Shareholder Presentation June 2013 www.One51.com
Forward Looking Statements 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. 2
Shareholder Presentation Table of Contents Performance Summary 4 Group Overview 6 Plastic Injection Moulding 11 Environmental Services 13 NTR plc 17 Financial Update 20 Future Strategy 24 Corporate Information 28 3
Performance Summary Section 1 www.One51.com
Performance Summary Despite challenging economic environment, significant progress made in first stage of multi-year turn around programme Specific actions taken Building a stable platform for future development Portfolio Rationalisation Plastic extrusion businesses sold (Enplast and Foamalite). 2011 2012 2013 2014 2015 Non-core investments divested, including: - ICG plc, IFG plc, Thirdforce plc, Island Renewable Energy Ltd Loss-making UK materials recycling business closed. Portfolio Rationalisation Change Management and Performance Improvement Irish Metals Recycling business completely restructured, including: - Introducing new management Change Management - Improving site coordination Metals Recycling business in Northern England overhauled: - New leadership team in place UK Hazardous Waste Management business reorganised. Performance Improvement Group cost base cut: - Reducing annualised overhead by circa €5 million - Central headcount reduced by circa 50% Strategic Optimisation Capital Structure Reducing debt by €57.5 million. Banking facilities extended to December 2014. Value Restoration Strategic Optimisation 5 Opportunities for future growth identified.
Group Overview Section 2 www.One51.com
Historic Overview One51 was spun off from IAWS Ltd in 2005. The Group undertook 23 acquisitions between 2006 and 2008 History Share placing undertaken – raised €150m Management team restructured 'Spun-off' from Irish Swiss WEEE business sold Agricultural Wholesale Listed on Grey Market 2 Year Action Plan 2011 focus on Moonduster confirms they will Society Ltd stabilisation of problem business not be proceeding with an offer Undertook 8 acquisitions – cost c. €140m units, deleveraging and future for ICG plc Formed Moonduster Consortium with view strategic direction to making offer to acquire ICG plc 2005 2006 2007 2008 2009 2010 2011 2012 2013 Took up full allocation in NTR rights Undertook 7 acquisitions – Invest in two Non core asset disposals issue cost c. €160m renewable energy €57.5m decrease in net debt start-ups: Pioneer Raised c. €165m via convertible loan Two disposals undertaken Lending facilities extended to December 2014 Green Energy and notes NTR completes share Island Renewable Central costs significantly reduced Undertook 8 acquisitions – cost c. buyback returning €67m to Energy €270m One51 New strategic initiatives being rolled out in Plastics and Environmental Services divisions Acquired 26.9% interest in Augean plc 7
Historic Performance Decrease in the value of NTR investment accounts for almost half of the asset value write down since 2007 Net Assets (€m) Write-downs 700 Background • c. €563 million cumulative 666 High multiples and high levels of goodwill paid by One51 for asset value write down acquisitions between 2006 to 2008. - NTR: €266 million Cyclical downturn materially impacted these businesses in Ireland and 600 - Goodwill UK resulting in significant write-downs. - Non-core asset sales The decrease in the value of NTR (€266 million) represents almost half of total asset value write downs to date (€563 million). 512 500 453 2012 2012 exceptional items of €117 million includes: 400 - Non-cash impairment to goodwill and intangible assets of €80.9 million (2011: €105.4 million) 340 - Impairment charges to investment property and tangible assets 314 of €20.5 million (2011: €11.4 million) 300 Following write-downs, Group tangible net asset value €69.2 million (€0.55 per share). 217 - NTR represents €53.1 million of tangible net asset value (€0.42 per share) 200 103 100 1. Net assets of €102.6 million at 31 December 2012 comprising of €69.2 million tangible net assets, plus €33.4 million of goodwill and intangible assets. 2. Net Asset Value (NAV) calculation includes €12.6 million of convertible loan notes (CLNs) held in equity. 0 3. 124,794,455 shares in issue, plus 4,995,994 options over ordinary shares at an exercise price of €0.20 per share expiring December 2019. Diluted ordinary shares: 130,205,735. 2006 2007 2008 2009 2010 2011 2012 8
Group Summary One51 has narrowed its focus to those businesses offering the best opportunities for future growth Flat Organisational Management Portfolio Structure 9
2012 Earnings Mix 67% of combined EBITDA from Plastic Injection Moulding and ClearCircle Environmental generated in the UK Revenue – by activity * Revenue – by geography * China Plastic Injection 1% Moulding 33% Ireland Materials Recycling 39% 3% UK 60% Hazardous Waste Management Metals Recycling 12% 52% EBITDA – by geography * EBITDA – by activity * China Plastic Injection 1% Moulding 49% Ireland Materials Recycling 32% 6% UK 67% Metals Recycling Hazardous Waste 22% Management 23% 10 * Revenue/EBITDA from Plastic Injection Moulding division and ClearCircle Environmental
Plastic Injection Moulding Section 3 www.One51.com
Plastic Injection Moulding Supported by strong IP, the Plastic Injection Moulding businesses are performing well in their respective markets Business Country Summary Producing bespoke high-volume components for IT, pharmaceutical, agricultural and decorative Ireland coatings industries Protech Performance Plastics China Primary activity is the manufacture of components for IT industry multinationals Ireland Custom plastics, injection moulding contract manufacturer Thormac Engineering Leading UK supplier of non-automotive plastic parts Blue-chip customer base supplying products including: AAC Plastics UK - Specialist trays - Plastic chairs - Piping and conduit parts Circa 80% of revenue derived from the sale of wheeled bins MGB Plastics UK Customers include local authorities and private waste collectors Primary activity is the manufacture of paint cans for global decorative coatings producers Protech Plastics Containers UK UK Leading paint can technology Financial Performance (€m) Principal Operations Shareholder profile Revenue (UK, IRL & CHN) EBITDA Ireland (incl. CHN) EBITDA UK 100 9 90 8 90 80 87 7 70 6 Revenue 60 EBITDA 63 5 50 56 4 40 3 39 30 2 20 19 1 10 Supported by satellite facility Shanghai, China 8 0 0 12 2006 2007 2008 2009 2010 2011 2012
Environmental Services Section 4 www.One51.com
ClearCircle Environmental Focused on Metals Recycling and Hazardous Waste Management, both in the UK and Ireland Operating Unit Business Country Summary Broad service offering Rilta Environmental Ireland Experienced team with proven entrepreneurial approach Hazardous Waste Management New UK team recently appointed Future Industrial Services UK Cross pollination opportunities with Rilta Potential tie in with Rilta for Total Waste Management (TWM) Metals Ireland Ireland customer solutions New UK (North) team recently appointed Howarth Metals and Howcan Metals Recycling UK (North) Preferred aluminium can supplier Smith Metals Potential for market share growth Ampthill Metals UK (South) Proven ability to defend market position Materials Recycling Glassdon and Techrec NI Strong market position in glass and end of life refrigerator recycling Historic Operating Unit Revenues (€m) ClearCircle Environmental’s principal operations 2009 2010 2011 2012 120 100 80 60 40 20 0 Metals IRL Metals UK Hazardous Hazardous Materials NI 14 IRL UK
ClearCircle Environmental Metals Recycling and Hazardous Waste Management offer synergies and cyclical upside potential Historic Financial Performance (€m) Historic ClearCircle Environmental EBITDA Generation Revenue (UK & Irl) EBITDA Ireland EBITDA UK 100% 300 35 90% 80% 30 250 70% 244 Materials NI 234 25 200 60% Hazardous UK Revenue 203 EBITDA 20 50% 182 Hazardous IRL 150 40% 15 Metals UK 139 30% 100 Metals IRL 10 94 20% 50 5 10% 46 0% 0 0 2009 2010 2011 2012 2006 2007 2008 2009 2010 2011 2012 Typical sources of scrap metal volume in Ireland since 2010 ClearCircle Environmental Metals Ireland Tonnes Sold Nonferrous Ferrous Packaging waste 300,000 5% 250,000 Municipal Waste 21% 200,000 Construction and 150,000 Demolition Waste 50% 100,000 End of Life 50,000 Vehicles 24% 0 15 2009 2010 2011 2012
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