Financial Results – FY 2011

Michael Teacher, CEO

Chris Parratt, CFO

2

Forward-looking statements

This Presentation may include forward-looking statements. Forward-looking statements are

statements regarding or based upon our management’s current intentions, beliefs or expectations

relating to, among other things, Ontex’s future results of operations, financial condition, liquidity,

prospects, growth, strategies or developments in the industry in which we operate. By their

nature, forward-looking statements are subject to risks, uncertainties and assumptions that could

cause actual results or future events to differ materially from those expressed or implied thereby.

These risks, uncertainties and assumptions could adversely affect the outcome and financial

effects of the plans and events described herein.

Forward-looking statements contained in this Presentation regarding trends or current activities

should not be taken as a representation that such trends or activities will continue in the future.

We undertake no obligation to update or revise any forward-looking statements, whether as a

result of new information, future events or otherwise. You should not place undue reliance on any

such forward-looking statements, which speak only as of the date of this Presentation.

The information contained in this Presentation is subject to change without notice. No

representation or warranty, express or implied, is made as to the fairness, accuracy,

reasonableness or completeness of the information contained herein and no reliance should be

placed on it.

Ontex IV Group established in November 18, 2010

− Ontex IV. incorporated on May 25, 2010 by funds managed by GS and TPG

− Ontex IV. acquired ONV TOPCO NV group on November 18, 2010

Comparative financial information

− FY 2010, ONV TOPCO NV (“Predecessor”) audited consolidated financial results

− Q4 2010, ONV TOPCO NV (“Predecessor”) unaudited consolidated interim

financial results

− FY 2011 ONTEX IV S.A. (“Successor”) audited consolidated financial results

3

Reporting Structure

29/03/2012

4

Agenda

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1. Key Developments & Strategy Update

2. Financial Review

3. Outlook

4. Appendix

Key Developments & Strategy Update

5

Ontex Response to Macro Environment Key F

acto

rs

JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

A Brand Competition and Promotions

Raw Material Price Increases

Currency Movements

Supply Shortages

Increased Retailers’ Price Sensitivity

Implementing

price increases

Seizing attractive growth opportunities

• Successful opening of plants in Australia and

Russia, backed by growing customer demand

• Increased sales channels outside Western Europe

• New businesses opened in Morocco, Pakistan and

Ukraine

• Value enhancing acquisition in the Incontinence

business (Lille Healthcare)

Driving efficiencies

• Focus on operational efficiencies and cost

savings

• Enhancing productivity

• Villefranche plant closure executed as

planned

Ontex’s Actions

• All major accounts

reviewed

7

FY 2011 Saw Reduced Earnings, but a

Rising Trend

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Excluding Lille Healthcare consolidation, Group sales amounted €1,192.6 million, + 1.3% year-on-year

Total sales at 1,217.6 million, a 3.4% increase compared to FY 2010

− + 4.9% at constant currency

− Satisfying fourth quarter throughout all three divisions

Adjusted EBITDA at €133.9 million, a 16.9% year-on-year decrease

− Despite €8.5million of adverse currency impact

− Adjusted EBITDA margin of 11.1% in the fourth quarter (or 12.0% at constant currency)

Free Cash Flow (FCF) in line with previous indications at €70.7 million

− €(7.2) million working capital for the year, stable compared to €(7.8) million in FY 2010

− €35.7 million of FCF in the fourth quarter

Net Debt at €769.8 million as at December 31, 2011

8

Improving Sequential adjusted EBITDA and

FCF in 2011

29/03/2012

In €m

31.3 32.7 33.3 36.6

5.0 1.2

28.8

35.7

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

AdjustedEBITDA

FCF

• Improving sequential Adjusted EBITDA

• Normalisation of inventory levels throughout the year

• Higher Capex spend, in line with previous indications

9

Sales Contribution per Division Fairly

Stable Year-on-Year

29/03/2012

74.0%

15.3%

10.7%

FY 2010 sales divisional breakdown

Retail

Healthcare

Turkey Region72.9%

16.4%

10.7%

FY 2011 sales divisional breakdown

Retail

Healthcare

Turkey Region

10

Retail Division: Operational Drivers

29/03/2012

Supply / Competition:

• Sustained promotional activities from A

Brands

• P&Ls

• Strongly impacted by raw material

price increases and supply shortages

• Higher volatility on the back of

adverse currency movements

• Continuous product re-engineering to

meet customers’ demand

Demand:

• Price, rather than relationship and

reliability, is increasingly the dominant

factor for retailers, especially in Western

Europe

• Further strong penetration potential

outside Western Europe

• Branded portion of the business is set to

increase on the back of growth in

emerging markets

11

Retail Division: FY 2011 Review

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FY 2011 Highlights:

• Price increases implemented in H1 2011

• Competitive environment leading to some

business losses

• Foundations laid for a more proactive

sales approach

• Continue to expand where customer

traction is strong

• A more efficient asset base now excluding

Villefranche

Outlook:

• Impact of lost businesses will be visible in

2012

• Growth outside Western Europe

• Adding more lines in Australia and

Russia

• Continuous focus on enhancing

efficiencies

• New business pipeline picking up

€ million FY 2011* FY 2010 %

Revenues 881.7* 870.9 1.2

Revenues at constant

currency 884.4* 871.0 1.5

* Excluding Lille Healthcare. Including Lille Healthcare, FY 2011 sales are, respectively, €886.7 million

as reported and €889.3 million at constant currency, representing, respectively, an increase of 1.8%

and 2.1% year-on-year

12

Healthcare Division: Operational Drivers

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Supply / Competition:

• Larger variety of players

• Innovation driven market

• P&Ls

• Strongly impacted by raw material

price increases and shortage supply

• Governments and regional/local

authorities remain key customers

Demand:

• Strong dynamics and increasing product

penetration levels across all geographies

• Price sensitivity influenced by

reimbursement systems and “route-to-

market”:

• Home care: less price sensitive

• Away from home (nursing homes,

hospitals) and medical distribution:

more price sensitive

• Varying “route-to- market” with increasing

home care segment (retailers, pharma,

home delivery)

13

Healthcare Division: FY 2011 Review

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FY 2011 Highlights:

• Price increases successfully implemented

• Operational costs controlled

• Further penetration of existing markets by

expanding route-to-market

• Acquisition of Lille Healthcare

• Successful integration

• Synergies above expectations

• On track to achieve short-term

payback

Outlook:

• Building blocks in place to further leverage

current clientele and new route-to-market

• Further integration of Lille Healthcare:

• To benefit from commercial

complementarity of both

organisations

• To further leverage synergies on

operations (raw materials, logistics,

transports, manufacturing

excellence, cross learning)

€ million FY 2011* FY 2010 %

Revenues 180.0* 180.3 (0.2)

Revenues at constant

currency 180.4* 180.3 -

* Excluding Lille Healthcare . Including Lille Healthcare, FY 2011 sales are, respectively, €200.1

million as reported and €200.4 million at constant currency, representing an overall increase of 11%

year-on-year

14

Turkey Division: Operational Drivers

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Supply / Competition:

• Competitive babycare market with six

major brands, including Canbebe

• Market leading incontinence brand in

Canped with launch of Helen Harper

femcare brand growing share

• Turkey as a distribution platform for

neighbouring countries

• P&Ls

• Currency devaluations / raw

materials affecting all players; market

is adjusting over time

Demand:

• Further strong penetration potential

across all product categories

• Modern retail market growing, but

traditional market remains strong

15

Turkey Division: FY 2011 Review

29/03/2012

FY 2011 Highlights:

• Dominated by currency and raw material

movements

• Sustained competition in the domestic

markets

• Good progress in export markets through

a strengthened export team

• Ontex’s strong position maintained

through excellent supply chain

Outlook:

• Reorganisation of export activities bearing

immediate fruit with exciting growth

prospects

• Relaunch of Canbebe diaper brand in Q1

2012 shows promising initial results

• Further expansion of plant in Algeria

• New upgraded plant in Turkey to deliver

productivity enhancements

€ million FY 2011 FY 2010 %

Revenues 130.8 126.3 3.6

Revenues at constant

currency 145.4 126.3 15.1

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Group’s Strategic Focus Remains

Unchanged

29/03/2012

Growth outside

Western Europe

Re-engineered

sales approach

Driving

efficiencies

Cost control /

Cash

management

• Leveraging

sales,

distribution and

production

platform

strengthened in

2011

• Across all

product

categories

• Supported by

careful

evaluation of

any further

necessary

investments

• Adapting to

retailers’ price

sensitivity

• Focus on

flexibility in

scaling product

specs up or

down

• Aiming to

deliver cheaper

products at a

lower cost with

a view to

maintaining

satisfactory

margins

• Systematic

approach

throughout the

entire

organisation

• Increasing

automation

across all

factories

• Supported by

careful

evaluation of

any further

necessary

restructuring

• Continuous

cost control

throughout all

Opex lines

• Thorough

monitoring of

Working Capital

requirements

• Aiming to

preserve

Group’s liquidity

profile

Growth of Adult

Incontinence

Business

• Accelerated by

the acquisition

of Lille

Healthcare

• Continued

capex

allocation to

sustain

operational

developments

• Opportunities to

further increase

output

continuously

assessed

Financial Review

17

18

FY 2011 Financial Highlights (1/2)

29/03/2012

1: For definition and reconciliation of Adjusted EBITDA

please see Ontex Financial Report for FY 2011

In €m Successor Predecessor %

FY 2011 FY 2010

Revenues 1,217.6 1,177.5 3.4

Excluding Lille Healthcare 1,192.6 1,177.5 1.3

Revenues at constant currency

1,235.1 1,177.5 4.9

Cost of sales (941.4) (892.2) 5.5

Gross profit 276.2 285.3 (3.2)

Opex (172.8) (155.1) 11.4

Adjusted EBITDA1 133.9 161.2 (16.9)

Adjusted EBITDA1 excluding exchange rate effects 142.4 161.2 (11.7)

19

FY 2011 Financial Highlights (2/2)

29/03/2012

1: For definition and reconciliation of Adjusted EBITDA

please see Ontex Financial Report for FY 2011

2: Non-recurring expenses excluding amortization

In €m Successor Predecessor %

FY 2011 FY 2010

Adjusted EBITDA1 133.9 161.2 (16.9)

Non recurring expenses2 (35.1) (46.5) (24.5)

Reported EBITDA 98.8 114.7 (13.9)

Depreciation & Amortization (35.6) (31.9) 11.5

Operating profit 63.2 82.8 (23.7)

20

2011 Revenues by Division

In €m

Successor

FY 2011

Predecessor

FY 2010 % as reported

% at constant currency

% at constant currency excl. Lille Healthcare

Per division

Retail 886.7 870.9 1.8 2.1 1.5

Healthcare 200.1 180.3 11.0 11.1 0.1

Turkey Region 130.8 126.3 3.6 15.1

Per product group

Baby 724.0 715.0 1.3 2.9

Femcare 188.9 184.4 2.4 3.1

Incontinence 286.5 265.7 7.8 9.3 0.3

Other (Traded goods)

18.2 12.4 46.8 50.8 43.5

Per geographic area

Western Europe 868.1 853.1 1.8 1.9 (0.5)

Eastern Europe 157.9 128.5 22.9 24.6 24.3

Rest of the world 191.6 195.9 (2.2) 4.8 3.1

29/03/2012

21 29/03/2012

Improving Sequential Profitability

293.5 299.9

303.7

338.0

10.7%

10.4%

12.9%

12.0%

270.0

280.0

290.0

300.0

310.0

320.0

330.0

340.0

350.0

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

Revenues Adj. EBITDA Margin

In €m

Quarterly review at constant currency:

22.8% 21.5%

23.5% 24.3%

10.7% 10.4%

12.9% 12.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

0.0%

10.0%

20.0%

Gross Margin Adj. EBITDA Margin

22

Update on Non-Recurring Expenses &

Villefranche Cash Flow Timing

29/03/2012

Villefranche Cash Flow Timing

€31.1 million of cash costs recognised

YTD

− €20.3 million of social costs

− €10.8 million of other restructuring

costs

Cash impact YTD: €18.3 million

Total planned cash costs remain

unchanged at €25 to €30 million

Lille Cash Flow Timing

€4.6 million to be spent during 2012

Non-Recurring Cash Expenses (€m)

35.1*

2011

1.6

31.1

Factory Closure Business

restructuring Other

“Other” includes costs mainly linked to acquisition(s)

* Excluding €5.1 million of non cash costs

2.4

In €m FY 2010

Predecessor H1 2011

Successor Indications for FY 2011

FY 2011

Adjusted EBITDA

161.2 64.0 133.9

Changes in WC

(7.8) (30.1) Similar to FY

2010 (7.2)

Cash taxes paid

(17.3) (15.0) Approx. (19.0) (21.8)

Capex (21.3) (12.7) Max. (40.0)* (34.2)

FCF 114.8 6.2 70.7

23

FCF Generation in Line with Previous

Guidance

29/03/2012

* Including €25.0 million of normal Capex and €15.0 million of

exceptional investment in high return projects.

24

Capex Plan 2011-2013

29/03/2012

In €m

2011 2012 2013

Base spend 25.0 25.0 25.0

Additional

Investment 15.0 15.0 TBD

Delays (5.8) 5.8 N.A.

Cash out 34.2 45.8 TBD

25

Strengthened Liquidity Position

29/03/2012

End 2011

• Cash & Cash Equivalents: €65.5 million

• Credit Lines: €50.0 million (of which drawn: €0.0 million)

• Available liquidity: €115.5 million

Exceptional cash commitments for 2012 (€m):

Villefranche Approx. 10.0

Integration Lille

Healthcare

Approx. 5.0

Expected cash income for 2012 (€m)

Oil hedge pay-out TBD (Q1 2012: 2.7)

- +

Net Debt Bridge

29/03/2012

In €m

26

Opening Net Debt as of Jan 1, 2011

Q1 Movements*

Closing Net Debt as of Dec 31, 2011

Operating CF

49.8

58.9

Finance costs

Cash costs

Non cash impact

*: Including costs and cash impacts related to the bond issuance (€ 42.5 million)

as well as other cash inflow and outflow related to operating and investing

activities

Capex

15.2

683.9

769.8 733.7

Net Debt as of March 31, 2011

28.7

85.0

18.3

Villefranche

27

Raw Material Prices (until February 2012)

29/03/2012

Fluff Low Density Polyethylene

Propylene Homo Polypropylene homo polymer

Outlook

28

29

Update on Hedging Policies

29/03/2012

Oil hedge

− Goal: to hedge a proportion of the Group’s indirect exposure to oil prices

− Terms : 13 quarters, expiring Sept 2013

− Nominal amount outstanding at 31 Dec 2010 was €115.5 million, and €73.5 million at

31 Dec 2011

− Accounting: disclosed as financial instrument

− FY 2011 impact (€5.4 million)

USD/€ hedge

- Goal: to try and offset exposure to €/USD rate fluctuations in relation to raw

material prices

- Terms:

- 35% of 2012 USD exposure – floor of USD 1,2153 / €

- 35% of 2012 USD exposure hedged via GBP – Floor at USD 1,4137 / GBP

- Accounting: disclosed as a financial instrument

Currency Mechanism & Exchange Rate

Movements

29/03/2012 30

Buy Currency Sell

Currency

(in millions)

Currency

(in millions)

> 150 USD Negligible

- Polish Zloty (PLN) > 275

150 Turkish Lira (TL) 200

750 Czech Koruna (CZK) 350

> 150 Russian Ruble (RUB) 900

10 GBP 120

750 Algerian Dinar (DZD) 2500

Currency 2010 H1 2011 H2 2011 As of

27th

March

2012

USD 1.327 1.403 1.380 1.333

TL 1.998 2.206 2.464 2.382

GBP 0.858 0.868 0.867 0.835

PLN 3.995 3.952 4.286 4.142

DZD 97.126 100.620 101.535 98.802

CZK 25.296 24.347 24.830 24.561

Currency impact:

estimated 2011 positions

Exchange rates

(averages)

In €m FY 2010

Predecessor FY 2011

Successor

Indications for FY 2012

(normal run rate assuming no strategic project, etc.)

Adj. EBITDA 161.2 133.9

Changes in WC (7.8) (7.2) Similar to previous years

Cash taxes paid (17.3) (21.8) Approx (13.0)

Capex (21.3) (34.2) Approx (46.0)

FCF 114.8 70.7

31

Modelling FCF in 2012

29/03/2012

32

Reaffirming Ontex Investment Proposition

29/03/2012

Robust liquidity position

“Essential” feature of Ontex Products

Cost savings: “Group’s DNA”

Tough retail environment

Growth Efficiency

Q&A – FY 2011

FY 2011 Annual Report to be published in the course of April 2012

Announcement of Q1 2012 earnings planned for May 16, 2012

34

Updated Financial Calendar

29/03/2012

Europe’s leading provider of private-label (“PL”)

hygienic disposable products with a private label market

share of approx. 47% across its core product categories

(in 2011)

Close to 3x times larger than any other PL player in

Europe

5.9 billion diapers in 2011*

3.3 billion panty liners in 2011*

470 million light adult “inco” pads in 2011*

Supplier to the 10 largest retailers in Western Europe

and to key healthcare institutions

Diverse geographical sales, customer and profit mix

14 production facilities in 8 countries

– 2 new facilities opened in 2011

By Type of Product

Revenue Split for year ended 31, December, 2011

Private

Label

77%

Branded

23%

By Product By Geography

RoW

16%

Eastern

Europe

13% Western

Europe

71%

Appendix: A Brief Introduction to Ontex

35

Babycare

59.5%

Femcare

15.5%

Adult Inco

23.5%

Other

1.5%

* Reflects pieces manufactured and sold in 2011

36

Q4 2011 Revenues

In €m

Successor

Q4 2011

Predecessor

Q4 2010 % as reported

% at constant currency

% at constant currency excl.

Lille Healthcare

Per division

Retail 230.9 221.9 4.1 4.9 2.7

Healthcare 66.6 45.1 47.7 47.5 3.1

Turkey Region 33.6 33.2 1.2 16.9

Per product group

Baby 187.5 184.5 1.6 4.3

Femcare 46.5 45.9 1.4 2.8

Incontinence 91.5 67.3 35.8 37.6 1.9

Other (Traded goods) 5.6 2.4 133.3 135.5 100.0

Per geographic area

Western Europe 233.3 212.8 9.6 9.6 (0.3)

Eastern Europe 43.5 33.0 31.8 38.5 37.5

Rest of the world 54.3 54.4 (0.2) 8.6 2.4

29/03/2012