Auto Partner Sa · GPW:APR
Auto Partner Sa — Q1-Q3 2023 Earnings Presentation
26 slides from Auto Partner Sa's earnings presentation, Nov 22, 2023
Slide 1: Q1–Q3 Financial Results 2023 of the Auto Partner Group
Q1–Q3 FINANCIAL RESULTS 2023 OF THE AUTO PARTNER GROUP November 22nd 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 Foreign markets accounting for approximately 50% of sales Approximately 250,000 references available Growing distribution network – approx. 160,000 sq m of warehouse space Stro
Slide 7: Effective business model
Effective business model broad product range premium brands, private label brands human resources private label nearly 2,700 employees SUPPLIERS OF brand FINISHED MaXgear sales PRODUCTS other brands sales support warehouse/logistics IT online orders export deliveries to branch offices About 70% of o
Slide 8: Diversified customer base
Diversified customer base POLAND EXPORT Repair workshops 63% Stores, wholesalers and distributors Specialised stores 27% 100% Non-specialised repairers and retailers 10% data as at December 31st 2022 www.autopartner.com 8
Slide 9: Key developments in Q1–Q3 2023
Key developments in Q1–Q3 2023 Record financial performance: in the third quarter of 2023 sales went up 27.3% to over PLN 956m, and net profit went up 22% to PLN 65.6m After the first nine months of 2023 sales went up 30% to over PLN 2.7bn, and net profit went up 10% to PLN 172.8m High profitability
Slide 10: 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) – approximately 160,000 sq m: • Distribution centre in Bieruń (approx. 52,000 sq m) • Wareh
Slide 11: Satisfactory share of the private label brand in revenue, with rapidly growing sales
Satisfactory share of the private label brand in revenue, with rapidly growing sales over 35,000 references available 16 years of experience 80 product groups 21% contribution to revenue www.autopartner.com 11
Slide 12: Market environment
02. Market environment www.autopartner.com 12
Slide 13: Market environment – favourable economic conditions in the industry
Market environment – favourable economic conditions in the industry POLAND EUROPA (European Union) • In the first three quarters of 2023, the number of • 567 cars per 1,000 inhabitants of the European new passenger car registrations rose by 10.6% year Union (ACEA); on year and by 2.9% in the case of
Slide 14: Financial results
03. Financial results www.autopartner.com 14
Slide 15: Results for Q1–Q3 2023
Results for Q1–Q3 2023 REVENUE EBITDA EBIT NET PROFIT PLN PLN PLN PLN 2,731.5 million 268.6 million 237.0 172.8 million million +30% +14% +12% +10% www.autopartner.com 15
Slide 16: Strong sales growth in Q1-Q3 2023
Strong sales growth in Q1-Q3 2023 Sales Q1-Q3 2023 [PLNm] Sales by geography [PLNm] 2,731.5 1,360.7 1,040.8 50% 2,097.7 50% Q1–Q3 Q1–Q3 50% 2022 50% 2023 1,057.0 1,370.8 Q1–Q3 2022 Q1–Q3 2023 Domestic sales Export sales • Revenue up +30.2% y/y • Growing contribution of exports to total revenue www.a
Slide 17: 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% 50% 73% 67% 62% 58% 54% 50% 50% *Share in 1,409.6 1,360.7 1,425.1 1,370.8 Group revenue 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 Q1
Slide 18: Strong quarterly sales dynamics – nearly one billion złoty in Q3 2023
Strong quarterly sales dynamics – nearly one billion złoty in Q3 2023 Quarterly sales [PLNm] 938.5 956.3 836.6 751.2 737.0 706.9 639.6 587.2 611.6 587.5 469.5 475.7 433.1 392.9 391.5 368.3 371.1 396.7 326.7 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2019 2020 2021 2022 2023 • Strong tw
Slide 19: Profitability at satisfactory levels
Profitability at satisfactory levels Gross profit EBITDA EBIT Net profit [PLNm] [PLNm] [PLNm] [PLNm] +12% PLN +20% PLN +14% PLN Q1-Q3 +10% Q1-Q3 744.3 Q1-Q3 237.0 Q1-Q3 PLN y/y 268.6 212.2 y/y 235.9 y/y 156.5 y/y 172.8 622.8 271.1 102.1 90.9 +24% +22% 75.6 +20% 65.6 +22% 219.4 Q3 y/y 84.0 Q3 y/y Q3
Slide 20: Rising gross profit
Rising gross profit 30.7 30.3 30.3 29.5 29.3 30.4 Profit margin [%] 27.7 29.2 26.4 28.3 26.6 26.0 29.6 26.2 28.1 28.4 26.9 27.6 24.5 271.1 252.4 214.3 219.4 224,2 220.8 189.2 172.3 173.6 180.3 PLNm 120.1 131.8 127.7 131.4 101.9 101.8 97.3 86.9 96.3 2023 Q1 Q22019 Q3 Q4 Q1 Q2 2020 Q3 Q4 Q1 Q2 2021Q3
Slide 21: Profit margin
Profit margin 30.3 29.3 30.7 30.3 30.4 27.7 28.1 27.6 28.4 28.3 26.6 26.2 26.9 26.0 29.5 29.6 29.2 24.5 26.4 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 10.1 10.6 10.7 7.8 10.8 10.2 11.8 9.4 8.6 9.0 9.5 Gross margin (%) 6.9 7.4 6.6 10.0 9
Slide 22: Cash flow
Cash flow Cash flow [PLNm] 255.8 Operating cash flows Investing cash flows 89.5 Financing cash flows 30.5 33.7 Total cash flows -27.9 -48.1 -30.2 -226.9 Q1–Q3 2022 Q1–Q3 2023 • Stable liquidity position of the Group www.autopartner.com 22
Slide 23: Stable stock levels
Stable stock levels Stocks* [PLNm] 969.3 964.7 993.8 981.3 876.0 839.8 827.6 749.4 656.1 608.7 603.2 503.2 491.7 447.3 448.2 448.2 468.1 469.6 478.8 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2019 2020 2021 2022 2023 • Very good inventory turnover: 134 days vs 150 days the year before
Slide 24: Summary
04. Summary www.autopartner.com 24
Slide 25: Summary
Summary Record financial performance after the first three quarters of 2023 Maintaining a strong growth rate in Poland and abroad – after October 2023 sales exceeded PLN 3bn for the first time in the Company’s history Solid profit margins despite market challenges Low debt maintained (net de
Slide 26: Thank you!
THANK YOU! ul. Ekonomiczna 20 43–150 Bieruń, Poland www.autopartner.com