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Creating Particularly Strong Cash Flow Over the Period NUPLE 2013 nnual X a r eport C reating trHe CHeMiSt Y beHind eraVe Yd Y PRODUCtS er Ve YWHere 2013 annual report C ontentS oreVe Vi W operating & finanCial reVieW S afetY, HealtH & enVironMent CHairMan’S report operating & finanCial reVieW ri Sk report CHief eXeCutiVe offiCer’S report board of direCtorS operating & finanCial reVieW finan Cial reVieW eXeCutiVe teaM operating & finanCial reVieW bu Sg SineS Se Ment Corporate goVernanCe perforManCe report operating & finanCial reVieW finanCial report S trategieS at Work Corporate direCtorY ibC operating & finanCial reVieW ree Vi W of StrategY Three years ago we drew up a strategic roadmap to achieve our ambition: to be a leading independent and trusted resin manufacturer globally. S trategieS We are focused on strengthening and growing Nuplex every single day, in every area of our business. at Work Our people are continuously searching for innovative ways of improving operational excellence and building leading positions in selected markets and product lines. Nuplex is a leading global manufacturer of resins used in paints, coatings and structural materials. The Company has an integrated sales, manufacturing and R&D network located across Australia, New Zealand, Asia, Europe and North America. Our operations supply resins used in a wide variety of paint and coating applications, including decorative and trim paint, automotive coatings, vehicle refinish, wood flooring and furniture coatings, metal furniture coatings, consumer electronics and whitegoods coatings, marine and protective coatings, and coatings for infrastructure and transport. Our products are sold in 80 countries around the world. Nuplex has approximately 1,900 employees in 11 countries spread over four continents. 2013 annual report 1 Ovre e Vi W • Full year revenue up 3.0% to $1,664.9 million, • NuLEAP I delivered net benefits of $33 million reflecting Nuplex’s acquisition of Viverso exceeding its three year program target of $30 million • Reported EBITDA1 down 3.5% to $126.4 million • NuLEAP II delivered net benefits of $2.3 million, • Underlying EBITDA (before restructure costs) and is on track to deliver $12 million in the 2014 $132.7 million, in line with the prior year Financial Year • Reported net profit attributable to shareholders, • Nuplex is responding to the changed environment after significant items $42.9 million, down 31.4% in Australia and New Zealand: • Underlying net profit attributable to shareholders, - c losing four inefficient operations and increasing before significant items $56.8 million, down 14.2% the efficiency of the remaining four sites • Gearing was 26.0%, down from 28.1% as at - restructure will deliver $6.5 million of annualised 30 June, 2012 cost savings in the 2016 Financial Year • Working capital to sales was 14.7% • Nuplex is well placed to capture the benefit of • Full year dividend 21 cents per share, in line increased earnings and higher margins as market with the prior year dividend conditions improve, following the successful • External market factors in Australia and Europe implementation of NuLEAP’s continuous impacted earnings improvement disciplines • Safety performance metrics at record low levels • Nuplex’s capacity expansion projects in Asia are on track to increase regional capacity by 75% by the • Viverso acquisition delivered EBITDA of end of 2014, providing an exciting growth platform €12.5 million, ahead of forecast 1Earnings before interest, tax, depreciation and amortisation. r eVenue (N I $m) EBITDA (N I $m) 13 1,665 13 126 12 1,616 12 131 11 1,575 11 131 10 1,460 10 139 09 1,494 09 92 operating profit (N I $m) npat (N I $m) 13 57 13 43 12 66 12 63 11 68 11 67 10 71 10 64 09 24 09 17 regional SaleS (%) regional ebitda (%) AUSTRALIA AUSTRALIA 31% 24% ASIA ASIA 24% 17% NZ 2% NZ 9% A mERICAS 15% A mERICAS 9% E mEA* E mEA* 34% 35% *Europe, middle East & Africa 2 NUPLE X induStrieS liMited C HairMan’S report i aM Confident tHat “tHe aCtionS taken in reCent YearS are gaining MoMentuM and poSitioning nupleX to deliVer groWing returnS in tHe YearS aHead. rob aitken Ch N AIRmA ” Three years ago, Nuplex embarked on a new Despite our significant progress over the last strategy to create value for shareholders by four years, our earnings have remained relatively improving and growing returns through flat. This has been largely the result of tough implementing initiatives that would strengthen trading conditions around the globe that has the business and build market-leading positions. reduced volumes, and the strengthening of Three years on and I am pleased to report the New Zealand dollar against most currencies that the initiatives implemented are working. that has impacted earnings by approximately This was evident in the 2013 Financial Year, $35 million. In addition, we have also faced as a number of the actions taken to strengthen significant upfront investment in several of our and grow Nuplex contributed to earnings. growth projects, such as the capacity expansion projects in Asia and the restructure in ANZ. 2013 annual report 3 CHair Man’S report FINAN e Cial r SultS t He board Reported earnings before interest, tax, depreciation Over the past three years, in addition to strengthening and amortisation (EBITDA) were $126.4 million, down and growing Nuplex’s operations and financial position, from $131.0 million in the prior year. had exchange the Board has focused on implementing best practice rates remained unchanged over the 12 months, governance structures and reducing risk within EBITDA would have been $130.7 million and largely the Company. This has been achieved through the in line with the prior year result of $131.0 million. establishment of a Safety health & Environment Our financial performance was impacted by the weaker Committee, an expanded mandate for the human market conditions in Australia and Europe, which Resources Committee and the implementation of resulted in lower volumes. Also, whilst the restructure a Risk management Program throughout Nuplex. of the ANZ operations will improve the profitability of At the beginning of 2013, the Board undertook its this region in future years, this year it incurred costs and regular review to ensure that as your representatives asset write-downs which impacted earnings. Positively, it has the right mix of skills and capabilities to steer the impact of lower volumes was largely mitigated by the business and oversee the implementation of the the contribution from recent acquisitions and operational Company’s strategy. The review, conducted by an improvement programs. external Board governance specialist concluded that Statutory net profit after tax (NPAT) and significant the Board has the right mix of industry, governance, items attributable to shareholders was $42.9 million, finance and accounting, leadership and international down 31.4% on the prior year. This result included business expertise and experience. I encourage you $13.8 million of significant items including the to review the skillset and experience of your Directors $5.6 million write-down associated with the restructure set out on pages 28 and 29 of this report or on of the ANZ operations and a $5.5 million write-down of www.nuplex.com. Nuplex’s equity investment in Fibrelogic, the Australian The composition of the Board remained unchanged based wide diameter pipe manufacturer. in 2012/2013. Before significant items, net profit after tax of After five years as Chairman of your Company, I have $56.8 million was 14.2% lower than in the prior year. advised my fellow Directors of my intention to retire as Chairman at the conclusion of the Annual meeting DI Vidend on 6 November 2013. The Directors propose to elect mr Peter Springford as the new Chairman. In accordance The Board has declared a final dividend of 11 cents per with Regulation 10.6 of the Company’s Constitution, share, taking the total dividend for the 2013 Financial I will also retire from the Board by rotation at the Annual Year to 21 cents per share. Being able to maintain the meeting but, at the request of the other Directors, to dividend at 21 cents per share for the third year in a row assist with management of succession, I will offer myself is a pleasing result given the volatile and challenging for re-election. Jerry maycock will also retire from the market conditions experienced over the past three Board by rotation and will offer himself for re-election. years and the significant investment program that is underway. Nuplex’s Dividend Policy is to pay out between 55 aS tronger nupleX and 65% of net profits attributable to shareholders. The strategic initiatives undertaken in the past three Directors determine the amount paid out each year years are working and have strengthened your Company. within the context of assessing the Company’s current We have sharpened our focus on safety, improved and expected performance and cash flow, as well as the effectiveness of the existing operations, focused the Company’s ability to reinvest profits to generate on growth projects in emerging markets and developed future value for shareholders. In the 2013 Financial new products through a targeted R&D program. Year, the payout ratio was 97% and reflected Nuplex’s Nuplex has been strengthened by the value creating particularly strong cash flow over the period. acquisition of Viverso, a German based resins and putties manufacturer. In its first 18 months of Nuplex S afetY ownership, the business has exceeded its EBITDA Our actions to improve our safety performance are target for the 2013 Financial Year of €12 million and delivering improved results, and it was particularly was earnings per share accretive. pleasing to see our safety measures at record low This acquisition cemented Nuplex as a leading resins levels.
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