Waberer's International Nyrt. · BET:WABERERS
Waberer's International Nyrt — Investor Presentation (June 2018)
28 slides from Waberer's International Nyrt's investor presentation, June 2018
Slide 1: Investor Presentation
Investor Presentation WABERER’S INTERNATIONAL Nyrt. | June 2018
Slide 2: Forward-looking statements
Forward-looking statements This presentation may contain forward-looking statements. Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. These statements are based on current plans, estimates and projections, and therefor
Slide 3: Agenda
Agenda | Investment Case Highlights | Q1 2018 Results | Financial Statements | Appendix |3
Slide 4: At a Glance – Waberer's Long-term Growth Story
At a Glance – Waberer’s Long-term Growth Story Where we come from 4,303(1) 175 2002(8) 2017 | 1948 | 1994 | 2002 | 2006 | 2011 | 2013 | 2016 | 2016 | 2017 Creation Acquisition of Acquisition of Acquisition Initial MEP Acquisition of Acquisition MEP acquired Acquisition of the Volán Tefu in a Hungaro
Slide 5: Strategy and 2017 Performance
Strategy and 2017 Performance Scale Efficiency Innovation Consolidation Profitability Largest European Market-Leading Developing and Platform Track Record of Own FTL Fleet Fleet Utilisation Applying Technology Attractive Strong Financial Systems Consolidation Performance Prospects € Delivering Signi
Slide 6: Consistent Growth - Top Line and Profit
Consistent Growth - Top Line and Profit Consistent Growth of Revenues Across Segments Growing Profit Contribution Across Segments | Revenue CAGR | EBITDA (recurring) CAGR (EUR mn) (EUR mn) 12.7% 2014-2017 2014-2017 13.7% 12.9% 674 10.7% 13.7% 86 8.0% 572 51 72 73 7 523 123 16.6% 68 496 32 4 17 29.3%
Slide 7: Outlook – High Confidence In Continued Growth Delivery
Outlook – High Confidence In Continued Growth Delivery Scale Efficiency Innovation Consolidation Profitability Largest European Market-Leading Developing and Platform Track Record of Own FTL Fleet Fleet Utilisation Applying Technology Attractive Strong Financial Systems Consolidation Performance Pro
Slide 8: Capital Market Overview
Capital Market Overview IPO Allocation Structure Shareholder Structure(1) EUR 50 mn 1% EUR 15 mn Primary Allocated to 18% Institutional issuance retail investors (new shares) Retail EUR 80 mn and employees 9% equity sold CEE Transport BV EUR 30 mn EUR 65 mn Sold by existing Allocated to Treasury sha
Slide 9: Agenda
Agenda | Investment Case Highlights | Q1 2018 Results | Financial Statements | Appendix |9
Slide 10: Group performance
Group performance |Revenue (left) and recurring EBITDA (right) by segments Revenue growth of 15% to which all three segment (EUR mn) contributed significantly +15% 0% Recurring EBITDA remained stable at EUR 18 mn 179 18.2 18.2 Recurring net income decreased to EUR 0.2 mn 14 1.8 partly because
Slide 11: International Transportation Segment
International Transportation Segment | ITS selected financials (unaudited IFRS, EUR mn) and KPIs 17% revenue growth due to repricing and acquisition effects Q1 Q1 Increase EBITDA decreased by 4% due to 8% 2017 2018 (decrease) lower distance per truck Revenue 117.4 136.8 16.6% Direct Costs (99.1)
Slide 12: Regional Contract Logistics
Regional Contract Logistics | RCL selected financials (unaudited IFRS, EUR mn) and KPIs 8% growth in revenue driven by strong demand for warehousing and Q1 Q1 Increase trucking 2017 2018 (decrease) EBITDA up by 18% as a result of Revenue 28.8 31.1 8.1% higher warehousing activity and value Direc
Slide 13: Other segment
Other segment | Other segment selected financials (unaudited IFRS, EUR mn) Revenue increased by 16% to EUR Q1 Q1 Increase 14 million mainly as a result of client acquisitions 2017 2018 (decrease) Revenue 12.1 13.9 15.5% EBITDA slightly decreased to EUR 1.8 Direct Costs (9.8) (12.1) (23.3%) milli
Slide 14: Agenda
Agenda | Investment Case Highlights | Q1 2018 Results | Financial Statements | Appendix |14
Slide 15: Financial statements – Income statement
Financial statements – Income statement | Group selected income statement financials (unaudited IFRS, EUR mn unless otherwise stated) Nominal % Q1 2017 Q1 2018 change change Revenue 155.2 178.9 23.7 15.3% Direct Costs (127.4) (149.7) (22.3) (17.5%) Gross profit 27.8 29.2 1.4 5.1% OPEX (10.5) (11.5)
Slide 16: Financial statements – Balance sheet
Financial statements – Balance sheet | Group selected balance sheet items (unaudited IFRS, EUR mn unless otherwise stated) March 31, 2017 Dec 31, 2017 March 31, 2018 Total Non-current Assets 346 453 465 Total Current Assets 173 229 235 o/w Trade receivables 100 119 124 o/w Cash and cash equivalents
Slide 17: Financial statements – Cash flow statement
Financial statements – Cash flow statement | Group selected cash flow items (unaudited IFRS, EUR mn unless otherwise stated) Q1 2017 Q1 2018 Net cash flows from (used in) operating activities 4.4 0.1 of which: change in working capital (12.9) (21.9) Net cash flows from (used in) investing and financ
Slide 18: Agenda
Agenda | Investment Case Highlights | Q1 2018 Results | Financial Statements | Appendix | 18
Slide 19: Established Market Leadership Secured by Significant Barriers to Entry
Established Market Leadership Secured by Significant Barriers to Entry #1 Own International Fleet FTL Player in Europe Significant Barriers to Achieve Industry Leadership | International Fleet Size(1) (Number of Vehicles, Latest Available) 3 604(2) 3 300 1 Economies of Scale / Procurement 2 650 2 Po
Slide 20: Attractive Growth and Consolidation Prospects – European Market
Attractive Growth and Consolidation Prospects – European Market Road is the Dominant Mode of Transportation in Europe… Highly Fragmented European Market | European Inland | Transportation Companies by Fleet Size(1) Transport Split Navigation (By Freight Transport 13% Activity in Gtkm, 2015A) Rail 51
Slide 21: Attractive Growth and Consolidation Prospects – Regional Market
Attractive Growth and Consolidation Prospects – Regional Market Growing Economies in Adjacent Countries Strong Domestic Road Transportation Market Growth | Real GDP CAGR | Hungarian Domestic Road Freight Market Size (2015A – 2020E) (in €bn) United Kingdom 2.4 2.5 2.2 2.3 2.1 2.1 2.2 1.3% 1.8 1.9 Ger
Slide 22: International & Regional Focused Strategy, Driving Above-Market Growth
Focused Strategy, Underpinned by a Compelling Value Proposition, Driving Above-Market Growth Compelling Value Proposition and Focused Strategy… …Driving Above-Market Growth Availability – Guaranteed capacity and high density of fleet network International Leverage the Network Quality – Modern fl
Slide 23: Industry-Leading Operational Performance
Industry-Leading Operational Performance High Density of Coverage(3) Market-Leading IT Infrastructure | Industry-Leading Operating Efficiency 91.6% 91.4% 91.3% - Industry-leading IT platform drives - Density and frequency drive operational excellence and 90.9% optimisation potential optimises asset
Slide 24: Resilient Business Model
Resilient Business Model Industry-Leading Production Costs Flexible Asset Cycle | Fleet Cycle Re-Scalability High fuel efficiency (Avg. # of Trucks) (23% of 2015 Fleet(1)) Continuous fleet Optimised procurement of trucks 117 3,550 renewal programme Addition 668 785 Established OEM Standardised in-
Slide 25: Diversified, Blue-Chip Customer Base
Diversified, Blue-Chip Customer Base FF Client Base Effectively Addresses Seasonality Well Diversified Across Industry Verticals | Customers by Type | Customer Industries (2017, % of Subcontractor Revenues) (2017, % of ITS Revenues) Paper & Chemicals Freight Forwarder 6% Automotive 19% Non-classifie
Slide 26: Identified M&A Selection Criteria
Identified M&A Selection Criteria International Transportation Regional Logistics | Size | Size – Focus on mid-sized – Focus on small and Revenue: Equity Value: operators mid-sized – Quality book >€50m €30–50m Revenue: Equity Value: 1 of business 1 logistics providers €20–50m Up to €50m – Scope for
Slide 27: Industry Recognised and Highly Regarded Board of Directors
Industry Recognised and Highly Regarded Board of Directors Gerard van Kesteren Ferenc Lajkó Chairman of the Board(1) Board Member Board member since 2016 Board member since 2017 Previously financial controller and CFO at Kühne + Nagel Joined the Group in 2002, CEO since 2016 from 1989 to 201
Slide 28: WABERER'S INTERNATIONAL Nyrt. H-1239 Budapest, Nagykőrösi út 351.
WABERER’S INTERNATIONAL Nyrt. H-1239 Budapest, Nagykőrösi út 351. Tel: +36 1 421 6300 E-mail: investor.relations@waberers.com
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