Slide 1: FY2018 Results Presentation
FY2018 Results Presentation
Slide 2: Disclaimer
Disclaimer 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 to be complete. Infor
Slide 3: Aftermarket Supply Chain
AFTERMARKET SUPPLY CHAIN 1 FY2018 Results 2 FY2018 Result Details 3 Strategy Update 4 FY2019 Trading Update 5 Q&A 3 ”Australasia’s leading provider of aftermarket parts, accessories, equipment and services”
Slide 4: FY2018 Results
1 FY2018 Results 2 FY2018 Result Details 3 Strategy Update 4 FY2019 Trading Update 5 Q&A 4 ”Australasia’s leading provider of aftermarket parts, accessories, equipment and services”
Slide 5: FY2018 Headline Results
FY2018 Headline Results 22% 32% 27% REVENUE NPAT EPS Up 22% to $1,237M Up 32% to $86.5M Up 27% to 30.99 cps (continuing ops) (proforma continuing ops) (proforma continuing ops) Up 48% to $94.7M Up 43% to 33.90 cps Statutory Statutory 5 ”Australasia’s leading provider of aftermarket parts, accessorie
Slide 6: FY2018 Operational Highlights
FY2018 Operational Highlights Delivered result in line with guidance – have done each year since IPO in 2014 Every business segment showing improvement on prior year Trade continues to perform extremely well, as does Specialist Wholesale and Bapcor New Zealand Retail & Service making good pr
Slide 7: FY2018 Financial Highlights
FY2018 Financial Highlights FY18 FY17 Variance Continuing Operations Revenue $’M 1,236.7 1,013.6 22.0% Gross Margin % 46.0% 45.7% 0.3 pp EBITDA – proforma $’M 150.0 117.4 27.7% EBITDA % 12.1% 11.6% 0.5 pp NPAT – proforma $’M 86.5 65.8 31.6% EPS – proforma cps 30.99 24.40 27.0% Total Bapcor (includin
Slide 8: Summary of Key Performance Indicators
Summary of Key Performance Indicators Revenue * EPS (cps) * 1,236.7 31.0 1,013.6 24.4 685.6 17.9 13.6 375.3 FY2015 FY2016 FY2017 FY2018 FY2015 FY2016 FY2017 FY2018 NPAT * Dividends per share Interim Final 8.5 86.5 7.5 6.0 65.8 4.7 43.6 7.0 23.1 5.0 5.5 4.0 FY2015 FY2016 FY2017 FY2018 FY2015 FY2016 F
Slide 9: Comparative Total Return to Shareholders
Comparative Total Return to Shareholders - over last four years Source: KPMG 9 ”Australasia’s leading provider of aftermarket parts, accessories, equipment and services”
Slide 10: Business Segment Results – continuing operations
Business Segment Results – continuing operations EBITDA % Revenue EBITDA Revenue $’M Proforma FY18 FY17 % Change FY18 FY17 % Change Change Trade 501.6 465.1 7.8% 72.1 63.3 13.9% +0.8 pp Bapcor NZ 177.9 87.1 104.1% 22.7 9.3 144.3% +2.1 pp Specialist Wholesale 364.3 272.3 33.8% 38.6 28.0 37.7% +0.3 pp
Slide 11: Business Segment Contribution to Results
Business Segment Contribution to Results Total Auto Revenue Total Auto EBITDA FY2018 FY2017 FY2018 FY2017 24% 22% 28% 26% $1.2B 53% $1.0B 53% $150M $117M 58% 57% 18% 22% 19% 21% 11 ”Australasia’s leading provider of aftermarket parts, accessories, equipment and services”
Slide 12: Burson Trade
Burson Trade Revenue and "Same Store" growth EBITDA % of Sales 14.4% 501.6 13.6% 465.1 419.1 12.4% 11.8% 375.3 4.6% 4.6% 4.6% 4.4% FY2015 FY2016 FY2017 FY2018 FY Same Store growth % FY2015 FY2016 FY2017 FY2018 EBITDA $M Store numbers 170 72.1 160 63.3 145 130 51.8 44.3 FY2015 FY2016 FY2017 FY2018 FY
Slide 13: Burson Trade
Burson Trade • Good revenue and EBITDA growth $’M FY18 FY17 Change • FY18 same store sales growth of 4.4% Revenue 501.6 465.1 7.8% • Equipment sales growth very strong EBITDA 72.1 63.3 13.9% • Margin up 0.8pp for the full year EBITDA % 14.4% 13.6% +0.8 pp • +10 new stores in FY18, now at 170. • 5 ye
Slide 14: Bapcor NZ
Bapcor NZ $’M NZD FY18 FY17 Change • Significant Revenue and EBITDA growth with full 12 months in Revenue 192.9 92.8 107.8% FY18 versus 6 months results in FY17 post Hellaby acquisition • Revenue growth of 5.7% and EBITDA growth of 33.1% EBITDA 24.6 9.9 148.7% (assuming include full year of Hellaby
Slide 15: Specialist Wholesale
Specialist Wholesale • Specialist Wholesale reflects a full twelve months results of the $’M FY18 FY17 Change Australian based Hellaby Automotive businesses. Revenue 364.3 272.3 33.8% • 11 business units now comprise Specialist Wholesale • Revenue growth of 11.0% and EBITDA growth of 16.2% EBITDA 38
Slide 16: Retail & Service
Retail & Service $’M FY18 FY17 Change • Growth in Autobarn company stores driving revenue growth of 8.2% Revenue 239.1 221.0 8.2% • EBITDA increased by 4.4% EBITDA 28.8 27.6 4.4% • Autobarn same store sales of 4.7% for company owned and EBITDA % 12.0% 12.5% -0.5 pp 1.4% for franchise stores • Autoba
Slide 17: Discontinued Operations - statutory
Discontinued Operations - statutory $ FY18 FY17 Change • Divested in FY18; Revenue 145.6 196.6 (25.9%) • Footwear – divested end September 2017 • Contract Resources – divested September / October 2017 NPAT – stat1 10.2 10.3 (1.0%) • TBS – divested March 2018 NPAT Reconciliation: Disc Operations duri
Slide 18: FY2018 Result Details
1 FY2018 Results 2 FY2018 Result Details 3 Strategy Update 4 FY2019 Trading Update 5 Q&A 18 ”Australasia’s leading provider of aftermarket parts, accessories, equipment and services”
Slide 19: Summary Income Statement
Summary Income Statement Revenue growth of 22% delivered by Segment Growth Pro-forma, $’M FY18 FY17 Change Burson Trade 7.8% Continuing Operations Bapcor NZ 104.1% Revenue 1,236.7 1,013.6 22.0% Specialist Wholesale 33.8% Gross Profit 569.4 463.3 22.9% Retail & Service 8.2% Margin (%) 46.0% 45.7% 0
Slide 20: Summary Cash Flows
Summary Cash Flows $’M FY18 EBITDA – Proforma 150.0 Strong cash conversion of 98.9% Operating cash flow before finance, transaction and tax costs 148.3 Working capital excluding impact of acquisitions and Cash conversion 98.9% new stores as a % of sales has decreased by 1.7 pp to Financing costs
Slide 21: Summary Balance Sheet
Summary Balance Sheet $’M FY18 FY17 Cash 40.2 39.8 Net Debt/Cash Trade and other receivables 146.8 136.1 Net debt at June 2018 is $289.5M Inventories 287.3 261.6 Represents annualised leverage ratio of less than PP&E 52.6 49.8 2.0X on a twelve month EBITDA basis Deferred tax assets 17.8 18.7 I
Slide 22: Inventory Provision
Inventory Provision $ $’M Balance at 1 July 2017 54.0 Additional provisions recognised against profit 1.9 Additions through business combinations 1.2 Inventory written off against provision (9.9) Foreign currency translation (0.4) Balance at 30 June 2018 46.8 • Profit has not been enhanced by the re
Slide 23: Strategy Update
1 FY2018 Results 2 FY2018 Result Details 3 Strategy Update 4 FY2019 Trading Update 5 Q&A 23 ”Australasia’s leading provider of aftermarket parts, accessories, equipment and services”
Slide 24: Aftermarket Supply Chain
Aftermarket Supply Chain 24 ”Australasia’s leading provider of aftermarket parts, accessories, equipment and services”
Slide 25: Bapcor 5 Year Strategic Targets
Bapcor 5 Year Strategic Targets 25 ”Australasia’s leading provider of aftermarket parts, accessories, equipment and services”
Slide 26: Strategy
Strategy Consistent strategy with specific, clear, measurable targets. No changes to direction. We know what we do best and stick with it. 26 ”Australasia’s leading provider of aftermarket parts, accessories, equipment and services”
Slide 27: FY2019 Trading Update
1 FY2018 Results 2 FY2018 Result Details 3 Strategy Update 4 FY2019 Trading Update 5 Q&A 27 ”Australasia’s leading provider of aftermarket parts, accessories, equipment and services”
Slide 28: Trading Update
Trading Update TRS, a NZ tyre & wheel specialist business, was divested in July 2018 for NZ$20M First store in Asia opened – formal grand opening was held 10 August 2018 FY19 YTD all business segments tracking to expectations FY19 expect continued revenue & profit growth Consensus EBITDA c
Slide 29: Q&A
1 FY2018 Results 2 FY2018 Result Details 3 Strategy Update 4 FY2019 Trading Update 5 Q&A 29 ”Australasia’s leading provider of aftermarket parts, accessories, equipment and services”
Slide 30: Appendix – Statutory to Proforma Reconciliation
Appendix – Statutory to Proforma Reconciliation 30 ”Australasia’s leading provider of aftermarket parts, accessories, equipment and services”