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Petri Castrn | May, 2015 Kemira credit investor presentation Creating value where water meets chemistry Disclaimer This presentation contains, or may be deemed to contain, forward-looking statements. These statements relate to future events


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Creating value where water meets chemistry

Kemira credit investor presentation

Petri Castrén | May, 2015

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Disclaimer

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This presentation contains, or may be deemed to contain, forward-looking statements. These statements relate to future events or our future financial performance, including, but not limited to, strategic plans, potential growth, planned operational changes, expected capital expenditures and future cash sources and requirements, that involve known and unknown risks, uncertainties and other factors that may cause Kemira Oyj’s or its businesses’ actual results of operations, levels of activity, performance or achievements to be materially different from those expressed or implied by any forward-looking

  • statements. In some cases, such forward-looking statements can be identified by terminology such as “may,” “will,” “could,” “would,” “should,” “expect,”

“plan,” “anticipate,” “intend,” “believe,” “estimate,” “predict,” “potential,” or “continue,” or the negative of those terms or other comparable terminology. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not

  • ccur in the future. Future results may vary from the results expressed in, or implied by, the forward-looking statements contained in this presentation,

possibly to a material degree. All forward-looking statements made in this presentation are based on information presently available to management and Kemira Oyj assumes no obligation to update any forward-looking statements, unless obligated to do so under applicable law or regulation. It is expected that each potential investor is acting for its own account, and it will make its own independent decisions to enter into any transaction and as to whether any transaction is appropriate or proper for it based upon its own judgment. The potential investor shall make its own evaluations, calculations, appraisal of the financial structure and financial outcome, credit analysis or any other evaluation (inter alia tax consideration) and the party shall make its

  • wn independent assessment of the terms and conditions of any proposed transaction. It is not relying on any communication (written or oral), information or

explanation of Danske Bank, SEB and/or Kemira as an advice or as a recommendation to enter into any transaction. No communication (written or oral) received from any of Danske Bank, SEB and Kemira shall be deemed to be an assurance or guarantee as to the expected results of any transaction. The information may not be used or reproduced, in whole or in part, for any other purpose, nor be furnished nor distributed to any persons other than those to whom copies of this information package have been delivered by any of Danske Bank, SEB and Kemira. Further, the distribution of any information in this presentation, and the offer, sale and delivery of the securities described herein in certain jurisdictions may be restricted by law. There shall be no sale of these securities in any state or jurisdiction in which an offer, solicitation or sale would be unlawful prior to qualification under the securities laws of such state or jurisdiction. By electing to view this presentation, you represent and agree that you are not resident in the United States nor a US Person, as defined in Regulation S under the U.S. Securities Act of 1933, as amended (the "Securities Act"), nor acting on behalf

  • f a US Person and, to the extent you purchase the securities described in this presentation, you will be doing so pursuant to Regulation S under the

Securities Act.

December 19, 2017 Kemira credit investor presentation 2015

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SLIDE 3

Presenting Kemira

Our business Our strategic focus Review of financials

1 2 3

Key debt metrics

4

Potential bond transaction

5

Appendix

6

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  • 1. Our business
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Focus

  • Pulp & Paper
  • Oil & Gas
  • Mining
  • Water treatment

Revenue EUR 2.14 billion (2014) Employees 4,250 (2014) Revenue split by customer benefit

Product quality or product yield

  • ptimization 50%

Process and energy efficiency 20% Water quality and regulatory compliance in raw water and wastewater treatment 30%

We help customers create more value by applying

  • ur expertise where water meets chemistry

Kemira is a global chemicals company serving customers in water-intensive industries

5 Kemira shares are listed on the NASDAQ OMX Helsinki stock exchange. December 19, 2017 Kemira credit investor presentation 2015

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Business units in 40 countries and sales in more than 100 reach our customers around the world

R&D and technology centers Employees O&M management Houston, USA Paper & M&I EMEA management Frankfurt, Germany KEMIRA HQ Helsinki, Finland EUROPE, MIDDLE EAST AND AFRICA 55% EUR 1,170 million 2,410 1,480 ASIA PACIFIC 6% EUR 120 million 350 Paper management Hong Kong Regional HQ Atlanta, USA Regional HQ Shanghai, China AMERICAS 39% EUR 850 million

6 December 19, 2017 Kemira credit investor presentation 2015

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Key figures

EUR million (except ratios) 2014 2013 2012 2011 2010 Revenue 2,137 2,229 2,241 2,207 2,161 EBITDA, excluding non-recurring items 253 252 249 253 259 % of revenue 11.8 11.3 11.1 11.5 12.0 Gearing, % at period-end 42 41 42 38 39 Personnel at period-end 4,248 4,453 4,857 5,006 4,977

7 December 19, 2017 Kemira credit investor presentation 2015

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Our business is organized into customer-based segments

20 % 25 % 55 %

SALES BY SEGMENT (2014)

PAPER OIL & MINING MUNICIPAL & INDUSTRIAL

8

19 % 27 % 54 %

OPERATIVE EBITDA BY SEGMENT (2014)

December 19, 2017 Kemira credit investor presentation 2015

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9

Kemira Management Board

Jari Rosendal President & CEO Petri Castrén CFO Mats Rönnbäck Paper (Interim) Antti Salminen Municipal & Industrial Tarjei Johansen Oil & Mining Heidi Fagerholm CTO Eeva Salonen HR Michael Löffelmann Projects & Manufacturing Technology Esa-Matti Puputti Operational Excellence (as of May 18, 2015)

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A leading global pulp and paper chemical supplier

35% 20% 45%

PAPER, Revenue 2014: EUR 1,170 million Operative EBITDA: EUR 137 million, 11.7% margin

Expertise We have unique expertise in applying chemicals and supporting pulp & paper producers to innovate and constantly improve their operational efficiency and end-product quality. Offering We develop and commercialize new products to fulfil customer needs and to ensure a leading portfolio for the pulp and paper industry.

10

Market position: #1 in EMEA #2 in Americas and APAC

Packaging, board and tissue grades Paper grades Chemical, mechanical and recycled pulp

December 19, 2017 Kemira credit investor presentation 2015

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SLIDE 11

Growing chemical supplier to Oil & Gas and Mining industries

OIL & MINING, Revenue 2014: EUR 382 million Operative EBITDA: EUR 48 million, 12.7% margin

Expertise We provide a unique combination of innovative chemicals and application knowledge that improves process efficiency and yield in oil, gas and metals recovery. Offering We use our in-depth understanding of extraction processes to tailor solutions for water management and re- use.

Market position: #2 in emulsion and dry polyacrylamides

Oil & Gas and process additives applications Minerals & Metals applications

11

20% 80%

December 19, 2017 Kemira credit investor presentation 2015

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Oil & Mining is a growing partner to the oil, gas and mining industry

  • Business is driven by cyclical oil, gas

and metals prices

  • Less than 50% of Oil & Mining

revenue is related to shale operations

  • Kemira is the world’s second largest

dry and emulsion polyacrylamide producer

  • Market leader in friction reducers in

the US for shale fracking

  • Polymer technology is a growing

trend in the shale operations

15% 75% 10% 0%

Kemira’s revenue split in oil and gas applications

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Market leader in raw and wastewater treatment chemicals

MUNICIPAL & INDUSTRIAL, Revenue 2014: EUR 565 million Operative EBITDA: EUR 68 million, 12.1% margin

Expertise We enable our customers to improve their water treatment efficiency by providing value adding support and high performing chemicals. Offering We are the only company that manufactures and supplies such a broad range of water treatment chemicals – both polymers and coagulants, as well as antiscalants, defoamers and water disinfectant.

Market position:

In water treatment chemicals #1 in EMEA (67% of M&I revenue) #1 in North America (28% of M&I revenue)

15% 65% 20%

Other Coagulants Polymers

13 December 19, 2017 Kemira credit investor presentation 2015

Re-entry into emerging markets once legislation comes into force

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  • 2. Our strategic focus

INNOVATION We invest in innovation and expertise. BUSINESS FOCUS We provide expertise and chemicals for water-intensive industries. GROWTH We target profitability and above-the- market growth. GEOGRAPHICAL FOCUS We strengthen position in mature markets and expand selectively in emerging markets.

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Investing in growth

Kemira’s organic growth was 3% in 2014 (Paper 6%, Oil & Mining 15%)

15

Telemaco Borba (BR) process chemical expansion Sodium Chlorate to Klabin (BR) Tarragona (ES) coagulant site Oulu (FI) pulp chemicals expansion Dry and emulsion polyacrylamide expansion (US) BASF AKD emulsion acquisition FennoBond capacity expansion (IT)

*) Transaction expected to close in Q2 2015

5/14 6/14 2014 Q4/14 1/14

Nanjing (CN) process chemical site Announced investments in 2014

7/14

AkzoNobel paper chemical acquisition* Pulp chemical deliveries to Montes del Plata (UY)

December 19, 2017 Kemira credit investor presentation 2015

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Shifting focus to fast growing differentiated products

16

Differentiated product line drivers:

Application sales Production optimization Capacity expansion

Commodity product line drivers:

Capacity increases driving bleaching and pulping Market share driving coagulants

The share of differentiated products revenue increased to 49% (48% at the end of 2014) in Q1 2015, mainly due to increased sales volumes of sizing and strength chemicals in Paper

Differentiated product lines Commodity product lines

%-of total revenue in Q1 2015 Polymers Sizing and strength Defoamers, dispersants, biocides and other process chemicals Coagulants Bleaching& Pulping chemicals Miscellaneous commodity products

Paper 11% 24% 14% 4% 37% 10% Oil & Mining 58%

  • 25%

3% 7% 7% Municipal & Industrial 22%

  • 3%

65% 3% 7% Kemira 22% 14% 13% 20% 23% 8%

December 19, 2017 Kemira credit investor presentation 2015

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Leverage mature markets and expand in selected emerging markets

Paper, O&M and M&I O&M and Pulp & Paper Paper, O&M and M&I O&M (Middle East and Africa) Paper (China, Indonesia and South Korea)

  • Innovation driven growth in mature markets
  • Emerging market revenue expected to grow from 14% to 16% in 2016

17 December 19, 2017 Kemira credit investor presentation 2015

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The AkzoNobel paper chemical acquisition will strengthen us especially in the growing Asian paper markets

Strategic rationale

  • Consolidating capacity
  • Strengthening market position

in all regions, especially in APAC

  • Gaining new competencies

and technologies Expected revenues of more than EUR 200 million on an annualized basis (at closing) Closing expected in Q2 2015 Transaction is expected to result in EUR 15 million annual net synergies Transaction price EUR 153 million

Howard Moses Lake Chattanooga Kristinehamn Oulu Jundiai Mannheim Ambes Estella Soave Pasuruan Gunsan Suzhou Wellgrow Hallam Mount Maunganui

Production sites Contract manufacturing

18 December 19, 2017 Kemira credit investor presentation 2015

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Tight integration philosophy

  • Immediate establishment of Kemira business processes, including IT systems (e.g SAP)
  • Common business model
  • Dedicated integration team
  • Bolt-on acquisition
  • Strengthening our market position in

Continental Europe through customer contracts

  • Did not include sites, equipment or

personnel

  • Full integration of
  • Sales, distribution, invoicing and
  • ther business processes into

SAP

  • Customer deliveries through

Kemira’s own manufacturing network 6 months after closing

Kemira integration 3F polymers BASF AKD emulsion business

  • Acquisition of a leading backward

integrated polymer producer

  • Full integration of
  • Manufacturing sites to Kemira network
  • Approximately 150 employees
  • Sales, distribution, invoicing and other

business processes into SAP

  • Over 100% of expected synergies

already realized

  • Acquired business reached nearly 10% growth

rate even during integration period

19 December 19, 2017 Kemira credit investor presentation 2015

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CAPEX expected to increase due to ongoing investment projects in Paper

  • Greenfield sodium chlorate project in Brazil in

2014-2016

  • Integration of AkzoNobel paper chemical

acquisition will require between EUR 20-30 million capex between 2015-2016

  • Careful review of polymer capacity expansion

in oil & gas Capital expenditure, EUR million

57% 48% 57% 43% 52% 43%

2012 2013 2014 Sodium chlorate project in Brazil Expansion Maintenance and improvement

134 135 136

20 December 19, 2017 Kemira credit investor presentation 2015

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Innovating together with our customers’ to improve water, energy and raw material efficiency

We are attentive to the current and long- term needs of our customers

  • 250 R&D experts create new innovations in R&D

centers in Finland, China and the USA

  • 300 patent families and 1,300 patents
  • R&D spend approximately EUR 30 million / year

Achievements in 2014:

  • New product launches: 8
  • Invention notifications: 107
  • Patents: 44
  • Publications: 111

INNOVATION INNOVATION REVENUE TARGET IS 10% (2014: 8%) OF TOTAL REVENUE BY 2016

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Paper and Oil & Mining exceeded market growth, profitability improved in Municipal & Industrial

12.1% 10.4%

2013 2014

Operative EBITDA margin

2013 2014

Revenue, EUR million

312

2013 2014

Revenue, EUR million

1,113 382 1,170 Paper

#1

Oil & Mining

#2*

Municipal & Industrial

#1

  • Leverage strong market position
  • Execute investment projects successfully
  • Commercialize new products
  • Continue to evaluate bolt-on acquisitions
  • Invest in innovation and people

and polymer technologies

  • Strengthen & expand customer relationships
  • Make selective acquisitions to broaden

technological and business capabilities

  • Leverage strong market position
  • Maintain aggressive cost controls

*In emulsion and dry polyacrylamides

+5% +23%

22 December 19, 2017 Kemira credit investor presentation 2015

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  • 3. Review of financials
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Key figures and ratios

EUR million (except ratios) 2014 2013 2012 2011 2010 Revenue 2,137 2,229 2,241 2,207 2,161 EBITDA, excluding non-recurring items 253 252 249 253 259

  • f which margin

11.8 11.3 11.1 11.5 12.0 Share of profit or loss of associates

  • 1

11 31 9 Financing income and expenses 31 39 16 21 27 Capital expenditure, including M&A 145 198 134 201 107 Cash flow after capital expenditure 75 196 72 115 169 Cash flow return on capital invested (CFROI), % 4 10 8 8 6 Equity ratio, % 51 51 51 51 54 Gearing, % at period-end 42 41 42 38 39 Net debt 486 456 532 516 536

24 December 19, 2017 Kemira credit investor presentation 2015

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EUR million (except ratios) Q1 2015 Q1 2014 % 2014 Revenue 553 530 4 2,137 Operative EBITDA 66.4 57.5 15 252.9

  • f which margin

12.0 10.9

  • 11.8

Operative EBIT 39.1 36.3 8 158.3

  • f which margin

7.1 6.9

  • 7.4

Share of profit or loss of associates 0.2 0.0

  • 0.2

Financing income and expense

  • 7.5
  • 5.3

42

  • 30.7

Earnings per share, EUR 0.16 0.28

  • 43

0.59 Capital expenditure, excluding M&A 27.0 25.6 5 136 Cash flow from the operating activities 42.4 13.1

  • 74.2

Key figures and ratios

Kemira Investor Presentation (updated on April 24, 2015) 25

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9,3% 9,7% 10,2% 10,9% 10,8% 10,8% 10,7% 11,1% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2013 2014

Kemira operative ROCE trend

Kemira operative ROCE*

*Rolling 12 months

26

EUR million, expect ratios 2014* 2013* Revenue 2,136.7 2,229.1 Goodwill 476.7 520.8 Other intangible assets 75.6 63.5 Property, plant and equipment 664.3 656.8 Net Working Capital ratio 9.9% 10.9% Operative EBIT 158.3 164.2

December 19, 2017 Kemira credit investor presentation 2015

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Stable cash flow generation

Foreign currency hedging settlements impacted cash flow in 2014

27

133 178 176 200 74 167 115 196 196 75 2010 2011 2012 2013 2014

Net cash generated from operating activities Cash flow after investments

December 19, 2017 Kemira credit investor presentation 2015

EUR million

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2015 outlook

Revenue

2017 target

Operative EBITDA Operative EBITDA margin Gearing EUR 2.7 billion 15%

2015 outlook and mid-term financial targets

2014

EUR 253 million 11.8% 42% EUR 2.1 billion <60%

28

Increase At the same level or increase

In 2015, Kemira will focus on profitable growth organically and inorganically. Kemira expects its revenue in 2015 to increase compared to 2014 and operative EBITDA in 2015 to be approximately at the same level or increase compared to 2014. The outlook excludes the impact of AkzoNobel paper chemical business (acquisition expected to close in the second quarter of 2015). At closing, AkzoNobel paper chemical business is expected to add revenue of more than EUR 200 million on an annualized basis.

December 19, 2017 Kemira credit investor presentation 2015

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  • 4. Key debt metrics
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Profitability and strong balance sheet have been the main focus in the strategy implementation

30

536 562 2,1 2,0 2,1 1,8 1,9 2,1

2010 2011 2012 2013 2014 Q1 2015

Net debt, EUR million Net debt/

  • perative

EBITDA

December 19, 2017 Kemira credit investor presentation 2015

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Kemira’s aim mid term is to remain below gearing of 60%

31

39% 38% 42% 41% 42% 49%

20% 30% 40% 50% 60%

2010 2011 2012 2013 2014 Q1 2015

December 19, 2017 Kemira credit investor presentation 2015

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46% 29% 10% 3% 12%

Debt portfolio EUR 687 million at the end of Q1 2015

Loans from banks and financial institutions EUR 315 million Bond EUR 200 million Commercial papers EUR 70 million Pension loans EUR 23 million Other EUR 79 million

32

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SLIDE 33

Gross debt EUR 649 million on the 30th of June 2014

33

225 36 68 82 210 66

50 100 150 200 250 2015 2016 2017 2018 2019 2020

EUR million

Maturity profile

Gross debt EUR 687 million, March 31, 2015

Kemira Investor Presentation (updated on April 24, 2015)

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SLIDE 34

*) Rolling 12-month

126 687 1,156 Assets Liabilities Equity

  • 300
  • 200
  • 100

2015 2016 2017 2018 2019 2020

Solid financial position with diversified debt portfolio

December 19, 2017 Kemira Interim Report Q1 2015 34

Debt maturity profile, end of March, 2015

EUR million Cash and cash equivalents

Gearing (Net debt/equity) increased to 49% (42% at the end 2014) due to dividend payment, equals net debt/operative EBITDA* ratio of 2.1 Transaction price of the pending AkzoNobel paper chemicals business acquisition is approximately EUR 153 million EUR 400+100 million undrawn committed facilities

Capital structure, end of March, 2015

EUR million Net debt, 562 million

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  • 5. Potential bond transaction
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Potential bond transaction

36

Indicative terms and conditions Issuer: Kemira Oyj Status: Senior unsecured Amount: EUR [100] million Maturity: [ ] May 2022 Coupon: [ ] Documentation: Stand-alone, Finnish law Covenants/Terms: Change of Control, Cross Default, Negative Pledge Issuer call option Par call 3 months prior to the Redemption Date Clearing: Euroclear Finland (Infinity) Listing: Nasdaq OMX, Helsinki Denominations: EUR 100,000 + 1,000 Bookrunners: Danske Bank and SEB

  • Kemira Oyj is contemplating a senior

unsecured bond issue to extend debt maturity profile and to further diversify the funding sources

  • The company is conducting a road show to

present and discuss the potential transaction with fixed income investors

  • Investor meetings in the Nordic countries will

be held during May 4 – 6

  • The timing of the potential transaction will be

thereafter, subject to market conditions

  • The transaction size is expected at EUR 100

million and the maturity under discussion is 7 years

December 19, 2017 Kemira credit investor presentation 2015

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  • 6. Appendix
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Kemira’s manufacturing footprint globally (59 sites)

Coagulants (30) Bleaching and pulping (9) Polymers and

  • ther process chemicals (20)

38

South America APAC EMEA North America

December 19, 2017 Kemira credit investor presentation 2015

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30% 35% 15% 20%

Oil price and its derivatives impacting logistics and raw material related costs

Logistics Other raw materials and trading goods

(caustic soda, fatty acid, aluminium hydrate, hydrochloric and sulphuric acid)

Oil direct + indirect

(Acrylonitrile, acrylic acid, Alpha Olefins, Sodium Chloride)

Kemira variable cost structure in 2014

Electricity used in production and as a raw material

39 December 19, 2017 Kemira credit investor presentation 2015

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The impacts of the declined oil price most evident in Oil & Mining and Municipal & Industrial segments

  • 20

20 40 60 80 100 120 140 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2011 2012 2013 2014 2015 Brent oil, USD Sales price* Variable costs*

*) 12-month rolling change vs previous year Kemira Investor Presentation (updated on April 24, 2015) 40

30% 35% 15% 20% Logistics Other raw materials and trading goods (caustic soda, fatty acid, aluminium hydrate, hydrochloric and sulphuric acid) Oil direct + indirect (Acrylonitrile, acrylic acid, Alpha Olefins, Sodium Chloride)

Kemira variable cost structure

Electricity used in production and as a raw material

Variable cost vs sales price trend

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Well balanced revenue and cost structure

41

EUR 43% USD 35% CAD 5% SEK 3% CNY 3% Others 11%

Kemira revenue distribution 2014 Kemira cost distribution 2014

EUR 48% USD 34% CAD 2% SEK 4% CNY 4%

10% appreciation of our main foreign currencies against EUR would approximately have EUR 15 million impact on operative EBITDA

Others 8%

December 19, 2017 Kemira credit investor presentation 2015

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Paper

January-March 2015

EUR million Q1/2015 Q1/2014 % 2014 2013 % Revenue 314.6 280.4 12 1,170.0 1,112.8 5 Operative EBITDA 36.1 33.1 9 137.2 131.1 5

  • f which margin

11.5 11.8

  • 11.7

11.8

  • Operative EBIT

20.7 21.9

  • 5

85.8 85.9

  • f which margin

6.6 7.8

  • 7.3

7.7

  • Capital expenditure

17.7 12.3 44 83.0 75.5 10 Cash flow 9.6

  • 2.1
  • 10.1

58.2

  • 42

Kemira Investor Presentation (updated on April 24, 2015)

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SLIDE 43

Long-term commitment to the pulp and paper industry

2004

Ciba #1 AkzoNobel #2 BASF #3 Hercules #4

Kemira #5

Nalco #6

2015

Kemira* (pulp and paper) #1

BASF (paper) #2 AkzoNobel (pulp) #3 Solenis (paper) #4 Ecolab (paper) #5

*Including AkzoNobel paper chemicals acquisition

Kemira pulp and paper revenues have more than doubled since 2004

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Growth in pulp and paper chemicals is driven by higher volumes of packaging board and tissue grades

Main growth drivers:

  • Growing packaging board and tissue

markets, especially in APAC

  • Growing pulp production in South

America and Northern Europe

  • Increasing demand for paper chemicals

for paper and board lightweighting and higher use of recycled fibres

2.9 3.0 3.1 2.9 3.0 3.2 2.2 2.5 2.9 2014 2016 2020

APAC

CAGR

EMEA Americas

0.7% 1.9% 4.6%

Pulp and paper chemical relevant market growth estimate, EUR billion (CAGR: 2.4%)

Source: Management estimation based on various sources 44 December 19, 2017 Kemira credit investor presentation 2015

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SLIDE 45

The paper industry benefits from our leading portfolio and unique expertise of the whole pulp & paper process

PAPER

INDUSTRIES

Packaging and board Tissue Printing and writing Pulp

PRODUCTS

Sodium chlorate, Hydrogen peroxide, Polymers, Defoamers, Coagulants, Biocides, Sizing additives, Strength additives, Surface additives, Colorants,Sulfuric acid APPLICATIONS Pulping, Bleaching, Retention, Water quality management, Sizing, Strength, Surface treatment, Coloring, Deposit control, Microbiological growth control

VALUE

  • Improving process efficiency

and quality

  • Committed partner
  • Innovating for customer

needs

  • Unique expertise covering

the whole process from pulping to coating ADVANTAGE

  • Application knowhow
  • Complete portfolio
  • Backward integration

45 December 19, 2017 Kemira credit investor presentation 2015

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SLIDE 46

Oil & Mining

January-March 2015

EUR million Q1/2015 Q1/2015 % 2014 2013 % Revenue 93.9 92.0 2 382.2 311.5 23 Operative EBITDA 11.1 10.7 4 48.4 32.7 48

  • f which margin

11.8 11.6

  • 12.7

10.5

  • Operative EBIT

5.8 6.3

  • 8

29.9 17.4 72

  • f which margin

6.2 6.8

  • 7.8

5.6

  • Capital expenditure

4.5 4.4 2 26.3 69.8

  • 62

Cash flow 5.1 10.9

  • 20.6
  • 60.0
  • 46

Kemira Investor Presentation (updated on April 24, 2015)

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SLIDE 47

Growth driven by strong demand for oil and gas

  • Global growth, especially in NA shale

and in the Middle East

  • Increased activity in Chemical Enhanced

Oil Recovery (CEOR) and oil sands

  • Entering into Production Chemicals
  • Need for improved processing for

declining ore grades

5.1 5.6 6.3 3.3 3.8 4.5 2014 2016 2020 CAGR 3.6% 4.8%

Our growth drivers:

Oil, gas and mining chemical market growth estimate, EUR billion (CAGR: 4%)

EMEA Americas

Source: Management estimation based on various sources 47 December 19, 2017 Kemira credit investor presentation 2015

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SLIDE 48

Uncertainty around US shale operations expected to continue

US shale business represents less than 50% of Oil & Mining segment revenues Currently favorable U.S. dollar rate Increased sales and marketing as well as R&D focus in brownfield CEOR applications

December 19, 2017 Kemira Interim Report Q1 2015 48

20 40 60 80 100 120 140 160 Jan Apr Jul Oct Jan Apr Jul Oct Jan 2013 2014 2015 Horizontal rig count and oil price (WTI) index Horizontal rig count in US Oil price (WTI)

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SLIDE 49

Strengthening market position across all product lines

OIL & MINING

Oil & Gas Upstream EOR Stimulation Production Drilling & cementing Oil sands Mining Iron ore Copper Gold PRODUCTS

Polymers, Dispersants & Antiscalants, Biocides, Emulsifiers, Defoamers, Coagulants

OIL & GAS APPLICATIONS

Friction reduction, Scale control, Microbial control, Drilling mud rheology control, Oil-based mud emulsification, EOR polymer flooding, Conformance control & Profile modification, SAGD water clarifiction and oil separation

MINING APPLICATIONS

Concentrate and tailings thickening, Rheology modification, Mineral slurry preservation, Scale control, Metal contaminant removal

VALUE

Improved:

  • Process efficiency
  • Yield
  • Cost-efficiency
  • Water efficiency
  • Energy efficiency
  • Compliance with environmental

regulation

ADVANTAGE

  • Innovative chemicals &

application knowledge

  • Global polymer supply –

Kemira is 2nd largest manufacturer of polyacrylamides in the world

49 December 19, 2017 Kemira credit investor presentation 2015

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SLIDE 50

Municipal & Industrial

January-March 2015

EUR million Q1/2015 Q1/2014 % 2014 2013 % Revenue 144.5 137.7 5 564.7 659.4

  • 14

Operative EBITDA 19.2 14.5 32 68.1 68.3

  • f which margin

13.3 10.5

  • 12.1

10.4

  • Operative EBIT

12.6 8.8 43 43.3 45.8

  • 6
  • f which margin

8.7 6.4

  • 7.7

6.9

  • Capital expenditure

4.7 8.3

  • 43

35.2 46.9

  • 25

Cash flow 8.2

  • 3.1
  • 34.3

37.9

  • 10

50 Kemira Investor Presentation (updated on April 24, 2015)

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SLIDE 51

1.3 1.4 1.5 0.6 0.6 0.7 0.5 0,5 0,7 2014 2016 2020

Regulation is driving the Municipal & Industrial market

Key market characteristics

  • Mature market in Europe

and North America

  • Regulatory driven
  • Price and cost sensitive
  • Local business
  • Public and private customer base

(60%/40%)

Relevant Municipal and Industrial market* and growth estimate, EUR billion (CAGR: 2.6%)

CAGR 1.9% 2.4% 4.4%

APAC EMEA North America

Source: Management estimation based on various sources

* Coagulants and Polymers in EMEA, Coagulants in North America and Polymers in APAC

51 December 19, 2017 Kemira credit investor presentation 2015

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SLIDE 52
  • Leveraging leading market position
  • Developing new solutions for raw and

waste water management

  • Focusing on cash flow maximization

12.1% 10.4%

2013 2014

565 659

Municipal & Industrial segment delivering strong cashflow after restructuring and profitability improvement

2013 2014 65% 20% 15%

Other Coagulants Polymers Operative EBITDA margin Revenue, EUR million

52

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SLIDE 53

Unique capabilities in water treatment chemicals

MUNICIPAL & INDUSTRIAL

53

INDUSTRIES

Municipalities Private operators Industrial customers

PRODUCTS

Polymers (EPAM, DPAM, Polyamines, PolyDADMACs, Resin Amines), Al Coagulants, Fe Coagulants, Antiscalants, Defoamers

APPLICATIONS

Raw water treatment, Waste water treatment, Sludge treatment, Membrane care, Biogas yield enhancement, Disinfection of water streams

VALUE

Improved:

  • Water treatment process

efficiency

  • Regulatory compliance

ADVANTAGE

  • Reliability, speed and logistics

flexibility

  • Deep application knowledge and

comprehensive portfolio

  • In mature markets, the only

company that manufactures and supplies a comprehensive range

  • f water treatment chemicals

December 19, 2017 Kemira credit investor presentation 2015

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SLIDE 54

Kemira’s largest shareholders (March 31, 2015)

54 Kemira Investor Presentation (updated on April 24, 2015)

Shareholders % of shares

Oras Invest Oy 18.2% Solidium Oy 16.7% Varma Mutual Pension Insurance Company 5.3% Ilmarinen Mutual Pension Insurance Company 3.1% Kemira Oyj 2.1% Free float 54.6%

Foreign shareholders share of free float 33% Households share of free float 30% Other share of free float 37%

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SLIDE 55

Index 8% Value 17%

Shareholder Structure

55

51% 7% 2% 39% 36% 8%

Institutional investors by investment style, 2015 GARP 30% Other 14% Growth 30%

33% 9% 55% 3% 22%

Kemira Investor Presentation (updated on April 24, 2015)

Hedge Fund 1 %

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SLIDE 56

Shareholder structure (institutional investors)

Geographical Distribution (%)

56 Kemira Investor Presentation (updated on April 24, 2015)

UK 9% Germany 8% USA 17% Finland 40% Canada 7% Rest of the world 3% Sweden 5% Norway 5% France 4% Switzerland 2%

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SLIDE 57