Autins Group Plc · LSE:AUTG
Autins — H1 2019 Earnings Presentation
20 slides from Autins's earnings presentation, June 2019
Slide 1: Autins Group – Interim Results Presentation
Autins Group – Interim Results Presentation June 2019
Slide 2: Agenda
Agenda • Introduction • Financial Highlights • Operational Highlights • Outlook • Appendix 2
Slide 3: Introduction to Autins Group
Introduction to Autins Group OUR VISION Our locations To be the preferred European supplier of acoustic and thermal solutions to our customers in the automotive industry and segments where we can deliver value OUR PRODUCTS Gothenburg, Sweden NPI centre, materials Nuneaton, UK manufacturing, assembly
Slide 4: Aligned direction and approach
Aligned direction and approach Strategy for profitable growth • Leverage our NVH expertise in automotive to win new customers Values and Culture • Leverage our Neptune technology and Teamwork technical expertise to open up new markets Accountability • Build the Autins brand reputation as an Expertis
Slide 5: Financial Highlights
Section 01 Financial Highlights
Slide 6: Financial highlights
Financial highlights H1 19 H2 18 H1 18 FY18 Revenue £13.66m £13.40m £15.86m £29.2m Gross Margin 26.5% 22.22% 26.9% 25.5% Adjusted* EBITDA £(0.16)m £(0.9)m £0.60m £(0.3)m Net Debt £4.66m £4.22m £3.58m £4.22m (LPS)/EPS (4.42)p (6.36)p 0.22p (6.14)p (Loss)/profit after Tax £(0.98)m £(1.45)m £0.05m £(1.
Slide 7: Operational Highlights
Section 02 Operational Highlights
Slide 8: Operational highlights
Operational highlights • Revenue and order book: • Sales on track for year with an increased pipeline of £44m, of which £39m is Neptune • New wins in the period include: – £2.5m/year of Neptune – £2.1m/year of vacuum moulded heavy layer for the facelift of Velar, F-Pace, XE, XF • Continued growth of
Slide 9: Neptune growth continues
Neptune growth continues • Production increased 100% 2019 vs 2018 • Pipeline growth of 30% • 12 OEM brands, 33 vehicle models and 200 components • New Neptune Wins £2.5m/year 2018 2019 2020 2021 2022 Production Booked Pipeline Jan 2018 Additional Pipeline since Jan 19
Slide 10: Financial Review
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Slide 11: Revenue Bridges
Revenue Bridges • Revenue decreased 13.8% YoY, as expected with reductions in UK and European car sales noted in FY18 • Revenue from key customer down 19% YoY, up 4% vs H2 18 • Concentration continues to reduce with uptake of Neptune with other European OEMs and Tiers • Tooling revenue marginally lo
Slide 12: Gross Profit Bridges
Gross Profit Bridges • Component gross margin decreased, but was an improvement on H2 18 and FY18 • Labour utilisation improved by 2% points YoY, 2.5% on H2 18 • Prior year benefitted from Neptune operator capitalisation • Procurement and cost out activity delivering savings on material utilisation
Slide 13: Adjusted EBITDA Bridges
Adjusted EBITDA Bridges • Adjusted EBITDA loss of £0.16m stated before: • Exceptional restructuring costs of £0.31m – cost reduction programme continues into H2 • £0.12m amortisation arising at Group’s IPO (unchanged on prior periods) • Salary programme largely complete • Overhead cost saving progra
Slide 14: Net debt bridge
Net debt bridge • Net Debt increased in the period to £4.7m (FY18: £4.2m) with trading loss • Total working capital reduced £0.1m • Inventory reduced £0.1m after absorbing £0.35m of Brexit contingency stock • Trade debtors reduced £0.25m, offset by other debtors increase (£0.19m) • Tooling stock inc
Slide 15: Outlook
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Slide 16: Outlook
Outlook • Anticipate markets will remain depressed in the short term • Operational improvements are continuing • Autins will continue to win business from a large and fast growing sales pipeline, supported by the European footprint • Expect margins to continue to improve as cost and operational acti
Slide 17: Appendix - Financials
Section 05 Appendix - Financials
Slide 18: Interim Consolidated statement of income
Interim Consolidated statement of income H1 19 H1 18 FY18 Revenue 13,657 15,855 29,243 Gross Profit 3,616 4,292 7,247 Gross margin % 27% 27% 25% Exceptional costs 312 - 234 EBITDA (469) 355 (922) (Loss)/profit before taxation (976) 54 (1,734) Taxation - (5) 376 (Loss)/profit after taxation (976) 49
Slide 19: Interim Consolidated Balance Sheet
Interim Consolidated Balance Sheet H1 19 H1 18 FY18 Total non-current assets 15,207 15,115 15,624 Inventories 2,778 2,535 2,553 Trade and other receivables 6,651 8,087 6,763 Cash and cash equivalents 511 1,515 91 Total current assets 9,940 12,137 9,407 Total assets 25,147 27,252 25,031 Trade and oth
Slide 20: Interim Consolidated Statement of Cash Flows
Interim Consolidated Statement of Cash Flows H1 19 H1 18 FY18 Profit after tax (976) 49 (1,358) Depreciation & amortisation 536 420 913 Income taxes - 5 (376) Financing 90 35 118 Other operating items (109) (143) (200) Change in working capital 130 (1,486) (54) Operating Cashflow (329) (1,120) (957)