Waberer's International Nyrt. · BET:WABERERS
Waberer's International Nyrt — Investor Presentation (September 2018)
26 slides from Waberer's International Nyrt's investor presentation, September 2018
Slide 1: Investor Presentation
Investor Presentation WABERER’S INTERNATIONAL Nyrt. | September 2018
Slide 2: Forward-looking statements
Forward-looking statements This presentation may contain forward-looking statements. Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. These statements are based on current plans, estimates and projections, and therefor
Slide 3: Agenda
Agenda | Investment Case Highlights | Q2 2018 Results | Financial Statements | Appendix |3
Slide 4: At a Glance – Waberer's Long-term Growth Story
At a Glance – Waberer’s Long-term Growth Story Where we come from 4,485(1) 175 2002(8) 2017 | 1948 | 1994 | 2002 | 2006 | 2011 | 2013 | 2016 | 2016 | 2017 Creation Acquisition of Acquisition of Acquisition Initial MEP Acquisition of Acquisition MEP acquired Acquisition of the Volán Tefu in a Hungaro
Slide 5: Strategy and 2017 Performance
Strategy and 2017 Performance Scale Efficiency Innovation Consolidation Profitability Largest European Market-Leading Developing and Platform Track Record of Own FTL Fleet Fleet Utilisation Applying Technology Attractive Strong Financial Systems Consolidation Performance Prospects € Delivering Signi
Slide 6: Consistent Growth - Top Line and Profit
Consistent Growth - Top Line and Profit Consistent Growth of Revenues Across Segments Growing Profit Contribution Across Segments | Revenue CAGR | EBITDA (recurring) CAGR (EUR mn) (EUR mn) 12.7% 2014-2017 2014-2017 13.7% 12.9% 674 10.7% 13.7% 86 8.0% 572 51 72 73 7 523 123 16.6% 68 496 32 4 17 29.3%
Slide 7: Capital Market Overview
Capital Market Overview IPO Allocation Structure Shareholder Structure(1) EUR 50 mn 1% EUR 15 mn Primary Allocated to 18% Institutional issuance retail investors (new shares) Retail EUR 80 mn and employees 9% equity sold CEE Transport BV EUR 30 mn EUR 65 mn Sold by existing Allocated to Treasury sha
Slide 8: Agenda
Agenda | Investment Case Highlights | Q2 2018 Results | Financial Statements | Appendix |8
Slide 9: Group performance – temporary margin pressure in International Transportation Segment
Group performance – temporary margin pressure in International Transportation Segment |Revenue (left) and recurring EBITDA (right) by segments Revenue growth of 17% due to acquisition effect(1) (EUR mn) in international segment and organic growth in regional segment +17% -14% Recurring EBITDA de
Slide 10: Price increase not yet sufficient to compensate for cost pressure
Price increase not yet sufficient to compensate for cost pressure and temporary decrease in utilisation |International Transportation Segment (ITS) EBITDA margin bridge (H1 2017 to H1 2018) 3.3 pp 11.7% 0.7 pp 0.7 pp 0.7 pp 9.0% 3.4 pp 1.2 pp 0.5 pp 0.2 pp ITS H1 2017 Driver Non-driver Fuel price Fu
Slide 11: Outlook
Outlook FY 2018 rec. EBITDA expected to be slightly decreasing compared to 2017(1) Price increase set to continue to pass on higher costs and yield results in EoY high season Efficiency measures to mitigate the effects of increasing unit costs Fuel: reduce consumption further Drivers: rely on new la
Slide 12: Agenda
Agenda | Investment Case Highlights | Q2 2018 Results | Financial Statements | Appendix |12
Slide 13: Financial statements – Income statement
Financial statements – Income statement | Group selected income statement financials (unaudited IFRS, EUR mn unless otherwise stated) 2017 2018 Nominal change % change Q2 H1 Q2 H1 Q2 H1 Q2 H1 Revenue 158.0 313.2 184.5 363.4 26.5 50.2 16.8% 16.0% Direct Costs (118.3) (245.6) (152.0) (301.7) (33.8) (5
Slide 14: Financial statements – Balance sheet
Financial statements – Balance sheet | Group selected balance sheet items (unaudited IFRS, EUR mn unless otherwise stated) June 30, 2017 Dec 31, 2017 June 30, 2018 Total Non-current Assets 369 453 487 Total Current Assets 193 229 237 o/w Trade receivables 102 119 126 o/w Cash and cash equivalents 39
Slide 15: Financial statements – Cash flow statement
Financial statements – Cash flow statement | Group selected cash flow items (unaudited IFRS, EUR mn unless otherwise stated) H1 2017 H1 2018 Net cash flows from (used in) operating activities 35.4 25.0 of which: change in working capital (7.0) (13.3) Net cash flows from (used in) investing and finan
Slide 16: Agenda
Agenda | Investment Case Highlights | Q2 2018 Results | Financial Statements | Appendix |16
Slide 17: Established Market Leadership Secured by Significant Barriers to Entry
Established Market Leadership Secured by Significant Barriers to Entry #1 Own International Fleet FTL Player in Europe Significant Barriers to Achieve Industry Leadership | International Fleet Size(1) (Number of Vehicles, Latest Available) 3 604(2) 1 Economies of Scale / Procurement 2 650 2 800 2 Po
Slide 18: Attractive Growth and Consolidation Prospects – European Market
Attractive Growth and Consolidation Prospects – European Market Road is the Dominant Mode of Transportation in Europe… Highly Fragmented European Market | European Inland | Transportation Companies by Fleet Size(1) Transport Split Navigation (By Freight Transport 13% Activity in Gtkm, 2015A) Rail 51
Slide 19: Attractive Growth and Consolidation Prospects – Regional Market
Attractive Growth and Consolidation Prospects – Regional Market Growing Economies in Adjacent Countries Strong Domestic Road Transportation Market Growth | Real GDP CAGR | Hungarian Domestic Road Freight Market Size (2015A – 2020E) (in €bn) United Kingdom 2.4 2.5 2.2 2.3 2.1 2.1 2.2 1.3% 1.8 1.9 Ger
Slide 20: Focused Strategy, Underpinned by a Compelling Value Proposition, Driving Above-Market Growth
Focused Strategy, Underpinned by a Compelling Value Proposition, Driving Above-Market Growth Compelling Value Proposition and Focused Strategy… …Driving Above-Market Growth Availability – Guaranteed capacity and high density of fleet network International Leverage the Network Quality – Modern fl
Slide 21: Industry-Leading Operational Performance
Industry-Leading Operational Performance High Density of Coverage(3) Market-Leading IT Infrastructure | Industry-Leading Operating Efficiency 91.6% 91.4% 91.3% - Industry-leading IT platform drives - Density and frequency drive operational excellence and 90.9% optimisation potential optimises asset
Slide 22: Resilient Business Model
Resilient Business Model Industry-Leading Production Costs Flexible Asset Cycle | Fleet Cycle Re-Scalability High fuel efficiency (Avg. # of Trucks) (23% of 2015 Fleet(1)) Continuous fleet Optimised procurement of trucks 117 3,550 renewal programme Addition 668 785 Established OEM Standardised in-
Slide 23: Diversified, Blue-Chip Customer Base
Diversified, Blue-Chip Customer Base FF Client Base Effectively Addresses Seasonality Well Diversified Across Industry Verticals | Customers by Type | Customer Industries (2017, % of Subcontractor Revenues) (2017, % of ITS Revenues) Paper & Chemicals Freight Forwarder 6% Automotive 19% Non-classifie
Slide 24: Identified M&A Selection Criteria
Identified M&A Selection Criteria International Transportation Regional Logistics | Size | Size – Focus on mid-sized – Focus on small and Revenue: Equity Value: operators mid-sized – Quality book >€50m €30–50m Revenue: Equity Value: 1 of business 1 logistics providers €20–50m Up to €50m – Scope for
Slide 25: Industry Recognised and Highly Regarded Board of Directors
Industry Recognised and Highly Regarded Board of Directors Gerard van Kesteren Ferenc Lajkó Chairman of the Board( Board Member Board member since 2016, Chairman since August 2018 Board member since 2017 Previously financial controller and CFO at Kühne + Nagel Joined the Group in 2002, CEO s
Slide 26: WABERER'S INTERNATIONAL Nyrt. contact details
WABERER’S INTERNATIONAL Nyrt. H-1239 Budapest, Nagykőrösi út 351. Tel: +36 1 421 6300 E-mail: investor.relations@waberers.com
Waberer's International Nyrt. — Investor Presentation (September 2018) on 6ix