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Capital Markets Day 20 May 2015
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Agenda
1. Introduction
2. Low & Bonar Today
3. Strategic Review
4. Business Structure
5. Group-wide Initiatives
6. KPIs
7. Summary and Q&A
1
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Introduction
2
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Group objectives
3
To grow a global portfolio of performance materials businesses
Putting customers at the centre of our focus
Leveraging our existing capabilities
Excelling in product application development
Raising the bar across the Group to “strive for more”
Resulting in a business with the ability to improve returns
significantly
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Low & Bonar Today
4
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Low & Bonar TodaySolid underlying fundamentals to build on
International business with global reach in some segments
Leading positions in some niche industrial markets
Potential for competitive advantage through technology
differentiation and innovation
Good customer focus in some segments
Improving financial performance
5
“A good platform and a work in progress”
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Previous structure
3 distinct operating divisions
Regional management within Bonar
Localised functional support
Leading technology and polymer know-how
Brand reputation – quality, performance, reliable partner
Broad product range
6
Interiors & Transportation
Building & Industrial
Civil Engineering
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Profit growth over the last four years
7
£18.6m
£25.2m
(£1.7m)
(£9.7m)£17.8m
£0.2m
FY'10 PBTA FX Volume CapabilityInvestment
Other FY'14 PBTA
£4.2m
£3.7m
£1.8m
Working Benefits to come Requires improvement
Profit Bridge (£m) Capability Investment (£m)
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8
Group
Reorganisation
Phase 2
Transition
Base business in transition
Phase 1
Restructure
2010 2011 2012 2013 20142009
Yarns
restructuring
KSA JV
Xeroflor
Acqn
Texiplast
Acqn +
placing
Lokeren
restructuring
TCF Growth +
efficiency
projects
Colback
Asia
PBTAColbond /
BTF merger
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Strategic Review
9
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Progress since September
Rationale and Process Stage
Profit downgrade catalyst for immediate deep dive into
business – “Civils”
Clear lessons learnt
Immediate realignment of organisation
Structured assessment of current business portfolio real
potential revealed
Five-year GBU profit plans to determine full potential Ongoing
Improve commercial and operational effectiveness Ongoing
10
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Opportunities to deliver higher returns
Strengths
Process and manufacturing know-
how
Leading positions in some markets
Unique knowledge and expertise
Application development strength
underplayed
Some strategic investments made
Bolt-on M&A opportunities
Good business fundamentals to
strengthen and build
Issues & Opportunity
Too reliant on European market
Civils business underperforming
Benefit from Saudi Joint Venture
yet to be seen
Lack of commercial focus and
customer intimacy
Create global functions and derive
cost savings through synergies
Channel management and supply
chain processes need an overhaul
11
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Clear articulation of strategic direction
12
Ambition
Vision
Approach
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Significant opportunity to increase returns
13
Potential we see
Current perception
2015
Pro
fit
(£)
2020
Ambition we have
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Approach
Defend and nurture our
existing business and
pursue sustainable,
profitable growth
14
Embed a ‘One L&B’ organisational change and culture
5 business units managed by a single over-arching umbrella Group strategy
Improve routes to market, customer intimacy and commercial execution
Leverage new global functional structure to drive efficiencies
Diversify and extend global reach supported by active M&A
Differentiated technology, focusing on higher margin products
Active portfolio management
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‘One Low & Bonar’A paradigm shift
New management team and structure
More effective organisational design
Nurture and grow base business
Bold ambition
Align and empower employees to revitalise
energy levels
Leverage existing investments to drive returns
Shift product mix to higher margin products with
a differentiated value proposition
Create synergies at a functional level
Increase market and competitor knowledge
15
Five core values
1. Trust
2. Teamwork
3. Candour
4. Challenge
5. Accountability
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Business re-organisation One over-arching umbrella strategy
16
Structured, balanced and
progressive approach
Standardised work processes
Collaborative tools across
Group
Working Capital savings targets
Active portfolio management
Flawless execution
Capital allocation for highest
returns
Growth and higher quality
earnings
‘One L
&B
’ –G
lobal F
unctions
Coated Technical Textiles
Civil Engineering
Building & Industrial
Sports & Leisure
Interiors & Transport
Finance
Talent management
Operations, HS&E and Quality
Strategy, RD&I, Sales and Marketing
S&OP, Logistics and Warehousing
Other Functions
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Change in management structure
17
CEO
Global Business Director, Coated Technical Textiles
Global Business Director, Civil Engineering
Global Business Director, Building
& Industrial
Global Business Director, Sports
& Leisure
Global Business Director, Interior &
Transport
HR Director
CFO
Group Director,
Operations
Group Director,
Marketing &
Strategy
Group Director,
S&OP &
Logistics
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Financial Bridge (old to new structure)Year ended 30 November 2014
18
Revenue Profit Operating Margin
Old
£m
New
£m
Old
£m
New
£m
Old New
Bonar Civil
246.2
94.6
21.0
4.1
8.5%
4.3%
I&T 88.9 10.1 11.4%
B&I 62.7 8.0 12.8%
TCF CTT 128.2 128.2 14.2 13.7 11.1% 10.7%
Yarns S&L 36.2 36.2 0.8 0.9 2.2% 2.5%
Central Central (4.3) (5.1)
Total Total 410.6 410.6 31.7 31.7 7.7% 7.7%
Interest (5.4) (5.4)
JV (1.1) (1.1)
PBTA 25.2 25.2
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Business Structure
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Coated Technical Textiles (CTT)Leveraging operational improvements
20
Today• Margins improving
• Too European focused
• Ready for next phase of development
Tomorrow• Continue to add to commercial bench strength
• New capacity investment
• Prioritise segment focus on higher margin growth markets
• Explore M&A opportunities
Future Outlook
• Flawless commercial execution
• Grow presence in Americas
• Specialism in architectural and niche industrial markets
• Further margin improvement possible
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Coated Technical Textiles Demonstrating margin improvement
21
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Civil EngineeringTransforming a ‘problem child’
22
Today• Improvement needed in channel management and market knowledge
• Challenging European markets
• Lack of differentiation on pricing
• Slower than anticipated sales development at Bonar Natpet
Tomorrow
• Strengthen leadership
• Rebalance channels to market with more specification selling
• Improve product mix management
• Investing in macro construction fibres
Future Outlook
• Higher average product margins
• Pull through benefits from Texiplast acquisition
• Improved sales and opportunities to drive margins to 10%
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Civil EngineeringBonar Natpet – Saudi Joint Venture
Investment rationale:
Add capacity and geographic expansion
Better potential returns
Attractive local market with Saudi government committed to infrastructure spend
Progress:
Commercial operations began October 2013
Product quality better than Europe
Product and vendor approvals now coming through
Returns expected to be achieved, albeit slower than initially anticipated
Priorities:
Strengthen commercial capability
Leverage more support from local partner
Customer education and product marketing investment
23
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Building & IndustrialThe innovation ‘incubator’
24
Today• Under exploiting market leading opportunities
• Lack of focused market segment management
• Faster execution capability needed
• Need to take expertise globally
Tomorrow
• Re-align for application focus
• Exploit innovation expertise
• Build on strength in US
• Accelerate expansion into new international markets – Asia and Europe
Future Outlook
• Significant margin upside
• Portfolio restructured for maximum returns
• More global presence
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Building & IndustrialStrategic product range extension and application development
25
Building – 3-dimensional technologies with wide product applications
Filtration – new applications from existing technologies
A high-efficiency particle filter for domestic air
purifiers, in which a pleated filter medium is
ultrasonically bonded to a Colback® carrier.
Enkadrain 3611R is a flexible 3-dimensional
composite used in vertical and horizontal
building and drainage applications
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Today• Limited pricing power
• Cyclical market – just starting to improve
• Positive relative progress but falling short of Group margin ambition
Tomorrow • Savings through relocation of production to Abu Dhabi
• Invest or divest
Future Outlook
• Look to establish presence in US markets
• Achieve enhanced returns
Sports & LeisureImproving market environment
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Sports & Leisure Move to Abu Dhabi
27
Dundee Abu Dhabi
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Interior & Transport
28
Today• Good margins
• Group’s most global customer base
• Unique technology
• Well positioned for expansion opportunities
Tomorrow• Exploit market leadership and current technology
• Innovate and create business in adjacent markets
• Exploit opportunities in China
Future Outlook
• Leading value proposition
• Broader participation in Asian Markets
• Establish mutually beneficial business partnerships
• Continue margin progression
Good growth expected
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Interior & TransportColback China – The 1st local supplier for our customers
29
Investment rationale:
Market leader in Europe and USA but limited presence in the
fast growing China market
International customers have relocated manufacturing to China
and want to source locally
Without investment Colback capacity due to reach full utilisation
in 2017
Actions:
Direct sales team established mid 2013
£26m investment in Changzhou, on track to start production in
Q1/FY16
Benefits:
Value proposition has been well accepted
Sales developing
Base to penetrate some higher margin APAC countries
First local manufacturer
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Group-wide Initiatives
30
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Business optimisation and scalability
One L&B to drive cost and operational synergies
S&OP to drive working capital savings
Establish programme of operational excellence
Invest in one ERP platform to enhance performance
Review distribution channels and increase customer intimacy
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Portfolio management
Improve performance in Texiplast and Bonar Natpet
Allocated necessary resource to optimise execution at Bonar Changzou
Allocate capital to exploit growth opportunities
Product innovation
Geographic expansion
Margin enhancement
Sales growth
Exit products or businesses unable to reach or sustain 10%+ margins
Invest in product adjacents/technology to enhance Group offering
32
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M&A: Strategy
Active pipeline
Invest in complementary bolt-ons that will:
Improve global reach
Provide entry into attractive adjacent markets
Enhance value proposition
33
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Group
Reorganisation
Phase 2
Transition
Phase 3
Execution
Opportunity now in execution and acceleration phase
Phase 1
Restructure
2010 2011 2012 2013 2014 20152009 2016
PBTA
Base
business
optimisation
Global
footprint
Further
operational
efficiencies
Value
growth from
technology
Better
commercial
execution
Customer
intimacy
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KPIs
35
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Target for M&A
Group target
2014 rebased
Adjust for goodwilland long-term
liabilities
2014 as reported 15.7%
(4.3)%
11.4%
12%
12%+ premium
Revised Group KPIsMedium-term objectives
36
ROCE 12% +
Operating Margin 10% +
Net Debt /
EBITDAc. 2.0x
Dividend Progressive
Revised Group KPIsRebasing ROCE
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Summary
37
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Potential we see
Current perception
2015
Pro
fit
(£)
2020
Ambition we have
Accelerated value delivery
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Q&As
39
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Appendix
40
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Low & BonarWhat we do
Raw
materials
Yarn & fibre
production
Fabric
production
Coating & composite
production Markets
Monofilament yarns
Tapes
Fibrillated yarns
Needle-
punched
non-
wovens
Spun-
bonded
non-
wovens
Woven
fabrics
Thermal
bonded 3D
profiles &
grids
PVC/ PU coated
woven PET fabrics
Composites formed
from non-wovens, 3D
profiles and grids
PE/PP/PET resin
Other materials:
(Nylon, PVC, PA6,
PU)
Low & Bonar focus
Bi-component yarns
Additives for specific
performance & colourFibres
Carpet
manufacturing
Civil
engineering
Transport
Leisure
Building
products
Industrial
Civil engineering
Building products
Carpet manufacturing
Transport
Leisure
Industrial