Peter Warren Automotive Holdings Ltd · ASX:PWR
Peter Warren Automotive — H1 FY2022 Earnings Presentation
24 slides from Peter Warren Automotive's earnings presentation, Feb 22, 2022
Slide 1: H1 FY22 Results Presentation
H1 FY22 RESULTS PRESENTATION Peter Warren Automotive Holdings (PWR.ASX) Mark Weaver Chief Executive Officer Bernard Friend Tuesday 22 February 2022 Chief Financial Officer
Slide 2: Agenda
AGENDA H1 FY22 Overview and Strategy H1 FY22 Financial Results Performance vs Prospectus Outlook Questions 02 H1 FY22 Financial results | February 2022
Slide 3: H1 FY22 Overview and Strategy
H1 FY22 OVERVIEW AND STRATEGY
Slide 4: H1 FY22 Highlights
H1 FY22 HIGHLIGHTS A POSITIVE START, BUILDING ON FOUNDATIONS (1) Delivered solid growth despite impact of Strong financial result of $35 million Proforma COVID-19 lockdowns, shows strength of PBT, well ahead of Prospectus and above our Acquisition of Penfold Motor Group, delivering operating model g
Slide 5: Delivering on Our Strategy: Achievements
DELIVERING ON OUR STRATEGY CONSIDERABLE OPPORTUNITY TO INCREASE SCALE STRATEGIC PRIORITIES EVOLUTION OF OUR PROPERTY CONTINUED ORGANIC GROWTH ACQUISITION OPPORTUNITIES PORTFOLIO Expansion of current operations in the sale of Pursue new acquisition opportunities, with a Ownership or long-term leases
Slide 6: Diversified Business Model Across Franchises and Geographies
DIVERSIFIED BUSINESS MODEL ACROSS FRANCHISES AND GEOGRAPHIES ALIGNED TO AUSTRALIA'S GROWTH CORRIDORS Volume QLD Prestige NSW Luxury VIC Other 06 H1 FY22 Financial results | February 2022
Slide 7: Penfold Acquisition
PENFOLD ACQUISITION PROVIDES IMMEDIATE SCALE IN VICTORIA MARKET Acquisition of 100% of Penfold Motor Group successfully completed on 1 December 2021 and expands our footprint across the Eastern Seaboard providing Doncaster Hyundai Peter Warren with immediate scale in the Victorian market Audi Centre
Slide 8: H1 FY22 Financial Results
H1 FY22 FINANCIAL RESULTS
Slide 9: H1 FY22 Pro Forma Profit and Loss
H1 FY22 PRO FORMA PROFIT AND LOSS REVENUE IMPROVED ON PRIOR PERIOD DESPITE COVID-19 IMPACTING REVENUE GROWTH H1 FY22 H1 FY21 NEW VEHICLE ORDER BOOK Dec half year end (A$m) Variance (%) NSW and QLD +97% Underlying Pro forma Revenue 777.9 749.6 4% Gross Profit 148.4 132.7 12% EBITDA 54.0 42.3 28% EBIT
Slide 10: Delivered Strong Growth on Prior Period
DELIVERED STRONG GROWTH ON PRIOR PERIOD H1 FY22 INCLUDES ONE MONTH RESULT FOR PENFOLD MOTOR GROUP (A$m) 9.4 0.1 1.3 36.3 (1.4) 35.0 26.9 ...................................................................................................................................................................
Slide 11: Continued Strong Cash Conversion and Maiden Dividend
CONTINUED STRONG CASH CONVERSION AND MAIDEN DIVIDEND CASHFLOW CONVERSION AT 94%, DIVIDEND PAYOUT IN LINE WITH TARGET RATIO Pro forma cashflows 94% H1 FY22 H1 FY21 Variance Dec half year end (A$m) Proforma Proforma (%) 84% EBITDA 54.0 42.3 28% Movement in working capital (3.2) (6.4) Operating cashflo
Slide 12: Capital Structure Supports Growth Plans
CAPITAL STRUCTURE SUPPORTS GROWTH PLANS CASH AND DEBT POSITION External debt facility partly drawn to co-fund acquisition of Penfold Motor 31 Dec 21 30 Jun 21 A$m Actual Actual Variance Group Cash and cash equivalents 37.5 42.9 (5.4) $96m, 10-year facility secured against Warwick Farm property (valu
Slide 13: Performance vs Prospectus
PERFORMANCE VS PROSPECTUS
Slide 14: 2021 Calendar Year Performance Versus Prospectus
2021 CALENDAR YEAR PERFORMANCE VERSUS PROSPECTUS EXCEEDED PROSPECTUS FORECAST IN ALL FINANCIAL METRICS FOR CY 21 Revenue ($Am) EBITDA ($Am) Profit Before Tax ($Am) $1,565.6 $1,649.5 $77.1 $119.7 $46.1 $83.8 +5.4% +55.3% +81.8% Prospectus Actual Prospectus Actual Prospectus Actual Financial metrics d
Slide 15: Outlook
OUTLOOK
Slide 16: Trading Outlook
TRADING OUTLOOK Overall, Peter Warren remains optimistic about the sustainability of earnings for the full financial year, with a strong order book, improvements in new vehicle supply anticipated and underlying demand expected to remain positive on the back of strong consumer savings Limited downwar
Slide 17: Questions
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Slide 18: Disclaimer
DISCLAIMER IMPORTANT NOTICE The material in this presentation has been prepared by Peter Warren Automotive Holdings Limited (ASX: PWR) ABN 57 615 674 185 (“Peter Warren” or the Company") and is general background information about Peter Warren’s activities current as at the date of this presentation
Slide 19: Balance Sheet
BALANCE SHEET 31 Dec 21 30 Jun 21 A$m Ref Actual Actual Variance Movement in balances includes impact of acquisition of Penfold Motor Group Cash and cash equivalents 37.5 42.9 (5.4) Trade and other receivables 42.9 56.8 (13.9) 1 Movement in intangibles reflects value of goodwill and customer relatio
Slide 20: Proforma and Statutory Income Statement
PROFORMA AND STATUTORY INCOME STATEMENT Statutory Actual Statutory Underlying / Proforma June year end (A$m) FY2021 FY2020 H1 FY22F H1 FY22F Dec half year end (A$m) H1 FY22 H1 FY21 H1 FY22 H1 FY21 Prospectus Prospectus Revenue 777.9 788.6 763.6 777.9 788.6 749.6 Cost of sales (629.5) (658.0) (617.1)
Slide 21: Proforma Adjustments to Statutory Income Statement
PROFORMA ADJUSTMENTS TO STATUTORY INCOME STATEMENT EBITDA PBT NPAT H1 FY22F H1 FY22F H1 FY22F Dec half year end (A$m) Footnote H1 FY22 Prospectus H1 FY21 H1 FY22 Prospectus H1 FY21 H1 FY22 Prospectus H1 FY21 Statutory 51.8 43.4 55.6 34.1 28.0 30.3 23.7 19.6 21.1 Jobkeeper 1 - - (13.9) - - (13.9) - -
Slide 22: Proforma Adjustments to Statutory Cash Flow
PROFORMA ADJUSTMENTS TO STATUTORY CASH FLOW H1 FY22 Prospectus A$m Footnote H1 FY22 H1 FY21 Variance Forecast Variance Statutory net cash flow before financing and 31.1 30.3 0.8 21.0 10.1 taxation Jobkeeper 1 - (13.9) 13.9 - - Offer costs 2 - - - - - Property costs 3 - (0.5) 0.5 (0.5) 0.5 Adjustment
Slide 23: Reconciliation Between AASB 117 and AASB 16
RECONCILIATION BETWEEN AASB 117 AND AASB 16 Statutory Actual H1 FY22F June year end (A$m) FY2021 H1 FY22 FY2020 H1 FY21 FY21 Prospectus Dec half year end (A$m) Underlying / Proforma Proforma Actual Forecast EBITDA (AASB 117) 43.8 34.1 28.8 76.3 Decrease in operating lease expense 10.2 9.3 13.5 25.8
Slide 24: Investor Relations Contact Details: Citadel-Magnus
Investor relations contact details: Citadel-Magnus Maddie Seacombe Phone: +61 2 8234 0114 Email: mseacombe@citadelmagnus.com Address: Suite 27.03, Level 27 420 George Street Sydney NSW 2000 Australia Company website: www.pwah.com.au HY1 FY22 Financial results | February 2022
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