Fleetpartners Group Limited · ASX:FPR
Fleetpartners — Shareholder Meeting (January 2023)
28 slides from Fleetpartners's shareholder meeting presentation, Jan 30, 2023
Slide 1: Eclipx Group 2023 Annual General Meeting Presentation Materials
30 January 2023 ASX Release Market Announcements Office Australian Securities Exchange 20 Bridge Street Sydney NSW 2000 ECLIPX GROUP 2023 ANNUAL GENERAL MEETING PRESENTATION MATERIALS Please see attached the presentation materials which are to be displayed at this morning’s Annual General Meeting he
Slide 2: Eclipx Group 2023 Annual General Meeting
Eclipx Group 2023 Annual General Meeting 30 January 2023
Slide 3: Legal disclaimer
Legal disclaimer This Presentation contains summary information about Eclipx Group Limited (Eclipx) and its subsidiaries and their Such forward‐looking statements are based on numerous assumptions regarding Eclipx’s present and future business activities current as at the date shown on the front pag
Slide 4: Annual General Meeting agenda
Annual General Meeting agenda 2023 1 Quorum / Open meeting 2 Chair’s welcome 3 Chair’s address 4 Outgoing Chief Executive Officer’s address 5 Incoming Chief Executive Officer’s address 6 Voting 3
Slide 5: 1. Quorum / Open meeting
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Slide 6: 2. Chair’s welcome
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Slide 7: Board of Directors and Executive team
Board of Directors and Executive team Board of Directors Chairperson NED NED NED NED NED Gail Pemberton Fiona Trafford-Walker Cathy Yuncken Linda Jenkinson Russell Shields Trevor Allen Incoming CEO CFO COO CCO MD NZ Group Finance Dir Executive Damien Berrell 1 James Owens 2 Adriana Sheedy Daniel Tho
Slide 8: 3. Chair’s address
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Slide 9: FY22 performance highlights
FY22 performance highlights 30 September 2022 FY22A FY21A Var +/(-) 1 2 13% NOI GROWTH OPEX IN LINE (A$m unless specified) 4% NOI PRE EOL AND HELD FLAT FOR A THIRD YEAR Income statement PROVISIONS IN A ROW NOI pre EOL and provisions1 157.4 151.5 4% EOL 92.3 69.2 33% 3 FUNDING 4 37% CASH Provisions2
Slide 10: 2022 progress on Environmental, Social and Governance (ESG)
2022 progress on Environmental, Social and Governance (ESG) WGEA Ranked ‘Reflect’ certified equal #1 Reconciliation as an Employer of Choice in the ASX300 for female Action Plan for Gender Equality Board representation by conditionally approved by the AICD2 Reconciliation Australia Longstanding Firs
Slide 11: Group investment highlights
Group investment highlights Highly predictable, cash generative and defensive business in strong asset class—investing for growth 1 Defensive business model, underpinned by large lease book and 1 2 sticky customer base, with a unique and diversified funding platform $1.9B +54 AUMOF as at Sep-22 Net
Slide 12: 4. Outgoing Chief Executive Officer’s address
4. Outgoing Chief Executive Officer’s address 11
Slide 13: Eclipx has a simple and predictable business model
Eclipx has a simple and predictable business model deriving c.60% of income from service revenue A services based business with best-in-class funding capability, enhancing profitability and further increasing annuity-like earnings 1 VEHICLE FINANCE 2 FLEET + VEHICLE SERVICES 3 VEHICLE DISPOSAL (c.40
Slide 14: Performance highlights
Performance highlights NPATA CAGR of 12.8% since FY19 driven by steady NOI growth, flat operating expenses and a substantial corporate debt reduction Steady NOI 1 (norm. EOL) – 3.3% CAGR Operating expenses 1 managed conservatively – (1.0%) CAGR 2 NOI (norm. EOL) EOL excess over L/T avg $252m $223m $
Slide 15: 73% CAGR in cash earnings per share (EPS) since FY19
73% CAGR in cash earnings per share (EPS) since FY19 Excluding the benefits from elevated EOL, Cash EPS has grown at a CAGR of 44% over the last four years Cash EPS growth Cash EPS growth • Represents NPATA over average number of shares on issue in the relevant period • Drivers include: • Strong und
Slide 16: 5. Incoming Chief Executive Officer’s address
5. Incoming Chief Executive Officer’s address 15
Slide 17: Strategic Pathways
1. Strategic Pathways 2. Accelerate Strategic Pathways EPS drivers Novated 3. Buy-back 4. Acquisitions Foundations in place…primed for growth Increased penetration of client base CORPORATE AU & NZ SMALL FLEETS NOVATED Predictable, high returns profile High growth and returns opportunity Cross-sell p
Slide 18: Strategic Pathways
1. Strategic Pathways 2. Accelerate Strategic Pathways EPS drivers 3. Buy-back 4. Acquisitions Seeing early signs of growth in our most profitable target markets Fleet Australia1 Fleet NZ1 Novated CORPORATE: Strong NBW growth and continued delivery of value-add digital features FOCUS Penetration of
Slide 19: Accelerate
1. Strategic Pathways 2. Accelerate Accelerate EPS drivers 3. Buy-back 4. Acquisitions Accelerate will maximise profitability of the growth expected from Strategic Pathways 1 2 3 4 CORE DELIVERABLES ONE GO-TO-MARKET SIMPLIFIED TECHNOLOGY STANDARDISED OPERATIONAL ENHANCED WORKFORCE Completed by BRAND
Slide 20: Capital management – 15% of share capital returned/cancelled
1. Strategic Pathways 2. Accelerate EPS Capital management – 15% of share capital returned/cancelled 3. Buy-back drivers 4. Acquisitions Implied FY22 buy-back yield of 12.6%1 Buy-back Balance sheet position 3% of SOI • Organic capital generation and net cash (debt) of illustratively to $26.5m at Sep
Slide 21: Future Cash EPS growth—illustrative drivers
1. Strategic Pathways 2. Accelerate Future Cash EPS growth—illustrative drivers EPS drivers 3. Buy-back 4. Acquisitions Multiple Cash EPS growth drivers for the Group including Strategic Pathways, Accelerate program, ongoing buy-back and potential acquisition opportunities Cash EPS growth drivers Il
Slide 22: 1Q23—business update
1. Strategic Pathways 2. Accelerate 1Q23—business update EPS drivers 3. Buy-back 4. Acquisitions Operating environment and vehicle supply Group well positioned • Operating environment remains rational with solid business confidence/demand ✓ Predictable annuity-like earnings • Client order and tender
Slide 23: FY23 expectation analysis
FY23 expectation analysis FY22A FY23 Cash item Comments (expectation) • FY23 to be broadly in line with FY22 driven by expected AUMOF growth NOI pre EOL and provisions $157.4m ✓ • Based on 1Q23 performance, expected to be ~5% lower in 1H23 compared to pcp • 1Q23 EOL profit per unit $7,433, broadly i
Slide 24: Appendix
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Slide 25: Managing funding and interest rate risk
Managing funding and interest rate risk The interest rate environment is expected to be broadly neutral to positive for ECX earnings Interest rate exposure Funding commentary Warehouse ABS P&A Corporate debt • Well established program of diversified funding that is well supported by a large number o
Slide 26: Portfolio credit quality remains high
Portfolio credit quality remains high The Group remains well placed to face any macro uncertainty given the quality of the portfolio Arrears 90+ days past due 1 Comments • Portfolio quality continues to be strong with 0.16% 90+ day arrears at Dec-22 0.49% • Eclipx has 35+ years of institutional know
Slide 27: 6. Voting
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Slide 28: END
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