Peter Warren Automotive Holdings Ltd · ASX:PWR
Peter Warren Automotive — H1 FY23 Earnings Presentation
24 slides from Peter Warren Automotive's earnings presentation, Feb 21, 2023
Slide 1: Peter Warren Automotive Holdings Limited H1 FY23 Results Presentation
21 February 2023 Peter Warren Automotive Holdings Limited H1 FY23 Results Presentation Peter Warren Automotive Holdings Limited (ASX:PWR) encloses for immediate release its H1 FY23 Results Presentation. Authorised for lodgement by the Board of Peter Warren Automotive Holdings Limited. Further inform
Slide 2: Peter Warren Automotive Holdings H1 FY23 Results Presentation
Peter Warren Automotive Holdings (PWR.ASX) H1 FY23 Results Presentation Mark Weaver Chief Executive Officer Victor Cuthell Chief Financial Officer Tuesday 21 February 2023
Slide 3: Agenda
Agenda H1 FY23 1 H1 FY23 Result Overview 2 H1 FY23 Financial Summary 3 Strategy and Outlook 4 Questions 5 Appendices 02
Slide 4: H1 FY23 Result Overview
H1 FY23 Result Overview Mark Weaver Chief Executive Officer
Slide 5: H1 FY23 Financial Highlights
H1 FY23 Financial Highlights Positive momentum delivers strong result Revenue EBITDA Profit before tax (PBT) Net profit after tax (NPAT) $999m $70.6m $43.2m $30.2m (1) (2) (2) (2) H1 FY22 Revenue $778m H1 FY22 EBITDA $54.0m H1 FY22 PBT $36.3m H1 FY22 NPAT $25.2 m Revenue growth +28% EBITDA growth +3
Slide 6: Operating Highlights
n People Operating Highlights s o u oc F ership Life enue Strea Health & Safety wn cy ev ms awareness program O c R er se Initiated overseas recruitment of 58 qualified techs le er m Expanded Expansion of su Div parts business used car pipeline Back-to-back finalist as Con NSW Large Employer of the
Slide 7: Continued Growth on the Prior Period ($m)
Continued Growth on the Prior Period ($m) H1 FY23 includes organic growth & benefit from acquisition 2.3 43.2 5.9 (1.3) 36.3 +19% growth on pcp H1 FY22 Acquisitions Existing Business Interest on H1 FY23 PBT Underlying PBT Performance Capital Loan Actual Acquisitions reflect incremental contribution
Slide 8: Dynamic Operating Environment
Dynamic Operating Environment Continued evolution of our electric vehicle range and capabilities, as customer demand 1 in 100 year increases product change Ongoing education and sharing of insights with customers on choices available - ICE, Hybrid, PHEV & BEV Continued investment in technical capabi
Slide 9: H1 FY23 Financial Summary
H1 FY23 Financial Summary Victor Cuthell Chief Financial Officer
Slide 10: H1 FY23 Financial Result
H1 FY23 Financial Result Strong result across all key metrics Revenue ($m) New Vehicle Units Sold EBITDA ($m) Profit Before Tax ($m) $750 $778 $999 10,507 10,246 13,384 $42.3 $54.0 $70.6 $26.9 $36.3 $43.2 H1 FY21 H1 FY22 H1 FY23 H1 FY21 H1 FY22 H1 FY23 H1 FY21 H1 FY22 H1 FY23 H1 FY21 H1 FY22 H1 FY23
Slide 11: H1 FY23 Profit and Loss
H1 FY23 Profit and Loss Strong result delivered by acquisitions and organic growth Gross Margin Bridge H1 FY23 H1 FY22 Variance 0.2% 1.4% $m $m 19.6% 19.1% Revenue 999.0 777.9 28.4% (1.1%) Gross Profit 196.0 148.4 32.1% EBITDA - underlying 70.6 54.0 30.7% Acquisition related expenses - (2.2) - EBITD
Slide 12: Operating Cost Bridge ($m)
Operating Cost Bridge ($m) Operating costs have been leveraged and are lower at 11.6% of adjusted revenue 3.2 125.4 2.5 2.4 6.0 16.9 94.4 11.6% 12.1% of adjusted of revenue revenue H1 FY22 Acquisition COVID Wage Rate New Hires Other Cost H1 FY23 Underlying operating costs Effect Adjustments Increase
Slide 13: Cash Flows
Cash Flows Underlying operating cash flows broadly consistent with prior periods H1 FY23 H1 FY22 OPERATING CASH FLOW CONVERSION Actual Actual Mvmt Operating cash flow after floorplan interest as a percentage of EBITDA $m $m $m EBITDA 70.6 51.8 18.8 90% Excluding movement in Movement in working capit
Slide 14: Capital Structure Supports Growth Plans
Capital Structure Supports Growth Plans Net debt to property value at 21% Actual Actual 31 Dec 22 30 Jun 22 Mvmt $m $m $m Cash and cash equivalents 20.7 52.2 (31.5) Net debt to property value reflects that there is considerable debt capacity Borrowings (62.4) (65.9) 3.5 Debt capacity is available fo
Slide 15: Strategy and Outlook
Strategy and Outlook Mark Weaver Chief Executive Officer
Slide 16: Three Primary Pillars
Three Primary Pillars Delivered through our workplace culture and core values Expansion of current operations in the sale of new Pursue new acquisition opportunities with a Ownership or long-term leases and used vehicles and the provision of disciplined approach to screening based on of key strategi
Slide 17: The Peter Warren Growth Journey
The Peter Warren Growth Journey Successful execution of our Three Primary Pillars IPO H1 FY20 H1 FY21 April 2021 H1 FY22 H1 FY23 Demonstrated track 999 record of delivering 701 750 778 sustainable growth driven Sales A$m by organic and inorganic opportunities Strong OEM Relationships Number of OEMs
Slide 18: Outlook
Outlook Market Conditions Trading Outlook Group Well Positioned New vehicle demand exceeded supply, with the We recognise the macroeconomic environment, The Group will continue to execute its strategy Group order book continuing to grow by 4% consumer sentiment and variability in vehicle by deliveri
Slide 19: Questions
Questions
Slide 20: Disclaimer
Disclaimer IMPORTANT NOTICE The material in this presentation has been prepared by Peter Warren Automotive Holdings Limited (ASX: PWR) ABN 57 615 674 185 (“Peter Warren” or the Company") and is general background information about Peter Warren’s activities current as at the date of this presentation
Slide 21: Appendices
Appendices
Slide 22: Balance Sheet AASB 16 Reconciliation
Balance Sheet AASB 16 Reconciliation 31 Dec 22 30 Jun 22 H1 FY23 H1 FY22 $m Actual Actual Variance $m Actual Underlying Cash and cash equivalents 20.7 52.2 (31.5) EBITDA (AASB 117) 56.9 43.8 Trade and other receivables 53.5 56.1 (2.6) Decrease in operating lease expense 13.7 10.2 Inventories 333.8 2
Slide 23: Adjustments to Statutory Income Statement
Adjustments to Statutory Income Statement Statutory Underlying H1FY23 H1FY22 H1FY23 H1FY22 $m $m $m $m Revenue 999.0 777.9 999.0 777.9 Cost of sales (803.0) (629.5) (803.0) (629.5) Gross profit 196.0 148.4 196.0 148.4 Gross profit margin 19.6% 19.1% 19.6% 19.1% Employee benefits expense (92.3) (69.0
Slide 24: Eastern Seaboard Presence
Eastern Seaboard Presence * Denotes service operation only South Brisbane Arundel Southport * Ashmore Robina Burleigh * Tweed Heads Lismore Ballina Mosman Chatswood Artarmon Warwick Farm * Campbelltown Narellan Smithfield * Rockdale Burwood Doncaster * Hawthorn * Waverley 23 H1 FY23 Financial result
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