FIRST INVESTMENT IN BRAZIL 2013 ANNUAL RESULTS. March 5, 2014 Paris

Transcription

1 FIRST INVESTMENT IN BRAZIL 2013 ANNUAL RESULTS March 5, 2014 Paris

2 DISCLAIMER 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

3 SUMMARY 1. INTRODUCTION 2. FIRST INVESTMENT IN BRAZIL 3. EXCELLENT OPERATING PERFORMANCE IN GOOD FINANCIAL RESULTS AND A VERY SOLID BALANCE SHEET 5. 1 BILLION TO BE INVESTED IN THE PERIOD CONCLUSION ANNUAL RESULTS

4 1. INTRODUCTION 4

5 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 highenergy 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 ANNUAL RESULTS

6 SUSTAINED AND PROFITABLE GROWTH FOR THE PAST 22 YEARS 800 Power generation installed capacity MW MW 700 Thermal Biomass French overseas territories Mauritius Brazil * Solar power Anaerobic digestion 627 MW 372 MW 195 MW 60 MW 70 MW 3 MW * Closing of 60 MW acquisition to occur in the coming weeks when conditions precedent are met. ANNUAL RESULTS

7 2. FIRST INVESTMENT IN BRAZIL 7

8 ALBIOMA ANNOUNCES ITS FIRST ACQUISITION IN BRAZIL Acquisition of Rio Pardo Termoelétrica March 2014 July 2013 March 2013 Opening of Albioma s office in Brazil Brazil, the Group s international growth priority Jan-March 2012 New strategy focused on recovering energy from biomass and international growth ANNUAL RESULTS

9 ACQUISITION OF RIO PARDO TERMOELÉTRICA 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 * ON THE BASIS OF AN EXCHANGE RATE OF 3.20 BRL/EUR, AT MARCH 3, 2014 ANNUAL RESULTS

10 IMMEDIATE POSITIVE IMPACT ON ALBIOMA S ACCOUNTS 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

11 RIGHT TIMING TO ENTER THE BAGASSE COGENERATION MARKET IN BRAZIL 11

12 BRAZIL: THE WORLD LEADER FOR SUGAR AND ETHANOL PRODUCTION Sugarcane Sugar 1º 1º 2º Ethanol Biomass/bagasse energy +590 million tonnes #1 producer in the world +36 million tonnes #1 producer in the world +25 billion liters #2 producer in the world ~7% of Brazilian electricity Over 400 sugar refineries 22% of world production 22% of world production 45% of world exports 38% of world exports SOURCE: UNICA AND ANEEL ANNUAL RESULTS

13 ALBIOMA S POSITIONING MEETS THIS SECTOR S NEEDS 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 Albioma brings energy efficiency to the sugar and ethanol industry Need for technical expertise to improve competitiveness Need for cash in order to invest ANNUAL RESULTS

14 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) 3% 3% 8% 1% 7% Bagasse/biomass 180 2% x1.5 77% Brazil France Biomass Hydro Coal Nuclear Petroleum and derivatives Natural gas Wind Brazilian electricity mix (2012) Growth in installed capacity (GW) SOURCE: ANEEL, EPE ANNUAL RESULTS

15 MAIN FEATURES OF CONTRACTED ELECTRICITY MARKET IN BRAZIL 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

16 HIGH GROWTH POTENTIAL OF COGENERATION MARKET Brazilian sugar mills are generally self sufficient in fuel for energy, with underperforming 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 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 ANNUAL RESULTS

17 FAVORABLE CONTEXT FOR ALBIOMA 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 Albioma s strategy is in line with the main trends Focus on brownfield projects at this stage Sizing up greenfield projects ANNUAL RESULTS

18 ACQUISITION OF THE RIO PARDO TERMOELÉTRICA COGENERATION PLANT 18

19 FIRST FULL OUTSOURCING OF THE PRODUCTION AND MAINTENANCE OF A BAGASSE COGENERATION PLANT IN BRAZIL SUGAR OR BIO-ETHANOL SUGAR CANE 1 tonne STEAM ELECTRICITY ELECTRICITY Albioma will be responsible for operation and maintenance of the cogeneration plant Sugar mill guarantees delivery of bagasse to the cogeneration plant USINA RIO PARDO RIO PARDO TERMOELETRICA Current: 40 KWh 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 BAGASSE ANNUAL RESULTS

20 OVERVIEW OF THE ADJACENT USINA RIO PARDO SUGAR MILL Good location in São Paulo state (34% of Brazilian GDP), easy access to Santos port LOCATION (SÃO PAULO STATE) 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 SUGAR Usina Rio MILL Pardo USINA (Cerqueira RIO César PARDO City) São Paulo Unsuitable for sugarcane Suitable for sugarcane Suitable for limited cultivation of sugarcane Suitable for restricted cultivation of sugarcane SOURCE: COMPANY ANNUAL RESULTS

21 USINA RIO PARDO, A SOLID PARTNER FOR THE LONG TERM Shareholders of quality, including the Zogbi Group family (active in finance, agribusiness 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 The Zogbi group was the main shareholder of Banco Zogbi, sold for BRL650 million to Bradesco in 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 ANNUAL RESULTS

22 ALBIOMA IS ACQUIRING A ROBUST, MODERN BAGASSE COGENERATION PLANT Recent plant, operating since the 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 turbogenerator 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) ANNUAL RESULTS

23 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 ANNUAL RESULTS

24 ACQUISITION S KEY FIGURES 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% * ON THE BASIS OF AN EXCHANGE RATE OF 3.20 BRL/EUR, AT MARCH 3, 2014 ANNUAL RESULTS

25 POSSIBLE GREENFIELD EXTENSION OF COGENERATION PLANT 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 * ON THE BASIS OF AN EXCHANGE RATE OF 3.20 BRL/EUR, AT THE MARCH 3, 2014 ANNUAL RESULTS

26 NEXT STEPS IN BRAZIL 26

27 ALBIOMA S NEXT STEPS IN BRAZIL 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 months Objective to invest 400 million between now and 2023 confirmed ANNUAL RESULTS

28 3. EXCELLENT OPERATING PERFORMANCE IN

29 THERMAL BIOMASS ACTIVITIES IN FRANCE S OVERSEAS TERRITORIES IN

30 STRONG GROWTH IN THERMAL EBITDA Thermal power-plants in French overseas territories stable: 372 MW installed Caraïbes Energie (38MW) CTM (64MW) GUADELOUPE Le Galion (40MW) MARTINIQUE Total electricity production in overseas territories: 2,217 GWh Thermal bagasse / coal-based plants Peak plant Bois Rouge (108MW) REUNION ISLAND Le Gol (122MW) Carte des îles EBITDA of million, 18% higher than in % of Group revenues and 81% of Group EBITDA ANNUAL RESULTS

31 THERMAL PLANTS SHOW A HIGH AVAILABILITY RATE Rate of availability: 92.3% 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% Peak load Galion plant in Martinique: Availability rate A call-out rate of 33.6% in 2013 (25.3% in 2012) Call-out rate forecast to return to normal in 2014 ANNUAL RESULTS

32 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 (over 91.5%), all operating personnel will benefit from the free shares scheme implemented in 2012 ANNUAL RESULTS

33 ACTIVE MANAGEMENT OF CONTRACTS AND CHANGES IN ENVIRONMENTAL REGULATIONS 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

34 ACTIVE MANAGEMENT OF CONTRACTS AND CHANGES IN ENVIRONMENTAL REGULATIONS (CONT D) RETROACTIVE/EXCEPTIONAL (in millions) Retroactive compensatory tariffs agreement (June 2012) +3.0 EBITDA 2012 EBITDA 2013 Net positive impact of retroactive payments and other exceptional items 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

35 THERMAL BIOMASS ACTIVITIES IN MAURITIUS IN

36 VERY GOOD PERFORMANCE 195 MW of thermal power installed capacity 25% stake in project companies Availability rate 92.4% Excellent availability rate of 92.4% 91.5% 43% of the electricity generated on the island 1,117 GWH (1,074 GWh in 2012) Bellevue Savannah Saint Aubin ANNUAL RESULTS

37 SOLAR POWER ACTIVITY IN

38 PRODUCTION STABLE 70 MW solar power capacity 1.5 MW GUADELOUPE Solar power installations 14.4 MW MARTINIQUE 16 MW FRENCH GUIANA MAINLAND FRANCE SPAIN 6.9 MW 1.3 MW 2.4 MW ITALY 2 MW MAYOTTE 3.6 MW 22.5 MW REUNION ISLAND 96.5 GWh of electricity generated Solar-power EBITDA came to 31.4 million in 2013, almost unchanged from % 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) ANNUAL RESULTS

39 4. GOOD FINANCIAL RESULTS AND A VERY SOLID BALANCE SHEET 39

40 2% INCREASE IN GROUP REVENUES EXCLUDING RAW MATERIAL PRICE EFFECT Revenues excl. raw material price effect : +2 % ANNUAL RESULTS

41 STRONG INCREASE IN EBITDA TO MILLION Taxes and duties Commercial development + 3 % EBITDA : +11% ANNUAL RESULTS

42 SHARP RISE IN GROUP NET PROFIT TO 42.6 MILLION + 7 % Group net profit: +33% ANNUAL RESULTS

43 STRONG CASH GENERATION IN 2013 ( 26 MILLION) A group cash position of 105 million at December 31, 2013 In million Cash-flow 2013 Group - Cash on hand Cash-flow from operations 130 Debt service 137 Repayment of debt 114 Financial charges 23 New debts 53 Sale of wind power 18 Others 10 In flow Payment of dividends (Albioma and minority interests) 15 Investments 33 Maintenance 13 Development 20 Out flow Increase in cash Dec. 31st 2012 Dec. 31st 2013 ANNUAL RESULTS

44 SOUND BALANCE SHEET TO FUND FUTURE GROWTH 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) % change Project debt (non-recourse) % Corporate debt % Total gross debt % Group cash position (105) (82) +28% Security deposits and equivalent (5) (21) -76% Total net debt % Net debt/ebitda 3,1x 4,1x (1,0x) Gearing* 105% 150% * Net debt / Shareholders funds ANNUAL RESULTS

45 OBJECTIVES 2013 * EBITDA (in million) Group net profit (in million) Proposed dividend (in ) * Excluding retroactive payment, exceptional charges and provisions ANNUAL RESULTS

46 5. 1 BILLION TO BE INVESTED IN THE PERIOD

47 TWO INNOVATIVE 100% BIOMASS PROJECTS IN FRENCH OVERSEAS TERRITORIES Priority given to local biomass Aditionnal biomass imported from Brazil and North America 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 ( ) Contract negotiations with EDF expected in Aim is to commission plant in ANNUAL RESULTS

48 MODERNIZATION OF EXISTING PLANTS 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 PROCESS FOR TREATING HIGH-DUST GASES Gas circuit Injection of reagents By-pass Filter System Denox Stage 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 Gas from boiler To processing of gases Storage tank for ammoniac solution Estimate of investments revised to 200 million Sources CNIM-LAB 15 million in , 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%) ANNUAL RESULTS

49 SOLAR WITH BATTERIES PROJECTS SELECTED FOR RCE TENDERS Leclerc project on Reunion Island 1MW stored solar power project To come on stream in summer 2014 Photo 1 er projet Kourou project in French Guiana 2MW stored solar-power project Planning application filed Expected to commence in 2015 Total investment : 10 million Leclerc project aerial perspective ANNUAL RESULTS

50 ANAEROBIC DIGESTION PROJECTS ARE BEING RAMPED UP 2013 Commissioning of the two first plants (Tiper and Capter) Total investment of 20 million Photo 1 er projet Aim to have both plants reach full capacity in the second half of to 4 projects to enter into service, including one gas-injection project Tiper anaerobic digestion plant (Thouars) Total investment: 20 million ANNUAL RESULTS

51 6. CONCLUSION 51

52 CONFIRMATION OF THE 1 BILLION IN GROWTH INVESTMENTS FOR THE PERIOD In million Marie Galante CAPEX to meet environmental norms Galion Brazil (Rio Pardo Termoelétrica) Anaerobic Digestion Solar %: project debt Other projects, including: Brazil Anaerobic digestion Peak plants Solar 30 40%: equity (Albioma + co-investors) ANNUAL RESULTS

53 PROFITABLE GROWTH STRATEGY IMPLEMENTED 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 RÉSULTATS ANNUELS

54 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 55

56 APPENDICES 56

57 COMPARISON OF BUSINESS MODELS - BRAZIL (1/2) Brazil Greenfield Brazil Brownfield Investment / MW 2 million 0.6 to 1 million (immediate impact on earnings) Price BRL/MWh (i.e /MWh) Sale of electricity Securing / Supply Counterparty Power purchase agreement (PPA) Contract Crop duration Securing years Local operator or industrial customer Variable Obligation to supply power Market price for the portion of energy not sold via PPA 8 10 months Bagasse replaced by wood residues if needed ANNUAL RESULTS

58 COMPARISON OF BUSINESS MODELS - BRAZIL (2/2) Financing Brazil Greenfield Long term (15y) (BNDES credit lines) Brazil Brownfield 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 % Tax regime Inflation Preferential regime ( Lucro Presumido ) 6.5% annual ANNUAL RESULTS

59 INCOME STATEMENT (In million) (excluding wind power) Change 2012 (reported figures) Revenues % EBITDA % Depreciation / amortization (47.3) (37.9) -25% (40.5) EBIT % 86.7 Financial charges (23.5) (27.3) +14% (29.3) Earnings from associate companies % 2.6 Taxes (23.2) (20.0) -16% (20.7) Effective tax rate 37.0% 36.1% 36.0% Consolidated net profit % 39.3 Group net profit from lines of business maintained Capital gain from sale of wind-power business % Net income from businesses sold 1.4 Group net profit % 33.5 ANNUAL RESULTS

60 CASH FLOWS (In million) (excluding wind power) 2012 (reported figures) Cash flow from operations Change in net working capital Taxes paid out (22.4) (17.8) (17.7) Net cash flow from operations Maintenance Capex (13.3) (9.8) (9.8) Free cash flow from operations 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) 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 Opening cash balance Closing cash balance ANNUAL RESULTS

61 DECREASE IN FIXED COMMISSION AT JANUARY 1, 2014 BUT RISE IN CASH AT ALBIOMA S LE MOULE PLANT 1. Contractual decrease in fixed commission of 5 million (EBITDA impact) 2. Reduction of debt service Increase in cash flow* * With normative tax rate ANNUAL RESULTS

62 PROJECT DEBT AMORTIZATION SCHEDULE In million Dette Projet ANNUAL RESULTS

63 ALBIOMA S BOARD OF DIRECTORS Director Independent Director Jacques PETRY Chairman & Chief Executive Officer Michel BLEITRACH Independent Director, Vice-Chairman of the Board of Directors, Chairman of the Commitments and Monitoring Committee Edgard MISRAHI Permanent Representative of Financière Helios at the Board of Directors Chairman & CEO at Apax Partners MidMarket 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 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 Michèle REMILLIEUX Independent Director, Chairwoman of the Nomination and Remuneration Committee Former Deputy Chief Executive Officer of Hay Group France ANNUAL RESULTS

64 (in euros) ALBIOMA S SHAREHOLDING STRUCTURE & SHARE PRICE OUR SHAREHOLDING STRUCTURE OUR SHARE PRICE SINCE JANUARY 2012 (AS AT MARCH 3, 2014) % 18 50,4% 0,5% % 5,7% 0,7% 42,6% 0,2% % 12 Financière Hélios and affiliates Other Directors Treasury shares Financière de l'echiquier FCPE Albioma (company mutual fund) Float 10 8 Albioma CAC 40 (rebased) SBF 120 (rebased) ANNUAL RESULTS