Auto Partner Sa · GPW:APR
Auto Partner Sa — FY2021 Earnings Presentation
25 slides from Auto Partner Sa's earnings presentation, Apr 12, 2022
Slide 1: Financial Results Auto Partner Group FY 2021
FINANCIAL RESULTS AUTO PARTNER GROUP FY 2021 April 12th 2022
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 President Vice President Vice President of the Management Board/Founder of the Management Board of the Management Board Involved in the automotive industry since With Auto Partner since 1994, serving Joined Auto Partner in
Slide 6: Auto Partner Group at a glance
Auto Partner Group at a glance Nearly 10% share in domestic Approximately Sales in more than market of spare parts 250,000 references 30 countries available 15.5m parts warehoused About 62% of orders placed Member of GlobalOne GPO throughout Poland online www.autopartner.com 6
Slide 7: Key developments in 2021
Key developments in 2021 Record high sales – topping PLN 2bn for the first time Foreign expansion stepped up – exports topping PLN 1bn for the first time Strong profitability maintained, with steep growth in the scale of business: gross margin of 29.1% Record-breaking financial performance – net pro
Slide 8: 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, subject to Covid-19 spread prevention measures • Total warehousing space at the Group (held under leases) – over 100,000 sq m: • Distribut
Slide 9: New Auto Partner branches opened in 2021
New Auto Partner branches opened in 2021 NEW AP BRANCHES ZGIERZ OŁAWA OPOLE 2 KĘDZIERZYN- KOŹLE DĘBICA TREZBINIA INOWROCŁAW RADOM 2 14 new branches opened in 2021 GDYNIA 2 SWIDNICA Existing network: SOSNOWIEC 106 branches PUŁAWY throughout Poland KOŁOBRZEG EŁK www.autopartner.com 9
Slide 10: Well-developed foreign sales network
Well-developed foreign sales network Albania Austria Portugal Belgium Russia Belarus Romania Bosnia and Serbia Herzegovina Slovakia Croatia Slovenia Montenegro Ukraine Czech Republic Hungary Denmark United Kingdom Estonia Italy Finland France Spain Netherlands Ireland Lithuania Luxembourg Latvia Sal
Slide 11: Market environment
02. Market environment www.autopartner.com 11
Slide 12: Market environment
Market environment POLAND EUROPA (European Union) • 4.3% growth in new passenger car registrations in 2021, up • 569 cars per 1,000 inhabitants of the European Union by 446.6 thousand (according to ACEA); (according to ACEA); • Growing prices of pre-owned cars in Poland – prices of • ACEA: 2.4% decl
Slide 13: Geopolitical situation – negligible exposure to markets east of Poland
Geopolitical situation – negligible exposure to markets east of Poland Exports to the Russian market: Following the Russian invasion of Ukraine, the Auto Partner Group 0.1% has ceased all business with the Russian and Belarusian markets. of total revenue in 2021 Exports to the Belarusian market: 0.0
Slide 14: Financial results
03. Financial results www.autopartner.com 14
Slide 15: Record-breaking performance figures for 2021
Record-breaking performance figures for 2021 REVENUE EBITDA EBIT NET PROFIT 2.3 265.2 239.0 186.0 PLNbn PLNm PLNm PLNm +35% +53% +59% +68% www.autopartner.com 15
Slide 16: 2021 sales at all-time record level
2021 sales at all-time record level 2021 sales [PLNm] Sales by geographies [PLNm] 2 262,0 699,0 1 018,0 1 670,4 42% 45% 2020 2021 55% 58% 963,3 1 227,5 2020 2021 Domestic sales Export sales • +35.4% y/y increase in revenue • Strong growth in export sales: +46% y/y (topping PLN 1bn) • Growing contrib
Slide 17: Strong quarterly sales growth
Strong quarterly sales growth Quarterly sales [PLNm] 587,2 611,6 587,5 469,5 475,7 433,1 392,9 391,5 396,7 368,3 371,1 303,4 303,7 326,7 294 253,9 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2018 2019 2020 2021 • Strong two-digit growth in sales (+36% y/y) continued on the back of efforts to str
Slide 18: Significant growth in profits and earnings
Significant growth in profits and earnings Gross profit EBITDA EBIT Net profit [PLNm] [PLNm] [PLNm] [PLNm] 657,6 +38% 476,9 265,2 239,0 173,8 +53% +59% 186,0 150,3 +68% 111,0 2020 2021 2020 2021 2020 2021 2020 2021 • Strong, double-digit growth across all P&L levels • Markedly improved performance,
Slide 19: Gross profit
Gross profit Profit margin 30,3 30,7 [%] 29,5 29,3 28.1 28,4 27,7 27,6 26,5 26,8 27.0 26,6 26.0 26.0 26,2 24,5 172,3 173,6 180,3 131,8 127,7 131,4 120,1 96,3 101,9 101,8 97,3 78,8 81,5 79,4 86,9 67,4 PLNm 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2018 2019 2020 2021 • Gross margin on a par wit
Slide 20: Profit margin
Profit margin 30,2 29,3 30,7 27,7 28.1 32,0 27,6 28,4 26,6 26 26,2 24,5 Net profit margin (%) EBIT margin (%) 12,2 12,9 11,9 11,3 11,0 11,5 EBITDA margin (%) 10,5 7,8 10,8 10,2 11,8 Gross margin (%) 6,9 7,4 6,6 9,6 10,8 9,4 6,1 10,0 6,8 9,5 7,1 5,7 5,1 8,2 7,8 7,9 8,3 4,9 5,7 6,7 4,7 4.0 3,8 3,4 3,4
Slide 21: Cash flow
Cash flow Cash flow [PLNm] Operating cash flows Investing cash flows 127,9 Financing cash flows 110,1 Total cash flows -10,3 -4,7 -18,1 -4,3 -122.4 -96,3 2020 2021 • Stable liquidity position of the Group • Interest expense unchanged y/y www.autopartner.com 21
Slide 22: Stable stock levels
Stable stock levels Stocks* [PLNm] 749,4 656,1 608,7 603,2 478,8 503,2 491,7 447,3 448,2 448,2 468,1 469,6 439,8 382,8 391,2 403 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2018 2019 2020 2021 • Inventory turnover as at December 31st 2021: 141 days vs 147 days the year before * Inventories and r
Slide 23: Summary
04. Summary www.autopartner.com 23
Slide 24: Summary
Summary Record high sales and financial results Favourable market trends made the most of Surge in export sales Maintained solid profitability Maintained cost discipline Maintained low debt (net debt/ EBITDA=1.2x) Excellent prospects for the parts distribution market www.autopartner.co
Slide 25: Thank you!
THANK YOU! ul. Ekonomiczna 20 43–150 Bieruń www.autopartner.com