Slide 1: H1 FY2017 Results Presentation
For personal use only H1 FY2017 Results Presentation
Slide 2: Our Brands
For personal use only Our Brands 2
Slide 3: Disclaimer
Disclaimer For personal use only The material in this presentation has been prepared by Bapcor Limited (“Bapcor”) ABN 80 153 199 912 and is general background information about Bapcor’s activities current at the date of this presentation. The information is given in summary form and does not purport
Slide 4: Agenda
Agenda For personal use only 1 H1 FY2017 Results Highlights 2 H1 FY2017 Result Details 3 Hellaby Update 4 Strategy Update 5 FY2017 Outlook 6 Q&A 4
Slide 5: H1 FY2017 Result Highlights
For personal use only 1 H1 FY2017 Result Highlights 2 H1 FY2017 Result Details 3 Hellaby Update 4 Strategy Update 5 FY2017 Outlook 6 Q&A 5
Slide 6: H1 FY2017 Result Highlights
H1 FY2017 Result Highlights For personal use only H1 FY2017 H1 $ million Variance (3) FY2016 Revenue 435.1 324.4 34.1% Gross Margin %(1) 45.0% 43.5% 1.5pp EBITDA – pro-forma 49.2 34.5 42.5% NPAT – pro-forma(2) 27.8 19.3 44.0% NPAT – statutory 25.3 19.3 30.7% EPS(3) (cps) – pro-forma 10.64 7.98 33.4%
Slide 7: Summary of Key Performance Indicators
Summary of Key Performance Indicators For personal use only Revenue EBITDA * EBITDA margin * 11.3% 685.6 77.0 11.2% 11.1% 10.5% 361.3 42.5 9.9% 435.1 49.2 341.6 375.3 41.5 306.3 324.4 36.0 34.5 30.2 FY2013 FY2014 FY2015 FY2016 1H FY2017 FY2013 FY2014 FY2015 FY2016 1H FY2017 FY2013 FY2014 FY2015 FY20
Slide 8: Business Segment Contribution to Results
Business Segment Contribution to Results For personal use only Revenue EBITDA EBITDA % Revenue H1 H1 H1 H1 pp H1 FY2017 % Change H1 FY2017 % Change FY2016 FY2016 FY2017 FY2016 Change Trade 230.4 202.9 13.6% 30.9 23.4 32.0% 13.4% 11.5% 1.9pp Retail 117.8 82.5 42.9% 15.0 10.6 42.5% 12.8% 12.8% 0.0pp S
Slide 9: Burson Trade
Burson Trade For personal use only 156 stores at the end December 2016, up 11 from June 2016 and 20 since December 2015. Revenue up 13.6% Same store sales growth >5.0% EBITDA up 32.0% and EBITDA % up 1.9 percentage points (GM% and CODB% improvements) – includes benefits of optimisation proje
Slide 10: Burson Trade - Summary of Key Performance Indicators
Burson Trade - Summary of Key Performance Indicators For personal use only Store numbers Revenue and "Same Store" growth 419.1 156 375.3 145 341.6 > 5% 130 306.3 284.3 116 4.6% 4.6% 100 105 3.9% 230.4 2.1% 1.4% FY2012 FY2013 FY2014 FY2015 FY2016 1H FY2017 FY2012 FY2013 FY2014 FY2015 FY2016 1H FY2017
Slide 11: Retail
Retail For personal use only Total Autobarn stores up 5 since June 2016 to 119. Company owned stores up by 8 to 23 (includes 3 store buy-backs), consistent with strategy to grow the total number of stores. Revenue up 42.9%, includes Sprints and an additional month of ANA businesses (July 2016) c
Slide 12: Specialist Wholesale
Specialist Wholesale For personal use only Specialist Wholesale has grown significantly with the purchase of; Bearing Wholesalers (acquired March 2016) Roadsafe (acquired August 2016) Baxters (acquired August 2016) MTQ (acquired November 2016) Annual revenue run rate now in excess of $23
Slide 13: H1 FY2017 Result Details
For personal use only 1 H1 FY2017 Result Highlights 2 H1 FY2017 Result Details 3 Hellaby Update 4 Strategy Update 5 FY2017 Outlook 6 Q&A 13
Slide 14: Summary Income Statement
Summary Income Statement For personal use only Revenue growth of 34.1% delivered by Pro forma, $ million H1 H1 Change FY2017 FY2016 Trade up 13.6% Revenue 435.1 324.4 34.1% Retail up 42.9% Specialist Wholesale up 125.3% Gross Profit 195.7 141.0 38.8% Same Store sales growth Margin (%) 45.0
Slide 15: Summary Cash Flows
Summary Cash Flows For personal use only Working capital $ million H1 FY2017 Working capital favourable excluding acquisitions due to Cash flows excluding Hellaby associated cash flows improved trade debtors and trade creditor days. EBITDA 45.6 Total H1 FY2017 working capital represents 13.0%
Slide 16: Summary Balance Sheet
Summary Balance Sheet For personal use only Net Debt/Cash Net debt at June 2016 is positive $20.7M(1). $ million Dec 2016 Jun 2016 Excluding equity raising and Hellaby Cash 35.5 22.4 transaction costs, net debt would be $158.8M Represents annualised leverage ratio of 1.6X Trade and Other Rec
Slide 17: Hellaby Update
For personal use only 1 H1 FY2017 Result Highlights 2 H1 FY2017 Result Details 3 Hellaby Update 4 Strategy Update 5 FY2017 Outlook 6 Q&A 17
Slide 18: Hellaby
Hellaby For personal use only Automotive Resource Services Footwear 18
Slide 19: Hellaby Transition Plan
Hellaby Transition Plan For personal use only 2016 27 September Bapcor announces takeover offer for Hellaby 2017 13 January Offer Unconditional 23 January Bapcor nominated Directors appointed to Hellaby Board 31 January Passed 90% shareholding 7 February Offers closes at 95.5% of shares 8 February C
Slide 20: Organisation Structure
Organisation Structure For personal use only Board CEO Business Support Segments Burson Trade EGM Human Strategic Finance Resources Development CFO EGM EGM Retail EGM Business Legal Systems (IT) Specialist Wholesale COO Warehouse & Distribution EGM Hellaby Auto EGM Resource Services Group EGM Footwe
Slide 21: Hellaby H1 FY17 Results
Hellaby H1 FY17 Results For personal use only $NZD million Actual Hellaby Guidance provided Dec 16 Sales $385.8m $383m to $388m EBITDA $20.6m $18m to $19m EBIT $12.5m $10m to $11m NPAT (1) $39.9m $38.5m to $39.5m $NZD million Sales EBITDA EBIT Automotive $145.6m $14.1 $12.8m Resource Services $124.2
Slide 22: Indicative Hellaby EPS Accretion
Indicative Hellaby EPS Accretion For personal use only A$ million Hellaby Estimated Annualised Proforma FY2017* Bapcor Indicative Subtotal Hellaby RS H1FY2017 FY17 Bapcor Hellaby Auto Hellaby HO Automotive and F'Ware Total Revenue 435.1 880.0 290.0 1,170.0 395.0 1,565.0 EBITDA 49.2 101.0 30.0 (3.0)
Slide 23: Hellaby Acquisition Funding
Hellaby Acquisition Funding For personal use only A$ million Funding Requirement Equity Purchase Price 334 Net Debt 72 Transaction Costs 13 Total 419 Sources of Funds Bapcor Equity Raising 181 Acquisition Bridge / Other facilities 238 Total 419 Net Debt 400 EBITDA 156 Includes Hellaby Auto, Footwear
Slide 24: Strategy Update
For personal use only 1 H1 FY2017 Result Highlights 2 H1 FY2017 Result Details 3 Hellaby Update 4 Strategy Update 5 FY2017Outlook 6 Q&A 24
Slide 25: Group Strategic Targets and Current Status
Group 5 year Strategic Targets and Current Status For personal use only AUS Target NZ Target Trade focussed “parts Target 25% TRADE professionals” supplying workshops Own brands 200 156 TBD 54 Stores Stores AUS Target NZ Target Premium Retailer of Automotive Target 35% 200 TBD Accessories Own brands
Slide 26: Automotive Market Segments
Automotive Market Segments For personal use only • Bapcor views the vehicle market with distinct segmentation • Expansion and growth is targeted in the green segments which Bapcor either today participates in or has plans to participate in • Global Car / Euro Car – have been separated recognising th
Slide 27: For personal use only
For personal use only • Core areas of Retail, Trade, and Specialist remain the key focus. There continues to be a strong growth pipeline in each of these sectors based upon our current market offers and distribution footprint. • Further segments are separated where either as a result of the customer
Slide 28: For personal use only
For personal use only • Bapcor is vertically integrated through our specialist supply chain, optimising distribution channels • Further opportunities for optimization of these supply channels moving forward with a number of categories capable to expansion (eg. Electrical application) Wholesale Speci
Slide 29: FY2017 Outlook
For personal use only 1 H1 FY2017 Result Highlights 2 H1 FY2017 Result Details 3 Hellaby Update 4 Strategy Update 5 FY2017 Outlook 6 Q&A 29
Slide 30: Outlook
OUTLOOK For personal use only FY2017 will continue to deliver business and profit growth Continued underlying growth in Trade and Retail Store rollouts Margin focus, including benefits of the optimisation program Acquisitions of Baxters, Roadsafe and MTQ The Bapcor Business FY17 full year
Slide 31: Thank You
For personal use only Thank You 31
Slide 32: Appendix: Proforma NPAT reconciliation
Appendix For personal use only Proforma NPAT reconciliation 32