Auto Partner Sa · GPW:APR
Auto Partner Sa — Q1 2023 Earnings Presentation
25 slides from Auto Partner Sa's earnings presentation, May 16, 2023
Slide 1: Financial Results of the Auto Partner Group Q1 2023
FINANCIAL RESULTS OF THE AUTO PARTNER GROUP Q1 2023 May 16th 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 Approximately 250,000 references available Foreign markets accounting for approximately 50% of sales Over 15.5m parts warehoused throughout Poland About 62% of orders placed on
Slide 7: Business model
Business model broad product range premium brands, private brands human resources own brand over 1,700 employees SUPPLIERS OF MaXgear FINISHED sales PRODUCTS other brands sales support warehouse/logistics IT online orders export deliveries to branch offices over 100 branch offices local warehouse de
Slide 8: Key developments in Q1 2023
Key developments in Q1 2023 Revenue up 31%, to close to PLN 836.6m Continued foreign expansion – exports accounting for nearly 52% of revenue Plan to open a new distribution centre in Zgorzelec in late 2024 / early 2025 www.autopartner.com 8
Slide 9: 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) – almost 140,000 sq m: • Distribution centre in Bieruń (43,000 sq m) • Warehouse in Pruszkó
Slide 10: Growing importance of own brand
Growing importance of own brand over 35,000 references available 16 years of experience 80 product groups 21% contribution to revenue www.autopartner.com 10
Slide 11: Market environment
02. Market environment www.autopartner.com 11
Slide 12: Market environment
Market environment POLAND EUROPE (European Union) • In Q1 2023, the number of registrations increased • 567 cars per 1,000 inhabitants of the European by 21% year on year for new passenger cars and by Union (ACEA); 19.2% for light commercial vehicles (KPMG/PZPM); • ACEA: in 2022, new passenger car r
Slide 13: Financial results
03. Financial results www.autopartner.com 13
Slide 14: Q1 2023 results
Q1 2023 results REVENUE EBITDA EBIT NET PROFIT 836.6 72.0 62.0 43.0 PLNm PLNm PLNm PLNm +31% -3% -7% -14% www.autopartner.com 14
Slide 15: Q1 2023 sales
Q1 2023 sales Sales in Q1 2023 [PLNm] Sales by geography [PLNm] 836.6 320.6 430.9 50% 52% 639.6 Q1 2022 Q1 2023 50% 48% 319.0 405.7 Q1 2022 Q1 2023 Domestic sales Export sales • Revenue up +30.8% y/y • Growing contribution of exports to total revenue www.autopartner.com 15
Slide 16: 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% 52% 73% 67% 62% 58% 54% 50% 48% *Share in Group 1,409.6 1,425.1 revenue 1,227.5 1,034.4 963.3 910.1 769.8 707.1 662.7 569.3 385.2 430.9 405.7 252.2 2017 2018 2019 2020 2021 2022 Q1 202
Slide 17: Strong quarterly sales growth
Strong quarterly sales growth Quarterly sales [PLNm] 836.6 751.2 737.0 706.9 639.6 587.2 611.6 587.5 469.5 475.5 433.1 392.9 391.5 368.3 371.1 396.7 326.7 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2019 2020 2021 2022 2023 • Strong two-digit growth in sales (+31% y/y) continued on the back o
Slide 18: High profitability continued despite a temporary drop in margins
High profitability continued despite a temporary drop in margins Gross profit EBITDA EBIT Net profit [PLNm] [PLNm] [PLNm] [PLNm] 220.8 189.2 +17% 74.0 72.0 66.6 62.0 -3% 50.3 -7% 43.0 -14% Q1 2022 Q1 2023 Q1 2022 Q1 2023 Q1 2022 Q1 2023 Q1 2022 Q1 2023 • Low debt maintained (net debt/ EBITDA=1.0x) w
Slide 19: Gross profit
Gross profit 30.3 30.7 30.3 30.4 Profit margin 29.5 29.3 29.6 29.2 [%] 28.1 28.4 27.7 27.6 26.6 26.2 26.4 26.0 24.5 214.3 219.4 224.2 220.8 189.2 172.3 173.6 180.3 120.1 131.8 127.7 131.4 96.3 101.9 101.8 97.3 86.9 PLNm Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2019 2020 2021 2022 2023 www.
Slide 20: Profit margin
Profit margin 30.3 29.3 28.4 30.7 30.3 30.4 27.7 28.1 27.6 26.6 26.0 26.2 29.6 29.5 29.2 24.5 26.4 Net profit margin (%) EBIT margin (%) 12.2 12.9 11.9 11.3 11.0 11.5 10.5 11.6 11.0 11.2 EBITDA margin (%) 10.6 7.8 10.8 10.2 11.8 9.4 8.6 Gross margin (%) 6.9 7.4 6.6 10.0 9.6 10.8 9,4 10.4 9,9 10.1 6.
Slide 21: Cash flow
Cash flow Cash flow [PLNm] Operating cash flows Investing cash flows 161.7 Financing cash flows Total cash flows 24.3 5.6 19.1 18.2 -10.8 -8.8 -134.7 Q1 2022 Q1 2023 • Stable liquidity position of the Group www.autopartner.com 21
Slide 22: Stable stock levels
Stable stock levels Stocks* [PLNm] 969.3 964.7 876.0 839.8 827.6 749.4 656.1 608.7 603.2 503.2 491.7 447.3 448.2 448.2 468.1 469.6 478.8 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2019 2020 2021 2022 2023 • Inventory turnover as at March 31st 2023: 141 days vs 159 days the year before * Inve
Slide 23: Summary
04. Summary www.autopartner.com 23
Slide 24: Summary
Summary Rapid sales growth and strong financial performance More than 34% growth in exports Low debt maintained (net debt/ EBITDA = 1.0x) – a major advantage given the rising borrowing costs Solid profitability despite a temporary drop in margins Good outlook for the parts distribution mar
Slide 25: Thank you!
THANK YOU! ul. Ekonomiczna 20 43–150 Bieruń, Poland www.autopartner.com