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Clariant AG Investor Presentation 2006

Feb 28, 2006

856_ip_2006-02-28_12eef071-f27d-4dc9-9d48-b3453ed1dd0f.pdf

Investor Presentation

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Clariant – The Way Forward

Full Year Results 2005 Analyst Conference – Zurich, February 28, 2006

Disclaimer

This presentation contains certain statements that are neither reported financial results nor other historical information. This presentation also includes forward-looking statements.

Because these forward-looking statements are subject to risks and uncertainties, actual future results may differ materially from those expressed in or implied by the statements. Many of these risks and uncertainties relate to factors that are beyond Clariant's ability to control or estimate precisely, such as future market conditions, currency fluctuations, the behavior of other market participants, the actions of governmental regulators and other risk factors such as: the timing and strength of new product offerings; pricing strategies of competitors; the Company's ability to continue to receive adequate products from its vendors on acceptable terms, or at all, and to continue to obtain sufficient financing to meet its liquidity needs; and changes in the political, social and regulatory framework in which the Company operates or in economic or technological trends or conditions, including currency fluctuations, inflation and consumer confidence, on a global, regional or national basis.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this document. Clariant does not undertake any obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date of these materials.

Full Year Results 2005

Agenda

Key Factors – Full Year 2005

Financial Review

Business Review

Performance Improvements

Outlook

Full Year Results 2005

Key Factors Full Year 2005 Roland Lösser, CEO

Full Year Results 2005

Delivering as promised

Performance improvements

Asset sales program delivered

Investment grade credit

Transformation Program fully on track

2,000 jobs

fully

eliminated

CHF 460 million cost base reduction achieved so far

awarded

Switzerland

concentrated

rating

into on track

Key Factors Full Year 2005

9

9

9

9

9 –

– More

Headquarters

than

Financial Review

Business Review

Performance Improvements

Outlook

Full Year Results 2005

Key Factors

Full Year 2005

Financial Review

Business Review

Performance Improvements

Outlook

Full Year Results 2005

Positive results for Full Year 2005

  • QSales up 1% in local currency terms to CHF 8.181 billion compared to a strong FY 2004*, prices 1% higher
  • QHigh raw material and energy costs reduced margins
  • Q Further restructuring initiatives taken in the Fourth Quarter
  • Q Transformation Program delivered CHF 310 million of cost reductions
  • QEBIT margin before exceptionals declined from 7.6% to 6.3%*
  • QNet income up 29% to CHF 192 million, from CHF 149 million*
  • QProposed payout of CHF 0.25 per share through a reduction in nominal value
  • QPositive outlook for 2006, with additional CHF 250 million cost reductions on track

*on a comparable basis

Financial Review Patrick Jany, CFO

Full Year Results 2005

Financial Review

Business Review

Performance Improvements

Outlook

Full Year Results 2005

Slide 8

Key financial group figures – Full Year 2005

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* The numbers for 2004 are like-for-like to account for the disposals of business activities in 2004 and 2005. Disposals in 2004: Electronic Materials and Lancaster Synthesis Ltd, UK and USA (both of the Life Science Chemicals Division), and Clariant Polymers, Japan, (of the Textile, Leather & Paper Chemicals Division). Electronic Materials was sold on September 30, 2004. All other activities were sold effective as per the end of 2004. Disposal in 2005: Clariant Acetyl Building Blocks, Germany (of the Life Science Chemicals Division) was sold effective per end of July 2005.

Financial Review

Business Review

Performance Improvements

Outlook

Full Year Results 2005

Slide 9

Key financial group figures – Fourth Quarter 2005

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* The numbers for 2004 are like-for-like to account for the disposals of business activities in 2004 and 2005. Disposals in 2004: Electronic Materials and Lancaster Synthesis Ltd, UK and USA (both of the Life Science Chemicals Division), and Clariant Polymers, Japan, (of the Textile, Leather & Paper Chemicals Division). Electronic Materials was sold on September 30, 2004. All other activities were sold effective as per the end of 2004. Disposal in 2005: Clariant Acetyl Building Blocks, Germany (of the Life Science Chemicals Division) was sold effective per end of July 2005.

Financial Review

Business Review

Performance Improvements

Outlook

Key factors in Fourth Quarter 2005

QRaw materials rose by 6% year-on-year

Q Approximately CHF 25 million in one-time costs, including implementation of a new supply chain management system

QEarly debt retirement incurred CHF 30 million in one-time costs

QPharma business impaired by CHF 55 million

Full Year Results 2005

Financial Review

Business Review

Performance Improvements

Outlook

Solid growth in Fourth Quarter 2005

4th Quarter 2005 versus 4th Quarter 2004, like-for-like*

Full Year Results 2005

Slide 11

* The numbers for 2004 are like-for-like to account for the disposals of business activities in 2004 and 2005. Disposals in 2004: Electronic Materials and Lancaster Synthesis Ltd, UK and USA (both of the Life Science Chemicals Division), and Clariant Polymers, Japan, (of the Textile, Leather & Paper Chemicals Division). Electronic Materials was sold on September 30, 2004. All other activities were sold effective as per the end of 2004. Disposal in 2005: Clariant Acetyl Building Blocks, Germany (of the Life Science Chemicals Division) was sold effective per end of July 2005.

Growth pattern since 2002

Financial Review

Business Review

Performance Improvements

Outlook

Transformation Program costs & benefits

Full Year Results 2005

Slide 13

Financial Review

Business Review

Performance Improvements

Outlook Key drivers of operating income before exceptionals in Full Year 2005

EBIT & CPIP measures: in mn CHF *after CPIP measures

Slide 14

Full Year Results 2005

Financial result helped by FX

Key Factors Full Year 2005

Financial Review

Business Review

Performance Improvements

Outlook

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Full Year Results 2005

2005 Cash flow evolution as expected

Full Year

192

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2005

Full Year 2004*

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-75

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+417

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Key Factors Full Year 2005

Financial Review

Business Review

Performance Improvements

Outlook

Full Year Results 2005

*restated

Net result

in mn CHF

working capital

Other

Depreciation & amortization

Operating cash flow before

Disposals and other +98

Change in working capital

Cash flow before financing

Operating cash flow

Capital expenditure

Scope to reduce financing costs

Business Review Roland Lösser, CEO

Full Year Results 2005

Financial Review

Business Review

Performance Improvements

Outlook

Divisional sales and margins – Full Year 2005 (continuing operations*)

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Full Year Results 2005

Slide 19

* Continuing Operations: On September 30, 2004, Clariant sold the business unit Electronic Materials, belonging to the LSC division, to The Carlyle Group. As a consequence, Electronic Materials is disclosed as Discontinuing Operations for 2004.

** EBITDA margins before exceptional items

Textile, Leather & Paper Chemicals

  • Q Improving business environment towards year end
  • QPressure from higher raw material costs easing
  • Q Wide-ranging restructuring measures showing good results
  • Q Active shrinking and portfolio focusing of textile dyes fully on track
  • QGood growth in paper, especially driven by optical brighteners
  • QSigns of recovery for leather products after period of weak demand
  • QNew products launched for dyeing auxiliaries, specialty dyes and finishing

Key Factors Full Year 2005

Financial Review

Business Review

Slide 20

Full Year Results 2005

Performance Improvements

Outlook

Key Factors

Full Year 2005

Financial Review

Business Review

Performance

Improvements

Outlook

Pigments & Additives

  • QSolid growth across most of the businesses
  • QStable prices in challenging market conditions
  • Q Continued pressure from higher raw material costs
  • QWeaker demand for colorants but strong demand for additives
  • Q Difficult environment for automotives but plastics recovering
  • QSuccessful market introduction of Licocene® and Exolit® product range

Full Year Results 2005

Key Factors

Full Year 2005

Financial Review

Business Review

Performance

Improvements

Outlook

Functional Chemicals

  • QHigher prices but continued pressure from higher raw material costs
  • QIncreased demand for personal care and construction chemicals
  • Q Business for crop protection remained at a high level
  • QStrong demand for functional fluids and oilfield chemicals
  • Q Further progress with color care product range Texcare® and other laundry additives

Full Year Results 2005

Slide 22

Financial Review

Business Review

Performance Improvements

Outlook

Life Science Chemicals

  • QSolid demand for products in Speciality Fine Chemicals, e.g. glyoxal and agrochemicals
  • QPharma continued lower volumes, but new products successfully launched
  • QCharge of CHF 55 million impairment taken in Pharma business
  • QMargin declined despite successful restructuring efforts
  • QCABB business sold as per July 31, 2005

Full Year Results 2005

Masterbatches

  • QPrice increases achieved in challenging market conditions
  • Q Continued pressure from higher raw material costs
  • Q Good growth in Europe and North America
  • QRecovery in Asia and Latin America
  • QPlastics continued to substitute other materials
  • QExpanding roll out of ColorWorks™ design centers globally

Key Factors Full Year 2005

Financial Review

Business Review

Performance Improvements

Outlook

Financial Review

Business Review

Performance Improvements

Outlook

Full Year Results 2005

Slide 25

Meeting customer needs with innovation strength

  • QTextile, Leather & Paper Chemicals
    • – New environmentally friendly polymer dispersions for paper and textiles
  • QPigments & Additives
    • – Blue Laser Recording – functional dyes for the next generation DVDs and pigments for color filters in flat panel displays
  • QFunctional Chemicals
    • – New range of "green" demulsifiers and de-oilers developed to reduce the environmental impact of offshore production
  • QLife Science Chemicals
    • – New catalysts for enantioselective synthesis of pharma building blocks
  • QMasterbatches
    • –New antistatic Masterbatches to reduce dust build up in cars

Performance Improvements Roland Lösser, CEO

Full Year Results 2005

Financial Review

Business Review

Performance Improvements

Outlook

Full Year Results 2005

Slide 27

Clariant – Delivering as promised

  • 9 Implementation of new strategy in place
    • – Focus on service and innovation
    • – Group targets defined by Return On Invested Capital

  • 9 Financial turnaround accomplished

    • –Successful strengthening of balance sheet
    • –Investment grade achieved

  • 9Performance improvements fully on track

    • –More than 50% of cost savings achieved so far
    • –More than 50% jobs cuts made so far
  • 9Asset sales program delivered
  • 9 Portfolio refocusing continues

Full Year Results 2005 Key Factors Full Year 2005 Financial Review Business Review Performance Improvements Outlook

Slide 28

Performance improvements to deliver strongly in 2006

performance improvement costs, restructuring costs, performanceother CPIP costs, p.a.

improvement measures (accummulated) *before price erosion, FX, raw material impact and others

Financial Review

Business Review

Performance Improvements

Outlook

Full Year Results 2005

Strong financial base re-established

  • QIndependent confirmation of Clariant's solid finances
  • Q"BBB" and "Baa2" investment grade ratings by Standard & Poor's and Moody's Investors Service with stable outlook
  • QInvestment grade achieved
  • QEnhances the company's high level of transparency with investors

The Way Forward Jan Secher, CEO-designate

Full Year Results 2005

Key Factors

Full Year 2005

Financial Review

Business Review

Performance

Improvements

Outlook

Clariant - The Way Forward

  • Q Strong commitment at all levels to the Transformation Program
  • QCulturally Clariant is clearly becoming one
  • QPortfolio and product mix is well-positioned for growth
  • Q We're half-way through – a lot more will be delivered
  • QShifting to continuous improvement processes, away from one-time program

Full Year Results 2005

Slide 33

Complete buy-in to the transformation process

Clariant - The Way Forward

Key Factors Full Year 2005

Q

Financial Review

Business Review

Performance Improvements

Outlook

QVery optimistic about long-term potential

  • Q Strategy is right, people are excellent, priority on execution
  • QFurther scope to reduce organizational complexity
  • Q Sharpen focus on key changes to release additional energy
  • QShift to "front-end" driven organization
    • –Strengthen marketing capabilities
    • –Increase customer orientation
    • Opportunities to further develop value-added services

Full Year Results 2005

Slide 34

A strong company with a great future

Key Factors

Full Year 2005

Financial Review

Business Review

Performance

Improvements

Outlook

Clariant's financial targets

  • QGroup targets defined by Return on Invested Capital
  • QEvery business must earn at least cost of capital
  • QTarget of at least 20% above cost of capital for the Group
  • Q Targets to be achieved by improving asset management and EBIT performance
  • QSenior managers held fully accountable on targets

Full Year Results 2005

Slide 35

Long-term shareholder value is key driver

Outlook Roland Lösser, CEO

Full Year Results 2005

Key Factors

Full Year 2005

Financial Review

Business Review

Performance

Improvements

Outlook

Outlook for 2006

  • QGood sales growth in local currency terms above last year*
  • Q No further negative effects from raw material costs expected
  • QTotal cost base reduction of approx. CHF 250 million expected
  • Q EBIT before exceptional items* improvement of at least CHF 120 million
  • QTax rate approximately 30%
  • QExcellent growth in net income*

Full Year Results 2005

Slide 37

2006 – Higher profitability

*on a comparable basis

Full Year Results 2005

Calendar of upcoming corporate events

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Your Investor Relations contacts

Dr. Holger Schimanke Head Investor Relations

Phoneemail

+41 (0) 61 469 67 45 Mobile +41 (0) 79 343 59 83 [email protected]

Fabian Hildbrand, CIIA Investor Relations Officer

email

Phone +41 (0) 61 469 67 49 Mobile +41 (0) 79 763 93 80 [email protected]

Natalie Schweigert Investor Relations Assistant

email

Phone +41 (0) 61 469 67 48 Fax +41 (0) 61 469 67 67 [email protected]

Mirjam Grieder Investor Relations Assistant

email

Phone +41 (0) 61 469 67 66Fax +41 (0) 61 469 67 67 [email protected]

Full Year Results 2005

Slide 39

Clariant International Ltd · Rothausstrasse 61 · 4132 Muttenz · Switzerland · [email protected]

Slide 40

History of Clariant

  • IPO in the summer of 1995 out of the Sandoz Chemicals Division
  • Integration of the Hoechst specialty chemicals business in the summer of 1997
  • Acquisition of BTP plc in summer of 2000 to expand the Life Science business
  • 2003: new management initiates new strategy and Transformation Program

*SERVICES: Production Services, Supply Chain Management, Sourcing, ESHA, IT, International Coordination **TECHNOLOGY: Intellectual Property, Innovation & Knowledge Management, New Business Development

Backup Information

Group & Strategy

Business

The Way Forward – our transformation continues

Transformation Program wide-reaching series of actions

"New" Clariant Reduced complexity Solid financial base Efficient and profitable A leading specialty chemical company

Performance Improvements

    • Operational measures
    • Structural measures

Refocussing Portfolio

  • Asset sales

Re-establishing Financial base

    • Strengthening balance sheet
      • Investment grade

Full Year Results 2005

Group & Strategy

Business

The Way Forward – refocusing portfolio

Full Year Results 2005

Backup Information

Group & Strategy

Business

Divisional sales and margins – Fourth Quarter 2005 (continuing operations*)

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6

Full Year Results 2005

* Continuing Operations: On September 30, 2004, Clariant sold the business unit Electronic Materials, belonging to the LSC division, to The Carlyle Group. As a consequence, Electronic Materials is disclosed as Discontinuing Operations for 2004.

** EBITDA margins before exceptional items

Growth with flat volume and higher prices

Full Year 2005 versus Full Year 2004, like-for-like*

* The numbers for 2004 are like-for-like to account for the disposals of business activities in 2004 and 2005. Disposals in 2004: Electronic Materials and Lancaster Synthesis Ltd, UK and USA (both of the Life Science Chemicals Division), and Clariant Polymers, Japan, (of the Textile, Leather & Paper Chemicals Division). Electronic Materials was sold on September 30, 2004. All other activities were sold effective as per the end of 2004. Disposal in 2005: Clariant Acetyl Building Blocks, Germany (of the Life Science Chemicals Division) was sold effective per end of July 2005.

Slide 46

Regional sales in Full Year 2005

4th Quarter 2005

Sales in CHF mn, continuing operations* Changes in LC

* Continuing Operations: On September 30, 2004, Clariant sold the business unit Electronic Materials, belonging to the LSC division, to The Carlyle Group. As a consequence, Electronic Materials is disclosed as Discontinuing Operations for 2004.

Backup Information

Group & Strategy

Business

Top 5 products in percentage of total raw material costs

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Full Year Results 2005

Global cost distribution in %

Divisional sales Full Year 2005 in end-user markets*

* Continuing Operations: On September 30, 2004, Clariant sold the business unit Electronic Materials, belonging to the LSC division, To the Carlyle Group. As a consequence, Electronic Materials is disclosed as Discontinuing Operations for 2004.

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