Auto Partner Sa · GPW:APR
Auto Partner Sa — H1 2024 Earnings Presentation
26 slides from Auto Partner Sa's earnings presentation, Sep 18, 2024
Slide 1: H1 2024 Financial Results
H1 2024 FINANCIAL RESULTS AUTO PARTNER GROUP 18 September 2024
Slide 2: Disclaimer
Disclaimer This material is intended for information purposes only. It does not constitute an advertisement for or an offer of any publicly traded securities. Its contents have been compiled from sources considered reliable and accurate by Auto Partner S.A., although there is no assurance that such
Slide 3: Agenda
Agenda 1. About the Auto Partner Group 2. Market environment 3. Financial results 4. Summary www.autopartner.com 3
Slide 4: About the Auto Partner Group
01. About the Auto Partner Group www.autopartner.com 4
Slide 5: Management Board of the Group
Management Board of the Group Aleksander Górecki Andrzej Manowski Piotr Janta Tomasz Werbiński President of the Management Vice President of Vice President of Member of Board/Founder the Management Board the Management Board the Management Board Involved in the automotive industry since With Auto Pa
Slide 6: Auto Partner Group at a glance
Auto Partner Group at a glance One of the largest distributors of automotive parts in Poland, with a nearly 10% market share Around 50% of sales generated in international markets Approximately 250,000 product references available Expanding distribution network with nearly 160,000 m2 of warehouse sp
Slide 7: Effective business model
Effective business model broad product range premium brands, private label brands private label human resources brands almost 2,700 employees SUPPLIERS including OF FINISHED MaXgear sales PRODUCTS other brands sales support warehouse/logistics IT online orders export deliveries to branch offices Abo
Slide 8: Diversified customer base
Diversified customer base POLAND EXPORT Repair workshops 62% Stores, wholesalers and distributors Specialised stores 30% 100% Non-specialised repairers 8% and retailers Data as at 31 December 2023 www.autopartner.com 8
Slide 9: Key developments in H1 2024
Key developments in H1 2024 Strong financial performance: sales up 15.9%, to over PLN 2.0 billion Double-digit growth in Poland (up 15.9%) and in international markets (up 15.8%) Solid profitability and rapid business growth achieved despite market challenges, with a gross margin of 27.9% posted for
Slide 10: Well-developed distribution network
Well-developed distribution network • IT-supported logistics enable just-in-time deliveries to geographically dispersed customers, with a frequency of 3–5 times per day • Warehouse space leased by the Group totals ca. 160,000 m2: • Centre in Bieruń (ca. 52,000 m2) • Warehouse in Pruszków (ca. 12,500
Slide 11: Private label brands account for 20% of revenue, with rapidly growing sales
Private label brands account for 20% of revenue, with rapidly growing sales over 35,000 references available 18 years of experience 80 product groups www.autopartner.com 11
Slide 12: Market environment
02. Market environment www.autopartner.com 12
Slide 13: Market environment
Market environment POLAND EUROPE (European Union) • In H1 2024, the number of new passenger car • 574 cars per 1,000 inhabitants in the European registrations increased by 16% year on year Union (ACEA) (KPMG/PZPM) • According to ACEA, new passenger car registrations • In August 2024, the median pric
Slide 14: Financial results
03. Financial results www.autopartner.com 14
Slide 15: H1 2024 results
H1 2024 results REVENUE EBITDA EBIT NET PROFIT 2,056.8 161.7 134.5 97.2 PLN PLN PLN PLN million million million million +16% -3% -8% -9% www.autopartner.com 15
Slide 16: Strong sales growth in H1 2024
Strong sales growth in H1 2024 Sales H1 2,024 [PLN million] Sales by geography [PLN million] 2,056.8 1,775.2 895.9 1,037.6 50% 50% H1 2023 H1 2024 50% 50% 1,019.3 879.3 H1 2023 H1 2024 Domestic sales Export sales • Revenue up 15.9% year on year • Similar contributions of domestic and export sales to
Slide 17: Strong domestic and export sales
Strong domestic and export sales Export sales Domestic sales 27%* 33% 38% 42% 46% 50% 50% 50% 73% 67% 62% 58% 54% 50% 50% 50% * Contribution to 1,827.2 1,826.2 Group’s revenue 1,409.6 1,425.1 1,227.5 1,034.4 1,037.6 1,019.3 910.1 963.3 707.1 769.8 662.7 569.3 385.2 252.2 2017 2018 2019 2020 2021 202
Slide 18: Strong quarterly sales growth
Strong quarterly sales growth Quarterly sales [PLN million] 1,062.1 994.8 938.5 956.3 921.9 836.6 751.2 737.0 706.9 639.6 587.2 611.6 587.5 469.5 433.1 475.7 371.1 396.7 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2020 2021 2022 2023 2024 • Strong double-digit growth in sales continued in
Slide 19: Profitability
Profitability Gross profit EBITDA EBIT Net profit [PLN million] [PLN million] [PLN million] [PLN million] +18% 557.2 -3% -8% 107.2 -9% y/y in H1 166.5 y/y in H1 161.7 146.1 y/y in H1 97.2 473.2 134.5 y/y in H1 296.3 -11% +17% -2% -7% 64.2 252.4 Q2 y/y 94.6 92.6 84.1 Q2 y/y Q2 y/y 56.9 Q2 y/y 78.4 26
Slide 20: Gross profit
Gross profit 30.7 30.3 30.4 Profit margin 29.5 29.3 28.3 28.1 27.9 [%] 30.3 26.9 29.6 29.2 26.2 27.6 28.4 26.2 26.4 26.6 296.3 271.1 260.9 252.4 245.6 214.3 219.4 224.2 220.8 189.2 172.3 173.6 180.3 120.1 131.8 127.7 131.4 97.3 PLN million Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2020 2
Slide 21: Profit margin
Profit margin 30.3 29.5 29.3 29.6 30.3 29.2 30.4 28.1 27.6 28.4 27.9 26.2 30.7 26.9 26.6 28.3 26.4 26.2 Net profit margin (%) EBIT margin (%) 12.2 11.3 11.0 11.5 12.9 11.9 11.6 10.5 11.0 11.2 10.6 EBITDA margin (%) 10.1 10.7 10.8 10.0 10.2 11.8 8.6 8.4 Gross margin (%) 6.6 9.6 10.8 10.4 7.0 8.7 9.9
Slide 22: Cash flow
Cash flow Cash flow [PLN million] Operating cash flows 207.0 226.0 Investing cash flows Financing cash flows 4.4 Total cash flows -18.9 -6.9 -32.3 -195.0 -189.3 H1 2023 H1 2024 • Stable liquidity position of the Group www.autopartner.com 22
Slide 23: Stable stock levels
Stable stock levels Stocks* [PLN million] 1,078.0 993.8 1025.7 1,019.0 969.3 964.7 981.3 839.8 827.6 876.0 749.4 656.1 608.7 603.2 469.6 478.8 503.2 491.7 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2020 2021 2022 2023 2024 • Strong inventory turnover: 128 days vs 136 days the year before
Slide 24: Summary
04. Summary www.autopartner.com 24
Slide 25: Summary
Summary Solid H1 2024 financial results Maintaining a strong growth rate in Poland and abroad – sales exceeded PLN 2.0 billion for the first time in the Company’s history Solid profit margins despite market challenges Low debt level maintained, with net debt/EBITDA at 0.9x Good prospects f
Slide 26: Thank You!
THANK YOU! ul. Ekonomiczna 20 43–150 Bieruń, Poland www.autopartner.com