Autosports Group Ltd · ASX:ASG
Autosports — Investor Presentation (February 2021)
31 slides from Autosports's investor presentation, Feb 24, 2021
Slide 1: Autosports Group Limited H1 2021FY Presentation
Autosports Group Limited H1 2021FY Presentation February 2021
Slide 2: Agenda
AGENDA H1 2021FY Highlights & Results H 1 2 0 2 1 F Y F i n a n c i a l Tr e n d s ASG Strategic Review H1 2021FY Recap, H2 2021FY Focus Areas Appendix
Slide 3: Agenda
AGENDA H1 2021FY Highlights & Results H 1 2 0 2 1 F Y F i n a n c i a l Tr e n d s ASG Strategic Review H1 2021FY Recap, 2021FY Focus Areas Appendix
Slide 4: Highlights
HIGHLIGHTS Statutory revenue of $903.7m up 7.8% on H1 2020FY S t a t u t o r y N PAT o f $ 1 6 . 0 m u p 1 3 2 . 2 % o n H 1 2 0 2 0 F Y N o r m a l i s e d * N P B T o f $ 2 9 . 0 m u p 1 6 3 . 5 % o n H 1 2 0 2 0 F Y, n o r m a l i s e d E B I T D A o f $ 3 8 . 2 m up 77.8% on H1 2020FY Strong ope
Slide 5: Financial Result
FINANCIAL RESULT A$M Statutory % Movement Statutory STATUTORY HIGHLIGHTS H1 2021FY on PCP H1 2020FY Revenue growth 7.8% despite $49m impact of Victorian lockdowns Total Revenue 903.7 7.8% 838.6 Gross profit up $12.1m on improved front end gross margins Gross Profit 150.7 8.8% 138.6 Opex (94.5) -
Slide 6: Normalised H1 2021FY Summary
NORMALISED H1 2021FY SUMMARY NORMALISED H1 2021FY HIGHLIGHTS* $m H1 2021FY H1 2020FY Growth on PCP New Vehicles 567.2 463.9 22.3% Normalised revenue up 8.1% on H1 2020FY driven by growth in new vehicle Used Vehicles 209.2 224.9 -7.0% revenue of 22.3% Finance & Insurance 13.3 12.7 4.9% H1 2021FY
Slide 7: Agenda
AGENDA H1 2021FY Highlights & Results H 1 2 0 2 1 F Y F i n a n c i a l Tr e n d s ASG Strategic Review H1 2021FY Recap, 2021FY Focus Areas Appendix
Slide 8: Normalised Revenue Bridge
& NORMALISED REVENUE BRIDGE H1 2021FY Normalised Revenue Growth 1,000 950 83 900 35 -49 850 800 750 700 650 600 Like for like Impact of PY acquisitions H1 FY20 Impact of Victorian lockdown Ht FY21 autosports Group? ©
Slide 9: Financial Trends
FINANCIAL TRENDS 1,800.0 1H 2H 1 1,600.0 NORMALISED REVENUE GROWTH 1,400.0 863.1 ASG has a strong record of generating consistent revenue growth through a mix of acquisitions and 1,200.0 898.7 855.3 organic growth 1,000.0 744.8 Last 3 years have seen a maintenance of revenue despite a falling ne
Slide 10: Margin Overview
MARGIN OVERVIEW Normalised GP margin Normalised EBITDA margin 17.0% 4.5% 4.2% 16.7% 16.5% 16.3% 4.0% 3.7% 3.7% 3.4% 3.5% 3.3% 16.0% 15.7% 3.5% 3.1% 3.2% 2.6% 3.0% 2.6% 2.6% 15.5% 15.6% 14.9% 14.9% 2.5% 2.2% 2.2% 15.0% 14.8% 1.9% 14.5% 2.0% 1.7% 14.5% 1.5% 14.0% 1.0% 1.4% 13.5% 0.5% 13.0% 0.0% FY14 F
Slide 11: Disciplined Expense Management
DISCIPLINED EXPENSE MANAGEMENT EXPENSE MANAGEMENT Targeted expense management to ensure ASG is well positioned for growth Acquisitions have added to cost base both in facility and variable expenses of $12m, which has been absorbed whilst still reducing Op Ex in H1 2021FY. Integration of acquired
Slide 12: Cash Flow
CASH FLOW Operating cash normalised for AASB16 impact up $27.9m driven by: • Strong cashflows from operations • ATO deferrals H1 2021FY $13m ($22.3m additional deferral less repayments of $9.3m) total deferred debt $45m at 31 December 2020 • OEM financier support with capital repayment holidays of
Slide 13: Liquidity Future Ready
LIQUIDITY FUTURE READY Clear focus and strong support of our OEM financiers has allowed strong management of ASG’s liquidity H1 2021FY LIQUIDITY MOVEMENTS Increase in available cash of $22.8m Unused bailment facility increases by $99m • Reduction in facilities provided $12.1m • Like for like sto
Slide 14: Balance Sheet
BALANCE SHEET Balance Sheet FUTURE READY 31-Dec-20 30-Jun-20 31-Dec-19 Corporate debt 87,798 88,191 89,253 Net debt down $23.2m to $26.2m Floorplan debt 264,280 375,388 460,213 • Corporate debt decrease of $0.4m Cash & Cash Equivalents (61,637) (38,817) (14,083) Net Debt 290,441 424,762 535,383 •
Slide 15: Agenda
AGENDA H1 2021FY Highlights & Results H 1 2 0 2 1 F Y F i n a n c i a l Tr e n d s ASG Strategic Review H1 2021FY Recap, 2021FY Focus Areas Appendix
Slide 16: Strong Performance Against Market
STRONG PERFORMANCE AGAINST MARKET Luxury brands account for 86% of ASG’s new vehicle revenue Luxury share of total market LUXURY MARKET 1,400,000 14.0% 1,200,000 12.0% Since ASG’s inception in 2006 the luxury market has consistently outperformed the total Market 1,000,000 10.0% Luxury market gro
Slide 17: Strategic Overview
STRATEGIC OVERVIEW ASG IS WELL POSITIONED REVENUE STREAM BALANCE MELBOURNE LOCKDOWN IMPACT The resilience of ASG’s diverse revenue stream Revenue mix has been temporarily impacted by COVID-19 4 dealerships and 2 collision repair sites generating base has been demonstrated over the last 6 relat
Slide 18: Departmental Headwinds to Ease
DEPARTMENTAL HEADWINDS TO EASE ASG is well positioned for future growth USED CARS SERVICE & PARTS COLLISION REPAIR Used car revenue declined by 7% due to Service & parts revenue declined by 15% Panel was heavily affected by lockdown strategic move from wholesale to retail sales Revenues were
Slide 19: Growth Track Record
GROWTH TRACK RECORD Since listing ASG has pursued a clear and focused strategy evenly balanced between acquisitions, organic and greenfield growth 2017 Doncaster BMW Doncaster MINI Garage 2020 Doncaster Motorrad Trivett Alexandria Bundoora BMW Jaguar Bundoora BMW Body Shop 2019 Land
Slide 20: Agenda
AGENDA H1 2021FY Highlights & Results H 1 2 0 2 1 F Y F i n a n c i a l Tr e n d s ASG Strategic Review H1 2021FY Recap, 2021FY Focus Areas Appendix
Slide 21: Results Recap
RESULTS RECAP R e v e n u e , E B I T D A a n d N PAT o p t i m i s e d i n a c h a l l e n g i n g n e w c a r e n v i r o n m e n t Strong operating cashflow normalised for AASB16 of $27.9m Operating expenses drop off the back of a like for like H1 2021FY reduction of $5.8m November and December t
Slide 22: Focus Areas Future Ready
FOCUS AREAS FUTURE READY Maintain strong new vehicle order banks and margin levels during new vehicle supply constraints Maintain the strong cash preservation and liquidity disciplines from H1 2021FY Concentrate on restoring service and parts revenues impacted by COVID-19 lockdowns in Melbourne Deve
Slide 23: Outlook
OUTLOOK The outlook remains too uncertain to give firm guidance January trading has been above expectation Revenue growth will be constrained by new vehicle supply New and used car vehicle supply constraints will continue to support improved margin retention Consolidation environment is expected to
Slide 24: Agenda
AGENDA H1 2021FY Highlights & Results H 1 2 0 2 1 F Y F i n a n c i a l Tr e n d s ASG Strategic Review H1 2021FY Recap, 2021FY Focus Areas Appendix
Slide 25: ASG Brand Portfolio
ASG BRAND PORTFOLIO USED CAR COLLISION REPAIR LUXURY ( 36) PRESTIGE ( 6 ) DEALERSHIPS ( 3 ) FACILITIES ( 6 ) 6 3 1 2 3 4 1 3 2 4 1 2 2 1 3 1 1 1 1 2 1 1 2 3
Slide 26: Statutory Financials Consolidated
STATUTORY FINANCIALS CONSOLIDATED $m H1 2019 FY H1 2020FY H1 2021FY Total Revenue 826.6 838.6 903.7 Gross Profit 134.4 138.6 150.7 EBITDA 37.1 37.4 56.2 EBIT 18.1 (37.0) 32.9 NPBT 5.2 (47.5) 23.5 NPAT 3.3 (49.9) 1 16.0 NPATA 4.9 (47.7) 1 18.9 (1) H1 2020FY included a non-cash impairment to the carry
Slide 27: H1 2021FY AASB16 Leases Impact
H1 2021FY AASB16 LEASES IMPACT H1 2021FY H1 2020FY After After A$m Pre AASB16 AASB16 AASB16 A$m Pre AASB16 AASB16 AASB16 Total Revenue 903.7 903.7 Total Revenue 838.6 838.6 Gross Profit 150.7 150.7 Gross Profit 138.6 138.6 Opex (113.5) 19.0 (94.5) Opex (118.1) 16.9 (101.2) EBITDA 37.3 19.0 56.2 EBIT
Slide 28: H1 2021FY Normalised Op Ex Bridge
H1 2021FY NORMALISED OP EX BRIDGE Disciplined expense management has ASG well positioned for future margin improvement
Slide 29: Statutory PBT to Normalised PBT Reconciliation
STATUTORY PBT TO NORMALISED PBT RECONCILIATION
Slide 30: Important Notice and Disclaimer
IMPORTANT NOTICE AND DISCLAIMER This presentation contains summary information about Autosports Group Limited (ACN 614 505 261) (ASG) and its activities current as at the date of this presentation. The information in this presentation is of general background and does not purport to be complete. It
Slide 31: QUIOSPOrTS @
QUIOSPOrTS @ Group
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