Autosports Group Ltd · ASX:ASG
Autosports — Investor Presentation (February 2024)
28 slides from Autosports's investor presentation, Feb 22, 2024
Slide 1: Autosports Group Limited H1 2024FY Presentation
AUTOSPORTS GROUP LIMITED H1 2024FY PRESENTATION February 2024
Slide 2: Agenda
AGENDA HIGHLIGHTS H1 2024FY RESULTS SUMMARY H1 2024FY FINANCIAL METRICS STRATEGIC UPDATE RECAP & OUTLOOK APPENDIX
Slide 3: H1 2024FY Highlights
ASG H1 2024FY PRESENTATION FEBRUARY 24 3 H1 2024FY HIGHLIGHTS REVENUE Up 26% GROSS PROFIT up 20% $1,342 million on PCP $264.8m on PCP Up 11% EBITDA up 20.1% VEHICLE ORDER on PCP $107.8m on PCP WRITE STATUTORY NPAT Up 1% HY INTERIM DIVIDEND 10 cents per share up 11% $35.5 million on PCP on PCP (fully
Slide 4: Strategic Highlights
ASG H1 2024FY PRESENTATION FEBRUARY 24 4 STRATEGIC HIGHLIGHTS Consistent delivery of strategic objectives creates strong platform for growth MARKET DYNAMICS ▪ Orderwrite continues to grow up 11% ▪ Vehicle supply normalised ▪ New vehicle margins normalised ▪ Gross profit mix returning to pre-Covid le
Slide 5: Outlook
ASG H1 2024FY PRESENTATION FEBRUARY 24 5 OUTLOOK New vehicle supply and resilient luxury demand to deliver stable like for like revenue in H2 Service and parts should continue above trend revenue growth on improved vehicle deliveries Inflationary cost pressures to stabilise in CY24 ASG has a clear l
Slide 6: Agenda
AGENDA HIGHLIGHTS H1 2024FY RESULTS SUMMARY H1 2024FY FINANCIAL METRICS STRATEGIC UPDATE RECAP & OUTLOOK APPENDIX
Slide 7: Trading Highlights
ASG H1 2024FY PRESENTATION FEBRUARY 24 7 TRADING HIGHLIGHTS Growth on $m H1 2024FY H1 2023FY PCP H2 2023FY ▪ New vehicle revenue up on normalised supply and resilient luxury market New Vehicles 792.8 630.8 25.7% 804.6 Used Vehicles 327.1 250.3 30.7% 293.0 ▪ Orderbank reduced in volume but up 13% in
Slide 8: H1 2024FY Financial Result
ASG H1 2024FY PRESENTATION FEBRUARY 24 8 H1 2024FY FINANCIAL RESULT Growth on $m H1 2024FY H1 2023FY PCP HIGHLIGHTS Total Revenue 1,341.6 1,062.1 26.3% Cost Of Goods Sold -1076.79 -841.508 0.27960043 ▪ Revenue growth of $280m led by Gross Profit 264.8 220.6 20.0% – Organic revenue growth of $114m Op
Slide 9: Agenda
AGENDA HIGHLIGHTS H1 2024FY RESULTS SUMMARY H1 2024FY FINANCIAL METRICS STRATEGIC UPDATE RECAP & OUTLOOK APPENDIX
Slide 10: H1 2024FY Revenue Drivers
ASG H1 2024FY PRESENTATION FEBRUARY 24 10 H1 2024FY REVENUE DRIVERS REVENUE BREAKDOWN H1 2024FY ▪ Strong underlying market saw ASG’s like for like new ORGANIC vehicle revenue grow 9.2% ▪ Used vehicle like for like revenue growth of 14.7% supported by increased trade in opportunities ▪ Service and pa
Slide 11: Unlocking Improved Operating Leverage
ASG H1 2024FY PRESENTATION FEBRUARY 24 11 UNLOCKING IMPROVED OPERATING LEVERAGE 25.0% 20.8% 19.9% 19.5% 19.7% DISCIPLINED EXPENSE MANAGEMENT 20.0% 17.1% 16.3% 15.6% ▪ Like for like Op Ex increased $10.3m (8%) on PCP 15.0% 12.0% 12.3% 11.7% 11.7% 11.5% 11.1% 10.6% — Like for like employee costs incre
Slide 12: Normalised Margin Overview
ASG H1 2024FY PRESENTATION FEBRUARY 24 12 NORMALISED MARGIN OVERVIEW 9.0% 8.5% EBITDA (NORMALISED) 7.9% 8.0% 7.8% 8.0% H1 H2 Job Keeper A$m 7.0% 6.5% 250.0 6.0% CAGR 2019 – 2023 4.8% 4.8% 200.0 23% 5.0% 4.5% 4.3% 3.7% 3.8% 4.0% 3.1% 150.0 107.0 3.0% 10.7 83.3 2.0% 100.0 1.0% 74.6 0.7% 13.4 1.0% 48.3
Slide 13: H1 2024FY Cash Flow
ASG H1 2024FY PRESENTATION FEBRUARY 24 13 H1 2024FY CASH FLOW ASG’s strong cash flow positions the Group well to unlock future growth potential STRONG OPERATING CASH: ▪ Strong cash from operations in 2023FY of $51.2m has enabled ASG to: – Payout a dividend of $20.5m with DPS up 11% on PCP – Investme
Slide 14: Agenda
AGENDA HIGHLIGHTS H1 2024FY RESULTS SUMMARY H1 2024FY FINANCIAL METRICS STRATEGIC UPDATE RECAP & OUTLOOK APPENDIX
Slide 15: Luxury Market – EV Market
ASG H1 2024FY PRESENTATION FEBRUARY 24 16 LUXURY MARKET – EV MARKET ASG’s strategy of partnering with the best luxury brands in the market has the Group well placed for EV market growth BRAND 2023 SALES LUXURY BRANDS Tesla 46,116 ▪ Traditional luxury brands (Mercedes-Benz, BMW, Audi, Volvo) products
Slide 16: Acquisition Strategy
ASG H1 2024FY PRESENTATION FEBRUARY 24 17 ACQUISITION STRATEGY 3 9 7 6 ASG is focused on growth in prestige and luxury brands acquisition opportunities 3 3 3 2 WHY LUXURY BRANDS? ▪ High revenue per transaction ▪ A resilient customer base 2 3 2 2 ▪ EV ready brands ▪ Meaningful market share opportunit
Slide 17: Agenda
AGENDA HIGHLIGHTS H1 2024FY RESULTS SUMMARY H1 2024FY FINANCIAL METRICS STRATEGIC UPDATE RECAP & OUTLOOK APPENDIX
Slide 18: H1 2024FY Highlights
ASG H1 2024FY PRESENTATION FEBRUARY 24 18 H1 2024FY HIGHLIGHTS REVENUE Up 26% GROSS PROFIT up 20% $1,342 million on PCP $264.8m on PCP Up 11% EBITDA up 20.1% VEHICLE ORDER on PCP $107.8m on PCP WRITE STATUTORY NPAT Up 1% HY INTERIM DIVIDEND 10 cents per share up 11% $35.5 million on PCP on PCP (full
Slide 19: Outlook
ASG H1 2024FY PRESENTATION FEBRUARY 24 19 OUTLOOK New vehicle supply and resilient luxury demand to deliver stable like for like revenue in H2 Service and parts should continue above trend revenue growth on improved vehicle deliveries Inflationary cost pressures to stabilise in CY24 ASG has a clear
Slide 20: Agenda
AGENDA HIGHLIGHTS H1 2024FY RESULTS SUMMARY H1 2024FY FINANCIAL METRICS STRATEGIC UPDATE RECAP & OUTLOOK APPENDIX
Slide 21: Finance Costs Bridge H1 2024FY
ASG H1 2024FY PRESENTATION FEBRUARY 24 21 FINANCE COSTS BRIDGE H1 2024FY • At 31 December 2023 Inventory levels each 0.25% interest rate movement impacts interest costs by $1.3m • Corporate debt repayment $14m in H1 2024FY Finance Costs 30,000 25,000 20,000 15,000 10,000 5,000 - H1 23 H2 23 H1 24
Slide 22: About ASG
ASG H1 2024FY PRESENTATION FEBRUARY 24 22 ABOUT ASG ASG was established in 2006 and operates one of Australia's largest networks of luxury and prestige car dealerships. KEY FACTS ASG'S BRANDS ▪ Established 18 years ago by founders and major shareholders, HISTORY Ian Pagent and Nick Pagent ▪ Listed i
Slide 23: Track Record of Delivering Growth and Shareholder Returns
ASG H1 2024FY PRESENTATION FEBRUARY 24 25 TRACK RECORD OF DELIVERING GROWTH AND SHAREHOLDER RETURNS Since listing ASG has maintained a track record of delivering both growth and shareholder returns 2017FY** 2023FY Movement Financial Metrics Revenue $'millions 1,446.2 2,371.4 64% NPBT normalised* $'m
Slide 24: AASB16 Leases Impact
ASG H1 2024FY PRESENTATION FEBRUARY 24 24 AASB16 LEASES IMPACT H1 2024FY Statutory H1 2023FY Statutory After After A$m Pre AASB16 AASB16 AASB16 A$m Pre AASB16 AASB16 AASB16 Total Revenue 1,341.61 1,341.61 Total Revenue 1,062.1 1,062.1 Gross Profit 264.82 264.82 Gross Profit 220.6 220.6 Opex (180.1)
Slide 25: Property Strategy
ASG H1 2024FY PRESENTATION FEBRUARY 24 25 PROPERTY STRATEGY ASG’s property strategy is set to support our dealership growth strategy LOCATION DATE ACQUIRED 2024FY CARRYING VALUE ▪ Historical acquisition cost $203.1m Macgregor, QLD May 2018 ▪ Current book value* $192.7m Macgregor, QLD – vacant land D
Slide 26: Questions
QUESTIONS
Slide 27: Important Notice and Disclaimer
ASG H1 2024FY PRESENTATION FEBRUARY 24 27 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 backgroun
Slide 28: Autosports Group
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