AGM Presentation 27 May 2015 Forward-Looking Statements The - - PowerPoint PPT Presentation

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agm presentation 27 may 2015 forward looking statements
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AGM Presentation 27 May 2015 Forward-Looking Statements The - - PowerPoint PPT Presentation

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AGM Presentation 27 May 2015 Forward-Looking Statements The information in this presentation has not been independently verified and does not purport to be comprehensive. One51 is not undertaking any obligation to provide any additional

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AGM Presentation – 27 May 2015

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Forward-Looking Statements

The information in this presentation has not been independently verified and does not purport to be

  • comprehensive. One51 is not undertaking any obligation to provide any additional information or to update this

presentation or to correct any inaccuracies that become apparent. This presentation is neither a prospectus nor an

  • ffer nor an invitation to apply for securities. The information contained in this presentation is for background

purposes only and is subject to material updating, completion, revision, amendment and verification. This presentation does not constitute or form a part of any offer for sale or solicitation of any offer to buy or subscribe for any securities. Any prospective investor must make its own investigation and assessments and consult with its

  • wn adviser concerning any evaluation of the Company and its prospects.

No representation or warranty, express or implied, is or will be given by One51, its subsidiaries, its shareholders or their respective directors, officers, employees or advisers as to the accuracy or completeness of this presentation and, so far as permitted by law, no responsibility or liability is accepted for the accuracy or sufficiency of this

  • presentation. In particular, without limitation, no representation or warranty is given as to the achievement or

reasonableness of any projection, estimate, target or forecast in this presentation, which it should be noted is provided for illustrative purposes only. This presentation contains forward-looking statements which reflect management’s current views and estimates. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements. Potential risks and uncertainties include such factors as general economic conditions, foreign exchange fluctuations, competitive product and pricing pressures and regulatory developments. Management undertake no responsibility to revise any such forward-looking statements to reflect any changes in management’s expectations or any change in circumstances, events or the Group’s plans and strategy. Accordingly, no reliance can be placed on the figures contained in such forward-looking statements.

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Table of Contents

Group Overview ............................................................................................. 4 Group Structure ............................................................................................. 5 2014 Highlights .............................................................................................. 6 Divisional Analysis – OnePlastics Group ........................................................................... 7 – ClearCircle Environmental ............................................................. 14 – Investment Portfolio ...................................................................... 20 Financials ...................................................................................................... 22 Strategy & Summary ..................................................................................... 28

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Group Overview

C.950 people

2 operating

divisions

€52m

investment portfolio book value*

22 locations -

Ireland, UK and China

€276.5m

revenue* EBITDA*

€21.9m

4 *Financials relate to final results for the year ending 31 December 2014

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Group Structure

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2014 Highlights

  • Revenue growth of 10.2% and EBITDA increased by 6.8%
  • Lowest Net Debt in Group’s history - €7.4m
  • Solid trading performance in 2014 driven by OnePlastics
  • €22.6m in new equity raised and debt facilities refinanced through to 2019
  • Straight plc acquired
  • Total Equity increased by 55.2% to €159.4m
  • Continuing to unlock value from investment portfolio

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OnePlastics Group

  • Leading manufacturer of plastic products
  • Specialising in injection moulding and related services
  • Diverse portfolio of proprietary products and contract manufacturing
  • 6 separate manufacturing facilities in UK (4), Ireland (1) and China (1)
  • Outperformed expectations in 2014
  • Strategy is to become “the” leading integrated provider of quality plastic

products to a range of end-users across a variety of industries

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Locations

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MGB PLASTICS

Wheeled Bin Manufacturer

6,000 m2 manufacturing facility with capacity to produce 1.5 million wheeled bins per annum. PPC

Paint Can Manufacturer

5,600 m2 manufacturing facility with a range of state

  • f the art machinery.

AAC PLASTICS

Trade Moulding

5,100 m2 manufacturing facility with a well invested range of production machinery. PROTECH

Rigid Packaging & Electronics

2,300 m2 manufacturing facility with an additional 1,400 m2 clean room facility. PROTECH BOSTON

Electronics

Representative office. PROTECH CHINA

Electronics

2,300 m2 manufacturing facility. STRAIGHTS

Wheeled Bin, Caddy & Kerbside Box Manufacturer

12,000 m2 manufacturing facility.

5 4 1 3 2 7 6 6 7 5 4 3 2 1

455 Employees 150+ Machines

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Waste Management and Recycling

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Wheelie Bins Caddies Kerbside boxes

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Rigid Plastic Packaging

Paint Cans Infant Food Caps Agri-Feed Buckets

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Contract Manufacturing

Water Attenuation Units School Chairs Bread Trays

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Electronics

Drive Carriers Panels

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ClearCircle Environmental

  • Sourcing and processing waste material into products for sale/re-use
  • Primary activities include:

– hazardous waste management & industrial services – metals recycling

  • Solid performance from hazardous; metals performing well despite difficult

trading environment

  • Strategy is to expand hazardous waste management business and continue to

position metals to benefit from improving economic conditions

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Locations

Region Business unit Staff Hazardous ROI Rilta Environmental 79 GB Future Industrial Services

  • Berwick
  • Kirkby
  • Newport

99 Metals ROI Metals Ireland

  • A1 Metals
  • ClearCircle Metals
  • Cork Metals
  • Galway Metals

123 GB (NW) Northwest Metals

  • Howarth Metals
  • Howcan
  • Smith Metals

62 GB (SE) Metals South

  • Ampthill Metals
  • Reclamet

46 Materials NI NI Materials

  • ClearCircle Northern Ire.
  • Glassdon

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6 5 4 3 2 1 1 2 2 2 3 3 3 3 4 4 4 5 5 6 6

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Hazardous Waste Management

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Hazardous & Non-Hazardous Waste Management Asbestos Disposal Battery Recycling Industrial Tanker Services Liquid Waste Management Waste Oil Reprocessing Contaminated Soils Transformer Decommissioning & Specialist Metal Recovery Plant Decommissioning & Chemical Decontamination

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Metal Recovery

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Ferrous Metal Recycling Non-Ferrous Metal Recycling Dedicated Collection Service Off Site Dismantling, Decommissioning & Demolition Services Metal Shearing, Fragmenting, Bailing & Sorting Technology Spot Purchasing Production Of Aluminium Ingots

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Materials Recycling

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Largest Glass Recycler In Northern Ireland Only Licensed Refrigeration Recycling Facility On The Island Of Ireland

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Investment Portfolio

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Investment Portfolio

  • NTR – 23.6% shareholding

– returned €100m to shareholders in November 2013 – on 6 April 2015, NTR announced the sale of its Post Rock and Lost Creek Wind Projects for net proceeds of $195m – board (and major shareholders) supportive of liquidity event – book value of NTR is €2.10 per share as at 31/12/2014 which values One51 investment at €48.3m

  • OpenHydro Limited – 4.3% shareholding

– turbines creating renewable energy from tidal streams

  • Pioneer Green Energy LLC – 13.7% shareholding

– wind and solar energy development in the US – One51 received €3.8m in the last 12 months

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Financials

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Revenue – by activity Revenue – by geography EBITDA – by activity* EBITDA – by geography*

UK 58% Ireland 38% China 4% UK 64% Ireland 25% China 11% Metals Recycling 42% Hazardous Waste Management 12% Materials Recycling 2% OnePlastics Group 44% Metals Recycling 23% Hazardous Waste Management 14% Materials Recycling 3% OnePlastics Group 60%

* EBITDA (excluding central costs) from OnePlastics Group and ClearCircle Environmental

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2014 Earnings Mix

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Income Statement

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*Excludes share of profit from discontinued operations included within EBIT & EBITDA

€’m IFRS 2014 IFRS 2013 Revenue 276.5 250.9 Operating profit (before exceptional items) 14.0 9.3

Share of profit - joint venture 0.4 0.2 Non-recurring items (1.8) 1.5 Share of profit - discontinued operations 0.3 1.1 Depreciation & amortisation 9.0 8.4

EBITDA 21.9 20.5 EBIT 12.9 12.1 Exceptional items 7.4 1.4 Non-Recurring items 1.8 (1.5) Finance costs (3.9) (7.7) Income tax (expense)/credit (2.9) 1.6 (Loss) from discontinued operations, net of tax* (2.6) (3.1) Profit/(loss) for year 12.7 2.8 Adjusted EPS (Basic) 5.80c 4.30c

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Divisional Analysis

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Revenue €’m IFRS 2014 IFRS 2013 OnePlastics Group 122.5 99.2 ClearCircle Environmental 154.0 151.7 Other

  • Total

276.5 250.9 EBITDA €’m IFRS 2014 IFRS 2013 OnePlastics Group 15.7 15.6 ClearCircle Environmental 10.5 9.7 Other (4.3) (4.8) Total 21.9 20.5

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Balance Sheet

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€’m IFRS 2014 IFRS 2013

Goodwill & Intangibles 49.4 33.7 Tangible Assets 65.5 59.7 Financial and Other Assets 54.5 49.2 Non-Current Assets 169.4 142.6 Current Assets 115.4 95.2 Total Assets 284.8 237.8 Creditors: within 1yr (57.7) (125.8) Creditors: more than 1yr (67.7) (9.3) Total Equity 159.4 102.7 Net Debt 7.4 40.3 Net Debt / EBITDA 0.3x 2.0x

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Cash Flow

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€’m IFRS 2014 IFRS 2013 Net cash inflow from operating activities before tax 25.7 24.9 Capex (Total) (10.3) (11.1) Finance Costs (7.2) (5.7) Income tax paid (1.0) (0.5) Free Cash Flow 7.2 7.6 Financial Investment / Disposal 22.4 17.1 Acquisitions (incl. net debt acquired) (17.1)

  • Capital Raising / NTR Share Redemption

21.9 23.6 Other (1.5) 0.3 Movement in Net Debt 32.9 48.6

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Strategy & Summary

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Strategy

  • The Group’s strategy is to develop its core operating businesses,

OnePlastics Group and ClearCircle Environmental whilst continuing to unlock value in its investment portfolio

  • OnePlastics Group and ClearCircle Environmental provide the opportunity

to focus on higher margin businesses with good growth characteristics and strong competitive advantages

  • A number of organic and acquisition led growth opportunities have been

identified and are being pursued

  • The Group also believes there is upside in its investment portfolio versus

book value

  • Appropriate liquidity options under consideration

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Summary & Outlook

  • Strong finish to 2014 and that momentum has carried into 2015
  • OnePlastics outperformed against expectations
  • Hazardous waste delivered a solid performance
  • Metals recycling performed well despite challenging commodity pricing
  • Confident in ability of our underlying businesses to grow profitably
  • Continue to realise value from investment portfolio

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Thank You