Auto Partner Sa · GPW:APR
Auto Partner Sa — FY2022 Earnings Presentation
25 slides from Auto Partner Sa's earnings presentation, Apr 27, 2023
Slide 1: Financial Results of the Auto Partner Group 2022
FINANCIAL RESULTS OF THE AUTO PARTNER GROUP 2022 April 27th 2023
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 Auto Partner Group 2. Market environment 3. Financial results 4. Summary www.autopartner.com 3
Slide 4: About Auto Partner Group
01. About 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 Vice President of the Vice President of the Member of the Management Board/Founder Management Board Management Board 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 Approximately 250,000 references available Foreign markets accounting for approximately 50% of sales Over 15.5m parts warehoused throughout Poland About 62% of orders placed on
Slide 7: Business model
Business model broad product range premium brands, private brands human resources own brand over 1,700 employees SUPPLIERS OF MaXgear FINISHED sales PRODUCTS other brands sales support warehouse/logistics IT online orders export deliveries to branch offices over 100 branch offices local warehouse de
Slide 8: Key developments in 2022
Key developments in 2022 Record-high revenue: up 25% to nearly PLN 2.9bn Continued foreign expansion – exports accounting for 50% of revenue Strong profitability maintained, with steep growth in the scale of business: gross margin at 29.9% Record net profit: PLN 207.3m, up 11.4% Further development
Slide 9: Well-developed distribution network
Well-developed distribution network • IT-supported logistics – just-in-time deliveries to geographically dispersed customers at a frequency of 3-5 times per day • Total warehousing space at the Group (leases) – almost 140,000 sq m: • Distribution centre in Bieruń (43,000 sq m) • Warehouse in Pruszkó
Slide 10: Growing importance of own brand
Growing importance of own brand over 35,000 references available 16 years of experience 80 product groups 21% contribution to revenue www.autopartner.com 10
Slide 11: Market environment
02. Market environment www.autopartner.com 11
Slide 12: Market environment
Market environment POLAND EUROPE (European Union) • In 2022, the number of registrations fell by 6% year • 567 cars per 1,000 inhabitants of the European on year in the case of new passenger cars and by Union (according to ACEA). 15.8% in the case of light commercial vehicles • ACEA: in 2022, new pa
Slide 13: Financial results
03. Financial results www.autopartner.com 13
Slide 14: Record results for 2022
Record results for 2022 REVENUE EBITDA EBIT NET PROFIT 2,834.7 314.2 281.4 207.3 PLNm PLNm PLNm PLNm +25% +18% +18% +11% www.autopartner.com 14
Slide 15: 2022 sales at all-time record level
2022 sales at all-time record level Sales 2022 [PLNm] Sales by geographies [PLNm] 1,409.6 2,834.7 50% 1,034.5 2,262.0 46% 2022 50% 2021 54% 1,425.1 1,227.5 2021 2022 Domestic sales Export sales • Revenue up +25.3% y/y • Growing share of foreign sales in revenue – for the first time on record export
Slide 16: Strong sales in Poland and growing share of exports in revenue
Strong sales in Poland and growing share of exports in revenue Export sales Domestic sales 27%* 33% 38% 42% 46% 50% 73% 67% 62% 58% 54% 50% *Share in Group revenue 1,409.6 1,425.1 1,227.5 1,034.4 963.3 910.1 769.8 707.1 662.7 569.3 385.2 252.2 2017 2018 2019 2020 2021 2022 2017 2018 2019 2020 2021 2
Slide 17: Strong quarterly sales growth
Strong quarterly sales growth Quarterly sales [PLNm] 751.2 737.0 706.9 639.6 587.2 611.6 587.5 469.5 475.7 433.1 392.9 391,5 368.3 371.1 396.7 303.4 303.7 294 326.7 253.9 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2018 2019 2020 2021 2022 • Strong two-digit growth in sales (+25% y/y
Slide 18: Significant growth in profits and earnings
Significant growth in profits and earnings Gross profit EBITDA EBIT Net profit [PLNm] [PLNm] [PLNm] [PLNm] 281.4 847.0 314.2 239.0 657.6 +29% 265.2 207.3 186.0 +18% +18% +11% 2021 2022 2021 2022 2021 2022 2021 2022 • Solid year-on-year growth across all P&L levels • Pandemic-related subsidies receiv
Slide 19: Gross profit
Gross profit Profit margin 30.3 30.7 30.3 30.4 [%] 29.5 29.3 29.6 29.2 28.1 28.4 27.7 27.6 26.5 26.8 27.0 26.6 26.0 26.0 26.2 24,5 214.3 219.4 224.2 189.2 172.3 173.6 180.3 120.1 131.8 127.7 131.4 96.3 101.9 101.8 97.3 78.8 81.5 79.4 86.9 67.4 PLNm Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
Slide 20: Profit margin
Profit margin 30.3 29.3 30.7 30.3 30.4 27.7 28.1 27.6 28.4 26.6 26.0 26.2 29.6 29.5 29.2 24.5 Net profit margin (%) EBIT margin (%) 12.2 12.9 11.9 11.3 11.0 11.5 11.6 EBITDA margin (%) 10.5 11.0 11.2 10.6 7.8 10.8 10.2 11.8 9.4 Gross margin (%) 6.9 7,4 6,6 10,0 9.6 10.8 9,4 10.4 9.9 10.1 6.1 9.5 6.8
Slide 21: Cash flow
Cash flow Cash flow [PLNm] Operating cash flows Investing cash flows Financing cash flows 110.1 50.1 Total cash flows 5.6 18.0 -18.1 -4.3 -37.6 -96.3 2021 2022 • Stable liquidity position of the Group www.autopartner.com 21
Slide 22: Stable stock levels
Stable stock levels Stocks* [PLNm] 963.3 876.0 839.8 827.6 749.4 656.1 608.7 603.2 478.8 503.2 491.7 439.8 447.3 448.2 448.2 468.1 469.6 382.8 391.2 403 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2018 2019 2020 2021 2022 • Inventory turnover as at December 31st 2022: 158 days vs 141
Slide 23: Summary
04. Summary www.autopartner.com 23
Slide 24: Summary
Summary Record high sales and financial results Over 36% growth in export sales Solid margins maintained despite a challenging market environment Low debt maintained (net debt/ EBITDA = 1.4x) – a major advantage given the rising borrowing costs Good prospects for the parts distribution mar
Slide 25: Thank you!
THANK YOU! ul. Ekonomiczna 20 43–150 Bieruń, Poland www.autopartner.com