22/02/2024 07:00
Présentation des Résultats annuels 2023 (EN)
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INFORMATION REGLEMENTEE

FY 2023 RESULTS
FEBRUARY 22, 2024
EXECUTIVE SUMMARY




Laurent Favre
Chief Executive Officer




F Y 2 0 2 3 R E S U L T S – F E B R U A R Y 2 2 , 2 0 2 4 2
Executive summary
2023 in-line with our operational strategic priorities



Historical businesses Consolidating
from strength to strength the ambition in Hydrogen
and accelerating
industrial development
Main
achievements
Significant improvement Additional initiatives
in first year of Lighting to carbon neutrality
roadmap




F Y 2 0 2 3 R E S U L T S – F E B R U A R Y 2 2 , 2 0 2 4 3
Executive summary
2023, year of excellent execution




Strong revenue growth Solid order book Financial performance
reflecting customers’ trust above adjusted targets
+20.3%
vs. 2022 equivalent to Operating margin
2 years of revenue of €395m
+13.4% in 2023
of organic growth
Free Cash Flow
+3.7pts of €227m
outperformance vs. market*


* Source: S&P Global Mobility automotive production published in February 2024 - [0;3.5t PC + LCV]



F Y 2 0 2 3 R E S U L T S – F E B R U A R Y 2 2 , 2 0 2 4 4
For the first time, revenue exceeds €10bn
Up +38% since 2018, of which 2/3 is organic growth…
…while automotive production is down - 4%

11.4
9.2 9.5
8.2 8.0
7.7
91.2 87.6
85.9
79.8
71.6 74.2




2018 2019 2020 2021 2022 2023

Economic revenue (in €bn) Automotive production* (in millions of vehicles)
* Source: S&P Global Mobility automotive production published in February 2024 - [0;3.5t PC + LCV]



F Y 2 0 2 3 R E S U L T S – F E B R U A R Y 2 2 , 2 0 2 4 5
Outperforming the market by +3.7pts

FY 2023 vs. FY 2022 TOTAL EUROPE NORTH AMERICA CHINA ASIA (EXCL. CHINA)
% of Plastic Omnium
2023 revenue 100% 51% 28% 9% 8%


Automotive
+9.7% +12.2% +9.9% +10.2% +8.6%
production*

Plastic Omnium LFL**
+13.4% +16.4% +10.8% +0.5% +16.1%

PERFORMANCE +3.7pts +4.2pts +0.9pt -9.7pts +7.5pts
vs. market
Strong growth Performance in-line Market growth mainly Excellent performance
outperforming with the market driven by EV vehicles vs. market production
the market mainly despite the headwind and local players. mostly driven
driven by IES and of the UAW strike JV YFPO in-line by South Korea
Modules with market; and India
Modules and CES
underperformed
* Source: S&P Global Mobility automotive production published in February 2024 by source plant region - [0;3.5t PC + LCV]
** Economic revenue at constant scope and foreign exchange differences



F Y 2 0 2 3 R E S U L T S – F E B R U A R Y 2 2 , 2 0 2 4 6
BUSINESS AND STRATEGIC
HIGHLIGHTS




Laurent Favre
Chief Executive Officer

Félicie Burelle
Managing Director

F Y 2 0 2 3 R E S U L T S – F E B R U A R Y 2 2 , 2 0 2 4 7
Plastic Omnium well-positioned to address market
evolution
Automotive production market * Plastic Omnium product portfolio
In millions of vehicles 3 divisions agnostic to powertrain evolution
94
88
IES
12%
45%
>75% Lighting
21%
of revenue Modules
ZEV**


Hybrid
31% Expanded range of powertrain solutions
67%
Fuel Systems Battery packs Hydrogen systems
ICE (CES) (e-Power) (New Energies)
24%
A complete range of energy management solutions

2023 2030
*Source: S&P global Powertrain forecast January 2024 – PC+LCV [0-3,5T]
**Zero-Emission Vehicles (BEV+FCEV)



F Y 2 0 2 3 R E S U L T S – F E B R U A R Y 2 2 , 2 0 2 4 8
Robust order intake reflecting customers’ trust
Strengthening our geographical footprint and powertrain diversification

Intelligent Exterior Systems
Mega • Increasing tailgate activity: significant awards for major
deals European and American OEMs

Lighting
• Solid order book of €1.6bn for the first year of integration,
reflecting customers’ trust
2020 2021 2022 2023
Modules
• More balanced geographical footprint: c.80% of order
% Order book % Order book
intake in Americas and Asia
for ZEV* in Americas & Asia
Clean Energy Systems
• Order intake > revenue in 2023
c.55% c.60% New Energies
• Heavy and commercial mobility >90% of the order intake
* Zero-Emission Vehicles (BEV+FCEV)



F Y 2 0 2 3 R E S U L T S – F E B R U A R Y 2 2 , 2 0 2 4 9
Diversifying our customer base
In-line with market evolution

2023 Next steps
Increasing business with EV players
15% BEV in total revenue
to diversify our customer portfolio
New comers Mass market
& Chinese OEMs 33% Award January 2024
24% Major US EV Player
Plastic tailgate
Premium
43%
Premium clients stand for c.40% Premium customers will remain
of revenue a solid part of our portfolio


Accelerating our diversification
Implementation of capacities for
in heavy and commercial mobility,
hydrogen mobility
through hydrogen


F Y 2 0 2 3 R E S U L T S – F E B R U A R Y 2 2 , 2 0 2 4 10
164 flawless launches in 2023 across all divisions
Powertrain
26
NORTH
AMERICA
EUROPE

21
BY Exterior
BUSINESS Systems CHINA
99
49 70
&
Mix powertrains
REST OF ASIA
15 THE WORLD (excl. China)


BY
Electric
60
4 20
POWERTRAIN




F Y 2 0 2 3 R E S U L T S – F E B R U A R Y 2 2 , 2 0 2 4 11
Evolution of segment information
Aligned with the strategic roadmap and the product portfolio
2022 2023
PLASTIC
OMNIUM MODULES MODULES
MODULES


INTELLIGENT EXTERIOR SYSTEMS (IES) With:
EXTERIOR
SYSTEMS
LIGHTING Plastic Omnium’s
PLASTIC software house
OMNIUM
INDUSTRIES CLEAN ENERGY Incl.
SYSTEMS (CES) e-Power

POWERTRAIN
NEW ENERGIES


F Y 2 0 2 3 R E S U L T S – F E B R U A R Y 2 2 , 2 0 2 4 12
Unique offer of fully integrated exterior solutions
Increase our content per vehicle through cross-divisions synergies


Plastic Omnium is offering a unique technological offer:
fully integrated exterior systems through the combination of
Intelligent Exterior Systems, Lighting and Modules


First awards Next steps
• Illuminated panels • Smart Tailgates with higher • Extended scope: to enhance
(exterior part with integrated lighting) added value, smart, lightweight, on-boarded intelligence, boost
distinctive and adaptable to vehicle efficiency and improve
manufacturers’ requirements manufacturing competitiveness




F Y 2 0 2 3 R E S U L T S – F E B R U A R Y 2 2 , 2 0 2 4 13
Success of the first year for Lighting
Strong order intake and significant reduction in cost base

Operational efficiency Solid order book of €1.6bn
in 2023 in 2023

Innovation Award at CES 2024
REDUCTION in scrap
BMW – MINI Cooper
Electric Dynamic interior
dashboard projection
OPTIMIZATION of sites


Diversified product portfolio
-30% inventories • Head & rear lamps
• Modules / electronics

-20% labor costs • Bodyshells
(bumpers with integrated lighting)




F Y 2 0 2 3 R E S U L T S – F E B R U A R Y 2 2 , 2 0 2 4 14
Next steps for Lighting
Key priorities to improve growth and profitability

Operational priorities Medium-term outlook
2024-2025 2026 and beyond

• Revenue growth confirmed by current
• Increase order intake with current
order intake
customers
• More diversified customer portfolio and
• Diversify customer base
more balanced geographical footprint


• Reduce break-even point • Profitability in-line with the Group’s
to adapt to lower volumes operating margin rate



• Accelerate vertical integration to • Increase content per vehicle through
internalize electronic production extended value chain


F Y 2 0 2 3 R E S U L T S – F E B R U A R Y 2 2 , 2 0 2 4 15
Moving forward with priorities for Modules
Improving profitability through operational excellence

2023 Operational priorities
2024-2025
• Strong performance in H1 2023 • Better adaptation to market environment,
- volumes increasing sharply, particularly in Europe notably in Europe

• Operating margin in H2 2023 • Increase customer and geographical
diversification
- lower volumes (stop&go and delays in BEV)
- launches of plants, with positive effects in 2024

• Accelerating diversification in 2023 EUROPE NORTH ASIA
AMERICA
Award
Front-end First
& Cockpit New plant – Austin, Texas modules • Contribute to integrated offer
modules Fast launch in only 9 months assembled through high-end solutions to
enhance vehicle assembly
Q1 Q2 Q3 Q4 and global efficiency



F Y 2 0 2 3 R E S U L T S – F E B R U A R Y 2 2 , 2 0 2 4 16
Complete range of energy management systems
For all types of powertrains: ICE, hybrid, battery and hydrogen electric vehicles


Clean Energy Systems (including e-Power) New Energies




INTERNAL COMBUSTION ENGINE ELECTRIC VEHICLE HYDROGEN




FUEL SYSTEMS BATTERY 48V HIGH PRESSURE SYSTEMS
SCR BATTERY HIGH VOLTAGE FUEL CELL STACKS


F Y 2 0 2 3 R E S U L T S – F E B R U A R Y 2 2 , 2 0 2 4 17
Clean Energy Systems strongly consolidates
its leadership and develops electrification
Operational priorities
Internal Combustion Engine activity Electrification activity
(e-Power)
Strengthen Further consolidate Focus on fixed costs Incubate electrification
market leader position additional business and break-even point activity through
# 1
worldwide
opportunities
with countries / customers
reduction 48V battery pack
business
where ICE and Hybrid
remain predominant
EUROPE NORTH ASIA
AMERICA (EXCL. CHINA)




30%
market share in fuel systems by 2028
*




* Plastic fuel systems addressable market



F Y 2 0 2 3 R E S U L T S – F E B R U A R Y 2 2 , 2 0 2 4 18
Our strengths in Hydrogen mobility
Strong interest in hydrogen from OEMs Significant and well-positioned order book

Order c.€4bn
book Commercial
and heavy
vehicles
c.99%


2021 2022 2023
€3bn

Higher value in commercial vehicles
revenue Well-diversified product portfolio
in 2030
x15

X1.5
High pressure Fuel cell Integrated
systems stacks* hydrogen
systems

* From JV EKPO


F Y 2 0 2 3 R E S U L T S – F E B R U A R Y 2 2 , 2 0 2 4 19
Hydrogen capacities ramping up

Next launches of activity




SOUTH KOREA FRANCE CHINA
Wanju 2025 Lachelle 2025 Shanghai 2026
up to 30,000 vessels up to 80,000 vessels up to 60,000 vessels




Investments adapted to the volumes’ ramp-up,
with an average of €100m per year until 2030

F Y 2 0 2 3 R E S U L T S – F E B R U A R Y 2 2 , 2 0 2 4 20
FINANCIALS




Stéphanie Laval
VP Investor Relations




F Y 2 0 2 3 R E S U L T S – F E B R U A R Y 2 2 , 2 0 2 4 21
Strong economic revenue growth of +20.3%
Driven by all businesses
In €m • Solid performance of IES thanks
Exterior Systems to high level of order intake in
+20.3% +32.5% recent years and 5 additional
launches vs. 2022
+13.4% (+16.6%*)
• Full year of Lighting activity
+968 11,399
+1,233 -279
9,477 • Notable growth in activity in 2023,
Modules especially in Europe
+20.6% • Q4 2023 benefiting from the first
(+18.2%*) modules assembled in the new
plant in Austin, Texas


• CES ICE activity maintained at a
high level confirming leading
Powertrain position
Economic Organic Scope effect FX effect Economic +0.8% • New Energies posted revenues
Revenue growth* Revenue (+3.7%*)
2022 2023 coming from its JVs EKPO
* LFL at constant scope and foreign exchange differences
and PO-Rein

F Y 2 0 2 3 R E S U L T S – F E B R U A R Y 2 2 , 2 0 2 4 22
Material improvement in quality of operating margin
Significant impact of Lighting turnaround whilst pursuing ramp-up in New Energies

2022 2023
In €m
+€31m
• Operating margin of €395m in 2023
+€167m
395 up +€31m vs. 2022 as reported
364
3.8%
4.3% • Operating margin is up +€167m vs. 2022
228 proforma, i.e. considering acquisitions with
a full-year impact in 2022 and 2023
2.4%

• Positive impact of the turnaround of Lighting

• Hydrogen and electrification activities
Operating Proforma Operating pursue their development in-line with the
margin
2022
2022
operating
margin Group’s strategic roadmap
2023
as reported margin* as reported
* Proforma 2022 operating margin as if all acquisitions had taken place on January 1, 2022. See URD 2022 p.272.



F Y 2 0 2 3 R E S U L T S – F E B R U A R Y 2 2 , 2 0 2 4 23
Operating margin at 3.8%
As per new operating segments

OPERATING MARGIN RATE
EXTERIOR SYSTEMS
• Activity growth and strong operational
excellence for IES in 2023
5.7%
• Sharp improvement in Lighting
5.0%
4.6%
4.3% 4.4%
3.8% MODULES
• Slowdown in volumes in second half only partially
offset by flexibility
2.0% • Launch costs of new plants
1.6%

POWERTRAIN
• CES ICE once again posted the highest operating
Group Exterior Modules Powertrain margin of the Group
Systems
• New Energies and e-Power continue their ramp-up
2022 2023
in-line with the Group’s strategic roadmap

F Y 2 0 2 3 R E S U L T S – F E B R U A R Y 2 2 , 2 0 2 4 24
Stable net result Group share at €163m
In a context of high interest rates

OPERATING MARGIN
In €m FY 2022 FY 2023 • Increase in operating margin partially offsetting the rise
in financial expenses in an environment of high interest rates
Operating margin 364 395

In % of revenue 4.3% 3.8%
NON-RECURRING ITEMS
• Amounted to - €64m, stable against 2022,
Other operating including restructuring and currency effects
-64 -64
expenses

Financial result -62 -105
FINANCIAL RESULT
• Impacted by the increase in interest rates
Income tax -60 -63
• Financial costs representing 1% of total revenue

Net result Group share 168 163
INCOME TAX
In % of revenue 2.0% 1.6%
• Representing 0.6% of revenue, down -10bps vs. 2022


F Y 2 0 2 3 R E S U L T S – F E B R U A R Y 2 2 , 2 0 2 4 25
Solid Free Cash Flow generation and debt reduction
Improvement in working capital and carefully monitored CAPEX
In €m
NET DEBT
- €129m • Further reduction in Group net debt of - €129m
in-line with continuous deleveraging
1,669
61 98 1,540
FREE CASH FLOW
649 • FCF of €227m, above adjusted guidance
482 • Representing 2.2% of consolidated revenue


CAPEX
• Voluntary CAPEX increase vs. 2022 to support
growth and new acquisitions
• Representing 4.7% of revenue, < 5% capital
allocation framework
FCF €227m • Focus on strategic investments

Net Debt Gross
Cash
CAPEX ∆WCR Others** Net Debt
31 Dec.
∆WCR
31 Dec.
2022 Flow* 2023 • Inventories reduction
* EBITDA – taxes, interest & non-recurring cash items
** Including dividends (-€60m), IFRS 16 (-€91m) and others (+€52m)
• Decline in customer receivables, mainly in Lighting

F Y 2 0 2 3 R E S U L T S – F E B R U A R Y 2 2 , 2 0 2 4 26
Continued debt reduction while pursuing growth
Solid financial structure
In €m NET DEBT In €bn
2.3 LIQUIDITY 2.3
1,669 1,540
Undrawn
1.9 & confirmed 1.8 3 years maturity
(stable vs. 2022)
credit lines

0.4 Available cash 0.5
31 Dec. 2022 31 Dec. 2023 31 Dec. 2022 31 Dec. 2023



NET DEBT / EBITDA In €m
BOND ISSUE PER MATURITY
1.9x 1.7x

500 395
175 130

31 Dec. 2022 31 Dec. 2023 2023 2024 2025 2026 2027 2028 2029


F Y 2 0 2 3 R E S U L T S – F E B R U A R Y 2 2 , 2 0 2 4 27
SUSTAINABILITY




Laurent Favre
Chief Executive Officer




F Y 2 0 2 3 R E S U L T S – F E B R U A R Y 2 2 , 2 0 2 4 28
Our commitment to carbon neutrality
Continued to roll out its plan to achieve its objectives



OUR AMBITION ACHIEVEMENTS IN 2023
(excl. Lighting)

Operational activities (scopes 1 & 2) -19.7% vs. 2019
Neutral in 2025* (scopes 1 & 2)


Upstream and downstream activities (scope 3) -30.3% vs. 2019
-30% in 2030 vs. 2019 (scope 3)


Full neutrality in 2050

Objectives recognized by SBTi
as aligned with Paris Agreement

* For acquisitions realized in 2022, scopes 1 & 2 neutral in 2027



F Y 2 0 2 3 R E S U L T S – F E B R U A R Y 2 2 , 2 0 2 4 29
2023 milestones achieved in carbon neutrality
Initiatives to improve the carbon footprint




ENERGY EFFICIENCY DECARBONIZING SITES ENERGY MIX
Improvement by: Commitment with the EDF group

23
to cover 50% of the Group’s
+10.2% vs. 2022 13 renewable electricity needs
sites in France in 2025
sites
+20.9% vs. 2019
20-year power purchase
End 2022 End 2023 agreement




F Y 2 0 2 3 R E S U L T S – F E B R U A R Y 2 2 , 2 0 2 4 30
Strong improvement in ESG ratings
Demonstrating the Group's growing awareness of climate issues

2022 2023


A- A Highest score recognizing our ambitious roadmap
and carbon neutrality objectives



80/100 80/100 Platinum status and among top 1% of companies
assessed


C C+ Among leaders in its industry



A A Leads most industry peers on significant ESG risks
and opportunities


Included in the CAC SBT 1.5 index


F Y 2 0 2 3 R E S U L T S – F E B R U A R Y 2 2 , 2 0 2 4 31
On track to meet our sustainability targets
YOUTH
SAFETY* Apprentices, VIE & trainees
ACHIEVEMENT
2023 0.87 ACHIEVEMENT
2023 1,233
2025
OBJECTIVE
0.5 2025
OBJECTIVE
1,300
* FR2: Lost time injury frequency rate




DIVERSITY / WOMEN

ACHIEVEMENT
57.1% 24.0% 24.4% 29.7%
2023 women in the women in senior women among women in the
Board of Directors executive positions Managers & Engineers Group’s workforce


2030
OBJECTIVE
40% 30% 30%

Sustainability objective in the variable compensation accounting for 20%


F Y 2 0 2 3 R E S U L T S – F E B R U A R Y 2 2 , 2 0 2 4 32
OUTLOOK




Laurent Favre
Chief Executive Officer




F Y 2 0 2 3 R E S U L T S – F E B R U A R Y 2 2 , 2 0 2 4 33
Continuous return to shareholder
A solid track record of dividend distribution

Shareholders’ proposed dividend* Historic evolution of dividend per share

In € per share 0.74




€0.39 0.49 0.49

per share 0.37 0.39 0.39


0.25

0.16

34.5%
payout
2010 2012 2014 2016 2018 2020 2022 2023

* Subject to approval at the General Meeting on April 24, 2024



F Y 2 0 2 3 R E S U L T S – F E B R U A R Y 2 2 , 2 0 2 4 34
Outlook
Expected market conditions in 2024 Group’s objectives for 2024

Outperform automotive production
Automotive production expected
to be flattish (S&P* estimates -0.7%)
Increase operating margin
with strong monitoring of fixed costs

EV ramp-up may not go as fast
Increase net result Group share
as expected in Europe and North America

Increase Free Cash Flow
with close management of investments
Uncertain environment with inflation
and interest rates remaining high
Further reduction in net debt



* Source: S&P Global Production forecast February 2024 - PC+LCV [0-3.5T]



F Y 2 0 2 3 R E S U L T S – F E B R U A R Y 2 2 , 2 0 2 4 35
Conclusion
Group’s strategy remaining a key pillar for its long-term growth

2023, first full year of execution of our strategic roadmap post acquisitions
highlighted by strong commercial momentum and solid financial performance


Operational excellence of historical businesses and acceleration of the
strategy through our new activities: lighting, electrification and hydrogen


Record level of order intake across all divisions securing future dynamic growth
and demonstrating customers’ trust and the relevance of our offer


Solid free cash flow generation enabling us to continue to invest in growth
drivers and to deleverage



F Y 2 0 2 3 R E S U L T S – F E B R U A R Y 2 2 , 2 0 2 4 36
QUESTIONS & ANSWERS
UPCOMING EVENTS




23 April 2024 24 April 2024 23 July 2024 28 October 2024

2024 first General meeting 2024 half-year 2024 third
quarter revenue of shareholders results quarter revenue



F Y 2 0 2 3 R E S U L T S – F E B R U A R Y 2 2 , 2 0 2 4 38
APPENDIX




F Y 2 0 2 3 R E S U L T S – F E B R U A R Y 2 2 , 2 0 2 4 39
Revenue per business

In €m 2022 2023 Change LFL* change

Exterior Systems 4,210 5,579 +32.5% +16.6%

Modules 2,580 3,112 +20.6% +18.2%

Powertrain 2,687 2,707 +0.8% +3.7%

Economic Revenue 9,477 11,399 +20.3% +13.4%

Joint Ventures 939 1,084 +15.5% +13.1%

Exterior Systems 3,507 4,860 +38.6% +17.3%

Modules 2,347 2,751 +17.2% +18.6%

Powertrain 2,684 2,703 +0.7% +3.6%

Consolidated Revenue 8,538 10,314 +20.8% +13.4%
* LFL at constant scope and foreign exchange differences


F Y 2 0 2 3 R E S U L T S – F E B R U A R Y 2 2 , 2 0 2 4 40
Cash flow statement
In €m 2022 2023

Operating margin 364 395
EBITDA 864 900
Gross Cash Flow 666 649
In % of revenue 7.8% 6.3%
Capex and development -351 -482
In % of revenue -4.1% -4.7%
Change in WCR -72 +61
Free Cash Flow 243 227
Dividends -52 -60
Treasury shares -16 3
IFRS 16 -40 -91
Acquisition impacts & others -950 55
Net debt (end of the period) 1,669 1,540



F Y 2 0 2 3 R E S U L T S – F E B R U A R Y 2 2 , 2 0 2 4 41
Disclaimer
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F Y 2 0 2 3 R E S U L T S – F E B R U A R Y 2 2 , 2 0 2 4 42
www.plasticomnium.com

F Y 2 0 2 3 R E S U L T S – F E B R U A R Y 2 2 , 2 0 2 4 43