Bapcor Ltd · ASX:BAP
Bapcor — Burson Group — H1 FY2015 Earnings Presentation
17 slides from Bapcor's earnings presentation, Feb 11, 2015
Slide 1: Results Presentation - H1 FY2015
For personal use only Results Presentation - H1 FY2015 (6 months to December 2014) 12th February 2014 BURSON H1 FY2015 RESULTS PRESENTATION
Slide 2: Disclaimer
Disclaimer For personal use only The material in this presentation has been prepared by Burson Group Limited (“Burson”) ABN 80 153 199 912 and is general background information about Burson’s activities current at the date of this presentation. The information is given in summary form and does not p
Slide 3: Agenda
Agenda For personal use only 1 H1 FY2015 Result Highlights, Outlook & Strategy Recap 2 H1 FY2015 Result Details 3 Q&A 3 BURSON H1 FY2015 RESULTS PRESENTATION
Slide 4: H1 FY2015 Result Highlights, Outlook & Strategy Recap
For personal use only H1 FY2015 Result Highlights, 1 Outlook & Strategy Recap 2 H1 FY2015 Result Details 3 Q&A BURSON H1 FY2015 RESULTS PRESENTATION
Slide 5: H1 FY2015 Results vs H1 FY2014 Proforma
H1 FY2015 Results vs H1 FY2014 Proforma For personal use only H1 FY2015 H1 FY2014 $ million Variance Actual Proforma Revenue 185.0 168.7 9.7% Gross Margin %(1) 43.2% 43.2% - EBITDA 19.8 17.7 11.9% NPAT 10.9 9.5 14.3% EPS(2) (CPS) 6.64 5.81 14.3% Record result as Burson continues to deliver steady
Slide 6: Financial Highlights – H1 FY2015
Financial Highlights – H1 FY2015 Comparisons are to H1 FY2014 For personal use only • 121 stores • Same Store Sales growth of 4.3% • Revenue $185 million – up 9.7% • Gross margin 43.2% - steady - constrained by competitor activity • EBITDA margin 10.7% – up 0.2% • NPAT $10.9 million – up 14.3
Slide 7: Operational & Strategic Highlights in H1 FY2015
Operational & Strategic Highlights in H1 FY2015 For personal use only Continued store expansion, 5 stores since June to 121 4 acquisitions QLD (2) and NSW (2) 1 Greenfield in NSW Supplier price increases passed through to customers. Majority of increases H2 FY2015 Additional cost recove
Slide 8: Store Enhancement Program
Store Enhancement Program For personal use only BEFORE AFTER 8 BURSON H1 FY2015 RESULTS PRESENTATION
Slide 9: Strategy and Outlook
Strategy and Outlook For personal use only On track to exceed FY2015 prospectus forecast of 124 stores. Since 30 June 2014 have added 1 Expand store greenfield in NSW and integrated acquisitions in NSW (2) and Qld (2) taking store network to 121. network Continuing to work on a range of acquisit
Slide 10: H1 FY2015 Result Details
For personal use only 1 FY2014 Result Highlights, Outlook & Strategy Recap 2 FY2014 Result Details 3 Q&A BURSON H1 FY2015 RESULTS PRESENTATION
Slide 11: Summary Income Statement
Summary Income Statement For personal use only Revenue growth of 9.7% delivered by Same Store Sales growth of 4.3% H1 H1 H1 2014 Impact of FY2014 new stores 3.9% Pro forma, $ million FY2015 FY2014 Change Statutory Proforma Impact of H1 FY2015 new stores 1.5% Revenue 185.0 168.7 9.7% 168.7
Slide 12: Traditional H1 / H2 NPAT Split
Traditional H1 / H2 NPAT Split For personal use only H1 H2 Full Year % H1 FY2013 - proforma 7.2 8.8 16.0 45.0% FY2014 - proforma 9.5 9.9 19.4 49.0% FY2015* 10.9 11.0 21.9 49.8% Burson’s H1 FY2015 NPAT split is slightly ahead of the H1 FY2014 proforma NPAT split and well above H1 FY2013 split. This
Slide 13: Summary of Key Performance Indicators
Summary of Key Performance Indicators For personal use only Store Numbers Revenue and “Same Store Sales” growth Store expansion continues – ahead of prospectus forecast and well positioned Store expansion together with strong same store sales growth driving to meet or exceed 2015 forecast revenue gr
Slide 14: Summary Cash Flows
Summary Cash Flows For personal use only H1 FY2015 H1 FY2014 Pro forma, $ million Working capital Actual Proforma Working capital approx. 11% of sales EBITDA 19.8 17.7 Continuation of inventory investment at store level Change in working capital (3.5) 0.8 Trade debtors collection strong Tr
Slide 15: Summary Balance Sheet
Summary Balance Sheet For personal use only Net Debt Closing net debt of $56.1 million*, down $7.0 Statutory Statutory $ million million since June 2014 Dec 2014 June 2014 Leverage 1.47x LTM proforma EBITDA Cash 8.9 10.9 Current undrawn banking facilities of $55 million Trade and Other Recei
Slide 16: Q&A
For personal use only 11 FY2014 Result Highlights, Outlook FY2014 Result Highlights & Strategy Recap 2 FY2014 Result Details 3 Q&A BURSON H1 FY2015 RESULTS PRESENTATION
Slide 17: Questions?
For personal use only Questions? 17 BURSON H1 FY2015 RESULTS PRESENTATION