first investment in brazil 2013 annual results · albioma’s next steps in brazil 27 numerous...

FIRST INVESTMENT IN BRAZIL 2013 ANNUAL RESULTS

March 5, 2014 – Paris

DISCLAIMER

2

The present document contains projections and descriptions of Albioma’s future strategy, objectives and prospects.

Declarations regarding projections may be affected by known or unknown risks, uncertainty and other random factors that result in wide divergence between Albioma’s actual results, performance and achievements in the future and what is envisaged or suggested in the present document.

Albioma makes no commitment and extends no guarantee that any statement regarding projections will be achieved.

Unless the law states otherwise, Albioma makes no commitment to update or revise the projections contained in the present document.

The present document does not constitute an offer to buy shares in Albioma, nor does it constitute an invitation to subscribe to a company share offer.

ANNUAL RESULTS 2013

SUMMARY

ANNUAL RESULTS 2013 3

1. INTRODUCTION

2. FIRST INVESTMENT IN BRAZIL

3. EXCELLENT OPERATING PERFORMANCE IN 2013

4. GOOD FINANCIAL RESULTS AND A VERY SOLID BALANCE SHEET

5. €1 BILLION TO BE INVESTED IN THE PERIOD 2013-2023

6. CONCLUSION

4

1. INTRODUCTION

WHO ARE WE?


● An independent power producer

● Base load energy production: available on average for over 8,000 hours per year

● Secured long-term sales contracts: 20 years left to run

● Recovery via combustion or anaerobic digestion of high-energy content biomass without conflict of use

● Partner of the sugar and ethanol industries for the past 20 years

● Unique expertise in exploiting bagasse

● A complementary offer in the form of high-profitability solar power

● 30-60% of energy generated in French overseas territories and Mauritius

● Brazil: The Group’s international growth priority

0

100

200

300

400

500

600

700

800

1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Power generation

installed capacity

2014 700 MW

Thermal Biomass 627 MW

French overseas territories 372 MW

Mauritius 195 MW

Brazil 60 MW

Solar power 70 MW

Anaerobic digestion 3 MW

SUSTAINED AND PROFITABLE GROWTH FOR THE PAST 22 YEARS


MW

* Closing of 60 MW acquisition to occur in the coming weeks when conditions precedent are met.

*

7

2. FIRST INVESTMENT IN BRAZIL

ALBIOMA ANNOUNCES ITS FIRST ACQUISITION IN BRAZIL

8

Jan-March 2012

New strategy focused on recovering energy from biomass and international growth

Brazil, the Group’s international growth priority

Opening of Albioma’s office in Brazil

July 2013

March 2014

March 2013

Acquisition of Rio Pardo Termoelétrica

ANNUAL RESULTS 2013

ACQUISITION OF RIO PARDO TERMOELÉTRICA

9

● Acquisition of 100% shares of the Rio Pardo Termoelétrica cogeneration plant

● 60 MW of installed capacity, in line with Albioma existing plants

● Located in the State of São Paulo

● Adjacent to a sugar mill that processes 2.1 million tonnes of sugarcane per year

● Enterprise value: BRL137 million (€43 million*)

● Local debt financing for this acquisition has been secured

● Deal is expected to close in the coming weeks, once last conditions precedent have been met

● Next sugar crop is set to begin in April 2014

ANNUAL RESULTS 2013

* ON THE BASIS OF AN EXCHANGE RATE OF 3.20 BRL/EUR, AT MARCH 3, 2014

IMMEDIATE POSITIVE IMPACT ON ALBIOMA’S ACCOUNTS

10

Acquisition of an existing facility with an immediate positive impact on Albioma's accounts

Recent (2009) high-quality cogeneration assets

Strong growth potential: cogeneration capacity can be increased if sugar producer decides to expand processing capacity

After its success in Mauritius, Albioma once again proves that its unique business model can be exported to new places

ANNUAL RESULTS 2013

11

RIGHT TIMING TO ENTER THE BAGASSE COGENERATION MARKET IN BRAZIL

+590 million tonnes

#1 producer in

the world

Over 400 sugar refineries

Sugarcane

+36 million tonnes

#1 producer in

the world

22% of world production

45% of world

exports

Sugar

+25 billion liters

#2 producer in the world

22% of world

production

38% of world exports

Ethanol

~7% of Brazilian electricity

Biomass/bagasse energy

1º 1º 2º

SOURCE: UNICA AND ANEEL

12

BRAZIL: THE WORLD LEADER FOR SUGAR AND ETHANOL PRODUCTION

ANNUAL RESULTS 2013

ALBIOMA’S POSITIONING MEETS THIS SECTOR’S NEEDS

13

Current business environment

● The Brazilian sugarcane industry must invest to stay competitive

● Sugar companies are focusing on improving crop yields

● They are increasing the capacity of each of their sugar mills

● Poor weather conditions over the past two years

ANNUAL RESULTS 2013

Albioma brings energy efficiency to the sugar and ethanol industry

Need for technical expertise to improve competitiveness

Need for cash in order to invest

120 126 130

2012 2020

Brazil

France

A STRONG-GROWING BRAZILIAN ELECTRICITY MARKET

● The same installed capacity as France for a population three times larger

● Average annual growth in installed capacity of 5% over the next 10 years compared with 0.4% in France

● New capacity will mostly be based on renewables (hydro, wind, biomass)

Brazilian electricity mix (2012) Growth in installed capacity (GW)

SOURCE: ANEEL, EPE

14

x1.5

180

ANNUAL RESULTS 2013

7%

77%

2%

3%

3%

8% 1%

Biomass Hydro

Coal Nuclear

Petroleum and derivatives Natural gas

Wind

Bagasse/biomass

MAIN FEATURES OF “CONTRACTED” ELECTRICITY MARKET IN BRAZIL

15

● Regulated market, 73% of consumption:

● Electricity bought through tender process

● Contracts awarded on the basis of the lowest offer

● 20-year state contracts awarded to new plants

● Price of latest contracts is c.135 BRL/MWh over 20 years

● Free market, 27% of consumption:

● Bilateral contracts freely negotiated with industrial customers (conditions, terms, indexation)

● Generally “supply or pay” contracts of 1 to 5 years duration, taking into account price structure

● Short-term prices have been very high since January 2014 (following a year of exceptional drought)

● Latest market prices observed:

– 2014: 300 BRL / MWh

– 2015: 190 BRL / MWh

– 2016: 150 BRL / MWh

ANNUAL RESULTS 2013

HIGH GROWTH POTENTIAL OF COGENERATION MARKET

16

● Brazilian sugar mills are generally self sufficient in fuel for energy, with under-performing cogeneration plants (40 kWh / tonne supplied to the energy grid)

● The most modern mills are introducing higher-pressure boilers

● By contrast, thanks to the Group's 20 years experience of working in French overseas territories, Albioma’s top-performing plants supply up to 120 kWh / tonne

ANNUAL RESULTS 2013

The strategic importance of electricity generated from bagasse in Brazil

Areas where power is produced match those where it is consumed

Good seasonal complementarity with hydro-energy

FAVORABLE CONTEXT FOR ALBIOMA

17

● Many sugar mills need cash and are seeking to outsource their cogeneration facilities

● Electricity prices are rising on the regulated and deregulated markets in Brazil

● The BNDES (Brazilian Development Bank) has been softening conditions for the financing of greenfield projects

ANNUAL RESULTS 2013

Albioma’s strategy is in line with the main trends

Focus on brownfield projects at this stage

Sizing up greenfield projects

18

ACQUISITION OF THE RIO PARDO TERMOELÉTRICA COGENERATION PLANT

FIRST FULL OUTSOURCING OF THE PRODUCTION AND MAINTENANCE OF A BAGASSE COGENERATION PLANT IN BRAZIL


STEAM

ELECTRICITY

ELECTRICITY

BAGASSE

SUGAR OR BIO-ETHANOL

SUGAR CANE 1 tonne

RIO PARDO TERMOELETRICA

USINA RIO PARDO

● Albioma will be responsible for operation and maintenance of the cogeneration plant

● Sugar mill guarantees delivery of bagasse to the cogeneration plant

● In exchange, the cogeneration plant supplies steam and electricity to the sugar mill

● The cogeneration plant derives income from the sale of surplus electricity to the grid

Current: 40 KWh

LOCATION (SÃO PAULO STATE)

OVERVIEW OF THE ADJACENT USINA RIO PARDO SUGAR MILL

20

● Good location in São Paulo state (34% of Brazilian GDP), easy access to Santos port

● Ideal soil and weather conditions for sugarcane production

● Currently has the capacity to process 2.1 million tonnes of sugarcane per year, with the possibility of raising this to 3 million tonnes

SOURCE: COMPANY

Usina Rio Pardo

(Cerqueira César

City) São Paulo

ANNUAL RESULTS 2013

Unsuitable for sugarcane

Suitable for sugarcane

Suitable for limited cultivation of sugarcane

Suitable for restricted cultivation of sugarcane

SUGAR MILL USINA RIO PARDO

USINA RIO PARDO, A SOLID PARTNER FOR THE LONG TERM

21

● Shareholders of quality, including the Zogbi Group family (active in finance, agri-business and real estate)*

● Good practices of corporate governance (audited accounts)

● Possibility to take over an existing BNDES (Brazilian Development Bank) line of credit at a competitive rate

● Owns 88% of cane used in the sugar mill

● Good yields (75 tonnes of cane per hectare), mechanized harvests (97%)

● Cogeneration plant easy to outsource

ANNUAL RESULTS 2013

• The Zogbi group was the main shareholder of Banco Zogbi, sold for BRL650 million to Bradesco in 2004. The Zogbi family was also the main shareholder of paper producer Ripasa, which was sold to Suzano and Votorantini for 720 million in the same year

22

● Recent plant, operating since the 2009 – 2010 sugar crop

● The cogeneration plant’s main equipment includes:

● One 200 tonnes/hour high-pressure boiler that generates steam at 65 bar and 490°C

● 2 turbines: one 35 MW back-pressure turbo-generator and one 25 MW extraction/condensing turbine

● All other equipment is standard (demineralized water production statement, equipment to process bagasse, main transformer, transmission lines, control room, centralized control system, control panels)

ALBIOMA IS ACQUIRING A ROBUST, MODERN BAGASSE COGENERATION PLANT

ANNUAL RESULTS 2013

ALBIOMA’S TECHNICAL EXPERTISE, A KEY SUCCESS FACTOR IN THIS TRANSACTION


● Energy exported to the electricity grid will be doubled over time…

● …thanks to Albioma’s technical expertise

● Improving the performance of existing facilities

– Increasing combustion efficiency

– Better use of equipment

● Improving quality of fuel inputs (reducing dampness of bagasse used)

● Adding straw to the bagasse supplied by the mill

ACQUISITION’S KEY FIGURES

24

● Albioma acquires 100% of the Rio Pardo Termoelétrica cogeneration plant

● The sugar mill’s shareholders have the opportunity to buy back up to 40% of capital within the next five years

● Acquisition price: BRL137 millions (€43 millions*)

● BRL75 million in local debt (eight-year loan), including BRL25 million from an outstanding loan already contracted with the BNDES (Brazilian national development bank)

● The remainder in equity

● Target electricity production: 160 GWh

● Expected long-term sales price for electricity produced: 130 to 145 BRL / MWh (base date = 2014)

● EBITDA margin: 70 – 75%

ANNUAL RESULTS 2013

* ON THE BASIS OF AN EXCHANGE RATE OF 3.20 BRL/EUR, AT MARCH 3, 2014

POSSIBLE GREENFIELD EXTENSION OF COGENERATION PLANT

25

● The Rio Pardo sugar mill has the possibility to increase between 2016 and 2018 its processing capacity to 3 million tonnes of sugarcane per year

● In that case, to the existing cogeneration facilities will be added:

● One new 200 t / h boiler

● One new 15 MW condensing turbine

● Estimated value of additional investment: BRL95 million (€30 million*)

● Additional electricity sales: approx. 110 GWh for an additional 0,9 million tones of sugarcane

ANNUAL RESULTS 2013

* ON THE BASIS OF AN EXCHANGE RATE OF 3.20 BRL/EUR, AT THE MARCH 3, 2014

26

NEXT STEPS IN BRAZIL

ALBIOMA’S NEXT STEPS IN BRAZIL

27

Numerous opportunities for acquisitions or for the construction of greenfield cogeneration plants have been identified

Ongoing discussions with several potential partners

Target of one new project every 12-18 months

Objective to invest €400 million between now and 2023 confirmed

ANNUAL RESULTS 2013

28

3. EXCELLENT OPERATING PERFORMANCE IN 2013

29

THERMAL BIOMASS ACTIVITIES IN FRANCE’S OVERSEAS TERRITORIES IN 2013

STRONG GROWTH IN THERMAL EBITDA


● Thermal power-plants in French overseas territories stable: 372 MW installed

● Total electricity production in overseas territories: 2,217 GWh

● EBITDA of €108.8 million, 18% higher than in 2012

● 88% of Group revenues and 81% of Group EBITDA

Carte des îles

Bois Rouge (108MW)

Le Gol (122MW)

CTM (64MW)

Caraïbes Energie (38MW)

Le Galion (40MW)

GUADELOUPE

MARTINIQUE

REUNION ISLAND

Thermal bagasse / coal-based plants Peak plant

THERMAL PLANTS SHOW A HIGH AVAILABILITY RATE


● Rate of availability: 92.3%

● Peak load Galion plant in Martinique:

● A call-out rate of 33.6% in 2013 (25.3% in 2012)

● Call-out rate forecast to return to normal in 2014

2013 (actual)

Goal

Availability 92.3% 90 – 92%

Planned technical stoppages

5.1% 5 – 7%

Unplanned stoppages 2.6% 1 – 4%

92.1%

92.3%

Availability rate

2012 2013

STRONG ATTENTION TO LABOUR RELATIONS


● Dialogue with work force at all levels within the group

– Employees strongly implicated in quality process

● Proactive training plans (aimed at improving skills and security)

– Average of 39 hours of training per employee in 2013

● Preparing the work force of tomorrow through work and training programs

● No labour conflicts in 2013

● Strong employee profit-sharing

● Considering the excellent availability rate in 2012-2013 (over 91.5%), all operating personnel will benefit from the free shares scheme implemented in 2012

ACTIVE MANAGEMENT OF CONTRACTS AND CHANGES IN ENVIRONMENTAL REGULATIONS

33

● Signature of three amendments to long-term agreements with EDF providing for a retroactive compensatory payment over the past three years and allowing an upward revision in tariffs starting in 2013

● Albioma Le Moule in Guadeloupe: amendment signed in January 2013

● Albioma Le Gol and Albioma Bois-Rouge on island of Reunion: amendments signed in August 2013

● Changes in the regulations governing combustion by-products

● Combustion by-products placed in technical landfill centers, entailing extra logistical costs

● Should these extra costs turn out to be recurring, a request for compensatory payments will be made based on the safeguard clauses

ANNUAL RESULTS 2013

ACTIVE MANAGEMENT OF CONTRACTS AND CHANGES IN ENVIRONMENTAL REGULATIONS (CONT’D)

34

RETROACTIVE/EXCEPTIONAL (in € millions)

EBITDA 2012 EBITDA 2013

Retroactive compensatory tariffs agreement (June 2012) +3.0

Net positive impact of retroactive payments 2010-2012 and other exceptional items

+13.1

RECURRING (in € million)

EBITDA Annual

Recurring positive impact of 2013 upward revision in tariffs +7 / +8

Extra logistical and environmental costs -4 / -5 *

Recurring positive impact on Group EBITDA +2 / +3

* In 2013: €2 million spent + provision of €2 million (to cover shortfall of capacity in technical landfill centers)

ANNUAL RESULTS 2013

35

THERMAL BIOMASS ACTIVITIES IN MAURITIUS IN 2013


VERY GOOD PERFORMANCE

● 195 MW of thermal power installed capacity

● 25% stake in project companies

● Excellent availability rate of 92.4%

● 43% of the electricity generated on the island

● 1,117 GWH (1,074 GWh in 2012)

Bellevue

Savannah

Saint Aubin

91.5%

92.4%

Availability rate

2012 2013

37

SOLAR POWER ACTIVITY IN 2013

PRODUCTION STABLE

38

22.5 MW

14.4 MW

GUADELOUPE

MARTINIQUE

REUNION ISLAND

Solar power installations

1.5 MW

● 70 MW solar power capacity

● 96.5 GWh of electricity generated

● Solar-power EBITDA came to €31.4 million in 2013, almost unchanged from 2012

● 11% of group revenues and 24% of group EBITDA

● High average sales price for solar energy in French overseas territories (€451.5/MWh)

● 30% higher than the average sales price on mainland France

● 1,376 EFPH (Equivalent Full Power Hours)

MAYOTTE

3.6 MW FRENCH GUIANA

16 MW

6.9 MW 1.3 MW

2 MW

2.4 MW

MAINLAND FRANCE

SPAIN

ITALY

ANNUAL RESULTS 2013

39

4. GOOD FINANCIAL RESULTS AND A VERY SOLID BALANCE SHEET

2% INCREASE IN GROUP REVENUES EXCLUDING RAW MATERIAL PRICE EFFECT

40 ANNUAL RESULTS 2013

Revenues excl. raw material price effect : +2 %

STRONG INCREASE IN EBITDA TO €133.6 MILLION


EBITDA : +11%

+ 3 %

Taxes and duties Commercial development

SHARP RISE IN GROUP NET PROFIT TO €42.6 MILLION


Group net profit: +33%

+ 7 %

79

105

Dec. 31st 2012 Dec. 31st 2013

Group - Cash on hand

26 10

33

18

15

53

23

130

114

In flow Out flow

Cash-flow 2013

Repayment of debt

Investments

Payment of dividends(Albioma and minority interests)

Cash-flow from operations

Sale of wind power

Financial charges

Others

New debts

Increase in cash

Debt service137

Maintenance 13Development 20

STRONG CASH GENERATION IN 2013 (€26 MILLION)


● A group cash position of €105 million at December 31, 2013

In € million

SOUND BALANCE SHEET TO FUND FUTURE GROWTH

44

● A significant €114 million decline in net debt, down to €414 million

● Long average maturity of 10 years

● Average cost of consolidated debt: 4.2%

● 75% at fixed rates or hedged

(in € million) 2013 2012 % change

Project debt (non-recourse) 471 539 -13%

Corporate debt 53 92 -42%

Total gross debt 524 630 -17%

Group cash position (105) (82) +28%

Security deposits and equivalent (5) (21) -76%

Total net debt 414 528 -22%

Net debt/EBITDA 3,1x 4,1x (1,0x)

Gearing* 105% 150%

ANNUAL RESULTS 2013

* Net debt / Shareholders’ funds

OBJECTIVES


2013 * 2014 2016

EBITDA (in € million)

120.5 123 – 126 160 – 163

Group net profit

(in € million)

32.3 33 – 35 40 – 42

Proposed dividend

(in €)

0.60

* Excluding retroactive payment, exceptional charges and provisions

46

5. €1 BILLION TO BE INVESTED IN THE PERIOD 2013 – 2023

● Galion 2 project in Martinique: 38 MW cogeneration plant, €180 million investment, 80%

stake

● 2013: building permit obtained, operating license granted

● Bagasse / coal contract signed. On-going negotiations with EDF for a bagasse / biomass tariff amendment to existing bagasse / coal agreement

● 6-to-12 month delay. Objective is to commission plant in 2016

● Marie Galante project in Guadeloupe: 13 MW cogeneration plant, €80 million

investment, 50% stake

● Building permit and operating license applied for (2014 – 2015)

● Contract negotiations with EDF expected in 2014 - 2015

● Aim is to commission plant in 2017 – 2018


TWO INNOVATIVE 100% BIOMASS PROJECTS IN FRENCH OVERSEAS TERRITORIES

● Priority given to local biomass

● Aditionnal biomass imported from Brazil and North America

MODERNIZATION OF EXISTING PLANTS

48

● Estimate of investments revised to €200 million

● €15 million in 2014 – 2015, €45 million per year from 2016 to 2019

● Preliminary negotiations engaged with EDF within the framework of regulations aimed at maintaining business equilibrium in the face of external factors (ROCE of 11%)

● Upgrades following ministerial decree of 26/08/2013 (transposition of EU industrial emissions directive)

● Upgrade of all thermal equipment in French overseas territories by Jan. 1, 2020

● Very strong reduction in emission caps (ELV) on gaseous pollutants (Sox, Nox, CO, particulate matter)

● Implementation of efficient solutions to keep Albioma’s plants competitive

ANNUAL RESULTS 2013

Sources CNIM-LAB

PROCESS FOR TREATING HIGH-DUST GASES

Gas circuit

Injection of reagents

Gas from boiler

By-pass

Filter System

Denox Stage

Storage tank for ammoniac solution

To processing of gases

● Leclerc project on Reunion Island

● 1MW stored solar power project

● To come on stream in summer 2014

● Kourou project in French Guiana

● 2MW stored solar-power project

● Planning application filed

● Expected to commence in 2015

● Total investment 2013 – 2014: €10 million


SOLAR WITH BATTERIES PROJECTS SELECTED FOR RCE TENDERS

Photo 1er projet

Leclerc project aerial perspective

● 2013

● Commissioning of the two first plants (Tiper and Capter)

● Total investment of €20 million

● Aim to have both plants reach full capacity in the second half of 2014

● 2014

● 3 to 4 projects to enter into service, including one gas-injection project

● Total investment: €20 million


ANAEROBIC DIGESTION PROJECTS ARE BEING RAMPED UP

Photo 1er projet

Tiper anaerobic digestion plant (Thouars)

51

6. CONCLUSION

CONFIRMATION OF THE €1 BILLION IN GROWTH INVESTMENTS FOR THE PERIOD 2013 – 2023


180

80 200

43

20 10

467

Galion 2

CAPEX to meet environmental norms Marie Galante

Brazil (Rio Pardo Termoelétrica)

Anaerobic Digestion

Solar

Other projects, including: • Brazil • Anaerobic digestion • Peak plants • Solar

In € million

● 60 – 70%: project debt

● 30 – 40%: equity (Albioma + co-investors)

PROFITABLE GROWTH STRATEGY IMPLEMENTED

RÉSULTATS ANNUELS 2013 53

All our new projects are 100% biomass

Very good operating and financial performance in 2013, proven capacity to manage contracts actively

Cash flows secured over the long term (on average, contracts still have 20 years to run) and sound balance sheet to fund future growth

First project in the very promising Brazilian market

All growth indicators are green

ALBIOMA

=

THERMAL BIOMASS

+

ANAEROBIC DIGESTION

+

SOLAR POWER

A HIGH-QUALITY INDUSTRIAL BASE THAT GENERATES STRONG, RECURRENT CASH FLOWS

= SOLIDITY

EXPLOITING AN ENERGY SOURCE OF THE FUTURE, BIOMASS

= GROWTH

A ROBUST INDUSTRIAL AND FINANCIAL MODEL

= PROFITABILITY

55

Q & A

56

APPENDICES

COMPARISON OF BUSINESS MODELS - BRAZIL (1/2)


Brazil Greenfield Brazil Brownfield

Investment / MW €2 million

€0.6 to 1 million (immediate impact on earnings)

Sale of electricity

Price 130-200 BRL/MWh (i.e. 40-65 €/MWh)

Counterparty Local operator or industrial customer

Power purchase agreement (PPA)

Contract

● 20-25 years ●Variable

●Obligation to supply power

● Market price for the portion of energy not sold via PPA

Securing / Supply

Crop duration 8 – 10 months

Securing Bagasse replaced by wood residues

if needed

COMPARISON OF BUSINESS MODELS - BRAZIL (2/2)

58

Brazil Greenfield Brazil Brownfield

Financing Long term (15y) (BNDES credit

lines) 8 years; CDI+3.5% i.e. 14%

Currency BRL

Equity/debt ratio 30% / 70% 50% / 50%

Target ROCE 11% + country risk premium

EBITDA margin Approx. 70-75%

Tax regime Preferential regime (“Lucro Presumido”)

Inflation 6.5% annual

ANNUAL RESULTS 2013

INCOME STATEMENT


(In € million) 2013 2012

(excluding wind power)

Change 2012

(reported figures)

Revenues 364.3 373.8 -3% 383.3

EBITDA 133.6 120.4 +11% 127.2

Depreciation / amortization (47.3) (37.9) -25% (40.5)

EBIT 86.3 82.6 +4% 86.7

Financial charges (23.5) (27.3) +14% (29.3)

Earnings from associate companies 2.7 2.6 +3% 2.6

Taxes (23.2) (20.0) -16% (20.7)

Effective tax rate 37.0% 36.1% 36.0%

Consolidated net profit 42.3 37.9 +11% 39.3

Group net profit from lines of business maintained

37.0 32.1 +15% 33.5

Capital gain from sale of wind-power business

5.6

Net income from businesses sold 1.4

Group net profit 42.6 33.5 +27% 33.5

(In € million) 2013 2012

(excluding wind power)

2012 (reported figures)

Cash flow from operations 135.5 125.1 131.9

Change in net working capital 16.8 6.5 6.1

Taxes paid out (22.4) (17.8) (17.7)

Net cash flow from operations 130.0 113.9 120.3

Maintenance Capex (13.3) (9.8) (9.8)

Free cash flow from operations 116.7 104.1 110.5

Development capex (20.1) (15.5) (14.8)

Other acquisitions/sales 18.1 (2.3) (2.3)

Cash flow from investments (2.0) (17.9) (17.2)

Dividends to Albioma’s shareholders (10.3) (14.4) (14.4)

Borrowings (rise in) 53.4 9.8 9.8

Borrowings (repaid) (114.1) (43.8) (48.0)

Cost of debt (23.5) (27.6) (29.6)

Miscellaneous 5.5 (5.9) (4.2)

Net cash flow from financial operations (89.0) (82.0) (86.5)

Net cash flow from businesses sold (2.7)

Net change in cash balance 25.7 4.3 4.3

Opening cash balance 79.2 74.9 74.9

Closing cash balance 104.9 79.2 79.2

CASH FLOWS


DECREASE IN FIXED COMMISSION AT JANUARY 1, 2014 BUT RISE IN CASH AT ALBIOMA’S LE MOULE PLANT

61

4

6 6 9

3 3

2013 2014 2015

1. Contractual decrease in fixed commission of

€5 million (EBITDA impact)

2. Reduction of debt service

3. Increase in cash flow*

ANNUAL RESULTS 2013

* With normative tax rate

PROJECT DEBT AMORTIZATION SCHEDULE


In € million

67

42 37

42 40 42 43

34 34

28 27 26 24

18 15

13

7

0

10

20

30

40

50

60

70

80

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029

Dette Projet

ALBIOMA’S BOARD OF DIRECTORS

63

Jacques PETRY Chairman & Chief Executive Officer

Michel BLEITRACH Independent Director, Vice-Chairman of the Board of Directors, Chairman of the Commitments and Monitoring Committee

Jean-Carlos ANGULO Independent Director Deputy Chief Executive Officer in charge of Operations at Lafarge Group

Patrick DE GIOVANNI Director

Partner at Apax Partners

Myriam MAESTRONI Independent Director, Chairwoman ot the Social and Environmental Responsibility Committee Founding Chairwoman of Economie d’Energie SAS, a subsidiary of SHV Energy

Daniel VALOT Independent Director, Chairman of the Audit, Accounts and Risks Committee Former Chairman & Chief Executive Officer at Technip

Maurice TCHENIO Director

Co-founder of Apax Partners, Chief Executive Officer of Altamir

Michèle REMILLIEUX Independent Director, Chairwoman of the Nomination and Remuneration Committee

Former Managing Partner of Hay Group

Edgard MISRAHI Permanent Representative of Financière

Helios at the Board of Directors Chairman & CEO at Apax Partners

MidMarket

Director

Independent Director

ANNUAL RESULTS 2013

ALBIOMA’S SHAREHOLDING STRUCTURE & SHARE PRICE

OUR SHAREHOLDING STRUCTURE OUR SHARE PRICE SINCE JANUARY 2012 (AS AT MARCH 31, 2014)


8

10

12

14

16

18

20

(in

eu

ro

s)

Albioma CAC 40 (rebased) SBF 120 (rebased)

42,6%

5,7%

0,5%

0,7%

0,2%

50,4%

Financière Hélios and affiliates Financière de l'Echiquier

Other Directors FCPE Albioma (company mutual fund)

Treasury shares Float

+68.5%

+33.2%

+37.3%

first investment in brazil 2013 annual results · albioma’s next steps in brazil 27 numerous...

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