Bapcor Ltd · ASX:BAP
Bapcor — Morgan Stanley Conference – Sydney 2019
21 slides from Bapcor's conference presentation, Jun 12, 2019
Slide 1: Morgan Stanley Conference – Sydney
For personal use only Morgan Stanley Conference – Sydney - June 12, 2019
Slide 2: Disclaimer
For personal use only Disclaimer The material in this presentation has been prepared by Bapcor Limited (“Bapcor”) ABN 80 153 199 912 and is general background information about Bapcor’s activities current at the date of this presentation. The information is given in summary form and does not purport
Slide 3: Aftermarket Supply Chain
For personal use only Aftermarket Supply Chain 3 “Australasia’s leading provider of aftermarket parts, accessories, equipment and services”
Slide 4: Over locations across Australia & NZ
For personal use only Over 940 locations across Australia & NZ Trade Specialist Wholesale THAILAND Retail & Service NT 4 13 7 4 THAI CAR PARC 3 3 QLD • No. of vehicles 16m • New cars sold p.a. 850k 163 • Ave. age of vehicles 10 yrs 92 • Ave. annual growth c. 5% p.a. WA VIC 43 28 61 194 43 10 8 25 11
Slide 5: Business Segment Contribution to Results
For personal use only Business Segment Contribution to Results Total Auto Revenue Total Auto EBITDA H1 FY19 H1 FY18 H1 FY19 H1 FY18 80% 83% 25% 24% 29% 28% $636M 51% $616M 53% $76M $70M 58% 58% 17% 18% 20% 19% 5 ”Australasia’s leading provider of aftermarket parts, accessories, equipment and service
Slide 6: Summary of Key Performance Indicators
For personal use only Summary of Key Performance Indicators Revenue * EPS (cps) * 1,236.7 31.0 1,013.6 24.4 based on extrapolated H1 685.6 17.9 616.1 636.1 15.3 13.6 14.5 435.1 10.6 375.3 322.2 8.0 6.6 185.0 FY2015 FY2016 FY2017 FY2018 FY2019 FY2015 FY2016 FY2017 FY2018 FY2019 NPAT * Dividends per s
Slide 7: H1 FY2019 Financial Highlights
For personal use only H1 FY2019 Financial Highlights H1 FY19 H1 FY18 Variance Continuing Operations Revenue $’M 636.1 616.1 3.2% Gross Margin % 47.1% 45.6% 1.5 pp EBITDA – proforma $’M 76.0 70.2 8.2% Every EBITDA % 11.9% 11.4% 0.6 pp performance NPAT – proforma $’M 43.1 40.4 6.6% EPS – proforma cps
Slide 8: Senior Management Team – rejuvenating
For personal use only Senior Management Team – rejuvenating Senior Team will be at Brisbane Investor Day on July 3 8 ”Australasia’s leading provider of aftermarket parts, accessories, equipment and services”
Slide 9: Current Year Forecast
For personal use only CURRENT YEAR FORECAST 9 ”Australasia’s leading provider of aftermarket parts, accessories, equipment and services”
Slide 10: FY19 Financial Year Forecast
For personal use only FY19 Financial Year Forecast For the full FY19, Bapcor continues to forecast an increase NPAT of circa 9% above FY18 proforma NPAT – i.e. Circa $94.3million - THIS HAS NOT CHANGED This guidance delivers a record full year result in Revenue, Earnings and EPS. Full Year cash conv
Slide 11: Comments on current performance
For personal use only Comments on current performance • Overall market remains softer than historically • Competition continues in every sector and fighting for business – nothing new here!! This is normal for any business. • In trade, market share gain is not as high as historically, BUT NOT LOSING
Slide 12: Strategy & Industry Fundamentals
For personal use only STRATEGY & Industry Fundamentals 12 ”Australasia’s leading provider of aftermarket parts, accessories, equipment and services”
Slide 13: Bapcor Year Strategic Targets
For personal use only Bapcor 5 Year Strategic Targets NO CHANGE TO GROWTH STRATEGY 13
Slide 14: Growth Strategy
For personal use only Growth Strategy All current business segments; Grow sales Organic Store Footprint Expansion Margin Procurement / Buying Pricing Management Own Brand Intercompany Operating Efficiencies – including POS, WMS, warehousing etc Strategic Acquisitions / Expansio
Slide 15: Strategy
For personal use only Strategy Consistent strategy with specific, clear, measurable targets. No changes to direction. We know what we do best and stick with it. 15 “Australasia’s leading provider of aftermarket parts, accessories, equipment and services”
Slide 16: Bapcor Thailand
For personal use only Bapcor Thailand • Now operating 4 stores in Bangkok district • A procurement office and 1 additional store planned June / July • Stores making positive progress in new market dynamics • Good relationships being established with a significant chains presenting good growth opport
Slide 17: Key Automarket Stats 2018
For personal use only Key Automarket Stats 2018 Global Australia # vehicles on the road 1,200,000,000 19,200,000 Average age 11.6 years 10.1 years # cars sold 2018 84,000,000 870,000 Car Parc growth ?? 2.1% # EV’s sold 2018 2,100,000 1,352 EV’s as of 2018 sales 2.5% 0.2% Diesel of fleet 35% 23.4% EV
Slide 18: Continued growth of the Australian Car Parc
For personal use only Continued growth of the Australian Car Parc… Estimated 19.2m registered vehicles at the end of 2018, an increase of 2% on 2017 Average age of vehicles stable at 10 - 11 years New vehicle sales in 2018 were down 3% on 2017 and ending four years of YoY growth 60% of new v
Slide 19: Impact of Electric Vehicles (EVs)
Impact of Electric Vehicles (EVs)… For personal use only Facts do not support rhetoric!!!! For EVs to reach 50% of New Car Sales by 2030, 60% year on year sales growth in electric cars is required – and at that point only 7% on road will be electric!! EVs reach 50% of EVs reach 50% of New Car Sale
Slide 20: Impact of Electric Vehicles (EVs)
Impact of Electric Vehicles (EVs)… For personal use only Do you remember the LPG usage forecasts????? Where are these today? For EVs to reach 50% of New Car Sales by 2040, 30% year on year sales growth is required – and at that point only 12% of cars on road will be electric!! Australian Car Parc
Slide 21: See you at Bapcor Brisbane Investor Day
For personal use only See you at Bapcor Brisbane Investor Day – July 3, 2019. 21 ”Australasia’s leading provider of aftermarket parts, accessories, equipment and services”