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Opmobility — Plastic Omnium — H1 2011 Earnings Presentation

25 slides from Opmobility's earnings presentation, Jul 21, 2011

  1. Slide 1: First-Half 2011 Financial Results

    LEVALLOIS, 21 JULY 2011 First-Half 2011 Financial Results Laurent Burelle Chairman and Chief Executive Officer Jean-Michel Szczerba Chief Operating Officer

  2. Slide 2: Overview

    First-Half 2011 Financial Results OVERVIEW First-Half 2011 overview First-Half 2011 Financial Results 2011 Outlook 21 July 2011 2

  3. Slide 3: High Performance Confirmed

    First-Half 2011 Financial Results FIRST‐HALF 2011 OVERVIEW HIGH PERFORMANCE CONFIRMED Revenue : €2,020m +33% Operating margin : €150m 7.4% EBITDA : €240m 11.9% Free Cash Flow : €76m 3.8% ROCE : 26% 21 July 2011 3

  4. Slide 4: Strong Revenue Growth

    First-Half 2011 Financial Results FIRST‐HALF 2011 OVERVIEW STRONG REVENUE GROWTH In € million 2,020 +40% 1,732 1,518 1,452 1,181 H1 2008 H1 2009 H1 2010 H2 2010 H1 2011 21 July 2011 4

  5. Slide 5: Investments in high growth regions

    First-Half 2011 Financial Results FIRST‐HALF 2011 OVERVIEW Investments in high growth regions 15 new plants since January 1, 2009 including - 8 in China, 3 in India and 1 in Brazil - 1 in Spain, 1 in Morroco and 1 in Poland With Capex representing less than 5% of revenue in €m 2009 2010 H1 2011 Inve

  6. Slide 6: Investments in high growth regions: plants at June 2011

    First-Half 2011 Financial Results FIRST‐HALF 2011 OVERVIEW Investments in high growth regions 100 plants at 30 June 2011 Other countries 11 BRIC Out of which China 14 21 Western 47 Europe 14 North America 7 Eastern Europe 21 July 2011 Over 50% of future capex in the BRICs 6

  7. Slide 7: Targeted External Growth

    First-Half 2011 Financial Results FIRST‐HALF 2011 OVERVIEW TARGETED EXTERNAL GROWTH • Acquisition of Ford’s fuel system business in the United States • 1.3 million fuel systems per year • Revenue: US$ 230m • Planned new plant in Huron (Michigan) • Plastic Omnium designated as a strategic Ford suppli

  8. Slide 8: Targeted External Growth

    First-Half 2011 Financial Results FIRST‐HALF 2011 OVERVIEW TARGETED EXTERNAL GROWTH • New joint venture in Beijing • 60% Plastic Omnium Auto Inergy, 40% BAIC, China’s fourth largest carmaker • Inauguration on July 5, by the Plastic Omnium Auto Inergy-Suzuki Maruti joint venture, of a new fuel system

  9. Slide 9: Targeted External Growth

    First-Half 2011 Financial Results FIRST‐HALF 2011 OVERVIEW TARGETED EXTERNAL GROWTH CROISSANCE EXTERNE CIBLÉE • Acquisition by Plastic Omnium Environment of Germany-based Rotherm • One of Europe’s leading manufacturers of underground waste containers • 2010 revenue: €12m Extended leadership in a fas

  10. Slide 10: Green Offer Breakthrough

    First-Half 2011 Financial Results FIRST‐HALF 2011 OVERVIEW « GREEN » OFFER BREAKTHROUGH • Lighter vehicles: - 9 orders for composite rear hatchback modules (5 to 10 kg lighter) - Creation of a composites R&D center at Σ-Sigmatech in 2011 • Emissions reduction: - 8 orders for fuel tanks that use a Se

  11. Slide 11: Green Offer Breakthrough

    First-Half 2011 Financial Results FIRST‐HALF 2011 OVERVIEW « GREEN » OFFER BREAKTHROUGH • Waste reduction: - The first bin made entirely from plant- based materials (sugarcane-based polyethylene) launched at end-2010 Objective of 300,000 units/year - New household waste bins manufactured using 50% r

  12. Slide 12: Overview

    First-Half 2011 Financial Results OVERVIEW First-Half 2011 overview First-Half 2011 Financial Results 2011 Outlook 21 July 2011 12

  13. Slide 13: Revenue by business

    First-Half 2011 Financial Results REVENUE By business in €m 06.30.2010 06.30.2011 Change Plastic Omnium Automotive 1,291.5 1,776.6 +37.6% As % of revenue 85% 88% Plastic Omnium Environment 226.5 242.8 +7.2% As % of revenue 15% 12% Consolidated Revenue 1,518.0 2,019.5 +33.0%* (*) +10.8% at constant p

  14. Slide 14: Revenue by region

    First-Half 2011 Financial Results REVENUE By region in €m 06.30.2010 06.30.2011 Change France 340.1 408.7 +20.2% Europe (excluding France) 574.6 778.2 +35.4% North Amercia 345.6 450.5 +30.4% Asia (excluding China) 107.5 173.5 +61.4% China 78.9 106.3 +34.7% South America, Africa 71.3 102.3 +43.5% Con

  15. Slide 15: Revenue outperformance in the automotive business

    First-Half 2011 Financial Results REVENUE OUTPERFORMANCE IN THE AUTOMOTIVE BUSINESS North America +9% Europe +11% China +24% Production +8% Production +6% Production +9% Asia (excl. China) +13% South America 7,6% +19% Production -11% Production +8% Growth of Plastic Omnium’s revenue at constant peri

  16. Slide 16: Revenue by region

    First-Half 2011 Financial Results REVENUE First-Half 2011 Revenue: €2,020m By region South America France Asia 5% 14% 20% North 22% America 30% Western Europe 9% (excl. France) Eastern Europe and Russia BRIC 10% Î 2015 objective: 20% 21 July 2011 16

  17. Slide 17: Automotive revenue by customer and nationality

    First-Half 2011 Financial Results AUTOMOTIVE REVENUE First-Half 2011 Revenue: €1,777m By customer By nationality Others Others JLR/Tata GM/Opel Trucks 2% 9% 18% Asian 5% 3% Hyundai/Kia 15% 4% 30% German Fiat/Chrysler 4% Ford 4% PSA 18% Peugeot 11% Citroën American 21% BMW/Mini 13% 14% 29% VW Group R

  18. Slide 18: Statement of income

    First-Half 2011 Financial Results STATEMENT OF INCOME % of % of % of In €m 06.30.2010 revenue 12.31.2010 revenue 06.30.2011 revenue Revenue 1,518.0 100% 3,249.6 100% 2,019.5 100% Automotive 1,291.5 85% 2,778.0 86% 1,776.6 88% Environment 226.5 15% 471.6 14% 242.8 12% Gross margin 234.9 15.5% 494.1 1

  19. Slide 19: PO 2009 cost-reduction plan

    First-Half 2011 Financial Results PO 2009 COST‐REDUCTION PLAN Production cost and overheads As a % of revenue 37.1% 35.7% 34.2% 32.0% 30.8% 2007 2008 2009 2010 H1 2011 21 July 2011 19

  20. Slide 20: Statement of income

    First-Half 2011 Financial Results STATEMENT OF INCOME % % % in €m 06.30.2010 revenue 12.31.2010 revenue 06.30.2011 revenue Revenue 1,518.0 100% 3,249.6 100% 2,019.5 100% Operating margin 111.3 7.3% 227.2 7.0% 150.4 7.4% Finance cost and other financial -14.3 -0.9% -27.2 -0.8% -17.7 -0.9% income and

  21. Slide 21: Balance sheet

    First-Half 2011 Financial Results BALANCE SHEET in €m 06.30.2010 12.31.2010 06.30.2011 Debt at the beginning of the period -406 -406 -538 Funds from operations +161 +357 +212 Taxes and interest paid -23 -36 -49 Capital expenditure -58 -138 -83 Change in working capital requirement -15 +10 -4 Free ca

  22. Slide 22: Change of debt

    First-Half 2011 Financial Results CHANGE OF DEBT in €m 06.30.2010 12.31.2010 06.30.2011 Net debt 357 538 499 Equity 556 618 651 Net debt-to-equity 64% 87% 77% EBITDA 173 378 240 As a % of revenue 11.4% 11.6% 11.9% Net debt-to-EBITDA 1.0 1.3 1.0 ROCE 24.4% 20.0% 26.1% 21 July 2011 22

  23. Slide 23: Overview

    First-Half 2011 Financial Results OVERVIEW First-Half 2011 overview First-Half 2011 Financial Results 2011 Outlook 21 July 2011 23

  24. Slide 24: 2011 Outlook: Sharply improved results in 2011

    First-Half 2011 Financial Results 2011 OUTLOOK SHARPLY IMPROVED RESULTS IN 2011 • Ability to continue growing while keeping debt under control • Ongoing independent growth strategy, focused on • Emerging markets, through a combination of acquisitions and organic growth • Solutions to reduce carbon e

  25. Slide 25: First-Half 2011 Financial Results

    LEVALLOIS, 21 JULY 2011 First-Half 2011 Financial Results Laurent Burelle Chairman and Chief Executive Officer Jean-Michel Szczerba Chief Operating Officer

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