Amotiv Limited · ASX:AOV
Amotiv — GUD Holdings — FY2018 Earnings Presentation
18 slides from Amotiv's earnings presentation, Jul 27, 2018
Slide 1: GUD Holdings Limited Results for the year ended 30 June 2018
GUD Holdings Limited Results for the year ended 30 June 2018 Jonathan Ling Managing Director
Slide 2: Result key points
GUD HOLDINGS Result key points Reported NPAT of $101.8m compared with ($7.3m) in pcp • Underlying NPAT from continuing operations up 20% to $55.2m • Discontinued operations NPAT of $51.3m predominately due to the sale of Oates • Underlying EBIT from continuing operations up 12% to $83.5m Automot
Slide 3: Discontinued and non recurring items of +$46.6m
GUD HOLDINGS Discontinued and non recurring items of +$46.6m Half year discontinued NPAT from Oates of $3.3m After tax gain from sale of Oates of $51.5m; • Sale proceeds of $83.8m after NWC adjustments Davey non-cash write-offs of $5.8 from discontinued products consisting of: • Capitalised pr
Slide 4: Financial summary
GUD HOLDINGS Financial summary Reported Re-Stated % Change FY17 re-stated with Oates $ million FY17 FY17 FY18 Restated reclassified to discontinued operations Revenue - continuing operations 426.3 356.9 396.7 11% Underlying EBITDA 87.7 78.2 87.1 11% Depreciation and Amortisation (4.1) (3.3) (3.7) Re
Slide 5: Cash generation and financial position
GUD HOLDINGS Cash generation and financial position Improved cash conversion • Cash flow from operating activities of $59.4m, up from $45.3m previously • Cash conversion , operating cash flow before tax over Underlying EBITDA from continuing operations, lifts to 81% Net debt reduced to $92.4 m f
Slide 6: GUD's portfolio repositioning
GUD HOLDINGS GUD’s portfolio repositioning Prior to FY18 GUD disposed of Sunbeam, Lock Focus, Dexion and acquired BWI, Griffiths Equipment (GEL) and IM Group In FY18 GUD acquired AA Gaskets and disposed of Oates At the start of FY19 acquired Disc Brakes Australia Remaining businesses are Aut
Slide 7: Automotive aftermarket industry profile
GUD HOLDINGS Automotive aftermarket industry profile Market is growing • Record new vehicle sales of 1.2m in 2017 • 39% SUV’s and 17% pick ups • Vehicles on the road totalled 18.1m up 355,000 or 2% from the previous year • Growth rate is expected to be maintained Ability to grow through acquisit
Slide 8: Compelling automotive organic growth opportunities
GUD HOLDINGS Compelling automotive organic growth opportunities Market share growth • Part number range extensions in light and heavy duty filtration, gaskets, IM group, and DBA • Workshop conversion to Ryco brand • New product initiatives for Ryco, Wesfil, BWI and GEL • Tools, and new consumables
Slide 9: Automotive business structure
GUD HOLDINGS Automotive business structure Automotive Ryco Wesfil Group BWI Narva and Griffiths Ryco Filters IM Group AA Gaskets DBA Projecta Equipment Page 9
Slide 10: Automotive
GUD HOLDINGS Automotive $ million FY17 FY18 % Change Sales 254.4 295.6 16% Underlying EBITDA 75.7 85.4 13% Depreciation and Amortisation (1.9) (2.2) Underlying EBIT 73.8 83.2 13% Underlying EBIT/Sales % 29% 28% Sales growth of 16% consisted of 9% organic growth and the balance from the acquired bu
Slide 11: Automotive operating performance – Ryco Group
GUD HOLDINGS Automotive operating performance – Ryco Group Ryco Filters • Record number - over 400 - of “Conquest” customer (workshop) gains • Continued product range expansion – over 300 new parts introduced • Strong growth in heavy duty segment, air and cabin filters • Awarded Trade Supplier of
Slide 12: Automotive operating performance – BWI & Wesfil
GUD HOLDINGS Automotive operating performance – BWI & Wesfil BWI • Awarded Repco Retail Supplier of the Year in 2018 • Continued product range expansion in both Narva and Projecta brands • Strong wins in new channels: • Emergency lighting and sirens – NZ police • Toyota parts and accessories • Ken
Slide 13: GUD's exposure to internal combustion engines
GUD HOLDINGS GUD’s exposure to internal combustion engines FY18 Estimated Automotive Segment Sales Split Currently 54% of GUD’s automotive segment sales are common to all vehicle types: • Narva - lighting and electrical • Projecta – most products with the ICE- All vehicle exception of jump starter
Slide 14: Automotive industry trends & GUD's responses
GUD HOLDINGS Automotive industry trends & GUD’s responses Universal shifts in the automotive landscape: • Driverless vehicles • Connected vehicles • Electric vehicles • Shared utilization Development of on-line services – vehicle purchasing and servicing, parts and accessories purchasing GUD’s
Slide 15: Investments in automotive start-ups
GUD HOLDINGS Investments in automotive start-ups Liftango • Corporate (closed environment) staff ride sharing platform • Public bus on demand enablement platform Auto Guru • Car service comparison and booking platform • Monitors owner satisfaction Page 15
Slide 16: Davey
GUD HOLDINGS Davey $ million FY17 FY18 % Change Sales 102.5 101.1 -1% Underlying EBITDA 10.5 10.6 1% Depreciation and Amortisation (1.4) (1.4) Underlying EBIT 9.1 9.2 0% Underlying EBIT/Sales % 9% 9% Soft export sales demand into Middle East due to construction downturn Sales gains across ANZ of
Slide 17: Outlook
GUD HOLDINGS Outlook Further improvement in financial performance expected in FY19 from: • New part numbers, new products and customer gains in the automotive business • 2019 Narva catalogue • Full year contribution from Wesfil’s recently opened Western Sydney facility • Full year contribution fro
Slide 18: GUD Holdings Limited
GUD Holdings Limited Results for year ended 30 June 2018