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 information or to update this presentation or to correct any inaccuracies that become apparent. This presentation is neither a prospectus nor an offer 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 own 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. 2
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 3
Group Overview € 52m 2 operating C. 950 people investment portfolio divisions book value* 22 locations - EBITDA* € 276.5m € 21.9m Ireland, UK and revenue* China *Financials relate to final results for the year ending 31 December 2014 4
Group Structure 5
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 6
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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 8
Locations 1 4 PROTECH MGB PLASTICS Rigid Packaging & Electronics Wheeled Bin Manufacturer 2,300 m 2 manufacturing 6,000 m 2 manufacturing facility with an additional facility with capacity to 1,400 m 2 clean room produce 1.5 million wheeled bins per annum. facility. PROTECH BOSTON 5 2 PPC Electronics Paint Can Manufacturer Representative office. 5,600 m 2 manufacturing facility with a range of state of the art machinery. 6 PROTECH CHINA Electronics 7 2,300 m 2 manufacturing 1 3 AAC PLASTICS 5 facility. 6 Trade Moulding 3 2 7 STRAIGHTS 5,100 m 2 manufacturing 4 facility with a well invested Wheeled Bin, Caddy & range of production Kerbside Box Manufacturer machinery. 12,000 m 2 manufacturing facility. 455 Employees 150+ Machines 9
Waste Management and Recycling Wheelie Bins Caddies Kerbside boxes 10
Rigid Plastic Packaging Paint Cans Infant Food Caps Agri-Feed Buckets 11
Contract Manufacturing Water Attenuation Units School Chairs Bread Trays 12
Electronics Drive Carriers Panels 13
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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 15
Locations Region Business unit Staff ROI Rilta Environmental 79 1 Hazardous Future Industrial Services • Berwick 2 GB 99 • Kirkby • Newport Metals Ireland • A1 Metals 2 3 ROI • 123 ClearCircle Metals 6 • Cork Metals 6 • Galway Metals Metals 4 Northwest Metals 3 4 1 2 4 4 • Howarth Metals GB (NW) 62 3 3 • Howcan • Smith Metals 3 5 5 Metals South 2 • Ampthill Metals GB (SE) 46 5 • Reclamet Materials NI Materials • ClearCircle Northern Ire. 6 NI 44 • Glassdon 16
Hazardous Waste Management 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 17
Metal Recovery 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 18
Materials Recycling Largest Glass Recycler In Northern Ireland Only Licensed Refrigeration Recycling Facility On The Island Of Ireland 19
Investment Portfolio
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 21
Financials
2014 Earnings Mix Revenue – by activity Revenue – by geography OnePlastics Group China 44% 4% Materials Ireland Recycling Metals 38% 2% Recycling UK Hazardous 42% 58% Waste Management 12% EBITDA – by geography * EBITDA – by activity * OnePlastics China Group 11% 60% Ireland Materials 25% Recycling 3% UK Hazardous 64% Waste Metals Management Recycling 14% 23% * EBITDA (excluding central costs) from OnePlastics Group and ClearCircle Environmental 23
Income Statement €’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 *Excludes share of profit from discontinued operations included within EBIT & EBITDA 24
Divisional Analysis 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 25
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