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LETTER to the SHAREHOLDERS March 2015

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LETTER to the SHAREHOLDERS March 2015 LETTER TO THE SHAREHOLDERS MARCH 2015 4/ 2014 ANNUAL RESULTS 8/ SHAREHOLDER INFORMATION 10/ BUSINESS NEWS 2014 €5.3 BILLION IN SALES €220 MILLION IN NET RESUlt, GROUP SHARE 22,000 EMPloYEES 111 PLANts IN 30 coUNTRIES 5 % OF SALES INVESTED IN RESEARCH & DEVeloPMENT Message FROM THE CHAIRMAN Once again, 2014 has been a good year for Plastic Omnium, which strengthened its fundamentals. First, safety. Our investments in this area have cut the number of accidents by 3.5 times between 2008 and 2014, and there was a further 33% reduction in accidents in 2014. I’m particularly proud as this change confirms that safety at work is a central, shared value for our Group. In 2014, the Group’s family control was also increased to 56.6% of the capital. Its sustained independence is part of our culture and sets us apart. Again in 2014, we have beaten the 2013 records, in terms of sales Laurent Burelle and results. Chairman & CEO We are now the 37th largest automotive equipment manufacturer worldwide, with a global industrial presence in 30 countries, 111 production units and many planned extensions. We have opened four new production units in China, where our market share is strong and growing. In 2015 and 2016, we will begin construction and commission nine new production units, in the major global centers of automotive production - North America, Europe and Asia. Our Environment business is a leader in local authority waste management services and has also had an excellent year. Thanks to successful cost cutting measures, this year the business reached sustainable profitability of 7%. We must now improve its growth potential. Innovation and technology will be the keys to our success. Changes in the automotive industry are gathering pace, and we must anticipate those changes by enriching the technological content we offer to car manufacturers. That’s why we have invested 65 million euros in building a new global R&D center for our fuel systems business, α-Alphatech in Compiègne. 12 years after the opening, in Lyon, of ∑-Sigmatech, its R&D equivalent for car body parts, it sends another reassuring signal to our customers, suppliers, industrial and financial partners. We now boast over 1,000 engineers and technicians gathered together in France at two center-of-excellence sites. We are confident in our ability to continue growing profitably to serve all stakeholders. 3 2014 ANNUAL RESUlts In order to give an acurate picture of the Group’s business and operational position, the 2014 annual +4% 5,000 financial statements were prepared using the same 5,125 5, 314 accounting methods as the 2013 audited consolidated 4,806 4,000 financial statements. These lead to the consolidation of the Group’s holdings on the basis of the influence 3,000 exercised. 2,000 These management accounts, reviewed by the Statutory Auditors, are used in the Group’s external 1,000 financial communication and are commented on in 0 this letter. 2012 2013 2014 The IFRS financial statements, prepared in accordance with the equity method for the companies under Sales group control, are available at www.plasticomnium. In € million com 4% 13% 4% South America France Others /Africa 18% 33% 17% 30% Asian German Asia Western 5% HMC 16% VW Europe 5% JLR-Tata 10% BMW 2,5% Nissan 4,5% Daimler (excl. France) 2% Toyota 2,5% Opel 26% 1,5% Volvo-Geely North America 2% Other 20% 25% French American 10% 12% PSA 13% GM 8% Renault 6% Ford Eastern 6% Chrysler Europe Sales Detailed breakdown of automotive By region sales By carmaker 4 2014 ANNUAL RESUlts GROWTH AND PROFItabILITY Sales was 5,314.1 million euros, up by 3.7% - and the United States for Volkswagen and General by 4.8% at constant exchange rates -compared with Motors starting production in the second half of 2013. 2015 and a new production unit in Mexico in 2017. The unfavorable exchange rate effect amounted to In China, where production grew 9.4% in 2014, the 58 million euros over the year, including 30 million Group saw 23% sales growth to almost 430 million euros on the Argentine peso and 13 million euros euros, thanks to the ramping up of the five production on the Turkish lira. units opened in 2013 and the commissioning of There was no scope effect. four new units in 2014. Business growth was driven mainly by the automotive By customer, Plastic Omnium’s most important business, in Asia and Western Europe. source of sales is the Volkswagen group (16% of automotive sales) which has become the Group’s Automotive sales biggest customer followed by General Motors (13%) and PSA Peugeot Citroën (12%). In 2014, sales from the automotive business was In 2014, German carmakers consolidated their 4,882.4 million euros, up by 4.9% - and by 6.1% at position as the main contributors to Automotive constant scope and exchange rates - compared with sales with 33% of business (compared with 30% in growth of 3.3% for global automotive production. 2013), followed by US carmakers at 25%, then This shows that Plastic Omnium is able to grow in French (20%) and Asian (18%) carmakers. all regions of the world using technology and by installing new industrial capacities in the most Environment business sales dynamic areas. In Europe, sales grew by 7.4%. Automotive Sales from the Environment division was businesses benefited from excellent activity in the €431.7 million, down by 8%. The business suffered UK and Germany, notably thanks to the launch of from the French election results. That country innovative weight and emissions reduction systems accounts for close to 40% of the division’s revenue. (tailgates, SCR systems, etc.) The market share was boosted, however, by new In North America, Plastic Omnium saw moderate orders during the year (Bordeaux, Prague, Hamburg, sales growth (2% at constant exchange rate) etc.). comparable to the passenger cars segment. This region will benefit from two new production units in 5 KEY FIGURES at DeceMBER 31, 2014 +9% +14% 400 431,8 200 220.4 395 8.1% 193.3 7.7% 300 335 150 173.4 7.0% 200 100 100 50 0 0 2012 2013 2014 2012 2013 2014 Operating margin Net profit, Group share In € million and in % of sales In € million Net debt Equity Gearing in % 1,110 400 1,000 944 830 800 300 338 350 6.6% 6.6% 47% 38% 30% 600 260 200 5.4% 390 400 355 330 100 200 0 0 2012 2013 2014 2012 2013 2014 Capital expenditure and projects Net Debt - Equity In € million and in % of sales In € million 6 2014 ANNUAL RESULTS GROWTH AND PROFItabILITY The operating margin grew by almost 10% to €47 million of these investments are for the Lyon- €431.8 million and represents a record level of Gerland office real estate program. 8.1% of sales. Free cash flow, after taking into account 21 million In the automotive sector, it amounts to 8.2% of euros in increased working capital requirement, was sales as against 369.9 million euros in 2013. The 96 million euros. Recurring free cash flow (excluding Automotive division benefited from a high utilization Lyon-Gerland) was 143 million euros, equivalent to rate of its production capacities worldwide. 2.7% of sales. Operational excellence for the 102 new programs This made for a further net debt reduction to launched during the year, 58 of them in Asia, along 330 million euros (355 million euros at the end of with strictly controlled costs, also helped improve 2013), after 72 million euros in dividends and the operating margin. treasury stock purchases. In the Environment Division, the restructuring and Net Group debt amounts to 30% of shareholders’ cost reduction plan, rolled out in the first half of equity (38% at end 2013) and 0.5 times the EBITDA. 2013 to save 15 million euros over the full year, has paid off. The operating margin was 30.1 million 2015, a further year of progress euros and represented, as announced, 7% of sales, compared with 5.3% in 2013. The global automotive market is expected to grow Net profit increased 14% to 237.4 million euros, by 3% per year between 2014 and 2018. In line compared with 208 million euros in 2013. It with the strategic plan presented in early December, accounts for 4.5% of sales. Plastic Omnium confirmed its ambition to grow twice Net earning per share attributable to the Group as fast as the market over this period, and reach amounted to 1.49 euros, compared with 1.32 euros sales of 7 billion euros by 2018. in 2014 (a rise of 14%). This growth is reflected in the new production capacities, notably in China and North America. It Major self-financed investments and continued also depends on new product lines (SCR in NOx debt reduction depollution, lighter tailgates, etc.) driven by legislation all over the world increasingly favoring 2014 saw the continuation of a sustained investment innovative weight and pollution reduction systems. policy to the tune of €350 million, equivalent to In 2015, in an automotive market which is expected 6.6% of sales. These investments are part of an to grow by 2% to 3%, Plastic Omnium’s sales and ambitious Group growth program for 2014-2018 results will further improve, driven by the optimizing announced on Innovation Day, December 2, 2014. of the saturation rate of its industrial capacities This five-year, €1.7 billion investment program is and the continued strict control of its production intended to strengthen the Group’s presence in and overhead costs.
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