OVERVIEW PRESENTATION ON DEMERGER July 2007 This presentation is being made only to and is directed only at (a) persons who have professional experience in matters relating to investments falling within Article 19(1) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (b) high net worth entities, and other persons to whom it may otherwise lawfully be communicated, falling within Article 49(1) of the Order (all such persons together being referred to as “relevant persons”). Any person who is not a relevant person should not act or rely on this presentation or any of its contents.
OVERVIEW OF THE MONDI DEMERGER � Dual listed company structure (DLC) � Primary listings: � Mondi plc – LSE main market Listing � Mondi LTD – Johannesburg Stock Exchange � Secondary listing – Mondi plc on the Johannesburg Stock Exchange � 100% demerger � No capital raising by either Mondi or Anglo American Structure � For every 20 Anglo American plc Ordinary Shares held: � 5 Mondi Plc (“MPLC”) Ordinary Shares � 2 Mondi Limited (“MLTD”) Ordinary Shares � Mondi prospectus published and circular sent to Anglo American shareholders Friday 01 June 2007 Time Table � Anglo American shareholder meeting Monday 25 June 2007 � Tuesday 03 July 2007 Expected admission to listing, start of trading � Goldman Sachs International (UK) Joint Sponsors � UBS Limited (UK, SA) PAGE 1
EXPERIENCED MANAGEMENT TEAM David Hathorn Paul Mervyn Walker (CEO) 45 years old Hollingworth (HR/Legal) 48 years old (CFO) 47 years old Relevant experience Relevant experience Relevant experience � CEO Mondi Europe � CFO BPB plc � Chairman Pensions � Financial Director Mondi Group Trustees AMEC plc � CFO De La Rue plc � Divisional Finance Manager Anglo American � Director UK Airports and � CFO Ransomes plc Heathrow Airport BA � HR Director BA Andrew King Kurt Mitterböck Peter Oswald Günther Hassler (Strategy/BD) (Technical/ (CEO MP) (CEO MBP) 37 years old Procurement) 44 years old 48 years old 55 years old Relevant experience Relevant experience Relevant experience Relevant experience � CEO MP Corr. Bus. � Corporate Development � Member of Management � Member of Board of Director Mondi Europe Board MBP Management of Zellstoff � CEO MP Bag Conv. and Pöls � VP Corporate Finance � Production Director MBP Flex. � CFO MBP Anglo American � Plant Manager Bags Maastricht � Senior Consultant Ernst & Whinney � Corporate Controller Frantschach Group PAGE 2
MONDI AT A GLANCE merchant /newsprint South Africa Sales (1) / � 3.2B � 1.9B � 0.4B � 0.5B EBITDA Margin (2006) 13% 13% 13% 9% Products � No. 1 Kraft Paper (2) � No. 1 Office Paper (2) � No. 1 Corrugated � No. 1 Newsprint in South Africa (2) � No. 2 Kraftliner (2) � No. 2 UCWF (2) Packaging in South Positions Africa (3) � Leading Positions in � No. 1 Bag Converting (3) in Europe Emerging Europe (4) (1) Segment revenues, including inter-segment revenues, excluding associates. (2) Based on production capacity. (3) Based on sales. (4) Management estimate based on sales. Sources: RISI, Pöyry Forest Industry Consulting, Freedonia, BMI Foodpack, PAMSA, Mondi PAGE 3
MONDI GROUP OUTPERFORMANCE VS. PEERS ROCE Leading market Mondi 18% 21% 17% 11% 9% 8% position Group + 197 203 Mondi 147 144 131 109 Group Strong asset Ø peer vs. = 100 base peers (index) 2001 2002 2003 2004 2005 2006 + Weighted Average ROCE 3 2001-2006 14.0% Mondi Focus on PCA 12.0% DS Smith performance Weyer- 10.0% SCA hauser Portucel¹ = Int. Sappi 8.0% Paper Outperforming Stora Mead 6.0% UPM Smurfit Enso Westvaco its peers Kappa² 4.0% Smurfit-Stone M-real Domtar 2.0% (10.0)% (5.0)% 0.0% 5.0% 10.0% 15.0% 20.0% � 6bn Sales 2006 Sales CAGR in Local Currency 2001-2006 (%) (1) Data per 2001-2005A. (2) Data per 2003-2006A. (3) ROCE = EBIT (before special items)/CE = St borrowing + Lt borrowing + pref. equity + minority interest + total common equity– cash and near cash. Notes: (a) Mondi ROCE figures stated as reported by Mondi. (b) Competitors' ROCE figures average unweighted. Source: Public filings of peers and Mondi internal filings PAGE 4
MONDI STRATEGIC DRIVERS � Leading market positions Strong market position � High exposure to attractive product segments and geographies + � Upstream production cost advantages Strong asset base � Vertically integrated + � Comprehensive Business Excellence programmes Focus on � Proven M&A/integration track record performance � Rigorous asset allocation management = Outperforming � Outperformed peers measured by ROCE over the cycle its peers � Well placed to benefit from any upcycle Value creation � Continued focus on profitability and value-added growth in attractive segments PAGE 5
LEADING MARKET SHARES Strong market Packaging Office Paper position Corrugated Top 5 Uncoated Woodfree Kraftliner (1) Corrugated Packaging (2)(3) Stora Enso 16% 1. Smurfit Kappa 27% 1. Smurfit Kappa 18% 2. Mondi 12% 2. SCA 9% Mondi 13% 3. SCA 11% 3. Mondi 4% 4. Ilim Pulp 8% 4. DS Smith 4% M-Real 11% 5. Europac 5% 4. International Paper 4% 4. SAICA 4% IP 10% Portucel 10% Bag Kraft Paper (1) Bag Converting (4) Top 5 Office Paper 1. Mondi 21% 1. Mondi 15% 2. Billerud 14% 2. Segezha 7% 3. UPM 9% 3. Smurfit Kappa 5% 17% Mondi 4. Segezha 7% 4. Brit. Polythene 4% 5. Stora Enso 7% 5. Bischof + Klein 3% Stora Enso 16% IP 14% Flexibles Release Liner (4)(5) Extrusion Coating (4)(5) M-Real 13% 1. Avery Dennison 24% 1. Walki Wisa 9% Portucel 11% 2. Raflatac 16% 2. Mondi 8% 3. Mondi 9% 3. Amcor NA 4. Loparex 7% 4. Stora Enso NA Mondi BP generates approximately 65% of UCWF sales in 5. Huhtamaki 4% 5. Schoeller NA faster growing Office Paper segment (1) Based on capacity. (2) Based on demand. (3) Based on ICCA forecasts of market size for 2006. (4) Based on sales. (5) No public information available, market shares are Mondi estimates. Sources: Mondi, RISI, ICCA, Freedonia, Pöyry Forest Industry Consulting, company filings, Henry Poole PAGE 6
SIGNIFICANT EXPOSURE TO GOOD GROWTH SEGMENTS Strong market Strong market Mondi Group Sales 2006 Mondi Group Net Operating Assets 2006 position position + 38% 45% 55% 62% Strong asset base Capital Expenditures ( � M) (1) Mature markets: � 0.5B � ~47% maintenance 600 30% � ~53% expansion 500 25% 400 Emerging markets: 39% � 1.1B 300 � ~34% maintenance 200 70% 75% � ~66% expansion 61% 100 Large investments 0 create major upside in 2004 2005 2006 cyclical upturn Mature Markets Emerging Markets (1) Excluding acquisitions. Sources: Pöyry Forest Industry Consulting, Mondi PAGE 7
UPSTREAM PRODUCTION COST ADVANTAGES LOW-COST POSITIONS Strong market White-top Kraftliner Unbleached Kraftliner position � /t 800 � /t 500 + Strong asset 100% of Mondi Unbleached 100% of Mondi base Kraftliner capacity White-top Kraftliner capacity 0 0 0 3,000 0 1,400 Cumulative capacity (Kt/a) Cumulative capacity (Kt/a) Universal Office Paper � /t 1,500 91% of Mondi Universal Office Paper Capacity 0 0 3,500 Cumulative capacity (Kt/a) Mondi Paper Machines Note: The graphs show delivered cost to Frankfurt, Germany. Sources: Pöyry Forest Industry Consulting, Mondi PAGE 8
SUPERIOR ACCESS TO LOW-COST WOOD Average Hardwood and Softwood Costs ( � /m 3 , Q4 2006) Strong market position + 48 Strong asset � ~ 35% of Mondi’s base 41 wood consumption 40 37 from Russia and South Africa 31 30 29 � 24 Russian and South 23 21 African costs are largely under our own control. Therefore, future wood costs largely depend on efficiency of our own operations Russia Brazil Australia Chile Poland France South Africa Portugal Finland Sweden Note: The numbers are based on Pöyry Forest Industry Consulting’s Q4 2006 wood cost comparison. Source: Pöyry Forest Industry Consulting PAGE 9
PLANNED MAJOR INVESTMENTS SYKTYVKAR MILL EXPANSION CONTAINERBOARD EXPANSION Strong market � � Modernisation and Expansion New 470,000t lightweight recycled � Investment cost of � 525M containerboard machine and corrugated position � box plant 3-4 yr investment period � Capacity of c.250M m 2 /year � + Completion expected mid-2010 � Investment cost c. � 350M � In final feasibility Strong asset � Start up mid-late 2009 base Universal Business Paper Cost Curve Recycled Fluting Cost Curve 1,200 350 300 1,000 Syktyvkar PM14 250 800 � /t 200 600 � /t 150 400 PM CEE Light 100 200 0 5,000 10,000 0 1,000 2,000 3,000 4,000 Cumulative capacity (1 000 t/a) Cumulative capacity (1 000 t/a) � � Exposed to strong growth in demand Likely to be located at our Polish for UCWF and containerboard in the operations � domestic Russian market Additional volume is required to supply � Well located to exploit the low-cost the high growth Emerging European wood resources markets � Targeted to be clear cost leader in Europe PAGE 10
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