Auto Partner Sa · GPW:APR
Auto Partner Sa — Q1 2024 Earnings Presentation
26 slides from Auto Partner Sa's earnings presentation, May 21, 2024
Slide 1: Q1 2024 Financial Results
Q1 2024 FINANCIAL RESULTS AUTO PARTNER GROUP 21 May 2024
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 the Auto Partner Group 2. Market environment 3. Financial results 4. Summary www.autopartner.com 3
Slide 4: About the Auto Partner Group
01. About the 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 International markets account for around 50% of sales Approximately 250,000 product references available Expanding distribution network with nearly 160,000 m2 of warehouse spa
Slide 7: Effective business model
Effective business model broad product range premium brands, private label brands private label human resources brands almost 2,700 employees SUPPLIERS including OF FINISHED MaXgear sales PRODUCTS other brands sales support warehouse/logistics IT online orders deliveries export to branch offices Abo
Slide 8: Diversified customer base
Diversified customer base POLAND EXPORT Repair workshops 62% Stores, wholesalers and distributors Specialised stores 30% 100% Non-specialised repairers and retailers 8% Data as at 31 December 2023 www.autopartner.com 8
Slide 9: Key developments in Q1 2024
Key developments in Q1 2024 Solid financial results: sales up 18.9% to almost PLN 1.0 billion Double-digit growth in Poland (up 20.7%) and in international markets (up 17.2%) Solid profitability and rapid business growth achieved despite market challenges, with a gross margin of 26.2% posted for Q1
Slide 10: Well-developed distribution network
Well-developed distribution network • IT-supported logistics enable just-in-time deliveries to geographically dispersed customers, with a frequency of 3–5 times per day • Warehouse space leased by the Group totals ca. 160,000 m2: • Centre in Bieruń (ca. 52,000 m2) • Warehouse in Pruszków (ca. 12,500
Slide 11: Private label brands account for 20% of revenue with rapidly growing sales
Private label brands account for 20% of revenue with rapidly growing sales over 35,000 references available 18 years of experience 80 product groups www.autopartner.com 11
Slide 12: Market environment
02. Market environment www.autopartner.com 12
Slide 13: Market environment
Market environment POLAND EUROPE (European Union) • In Q1 2024, registrations of new passenger cars • 574 cars per 1,000 inhabitants in the European increased by 13% year on year, while lorry Union (ACEA). registrations declined by 16% (KPMG/PZPM). • According to ACEA, new passenger car registration
Slide 14: Financial results
03. Financial results www.autopartner.com 14
Slide 15: Q1 2024 results
Q1 2024 results REVENUE EBITDA EBIT NET PROFIT 994.8 69.1 56.1 40.3 PLN PLN PLN PLN million million million million +19% -4% -10% -6.0% www.autopartner.com 15
Slide 16: Strong sales growth in Q1 2024
Strong sales growth in Q1 2024 Sales Q1 2024 [PLN million] Sales by geography [PLN million] 994.8 430.9 505.2 836.6 50% 50% Q1 2023 Q1 2024 50% 50% 405.7 489.6 Q1 2023 Q1 2024 Domestic sales Export sales • Revenue up 18.9% year on year • Similar contributions of domestic and export sales to total re
Slide 17: Strong domestic and export sales
Strong domestic and export sales Export sales Domestic sales 27%* 33% 38% 42% 46% 50% 50% 50% 73% 67% 62% 58% 54% 50% 50% 50% * Contribution to Group’s 1,827.2 1,826.2 revenue 1,409.6 1,425.1 1,227.5 1,034.4 910.1 963.3 707.1 769.8 662.7 569.3 505.2 489.6 385.2 252.2 2017 2018 2019 2020 2021 2022 20
Slide 18: Strong quarterly sales growth
Strong quarterly sales growth Quarterly sales [PLN million] 994.8 938.5 956.3 921.9 836.6 751.2 737.0 706.9 639.6 587.2 611.6 587.5 469.5 475.7 433.1 371.1 396.7 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2020 2021 2022 2023 2024 • Strong double-digit growth in sales continued in the first q
Slide 19: Profitability
Profitability Gross profit EBITDA EBIT Net profit [PLN million] [PLN million] [PLN million] [PLN million] -10% -4% y/y y/y +18% 260.9 72.0 69.1 62.0 43.0 -6% y/y 56.1 y/y 40.3 220.8 Q1 2023 Q1 2024 Q1 2023 Q1 2024 Q1 2023 Q1 2024 Q1 2023 Q1 2024 • Strong profit margins delivered despite pressure fro
Slide 20: Gross profit
Gross profit 30.7 30.3 30.4 Profit 29.5 29.3 28.3 28.1 margin [%] 30.3 26.9 29.6 26.2 28.4 29.2 27.6 26.2 26.4 26.6 271.1 260.9 252.4 245.6 214.3 219.4 224.2 220.8 189.2 172.3 173.6 180.3 120.1 131.8 127.7 131.4 97.3 PLN million Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2020 2021 2022 2023
Slide 21: Profit margin
Profit margin 30.3 29.5 29.3 29.6 30.3 29.2 30.4 28.1 27.6 28.4 26.2 30.7 26.9 26.6 28.3 26.4 26.2 Net profit margin (%) EBIT margin (%) 12.2 11.3 11.0 11.5 12.9 11.9 11.6 11.2 10.6 EBITDA margin (%) 10.5 11.0 10.7 10.1 10.8 10.0 10.2 11.8 8.6 8.4 Gross margin (%) 6.6 9.6 10.8 10.4 7.0 9.9 10.1 9.4
Slide 22: Cash flow
Cash flow Cash flow [PLN million] Operating cash flows 161.7 171.8 Investing cash flows Financing cash flows 18.2 Total cash flows -8.8 -24.2 -2.1 -134.7 -149.7 Q1 2023 Q1 2024 • Stable liquidity position of the Group www.autopartner.com 22
Slide 23: Stable stock levels
Stable stock levels Stocks* [PLN million] 1,025.7 1,019.0 969.3 964.7 993.8 981.3 839.8 827.6 876.0 749.4 656.1 608.7 603.2 469.6 478.8 503.2 491.7 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2020 2021 2022 2023 2024 • Strong inventory turnover: 127 days vs 141 days the year before (as at 31
Slide 24: Summary
04. Summary www.autopartner.com 24
Slide 25: Summary
Summary Solid Q1 2024 financial results Strong growth momentum maintained in Poland and international markets, with sales just under PLN 1.0 billion Solid profit margins despite market challenges Low debt level maintained, with net debt/EBITDA at 0.9x Planned dividend payment of PLN 19.6 m
Slide 26: Thank you!
THANK YOU! ul. Ekonomiczna 20 43–150 Bieruń, Poland www.autopartner.com