Investor Presentation Full Year Albéa Beauty Holdings SA
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1 Investor Presentation Full Year 2014 Albéa Beauty Holdings SA April 10, 2015
2 Today s speakers François Luscan President & CEO 29 years of experience in Beauty and Packaging industries Led Alcan Beauty Packaging s transition to Albéa with new shareholder (Sun Capital) in 2010 Xavier Leclerc de Hauteclocque Executive VP & Chief Financial Officer 10 years of experience in Beauty and Packaging industries Previously, held finance roles at CarnaudMetalbox (Crown Cork & Seal), Guerlain (LVHM Group) and as CFO of Brake France (CD&R) 2
3 Forward looking statement This presentation may include forward-looking statements. Forward-looking statements are statements regarding or based upon our management s current intentions, beliefs or expectations relating to, among other things, our future results of operations, financial condition, liquidity, prospects, growth, strategies or developments in the industry in which we operate. By their nature, forward-looking statements are subject to risks, uncertainties and assumptions that could cause actual results or future events to differ materially from those expressed or implied thereby. These risks, uncertainties and assumptions could adversely affect the outcome and financial effects of the plans and events described herein. Forward-looking statements contained in this presentation regarding trends or current activities should not be taken as a representation that such trends or activities will continue in the future. We undertake no obligation to update or revise any forwardlooking statements, whether as a result of new information, future events or otherwise. You should not place undue reliance on any such forward-looking statements, which speak only as of the date of this presentation. The information contained in this presentation is subject to change without notice. No representation or warranty, express or implied, is made as to the fairness, accuracy, reasonableness or completeness of the information contained herein and no reliance should be placed on it. 3
4 A change in IFRS rules (IFRIC 21) leads us to change the timing of the recognition of taxes included in the Adjusted EBITDA with no full year impact. - Over 2014, we had to recognize 100% of some taxes/levies as at 1 st January 2014 and not furthermore along other months - Adjusted EBITDA were restated accordingly for 2013 with no impact on FY 2013 EBITDA at $155.5 Adjusted Reported Levies IFRIC 21 - Q1 = $31.0m $33.2 -$ Q2 = $42.8m $42.1 +$ Q3 = $41.2m $40.5 +$ Q4 = $40.5m $39.7 +$ Organic EBITDA & Sales by Region are comparable to 2014: same rate (2014 rates) and same perimeter. 4
5 Agenda Strategy Update Key Achievements Financial and Operational Highlights Business and Group Financials Conclusion 5
6 6 Strategy Update
7 Offering the industry s broadest range of packaging Tubes Cosmetic Rigid Packaging Laminate Plastic Rigid Packaging Dispensing Systems Beauty Solutions Revenue (*) (2014) $336m $312m $541m $301m $70m Percentage Year-Over-Year Growth +8% +3% 0% -1% +3% Global Market Position (**) #1 #1 #1 #2 Product Categories (*) Organic Sales (**) Market share by sales per management estimates 7
8 Serving customers worldwide through local presence and global reach 14 countries /38 sites across regions: Emerging markets: growth Developed markets: scale Canada 1 UK 1 Netherlands 1 Germany 1 Russia 1 23 sites triple certified US 5 France 8 China 5 ISO 9001, ISO and OHSAS year certification plan for recently acquired sites Mexico 3 Brazil 2 Italy 2 Poland 3 India 2 Indonesia 3 Leverage Scale Technical Expertise Manufacturing Excellence Scalable / Flexible Model Proximity to Customers 8
9 Continued margin expansion Legacy Business Rexam PC consolidated from 2013A onwards Adj. EBITDA Margin (%) 10,5% 10,8% 10,0% 9,2% H FY 2014 Foundation Operational efficiency Further penetration of global accounts while aggressively pushing on local accounts New product development and innovation capabilities De-lever balance sheet Integration / Expansion Expand product range Growth in new markets Integration of Rexam PC Synergies: products, IT, customers and people Ongoing Optimization Benefits of Rexam PC acquisition Focus on higher margin sales Footprint optimization France China 9
10 Acquisitions progress to build leadership positions #1 Plastic Tubes Market Position #2 #3 Laminate Tubes Rigid Packaging Dispensing Systems /2012 Target Transformational M&A 2004 Cebal (tubes) + Techpack (cosmetic packaging) become Alcan Packaging (AP) Beauty July 2010 acquires AP Beauty November 2010 AP Beauty renamed Albéa January 2011 Albéa acquires Betts enhancing its market leader position in laminate tubes November 2011 Albéa acquires Eyelematic providing decoration and surface treatment capabilities & April 2012 Albéa acquires Tex China and expands Chinese footprint December 2012 Acquires (Personal Care, Cosmetics) Albéa becomes a key player in dispensing systems technology 10
11 11 Corporate Social Responsibility timeline
12 CSR Products Operations Customers 2014 Key Achievements 12
13 Corporate Social Responsibility in 2014 CSR Products Operations Customers Several actions were done in our 4 historical pillars: Word environmental Day: more than employees taking part Reinforcement and promotion of sustainable social initiatives: work with disabled people and small suppliers EZ R launch, win China Sustainable packaging technology award Finalisation and promotion of tubes recycling study, led in partnership with Eco Emballages Implementation of reduction program for secondary packaging with L Oréal 1 st packaging validated as compliant by Ecocert (Dispensing) Energy audits in India, Plouhinec, Bottanuco GSK Supplier environmental award for our energy program TOP 150 suppliers evaluation 13
14 CSR Products Operations Customers Some Q4 product launches KAS Babyganics L Oréal Lancôme Absolue L Extrait Oriflame LVMH True Perfection Guerlain Refreshing Eye Orchidée Illuminator Impériale Foam Cleansing Boots N 7 Midnight Lash Coty Keep Calm Kiss Balm LVMH Sephora Kiss Me Balm 14
15 CSR Products Operations Customers Contributing to our customers success with some of our 2014 Launches Tubes Rigid Packaging - Rainbow box (screw & fliptop caps) - Metal Ball - Polyfoil - Greenleaf - My Little cap - Reflexion TM tube - D.N.Airless - SP22 Panache Pulse - Sofix - EZ R - My Style fiber brush family - Love Affair lipgloss family - Lash Mania plastic brush family - Attraction compact - Ready-to-go (full service) 15
16 Good execution of projects CSR Products Operations Customers Achievements since Rexam Acquisition update EBITDA IT Adjusted EBITDA improved by $39m since Rexam acquisition ($129m* FY 12 EBITDA proforma Rexam acquisition), via synergies delivered ahead of schedule $36m synergies achieved end of 2014 out of $47m expected by end of FY 2016 IT implementation is well advanced with 3 critical Rexam sites moved to Albea SAP platform without business disruption The Company has also completed the move of its Datacentre in 2014 France Annecy Disposal and France Dream projects (3 sites into 1) are at run rate Italy Be One project (merger of 2 sites) was completed in Oct 14. Footprint China move done in June 14 will take two years in total to complete, we are in the process of continuing to recruit employees for this facility to further increase our profitability. In addition we are also planning to increase automation and develop further training. China compensation has been received in-full and on-time over 2013 and 2014 Cash Strong Cash management with Capex spend reflecting softer demand from our customers in the second part of the year. * $87.8m for Albéa and $41.3m for Rexam PC for 2012 PF 16
17 Argonne, France (Dec. 2013) European center of excellence for Tubes CSR Products Operations Customers 23,000 square meters 600 people 1 billion units (capacity) Investment: $23m Opex: $9m Albéa Argonne is the world s largest tube manufacturing facility and our European center of excellence for laminate and plastic tubes for the cosmetics, personal care and pharmaceutical markets. The 23,000 m² facility, opened in December 2013, can manufacture 1 billion tubes and caps every year thanks to its highly-automated injection and extrusion machines, state-of-the-art printing and decoration capabilities (flexo, offset, silkscreen, hot-stamping, UV inks and varnishes as well as colorimetry), as well as innovation and development center. Albéa Argonne is built to world-class operating and environmental standards: the site is triple-certified ISO 9001/ISO14001/OHSAS18001 and electricity consumption has been reduced by 25%; its robust industrial and quality performance processes, combined with a wall-to-wall logistics platform, ensure a high level of quality and service to all its customers. Its 600 people share a strong commitment to Corporate Social Responsibility, including several partnerships with local associations. Albéa Argonne draws on the legacy and expertise of the two historical sites of Sainte-Ménehould and Vienne-le- Château, established in the Argonne region since 1956 when plastic tubes for cosmetics were invented. 17
18 Bottanuco, Italy (Oct. 2014) European center of excellence for mascara, lipgloss and eyeliner packaging CSR Products Operations Customers 18,000 square meters 250 people 150 million units (capacity) Investment: $19m Opex: $3m Albéa Bottanuco is our European Center of Excellence for mascara, lipgloss and eyeliner packaging, thanks to its integrated injection, assembly, surface treatment and decoration capabilities. Albéa has been operating in Italy since 1979 and opened the 18,000 m² Bottanuco facility in As a world class facility for Corporate Social Responsibility, Albéa Bottanuco is focused on ensuring its employees health & safety and reducing energy consumption, VOC emissions and waste. Albéa Bottanuco invests continuously in its people to provide our global, regional and local customers with the best service, quality and innovations. Albéa Bottanuco also houses the global Center of Expertise of Albéa Tips Studio. This unique program brings together all the group s expertise for the invention, development and manufacturing of market-valued applicators from fiber and plastic mascara brushes to lipgloss and eyeliner tips. In particular, this Center of Expertise provides customers with a dedicated applicator development and production area as well as a comprehensive plastic and fiber brush library. 18
19 Suzhou, China (July 2014) All our core expertise under one roof CSR Products Operations Customers 31,000 square meters 800 people 100 million units (capacity) Investment: $18m Opex: $10m This brand new 30,000 m² center of excellence is the only Albéa facility to house all our core industrial expertise: tubes, cosmetic packaging, dispensing systems. Built to become world-class manufacturing with integrated decoration and assembly capabilities, Albéa Suzhou draws on our 25-year legacy in China to serve our fast-growing, prestigious local and global customers. Two phases approach : move quickly following governements request (2014) then Improve automation and efficiency in relation with other China plants 19
20 CSR Products Operations Customers Balanced blue chip customer base with long-standing relationships FY 2014 Revenue (weight by Account Type) Strong Relationship with Global FMCGs Global account ~ 51% Rank Customers % of Revenue FY2014 Relationship length 1 L Oreal 16% 2 LVMH 7% Regional account ~ 26% Local account ~ 23% 3 Procter & Gamble 6% 4 Estée Lauder 5% 5 GlaxoSmithKline 5% 6 Natura 4% 7 Avon 4% 8 Coty 3% Average length 20 years 9 Unilever 2% 10 Grupo Boticario 2% Top Ten c.53% 20
21 21 Financial and Operational Highlights
22 Good performance in a turbulent environment for FY 2014 with organic sales and EBITDA, up by 2.5% and 7.7% Key Organic Financials Q Group Organic Sales, down 4.1% year-on-year, at $351.3 million FY 2014 Group Organic Sales, up 2.5% year-on-year, at $1,559.6 million Q Adjusted Organic EBITDA, up 7.6% year-on-year, at $40.3 million FY 2014 Adjusted Organic EBITDA, up 7.7% year-on-year, at $168.3 million Cash and Liquidity Positive Free Cash Flow of $12.9 million in Q4 2014, better than expectations Negative Free Cash Flow of $26.9 million FY 2014, better than expectations Total Cash and Availability (*) of $99.4 million as of December 31, 2014 Net Debt (**) of $669.8 million as of December 31, 2014 Net leverage at 3.98x with FY 2014 Adjusted EBITDA (*) Cash and Availability position includes $67.7 million of net cash and $31.7 million of undrawn lines as of December 31, 2014 (**) Net Debt under IFRS, defined as total Albéa Gross Debt minus Cash and Cash equivalent as of December 31, Gross Debt amounted to $737.5 million, as of December 31, 2014 and includes the bonds issued October 2012 (net of amortised financing fees), factoring, ABL, etc. For more details please see the note Borrowings in the unaudited consolidated financial statements for the period ended December 31,
23 Unstable market environment and lower visibility Currencies Economic Environment Customers and Competition 2014 YTD unfavourable translation effects on Sales for $12.5m, Negatively impacted by USD/BRL for $9.5m, USD/IDR for $3.8 and by USD/RUB for $2.1m Positively impacted by GBP/USD for $3.1m and USD/PLN for $0.6m Q translation effect hits Sales by $21.5m, Mainly due EUR/USD for $13.4m, USD/BRL for $2.8m and USD/PLN for $2.0m 2014 YTD unfavourable translation effects on EBITDA for $1.4m (mainly USD/BRL for $1.2m) Inflation rates YoY in Indonesia (8%), Brazil (6%), India (5%) and Mexico (4%). Developed markets still soft while some emerging markets (eg. Brazil) begin experiencing issues. Long term it remains attractive still. Soft market could lead to increasing offensive behaviour to capture additional growth Pass-through clauses in inflationary areas with soft growth more challenging At constant rate and constant perimeter Group Sales increased by 2.5%. Large customers managing inventory level at year end to reflect lower growth Small & Medium customers much more dynamic Some competitors face operating and financial difficulties 23 (*) excluding the disposals of our Annecy, Sussex businesses and Cotuplas, on October 1, 2013, August 23, 2013 and February 2014, respectively, which accounted for $19.8 million)
24 Achieved over 75% of Rexam synergies in Breakdown of Annual Synergies by Categories Manufacturing Footprint % Savings realised 77% Savings achieved through Dec % Savings to be achieved by 2016 Optimize footprint in Europe, China and South America $11 $47 SG&A Redundant standalone costs and SG&A reduction Procurement and Integration $14 $21 Centralized purchasing Includes integration program $22 $21 Procurement Manufacturing Footprint SG&A $ Achieved Synergies 2014 Achieved Synergies Forecasted Synergies 2016E Source: Company information. Note: Financials shown represent 2016 run-rate synergies. 24
25 25 Business and Group Financials
26 FY 2014 organic sales up 2.5% and EBITDA up 7.7% despite soft Q4 overall In $ million unless stated otherwise Q Q Delta FY 2014 FY 2013 Delta Organic Sales (*) (4.1)% 1, , % - Europe % % - Americas (11.8)% (1.0)% - Asia (1.7)% % Disposal effects (**) FX translation effects (***) Reported Sales (10.4)% 1, , % Organic Sales - Analytical (4.1)% 1, , % - Tubes % % - CRP (8.7)% (0.4)% Adjusted Organic EBITDA(****) % % - Europe % % - Americas (10.6)% % - Asia % % - Corporate (0.8) 2.1 N.M. (8.4) (11.5) 27.1% Adjusted Reported EBITDA (0.2)% % (*) Organic Group sales are 2013 sales at 2014 rates restated by disposal effects (**) Sussex, Albéa Annecy and Cotuplas effects (***) 2013 sales at 2014 rates (****) Q Including IFRIC 21 restatement for +$0,7m / Q YTD including IFRIC 21 restatement back to zero 26
27 Europe FY 2014 good performance with organic sales up 5.0% while margin stable during footprint projects In $ million unless stated otherwise Q Q Delta FY 2014 FY 2013 Delta Organic Sales % % FX translation effects (*) 17.0 (2.0) Disposal effects Reported Sales (9.7)% % Adjusted Organic EBITDA % % - in percentage of Sales 12.6% 9.7% 299bps 11.0% 11,0% - Capital Expenditure (Capex) (***) (46.1)% (16.1)% - in percentage of Sales 5.4% 10.1% (470)bps 6.7% 8.4% (170)bps Organic Sales - Analytical in $ million Regional view Q Q Delta FY 2014 FY 2013 Delta Europe total (**) % % Product family view Tubes % % Rigid Packaging (7.7)% % Dispensing % % Beauty Solutions % % Macro and Market Dynamics Financial Review Operational Review GDP flat QoQ for Eurozone Q4 swings of EUR/USD exchange rate impact Sales by -$13.4m & EBITDA by -$1.1m; same for USD/PLN by -$2.0m (Sales) & -$0.3 (EBITDA) Selective Fragrance market up but launches postponed Personal & Oral Care on-track; same for Makeup market but with strong competitive pressure FY Organic Sales increase by 5% with above market performance in Tubes and Dispensing, while Rigid Packaging impacted by Footprint projects in France and Italy. FY Organic EBITDA growth of 4.9% thanks to additional sales as well as benefits from synergies, while impacted by less favourable mix from Trading activities and footprint in Italy and France. Strong growth in Laminate Tubes, as well as Lotion, while focus on improving quality at former Rexam plants and completing Italy footprint as well as investment in metallization in France 27 (*) 2013 at 2014 rates (**) Europe includes Russia and Poland (***) Capex cash out net of proceeds + new finance lease
28 US very strong performance for Tubes, while significant market slow down in dispensing fragrances for celebrities In $ million unless stated otherwise Q Q Delta FY 2014 FY 2013 Delta Organic Sales (11.8) % (1.0)% FX translation effects (*) Disposal effects Reported Sales (14.1)% (4.0)% Adjusted Organic EBITDA (10.6)% % - in percentage of Sales 10.7% 10.5% 22bps 12.2% 11.8% 37bps Capital Expenditure (Capex) (***) (4.6)% (15.4)% - in percentage of Sales 6.0% 5.6% 45bps 4.8% 5.7% (83)bps Organic Sales - Analytical in $ million Regional view Q Q Delta FY 2014 FY 2013 Delta North America (**) (13.7)% (2.5)% South America (3.3)% % Product family view Tubes % % Rigid Packaging (15.8)% (2.1)% Dispensing (18.1)% (6.8)% Beauty Solutions (45.2)% (24.6)% Macro and Market Dynamics Financial Review Operational Review US GDP QoQ at +2% in Q4 vs. Q3 over 5%; Brazilian GDP QoQ expected to contract by 0.2% and Mexican GDP QoQ at +0.7% Q4 swings of USD/BRL exchange rate impact Sales by -$2.8m & EBITDA by -$0.3m US Celebrities Fragrance market down as well as direct distribution US Personal & Oral Care on-track Brazil Fragrance market + Personal & Oral Care flat Makeup market on track but strong competitive pressure FY Organic Sales down by 1% with very good success in Tubes (both US and Brazil). Slow down in Dispensing Perfumes for Celebrities, while Rigid Packaging impacted by destocking effects along Q4. FY Organic EBITDA increased by 2.2% thanks to turnaround of Rigid Packaging in Brazil Significant impact from lower demand in Perfumes for Celebrities. Turn around Rigid Packaging was a success. Q4 won rate in Dispensing was much better than Q2/Q3 and should have a positive impact later in 2015/ (*) 2013 at 2014 rates (**) North America includes the U.S., Canada and Mexico (***) Capex cash out net of proceeds + new finance lease
29 Full Year Asia organic sales up 2.9% due to South East Asia performance, while China still impacted by major footprint and market conditions In $ million unless stated otherwise Q Q Delta FY 2014 FY 2013 Delta Organic Sales (1.8)% % FX translation effects (*) Disposal effects - - Reported Sales (4.1)% % Adjusted Organic EBITDA % % - in percentage of Sales 10.9% 7.7% 317bps 10.4% 9.1% 123bps Capital Expenditure (Capex) (***) % % - in percentage of Sales 12.6% 10.3% 234bps 9.8% 6.8% 294bps Organic Sales - Analytical in $ million Regional view Q Q Delta FY 2014 FY 2013 Delta China & Hong-Kong (6.6)% (0.8)% South East Asia (**) % % Product family view Tubes % % Rigid Packaging (4.7)% (1.5)% Dispensing (3.8)% % Beauty Solutions N.A N.A. Macro and Market Dynamics Financial Review Operational Review GDP QoQ in China slightly decreases at 1.5%; Indian GDP growth at 1.6%; Indonesian GDP decreases QoQ by 2% High inflation in markets such as Indonesia (+8% YoY) and India (5% YoY) continues to impact business despite passthrough Direct distribution down in China Personal & Oral Care slow down in most countries FY organic sales increased 2.9% thanks to strong growth in Tubes, partially offset by decrease in revenue for CRP (relocation of our facilities in Suzhou (China) as well as lower exports to Europe and the Americas FY organic EBITDA increased by 16.5%, mainly due to growth and improved efficiency in South East Asia Continued improvement in performance for Tubes Indonesia and highly competitive market conditions in India with margins under pressure Successful launch of SAP in Indonesia Operational focus remains on the ramp up of Albéa new plant in Suzhou especially stable people, better quality, lower costs and inventory levels 29 (*) 2013 at 2014 rates (**) South East Asia includes India and Indonesia (***) Capex cash out net of proceeds + new finance lease
30 FY 2014 Financial Highlights (1/2) In $ million Q Q Delta FY 2014 FY 2013 Delta Reported Sales (10.4)% 1, , % COGS (286.2) (325.9) (12.2)% (1,268.0) (1,273.9) (0.5)% Gross Profit (1.5)% % SG&A (41.1) (42.6) (3.5)% (188.6) (184.4) 2.3% Restructuring and project costs (7.9) (19.0) N.M. (28.7) (46.0) (37.7%) Other (4.4) 3.1 N.M. (16.1) (31.1) (48.2%) Operating Profit N.M N.M. Operating Profit N.M N.M. + Operational non cash items (1.4)% % + Restructuring and project costs N.M (37.7%) + Add backs 2.1 (5.0) N.M N.M. = Adjusted EBITDA (**) (0.2)% % - in percentage of Sales 11.5% 10.3% 117bps 10.8% 10.0% 78bps (*) Restated for impact of purchase accounting allocation and excluding CMI HK Ltd. Flows consolidated by equity method in the financial statements (**) Q Including IFRIC 21 restatement for +$0,8m / No impact of IFRIC 21 on FY 30
31 FY 2014 Financial Highlights (2/2) In $ million Q Q Delta FY 2014 FY 2013 Delta Adjusted EBITDA (0.2)% % D&A (18.7) (19.0) (1.4)% (76.1) (72.1) 5.5% Restructuring and project costs (7.9) (19.0) N.M. (28.7) (46.0) (37.7)% Other (2.1) 5.0 N.M. (5.5) (19.7) N.M. Operating Profit N.M N.M. Net Finance costs (income) (*) Profit from continuing operations before income taxes Income tax (expenses) / benefit Share of profit of associates (35.3) (14.4) N.M. (131.6) (51.5) N.M. (23.8) (7.0) N.M. (73.5) (33.8) N.M N.M. 2.6 (6.8) N.M. - - N.M % Profit / (loss) for the Period (15.5) (6.3) N.M. (70.5) (40.2) N.M. (*) Includes mainly Forex effects on Bonds interests 31
32 FY 2014 Free Cash Flow In $ million FY 2014 FY 2013 Cash flow from operating activities o/w Adjusted Ebitda o/w Change in Working Capital 28.5 (44.9) o/w Income Tax paid (14.7) (29.5) o/w Other (*) (55.6) (63.7) Cash flow from Investing activities (74.3) (90.7) o/w Capex with implementation costs (93.8) (102.5) Finance lease additions (14.7) (23.9) Interest paid (61.7) (59.7) Other (2.7) 1.4 Free Cash Flow (26.9) (155.5) (*) Mainly restructuring/projects cost and cash out on provisions for risk and contingencies Capex Change in Working Capital Gain in working capital by ~$30 million over FY 2013 driven by: Working Capital initiatives Decrease in overdue receivables Reduction in inventory levels Investing in sales growth/renewal (45%), cost reduction (30%) to fully support business FY 2014 Capital Expenditure at $94 million includes Capex synergies ($15 million) 32
33 FY 2014 Sales Bridge by Drivers FY 2014 Sales Bridge by Divisions ,1 38, , ,8 0,2 (12,5) (19,8) ,1 (12,5) 1 520,8 (19,8) 42,8 2, ,6 (6,0) FY 2013 Reported FX translation Perimeter changes FY 2013 Adjusted Price Volume / Mix FY 2014 Reported FY 2013 Reported FX translation Perimeter changes FY 2013 Adjusted Tubes CRP Other (*) FY 2014 Reported 33 FY 2014 Sales Bridge In $ million In $ million (*) Other includes Trading activities
34 FY 2014 Adjusted EBITDA Bridge By Drivers In $ million ,5 2,2 156,3 0,3 150 (1,4) 3,0 26,0 7,0 168,3 EBITDA FX translation negative by $1.4m, mainly USD/BRL for $1.2m Perimeter adjustement positive by $2.2 (Annecy +$3.2m, Sussex US -$0.9m and Cotuplas -$0.1m) (24,0) Inflation impacts remain high with negative $24.0m, mainly salaries, raw materials and energy Cost reductions impact by $26.0m, with footprint and continuous improvement benefits Volume/Mix negatively impacted by US Celebrities Fragrances' Dispensing and Trading US 80 FY 2013 Reported FX translation Perimeter changes FY 2013 Adjusted Price Volume / Mix Inflation Cost reduction Other FY 2014 Reported 34
35 Net Debt Bridge FY 2014 In $ million 750,0 Free Cash Flow (26.9) 700, (12.4) ,0 (37.5) 600,0 (86.3) ,0 500,0 (*) Including Sun fees and other non-recurring cash costs (**) Mainly Forex (***) China & Italy (including dedicated Capex) 35
36 Leverage at 3.98x as of December 31, 2014 In $ million As of Dec 31, 2014 In $ million As of Dec 31, 2014 Liquidity Of which cash and cash equivalents - Of which undrawn lines Net Debt LTM Adjusted EBITDA Net Debt / Adjusted EBITDA multiple x year committed factoring line of 100m signed last June 2014 with Eurofactor, syndicated through Albéa pool of banks (Natixis, BNPP) by the end of Q ABL line of $60m (new maturity October 2019) Cash on hand 67.7 North America ABL facility amount 60.0 Facility borrowing base as of Dec. 31, Less amount utilised under NA ABL (13.5) Less minimum availability under NA ABL (7.5) North America ABL Net Availability 15.4 Europe A/R facility amount Facility borrowing base as of Dec. 31, Less amount utilised under EUR A/R (37.2) Europe A/R Net Availability 16.4 Total Cash and Available Liquidity
37 Updated corporate structure Sun Capital Partners V, L.P. Albéa Management 93.5% 6.5% Albéa S.A. (Luxembourg) Twist Beauty International Holdings S.A. (Luxembourg) Issuer of the Notes Notes Guarantors Restricted Group million Euro Notes and $385.0 million Dollar Notes Albéa Beauty Holdings S.A. (1) (Luxembourg) 45.0 million Euro additional notes 100% Twist Beauty (1) Packaging S.à.r.l. (Luxembourg) 100% million European Receivables Facility European Subsidiaries Other Subsidiaries North American Guarantors European Non-Guarantors European Other Other (1) (1) Guarantors Non-Guarantors Guarantors $60.0 million North American ABL Facility 37
38 Permitted debt and guarantor package: Status as of December 31, 2014 Permitted Debt (since Oct. 30 th 2012) Items Total Capacity (in $ million) Remaining Available Amount as of Dec 31, 2014 (in $ million & %) Capital Leases (50%) General Debt Basket (100%) Local Overdraft and Facilities (62%) Credit Facilities (90%) Total (80%) Guarantor Package As per Offering Memorandum (June 30, 2012) As of December 31, 2014 Revenues 53,0% 47,0% 48,9% 51,1% 49.7% EBITDA 47,0% 53,0% 41,1% 55.7% 58,9% 38 Non Guarantor Guarantor
39 39 Conclusion
40 Key take-aways for 2015 Deliver on our Operational commitments To ensure performance and competitiveness to gain market share To manage all projects closely: Anticipation Prioritization Execution Deliver on our Financial commitments To become Free Cash Flow positive in H To continue to invest more than our competitors in our people, plants, projects aligned with our shareholders strategy in a world with exchange rates volatility that impact our reported numbers. Deliver on our Customer commitments With good quality and services at the appropriate price-level With a value for money approach With good innovation plan 40
41 Key take-aways for 2015 Safeguard our future Corporate Social Responsibility as a key strategic driver Reducing our environmental impact (GHG, COV, waste...) Managing resources carefully (energy, water, air) Involving our whole ecosystem: people, customers, suppliers Managing Cash: from cash-negative in 2014 to cash-neutral in 2015 (with a postive H2) to cash-positive in 2016 Working capital is key Capex investment with positive return and value creation Work as one Team Leveraging our great resources Sharing the pains & the gains Learning and growing 41
42 Q&A 42
43 Albéa communication calendar Upcoming earnings releases (dates to be confirmed on our Website) Q Earnings Release May, 13 th 2015 Q Earnings Release Q Earnings Release Q & FY 2015 Earnings Release August, 27 th 2015 November, 10 th 2015 To be finalized (2016) 43
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