Autins Group Plc · LSE:AUTG
Autins — FY2017 Earnings Presentation
21 slides from Autins's earnings presentation, December 2017
Slide 1: Year End Results
YEAR END RESULTS December 2017
Slide 2: Agenda
AGENDA • Introduction • Financial highlights • Strategy Progress • Outlook • Appendix
Slide 3: Our Products, Our Locations, Our Processes
3 Year End Results Presentation OUR PRODUCTS OUR LOCATIONS Fleeces Neptune Heavy Layer Nonwoven mono- Lightweight, ultra-micro material polyester Thermoplastic mass fibre acoustic absorber fleeces with application barriers specific scrims Light Foam Foams Multi Layer Gothenburg, Sweden Layered barri
Slide 4: Applications - ICE
4 Year End Results Presentation APPLICATIONS - ICE Bonnet liners Light foam with protective covers • Lightweight, acoustic performance, low flame response, high temperature Bumper Heavy layer and PUR • Significant mass used to reduce vibrations and act as a barrier to noise transmission Wheel arches
Slide 5: Financial Highlights
FINANCIAL HIGHLIGHTS
Slide 6: Financial Highlights
6 Year End Results Presentation FINANCIAL HIGHLIGHTS FY 2017 FY 2016 Change Comment Revenue £26.4m £20.4m +29% Non UK share increased to 12.4% (FY2016: 7.1%) Gross Profit £9.0m £6.5m +38% Margin improved to 34.3% / FY2016: 32.02% Adj. EBITDA £2.0m £1.4m +38% Excludes IPO costs, press repairs and cha
Slide 7: Revenue Bridge
7 Year End Results Presentation REVENUE BRIDGE UK Growth £0.88 £26.36 £0.19 £0.38 • Greater tier penetration with £0.82 £0.54 growth on existing OEM base £3.35 • Tooling: OEM platforms due to launch FY2018 • Non automotive: end £20.38 customer growing, with new sales channel in USA Overseas growth •
Slide 8: Adj. EBITDA Bridge
8 Year End Results Presentation Adj. EBITDA BRIDGE £1.72 (£0.18) Volume effect (£0.83) • Top-line growth delivers margin drop through £2.03 £0.66 (£0.65) • Margin enhancement from new products and £1.35 (£0.17) £0.12 processes Growth overhead • Customer facing personnel • Operational excellence FY20
Slide 9: Cashflow Bridge
9 Year End Results Presentation CASHFLOW BRIDGE £0.96 (£2.40) Working capital • Debtors increased in line with top line growth £0.54 £0.15 (£0.27) (£4.27) • Inventory • Tooling stock £0.3m lower • Trade creditors (inc. JV) up £0.8m £0.43 • Accruals £1.1m lower after settlement of IkSung capex (£4.86
Slide 10: Strategy Progress
STRATEGY PROGRESS
Slide 11: Business Model
11 Year End Results Presentation BUSINESS MODEL Market Intelligence Expertise and experience Product Offering translated into specialised Research and product know-how. Macro level development plans that Operational trends and micro level deliver improved acoustic Excellence customer challenges and
Slide 12: Strategy
12 Year End Results Presentation STRATEGY Strategic Intent Market Led Growth agenda built on best-in-class differentiated products Strategic Market Drivers Specialist applications and materials, research & product development Large target addressable market Broader market and customer covera
Slide 13: Strategic Progress
13 Year End Results Presentation STRATEGIC PROGRESS Strategic Intent Strategic Progress 2017 Market Led Growth agenda built on best-in-class New wins: Volvo, Aston Martin, London Taxi differentiated products Neptune OEM approvals continue Specialist applications and materials, MIRA technic
Slide 14: Outlook
OUTLOOK
Slide 15: Outlook
015 Year End Results Presentation OUTLOOK Our view ahead • Confident of continued strong growth across the current year • Near term results will be weighted to second half • Important year as we re-shape financial performance of the Group Our view beyond • Accelerate operational excellence – Autins
Slide 16: Appendix
APPENDIX • Financials: • Consolidated statement of Income, Financial Position, Cash Flows
Slide 17: Progression - Last 3 Years
17 Year End Results Presentation PROGRESSION – LAST 3 YEARS Group sales Group gross profit 15,000 6,000 14,000 5,000 13,000 12,000 4,000 External sales (£000s) Group profit (£000s) 11,000 10,000 3,000 9,000 2,000 8,000 7,000 1,000 6,000 5,000 0 H1 2015 H2 2015 H1 2016 H2 2016 H1 2017 H2 2017 H1 2015
Slide 18: Consolidated Statement of Income
18 Year End Results Presentation CONSOLIDATED STATEMENT OF INCOME FY 2017 FY 2016 FY2015 £000s £000s £000s Revenue 26,357 20,378 19,781 Gross Profit 9,030 6,533 6,044 Gross Margin % 34% 32% 31% Exceptional costs 550 182 - EBITDA 874 918 1,774 Profit Before Taxation 207 186 899 Taxation 196 112 (182)
Slide 19: Consolidated Statement of Financial Position
19 Year End Results Presentation CONSOLIDATED STATEMENT OF FINANCIAL POSITION FY 2017 FY 2016 FY2015 Total non-current assets 15,108 12,720 6,744 Inventories 1,967 1,565 1,392 Trade and other receivables 7,378 4,955 4,105 Cash and cash equivalents 1,625 6,449 505 Total current assets 10,970 12,969 6
Slide 20: Consolidated Statement of Cash Flows
20 Year End Results Presentation CONSOLIDATED STATEMENT OF CASH FLOWS FY 2017 FY 2016 FY2015 Profit after tax 403 298 717 Depreciation & amortisation 765 616 576 Income taxes (261) (112) 182 Financing 92 558 386 Other operating items (137) (528) 6 Change in working capital (1,893) (159) 881 Operatin
Slide 21: Applications - EV
21 Year End Results Presentation APPLICATIONS - EV Bonnet liners Light foam product with protective covers • Lightweight, superior acoustic performance , ideally suited for EVs Wheel arches Combination product incl. PET or advanced options • Improved acoustic profile to block out prominent road nois