Waberer's International Nyrt. · BET:WABERERS
Waberer's International Nyrt — Investor Presentation (October 2017)
27 slides from Waberer's International Nyrt's investor presentation, October 2017
Slide 1: Waberer's Investor Presentation
Waberer’s Investor Presentation WABERER’S INTERNATIONAL Nyrt. | October 2017
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 | Waberer’s Highlights | A Compelling Investment Proposition – Delivering Growth | The European Leader in FTL Transportation | Divisional Overview: International and Regional | Consistent Top Line Growth with Stable Profit Generation | Capital Market Overview | Investment Case | Appendix |3
Slide 4: A Compelling Investment Proposition – Delivering Growth
A Compelling Investment Proposition – Delivering Growth 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 Pr
Slide 5: The European Leader in FTL Transportation
The European Leader in FTL Transportation Leading Pan-European Leading Regional Logistics FTL Operator Solutions Provider Group Revenue 2016PF: €582m Group Recurring EBITDA 2016PF: €76m 3,787 Trucks(1) 197k m2 IT Capital Expenditure c.2.3 Years Average Age Warehouse Capacity(1,2) of c.€2.7m p.a.(3)
Slide 6: Divisional Overview: International and Regional
Divisional Overview: International and Regional Group Revenue: €582m Group EBITDA: €76m (Margin: 13.1%) International Regional |Overview(1) |Overview(1) #1 own-fleet player in European FTL with #1 in road transport and logistics services in Hungary 17% Revenue Revenue 3,123(2) own trucks Large
Slide 7: Consistent Top Line Growth with Stable Profit Generation
Consistent Top Line Growth with Stable Profit Generation Consistent Growth of Revenues Across Segments Stable Profit Generation | Revenue CAGR | EBITDA CAGR (in €m) 2014A-2016PF (in €m) 13.7% 13.7% 13.1% 2014A-2016PF 582 76 8.3% 5.9% 522 68 72 496 41 5 87 97 11.8% 8 11 13 27.2% 78 419 435 443 2.9% 6
Slide 8: Capital Market Overview
Capital Market Overview IPO Allocation Structure Post-IPO Shareholder Structure(1) EUR 50 mn 1% EUR 15 mn Primary Allocated to 22% Institutional issuance retail investors (new shares) and employees Retail EUR 80 mn 6% CEE Transport BV EUR 30 mn equity sold EUR 65 mn Sold by existing Allocated to 70%
Slide 9: Agenda
Agenda | Waberer’s Highlights | Investment Case | Established Market Leadership Secured by Significant Barriers to Entry | Attractive Growth and Consolidation Prospects – European Market | Attractive Growth and Consolidation Prospects – Regional Market | Focused Strategy, Underpinned by a Compelling
Slide 10: 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) (excl. (incl. Link) Link) (2) (3) Waberers 2,970 3,397 Girte
Slide 11: 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 12: 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 13: 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 14: Industry-Leading Operational Performance
Industry-Leading Operational Performance High Density of Coverage(3) Market-Leading IT Infrastructure | Industry-Leading Operating Efficiency 91.6% 91.3% 90.9% - Industry-leading IT platform drives - Density and frequency drive operational excellence and optimisation potential optimises asset deploy
Slide 15: 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 16: Agenda
Agenda | Waberer’s Highlights | Investment Case | Appendix | H1 2017 Results Highlights | Diversified, Blue-Chip Customer Base | Platform for Growth Through M&A | Identified M&A Selection Criteria | Polish Acquisition | Industry Recognised and Highly Regarded Board of Directors | Financial Statement
Slide 17: H1 2017 Results Highlights
H1 2017 Results Highlights Revenue grew by 13% Growth driven by both Recurring Group EBITDA up 4% organic expansion and Recurring EBIT grew by 14% acquisitions Link acquisition closed and to be consolidated in H2 2017 Loaded ratio at record high of 92% Improvement in efficiency Improving
Slide 18: 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 (2016A, % of Subcontractor Revenues) Freight (2016A, % of Total Revenues) (2) Forwarders FMCG 10% 23% Non-Classified 31% Construc
Slide 19: Platform for Growth Through M&A
Platform for Growth Through M&A Committed to Inorganic Growth M&A Objectives | Successfully acquired and integrated several companies in the Extended geographical coverage to access new labour past, both domestically and internationally and customer markets 2002 2013 2017 Acquisition of Acquisitio
Slide 20: 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 21: Polish Acquisition: Optimal Match for Waberer's
Polish Acquisition: Optimal Match for Waberer’s Compelling Strategic Rationale Strong Growth of Top Line and Operating Profits | Revenues | Reported EBITDA Strong geographical footprint with proximity to core EU markets (in PLNm) (in PLNm) Revenue growth originating from a Driven mainly by revenue
Slide 22: Polish Acquisition: Synergies and Integration Timeline
Polish Acquisition: Synergies and Integration Timeline Attractive, Clearly Identified Synergy Potential | Potential Synergy Outlook(1) | Transaction details | Key Synergy Areas (EBITDA Synergies, in €m) Run-Rate Synergies 10 Revenue SPA signed on 26th Synergies May 2017 Enhanced asset utilisation
Slide 23: Industry Recognised and Highly Regarded Board of Directors
Industry Recognised and Highly Regarded Board of Directors Nikolaus Bethlen Ferenc Lajkó Chairman of the Board Board Member Board member since 2011 Board member since 2017 Partner at Mid Europa Partners and Head of Budapest Joined the Group in 2002, CEO since 2016 office, responsible for dea
Slide 24: Financial Statements: Income Statement
Financial Statements: Income Statement | Group selected income statement financials (unaudited IFRS, EUR mn unless otherwise stated) 2017/2016 abs. 2017/2016 % 2016 2017 change change Q1 Q2 H1 Q1 Q2 H1 Q1 Q2 H1 Q1 Q2 H1 Revenue 127 149 276 155 158 313 28 9 37 22% 6% 13% Direct Costs* (102) (115) (21
Slide 25: Financial Statements: Balance Sheet
Financial Statements: Balance Sheet | Group selected balance sheet items (unaudited IFRS, EUR mn unless otherwise stated) end-Dec 2016 end-March 2017 end-June 2017 TOTAL NON-CURRENT ASSETS 345 346 369 TOTAL CURRENT ASSETS 169 173 193 o/w Trade receivables 88 100 102 o/w Cash and cash equivalents 32
Slide 26: Financial Statements: Cash Flow Statement
Financial Statements: Cash Flow Statement | Group selected cash flow items (unaudited IFRS, EUR mn) H1 2016 H1 2017 Net cash flows from (used in) operating activities 30.5 35.4 of which: change in working capital (3.7) (7.0) Net cash flows from (used in) investing and financing activities (14.6) (28
Slide 27: WABERER'S INTERNATIONAL Nyrt. H-1239 Budapest, Nagykőrösi út 351.
WABERER’S INTERNATIONAL Nyrt. H-1239 Budapest, Nagykőrösi út 351. Tel: +36 1 421 6300 E-mail: investor.relations@waberers.com
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