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1 Investment Memo 2014 Inverko Investment Memo

2 Table of contents 1. Chief Executive Statement Inverko Group The Market Development of waste production in the Netherlands Problem to be addressed Development of (plastic) recycling in Europe by Sector of Industry... 5 Economies of Scale Competitive Landscape Circular Economy Inverko & Circular Economy From Waste to Final Product Inverko, Circular Economy & Loan Development/Timeline The Company Organization Chart History Facts Shareholders of Inverko NV Growth Strategy Value Proposition Potential Markets & Growth Opportunities Management Executive Board Supervisory Board Financial Facts Turnover & EBITDA Consolidated Profit & Loss Account Inverko Group Trading update Q Conclusion...24 Inverko Investment Memo

3 1. Chief Executive Statement In the 17 years of being operative in the plastic recycling industry we have seen the steady transformation of Inverko into a sustainable growth company, underpinned by an energizing and purpose-driven business model was an important year of progress towards our concept, from waste to final product. This concept closely fits the new circular economy and the Boards remain confident that Inverko s strategy will continue to generate sustainable returns for shareholders. Although the economic environment remains challenging, Inverko s financial position and prospects points towards a business that is delivering long-term financial performance. The listing of the company on the Amsterdam Stock Exchange in 2013, contributed to our mission whereby Inverko wishes to become a full, worthy and sustainable chain player within the European plastics mechanical recycling industry. With recent and future acquisitions in Europe we are continuing to increase our presence within emerging markets, which will contribute to our ongoing growth. These acquisitions are meant to further increase the value chain by both forward and backward integration, as well as they are meant to strengthen the existing value chain. Today, as a result, Inverko s organizational structure is getting stronger, its portfolio of products/features is more competitive and Inverko is benefiting from a much sharper focus on performance and delivery. Due to the set-out growth strategy Inverko is able to anticipate and contribute to the circular economy and will improve the environmental footprint by saving energy and reducing CO2 emissions. Our distinctive character and the contribution to sustainable entrepreneurship by finding solutions for plastic waste, without losing sight of the economics motives, will help us in fulfilling our mission. We are convinced that the time is right to take advantage of the current market conditions. We believe that our experience in the market, combined with the current trend of the circular economy and rising opportunities, can result in superior returns for investors. Inverko, the future of waste. Henk Alssema CEO Inverko Investment Memo

4 2. Inverko Group As a specialist in recycling and waste management of plastics we specialize in the purchase, processing and sale of quality post-industrial and post-consumer material. Raw materials are partially supplied to the plastic industry, but also used by Inverko in the production of high graded plastic products and materials. With a full recycling plant Inverko is capable of extruding, washing, drying, granulating and compounding polymers to a high standard. With our knowledge and network, our state-of-the-art laboratory and machine park, we are able to deliver high-grade compounds and live up/hold on to our core values: Made-to-Measure Cooperation Value Creation Sustainability All our business activities are based on our concept from waste to final product. This concept fits the new circular economy whereby waste is used for new products, instead of the disposal (on landfills) or the incineration of waste. Inverko wishes to create a closed-loop recycling value chain whereby postconsumer waste is collected, recycled and used to make new products. Inverko gains a competitive advantage by involving municipalities and large waste collectors. With new and existing contracts (with for example Omrin) Inverko gains access to household plastic waste streams. These plastic waste streams are reprocessed by Inverko whereby she s able to deliver products used by municipalities. A win-win situation. Inverko Investment Memo

5 Over the years, plastics recycling has become more commonplace and a popular concept worldwide for many reasons. Inverko is a successful, sustainable and worthy chain player in this market of plastics recycling. To achieve an even stronger international market position Inverko believes that she has to gain access to the capital market, whereby the opportunity arises to add additional components to her value chain and optimizing the existing organization. Inverko wishes to fulfill her growth strategy by optimizing her market position through autonomic growth and optimizing the existing organization. Apart from that growth will be achieved by strategic takeovers. These takeovers are meant to further increase the value chain by both forward and backward integration, as well as they are meant to strengthen the existing value chain. Inverko is committed to create long term shareholder value and invest in the company to guarantee its future profitability and financial independency. Inverko Investment Memo

6 3. The Market 3.1. Sector of Industry With continuous growth for more than 50 years, global production of plastics grew from 1.7 million tonnes in 1950 to 288 million tonnes in Figure 1: World plastic production Source: PlasticsEurope (PEMRG) / Consultic The European production (EU + Norway and Switzerland) accounts for 20.4% of the world s total production, this makes the plastic industry an important sector of the European economy. The trend in production for plastics will continue to grow, due to its distinctive properties as well as continuously growing innovation applications. Figure 2: World plastics materials production 2012 Source: PlasticsEurope (PEMRG) / Consultic Inverko Investment Memo

7 There are five high-volume plastics families: polyethylene (including low density (LDPE), linear low density (LLDPE) and high density (HDPE)), polypropylene (PP), polyvinylchloride (PVC), polystyrene (solid PS and expandable EPS) and polyethylene terephthalate (PET). Together, the Big Five account for around 75% of all plastics demand in Europe. 1 The packaging industry remains the biggest plastics end-user at 39.4%, followed by the Building and Construction sector at 20.3%. The Automotive and Electrical & Electronic industries use 8.2% and 5.5%, respectively. Finally, medical, leisure and other applications use together 26.4%. Figure 3: European plastics demand by segment 2012 Source: PlasticsEurope (PEMRG), Consultic, ECEBD. In 2007 the recycling sector had a turnover of 24 billion and employed about half a million people. It was made up of over 60,000 companies. The profile of these were: 3% large; 28% medium; 69% small. Demand for raw materials is increasingly affected by global forces, and international trade in recycled material continues to grow. The EU has around 30% of world share of ecoindustries and 50% of the waste and recycling industries. 2 Originally, plastics recycling grew alongside the plastics industry, with companies initially concentrating on the reprocessing of production and the processing of scraps. But over the years, the recycling of post-consumer plastics gradually took off, with important growth being recorded in the last decade. 3 1 How to boost plastics recycling and increase resource efficiency? Strategy paper of plastic recyclers Europe, a study carried out by PlasticsEurope. 2 (consulted 17 th of April 2014). Enterprise and Industry. Innovation Policy. Recycling. 3 How to increase the mechanical recycling of post-consumer plastics. Strategy paper of the European plastics recyclers association. Inverko Investment Memo

8 Development of waste production in the Netherlands There was an increase in the amount of waste production up until In 2010 the waste production dropped below 60 million tons (excluding contaminated soil, sludge and manure). In 2012, the monitoring method was adapted for parts of the waste production and methods of processing. Recovery of waste has increased sharply in The reason for this is that some of the waste incineration plants have been given the status of recovery. Another result is that both the incineration of waste and the disposal of waste on landfills is steadily decreasing. Figure 4: Waste production and processing methods Source: CBS, PBL, Wageningen UR (2012). Afvalproductie en wijze van verwerking, There is significant market potential in recycling, but barriers to market development need to be addressed. There is also potential to significantly improve efficiency and capacity, by encouraging innovation, and introducing more effective processes and improved technologies. This would save costs, energy, and natural resources and help Europe be less dependent on rising raw materials prices Problem to be addressed Europe is leading the market in terms of sustainable development thanks to the abundance of European legislation aiming to protect the environment. The European Lisbon Treaty goes even further than previous treaties on the environment. The new treaty states that the European Union should aim for the improvement of the quality of the environment and should not only protect it. The Dutch government is cooperating with civil society groups on the programme Waste to Resource to stimulate the sustainable use of natural resources. Inverko Investment Memo

9 The Waste to Resource programme was announced in the Green Growth letter sent to the House of Representatives on 28 March 2013 (33 043, No. 14). On 20 June 2013, Wilma J. Mansveld, State Secretary for Infrastructure and the Environment, informed people about this programme in the letter entitled Waste to Resource (33 043, No. 15), indicating that the challenge lies in the transition to a circular economy. A circular economy is an economic system that is predicated on the reusability of products and raw materials and the conservation of natural resources and that pursues the creation of value in each link in the system. Closing technological and biological cycles will improve the environment, assure our prosperity in a sustainable way and ensure that we use our natural resources optimally. 4 The recycling of post-consumer and post-industrial plastics waste is a challenging and multifaceted topic, for which many solutions exist such as mechanical recycling Development of (plastic) recycling in Europe by 2020 Whilst approximately one-third of the world already achieve over 80% plastics recycling and recovery many fall way below this and in some cases do not even achieve the targets required in waste legislation. In the existing waste legislation of the EU clear targets for the reuse and recycling of waste and the reduction of waste on landfills are set. For example, 50% of municipal/household waste must be recycled or reused by Significant improvements have been achieved using these objectives. Several Member States have shown what can be done in a short period of time, at low cost and whereby many new jobs have been created. Moreover, the rise in commodity prices is an important economic incentive for improving waste management added to the environmental reasons. 4 Letter to the Parliament. Implementation of the Waste to Resource programme. Date: Inverko Investment Memo

10 Below figure 5 shows the 50% recycling rate of municipal solid waste and past rates achieved in 32 European countries. We see that recycling remains a rarity in East-European countries. In Bulgaria waste isn t separated and in Romania, Lithuania, Croatia and Turkey almost all the waste end up at a landfill. And even though plastic mechanical recycling increased strongly in West-Europe it still has great potential to grow. Figure 5: 50 % recycling rate by 2020 and past rates achieved in 32 European countries Source: European Environment Agency The 2010 recycling rate has been deducted from the required 50% recycling rate by This figure has been divided with 10 years and compared with the average annnual percentage increase from 2001 to 2010 and from 2006 to Inverko Investment Memo

11 Today, 40% of post-consumer plastic waste in Europe is landfilled. By eliminating the landfilling of plastic waste by 2020 it is estimated that 80 million tonnes of plastic waste would be prevented from going to landfill, an amount representing about 1 billion barrels of oil or 70 billion (if 1 barrel = $100 and $1 = 0.70). Figure 6: Zero plastics to landfill scenario by 2020 Source: PlasticsEurope (PEMRG) / Consultic Economies of Scale The market for plastic recycling itself is highly fragmented with no clear market leader. Companies that operate in this market are relatively small and/or active in only a small part of the value chain. It is expected that in the coming years a major consolidation phase will occur, in this phase companies will gain economies of scale and secure their volumes, these new constructions will gradually become active in the entire value chain of waste. During this phase Inverko wants to become an important and worthy chain player in the international market of plastic recycling. The concept from waste to final product will be reinforced through the growth strategy. The existing value chain will be expanded by both forward and backward integration. This way Inverko has control over the whole value chain and as the production increases the costs (per unit) can be regulated and kept low. This industry, therefore, plays a significant and essential role in today s move towards a sustainable society. Inverko Investment Memo

12 3.2. Competitive Landscape Inverko is operative in the European plastics mechanical recycling industry, this is a rather new industry, consisting of more than 1,000 companies mainly small or medium-sized and employing around 30,000 people. Mechanical recycling refers to operations that aim to recover plastics waste via mechanical processes (grinding, washing, separating, drying, re-granulating and compounding), thus producing plastics recyclates that can be converted into new plastics products. 5 Most of these companies focus on one area of activity, though some larger players are involved in several steps. With the fact that Inverko is the first listed enterprise specialized in recycling plastic waste on the Amsterdam Stock Exchange and with the takeovers (2014) of a German recycling company, Synaplast GmbH Niederlangen GER and a Dutch plastic and processing company, Beutech BV Steenwijk NL 6, Inverko is becoming a pioneer in this now very popular industry. Furthermore with these takeovers the first step is taken in increasing the value chain by both forward and backward integration, as well as it is meant to strengthen the existing value chain. 5 How to boost plastics recycling and increase resource efficiency? Strategy paper of plastic recyclers Europe, a study carried out by PlasticsEurope. 6 Subject to full approval Inverko Investment Memo

13 3.3. Circular Economy The circular economy is an economic system that is designed to maximize the reusability of products and raw materials and minimize value destruction. Unlike the current linear system, in which raw materials are converted into products that are destroyed when they re consumed. This model on which the current global economy is based is running up against its limits. The danger of raw material shortage increases. Therefore it is good that governments and businesses set off a second route, that will give the economy a calmer and continued character in the long term: the route to a circular economy. The circular model is not only a response to the increasing scarcity of resources, but also an engine for innovation and growth, as companies 7 : develop a new technology and gain markets with it improve their competitiveness with a smarter design better integrate/manage their supply chain and exclude availability and delivery risks seize opportunities in the new transport flows within cycles benefit from the increased market value of waste develop new business models based on use rather than the possession of goods. In short, the circular model creates new business and a significant boost to our economy. Recycling Facts One tonne of recycled plastic saves roughly 2 tonnes of CO2e (equivalent) compared to incineration. If all landfilled plastics waste are recycled or recovered into energy, then 7% of EU quota of carbon gas reduction will be fulfilled. One tonne of recycled plastic saves 5,774 kwh of energy, 16.3 barrels (2,604 litres) of oil, 98 million Btu's of energy, and 22 cubic metres of landfill. There is an 80 to 90% reduction in energy consumption by producing recycled plastic compared to producing plastic from virgin materials (oil and gas). Recycling a single plastic bottle can conserve enough energy to light a 60-watt bulb for up to six hours. Recycling 5 PET plastic bottles produces enough fibre for one t-shirt. Worldwide trade of recyclable plastics represents is valued at $5 billion per year and is estimated to represent a total of 12 million tonnes. Source: Bureau of International Recycling, Plastics, Recycling Facts. (consulted 22 nd of April 2014). 7 Rabobank Cijfers & Trends. Thema-update: Circulaire economie. 38e jaargang, april Inverko Investment Memo

14 4. Inverko & Circular Economy Inverko is able to anticipate on the new circular economy, due to her distinctive concept from waste to final product. She doesn t only anticipate on this new system: the route to a circular economy, but she goes further than that. Inverko is able to give more meaning to the circular economy From Waste to Final Product All our business activities are based on our concept from waste to final product. This concept fits the new circular economy whereby waste is used for new products, instead of the disposal (on landfills) or the incineration of waste. Inverko creates a closed-loop recycling value chain whereby contracts with municipalities and large waste collectors are and will be concluded for the supply of household plastic waste. These waste streams will be recycled by Inverko Compounding into new raw materials and then processed by Beutech into new end products. Among these products are storm drains, wells, pipes, wheelie bins and lampposts used by municipalities. This way the loop is closed and Inverko contributes to the cradle-to-cradle principle. Product Manufacture Product use Raw Material Collection & Separation Reprocessing Inverko Investment Memo

15 4.2. Inverko, Circular Economy & Loan With the fact that our concept from waste to final product fits the new circular economy Inverko is able to anticipate quickly on this new upcoming phenomenon. Inverko is determent to give more meaning to the circular economy, next to the closed-loop recycling value-chain, whereby plastic waste finds their way into new products and contracts with municipalities and large waste collectors are and will be concluded for the supply of household plastic waste. Inverko will add a loan component to the closed-loop recycling value-chain. Whereby the model prompts to design sustainable products not through force or regulations, but through economic incentives. Inverko will consider not only what happens the moment a product is sold, but also what happens when it comes back in. From an economic interest, products need to be more durable and more sustainable, because their expenses will be minimised when the product lasts for its entire leasing period. The replacement of a product will be entirely on Inverko s account. Inverko will benefit from investing in ways to extend the various products' lifespans and be de-incentivised to launch new products every few months. Therefore Inverko is able to outpace its competitors primarily by developing a range of durable products that could be exploited by receiving monthly fees during their whole loan periods. Figure 7: Circular Economy Source: Ellen Mac Arthur Foundation, Rethink the future Inverko Investment Memo

16 4.3. Development/Timeline 1997 Foundation of the Inverko Group with the establishment of Inverko Plastics BV 2001 Acquisition of Poly-Grind BV 2002 Recylingfactory in Leek 2006 Start of own production of end products 2011 Acquisition of Plastinum Polymer Technologies BV (now Inverko Compounding BV) 2012 New compounding and washing lines at Inverko Compounding in Emmen 2013 Listed on the Amsterdam Stock Exchange 2014 In the process of finalizing the acquisition of Synaplast GmbH 2014 In the process of finalizing the acquisition of Beutech Kunststoffen & Bewerking BV 2014 Cooperation with Omrin Growth Growth will be achieved through autonomic growth and strategic takeovers. Each takeover contributes to the earnings per share (EPS) and (shareholder) equity of the Inverko Group. These takeovers further increase the value chain by both forward and backward integration, as well as they strengthen the existing value chain. Inverko Investment Memo

17 Inverko Investment Memo

18 5. The Company 5.1. Organization Chart Inverko NV 100% Inverko Polymers BV 100% Synaplast GmbH* 50% Equipe BV 100% Beutech BV* * finalizing takeover 100% Inverko Compounding BV Inverko Investment Memo

19 Commerce and Business Support Inverko Polymers is active in the purchase and sale of raw materials for the plastic recycling industry. Inverko Polymers also develops and sells new end products. Some examples of these end products are crates and pipes. Regrinds as well as regranulates find their way through Inverko Polymers to various manufacturers or plastic end products. Our thorough knowledge of the market, the materials and their applications are the pillars of our success. Supply Chain Inverko Compounding is the specialist in grinding, washing and compounding of household and industrial waste, within the Inverko Group. From these waste streams high quality compounds are created that meet the customer s specification. Our own laboratory guarantees the best quality. In our own state of the art laboratory compounds are developed, tested and provided with a certificate. Inverko markets these compounds under its own brand names. Synaplast is mainly active in the following recycling operations: washing, grinding and agglomeration. Synaplast grinds different plastic materials of various sizes. Additionally Synaplast processes highly contaminated materials through a high-quality washing process up to directly usable materials. Synaplast is able to agglomerate light weighted materials. *Subject to full approval Beutech* is a creative and innovative plastics processor, which brings a lot of its products through trading on the market. Beutech started tailoring products for the construction industry, such as pipe bends input and meter slabs in any desired size and shape. Meanwhile, they provide plenty of custom plastic products for the building, plant, civil engineering and industry. Inverko Investment Memo

20 5.2. History The foundation of Inverko Group was laid with the establishment of Inverko Plastics in From his home Henk Alssema started a one man business as a wholesaler of raw materials for manufacturers of plastic end products. The company grew steadily and moved to its first business premises on the Euroweg in Leek. One year later the one man business was converted in a private company, named Inverko Plastics BV (Inverko). Early years With the acquisition of Poly-grind BV (a grinding company) in 2001 and a partnership with a big Belgium plastic recycling company, Inverko expanded its activities with grinding, agglomerating, regranulating plastics and the processing of film. Due to the rapid growth and the opportunity to become an important player Inverko moved to a bigger business premises in Growth In 2006 Inverko started its own crates production in Leek and in 2008 Inverko was able to produce HDPE or PVC cores and started to produce its own regranulate. The success of these activities have led that Inverko became more active in the production of end products. An important acquisition was that of Plastinum Polymer Technologies BV (now Inverko Compounding BV) in Emmen in Due to this takeover Inverko was able to produce its own high-grade compounds. In 2012 the production facility, Inverko Compounding BV, in Emmen was optimized with the investment of new compounding and washing lines. This led to an increase in the total production capacity. Furthermore Inverko Plastics BV in Leek continued as the head office under the name of Inverko Polymers BV. Stock Exchange Due to the expected growth and new desires Inverko Polymers BV moved to a new business premises in Leek on the 19th of January Since the 18th of November 2013 the company is listed on the Amsterdam Stock Exchange. This makes Inverko NV the first listed enterprise specialized in recycling waste plastic on the Amsterdam Stock Exchange. Meanwhile more than 55 people are active in the Inverko Group. They strive to deliver the broad range of products and services to their customers in a professional way on a daily basis. Takeovers Forward and Backward Integration Inverko wishes to fulfill her growth strategy by optimizing her market position through autonomic growth and optimizing the existing organization. With recent and future acquisitions in Europe, we are continuing to increase our presence within emerging markets, which will contribute to our ongoing growth. These acquisitions are meant to further increase the value chain by both forward and backward integration, as well as they are meant to strengthen the existing value chain. With the takeovers (2014) of a German recycling company, Synaplast GmbH Niederlangen GER and a Dutch plastic and processing company, Beutech BV Steenwijk NL, Inverko is becoming a pioneer in this now very popular industry. Inverko Investment Memo

21 5.3. Facts Foundation: Inverko Plastics in 1997 (Leek) by H. Alssema Organization: Head office & Commerce in Leek Production sites in Emmen, Steenwijk and Niederlangen Number of employees: More than 55 people (after the acquisitions approx. 120 people) Stock Exchange Codes: ISIN Code NL Ticker Symbol INVER Production (24/7 capacity): Output Compounding tonnes a year Output Synaplast tonnes a year 5.4. Shareholders of Inverko NV 37,75% 49,56% Mister H.J. Alssema Mister R.J.M. van Veldhoven Mister R. Asbreuk All other shareholders 5,03% 7,66% Inverko Investment Memo

22 6. Growth Strategy 6.1. Value Proposition Inverko is committed to delivering financial value (earnings per share (EPS) and (shareholder) equity) to guarantee its future profitability and financial independency. The positive environmental impacts associated with waste management and increased recycling rates make up a second dimension of our value proposition. With a closed-loop value chain Inverko is able to build and create value at every step. Focusing on all the valuecreating activities gives Inverko several advantages. For example, the ability to charge higher prices, lower cost of manufacture, better brand image and faster response to threats or opportunities. Through the growth strategy three opportunities arise. Inverko is able to anticipate and contribute to the new circular economy, which creates new business and a significant boost to our economy. Inverko gains a competitive advantage by involving municipalities and large waste collectors, whereby the value chain increases by both forward and backward integration. Inverko will improve the environmental footprint by saving energy and reducing CO2 emissions Potential Markets & Growth Opportunities Inverko is a successful, sustainable and worthy chain player in the market of plastics recycling. To achieve an even stronger international market position Inverko has to gain access to the capital market, whereby the opportunity arises to add additional components to her value chain and optimizing the existing organization. The European plastics mechanical recycling industry is a rather new industry, highly fragmented with no clear market leader. Companies that operate in this market are relatively small and/or active in only a small part of the value chain. This makes Europe a very attractive market to operate in. o For example in Bulgaria waste isn t separated and in Romania, Lithuania, Croatia and Turkey almost all the waste end up at a landfill. o Even though plastic mechanical recycling increased strongly in West-Europe it still has great potential to grow, whereby our concept would perfectly fit this emerging market. Furthermore with the formulated growth strategy and our concept, from waste to final product, opportunities arise whereby Inverko can contribute to the circular economy within the Netherlands and possibly neighboring countries (GER, LUX, BEL). Inverko Investment Memo

23 7. Management The Executive Board is responsible for the operational management of Inverko N.V. Together with the Supervisory Board and the Advisory Board, it develops the company's business strategy and defines its earnings mix and balance sheet structure Executive Board The Inverko Group is managed by the Executive Board who reports directly to the Supervisory Board. The Executive Board manages the company by setting direction and goals. It is the primary decision-making body within Inverko. It is responsible for resource allocation and end responsible for policy in areas like brands, markets, finance, acquisitions and divestments. Henk Alssema (President and CEO) is responsible for the execution of the concept from waste to final production. Researching strategic takeover possibilities and collaborations to increase the value chain by both forward and backward integration. Resulting in a contribution to the profit and (shareholder) equity of the company. Ron van Veldhoven (COO) is responsible for managing the company's day-to-day operations and reporting them to the chief executive officer (CEO). Focusing on integration (of acquired and existing companies) whereby synergies fully being utilized. Furthermore charged with listing matters. Appointment of the two Executive Board members is made by the General Meeting of Shareholders following a nonbinding nomination drawn up by the Supervisory Board Supervisory Board Inverko N.V. is managed by the Executive Board who reports directly to the Supervisory Board. The Executive Board is advised by the Supervisory Board on an ongoing basis in accordance with law and the Articles of Association of Inverko N.V. The current Supervisory Board members are: Daan Zethoven Chairman Theo Lodewijkx Inverko Investment Memo

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