Financial Results – Q1 2012

Chris Parratt, CFO

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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.

Most of the tables are shown in € million for transparency reasons. This may give rise to rounding

differences.

An Encouraging Start to 2012

Total sales at €333.4 million, a 13.3% increase compared to Q1 2011

− Of which approx. € 24.4 million attributable to Lille Healthcare

− +14.0% at constant currency, or 5.7% excluding Lille Healthcare

Adjusted EBITDA at €40.5 million, a 29.4% increase compared to Q1 2011

− Adjusted EBITDA margin at 12.1% in Q1 2012

FCF at €10.0 million versus €5.0 million in Q1 2011

Lille integration on track and on budget

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On-going Assessment of Macro-Economic

Impact on the Business

A Brands Raw Materials Currency effects

Selective price

increases

Some reduction in

promotional activity

Prices lower than

Q4 2011

(and Q1 2011) but

indices rising during Q1

2012

Limited impact as

anticipated

Good sales progression in Q1 2012 on the back of

Organic growth across retailers

Net business wins

Growth of branded business outside Europe

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Operational Goals for 2012

Achieve net contract

wins in private label

business

Build on strong start

in new and emerging

markets

Add more lines in

Australia and Russia

Deliver on planned

plant expansion in

Algeria

Relocate to new plant

in Turkey

Successful launch of

new and upgraded

products

On-going projects in

Purchasing

Manufacturing

R&D

aimed at driving

product costs down

Complete Integration

of Lille Healthcare

Deliver on

operational and

financial synergies

Merge new entity

within the Group’s

Healthcare division

from Q2 2012

onwards

Selective Capex

investments in high

margin product

sectors

Drive revenue growth Enhance commercial

proposition Optimize cost base Prioritize investments

Financial Review

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Q1 2012 Financial Highlights (1/2)

1: For definition and reconciliation of Adjusted EBITDA

please see Ontex Financial Report for Q1 2012

In €m Q1 2012 Q1 2011 %

Revenues 333.4 294.2 13.3%

Excluding Lille Healthcare 309.0 294.2 5.0%

Revenues at constant currency 335.5 294.2 14.0%

Cost of sales (251.8) (227.2) 10.8%

Gross profit 81.6 67.0 21.8%

Opex (48.6) (43.2) 12.5%

Adjusted EBITDA1 40.5 31.3 29.4%

Adjusted EBITDA1 at constant currency 42.0 31.3 34.2%

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Q1 2012 Financial Highlights (2/2)

1: For definition and reconciliation of Adjusted EBITDA

please see Ontex Financial Report for Q1 2012

2: Non-recurring expenses excluding amortization

In €m Q1 2012 Q1 2011 %

Adjusted EBITDA1 40.5 31.3 29.4%

Non recurring expenses2 (2.7) (0.2) N.A

Reported EBITDA 37.8 31.1 21.5%

Depreciation & Amortization 7.7 8.1 (4.9)%

Operating profit 30.1 23.0 30.9%

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Q1 2012 Revenues Details

In €m Q1 2012 Q1 2011 % as

reported % at constant

currency

% at constant currency excl. Lille Healthcare

Per division

Retail 226.5 211.3 7.2% 7.2% 4.9%

Healthcare 66.0 44.3 49.0% 48.1% 4.3%

Turkey Region 40.9 38.6 6.0% 12.2%

Per product group

Baby 188.3 176.9 6.4% 7.5%

Femcare 48.3 47.0 2.8% 3.2%

Incontinence 92.1 65.8 40.0% 40.1% 4.1%

Other (Traded goods) 4.7 4.5 4.4% 4.4% (11.1)%

Per geographic area

Western Europe 226.7 206.9 9.6% 9.1% (1.7)%

Eastern Europe 44.1 33.9 30.1% 34.8% 34.8%

Rest of the world 62.6 53.4 17.2% 20.0% 16.3%

Q1 2012 FCF impacted by Changes in

Working Capital

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In €m Q1 2012 Q1 2011 Indications for FY 2012

Adjusted EBITDA 40.5 31.3

Changes in WC (23.2) (17.6) Approx. (8.0)

Cash taxes paid 0.6 (2.9) Approx. (13.0)

Capex (7.9) (5.8) Approx. (46.0)

FCF 10.0 5.0

Working Capital Movements:

Increased receivables as a results of higher sales but days sales outstanding are stable

Inventory levels increase ahead of roll-out of several projects, including:

− Line moves

− New market entries

Some impact from Lille SAP implementation

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Adequate Liquidity Position

- +

As of March 31, 2012

Cash & Cash Equivalents €69.5 million

Credit Lines (of which drawn: €0.0 million)

€50.0 million

Available liquidity €119.5 million

Remaining exceptional cash commitments for 2012 (€m)

Villefranche Approx. 7.7

Integration Lille Healthcare Approx. 4.3

YTD 2012 received cash income (€m)

Oil hedge pay-out

TBD – 2.7 received in Q1 2012

Net Debt Bridge

In €m

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* Including Capex spend as well as other cash inflow and

outflow related to operating and investing activities

Opening

Net Debt as of

Jan 1, 2012

Closing

Net Debt as of

March 31, 2012

Other CF

movements*

Finance costs

769.8

Villefranche

Working Capital

11.9

Non Cash Impact

23.2 777.3

(29.9)

2.3

Outlook

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Oil Related Indices Have Been Rising

Fluff Low Density Polyethylene

Propylene Homo Polypropylene homo polymer

May 2, 2012 May 9, 2012

May 9, 2012 May 2, 2012

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Progress on Operational Goals

Strong growth in new

markets

Turkey and Russia

both performing well

Net contract wins in

private-label business

Encouraging pipeline

of new product

developments

Products available

throughout the price

spectrum

Further progress on

cost reduction

projects

Focus maintained on

high growth / high

margin segments

Capex programme

proceeding well

Drive revenue growth Enhance commercial

proposition Optimize cost base Prioritize investments

Focused on achieving the operational goals outlined

for 2012

Continued evaluation of all opportunities to

enhance returns, including potential bolt-on

acquisitions and restructuring

Updated Financial Calendar

Buggenhout site visit planned for June 27, 2012

Announcement of Q2 2012 earnings planned for August 23, 2012

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Q&A – Q1 2012

By Type of Product

Revenue Split for year ended 31, December, 2011

Private

Label

74.2%

Branded

25.8%

By Product By Geography

RoW

16% Eastern

Europe

13% Western

Europe

71%

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

Appendix: A Brief Introduction to Ontex

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Babycare

59.5%

Femcare

15.5%

Other

1.5%

* Reflects pieces manufactured and sold in 2011

Adult Inco

23.5%