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LANXESS – Energizing Chemistry

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LANXESS – Energizing Chemistry LANXESS – Energizing Chemistry Dr. Axel C. Heitmann Chairman of the Board of Management 1st LANXESS Investor Conference Leverkusen, September 15, 2006 Today, LANXESS is a strong ... 2 2006-09-15 … established ... 3 2006-09-15 11 … and energetic company, … 4 2006-09-15 …… which which deliversdelivers onon ambitiousambitious targetstargets …… 5 2006-09-15 22 … and is prepared for the future. Continuity Competence Execution Ambition Continuity LANXESS – a strong and capable chemical company 33 LANXESS driven by entrepreneurial and performance culture Entrepreneurial Culture Clear cut BU design - High transparency, no overlap - Clear roles and responsibilities - Global accountability Portfolio Flexibility Dedicated ownership Internal competition for resources and rewards Performance Culture + Fully accountable, entrepreneurial managers Focus on BU profitability Maximum Performance Three KPIs: EBITDA, Working Capital, CAPEX Aligned with short-term incentive program 8 2006-09-15 Strategy implementation well under way EBITDA Margin Target Short-term Mid-term Long-term 4. Acquisitions Portfolio >10% Portfolio 3. adjustments 9-10% Targeted 2. restructuring Cost Performance <5 % 1. improvement Organic growth 9 2006-09-15 44 Profit-driven market approach to the chemical business “Price-before-Volume” strategy Pass on of raw material and energy cost increase Rationalization of products and grades Reduction of complexity Disciplined working capital management Implementation of new business models Focus on profitable sales 10 2006-09-15 Targeted restructuring results in € 260 m cost savings Closure of several sites worldwide Restructuring phases: savings [m €] Closure and consolidation of plants 50 260 Reduction of workforce Optimization of sites, plants and processes 50 Optimization of internal services New business models for 60 Saltigo and Lustran Polymers 100 Rigorous cost management Phase III III IV 2009 11 2006-09-15 55 Active Portfolio Management strengthens businesses Non-core businesses were Strategic investor divested to strategic Fibers investors with growth concept 9 Long-term perspective Globally active strategic created for the divested Paper investor with full product businesses Chemicals 9 range Fair solutions achieved for employees Parts of Strategic investors for iSL, Business SAN to supplement their 9 Units product portfolios Textile Processing Process on track Chemicals 9 12 2006-09-15 EBITDA increased by 30% in 2005 and by 18% in H1 2006 EBITDA* [m €] EBITDA* [m €] +30% +18% 581 447 406 344 04 05 H1 05 H1 06 EBITDA*- Margin in % EBITDA*- Margin in % 6.6% 8.1% 9.6% 11.3% * EBITDA pre exceptionals; source: annual report 2005, interim report Q2 06 13 2006-09-15 66 Share of profitable sales almost doubled Profitability distribution (sales share) EBITDA*- margin ~55% Almost doubled ~45% > 10% ~30% 5 - 10% ~30% ~30% ~25% Reduced ~20% Halved ~25% < 5% ~40% 2004 2005 2006 (est.) * EBITDA pre exceptionals 14 2006-09-15 Action taken to become more cycle-proof Stronger focus on high margin products Total chemical industry sales* and specialties (Index 2000 =100) Flexible asset management 130 Flexible services and support structures 120 Strict working capital management Strengthened balance sheet 110 Tools for early response 100 Massive increase of overall profitability 90 Year 02 03 04 05 06 Managing towards stability Trend Seasonally adjusted * Source: VCI Quarterly Report II/06 15 2006-09-15 77 LANXESS shares outperform the industry Share price performance 2006 YTD* 220% LANXESS 20% 190% 0% 160% -2% MDax Dax -10% 130% -18% DJS 600 Chem. 100% -20% 31.01.05 08.09.06 *As of 08.09.2006 LANXESS outperforming the industry trend LANXESS the only company in its peer group by far with positive development in 2006 YTD New shares successfully placed Outperforming the peers in 2006 YTD by (convertible) more than 20% 16 2006-09-15 Strong foundations are in place – the future starts now EBITDA Margin Target Short-term Mid-term Long-term 4. Acquisitions Portfolio >10% Portfolio 3. adjustments 9-10% Targeted 2. restructuring Cost Performance <5 % 1. improvement OrganicOrganic growth growth Organic growth 17 2006-09-15 88 Competence LANXESS acts in a fast changing world LANXESS acts in a fast changing world ”Many chemicals groups are facing ruthless competition from Increasing Competition low-cost Asian producers for (July 4, 2006) commoditized products.” ”There are increasing concerns about the ability of the European Global Markets Change chemical industry to survive […] when the world’s manufacturing (October 3, 2005) base is shifting to Asia.” ”The countless number of M&A Industry has led to many new faces, …. Fragmentation and and a more financially disciplined Consolidation (May 24, 2006) industry.” 19 2006-09-15 99 Asian and Middle East players change geochemical landscape New players gain massive strength* Giant growth in ethylene Increasing capacities in Middle East [m t]** Competition Global Rank Chemical 27.5 Company Sales (1999) (2005) 2005 (bn $) Global Sinopec (China) > 50 7 21.1 Markets Change Sabic (Saudi Arabia) 32 10 18.9 11.0 Formosa Plas. (Taiwan) 47 11 18.7 6.3 4.2 2.7 Industry INEOS (UK) > 50 17 12.4 Fragmentation and Consolidation 1990 95 00 05 2010 * Source: Chemical & Engineering News 2000-07-24,Chemical & Engineering News 2006-07-24; ** Source: Parpinelli-Tecnon, 2006 20 2006-09-15 Commoditization drives continuous margin pressure Average Polystyrene plant Margin decrease of general Increasing capacity rising [kt]* purpose polystyrene [€/t]** Competition 600 Margin 500 Trend: 2 years rolling average 400 Global Markets 145 Change 130 300 100 85 200 Industry 100 Fragmentation and Consolidation 199095 2000 05 1990 95 2000 05 * Source: Parpinelli-Tecnon, 2006; ** Source: CMAI, 2006 21 2006-09-15 1010 Customer industries moving to low cost countries Tire manufacturing Expected annual production Increasing landscape changes in 2005/06* growth rates 2007- 2010** Competition Announced or actual closures 2005/06 China Announced or actual openings 2005/06 Germany Washington Szczencinski Kitchener Poitiers Tatabanya Yanzhou Oklahoma Charlotte Dunaújváros Global Taiyuan 10% Slatina Rugao Markets Suzhou Monterrey Change Siperumbuder Tianjin Huizhou 8% Ho Chi Minh City Campo Grande Camacari Bahia 2% Gravatai Industry 0% Fragmentation and Consolidation Automotive Tire * Source: European Rubber Journal, Global Tyre Report 2005, LXS; ** Source: LMC, JD Powers, LXS 22 2006-09-15 Growing importance of Asian markets Asia nearly doubled its share of Share of global GDP [trillion €]* Increasing global GDP in the last two 42 Competition decades and will reach nearly one third by 2016 37.4 32% APAC 31.9 Asia will surpass EMEA in its 29% China share of global GDP ca. in 2015 27.3 27% Global China shows significant growth Markets 25% 30% EMEA Change 32% 34% Germany 36% 38% Americas 39% 39% 39% Industry U.S.A. Fragmentation and Consolidation 01 06 11 16 Year * Source: Consensus Forecast, LXS Calculations, GDP Gross Domestic Product 23 2006-09-15 1111 Mega trends change markets and create new opportunities Examples of global mega trends Increasing Mobility Sustainable development Safety Competition Globalization pushes trade Need for resource efficiency Increased desire for worldwide - Energy product safety Individualization drives - Raw materials Increased need for consumer demand - Water personal protection Rapid growth rates for mobility Need to explore alternative Higher awareness of Global related products sources hazardous substances Markets in emerging markets Global trend towards Change environmental awareness Industry Fragmentation and Consolidation 24 2006-09-15 Fragmentation and consolidation is reshaping the industry New Chemical Assets on the Separation of Companies Spin off of Chemical Assets Increasing Capital Markets Competition Split up of Akzo Nobel Arkema Spin-off from Total Planned IPO of Symrise by Split up of ICI Cognis Spin-off from Henkel EQT Split up of Hoechst AG LANXESS Spin-off from Wacker IPO Planned split up of Altana AG Bayer Etc. Etc. Etc. Fragmentation Global Markets Change Orica acquires Altana BASF acquires Ashland Dyno Nobel Chemie Lonza Degussa acquires acquires acquires USB Construction Degussa Kelstar Bio-products Chemicals Water Intl. RAG Treatment Cargill, Inc. acquires Altana Chemie acquires Linde acquires Eckart Business Degussa food Hexion Chemicals Degussa acquires ingredients acquires Ink and BOC BASF Industry Adhesive Resins Soquimich Bayer acquires acquires from Akzo Nobel acquires DSM Schering Engelhardt Fragmentation Minera and Consolidation Consolidation 09/2005 12/2005 03/2006 06/2006 Source: Merger Markets 25 2006-09-15 1212 Execution LANXESS delivers on promises – with speed and precision We develop our businesses into leadership businesses Increasing Competition Continue aggressive efficiency improvement Global Market Change Align businesses along market and industry trends Industry Fragmentation and Play active role in ongoing industry consolidation Consolidation 27 2006-09-15 1313 Close the profitability gap with competitors Continue aggressive efficiency improvement Increasing Competition Consequent cost management lowers cost year by year Margin improvements through pricing excellence Global Return-oriented resource allocation Markets Change Industry Fragmentation and Consolidation 28 2006-09-15 Drive sustainable and profitable organic growth Align businesses along market and industry Increasing trends Competition Adaptation
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