Slide 1: Results Presentation – Half Year Ended 31 December 2023
ABN 58 006 797 173 PO Box 768, Sunshine VIC 3020 P 03 9368 7000 W corporate.maxiparts.com.au 22 February 2024 ASX Announcement Results Presentation – Half Year Ended 31 December 2023 Attached is MaxiPARTS Limited’s Results Presentation for the half year ended 31 December 2023. Authorised for release
Slide 2: H1 FY24 Half Year Results
H1 FY24 HALF YEAR RESULTS
Slide 3: H1 FY24 Highlights
H1 FY24 HIGHLIGHTS
Slide 4: 1H FY24 Highlights
1H FY24 Highlights Execution of Strategic agenda Sales & EBITDA growth Underlying MaxiPARTS – relentless focus on delivering organic programs • Revenue $111.7m, 12.7% growth to pcp • Continued focus on organic projects, including: • Underlying MaxiPARTS revenue growth at 12.5% to pcp • New site at B
Slide 5: Financial Overview
FINANCIAL OVERVIEW
Slide 6: 1H FY24 Financial Overview
1H FY24 Financial Overview Commentary Revenue of $111.7m increased by 12.7% from pcp. The sales growth includes: 1 • 12.5% growth in MaxiPARTS underlying sales (half on half comparison) 1 • (52%) reduction (in line with expectations) in sales to the previously owned Trailer Solutions segment (ATSG)
Slide 7: Balance Sheet
Balance Sheet Commentary HY24 Receivables of $29.4m is higher than comparable HY22 period due to acquired and organic growth during 1 the period. HY24 balance is seasonally lower than FY23 due to the slower trading period in December as well as some early payments from a key customer (from their nor
Slide 8: Cashflow
Cashflow Commentary Operating cashflow for HY24 was headlined with a strong EBITDA result of $10.7m 1 (compared to $8.8m in HY23 pcp). Working capital increased by $7m during the half (excluding acquired net assets) and was largely reflected in inventory including initial investment in Förch invento
Slide 9: Independant Parts Update
INDEPENDANT PARTS INDEPENDANT PARTS UPDATE UPDATE
Slide 10: Status Update – Independant Parts
Status Update – Independant Parts Overview Key Activities Planned – H2 FY24 • Acquisition completed 1st December 2023 • Sites / business rebranding to MaxiPARTS • Acquisition well received by staff, customers and suppliers • Port Hedland site relocation to new purpose-built Greenfield site • Trading
Slide 11: Förch Australia Update
FÖRCH AUSTRALIA UPDATE
Slide 12: Status Update – Förch Australia
Status Update – Förch Australia Overview Acceleration of future growth • Förch Australia (Perth and Melbourne) acquisition completed 1st 1H FY24 activities: June 2023; predominately a WA based business, with much smaller Melbourne based distribution • Expansion of the Sales team: 19 to 29 heads, wit
Slide 13: Outlook
OUTLOOK 12
Slide 14: Outlook
Outlook • The parts industry has traditionally exhibited resilience throughout various economic cycles and we have continued to observe strong underlying activity levels throughout this recent period of economic uncertainty • Trading during the December and January seasonal slowdown was weaker than
Slide 15: Appendix
APPENDIX
Slide 16: Revenue: half year-by-year growth
Revenue: half year-by-year growth Truckzone Acq. completed Feb-22 15
Slide 17: Segment P&L + Inventory
Segment P&L + Inventory A$M MaxiPARTS Operations Förch Australia HY24 HY23 Change Change % HY24 HY23 Change Change % Total Revenue* 104.9 99.1 5.8 5.8% 7.1 - 7.1 0.0% EBITDA 10.0 8.8 1.2 13.6% 0.7 - 0.7 0.0% EBITDA % 9.5% 8.9% 0.7% 7.2% 10.0% 0.0% 10.0% 0.0% Depreciation (0.6) (0.5) (0.1) (0.0) - (0
Slide 18: 1H FY24 Acquisitions: IP and Förch Brisbane
1H FY24 Acquisitions: IP and Förch Brisbane Independant Parts (IP) Förch Brisbane Förch Brisbane business combination is provisional at reporting date. • Completion account process with seller is still open, with work to be concluded in the second half IP business combination is provisional at repor
Slide 19: Leases
Leases Increased impact of AASB16 in FY23 & H24 with site investment and timing of lease extensions 18
Slide 20: Interest – Finance cost
Interest – Finance cost MaxiPARTS Bank Debt (drawn) and interest charges and published cash rate by month. Interest charge * Drawn bank debt * Interest charge includes interest charges and line fees for debt availability 19
Slide 21: Business Overview
BUSINESS OVERVIEW
Slide 22: National Footprint
National Footprint QUEENSLAND NEW SOUTH WALES BURPENGARY PARKINSON ALBURY BRISBANE RICHLANDS INGLEBURN EAGLE FARM ROCKHAMPTON WARNERVALE GLADSTONE TOWNSVILLE WAGGA WAGGA IPSWICH YATALA WETHERILL PARK MACKAY WESTERN AUSTRALIA VICTORIA BIBRA LAKE BUNBURY BALLARAT GERALDTON BENDIGO GNANGARA CAMPBELLFIE
Slide 23: MaxiPARTS is one of Australia's leading independent commercial vehicle parts distribution companies
MaxiPARTS is one of Australia’s leading independent commercial vehicle parts distribution companies. National footprint with 29 branches (as of Distributor of leading genuine brands as well February 2024) plus numerous customer onsite as an extensive range of aftermarket operations commercial vehicl
Slide 24: Product Range
Förch Australia is one of Australia’s leading direct selling companies for workshop, installation and fastening products for trade and industrial companies. Exclusive Distributor in Australia of Locations in Perth and Melbourne FÖRCH products with over 80,000 Market leading stock fill rates with thi
Slide 25: Strategic Pillars
Strategic Pillars SYSTEMS SYSTEMS AND AND NETWORK PEOPLE PRODUCT SOLUTIONS SOLUTIONS IMPROVE SAME STORE DEVELOP OUR LEADERS FOR DELIVER TARGET REVENUE SYNERGIES FROM INCREASE IN E-COMMERCE PERFORMANCE THE FUTURE EXPANDED CORE PRODUCT OFFERING PRESENCE GROW NATIONAL NETWORK DELIVER RECRUITMENT AND DE
Slide 26: Important Information
IMPORTANT INFORMATION IMPORTANT INFORMATION
Slide 27: Important Information
Important Information This document should be read in conjunction with the periodic and continuous disclosure announcements of MaxiPARTS Limited (MaxiPARTS) that have been lodged with the ASX, in particular the financial report for the half-year ended 31 December 2023 (available at www.asx.com.au).
Slide 28: Slide 28