Autins Group Plc · LSE:AUTG
Autins — H1 FY2017 Earnings Presentation
26 slides from Autins's earnings presentation, June 2017
Slide 1: Autins Group plc Interim Results FY2017
Autins Group plc Interim Results FY2017 June 2017
Slide 2: Agenda
Agenda • Overview • Financial highlights • Strategy Progress • Outlook • Appendix
Slide 3: Overview - Market
3 Interim Results FY 2017 Overview - Market Market Context Autins Proposition • Attractive Markets • Differentiated Solutions - Automotive NVH >$11bn p.a., CAGR >5% - Key materials: Neptune, Ozone, low-dens PUR - Major growth in *SUVs and premium vehicles - Specialist applications & material combina
Slide 4: Overview – Products & Technology: Interior Door Blankets
4 Interim Results FY 2017 Overview – Products & Technology Interior: Door Blankets • Neptune product in multiple thicknesses Door Dash Wheel • Material advantages Blankets Mats Arches - High performance (3D) acoustic absorption in key frequency range - Thermally efficient, especially relevant for el
Slide 5: Overview – Products & Technology: Powertrain Battery Insulation
5 Interim Results FY 2017 Overview – Products & Technology Powertrain: Battery Insulation • Polyester wadding product with multi-purpose scrims (oil/water resistant) Battery Bonnet • Material advantages Insulation Liners - High performance protection via specialised coatings and optional barrier fil
Slide 6: Overview – Products & Technology: Exterior Transmission Undertray
6 Interim Results FY 2017 Overview – Products & Technology Exterior: Transmission Undertray • Low density PUR foam product with protective covers and optional aluminium heat shielding • Material advantages Transmission Undertray - Lightweight solution with better acoustic performance than glass-fibr
Slide 7: Overview – Operations
7 Interim Results FY 2017 Overview – Operations Rugby, UK Tamworth, UK Gothenburg, Sweden Hilden, Germany Mira, UK • TS/ISO 16949,14001,18001 • ISO 9001 • ISO 9001,14001 • ISO 9001,14001 • UKAS (due Dec-17) • 63k sq ft • 47k sq ft • 22k sq ft • 16k sq ft • 4k sq ft • Lease 2014-2028 • Lease 2016-203
Slide 8: Financial Highlights
Financial Highlights
Slide 9: Financial Highlights Interims FY17
09 Interim Results FY 2017 Financial Highlights Interims FY17 March 2017 March 2016 FY16 FY15 Change Revenue £12.2m £10.7m £20.4m £19.8m +14% Gross margin 34.3% 26.9% 32.1% 30.6% Adjusted EBITDA * £0.54m £0.64m £1.20m £1.77m (£0.10m) (Loss)/profit after (£0.16m) £0.15m £0.30m £0.72m (£0.3m) tax Earn
Slide 10: Financial Bridge Interims 2017: Revenue
010 Interim Results FY 2017 Financial Bridge Interims 2017: Revenue • Component growth £0.57 £12.25 continued £0.37 • Swedish growth as well as £0.05 £0.07 acquired volumes £0.44 £0.08 • German OEMs to multiple locations £10.68 • Diversification strategy • Flooring (including acquired DBX) • Non-aut
Slide 11: Financial Bridge Interims 2017: Adjusted EBITDA
011 Interim Results FY 2017 Financial Bridge Interims 2017: Adjusted EBITDA • Increased R&D spend • AITC laboratory • Investing in people, £0.52 (£0.08) process and facilities (£0.53) • Solar Nonwovens £0.10 (£0.27) £0.71 • Commercial, project management and (£0.11) (£0.45) engineering staff • Adjus
Slide 12: Strategy Progress & Outlook
Strategy Progress & Outlook
Slide 13: Strategy Overview
013 Interim Results FY 2017 Strategy Overview Broaden Customer and Expand Geographically Improve Gross Margins Sector base • Diversify automotive OEM • Build on established presence • Focus innovation to better customers in UK, Sweden and Germany differentiate our solutions • Extend tier 1 & 2 and s
Slide 14: Strategy Progress
014 Interim Results FY 2017 Strategy Progress Broaden Customer and Progress Update Sector base • Diversify automotive OEM • New wins with Bentley, customers Porsche, Aston Martin • Extend tier 1 & 2 and strategic • Multiple tier collaborations supplier relationships across door, roof, wheel arch • T
Slide 15: Strategy Progress
015 Interim Results FY 2017 Strategy Progress Expand Geographically Progress Update • Build on established presence • VW Group: 6 parts, 21 plants, in UK, Sweden and Germany 10 countries, plus NPI work • Capitalise on Group • Volvo: Neptune wins across capabilities, penetrate Europe XC models, multi
Slide 16: Strategy Overview
016 Interim Results FY 2017 Strategy Overview Improve Gross Margins Progress Update • Focus innovation to better • Neptune traction: orders won differentiate our solutions ~£1m p.a. (5 OEMs, 67 parts) • Vertically integrate into • Neptune pipeline growing via manufacture of materials JLR, Volvo, Ger
Slide 17: Outlook
17 Interim Results FY 2017 Outlook Investing for growth • Top line growth is solid and holding while gross margin levels are continuing to improve as planned, highlighting strategic intent • FY2017 profitability suffers as revenue growth lags behind the planned overhead increases while FY2018 financ
Slide 18: Appendix
Appendix Financials - Consolidated Statement of Income - Consolidated Statement of Financial Position - Consolidated Statement of Cash Flows - Use of Proceeds Other - Overview extra reference slides
Slide 19: Consolidated Statement of Income
19 Interim Results FY 2017 Consolidated Statement of Income March 2017 March 2016 FY 2016 FY 2015 £000s £000s £000s £000s Revenue 12,253 10,680 20,378 19,781 Gross Profit 4,205 2,870 6,533 6,044 Gross Margin % 34% 27% 32% 31% EBITDA 89 652 918 1,774 Exceptional costs 574 118 513 237 PBT (220) 174 18
Slide 20: Consolidated Statement of Financial Position
20 Interim Results FY 2017 Consolidated Statement of Financial Position March 2017 March 2016 FY 2016 FY 2015 £000s £000s £000s £000s Intangibles 3,767 3,070 3,189 3,706 Tangibles 9,413 5,794 8,808 3,444 Investments – JV's 232 191 206 111 Total non-current assets 13,412 9,055 12,720 6,744 Inventorie
Slide 21: Consolidated Statement of Cash Flows
21 Interim Results FY 2017 Consolidated Statement of Cash Flows March 2017 March 2016 FY 2016 FY 2015 £000s £000s £000s £000s Profit after tax (159) 151 298 717 Depreciation & amortisation 368 297 616 576 Income taxes (61) 23 (112) 182 Financing 53 261 558 386 Other operating items (112) (80) (528)
Slide 22: Use of Proceeds
022 Interim Results FY 2017 Use of Proceeds Description Proposed (£m) Actual (£m) By 30/9 To 31/03 Total Debt repayment - Santander 6.2* 5.90 - 5.90 Debt repayment – Loan Notes 1.3* - 1.20 1.20 Final Neptune payments1 1.6 - 0.90 0.90 Investment in Solar Nonwovens 3.0 0.15 0.30 0.45 Working Capital 1
Slide 23: Overview – Products & Technology: Interior Dash Mats
23 Interim Results FY 2017 Overview – Products & Technology Interior: Dash Mats • Multi-layer product with Neptune option, delivering special acoustic performance Door Dash Wheel • Material advantages Blankets Mats Arches - Material combinations designed to balance being a barrier to engine noise an
Slide 24: Overview – Products & Technology: Interior Wheel Arches
24 Interim Results FY 2017 Overview – Products & Technology Interior: Wheel Arches • Combination product including polyester, recycled fibres or advanced materials Door Dash Wheel • Material advantages Blankets Mats Arches - Cost-effective use of recycled materials - Improved acoustic profile via mu
Slide 25: Overview – Products & Technology: Powertrain Bonnet Liners
25 Interim Results FY 2017 Overview – Products & Technology Powertrain: Bonnet Liners • Low density PUR foam product with protective covers Battery Bonnet • Material advantages Insulation Liners - Lightweight solution with better acoustic performance than glass-fibre products - Low flame response, s
Slide 26: Overview – Products & Technology: Exterior Bumper NVH
26 Interim Results FY 2017 Overview – Products & Technology Exterior: Bumper NVH • Heavy layer product Transmission • Material advantages Undertray - Significant mass used to reduce vibrations and act as a barrier to noise transmission • Process advantages Bumper - Parts can be cut from NVH simple 2