmosis technology for ion exchange resins in the
construction of water treatment plants. LANXESS assumes that this will not significantly affect
the business unit’s sales in the short to medium term.
57
RISK MANAGEMENT
Identification, measurement and minimization of risks to the LANXESS Group is highly
important for LANXESS. Thus, all major risks are collected on a regular basis and the details
of the risks discovered by this evaluation process are stored and monitored in a central
database.
Due to the global setup, the LANXESS Group’s activities, earnings and cash-flows are exposed
to significant market risks which include potential changes in currency exchange rates,
interest rates or raw-material and energy prices which could adversely affect the value of the
group or the group’s future cash flows. Concerning these market risks, LANXESS established a
risk management group (RCM) responsible for financial risk management activities on a
global basis, with the primary goal to smoothen the impact of changing market-prices on
operating business, thus reducing fluctuation in sales and costs. These activities are not
allowed to increase the risks arising from operative business.
All derivate activity in that context (mainly non-exchange-traded instruments such as options,
forward and swap contracts) is carried out centrally by specialised teams which have the
appropriate skills and experience. These teams are subject to close financial and management
control which includes prescribed trading limits being regularly reviewed by senior
management, monitoring of risk exposures and the definition of hedging ratios.
With respect to exchange rate risks, the currency with regard to which the LANXESS Group is
exposed to the greatest risk is the U.S. dollar. Other important currencies are the Japanese
yen, the Canadian dollar and the British pound.
Changes in raw material or energy prices that cannot be passed on immediately to customers
or suppliers are subject to financial measures as well. Currently, the most significant
exposures in that context relate to the raw materials Benzene, Acrylonitrile, Toluene, Ethylene
and Butadiene and, with respect to energy, US Natural Gas and Fuel Oil.
As a group operating in the chemical industry, the LANXESS Group is subject to extensive,
constantly expanding and increasingly stringent regulations on environmental protection and
laws governing chemicals and hazardous substances. In accordance with these requirements,
LANXESS Group imposes high technological and safety standards for the construction,
operation and maintenance of its production plants. It approaches both its safety inspections
of industrial sites and ensuring of the safe operation of new facilities in a systematic manner.
The approach is set forth in guidelines. The status of safety inspections is recorded and
updated. Moreover, regular training sessions are conducted. In all of its plants, the LANXESS
Group has taken technical and organisational precautions to minimise the effects of possible
incidents causing damage. The relevant precautions are specified in emergency response plans
which are constantly updated.
The LANXESS Group’s product portfolio contains or contained, among other things,
substances which are hazardous to health. In order to minimize potential impairment to
health due to harmful product characteristics, the LANXESS Group has set up an integrated
management system for most sites which meets the requirements of ISO 9001:2000 and ISO
14001. Central quality management is responsible for setting up and maintaining the
management system, the performance status of which is reviewed by means of regular
internal and external audits. In order to ensure product quality, the respective plants inspect
the materials and additives prior to their use to check their identity and/or specification
requirements. In order to achieve a high level of process safety and keep reject levels to a
minimum, the plants maintain their production facilities in accordance with stipulated
maintenance and servicing plan, and regularly train their employees. The production plants
identify quality-relevant process parameters and monitor them during production.
58
INVESTMENTS AND INVESTMENT POLICY
The LANXESS Group takes investment decisions in accordance with strategic requirements. In
this respect, LANXESS takes into account the capital demand for sustaining plants and site
infrastructure, the so-called ’’basic demand,’’ and the so-called ‘‘additional demand’’ which is
required to realize strategic options. The basic demand serves to maintain business operations
and comprise the following types of expenditures:
–
Expenditures for replacement and maintenance work in order to ensure continued
availability of the facilities;
–
Expenditures to ensure safety at the production facilities;
–
Expenditures to comply with environmental protection provisions.
The additional demand is defined as capital needed for plant modifications that are essential
for running the Business Units’ strategies. It covers investments aiming at:
–
Capacity expansions of existing operations;
–
Construction of new production facilities;
–
Quality and efficiency improvements.
LANXESS takes into account both the return and enhanced value generated by these
investments, as well as the establishment and further development of its business activities.
Generally, the LANXESS Group finances its capital expenditures from operating cash flow and,
if such funds are not adequate, from other available cash sources and credit lines.
Capital expenditures totalled F 0.4 billion in 2002 and F 0.3 billion in 2003. In 2003, the focus
was on the Engineering Plastics segment. Approximately two thirds of the expenses incurred
in 2002 and 2003 involved expenditures to sustain existing facilities, whereas approximately
one third related to expansion and rationalisation programmes.
Capital expenditures in 2004 totalled F 0.3 billion. Approximately 60 per cent. of the capital
expenditures made in 2004 involved basic demand actions, while the remainder was spent on
additional demand measures. In 2004, from a regional perspective, approximately 75 per cent.
of the capital expenditures were made in Europe, approximately 21 per cent. in America and
the remainder in the other regions in which the LANXESS Group operates.
Major capital expenditures (i.e., capital expenditures equaling or exceeding an amount of F 10
million) in 2002, 2003 and 2004 included:
Year
Segment
Description
2002
Performance Rubber
Modernisation/rationalisation of the butyl rubber
facilities; Zwijndrecht, Belgium and Sarnia, Canada
(expenditures in 2002: approx. F 12 million)
Expansion of capacities for ABS plastics; Tarragona,
Spain and Map Ta Phut, Thailand (expenditures in
2002: approx. F 13 million)
Efficiency improvement in the integrated aromatics
production network; Leverkusen, Germany
Expansion of capacities for ABS plastics; Tarragona,
Spain and Map Ta Phut, Thailand (expenditures in
2003: approx. F 10 million)
Polybutylene terephthalate (PBT) production
facility operated jointly with DuPont in HammUentrop (share of expenditures in 2002-2003:
approx. F 25 million)
Efficiency improvement in the integrated aromatics
production network; Leverkusen, Germany
2003
59
Year
Segment
Description
2004
Modernisation and expansion of production
facilities for precursors of specialty isocyanates;
Leverkusen, Germany (expenditures in 2004:
approx. F 13 million)
Capacity expansion for biocide products;
Dormagen, Germany (expenditures in 2004: approx.
F 3 million). This project should serve to expand the
business in the significantly growing industry for
the cold sterilisation of specialty beverages. The
capacity expansion is anticipated to being
continued in 2005
With respect to investments in interests in other undertakings, with economic effect as of
July 1, 2004, LANXESS Deutschland GmbH acquired a 40 per cent. interest in Bayer Industry
Services GmbH & Co. KG against cash contribution in an amount of F 48 million. Bayer AG
continues to hold the remaining 60 per cent. in Bayer Industry Services GmbH & Co. KG.
For 2005, the LANXESS Group has budgeted approximately F 0.3 billion for capital
expenditures. Approximately 60 per cent. of the expenditures budgeted for 2005 are to be
categorised as basic demand, while the remaining funds are additional demand required for
expansion and rationalisation programmes.
The following major projects (i.e., projects equaling or exceeding an amount of F 10 million)
are currently underway:
Year
Segment
Description
2005
Performance Rubber
Expansion of capacities for butyl rubber production
(by approximately 25 per cent. to 250,000 tons per
year); Sarnia, Canada and Zwijndrecht, Belgium
Compounding facility for Durethan1 and Pocan1,
1st phase; Wuxi, China
Modernisation and expansion of production
facilities for precursors of specialty isocyanates;
Leverkusen, Germany
Expansion of capacity for biocide products;
Dormagen, Germany
Relocation of production facility for hydrazine
hydrate at the LANXESS Group’s site in Baytown,
USA, to China (joint venture with Weifang Yaxing
Chemicals)
LANXESS expects that the portion of investments in Asia will rise from 4 per cent. in 2004 to
8 per cent. in 2005.
60
RESEARCH & DEVELOPMENT
The research and development activities of the LANXESS Group are aimed at further
developing the existing product range, developing new areas of application for products and
improving product quality by optimising production procedures and reducing production
costs.
In organisational terms, the research and development units of the LANXESS Group are
allocated to the individual business units. This is intended to ensure that development
activities are strictly oriented around the business units’ requirements and those of their
markets and customers. Thus, for example, business units involving a high proportion of
commodities (products with a high level of market maturity), such as Basic Chemicals,
concentrate on constantly improving their production facilities and processes (process
optimisation). Other business units, such as Material Protection Products, Semi-Crystalline
Products and Leather, focus their research and development activities increasingly on
optimising their products and their products’ quality, as well as developing new products
oriented around market requirements and the special needs of customers. Through strict
orientation around the requirements of the respective business units, relinquishment of basic
research, critical project selection and systematic use of existing development synergies (e.g.,
by using application technologies that have already been developed for substances with
similar structures), LANXESS plans to structure its research and development efficiently and to
minimise research and develpment expenses as a whole.
Globally, the LANXESS Group has research and development units at various locations, with
principal sites in Leverkusen, Dormagen, Krefeld-Uerdingen (all Germany) and Sarnia
(Canada). Other research and development centres are located in Madurai (India),
Woodbridge (U.S.A.) and Ede (the Netherlands).
As at December 31, 2004, the LANXESS Group employed approximately 700 employees in its
worldwide research and development units.
The following table sets forth the total research and development expenses incurred by the
LANXESS Group for the years ending December 31, 2004 and December 31, 2003:
Research and development expenses:
Amount (in F millions)............................................................
As a percentage of sales.........................................................
2004
2003
Change
from prior
year (%)
123
1.8
168
2.7
-26.8
—
The largest share of research and development expenses of the LANXESS Group was incurred
by the Fine Chemicals, Semi-Crystalline Products and Technical Rubber Products business units.
In 2003, these business units accounted for 37.5 per cent. of the Group’s total expenditure on
research and development. In 2004, the share equalled 43.1 per cent..
The higher research and development costs in 2003 are related to, among other things, the
relocation of central research activities and the allocation of the corresponding resources to
the individual business units in the same period. The relevant expenses in 2004 were reduced
by 26.8 per cent., which was due to, among other things, the restructuring of the research
and development activities begun in 2003.
61
PATENTS, TRADEMARKS AND LICENSES
The internationally-oriented industrial property rights strategy of LANXESS is aimed at
effective patent protection for its own inventions and effective trademark protection for its
own product names. LANXESS places high priority on protecting its own innovations through
industrial property rights. In this context, the Company believes that the loss of individual
rights or licences will not have a material adverse affect on the LANXESS Group’s business
activities. Monitoring of industrial property rights is centrally managed from Germany, except
with regard to industrial property rights registered in the names of United States or Canadian
affiliates. These industrial property rights, which are principally attributable to the business
managed from the United States or Canada, are administered there independently.
Patents and know-how
The patent rights which were transferred, or still are to be transferred as part of the Spin-Off
at the request of LANXESS within five years of the Spin-Off taking effect, cover all of the
patents necessary for the LANXESS Group’s business activities. In total, these entail
approximately 1,800 patent families worldwide, with approximately 8,000 patents or patent
applications in all important industrial nations. The patent portfolio is wide-ranging and
covers the various business units of the LANXESS Group. The group acquires patent rights by
asserting its rights to employee inventions and submitting them for registration and by
licensing third-party patents. In addition to patents, the LANXESS Group possesses
confidential know-how.
Certain patents are of particular importance to individual business units:
In the Performance Rubber segment, patents and patent applications are of particular
importance, inter alia, as regards polybutadiene rubbers, where they are of particular
relevance to anionic and Ziegler-Natta-catalysed polybutadiene rubbers (Polybutadiene
Rubber). Moreover, patents and patent applications are particularly important with respect to
technical rubber products, rubber gels (Technical Rubber Products) and with respect to
modified butyl rubber compounds, which can be used for the manufacture of high quality
rubber products for the tyre and rubber industry (Butyl Rubber).
For business activities in the Engineering Plastics segment, patents and patent applications
used for the manufacture of ABS polymers and finished ABS products (Styrenic Resins) are of
particular importance, in addition to patents and patent applications with respect to
stabilised metal building components, the processing and treatment of glass fibres as fillers
for polymers and with respect to the manufacture of polyamides and polybutylene
terephtalate (Semi-Crystalline Products). Fibre-related patents and patent applications are
focussed on additives and stabilisers for fibre manufacture or application thereof (Fibers).
Important patents and patent applications of business units in the Chemical Intermediates
segment principally concern the manufacture of starting and intermediate products for crop
protection, active ingredients used in pharmaceuticals and other high quality fine chemicals
such as starting products for cosmetics (Fine Chemicals), aromatics chemistry such as the
production of aromatic compounds for chlorination and nitration and amino compounds
(Basic Chemicals) and inorganic pigments for use in colouring construction materials and
technical oxides, such as iron oxide, for use as adsorbers in drinking water and wastewater
(Inorganic Pigments).
For the business units of the Performance Chemicals segment, patents and patent applications
are particularly important with respect to wood preservation, industrial preservatives and
disinfection (Material Protection Products), the manufacture of dichromate (Leather), textile
pretreatment, dyeing auxiliaries and textile finishing (Textile Processing Chemicals) and paper
dyes and fluorescent whitening agents, process chemicals and functional chemicals (Paper).
Moreover, the patent portfolio includes, among other things, industrial property rights for
the production of monodispers ion exchangers, for the manufacture of special ion exchangers
for water purification and their use in power plants, and patents and patent applications
with respect to the adsorption of heavy metals from groundwater and drinking water (Ion
Exchange Resins). Finally, patents and patent applications with respect to additives for rubber,
plastics and lubricating oils (RheinChemie), in the area of specialty chemicals (e.g., for antireversion agents), radiation protection agents, and vulcanisation activators (Rubber
62
Chemicals), and with respect to dyes for optical data storage and for plastics (Functional
Chemicals) are of particular importance.
Trademarks
The trademark rights, which were or are to be transferred as part of the Spin-Off at the
request of LANXESS, cover approximately 300 active trademark families and a total of
approximately 8,700 trademark registrations. The trademark portfolio is currently being
reviewed to determine those trademarks important for the LANXESS Group’s business
activities. In future, the group will, in general, register new marks in all countries, in which
significant sales of the relevant product are expected. The business name ’’LANXESS’’ and
numerous product markings are trademark protected.
Based on the Group’s four segments, the following trademarks are of particular importance
to LANXESS:
For the Performance Rubber segment, the trademarks BunaTM (not registered in the United
States) and Taktene1 (Polybutadiene Rubber), Perbunan1, Therban1 and Levapren1
(Technical Rubber Products) are particularly noteworthy. The trademark BunaTM is subject to
an agreement with Buna Dow Leuna Olefinverbund GmbH, pursuant to which the parties
grant each other a licence to use BunaTM as a trademark and company name.
Important trademarks in the Engineering Plastics segment include Durethan1 and Pocan1
(Semi-Crystalline Products); Novodur1, Lustran1, AbsolacTM, AbsolanTM, Triax1 and Centrex1
(Styrenic Resins) and Dorlastan1 and Atlas1 (Fibers).
For the Chemical Intermediates segment, the trademark Bayferrox1 (Inorganic Pigments) is
particularly important.
For the Performance Chemicals segment, the most important product trademarks include
Preventol1, Tektamer1, Velcorin1, Metasol1 and Biochek1 (Material Protection Products);
Chromosal1, Tanigan1, Levaderm1 and Euderm1 (Leather); Diadavin1, Tannex1 and
Tanaprint1 (Textile Processing Chemicals); Levacell1, Pontamine1 and AstraTM (Paper);
Rhenogran1, Aflux1 and Stabaxol1 (RheinChemie); Vulkanox1 and Vulkacit1 (Rubber
Chemicals) and Lewatit1 and Ionac1 (Ion Exchange Resins) and Macrolex1 (Functional
Chemicals).
Licences
The patent licence agreements with Bayer MaterialScience AG are particularly important.
Pursuant to these agreements, the parties grant each other a licence (some exclusive, some
nonexclusive) with respect to certain patents, limited in scope to certain fields of activity of
the licensee.
Moreover, the licence agreement concluded during the course of the Spin-Off with Bayer AG,
granting the affiliated companies of the LANXESS Group an exclusive and royalty-free licence
to use certain marks containing the letter combination ’’BAY’’ for an indefinite period, is also
important.
In addition, companies of the LANXESS Group are party to a large number of other licence
agreements. The following agreements are particularly important to individual business units:
Pursuant to a non-exclusive licence agreement with the Massachusetts Institute of
Technology, U.S.A., the LANXESS Group is entitled to use the so-called ’’Buchwald
Technology’’ which relates to the coupling reactions for aromatics. The products
manufactured under this procedure constitute suitable starting materials for agricultural and
pharmaceutical chemicals (Fine Chemicals). Pursuant to licence agreements relating to iron
oxides entered into with Toda Kogyo Corp., Hiroshima, Japan, LANXESS Group companies
have been granted a non-exclusive licence to manufacture special magnetic particles for
magnetic toners and non-exclusive licences in industrial property rights for compacted ion
oxide pigments which are used for colouring cement or mortar (Inorganic Pigments).
Moreover, the LANXESS Group has granted MeadWestvaco Corp., Delaware and Stamford,
Connecticut, a non-exclusive right to manufacture certain microcapsules in the United States
and for the worldwide distribution of carbonless copy paper (Paper). The patent and knowhow licence agreement with Weifang Weipeng Chemical Co. Ltd. (’’Weifang Weipeng’’)
which, as part of a joint venture project with Weifang Yaxing Chemical Co. Ltd. (’’Weifang’’)
63
under which the LANXESS Group agreed to relocate its production of hydrazine hydrate to
the People’s Republic of China was originally executed by Bayer Chemicals AG and later
transferred to the LANXESS Group, grants Weifang Weipeng a non-exclusive right, inter alia,
to manufacture azodicarbonamide (ADC) and also provides the necessary know-how for this
purpose. ADC is used as a primary component for blowing agents which the LANXESS Group
sells, for example, under the trademarks Porofor1 and GenitronTM. Furthermore, a patent
licence and know-how agreement was executed with LANXESS Yaxing Chemicals Co. Ltd, the
joint venture company formed together with Weifang. Under this agreement, the LANXESS
Group grants the joint venture company a non-exclusive right to manufacture hydrazine
hydrate and provides it with the necessary know-how (Functional Chemicals).
In addition, LANXESS Deutschland GmbH is party to a variety of intra-group licence
agreements. These licence agreements create a legal basis for other LANXESS Group
companies (for example, those having their registered office abroad) to use LANXESS
Deutschland GmbH’s technology.
With respect to its own trademarks, LANXESS Deutschland GmbH will enter into new licence
agreements with LANXESS Group companies and, where applicable, with joint venture
companies. Licence agreements will continue to be concluded with downstream
manufacturers (pursuant to so-called ’’supporting trademarks’’) as will agreements with
respect to manufacturing and distribution licences, except where a company of the LANXESS
Group becomes a party to an agreement already in place.
64
REAL ESTATE AND PRINCIPAL ESTABLISHMENTS
The LANXESS Group operates production sites in 18 countries. Moreover, in a large number
of countries, the group, as either owner or lessee, uses land with office buildings,
warehouses, research and development facilities and other facilities.
As of December 31, 2004, the LANXESS Subgroup owned total land surface area of
approximately 19,580,000 sqm. Of this area, approximately 4,440,000 sqm is developed, and
approximately 805,000 sqm has been built upon.
In addition, the LANXESS Group uses real property with a total land surface area of
approximately 500,000 sqm – approximately 430,000 sqm of which is developed, and
approximately 220,000 sqm of which is built upon – under hereditary building rights or
pursuant to foreign long-term lease arrangements that are similar to a grant of hereditary
building rights.
LANXESS Deutschland GmbH formerly used real property located at the factory grounds of
the chemical park sites in Leverkusen, Dormagen, Krefeld-Uerdingen and Brunsbüttel,
pursuant to lease agreements with Bayer Industry Services GmbH & Co. OHG. On December
30, 2004, LANXESS Deutschland GmbH entered into a land purchase agreement with Bayer
AG with respect to the leased area totalling approximately 937,000 sqm on the abovementioned factory sites, which entered into effect on January 29, 2005. The area largely
involves land parcels that have not yet been surveyed. Approximately 552,000 sqm of the
area sold has been built upon. The purchase price for the real property and operating
equipment was approximately F 256 million. Possession, use, risk and encumbrances
pertaining to the area sold passed to LANXESS Deutschland GmbH. Ownership of the land
will be conveyed to LANXESS Deutschland GmbH as soon as the land register requirements
for this purpose have been met. Should the land register requirements to complete the
conveyance of title not be met for legal reasons, either in whole or in part, Bayer AG and
LANXESS have agreed to find an alternative solution which, in terms of the economic
outcome, is as similar to a transfer of ownership as possible. Pursuant to the land purchase
agreement, LANXESS Deutschland GmbH and Bayer AG consider that a suitable alternative
solution, in place of the transfer of title which cannot be carried out, would be to grant to
LANXESS Deutschland GmbH various easements to the properties sold, according to which
LANXESS Deutschland GmbH would be able to use the land for its own operating purposes to
the exclusion of Bayer AG. In this case, the purchase price would be reduced in accordance
with a specified procedure. To this extent, the parties have waived any rescission and
damages claims.
The transfer to LANXESS of foreign land totalling approximately 176,000 sqm is still pending.
The relevant agreements have already been concluded. The Company expects that the
conveyances will be effected during the course of 2005.
The following table provides an overview of the LANXESS Group’s most important sites as of
December 31, 2004:
Area/Space
(approx.)*
Ownership/Lease/
Hereditary Building
Right/Purchased from
Bayer AG**
Leverkusen Chemical
Park Site
369,500 sqm
Purchased from Bayer AG**
Production, administration,
marketing, research and
development, storage,
technical service
Dormagen Chemical
Park Site
225,800 sqm
technical service
Krefeld-Uerdingen
Chemical Park Site
260,500 sqm
technical service
Location
65
Use of the Site
Location
Area/Space
(approx.)*
Ownership/Lease/
Hereditary Building
Right/Purchased from
Bayer AG**
Use of the Site
Antwerp (Belgium)***
1,114,000
sqm/
96,500 sqm/
27,700 sqm
Ownership/
Hereditary building rights/
lease
technical service
Orange, Texas (U.S.A.)
3,395,000 sqm
Ownership
Production, marketing,
technical service
Sarnia, Ontario (Canada)
1,926,000 sqm
Ownership
technical service
*
**
***
Rounded figures.
Land parcels that have not been surveyed on the factory grounds of the chemical park sites in Leverkusen, Dormagen
and Krefeld-Uerdingen, and which were purchased by LANXESS pursuant to the land purchase agreement between
LANXESS Deutschland GmbH and Bayer AG dated December 30, 2004.
Land surface area of approximately 1,114,000 sqm at the Antwerp site was transferred to the LANXESS Group on
October 1, 2004.
While the allocation of turnover or production to specific establishments is difficult, the
aforementioned sites are the principal establishments of the LANXESS Group.
66
LITIGATION / REGULATORY PROCEEDINGS
LANXESS is not currently aware, except with respect to the proceedings described below, of
any court cases, arbitrations or proceedings before administrative authorities to which either
LANXESS or any of its subsidiaries is a party that could have a material impact on the
financial condition of LANXESS or the LANXESS Group or did have such impact within the last
two fiscal years. LANXESS is also not aware of any threat of any such proceedings.
Antitrust Proceedings
Bayer AG is involved in a number of antitrust-related proceedings and lawsuits in the United
States, Canada and Europe with respect to certain activities of its former Rubber Business
Group which was transferred to the LANXESS Group. Investigative proceedings were and are
being conducted by the respective antitrust authorities in relation to various products that
were or are attributable to such business activities. In the United States and Canada, a
number of private class actions and individual actions are pending in this regard. Additional
actions for damages can be expected in the United States, and also in Canada.
Commencing in September of 2002, the U.S. Department of Justice launched criminal
investigations against Bayer AG based on various violations of Section 1 of the Sherman Act.
The proceedings were based on the charge that Bayer AG had engaged in illegal price fixing
with respect to rubber chemicals (between 1995 and 2001) and nitrile rubber (between May
2002 and December 2002). The investigations resulted in Bayer AG agreeing with the
Department of Justice to plead guilty and pay fines of U.S.$ 66 million for the price fixing
with respect to rubber chemicals and U.S.$ 4.7 million for the price fixing with respect to
nitrile rubber. The corresponding agreements entered into between Bayer AG and the
Department of Justice dated July 14, 2004 and October 13, 2004 were approved by the
sentencing court. The LANXESS Group established provisions totalling F 20 million in the
Combined Financial Statements to cover its portion of these fines, as determined by the terms
of the Spin-Off. Of this amount, a provision of F 12 million was established for the Technical
Rubber Products business unit in the Performance Rubber segment and a provision of F 8
million was established for the Performance Chemicals segment, the bulk of which related to
the Rubber Chemicals business unit.
The antitrust investigations by the European Commission and by the Canadian Competition
Bureau with respect to the above-mentioned products and a further product (EPDM) which is
attributable to Bayer AG’s former Rubber Business Group and which is the subject of antitrust
investigations in the United States as well are continuing. With respect to the investigations
by the European Commission, the LANXESS Group has established a provision of F 15 million.
In light of the status of the proceedings it is currently impossible to make a reliable estimate
as to the actual amount of any fines.
Criminal and administrative antitrust investigations are also pending against Bayer AG in
conjunction with various other products that are also attributable to the former Rubber
Business Group. In certain cases, only Europe is affected. In one case, the Commission is
conducting the investigation itself, while in another case it has left the proceedings to the
antitrust authorities of the Member States. One other case involves the United States and
Canada in addition to Europe. In all of these cases, Bayer AG is cooperating with the
competent antitrust authorities and was the first affected company to file an application with
competent antitrust authorities that have a special cooperation programme (’’leniency
programme’’). With respect to these investigations, LANXESS considers it likely that no fine
will be imposed on Bayer AG.
In the United States and Canada, various class actions and individual actions which are based
on alleged price fixings are pending against Bayer AG and several of its subsidiaries with
respect to rubber chemicals, EPDM, nitrile rubber and polychloroprene rubber. Some of these
actions regarding rubber chemicals also name as defendants two companies of the LANXESS
Group (i.e. RheinChemie Rheinau GmbH and RheinChemie Corp., Trenton, New Jersey). In
these proceedings, the plaintiffs – direct and indirect purchasers of the relevant rubber
products – are claiming not-yet quantifiable damages (including treble damages), which could
be potentially significant. Additional lawsuits seeking damages can be expected in both the
United States and Canada.
67
The financial risk associated with all of the proceedings mentioned above (with the exception
of criminal proceedings in which penalties have already been imposed), including the
financial risk associated with future civil damage actions, is currently not quantifiable.
LANXESS expects that significant expenses will be required during the further course of the
criminal proceedings and civil damage actions.
In a master agreement, LANXESS and Bayer AG have agreed to specific terms and conditions
concerning the antitrust proceedings relating to the former Rubber Business Group of Bayer
AG. With respect to liabilities arising out of proceedings (whether in the form of fines,
damages, punitive damages or restitution on claims for the transfer of excess proceeds arising
from the antitrust violation), which had at least commenced before July 1, 2004 or in respect
of which a company had taken steps before an antitrust authority with a view to
commencing such proceedings before July 1, 2004, LANXESS will bear 30 per cent. and Bayer
AG 70 per cent. of such liabilities, as between themselves. Furthermore, LANXESS’ liability is
limited to F 100 million. In addition, any tax disadvantages arising thereby due to limited
deductibility for tax purposes are to be reimbursed. The reimbursement payments are limited
to F 50 million per calendar year. LANXESS considers it possible that the indemnity obligation
of up to a total of F 100 million, in addition to the tax indemnity, will fully materialise. In
accordance with the terms of a master agreement, LANXESS and Bayer AG are to agree on
rules for handling the proceedings.
A number of class actions were filed in the United States against RheinChemie Corp. and
RheinChemie Rheinau GmbH, in addition to Bayer AG entities. The class actions are based on
Section 1 of the Sherman Act and charge the defendants with price fixing with respect to,
among other things, polyester polyols and/or urethanes and urethane chemicals. A class
action case was also filed against RheinChemie Corp. and RheinChemie Rheinau GmbH and
Bayer entities in Ontario, Canada, alleging price fixing with respect to polyester polyols.
Ficobel I
On June 29, 2002, the French company Ficobel S.A.S., Puteaux, France, brought proceedings
against LANXESS Elastomères S.A.S., Lillebonne, France (a wholly-owned subsidiary of
LANXESS Deutschland GmbH) for payment of a complementary remuneration of F 9,688,324.62
plus interest based on a co-generation steam supply agreement between the two companies
relating to steam supply in the years 2000 to 2003. Alternatively, the agreement was to be
renegotiated under application of the ’’hardship clause’’. Should the negotiations fail,
LANXESS Elastomères S.A.S. should under the claim be ordered to pay a penalty of F 7,075,919
plus taxes. Moreover, the plaintiff asserted a claim based on procedural grounds for F 30,000.
The defendant, LANXESS Elastomères S.A.S., asserted a counterclaim for damages of F 675,000
(as compensation for shut down periods of the co-generation plant), repayments of
F 2,953,700 corresponding to excess payments made in 2000/2001 (in each case plus interest)
as well as a claim based on procedural grounds for F 25,000. In addition, as security for
enforcement of the expected judgment, it filed an application that Finergaz S.A. – the parent
company of Ficobel S.A.S. which had provided a guarantee of performance of the agreement
by Ficobel S.A.S. in a comfort letter given to LANXESS Elastomères S.A.S. – be joined to the
proceedings.
On June 30, 2004, the Tribunal de Commerce de Paris ordered LANXESS Elastomères S.A.S. to
pay Ficobel S.A.S. F 9,688,324.60 plus interest for the supply of steam and F 20,000 for
procedural costs, and to pay Finergaz S.A., which had been joined to the proceedings, F 2,000
in costs on procedural grounds. Defendant LANXESS Elastomères S.A.S. filed an appeal against
the judgment with the Cour d’Appel of Paris on October 13, 2004. The judgement has been
rendered on March 10, 2005. The Cour d’Appel dismissed the claims of Ficobel S.A.S. for
payment of the complementary remuneration, for re-negotiation of the agreement and
payment of a fine as well as the claim of LANXESS Elastomères S.A.S. for damages. The Cour
d’Appel also ordered (i) Ficobel S.A.S to file new invoices according to the co-generation
steam supply agreement as construed by LANXESS Elastomères S.A.S. (ii) Ficobel S.A.S. and
LANXESS Elastomères S.A.S. to prepare their respective accounts (including the repayment
amounting to F 2,953,700 claimed by LANXESS Elastomères S.A.S.) for inspection in a new
hearing before the court which will take place on November 3, 2005.
68
Ficobel II
Ficobel S.A.S. could assert additional claims associated with the explosion of one of the
generators used by Ficobel S.A.S. on the grounds of the production facility. In this respect,
Ficobel S.A.S. has commenced proceedings against LANXESS Elastomères S.A.S. and other
parties to secure evidence.
LANXESS Elastomères S.A.S. will also be in a position to claim for damages which relate to
the shut down of the co-generation plant for more than two months (from November 15,
2003 through January 28, 2004) due to the above mentioned explosion.
PolymerLatex GmbH & Co. KG
PolymerLatex GmbH & Co. KG has asserted claims in an amount of approximately F7.8 million
against LANXESS Deutschland GmbH based on a self assessment resulting from claimed
overpayments under a lease agreement for the period between 1996 to 2004. Moreover
PolymerLatex GmbH & Co. KG has asserted claims against LANXESS Deutschland GmbH under
a tolling agreement for provision of invoices.
Prosytec
Since 1994, a total of 148 proceedings before various French courts have been instituted
against LANXESS S.A.S., Puteaux, France, Bayer AG and Bayer Polysar International S.A.,
Fribourg, Switzerland, based on the delivery of allegedly faulty raw materials (Butyl XL 20/
Butyl XL 10000) to Prosytec S.A. The proceedings were instituted by Prosytec S.A., its insurers
and its end customers. The amount at issue for all proceedings totalled approximately F 150
million. With the exception of a few minor proceedings, these disputes have since been
decided at the highest judicial level in favour of the defendants LANXESS S.A.S., Bayer AG
and Bayer Polysar International S.A. In particular, Prosytec’s appeal in the largest proceeding
involving approximately F 104 million was dismissed in July 2004 by the Cour de Cassation.
Only in a counterclaim for damages filed by LANXESS S.A.S. was LANXESS S.A.S. ordered to
pay costs of the other parties in the amount of approximately F 85,000.00.
Rütgers Elbechemie GmbH
In connection with the sale of the H-acid production of the Bayer Group in Brunsbüttel,
Bayer AG had promised Rütgers Elbechemie GmbH, Castrop-Rauxel, that it would assume the
shutdown costs in the event of the shutdown of production by Rütgers Elbechemie GmbH.
Differences of opinion concerning the amount of the payment due were settled by means of
a settlement agreement entered into in June 2004, pursuant to which Bayer Chemicals AG
paid a final one-off amount of F 4.8 million. The agreement was assigned to the LANXESS
Group as part of the combination of the chemicals and polymers activities in LANXESS
Deutschland GmbH and its subsidiaries.
Asbestos Litigation
The Bayer Group is currently involved in a number of asbestos-related disputes in the United
States. These disputes passed to the LANXESS Group as part of the Spin-off with respect to
several sites. LANXESS considers the potential amounts of damages as not significant.
Silicon dioxide ’’Silica’’ Case
Lawsuits have been filed in Graves County, Kentucky, against Bayer Corporation – as the legal
successor to Mobay Corporation, New Jersey, of Miles, Inc., Indiana, and of Agfa Corporation,
New York – together with other defendants, by former employees and other third parties in
connection with alleged injury to health based on the alleged handling of materials
containing silicon or use of products containing silicon. Based on the current status of the
proceedings, the possibility that products or sites that passed to the LANXESS Group under
the Spin-Off will also be affected, thereby triggering liability on the part of the LANXESS
Group, cannot be excluded. However, in his case, pursuant to an agreement entered into
between Bayer AG and LANXESS, any damages would be equally shared between Bayer AG
and LANXESS.
69
Albemarle Corporation
Bayer Chemicals Corporation, Pittsburgh, Pennsylvania filed for a declaratory judgment
against Albemarle Corporation, Richmond, Virginia (’’Albemarle’’) before a Federal District
Court. The court was asked to issue a binding declaration with respect to the contents of
certain provisions in a supply agreement between Albemarle and Bayer Chemicals
Corporation. The District Court ruled in favour of Bayer Chemicals Corporation, however
Albermarle filed a counter-claim and appealed against the lower court’s decision. Should the
Court of Appeals reverse the judgment of the District Court and issue an opposing decision,
such a ruling could result in a payment obligation on the part of the LANXESS Group,
inasmuch as an entity of the LANXESS Group has become a party to the dispute by virtue of
the combination of the chemicals and polymers activities in LANXESS Deutschland GmbH and
its subsidiaries.
National Drying Machinery Company
Bayer Chemicals Corporation, Pittsburgh, Pennsylvania brought an action for damages in state
court in Pennsylvania against National Drying Machinery Company, Philadelphia, Pennsylvania,
U.S.A. The complaint is based upon the delivery of an allegedly faulty pigment dryer at the
end of 1999, the faults in which were allegedly not cured in the subsequent period. Should
the court rule against National Drying Machinery Company, a company of the LANXESS
Group, as the legal successor to Bayer Chemicals Corporation, could be awarded damages in a
not insignificant amount, inasmuch as such company of the LANXESS Group has become a
party to the dispute by means of the combination of the chemicals and polymers activities in
LANXESS Deutschland GmbH and its subsidiaries.
Troy Chemical Corporation
Troy Chemical Corporation Inc., New Jersey, U.S.A. (hereinafter referred to as ’’Troy Chemical
Corporation’’), and Bayer AG had entered into a production, licensing and marketing
agreement for the Material Protection Products business unit (MPP), which now belongs to
the LANXESS Group. Bayer AG terminated this agreement in 1998. In 2001, Troy Chemical
Corporation instituted arbitration proceedings before the International Chamber of Commerce
and demanded, among other things, damages of at least U.S.$ 3 million based on an alleged
breach of contract. In September 2003, the complaint was dismissed in full and Troy Chemical
Corporation was ordered to pay the costs incurred by all the parties. No further legal
remedies are available to Troy Chemical Corporation.
Bomanite Corporation/QC Construction Products LLC
On January 5, 2005 LANXESS Corporation was served with notice of a claim by Bomanite
Corporation, Madera, California and QC Construction Products LLC, Delaware and Madera,
California against LANXESS Corporation in the Superior Court of California, Madera County.
In addition to LANXESS Corporation, the suit also names, inter alia, Bayer Corporation and
Bayer Chemicals Corporation. The suit alleges various breaches of the duty to supply
Bomanite with products pursuant to an existing supply agreement, misappropriation of trade
secrets, and alleges breaches of other agreements for which damages in the amount of at
least U.S.$ 650,000, an unspecified amount of punitive damages, injunctive relief and other
types of remedies are sought.
The LANXESS Group has agreed to indemnify Bayer Corporation and Bayer Chemical
Corporation against any and all liability possibly arising out of this litigation. As the litigation
is at an early stage, it is not possible to estimate potential liability at this time. However, if a
judgment is entered against Bayer Corporation, Bayer Chemicals or the LANXESS Group, the
ultimate payment liability could have a negative effect on LANXESS Group’s financial position
and results of operations.
TransAlta Energy Corporation
A long-term agreement is in place between Bayer Inc. (transferable to LANXESS Inc.) and
TransAlta Energy Corporation, Calgary, Alberta, Canada, (‘‘TransAlta’’) concerning the supply
of steam and electricity to the plant in Sarnia, Ontario, Canada. Pursuant to this agreement,
certain minimum annual quantities of steam are specified (‘‘Contract Steam Quantities’’). If
Bayer/LANXESS takes less than this amount of steam, it is to make payment to TransAlta such
70
that TransAlta remains economically neutral to the deviation in steam take from the Contract
Steam Quantities. Due to the shutdown of various operations, Bayer/LANXESS purchased
significantly lower amounts for the period from October 2002 to December 2004 than the
Contract Steam Quantities. The parties are currently disputing an amount of approximately
CAN$ 30 million invoiced by TransAlta in respect of the Bayer/LANXESS steam take shortfall
for the period from October 2002 until December 2004. Approximately 30% of this amount
has been paid to TransAlta without prejudice and the full amount has been provided for in
order to cover the exposure. The amount in dispute may grow during the term of the
agreement. TransAlta has instituted arbitration proceedings against Bayer Inc.; LANXESS Inc. is
obliged to hold Bayer Inc. harmless from its exposure.
LANXESS Rubber N.V., Belgium (Taxes)
LANXESS Rubber N.V., a wholly-owned subsidiary of LANXESS Deutschland GmbH, having its
registered office in Belgium, was owned by the Polysar Group which Bayer purchased in 1990
from the Canadian seller, Nova Chemicals Corporation. As part of an external audit
conducted around that time, the Belgian tax office evaluated various business activities with
affiliated companies differently and thereupon ordered back tax payments, currently
amounting to approximately F 117 million (including interest) after deduction of payments
already made. An appeal was filed against the relevant tax assessment notices and a
suspension of enforcement of the tax assessment notices was granted against provision of
security, which was provided in the form of a guarantee by a Bayer company for the current
and future suspension period. Based on the existing expert opinions provided by external
consultants, it can be assumed that, taking into account the payments already made, the
actual tax risk related to the audit findings will not exceed the amount of F 1.7 million for
which provisions have been established. Moreover, the Bayer Group has an obligation
towards LANXESS to bear any tax liability incumbent upon LANXESS Rubber N.V. that exceeds
the amount of the established provisions.
Environment
A particular liability risk with respect to environmental damage exists for the LANXESS
Group’s sites in New Jersey, U.S.A. Pursuant to the ’’Natural Resource Damages’’ initiative of
the New Jersey Department of Environmental Protection, all companies whose past industrial
activities may have contributed to the environmental damage, may be held liable to
compensate the state for the diminution in value of the property affected by the
contamination. This liability is separate from and in addition to the costs incurred by the
companies in order to remediate such damage.
In addition, with respect to the LANXESS Group’s sites in the United States, at most of the
relevant U.S. sites, numerous companies – including LANXESS Group companies – have been
advised that the U.S. Environmental Protection Agency, individual state authorities and
private entities and individuals assume that the relevant companies might be responsible for
remediation pursuant to the U.S. environmental protection act generally referred to as
’’Superfund’’ (Comprehensive Environmental Response, Compensation, and Liability Act or
’’CERCLA’’), the Resource Conservation and Recovery Act and similar U.S. state statutes and
regulations. Pursuant to CERCLA, potentially both the owner and the operator of the
affected facility at the time of contamination are responsible for a Superfund property. At
other U.S. sites, the LANXESS Group is the sole responsible party.
In connection with the ground water contamination with chromium VI compounds in
Merebank, South Africa, the extent of which became known in October 2004, the LANXESS
Group created a provision of F 40 million. This provision was estimated on the basis of the
remediation costs foreseeable at the state of the investigation completed at that time.
Depending on the results of the continuing investigations, the actual remediation costs could
exceed this estimate. Moreover, the LANXESS Group may be exposed to third-party claims
based on health threats or loss of enjoyment of property. Chromium VI compounds are or
were also used at other production sites of the LANXESS Group. At these sites, there is a risk
of environmental damage and thus of substantial remediation costs for the LANXESS Group.
71
RECENT DEVELOPMENTS AND OUTLOOK
LANXESS considers the world economy to develop positively in fiscal year 2005 and therefore
anticipates that the global chemical cycle will continue to develop positively as well. The
encouraging market conditions are, however, being marred at present by a strong euro,
further high raw material costs (in particular with respect to petrochemical products) and
excess capacity in some areas, so that we assume to face intensive competition.
If the global upward trend in the chemical economy continues, LANXESS expects an increase
in earnings generated by the Group (EBITDA/operating result before interest, tax,
depreciation and amortization) before exceptional items in 2005. This EBITDA growth is being
supported by measures to improve operating efficiency, by the restructuring of businesses
that are generating inadequate profits and by active portfolio management. The first months
of 2005 confirm this positive outlook since the Group has managed to increase prices in
different fields of activity, and the order book has continued to develop favourably.
With respect to restructurings, LANXESS plans potential combinations, relocations or closures
of plants or entire locations, a review of all processes relating to production, maintenance
and services as well as the initiation of measures to reduce personnel costs, which
restructurings may lead to exceptional expenses and cash-charges in the fiscal years 2005 and
2006. In 2005, the Fine Chemicals and the Styrenic Resins business units will be the subject of
significant restructuring activities. The restructuring plans call for the closure of unprofitable
Fine Chemicals production units in Leverkusen and a consolidation of the manufacturing sites
of Styrenic Resins in Europe. Analyses of the facilities in Tarragona, Spain, and Dormagen,
Germany, are currently ongoing in this respect. Talks with the employees’ representatives
have started. No binding arrangements are made at present. In case final agreement is
reached on the measures anticipated by LANXESS and the employees representatives,
LANXESS expects the costs of the implementation of these measures to be in the area of
F 150 million as cash-outs over the next 30 months. Corresponding saving potentials have not
been finally determined.
In the context of its active portfolio management LANXESS plans to enter into partnerships
or to make divestments primarily in fields of business in which the Group is unable to reach
the intended market position in a specified period of time with its own resources. As a
concrete step, LANXESS has retained an investment bank to assist it in selling its Paper
Business unit.
The Combined Financial Statements as of December 31, 2004 were derived from the
consolidated financial statements of the Bayer Group in order to provide a historical record
of LANXESS financial data ahead of the spin-off.
The interim financial statements as of March 31, 2005 are the first statements prepared
independently by the LANXESS Group following its spin-off from Bayer. As a result of the
transition from the Combined Financial Statements – on which calculations had to be based
prior to the spin-off – to consolidated Group financial statements, the stockholders’ equity of
the LANXESS Group decreased by F 253 million, mainly because of adjustments to deferred
taxes that are not recognized in income. The need for these adjustments arose partly because
the spin-off balance sheet had to reflect the amount of loss carrryforwards actually
transferred to LANXESS in the course of the spin-off pursuant to tax regulations, and this
amount differed from that previously allocated to LANXESS on an accountability basis for the
purpose of the Combined Financial Statements.
There were also some changes in deferred taxes as a result of timing differences.
The minority interest component of stockholders’ equity reported as of March 31, 2005 also
reflects for the first time the currency translation adjustments attributable to minority
interest. This had the effect of reducing minority interest compared to the amount reported
in the Combined Financial Statements as of December 31, 2003 by F20 million and increasing
the total stockholders’ equity item – excluding minority interest – by the same amount.
72
FINANCIAL INFORMATION OF THE LANXESS GROUP
The financial information on the LANXESS Group provided below comprises consolidated
actual figures for the first quarter 2005 and Combined Financial Statements for the years
2003 and 2004. The Combined Financial Statements 2003 and 2004 as well as the respective
Notes have been extracted from an English language translation of the Annual Report 2004.
The Combined Financial Statements of the LANXESS Group were prepared with the goal of
reflecting the LANXESS Group structure, as defined for the Spin-Off, in the historical financial
data. The assets and liabilities transferred to the LANXESS Group were recognised and valued
in the Combined Financial Statements in accordance with the standards issued by the
International Accounting Standards Board (’’IASB’’), London, in effect as of the closing date
of the financial statements. Underlying is the assumption that the role of LANXESS as the
group parent company and the legal structure below it in effect after the Spin-Off of the
LANXESS Group had already been in place as of January 1, 2003. IFRS do not contain any
rules for allocating assets and liabilities in the Combined Financial Statements. The allocation
of business activities to the LANXESS Group was authoritatively based on the relevant
provisions of the agreements executed for the formation of the LANXESS Group. The legal
entities to be transferred (so-called ’’Share Deals’’) were accordingly reported in the
Combined Financial Statements on the basis of their respective legal structure. Business
activities (so-called ’’Asset Deals’’) were generally reported on the basis of the reporting
structures of the Bayer Group authoritative for financial controlling purposes having regard
to the contractual arrangements between LANXESS and the Bayer group. In preparing the
Combined Financial Statements, additional assumptions and projections had to be made
which affect the amounts and the presentation of assets and liabilities, income and expenses
and contingent liabilities.
Consequently, the Combined Financial Statements do not necessarily reflect the financial
condition and results of operations that would have resulted had the LANXESS Group already
existed as an independent group as of January 1, 2003 and the underlying transactions
between the LANXESS and Bayer companies thus been entered into between independent
companies.
For the reasons set forth herein, the absence of historical unity and independence of the
LANXESS Group limits the informative value of the Combined Financial Statements. Therefore,
the Combined Financial Statements do not enable reliable forecasting of the future
development of the businesses combined in the LANXESS Group.
73
Consolidated Balance Sheet of the LANXESS Group as at March 31, 2005
J million
31/03/2005
ASSETS
Noncurrent assets
Intangible assets ........................................................................................................
Property, plant and equipment ................................................................................
Financial assets...........................................................................................................
62
1,518
87
1,667
Current assets
Inventories..................................................................................................................
Receivables and other assets
Trade receivables....................................................................................................
Other receivables and other assets .......................................................................
1,279
1,191
404
1,595
Liquid assets ..................................................................................................................
130
3,004
Deferred taxes...............................................................................................................
34
Prepaid expenses ..........................................................................................................
12
Total assets....................................................................................................................
4,717
STOCKHOLDERS’ EQUITY AND LIABILITIES
Stockholders’ equity
Capital stock and reserves of LANXESS AG..............................................................
Retained earnings......................................................................................................
Net income (loss) ......................................................................................................
Other comprehensive income ...................................................................................
Minority interest ........................................................................................................
836
631
70
-366
14
1,185
Liabilities
Noncurrent liabilities
Provisions for pensions and other post-employment benefits ...............................
Other provisions ........................................................................................................
Financial liabilities .....................................................................................................
Other liabilities ..........................................................................................................
431
222
112
1
766
Current liabilities
Other provisions ........................................................................................................
Financial liabilities .....................................................................................................
Trade payables ...........................................................................................................
Other liabilities ..........................................................................................................
326
1,252
756
209
2,543
3,309
Deferred taxes...............................................................................................................
174
Deferred income............................................................................................................
49
Total stockholders’ equity and liabilities ....................................................................
4,717
74
Consolidated Income Statement of the LANXESS Group
for the period from January 1, 2005 through March 31, 2005
J million
Q1/2005
%
Sales ..............................................................................................................
Costs of sales ................................................................................................
1,729
-1,287
100.0
-74.4
Gross profit...................................................................................................
442
25.6
Selling expenses ...........................................................................................
Research and development expenses .........................................................
General administration expenses ................................................................
Other operating expenses/income – net.....................................................
-211
-26
-71
-18
-12.2
-1.5
-4.1
-1.0
Operating Result (EBIT) ...............................................................................
116
6.7
Income (expense) from investments in affiliated companies – net ..........
Interest expense – net..................................................................................
Other financial expenses/income – net.......................................................
5
-10
-17
0.3
-0.6
-1.0
Financial result
-22
-1.3
Income (loss) before income taxes
Income taxes.................................................................................................
94
-23
5.4
-1.3
Income (loss) after taxes .............................................................................
Minority interest ..........................................................................................
71
-1
4.1
-0.1
Net income (loss) .........................................................................................
70
4.0
Earnings per share (F)
Diluted earnings per share (F)
0.96
0.84
75
Consolidated Cash Flow Statement of the LANXESS Group
for the period from January 1, 2005 through March 31, 2005
J million
Q1/2005
Operating result (EBIT) .....................................................................................................
Income taxes ......................................................................................................................
Depreciation and amortization ........................................................................................
Change in pension provisions...........................................................................................
(Gains) losses on retirements of property, plant and equipment ..................................
116
-24
65
0
-1
Gross cash flow
156
Change
Change
Change
Change
in
in
in
in
inventories .......................................................................................................
trade receivables .............................................................................................
trade payables .................................................................................................
other net current assets ..................................................................................
-116
-43
-77
70
Net cash used in operating activities
-10
Cash outflow for additions to property, plant and equipment.....................................
Cash inflow from sales of property, plant and equipment ............................................
Cash outflow for additions to financial assets ................................................................
Interest and dividends received........................................................................................
-51
2
0
1
Net cash used in investing activities
-48
Proceeds from borrowings................................................................................................
Repayments of borrowings...............................................................................................
Interest paid.......................................................................................................................
774
-647
-11
Net cash provided by financing activities .......................................................................
116
Change in cash and cash equivalents from business activities .....................................
58
Cash and cash equivalents at beginning of period........................................................
Other changes in cash and cash equivalents ...................................................................
72
0
Cash and cash equivalents at end of period ..................................................................
130
Liquid assets as per balance sheet
130
76
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77
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123
-+ EFK<J
FINANCIAL INFORMATION OF LANXESS AG
Balance Sheet LANXESS Aktiengesellschaft, Leverkusen, as at December 31, 2004
J ’000
Notes
31.12.2004
31.12.2003
(8)
(9)
23
738,909
0
0
738,932
0
283,136
14,315
0
0
297,451
0
50
49
297,501
49
Prepaid expenses..............................................................
2,045
0
Total assets .......................................................................
1,038,478
49
73,034
763,267
-1,738
50
0
-2
834,563
48
2,757
1,158
0
1
3,915
1
200,000
0
1,038,478
49
ASSETS
Fixed assets
Property, plant and equipment ...................................
Financial assets ..............................................................
Current assets
Receivables and other assets
Receivables from affiliated companies ....................
Other assets ...............................................................
(10)
(11)
Cash and cash equivalents
Bank balances ............................................................
EQUITY AND LIABILITIES
Equity
Subscribed capital .........................................................
Capital reserves .............................................................
Accumulated net loss....................................................
Provisions
Provisions for pensions and similar commitments ......
Other provisions............................................................
Liabilities
Other liabilities..............................................................
Total equity and liabilities...............................................
124
(12)
(13)
(14)
(15)
Income Statement LANXESS Aktiengesellschaft, Leverkusen, for the period
from January 1, 2004 through December 31, 2004
J ’000
Notes
31.12.2004
31.12.2003
(1)
(2)
4,787
4,787
0
0
0
0
34
1
-34
-1
-1,874
172
1
0
Financial results ................................................................
-1,702
1
Loss before income tax....................................................
Income tax ........................................................................
-1,736
0
0
0
Net loss .............................................................................
Loss carried forward from the previous year .................
-1,736
-2
0
-2
Accumulated net loss.......................................................
-1,738
-2
Sales ..................................................................................
Costs of goods sold and services provided .....................
Gross profit.......................................................................
Other operating expenses................................................
(3)
Operating result ...............................................................
Interest expense – net ......................................................
Other financial expenses and income .............................
125
(4)
(5)
Notes to the financial statements of LANXESS Aktiengesellschaft, Leverkusen, for the
fiscal year 2004
Change of name and spin-off of business activity to the Company
On November 18, 1999 LANXESS AG was established under the company name of SIFRI
Beteiligungs Aktiengesellschaft, with ist registered office in Frankfurt am Main, Germany,
formed as a shelf company without any business activity of its own. By means of a purchase
and transfer agreement dated July 13, 2004, Bayer AG, Leverkusen, Germany, acquired all
shares in the company from Deutsche Bank AG, of Frankfurt am Main. On July 13, 2004, the
company’s annual stockholders’ meeting resolved, among other things, to change the
company name to LANXESS Aktiengesellschaft and to move the registered office to
Leverkusen.
In view of the spin-off and acquisition agreement notarised on September 22, 2004, Bayer
AG, in its capacity as transferring owner under law and by way of completing the spin-off in
accordance with § 123 para. 2 no. 1 of the German Transformation Act (UmwG), transferred
all of its shares in LANXESS Deutschland GmbH, together with other parts of its assets to
LANXESS AG as the owner accepting the transfer (transferee entity). Prior to this, LANXESS
Deutschland GmbH united, both directly and via subsidiary companies, the chemicals activities
and significant portions of polymer activities of Bayer AG. The transfer took place within the
relationship between Bayer AG and LANXESS AG, with associated consequences for accounts
retroactively to July 1, 2004. From this point on, transactions involving those assets of Bayer
AG relating to the spin-off were considered to have been made for the account of LANXESS
AG.
At the root of the spin-off was the final balance sheet of Bayer AG of June 30, 2004. The
valuation of the assets and liabilities transferred was made based on the book values shown
in the accounts of the transferring entity.
The spin-off and acquisition agreement between Bayer AG and Lanxess AG received the
necessary approval at the general shareholders’ meeting of Bayer AG on November 17, 2004
and at the general shareholders’ meeting of LANXESS AG on December 21, 2004. The spin-off
became legally effective at the time of registration in the commercial register of Bayer AG on
January 28, 2005 and thus prior to the close of the preparation -up of this year-end financial
statements.
As the transferee entity LANXESS AG issued 73,034,192 in no-par bearer shares of LANXESS
AG to shareholders of Bayer AG in exchange for the spun-off assets.
Consistent with a business approach that follows principles of commercial law for the
allocation of assets, the spun-off assets were incorporated into the commercial-law-based
year-end closing of LANXESS AG for December 31, 2004.
As a consequence, the profit and loss statement reflects the business activities that have
taken place since July 1, 2004. To this extent, the values shown in the profit and loss
statement are not comparable with counterpart figures for the previous year.
Because assets have been spun off, there can be no direct comparison of the balance sheet
for December 31, 2004 with the previous year’s balance sheet, either.
Accounting policies
The financial statements of Lanxess AG have been prepared pursuant to the rules applicable
to large corporations in accordance with the German Commercial Code (HGB) and the
German Stock Corporation Act (AktG).
The items condensed for proposes of clarity in the balance sheet and the profit and loss
statement are individually explained in the Notes.
The profit and loss statement has been drawn up in accordance with cost-of-sales method.
Expenses and income in the financial area not appearing in these statements by virtue of
legally mandated items are listed under other financial expenses and income.
Lanxess AG is incorporated into the consolidated financial statement of Bayer AG, of
Leverkusen, Germany, for December 31, 2004. This consolidated financial statements weres
drawn up under application of § 292a of the German Commercial Code (HGB) and in
accordance with the regulations of those guidelines of the International Accounting
126
Standards Board (IASB), in London, that were in effect as of the closing key date and has
been filed in the Commercial Register of Cologne, Germany.
The consolidated financial statement of Bayer AG contains the following accounting and
valuation principles differing from German commercial law:
*
No scheduled depreciation of goodwill but rather an impairment test at least once
annually, in the event that the goodwill is the result of a fusion with a closing date on
or after March 31, 2004;
*
Market valuation of financial instruments;
*
Conversion of foreign currency receivables and payables to the period-end exchange
rate, with net income affected by the resulting changes in value;
*
Valuation of pension provisions according to the projected unit credit method, taking
future salary an pension trends into account;
*
Charging of provisions only in the event of commitments to third parties;
*
Waiver of establishment of other provisions insofar as the likelihood of utilisation
thereof lies below 50%;
*
Reporting of deferred taxes in accordance with the balance-sheet-oriented liability
method, including deferred taxes on losses carried forward where there is a sufficient
probability of use of the losses carried forward.
Recognition and valuation principles
Tangible assets are carried at their cost of acquisition, minus scheduled, depletion-related
depreciation. Where there is permanent impairment of fixed assets beyond use-related
consumption, unplanned depreciation is posted. Low-value assets are fully depreciated in the
year of acquisition. Where permitted under the tax laws, depreciation is made using the
declining-balance method at the highest rates possible, switching over to the straight-line
method wherever this leads to higher depreciation.
Useful life of tangible assets
Computer equipment
Furniture and fixtures
3-4 years
4-10 years
Investments in affiliated companies are carried at cost.
Loans receivable that are interest-free or bear low rates of interest are carried at present
value; other loans receivable are carried at nominal value.
Receivables and other assets are stated at nominal value, less any necessary value
adjustments.
Provisions for pensions and similar commitments are computed using the actuarial method
that takes tax regulations into consideration, in accordance with § 6a of the Income Tax Law
(EStG), and applying the life-expectancy tables published by K. Heubeck in 1998 and taking
into account an actuarial interest rate of 6%.
Other provisions account for all foreseeable risks and uncertain obligations. In each case, the
valuation reflects the amount which, based on a reasonable assessment, is needed, as of the
closing date, to cover future payment obligations.
Liabilities are carried at nominal values.
Expenses and income are accounted for on an accrual basis to the appropriate fiscal year.
Foreign currency receivables and payables are translated at the rates at which they were
initially recorded or at the current year’s closing rates, whichever yields the lower amounts
for receivables or the higher amounts for payables. Foreign currency receivables and payables
that are hedged are translated at the hedged rates.
127
Notes to the income statement
(1) Sales
The F 4,786,597 in sales reflect the revenues from the sale of services performed exclusively
for Lanxess Deutschland GmbH, and hence within Germany.
(2) Production costs
The production costs reflect expenditures arising in conjunction with the services provided.
For the most part, this figure reflects payroll expenses.
(3) Other operating expenses
J
Bank charges ................................................................................................
Auditing expenses........................................................................................
Miscellaneous operating expenses..............................................................
2004
2003
28,818
5,000
539
0
950
285
34,357
1,235
2004
2003
(4) Net interest income (loss)
J
Other interest income and similar income .................................................
2,301,223
of this, from affiliated companies .............................................................. (2,206,516)
Interest and similar expenses ...................................................................... - 4,174,863
1,078
(1,078)
0
-1,873,640
1,078
2004
2003
-15,807,756
15,979,550
0
171,794
0
(5) Other financial expenditures and income
J
Other financial expenses .....................................................................
Other financial income........................................................................
Mainly the other financial expenses reflect currency exchange rate losses arising out of
currency conversion transactions, along with interest-related changes in provisions for
pensions and similar obligations. The other financial income consists mainly of currency
exchange rate gains.
(6) Payroll expenses
J
Wages and salaries.......................................................................................
Social security contributions and expenditures for retirement pensions
and relief ..................................................................................................
thereof for retirement pensions .................................................................
2004
2003
3,358,843
0
1,123,828
(737,498)
0
0
4,482,671
0
(7) Employees
In accordance with the spin-off and acquisition agreement of September 22, 2004, and within
the framework of the transfer of functions of the LANXESS Corporate Center, 41 employees
of Bayer AG were assigned to Lanxess AG effective, for commercial purposes, July 1, 2004. In
the course of the fiscal year, the number of employees increased by 57 to a total of 98
128
employees. With registration of the spin-off in the Commercial Register on January 28, 2005,
the transfer of operations for the affected employees went into effect in accordance with
§ 324 of the German Federal Law on the Transformation of Incorporated Corporations
(UmwG) in conjunction with § 613a para. 1 of the German Civil Code (BGB).
2004
2003
98
0
Administration..............................................................................................
Notes to the balance sheets
(8) Fixed assets
The breakdown and development of fixed assets are presented in the assets analysis.
(9) Ownership of investments pursuant to § 285 para. 11 of the German Commercial
Code (HGB)
J
Company name and registered office
Lanxess Deutschland GmbH, Leverkusen,
Germany ...........................................................
Equity share
%
Equity capital
as of
31.12.2004
Loss for the
year
2004
100.0
1,250,372,774
-45,561,216
(10) Receivables from affiliated companies
Receivables from affiliated companies, in the amount of F 283,136,136 relate to receivables
on short-term loans along with receivables from financing transactions.
All receivables are due within one year.
(11) Other assets
Other assets in the amount of F 14,314,511 are entirely accounted for by receivables over
against Bayer AG. They are due within one year.
(12) Equity capital
The capital increase by virtue of which the capital stock of LANXESS AG was increased from
F 50,000 by F 72,984,192 to a total of F 73,034,192 through issuance of 72,984,192 no-par
bearer shares, was carried out in exchange for an investment in kind involving the assets and
liabilities spun-off, i.e. particularly the holdings of Bayer AG in LANXESS Deutschland GmbH.
The capital increase was decided at the extraordinary stockholders’ meeting held on
December 21, 2004 and entered into the company’s commercial register on 10 January 2005.
In accordance with §§ 125 sentence 1, 66, 130 para. 1 of the Transformation Act (UmwG),
entry of the execution of the capital increase was a prerequisite to entry of the spin-off in
the commercial registers of LANXESS AG and Bayer AG. The capital increase took effect upon
entry of the spin-off in the commercial register of Bayer AG on January 28, 2005. Since that
point in time, the capital stock is divided into 73,034,192 no-par bearer shares.
Capital reserves include additional contributions made under § 272 para. 2 no. 1 of the
German Commercial Code (HGB) in an amount of F 763,263,707 entered as difference amount
as between the nominal amount of the increase in capital stock and the commercial book
value of the net assets transferred as of the spin-off key date. Other contributions in the
amount of F 2,500, were also made in accordance with § 272 para. 2 no. 4 of the German
Commercial Code.
By virtue of the capital approved by resolution of the extraordinary stockholders’ meeting of
Lanxess AG held on September 15, 2004, the Board of Management was authorised to carry
out, by August 30, 2009, and subject to approval by the Supervisory Board, a one-off or
multi-step increase in company capital stock through issuance of new no-par shares in
exchange for contributions of cash or assets, up to an amount not to exceed F 36,517,096.
The resolution with regard to the authorised capital was entered to the commercial register
on February 25, 2005. As a matter of principle, stockholders shall continue to have
subscription rights in relation to the exercise of the capital approved. The Management
129
Board, however, has been authorised, subject to Supervisory Board approval, to exclude
stockholder subscription rights in certain cases. This makes it possible for the Management
Board to attend to the conversion options, or the conversion obligations arising out of the
convertible bond negotiated on September 15, 2004, among other things.
(13) Provisions for pensions and similar commitments
Provisions for pensions include benefit obligations for current employees along with
obligations arising out of early-retirement agreements.
(14) Other provisions
Other provisions include amounts for unused vacation and overtime credits, part-time
working by older employees, long-service awards to employees, bonuses and any other
uncertain liabilities.
(15) Other liabilities
On the basis of the resolution of the annual stockholders’ meeting of September 15, 2004,
LANXESS AG placed a convertible bearer bond with Bayer AG with a nominal value of EUR
200 million, broken down into 2,000 partial bonds with a nominal value of EUR 100,000 each,
with a maturity date of September 15, 2007 and nominal interest of 6%. The obligations of
LANXESS AG for payment of capital and interest as arising out of the convertible bond, along
with obligations for all other amounts arising out of the bond, are subordinate to higherranking, non-subordinate obligations of all other creditors of LANXESS AG.
The bondholder – currently Bayer AG – may convert the convertible bonds into shares in
LANXESS AG (conversion right) between July 20, 2005 and July 20, 2007. In addition, LANXESS
AG is obliged to convert the convertible bonds into shares on September 17, 2007 (conversion
obligation). The conversion will increase the number of no-par bearer shares by at least 11.6
million shares but not by more than 13.3 million shares. A repayment in cash is not planed,
save for the exceptional case.
Since the convertible bond was not issued via the public capital market, it is shown under
other liabilities.
(16) Derivative Financial instruments
Lanxess AG currently uses derivative financial instruments to hedge foreign exchange risks.
The instruments are employed according to uniform guidelines and are subject to strict
controls; their use is generally confined to the hedging of the operating business and of the
related investments and financing transactions. As of the balance-sheet date, a forward
exchange transaction was in effect with Bayer AG as a hedge against the USD loan issued to
Lanxess Corp. in the amount of USD 245,292,783, plus interest in the amount of USD
1,603,602. The nominal value of this transaction at the time it was constituted was
F 185,565,223. As of the balance-sheet key date, the market value was F 181,130,140.
(17) Liabilities and other financial commitments
Under the terms of § 133 para. 1 and para. 3 of the German Transformation Act (UmwG),
LANXESS AG is jointly and severally liable for the fulfilment of any obligations remaining
incumbent as upon Bayer AG and were in existence before the spin-off went into effect on
January 28, 2005, provided that such obligations mature within five years from the date of
the announcement that the Spin-off has been registered in the Commercial Register of Bayer
AG, and that claims against LANXESS AG based on such obligations are asserted as prescribed
by law. In the spin-off and acquisition agreement of September 22, 2004, it was provided
that LANXESS AG and Bayer AG would mutually indemnify one another from any and all
joint liability as prescribed by law, for which they are principal debtors under the terms of
the spin-off and transfer agreement. Parallel to this, in a master agreement concluded under
the same date, LANXESS AG and Bayer AG made additional provisions for the apportionment
of general liability and of specific liability for environmental contamination, antitrust
violations and product-liability as part of the relationship of the contracting parties to one
another.
In each of the years between 2000 and 2004, stock incentive programmes were established
for all employees of Bayer AG. These programmes consist of a range of offerings for the
individual employee groups. A feature common to all offerings is that the employees,
130
depending on an initial investment made by the individual employee him- or herself, have an
opportunity to receive bonus shares of Bayer AG stock within a period of up to ten years. For
higher-ranking, executive employees, provision of bonus shares is linked both to a certain
minimum retention period for shares contributed, as well as to satisfaction of external and
internal performance criteria, attainment of which leads to corresponding obligations. Within
the framework of the spin-off and acquisition agreement, these obligations were transferred
over to employees moving on to Lanxess AG in accordance with § 613a para. 1 of the
German Civil Code (BGB).
On December 10, 2004, LANXESS AG, LANXESS Deutschland GmbH and LANXESS Corporation,
Pittsburgh/Pennsylvania/USA, concluded a credit line contract with an international bank
consortium led by Bank of America Securities Ltd., Citigroup Global Markets Ltd.,
Commerzbank AG and Deutsche Bank AG, conceding a total syndicated line of credit in the
amount of F 1.5 billion. The line of credit involves a tranche of F 0.5 billion designed to be a
revolving credit line with a term of 364 days that can be extended by additional periods of
364 days, subject in each case to approval on the part of the banks. The credit line also
consists of two more revolving tranches with a term up to December 2009, totalling F 1.0
billion. LANXESS AG issued a written guarantee to repay, upon first request loans utilised by
other companies within the Group within the framework of this credit line contract. As of
the balance sheet date, there were no payables noted among any of the companies within
the Group as a result of the credit line contract.
Supplemental information
In accordance with § 20 para. 3 of the German Stock Corporation Act (AktG), in conjunction
with § 20 paras. 3 and 4 of the same Law, Deutsche Bank AG has indicated to the Company
that it is not the owner of more than one-quarter of the company. Bayer AG has indicated to
the company, in accordance with § 20 para. 4 of the Stock Corporation Act, that it is a
majority stockholder in the Company.
This majority investment on the part of Bayer AG was in place up until the entry of the spinoff in the commercial register of Bayer AG on January 28, 2005. At that point in time,
73,034,192 no-par bearer shares of LANXESS AG stock were issued to stockholders of Bayer
AG.
131
Changes in fixed assets LANXESS Aktiengesellschaft, Leverkusen, during the 2004 fiscal
year
J’000
Capital
Status as of
expenditure
01.01.2004 due to spinoff
Other
capital
expenditure
Retirements
Status as of
31.12.2004
Accumulated
Depreciations
Status as of
31.12.2004
Net carrying
amounts
Status as of
31.12.2004
Property, plant and
equipment
Furniture, fixtures and
other equipment .....
Financial assets
Shares in affiliated
companies ................
Other loans .................
0
11
18
0
29
6
23
0
0
738,839
70
0
0
0
0
738,839
70
0
0
738,839
70
Total fixed assets
0
738,920
18
0
738,938
6
738,932
Changes in depreciations LANXESS Aktiengesellschaft, Leverkusen, during the 2004
fiscal year
Status as of
01.01.2004
Depreciations
Write-backs
Transfers
Retirements
Status as of
31.12.2004
Furniture, fixtures and other
equipment .......................................
0
6
0
0
0
6
Total depreciation on fixed assets
0
6
0
0
0
6
J’000
132
TAXATION
The following is a general discussion of certain Dutch and German tax consequences of the
acquisition and ownership of Notes. This discussion does not purport to be a comprehensive
description of all tax considerations which may be relevant to a decision to purchase Notes.
In particular, this discussion does not consider any specific facts or circumstances that may
apply to a particular purchaser. This summary is based on the laws of the Netherlands and
Germany, respectively, currently in force and as applied on the date of this prospectus, which
are subject to change, possibly with retroactive or retrospective effect. A change to such laws
may invalidate the contents of this summary, which will not be updated to reflect any such
change. Where in this summary English terms and expressions are used to refer to Dutch or
German concepts, the meaning to be attributed to such terms and expressions shall be the
meaning attributed to the equivalent Dutch or German concepts under Dutch or German tax
law. Further, this summary assumes that each transaction with respect to the Notes is at arm’s
length.
PROSPECTIVE PURCHASERS OF NOTES ARE ADVISED TO CONSULT THEIR OWN TAX ADVISORS
AS TO THE TAX CONSEQUENCES OF THE PURCHASE, OWNERSHIP AND DISPOSITION OF
NOTES, INCLUDING THE EFFECT OF ANY STATE OR LOCAL TAXES, UNDER THE TAX LAWS OF
THE NETHERLANDS AND GERMANY AND EACH COUNTRY OF WHICH THEY ARE RESIDENTS.
TAXATION IN THE NETHERLANDS
Withholding tax
All payments under the Notes may be made free from withholding or deduction of, for or on
account of any taxes of whatever nature imposed, levied, withheld or assessed by the
Netherlands or any political subdivision or taxing authority thereof or therein.
Taxes on income and capital gains
The summary set out in this section ‘‘Taxes on income and capital gains’’ only applies to a
holder of Notes who is neither resident nor deemed to be resident in the Netherlands for
purposes of Dutch income tax or corporation tax, as the case may be, and, in the case of an
individual, has not elected to be treated as a resident of the Netherlands for Dutch income
tax purposes (a ‘‘Non-Resident holder of Notes’’).
Individuals
A Non-Resident holder of Notes who is an individual will not be subject to any Dutch taxes
on income or capital gains in respect of any benefit derived or deemed to be derived from
the Notes, including any payment under the Notes and any gain realised on the disposal of
the Notes, provided that both of the following conditions are satisfied.
1.
If he derives profits from an enterprise, whether as an entrepreneur (ondernemer) or
pursuant to a co-entitlement to the net value of such enterprise, other than as an
entrepreneur or a shareholder, which enterprise is either managed in the Netherlands or
carried on, in whole or in part, through a permanent establishment or a permanent
representative in the Netherlands, as the case may be, his Notes are not attributable to
such enterprise.
2.
He does not derive benefits and is not deemed to derive benefits from the Notes that
are taxable as benefits from miscellaneous activities in the Netherlands (resultaat uit
overige werkzaamheden in Nederland).
Benefits derived or deemed to be derived from the Notes by a Non-Resident holder of Notes
who is an individual and who satisfies condition 1. above, including any gain realised on the
disposal thereof, are taxable as benefits from miscellaneous activities in the Netherlands if he,
or an individual who is a connected person in relation to him as meant in article 3.91,
paragraph 2, letter b, or letter c, of the Dutch Income Tax Act 2001 (Wet inkomstenbelasting
2001), has a substantial interest (aanmerkelijk belang) in the Issuer.
A person has a substantial interest in the Issuer if such person – either alone or, in the case
of an individual, together with his partner (partner), if any – has, directly or indirectly, either
the ownership of shares representing five per cent. or more of the total issued and
outstanding capital (or the issued and outstanding capital of any class of shares) of the Issuer,
133
or rights to acquire, directly or indirectly, shares, whether or not already issued, that
represent five per cent. or more of the total issued and outstanding capital (or the issued
and outstanding capital of any class of shares) of the Issuer, or the ownership of profit
participating certificates (winstbewijzen) that relate to five per cent. or more of the annual
profit of the Issuer or to five per cent. or more of the liquidation proceeds of the Issuer.
A person who is entitled to the benefits from shares or profit participating certificates (for
instance a holder of a right of usufruct) is deemed to be a holder of shares or profit
participating certificates, as the case may be, and such person’s entitlement to such benefits is
considered a share or a profit participating certificate, as the case may be.
Furthermore, a Non-Resident holder of the Notes who is an individual and who satisfies
condition 1. above may, inter alia, derive benefits from the Notes that are taxable as benefits
from miscellaneous activities in the following circumstances, if such activities are performed
or deemed to be performed in the Netherlands:
a.
if his investment activities go beyond the activities of an active portfolio investor, for
instance in case of the use of insider knowledge (voorkennis) or comparable forms of
special knowledge; or
b.
if he makes the Notes available or is deemed to make the Notes available, legally or in
fact, directly or indirectly, to certain parties as meant in articles 3.91 and 3.92 of the
Dutch Income Tax Act 2001 under circumstances described there.
Entities
A Non-Resident holder of the Notes other than an individual will not be subject to any Dutch
taxes on income or capital gains in respect of any payment under the Notes or in respect of
any gain realised on the disposal of the Notes, provided that (a) if such Non-Resident holder
of the Notes derives profits from an enterprise that is either managed in the Netherlands or
carried on, in whole or in part, through a permanent establishment or a permanent
representative in the Netherlands, whether as an entrepreneur (ondernemer) or pursuant to a
co-entitlement to the net value of such enterprise (other than as an entrepreneur or as a
holder of securities), its Notes are not attributable to such enterprise, and (b) such NonResident holder of the Notes does not have a substantial interest in the Issuer.
A person other than an individual has a substantial interest in the Issuer, (x) if it has a
substantial interest in the Issuer (as described above under Individuals) or (y) if it has a
deemed substantial interest in the Issuer. A deemed substantial interest may be present if its
shares, profit participating certificates or rights to acquire shares or profit participating
certificates in the Issuer have been acquired by such person or are deemed to have been
acquired by such person on a non-recognition basis.
Gift and inheritance taxes
A person who acquires the Notes as a gift, in form or in substance, or who acquires or is
deemed to acquire the Notes on the death of an individual, will not be subject to Dutch gift
tax or to Dutch inheritance tax, as the case may be, unless:
(i)
the donor is, or the deceased was resident or deemed to be resident in the Netherlands
for purposes of gift or inheritance tax, as the case may be; or
(ii)
the Notes are or were attributable to an enterprise or part of an enterprise that the
donor or the deceased carried on through a permanent establishment or a permanent
representative in the Netherlands at the time of the gift or of the death of the
deceased; or
(iii) the donor made a gift of Notes, then became a resident or deemed resident of the
Netherlands, and died as a resident or deemed resident of the Netherlands within 180
days after the date of the gift.
Other taxes and duties
No Dutch registration tax, transfer tax, stamp duty or any other similar documentary tax or
duty, other than court fees, will be payable by a holder of Notes in the Netherlands in
respect of or in connection with the enforcement by legal proceedings (including the
enforcement of any foreign judgment in the courts of the Netherlands) of the obligations of
the Issuer under the Notes.
134
TAXATION IN THE FEDERAL REPUBLIC OF GERMANY
Tax Residents
Payments of interest on the Notes to persons who are tax residents of Germany (i.e., persons
whose residence, habitual abode, statutory seat, or place of effective management and
control is located in Germany) are subject to German personal or corporate income tax (plus
solidarity surcharge (Solidaritätszuschlag)). Such interest may also be subject to trade tax if
the Notes form part of the property of a German trade or business.
Upon the disposition of a Note carrying interest a holder of the Note will also have to
include in his taxable income any consideration invoiced separately for such portion of the
interest of the current interest payment period which is attributable to the period up to the
disposition of the Note (‘‘Accrued Interest’’). Accrued Interest paid upon the acquisition of
the Notes may be declared as negative income if the Note is held as a non-business asset.
If for the determination of the issue price of the Note the redemption amount is reduced by
a discount or if the redemption amount is increased as compared with the issue price of the
Note (as, for example, in the case of a discounted Note or a Note with accrued interest
added), the difference between the redemption amount and the issue price of the Note
(‘‘Original Issue Discount’’) realized when a Note held as a non-business asset is redeemed to
its initial subscriber will be taxable investment income, however, only if the Original Issue
Discount exceeds certain thresholds; in such case, the Note qualifies as a financial innovation
under German tax law.
If the Note qualifies as a financial innovation (Finanzinnovation) (including, among other
things, zero coupon notes or other discounted Notes or Notes with accrued interest added as
well as floating rate notes) and is disposed of while outstanding or redeemed at maturity,
such portion of the proceeds from the disposition of the Note or of the redemption amount
of the Note which equals the yield to maturity of the Note attributable to the period over
which the holder has held such Note, minus interest, including Accrued Interest, already
taken into account, will be subject to income tax (plus solidarity surcharge), provided the
holder of the Note is an individual. The yield to maturity is determined by taking into
account the Original Issue Discount. If the Notes do not have a predetermined yield to
maturity (e.g. in the case of floating rate Notes) or the holder does not give proof thereof,
the difference between the proceeds from the disposition, assignment or redemption and the
issue or purchase price of the Note is subject to personal or corporate income tax (plus
solidarity surcharge) in the year of the disposition, assignment, or redemption of the Note.
Where the Note is issued in a currency other than euro, such difference will be computed in
the foreign currency. Where a Note forms part of the property of a German trade or
business, in each fiscal year the yield to maturity of the Note to the extent attributable to
such period has to be taken into account as interest income by the initial subscriber of the
Note and is subject to personal or corporate income tax (plus solidarity surcharge) and trade
tax.
Capital gains from the disposition of Notes, other than income described in the preceding
paragraph, are only taxable to a German tax-resident individual if the Notes are disposed of
within one year after their acquisition or form part of the property of a German trade or
business. In the latter case the capital gains may also be subject to trade tax.
Capital gains derived by German-resident corporate holders of Notes will be subject to
corporate income tax (plus solidarity surcharge) and trade tax.
If the Notes are held in a custodial account which the Noteholder maintains with a German
branch of a German or non-German bank or financial services institution (the ‘‘Disbursing
Agent’’) a 30 per cent. withholding tax on interest payments (Zinsabschlag), plus 5.5 per cent.
solidarity surcharge on such tax, will be levied, resulting in a total tax charge of 31.65 per
cent. of the gross interest payment. Withholding tax is also imposed on Accrued Interest. If
the Notes qualify as financial innovations, as explained above, withholding tax at the
aforementioned rate will also be withheld from the difference between the proceeds from
the disposition, assignment or redemption and the issue or purchase price of the Notes if the
Note has been kept in a custodial account with such Disbursing Agent since the time of
issuance or acquisition, respectively. If the Notes have been transferred into the custodial
account of the Disbursing Agent only after such point in time, withholding tax at the
aforementioned rate will be levied on a lump-sum basis on 30 per cent. of the proceeds from
135
the disposition, assignment or redemption of the Notes. Where the Note is issued in a
currency other than euro, the aforementioned difference will be computed in the foreign
currency.
In computing the tax to be withheld the Disbursing Agent may deduct from the basis of the
withholding tax any Accrued Interest paid by the holder of a Note to the Disbursing Agent
during the same calendar year. In general, no withholding tax will be levied if the holder of
a Note is an individual (i) whose Note does not form part of the property of a German trade
or business nor gives rise to income from the letting and leasing of property, and (ii) who
filed a withholding exemption certificate (Freistellungsauftrag) with the Disbursing Agent but
only to the extent the interest income derived from the Note together with other investment
income does not exceed the maximum exemption amount shown on the withholding
exemption certificate. Similarly, no withholding tax will be deducted if the holder of the
Note has submitted to the Disbursing Agent a certificate of non-assessment
(Nichtveranlagungsbescheinigung) issued by the relevant local tax office.
Withholding tax and the solidarity surcharge thereon are credited as prepayments against the
German personal or corporate income tax and the solidarity surcharge liability of the German
resident. Amounts overwithheld will entitle the holder of a Note to a refund, based on an
assessment to tax.
Nonresidents
Interest, including Accrued Interest (and (in the case of financial innovations) Original Issue
Discount), and capital gains are not subject to German taxation, unless (i) the Notes form
part of the business property of a permanent establishment, including a permanent
representative, or a fixed base maintained in Germany by the holder of a Note or (ii) the
interest income otherwise constitutes German source income (such as income from the letting
and leasing of certain German-situs property). If the nonresident of Germany is subject to
German taxation with income from the Notes, a tax regime similar to that explained above at
‘‘Tax Residents’’ applies; capital gains from the disposition of Notes are, however, only
taxable in the case of (i).
Nonresidents of Germany are, in general, exempt from German withholding tax on interest
and the solidarity surcharge thereon. However, where the interest is subject to German
taxation as set forth in the preceding paragraph and the Notes are held in a custodial
account with a Disbursing Agent, withholding tax is levied as explained above at ‘‘Tax
Residents’’.
Inheritance and Gift Tax
No inheritance or gift taxes with respect to any Note will arise under the laws of Germany,
if, in the case of inheritance tax, neither the decedent nor the beneficiary, or, in the case of
gift tax, neither the donor nor the donee, is a resident of Germany and such Note is not
attributable to a German trade or business for which a permanent establishment is
maintained, or a permanent representative has been appointed, in Germany. Exceptions from
this rule apply to certain German citizens who previously maintained a residence in Germany.
Other Taxes
No stamp, issue, registration or similar taxes or duties will be payable in Germany in
connection with the issuance, delivery or execution of the Notes. Currently, net assets tax is
not levied in Germany.
EU Savings Tax Directive
On June 3, 2003 the Council of the European Union approved a directive regarding the
taxation of interest income. Accordingly, each EU Member State must require paying agents
(within the meaning of the directive) established within its territory to provide to the
competent authority of this state details of the payment of interest made to any individual
resident in another EU Member State as the beneficial owner of the interest. The competent
authority of the EU Member State of the paying agent (within the meaning of the directive)
is then required to communicate this information to the competent authority of the EU
Member State of which the beneficial owner of the interest is a resident.
136
For a transitional period, Austria, Belgium and Luxembourg may opt instead to withhold tax
from interest payments within the meaning of the directive at a rate of 15 per cent. for the
first three years from application of the provisions of the directive, of 20 per cent. for the
subsequent three years, and of 35 per cent. from the seventh year after application of the
provisions of the directive.
On July 19, 2004 the Council of the European Union decided that the provisions to be
enacted for implementation of the directive shall be applied by the member states as from
July 1, 2005. This presupposes that (i) Switzerland, Liechtenstein, San Marino, Monaco and
Andorra apply from that same date measures equivalent to those contained in the directive,
in accordance with agreements entered into by them with the European Community and (ii)
also all the relevant dependent or associated territories (the Channel Islands, the Isle of Man
and the dependent or associated territories in the Caribbean) apply from that same date an
automatic exchange of information or, during the transitional period described above, apply
a withholding tax in the described manner.
By legislative regulations dated January 26, 2004 the Federal Government enacted the
provisions for implementing the directive into German law. The entry into force of the
legislative regulations depends, however, on a determination by the Council of the European
Union to the effect that the conditions for the application of the directive have been
fulfilled. In a meeting of June 7, 2005 the Council of the European Union (ECOFIN) noted
that all third countries concerned and all relevant dependent and associated territories (as
mentioned in (i) and (ii) in the above paragraph) have agreed to apply the measures as
presupposed by the directive from July 1, 2005 and that therefore the conditions have now
been met to enable the rules on taxation of savings to enter into force on that same date.
Respective confirmation shall be obtained from the third countries concerned.
Holders who are individuals should note that the Issuer will not pay additional amounts
under § 7(b) of the Terms and Conditions of the Notes in respect of any withholding tax
imposed as a result of this EU directive.
137
SUBSCRIPTION AND SALE
Subscription of the Notes
Pursuant to the Subscription Agreement dated June 17, 2005, between the Issuer, the
Guarantor and the Managers, the Managers have agreed to subscribe for the Notes, subject
to customary closing conditions as set out therein.
In the Subscription Agreement, the Issuer and the Guarantor have made certain
representations and warranties in respect of their legal and financial matters. The
Subscription Agreement entitles each of the Managers to terminate its obligations thereunder
in certain circumstances prior to payment of the purchase price of the Notes. The Issuer and
the Guarantor have agreed to indemnify the Managers against certain liabilities in connection
with the offer and sale of the Notes.
Selling Restrictions
General
Each Manager has acknowledged that, other than with respect to the listing of the Notes on
the relevant stock exchange, no action has been or will be taken in any country or
jurisdiction by the Issuer or the Managers that would permit a public offering of Notes, or
possession or distribution of any offering material in relation thereto, in any country or
jurisdiction where action for that purpose is required. Each Manager will (to the best of its
knowledge) comply with all applicable laws and regulations in each country or jurisdiction in
or from which it purchases, offers, sells or delivers Notes or has in its possession or distributes
such offering material, in all cases at its own expense.
Federal Republic of Germany
Each Manager has confirmed that it is aware of the fact that no sales prospectus
(Verkaufsprospekt) within the meaning of the German Sales Prospectus Act
(Verkaufsprospektgesetz – the ‘‘Prospectus Act’’) has been or will be published by the Issuer
with respect to the Notes and that such Manager will comply with the Prospectus Act. In
particular, each Manager has represented that it has not engaged and has agreed that it will
not engage in a public offering (öffentliches Angebot) within the meaning of the Prospectus
Act with respect to any Notes otherwise than in accordance with the Prospectus Act.
United States of America and its Territories
The Notes have not been and will not be registered under the Securities Act and may not be
offered or sold within the United States or to, or for the account or benefit of, U.S. persons
except in accordance with Regulation S under the Securities Act. Each Manager has
represented and agreed that it has offered and sold the Notes, and will offer and sell the
Notes (i) as part of its distribution at any time and (ii) otherwise until 40 days after the
completion of the distribution of all the Notes only in accordance with Rule 903 of the
Regulation S under the Securities Act. Neither any Manager, its affiliates nor any persons
acting on its or their behalf have engaged or will engage in any directed selling efforts with
respect to the Notes, and it and they have complied and will comply with the offering
restrictions requirements of Regulation S under the Securities Act. Each Manager has also
agreed that at or prior to confirmation of sale of Notes, it will have sent to each distributor,
dealer or person receiving a selling concession, fee or other remuneration that purchases
Notes from it during the restricted period a confirmation or notice to substantially the
following effect:
‘‘The Securities covered hereby have not been registered under the U.S. Securities Act of
1933, as amended (the Securities Act) and may not be offered or sold within the United
States or to, or for the account or benefit of, U.S. persons (i) as part of their distribution
at any time or (ii) otherwise until 40 days after the completion of the distribution of the
Securities as determined and certified by the Manager, except in either case in accordance
with Regulation S under the Securities Act. Terms used above have the meaning given to
them in Regulation S under the Securities Act.’’
Terms used in the preceding paragraphs have the meaning given to them by Regulation S
under the Securities Act.
138
In addition, each Manager has represented and agreed that:
(a) except to the extent permitted under U.S. Treas. Reg. Section 1.163-5 (c)(2)(i)(D) (the
TEFRA D Rules), (i) it has not offered or sold, and during the restricted period will not
offer or sell, directly or indirectly, Notes in bearer form to a person who is within the
United States or its possessions or to a United States person, and (ii) it has not delivered
and will not deliver, directly or indirectly, within the United States or its possessions
definitive Notes in bearer form that are sold during the restricted period;
(b)
it has and throughout the restricted period will have in effect procedures reasonably
designed to ensure that its employees or agents who are directly engaged in selling
Notes in bearer form are aware that such Notes may not be offered or sold during the
restricted period to a person who is within the United States or its possessions or to a
United State person, except as permitted by the TEFRA D Rules;
(c)
if it was considered a United States person, that is acquiring the Notes for purposes of
resale in connection with their original issuance and agrees that if it retains Notes in
bearer form for its own account, it will only do so in accordance with the requirements
of the TEFRA D Rules; and
(d)
with respect to each affiliate that acquires from it Notes in bearer form for the purpose
of offering or selling such Notes during the restricted period that it will either (i) repeat
and confirm the representations and agreements contained in sub-clauses (a), (b) and (c);
or (ii) obtain from such affiliate for the benefit of the Issuer the representations and
agreements contained in sub-clauses (a), (b) and (c).
Terms used in the preceding paragraph have the meanings given to them by the U.S. Internal
Revenue Code and regulations thereunder, including the TEFRA D Rules.
United Kingdom
Each Manager has represented, warranted and agreed that:
–
it has not offered or sold and, prior to the expiry of a period of six months from the
date of the issue of the Notes, will not offer or sell any Notes to persons in the United
Kingdom except to persons whose ordinary activities involve them in acquiring, holding,
managing or disposing of investments (as principal or agent) for the purposes of their
business or otherwise in circumstances which have not resulted and will not result in an
offer to the public in the United Kingdom within the meaning of the Public Offers of
Securities Regulations 1995 (United Kingdom), as amended from time to time, or any
successor legislation;
–
it has only communicated or caused to be communicated and will only communicate or
cause to be communicated any invitation or inducement to engage in investment activity
(within the meaning of Section 21 of the Financial Services and Markets Act 2000, as
amended from time to time, or any successor legislation, (the FSMA) received by it in
connection with the issue of sale or any Notes in circumstances in which Section 21(1) of
the FSMA does not apply to LANXESS Aktiengesellschaft; and
–
it has complied and will comply with all applicable provisions of the FSMA with respect
to anything done by it in relation to the Notes in, from or otherwise involving the
United Kingdom.
France
In France, the Notes may not be directly or indirectly offered or sold to the public, and offers
and sales of the Notes will only be made in France to qualified investors provided that such
investors act on their own accounts, in accordance with Article L 411-2 of the Code
Monétaire et Financier, as amended, and Décret No. 98-880 dated 1 October 1998, as
amended. Accordingly, this Information Memorandum has not been submitted to the
Autorité des Marchés Financiers. Neither this Information Memorandum nor any other
offering material may be distributed to the public in France. In the event that the Notes
purchased by investors are directly or indirectly offered or sold to the public in France, the
conditions set forth in Articles L-412-1 and L-621-8 of the Code Monétaire et Financier must
be complied with.
139
Italy
The offering of the Notes has not been and will not be registered pursuant to the Italian
securities legislation and, accordingly, each Manager has represented that it has not offered
or sold, and will not offer or sell, any Notes in the Republic of Italy in a solicitation to the
public, and that sales of the Notes in the Republic of Italy shall be effected in accordance
with all Italian securities, tax, exchange control and other applicable laws and regulations.
Each Manager has represented that it will not offer, sell or deliver any Notes or distribute
copies of the Information Memorandum or any other document relating to the Notes in the
Republic of Italy except to ‘‘Professional Investors’’, as defined in Article 31.2 of CONSOB
Regulation No. 11522 of July 1, 1998 (‘‘Regulation No. 11522’’), as amended, pursuant to
Articles 30.2 and 100 of Legislative Decree No. 58 of February 24, 1998, as amended (‘‘Decree
No. 58’’), or in any other circumstances where an express exemption from compliance with
the solicitation restrictions provided by Decree No. 58 or CONSOB Regulation No. 11971 of
May 14, 1999, as amended, applies, provided however, that any such offer, sale or delivery of
Notes or distribution of copies of the Information Memorandum or any other document
relating to the Notes in the Republic of Italy must be:
(a)
made by investment firms, banks or financial intermediaries permitted to conduct such
activities in the Republic of Italy in accordance with Legislative Decree No. 385 of
September 1, 1993, as amended (‘‘Decree No. 385), Decree No. 58, Regulation No. 11522
and any other applicable laws and regulations;
(b)
in compliance with Article 129 of Decree No. 385 and the implementing instructions of
the Bank of Italy (Istruzioni de vigilanza della Banca d’Italia), pursuant to which the
issue, offer or placement of securities in Italy is subject to prior notification to the Bank
of Italy, unless an exemption, depending, inter alia, on the aggregate amount of the
securities issued, offered or placed in Italy and their characteristics, applies; and
(c)
in compliance with any other applicable notification requirement or limitation which
may be imposed by CONSOB or the Bank of Italy.
The Netherlands
The Notes may not be offered, sold, transferred or delivered in or from the Netherlands, as
part of their initial distribution, or at any time thereafter, directly or indirectly, other than to
individuals or legal entities who or which trade or invest in securities in the conduct of a
profession or trade within the meaning of section 2 of the exemption regulation to the
Netherlands Securities Market Supervision Act 1995, as amended from time to time
(Vrijstellingsregeling; Wet toezicht effectenverkeer 1995), which includes banks, securities
firms, insurance companies, pension funds, investment institutions, central governments, large
international and supranational organizations, other institutional investors and other parties,
including treasury departments of commercial enterprises, which are regularly active in the
financial markets in a professional manner.
140
GENERAL INFORMATION
Authorisation
The issue of the Notes was authorised by a resolution of the Board of Management of the
Guarantor adopted on November 19, 2004 and by a resolution of the Managing Board of the
Issuer on June 17, 2005. The issuance of the Guarantee was authorised by a resolution of the
Board of Management of the Guarantor adopted on June 3, 2005.
Litigation
Save as disclosed in this Information Memorandum, there are no litigation or arbitration
proceedings against or affecting the Issuer, the Guarantor or any of its subsidiaries or assets
which may have or have had during such period a material adverse effect on their respective
financial position, and, as far as the Issuer and the Guarantor are aware, no such litigation or
arbitration proceedings are pending or threatened.
Material Change
Save as disclosed in this Information Memorandum, there has been no significant change in
the financial or trading position of the Guarantor or any of its subsidiaries since the date of
the last published audited financial statements and no material adverse change in the
financial position or prospects of the Guarantor or its subsidiaries since December 31, 2004.
Interim Financial Statements
The Issuer does not, and does not intend to, publish any interim financial statements. The
Guarantor publishes as of the date of this prospectus quarterly consolidated financial
statements in accordance with International Financial Reporting Standards.
Payment Information
For as long as any of the Notes are listed on the Luxembourg Stock Exchange, the Issuer will
inform the Luxembourg Stock Exchange of all notifications regarding payments.
The Notes have been accepted for clearance through Euroclear and Clearstream, Luxembourg.
All notices to the Noteholders regarding the Notes shall be published in a leading daily
newspaper having general circulation in Luxembourg (which is expected to be the d’Wort).
Luxembourg Listing
Application has been made to list the Notes on the Luxembourg Stock Exchange. The Issuer
has appointed Dexia Banque Internationale à Luxembourg as the initial listing agent for the
Luxembourg Stock Exchange and as the Luxembourg Paying Agent. For as long as any of the
Notes are listed on the Luxembourg Stock Exchange the Issuer will maintain a Luxembourg
Paying Agent.
Prior to such listing of the Notes the Articles of Association of each of the Issuer and the
Guarantor and legal notices relating to the issue of the Notes will be lodged with the
Registre de Commerce et des Sociétés du Luxembourg, where such documents may be
inspected and copies thereof obtained, free of charge, upon request.
Documents Incorporated by Reference
The audited Combined Financial Statements of the Guarantor for the fiscal years ended
December 31, 2004 and December 31, 2003 and the audited unconsolidated financial
statements of the Guarantor for the fiscal years ended December 31, 2004 and December 31,
2003 are incorporated by reference into this Information Memorandum.
Copies of the documents which are incorporated into this Information Memorandum by
reference will be available free of charge from the specified offices of each of the Issuer, the
Fiscal Agent and at the offices of Dexia Banque Internationale à Luxembourg in its capacity
as the Luxembourg Listing Agent and Luxembourg Paying Agent, as long as any Notes are
listed on the Luxembourg Stock Exchange and the rules of such stock exchange so require.
141
Availability of Documents
Copies of (i) the future annual or, if published, interim financial statements, as the case may
be, and annual or, if published, interim reports, as the case may be, of the Issuer as well as
the other financial statements of the Issuer, (ii) the unconsolidated and consolidated future
annual or, if published, interim financial statements, as the case may be, and annual or, if
published, interim reports, as the case may be, of the Guarantor as well as the other financial
statements of the Guarantor and (iii) this Information Memorandum may be obtained (free of
charge) during customary business hours on any working day from the date hereof (or the
date of publication of such document, as relevant) as long as any of the Notes remain
outstanding at the registered office of the Issuer and the head office of the Fiscal Agent and
as long as any of the Notes are listed on the Luxembourg Stock Exchange they will also be
available and may be obtained (free of charge) at the specified offices of the Luxembourg
Paying Agent.
Copies of the following documents may be inspected during customary business hours on any
working day from the date hereof (or the date of publication of such document, as relevant)
as long as any of the Notes remain outstanding at the registered office of the Issuer and the
head office of the Fiscal Agent and as long as any of the Notes are listed on the Luxembourg
Stock Exchange they will also be available for inspection at the specified offices of the
Luxembourg Paying Agent:
(i)
the Articles of Association of the Issuer;
(ii)
the Articles of Association of the Guarantor;
(iii) the Spin-Off and Acquisition Agreement entered into between Bayer AG and the
Guarantor concerning the Spin-Off of the LANXESS Subgroup;
(iv) the Joint Spin-Off Report of the Boards of Management of Bayer Aktiengesellschaft and
the Guarantor concerning the Spin-Off of the LANXESS Subgroup;
(v)
The Listing Memorandum for admission to trading on the official market and,
simultaneously, the segment of the official market with additional post-admission
obligations (Prime Standard) of the Frankfurt Stock Exchange of LANXESS shares;
(vi) the resolution of the Board of Management of the Issuer approving the issue of the
Notes;
(vii) the resolution of the Board of Management of the Guarantor approving the issue of the
Guarantee;
(viii) the documents incorporated by reference herein (see ‘‘Documents Incorporated by
Reference’’);
(ix) the Issue and Paying Agency Agreement entered into between the Issuer and the Fiscal
Agent and the Paying Agent; and
(x)
the Subscription Agreement.
Clearing Codes
The Notes have been accepted for clearing by Euroclear and Clearstream Luxembourg with
the following security identification numbers:
ISIN
XS0222550880
Common Code
022255088
WKN
A0E6C9
142
The Issuer
Einsteinstraat 11
6716 AC Ede
The Netherlands
Citigroup Capital Markets Limited
Citigroup Centre
Canary Wharf
London E14 5LB
Great Britain
The Guarantor
Kaiser-Wilhelm-Allee 1
51369 Leverkusen
Germany
The Joint Lead Managers
Bayerische Hypo- und
Vereinsbank AG
Arabellastrasse 12
81925 Munich
Germany
J. P. Morgan Securities Ltd.
125 London Wall
London EC2Y 5AJ
Great Britain
The Fiscal and Paying Agent
Citibank N.A.
5 Carmelite Street
London EC4Y 0PA
Great Britain
The Luxembourg Paying Agent and Luxembourg Listing Agent
Dexia Banque Internationale à Luxembourg
69 route d’Esch
2953 Luxembourg
Luxembourg
Legal Advisers
To the Issuer and the Guarantor
as to German law:
Hengeler Mueller
Partnerschaft von Rechtsanwälten
Bockenheimer Landstrasse 51
60325 Frankfurt am Main
Germany
as to Netherlands law:
Nauta Dutilh N.V.
Weena 750
3014 DA Rotterdam
The Netherlands
as to the tax law of The Netherlands:
Loyens & Loeff N.V.
Weena 690
3012 CN Rotterdam
The Netherlands
To the Managers:
Clifford Chance
Partnerschaftsgesellschaft
Mainzer Landstrasse 46
60325 Frankfurt am Main
Germany
imprima de bussy — C92092

Important Notice

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