MANAGEMENT DISCUSSION & ANALYSIS FOR FINANCIAL RESULTS FOR THE 6 MONTHS ENDED 31 December 2013

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1 NZX/ASX release 20 February 2014 MANAGEMENT DISCUSSION & ANALYSIS FOR FINANCIAL RESULTS FOR THE 6 MONTHS ENDED 31 December 2013 Non-GAAP financial measures Nuplex results are prepared in accordance with NZ GAAP and comply with NZ IFRS. This Management Discussion & Analysis includes non-gaap financial measure which are not defined in NZ IFRS. The non-gaap financial measures used in this presentation include, operating EBITDA, operating profit, significant items, ROFE, EBIT, gearing, funds employed, operating and fixed costs, capital expenditure and net debt. Nuplex believes that these non-gaap financial measures provide useful information to readers to assist in the understanding of the financial performance, financial position and returns of Nuplex. However, they should be read in conjunction with the NZ IFRS numbers and not considered a substitute for NZ IFRS measures. Non-GAAP financial measures as reported by Nuplex may not be comparable to similarly titled amounts reported by other companies. FINANCIAL OVERVIEW Profit available to equity holders of the parent company after significant items was $11.4 million and includes $14.6 million in significant items. This compares with the $11.5 million for the prior corresponding half which included $13.0 million of significant items. Significant items after tax were $14.6 million, up from $13.0 million in the prior corresponding half and largely reflect a provision of $14.0 million (after tax) related to receivables and bank guarantees with Nuplex s investment in the RPC Pipe Systems ( Fibrelogic ) joint venture. Profit available to equity holders of the parent company before significant items was $26.0 million. When compared with the prior corresponding half profit available to equity holders of the parent company before significant items of $24.5 million it was up 6.1%. Nuplex reported sales revenue of $815.2 million, down 1.6% when compared with the prior corresponding half of $828.7 million. Had the New Zealand dollar remained unchanged over the period, sales revenue would have been down 0.1% to $827.9 million. Nuplex s operating EBITDA 1 of $59.5 million was up 3.3% on the prior corresponding half of $57.6 million. Had the New Zealand dollar remained unchanged over the period, operating EBITDA would have been $59.7 million, up 3.6% on the prior corresponding half. In comparison to the prior corresponding half, operating EBITDA growth reflected: Global Resins segment operating EBITDA up 12.1% as volume growth and the realisation of procurement and rationalization benefits offset lower unit margins 2 and lower margin mix of business 1 Earnings before interest, tax, depreciation, amortisation, significant items, associates and minority interests.

2 Overall volumes were up 3.4%. Volumes increased by 12.4% in Asia, 4.9% in the Americas and 1.2% in EMEA, offsetting a 3.6% decline in ANZ Constant currency unit margins were down 1.9% compared with the prior corresponding half reflecting ANZ Resins segment margins impacted by pricing pressure due to over-capacity in the industry In EMEA the business deliberately pursued lower margin volume in spot markets The increased proportion of earnings from Asia where percentage EBITDA margins are comparable or better than the global average, but unit margins are lower The ANZ focused Specialties segment operating EBITDA down 28.8% due to margin contraction in the agency & distribution business, Nuplex Specialties, and reduced volumes in the plastic additives business, Nuplex Masterbatch Specialties margins were impacted by competitive pressures and the weakening of the Australian dollar Masterbatch volumes were lower as competitors gained market share whilst Nuplex was focused on improving unit margins $1.5 million in cost savings from streamlining of the ANZ manufacturing network $7.3 million in benefits from NuLEAP II s global procurement program Table 1 on the following page is extracted from the financial statements and shows the reconciliation of profit available to equity holders of the parent company to operating EBITDA. The income tax rate applicable to operating profit for the period was 23.8%, unchanged from the prior corresponding half. The rate reflects the benefit of a settlement with the US Internal Revenue Service and a shift in the geographic mix of earnings towards the lower tax rate jurisdictions of Asia. For the 2014 Financial Year, the tax rate on operating profits is expected to be around 27%. Earnings per share (EPS) was 5.8 cents, in line with the prior corresponding half of 5.8 cents per share. Nuplex s return on funds employed (earnings before interest, tax and significant items divided by average funds employed) for the half year to 31 December 2013 was 11.2%, up from 9.8% for the half year to 31 December Nuplex continues to work towards achieving its return on funds employed target of over 16% within the two year period between the 2016 and 2018 Financial Years. Operating cash flow of $26.9m was down 43% on the prior corresponding half. Whilst the working capital to sales ratio remained steady over the period, there was an increase in the value of inventory in Australia due to the impact of the weaker AUD and a temporary increase in holdings as a result of the reconfiguration of the manufacturing network. Both operating and fixed costs fell overall versus the prior corresponding half in absolute and per unit terms as a result of rationalisation activities, Nuleap II and foreign exchange movements. Nuplex s working capital to sales ratio was 14.6% as at 31 December 2013, and in line with the ratio as at 31 December 2012 of 14.8%. Whilst the working capital to sales ratio has been slightly below 15% on the reporting date of the last three periods, management expects that over the medium term, on average this ratio will be between 15 and 17% on a twelve month rolling basis. 2 Sales revenue minus raw material costs divided by tonnage Page 2 of 10

3 Table 1: Reconciliation of profit available to equity holders of the parent company to Operating EBITDA (NZ$ thousands) Total Group 1H13 Total Group Profit for the period Net profit available to equity holders of the parent company Profit available to equity holders of the parent company available to non-controlling interests Income tax credit on non-operating items Acquisition related costs (0.3) (0.8) Provision related to RPC Pipe Systems Pty Ltd (14.6) (5.5) Legal costs in defence of product defect claim (1.5) - US tax audit legal costs (0.2) (0.3) Gain on sale of Plaster Systems land and buildings Reversal of US waste water discharge legal costs provision Loss on sale of Plaster Systems business - (0.7) Seven Hills remediation provision (0.2) - Impairment of property plant & equipment (ANZ restructure) - (8.1) Operating profit after tax Tax on operating profits Minority interests (non-controlling) Share of associates Net financing costs EBIT Depreciation and amortization Operating EBITDA Stay-in-business capital expenditure (SIB) for the half was $15.1 million, equivalent to 118% of depreciation. SIB expenditure included costs associated with the refurbishment of the Botany offices in Australia for the first time in almost 40 years; the aggregation of all the Auckland based sales teams into a single location; and the continued roll out of the ERP system. SIB expenditure in 2014 Financial Year is expected to be approximately $24 million. Capital expenditure for growth, was $8.9 million during first half of the 2014 Financial Year and mainly related to costs associated with the new site at Changshu in China ($6.5 million) and the site expansion in Suzhou ($1.6 million). Management now expects capital expenditure for growth and restructure to be between $45 and $55 million in the 2014 Financial Year due to a change in the timing of costs associated with the construction of the site in China. Previously it had been forecast to be between $50 and $60 million. This updated estimate continues to include the cost of upgrading the Wacol Page 3 of 10

4 site in Queensland, Australia, (approximately $10 million) and the construction of the new capacity in Indonesia (approximately $4.5 million). The forecast for capital expenditure in the 2015 Financial Year remains between $40 and $50 million. As at 31 December 2013, net debt was $206 million, down from $209 million as at the end of the prior corresponding half. Nuplex s average funding cost over the half was 5.9%, down from 6.6% in the prior corresponding half. The average drawn debt for the period was $284 million compared with $293 million in the prior corresponding half. Gearing 3 was 28.5%, up from 26.0% as at 30 June 2013 reflecting reduced cash holdings and the impact of foreign exchange movements on the Balance Sheet. Gearing remains within the Board s target gearing range of between 20 to 35%. During the half Nuplex s bank facilities were rolled over and increased to A$225 million from A$200m, providing flexibility for future capacity expansion projects in emerging markets. The renewed, syndicated facilities consist of A$150 million tranche with a maturity date of July 2017 A$75 million tranche with a maturity date of July 2018 An interim dividend of 10 cents per share has been declared by the Board. The interim dividend of 10 cents per share represents a 173% payout ratio of net profit available to shareholders. Whilst exceeding Nuplex s target dividend payout ratio range of between 55 and 65% of earnings for the period, the dividend policy allows the Board to determine the dividend in the context of the company s current and expected performance and cash flow. The interim dividend will be paid on 3 April 2014, to all shareholders on the register on 17 March The Dividend Reinvestment Plan will not be active. OPERATIONAL OVERVIEW Safety Lost Time Injuries Reportable Injuries Rate per million hours worked Rate per million hours worked 1H13 1H13 Employees Contractors Nuplex continues to work towards achieving its safety vision of Zero Harm. During the period the ongoing management focus, implementation of more robust systems and procedures and employee commitment continued to result in an improvements in Nuplex s safety measures, which are now at world class levels. NuLEAP During the half, under the second phase of NuLEAP II, the global procurement initiative delivered $7.3 million in benefits. These benefits were partially offset by competitive pressures impacting margins and some of the shift to lower margin business in ANZ and EMEA. 3 As measured by net debt to net debt plus equity Page 4 of 10

5 75% of the realised benefits related to cost of goods sold of which the majority were derived in the EMEA region. The balance related to manufacturing and logistics cost benefits. This program is on track and expected to deliver annualised benefits of approximately $15 million in the 2014 Financial Year, ahead of the previous management forecast of $12 million. Given the $5.3 million of benefits realised in the second half of the 2013 Financial Year, the incremental contribution to operating EBITDA in the 2014 Financial Year will be approximately $9.7 million. During the period, a review of Nuplex s German operations in Bitterfeld was undertaken. Using the NuLEAP framework, approximately 3 million in benefits were identified. The majority of these savings will be realised in the 2015 Financial Year. Systems and IT As expected, the rollout of the global ERP system will be completed during the 2014 Financial Year. During the first half, the global ERP system was rolled out in the US, Vietnam and China. In April 2014, the rollout will be complete with Indonesia being brought onto the system. Consistent with management estimates, completing the rollout will incur A$2 million of costs in the 2014 Financial Year, bringing the total project cost to A$17.5 million. SEGMENT RESULTS Resins Segment As Nuplex s largest segment, it includes the global coatings operations referred to as Coating Resins which contribute approximately 85% of Resin Segment sales. The Coating Resins business is involved in the production and supply of resins, a key ingredient used in the formulation of surface coatings such as household paint, car paint, coatings used on white goods, wooden furniture, flooring, textiles, and paper. Resins bind together the ingredients of the coating, enabling it to adhere to the surface to which it has been applied. Importantly, resins strongly influence the performance and appearance of a coating by providing the required finish, colour-fastness, durability, and protection from abrasion and corrosion. The segment also includes Nuplex Composites, Australia and New Zealand s leading composites resins producer, which is looking to grow its South East Asian presence through its operations in Vietnam and Indonesia. Additionally, the Resins segment includes Nuplex s Australian and New Zealand based Pulp and Paper and Construction Products businesses. RESINS SEGMENT (% change) VOLUME vs 1H13 vs 2H13 ANZ (3.6)% 1.8% * Regional seasonality: EMEA and the Americas have a stronger second half due to the impact of summer and the beginning of winter in the first half Asia 12.4% 8.2% EMEA* 1.2% (8.8)% Americas* 4.9% (2.9)% TOTAL 3.4% (1.4)% Page 5 of 10

6 RESINS SEGMENT (NZ$ m) SALES REVENUE Constant 1H13 Change (%) Constant Operating EBITDA Constant 1H13 Change (%) Constant ANZ (19.6)% (11.7)% (25.0)% (12.5)% Asia % 10.4% % 16.1% EMEA % (1.5)% % (1.0)% Americas % 4.4% % 1.1% Procurement initiative cost (3.2) - TOTAL (0.0)% (1.2)% % 10.8% Overall volumes were up 3.4%. Volumes increased by 12.4% in Asia, 4.9% in the Americas and 1.2% in EMEA, offsetting a 3.6% decline in ANZ On a constant currency basis, unit margins were down 1.9%. This was due to pricing pressure in ANZ and lower margin business in EMEA. The increased proportion of earnings from Asia also impacted unit margins because whilst the percentage EBITDA margins generated in this region are comparable or better than the global average due to lower operating and overhead costs, unit margins are lower. Resins segment operating EBITDA was $50.7 million, up 12.2% half on half (up 10.8% in constant currency) as volume growth of 3.4% and the realisation of $7.3 million in procurement and rationalisation benefits offset lower unit margins. Raw material costs over the six month period were stable in Asia, EMEA and the Americas. In ANZ, raw material costs increased over the period driven by the depreciation of the Australian dollar against the USD. Australia and New Zealand (ANZ) In ANZ, sales were down 19.6% (down 11.7% in constant currency). Volumes were down 3.6% compared with the prior corresponding half. Operating EBITDA of $3.6 million included $2.7 million of Australia and New Zealand restructure costs. Excluding restructure costs, operating EBITDA was $6.3 million compared with operating EBITDA before restructure costs of $6.8 million in the prior corresponding half. Coating Resins In ANZ, there was some volume growth in resins used in the formulation of products for the building and construction markets. However pricing pressure as a result of overcapacity in the Australian resins industry impacted unit margins. Continuing the trend of the past two years there was declining demand for resins used in packaging adhesives, textiles and inks which impacted volumes. Typically these products have a higher unit margin than those used in the formulation of products for the building and construction markets. Since the end of the 2010 Financial Year, volumes of resins sold for use in packaging adhesives, textiles and inks have decreased by 60% due to a decline in the Australian manufacturing industries as the customers of Nuplex s customers have shifted to importing finished goods. Page 6 of 10

7 Composites, Pulp & Paper and Construction Products Composites operating EBITDA was down compared with the prior corresponding half. Volume growth in the Marine and Pool & Spa markets was offset by lower unit margins as competition hampered the recovery of higher raw material costs. In the Pulp and Paper business, packaging resin volumes were impacted by the closure of Amcor s recycled coated cardboard mill in Petrie, Queensland. Volumes relating to products used in newsprint continued to be impacted by the ongoing decline in printed newspapers and imports again impacted the demand for products used in fine paper production. The results of the New Zealand focused Construction Products business improved versus the prior corresponding half as reduced costs offset a decline in sales. ANZ restructure Manufacturing network streamlining In September 2012, the restructure of Nuplex s manufacturing network was announced. By reducing the region s capacity by 30% and increasing efficiency through managing production on a regional basis, the ANZ manufacturing network will remain competitive with imports and have greater flexibility with regard to changes in market conditions. During the first half, the sites at Onehunga in New Zealand and Wangaratta in Australia, as well as a reactor at Penrose in New Zealand were decommissioned. The final site to be decommissioned will be the site at Canning Vale in Western Australia where operations will cease towards the end of the 2014 calendar year following the upgrade of the site at Wacol, Queensland, Australia. Investing in increasing the efficiency and flexibility of the site at Penrose in New Zealand is complete. The upgrading of the two Australian sites, Botany, New South Wales, and Wacol, Queensland, is progressing. The total investment in increasing the productivity of the restructured manufacturing network remains $20.5 million and is on track for completion by the end of the 2014 calendar year. The program is on track to deliver annual cost savings of $6.5 million in the 2016 Financial Year. $4.0 million in cost benefits are expected to be realised in the 2014 Financial Year. $1.5 million were realised in the first half. As previously announced, the cost of restructuring the manufacturing network is expected to cost approximately $9.6 million of which $6.3 million was spent in the 2013 Financial Year. $2.7 million of costs are expected to be incurred in the 2014 Financial Year with the remaining $0.6 million to be incurred in the following financial year. Business unit re-organisation In order to create a more sustainable overhead base, a flatter, simplified management structure for ANZ will be implemented. Following the removal of a layer of senior management, two business units will be created. They will be Resins: This will bring together the management of the Coating Resins, Composites, Pulp & Paper and Construction Products businesses into one business unit Specialties: The agency & distribution business, Nuplex Specialties, and the plastic additives business, Nuplex Masterbatch, will be managed as one business unit. Implementation and redundancy costs are expected to be around $3.4 million and will impact the 2014 Financial Year operating EBITDA. The re-organisation is expected to Page 7 of 10

8 deliver savings of approximately $5.8 million annually, with around $1.0 million realised in the 2014 Financial Year. Asia Coating Resins Sales were up 11.6% for the period (up 10.4% in constant currency). Volumes were up 12.4% as a result of growth in Vehicle Refinish across the region and Automotive OEM in China and Decorative in Vietnam. The strengthening US dollar led to subdued market conditions in Indonesia, where volumes were flat. It also weighed on intraregional trade resulting in lower volumes in Malaysia when compared with the prior corresponding half. Regional operating EBITDA was $17.4 million, up 16.8% (up 16.1% in constant currency) when compared with the prior corresponding half. Unit margins benefited from business mix improvements and margin management focused on recovering the impact of increasing inflation, primarily driven by wage increases. Growth projects In October 2013, at Nuplex s powder resins joint venture in Thailand, the new reactor was commissioned on time and on budget. The US$1.5 million investment was funded from cash within the joint venture company and has increased capacity by 40%. Construction of Nuplex s third site in China is progressing and above ground construction is well advanced. Commissioning is expected to be towards the end of the 2014 calendar year. The initial total cost estimate of US$35 million is unchanged. However, it is now expected that approximately $24 million (US$19 million) will be spent in the 2014 Financial Year, with the balance now expected to be incurred in the following financial year. In Indonesia, the US$5.1 million capacity expansion project is underway. Construction of the new reactor building has begun. Customers have responded positively to the pre-marketing of the new technologies that will become available once the new reactor is commissioned. Europe Middle East Africa (EMEA) Coating Resins Sales were up 3.5% (down 1.5% in constant currency) compared with the prior corresponding half. Volumes were up 1.2% due to increases in powder resins and the targeting of additional growth in liquid resins which reversed the trend of volume declines experienced in second half of the previous year. Volumes were steady in Germany but most countries across the region were impacted by weak demand, particularly in Construction related markets. Operating EBITDA was up 4% to $20.5 million (down 1.0% in constant currency). After a number of years of challenging conditions throughout the coatings industry, there was a stepup in competitive pricing pressure during the period. This impact was offset by the benefit of the procurement initiative as well as the benefit of targeting growth in a number of nontraditional markets such as the Decorative market. Russia Work continues to complete the acquisition of the resins factory from Kvil Group, located in Shebekino, near Belgorod. Page 8 of 10

9 The transaction is expected to be completed by the end of the 2014 Financial Year and still expected to cost 7 million. The total investment includes acquiring the assets, upgrading the site and an investment in working capital. Once a presence has been established, as previously announced a greenfield site is planned to be constructed in the Belgorod area. Construction is now expected to begin in one to two years time. Americas Coating Resins Sales were up 4.7% (up 4.4% in constant currency) when compared with the prior corresponding half. Volumes were up 4.9%, due to growth in the Decorative segment as management pursued opportunities to utilise available capacity. Operating EBITDA was up 2.2% (up 1.1% in constant currency) reflecting the improved volumes. Specialties Segment Nuplex s Specialties segment consists of two businesses, Nuplex Specialties and Nuplex Masterbatch. Nuplex Specialties acts as an agent for the sale and distribution of internationally manufactured products to a wide range of industries including the food and nutrition, pharmaceutical and healthcare, plastics and agricultural sectors. Nuplex s Masterbatch operations produce colour and performance additives for the plastics industry in Australia and New Zealand. Nuplex Specialties, the Agency and Distribution business contributes approximately 70% of the Specialty segment sales. SALES REVENUE OPERATING EBITDA SPECIALTIES SEGMENT Change (%) Change (%) 1H13 1H13 (NZ$ m) Constant Constant Constant Constant TOTAL (3.4)% 4.8% (29.0)% (22.6)% Specialties segment sales were down 3.4% to $152.3 million (up 4.8% in constant currency). Operating EBTIDA down 29.0% (down 22.6% in constant currency). Agency & Distribution Sales were down compared with the prior corresponding half. In New Zealand demand for Food & Nutrition products as well as plastic and packaging products was impacted by reduced demand. In Australia, sales in those segments related to manufacturing were subdued. Sales were also impacted by the loss of a number of principals as a result of changes in their parent company ownership. Operating EBITDA was down when compared with the prior corresponding half. Margins were pressured by the falling Australian dollar and increased competition, particularly from Food & Nutrition customers looking to manage their margins in the face of pressure from retailers. Masterbatch Sales, volumes and operating EBITDA were down half on half. Market share has been lost due to a focus on improving margins. New management is in place and the business is focusing on the profitable recovery of market share. Page 9 of 10

10 2014 FINANCIAL YEAR OUTLOOK Nuplex provided an operating EBITDA guidance range for the 2014 Financial Year of between $130 million and $145 million at its Annual Shareholders Meeting in November, The guidance statement noted that delivering operating EBITDA at the upper end of the range was dependent on improved trading conditions in EMEA and ANZ. With no sign of a sizeable recovery in Australia over the next six months and the additional $2.4 million of costs associated with implementing the ANZ re-organisation, Nuplex expects operating EBITDA for the 2014 Financial Year to be in the lower half of the range. In ANZ, Nuplex expects ongoing pressure on Australian manufacturing markets to continue to weigh on the improvements in demand coming through in construction markets. In EMEA, trading conditions over the past few months have stabilised and are more positive compared to this time last year. The outlook for Asia remains for steady growth and for modest growth in North America. In line with previous years, it is expected that the second half result will be stronger than the first half given the seasonality split in EMEA and Americas. The above forecast is based on the six month average exchange rates as at 31 December For further information, please contact: Josie Ashton, Investor Relations josie.ashton@nuplex.com The non-gaap financial measures used in this presentation include: 1. Operating EBITDA Earnings before interest, tax, depreciation, significant items, associates and minority interest. 2. EBIT Earnings before interest, tax, significant items, associates and minority interest. 3. Operating profit Net profit available to equity holders of the parent excluding the impact of significant items. 4. Significant items Items that by a combination of their size, timing or irregular nature warrant separate disclosure to allow readers to better assess the recurring income generating capacity of the business. 5. Profit - Profit available to equity holders of the parent company 6. ROFE Return on funds employed, as defined by EBIT divided by average funds employed. 7. Funds employed Total equity plus current and non-current borrowings, as per the Consolidated Statements of Financial Position. 8. Gearing Net debt divided by net debt plus equity. 9. Net debt Borrowings minus cash and cash equivalents. 10. Operating costs Cost of sales per the Statement of Comprehensive income less raw material costs, plus distribution costs. 11. Fixed costs Marketing expenses plus Administration expenses per the Statement of Comprehensive Income. 12. Capital expenditure Payments for property, plant and equipment and intangibles per the Statement of Cash Flows. Page 10 of 10

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