Autins Group Plc · LSE:AUTG
Autins — H1 2021 Earnings Presentation
29 slides from Autins's earnings presentation, March 2021
Slide 1: Autins Group – Interim Results Presentation
Autins Group – Interim Results Presentation Six Months Ending March 2021
Slide 2: Agenda
Agenda • Operational Highlights • Financial Highlights • Delivering the Strategy • Appendix: – Balance Sheet – The Growth Opportunity Autins Group Plc Half Year results ending March 2021 2
Slide 3: Operational Highlights
Section 01 Operational Highlights
Slide 4: Highlights
Highlights Revenue increased by 3.7% to £13.71m (H1 20: £13.22m) EBITDA including IFRS 16 adjustments up 66.2% to £1.18m (H1 20: £0.71m) Operating cashflow increased to £0.87m (H1 20: £0.62m) Neptune sales grew 33% Germany sales grew by 81% to £3.9m (H1 20: £2.1m) Significant growth in t
Slide 5: Operational Highlights – new business
Operational Highlights – new business Total Auto Non-Auto • Skoda • 29 wins in the period • Flooring: • Nissan • 12 non-auto • Koczwara • JLR Velar, Range Rover • £3.9m on an on-going • Gerflor & Range Rover Sport non-Covid annual • Trucks: • Bentley basis • DAF trucks • Kasai • UK: £2.1m (54%) • EU
Slide 6: Financial Highlights
Section 02 Financial Highlights
Slide 7: Financial Highlights
Financial Highlights Revenue Growth – Reduced Auto volumes, but Flooring / Non-Auto significantly increased Gross Margin – Improvements counteracted by reduced fixed cost (Auto volume) absorption EBITDA & Net Debt - significant improvement of £0.5m each. Cash and Equivalents increased by £1.
Slide 8: Revenue: FY H1 21
Revenue: FY H121 FY H1 20 13,215 Flooring 1,599 Sweden Auto 106 German Auto 97 UK PPE 21 UK Auto (other) 13 Tooling (866) Key Customer (386) UK Non auto (88) FY H1 21 13,712 Increases in: Flooring (Germany), Sweden & Germany Auto UK weakness in Key Customer components & tooling Autins Group Plc
Slide 9: Gross Profit: FY H1 21
Gross Profit: FY H121 H1 20 3,836 GP: Volume 387 Labour productivity 270 Other CoS 98 Heat & Light 22 Global Materials supply (155) Tooling Volumes (margin) (261) Far east supply items (201) Transport (Covid / Brexit) (86) H1 21 3,909 Increase from: Growth wins, labour productivity, factory runnin
Slide 10: EBITDA: FY H1 21
EBITDA : FY H121 FYH1 20 243 GP: Volume 387 Furlough/ Govt Support 287 Salaries / Headcount 109 Motor & Travel 56 Legal & Advisor costs 14 GP: Margin (314) Other Overhead (74) Rent rates (37) Insurance (17) FYH1 21 655 Gains from: New wins revenue growth and cost improvement initiatives. Partial
Slide 11: Cashflow: FY H1 21
Cashflow : FY H121 Operating activities 1,228 Debtors (1,401) Creditors 1,080 Inventory 27 (294) JV income 80 CapEx (117) IFRS 16 Leases (551) Finance/ Interest (212) H1 21 134 Cash Headroom At H1 21: £6.1m Working capital absorption from volume recovery & growth in Germany, but more than offs
Slide 12: Delivering the Strategy
Section 03 Delivering the Strategy
Slide 13: Delivering the Strategy H1 21 vs H1 20
Delivering the Strategy H1 21 vs H1 20 H1 20 H1 21 Variance Comment Revenue £13.2m £13.7m +3.7% German expansion Flooring is 50% of German £2.1m £3.8m +81% revenue. Commercial revenue applications set to grow Strong expansion in EU Regional Mix 23% 33% +10%pts and weaker UK Non-auto % £0.83m £2.4m +
Slide 14: Germany building momentum
Germany building momentum FLOORING • Wins • Sales H1 20 0.9m€ • Sales H1 21 2.7m€ • 61% sales growth to £3.9m TRUCKS • Profit grew from £209k to £677k • £1.6m of new wins vs £0.4m H1 20 • Flooring sales now >50% of mix • 12 large Neptune parts • Enquiry pipeline grows to £15m • Replacing major compe
Slide 15: Other markets
Other markets WORKSPACE SOLUTIONS METAL CEILINGS AND PARTITIONS BUILDING SOLUTIONS COMMERCIAL VEHICLES APPAREL Autins Group Plc Half Year results ending March 2021 15
Slide 16: Neptune Sales and Capacity Plans
Neptune Sales and Capacity Plans • Additional shifts added • 4 projects under way to: • increase equipment Current Maximum Capacity efficiency and speed New business won • to improve margin and in this year capacity Roll • £150k capital investments supply • <£350k annual benefits • Further investmen
Slide 17: Auto Market
Auto Market • OEM focus has been on cost reductions • The semi-conductor supply chain crisis • Underlying demand • On-going market opportunity Autins Group Plc Half Year results ending March 2021 17
Slide 18: ESG
ESG Vision: Strategy: • Autins is committed to a more • Identify relevant and measurable sustainable world by being a improvement areas responsible partner in the supply • Establish targets for improvement and chain, committed to meet any methods to measure regulatory requirements and deliver contin
Slide 19: Summary
Section 4 Summary
Slide 20: Operational improvements and diversification
Operational improvements and diversification • Semi-conductor shortages continue to suppress OEM production recovery during H2 with underlying auto sales looking better • We continue to win new business • Growth outside the UK and into non-automotive sectors is gaining momentum • German business now
Slide 21: Appendix
Section A Appendix
Slide 22: Appendix 1: Profit and Loss
Appendix 1 : Profit and Loss FY HI 21 FY HI 20 Revenue 13,712 13,215 Gross Profit 3,909 3,836 Gross margin % 29% 29% Exceptional costs 0 160 EBITDA 1,181 714 (Loss)/profit before taxation (20) (567) Taxation (30) 73 (Loss)/profit after taxation 10 (640) Including IFRS 16 Adjustments Autins Group Plc
Slide 23: Appendix 2: Balance Sheet
Appendix 2 : Balance Sheet FY H1 21 FY H1 20 Total non-current assets 17,647 19,033 Inventories 1,885 1,982 Trade and other receivables 5,734 5,548 Cash and cash equivalents 2,957 2,003 Total current assets 10,576 9,533 Total assets 28,223 28,566 Trade and other payables 4,087 3,436 Loans and borrow
Slide 24: Appendix 3: Cashflow
Appendix 3 : Cashflow FY H1 21 FY H1 20 Profit after tax 10 (640) Depreciation & amortisation 1078 954 Income taxes 32 73 Financing 274 259 Other operating items (104) (86) Change in working capital (356) 58 Operating Cashflow 934 618 Investing activities (37) (50) Servicing of finance (155) (258) S
Slide 25: Appendix 4 - A real growth opportunity
Appendix 4 - A real growth opportunity Only 45% 4% 94% 80% growth in 2 market growthshare in 2 of Autins’ years sales NVH years in Europe are in UK New markets only 17% 94% 183% growth in 2 of total revenue yearsin H1 21 Growth Autins Group Plc Half Year results ending March 2021 25
Slide 26: Key Drivers for growth
Key Drivers for growth • Specialist in Acoustic and Thermal design and NVH solutions • Unique patented Neptune technology • Very broad range of material and conversion capability • Established European manufacturing and technical support • Track record of winning new business • New market growth Aut
Slide 27: Aligned direction and approach
Aligned direction and approach Our Vision To help make the world a more comfortable and quieter place to live, work and thrive, by reducing Values and Culture noise, and thermal energy waste Teamwork We will do this by providing specialist acoustic and Accountability thermal solutions to our custome
Slide 28: Adding value – expertise and service
Adding value – expertise and service BUSINESS STRATEGY FOCUS MODEL • Innovative Technology • Grow our non-auto • Accelerate sales business in the UK • Specialist in automotive Technical Support • Accelerate growth in • Expand into new Europe • Continuous areas Innovation • Leverage unique • Develop
Slide 29: Strategy and Targets for Improvement
Strategy and Targets for Improvement Environment Targets: • 10% minimum reduction per year • Specific plan required to reduce carbon footprint by additional/residual 159k kgco2e Strategy: • Identify the materiality of each improvement area and prioritise • Identify where investments are needed – e.g