Auto Partner Sa · GPW:APR
Auto Partner Sa — FY2023 Earnings Presentation
29 slides from Auto Partner Sa's earnings presentation, Apr 15, 2024
Slide 1: Financial Results 2023 – Auto Partner Group
FINANCIAL 2023 RESULTS AUTO PARTNER GROUP 15 April 2024
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 International markets accounting for around 50% of sales Approximately 250,000 references available Expanding distribution network with nearly 160,000 m2 of warehouse space Str
Slide 7: Effective business model
Effective business model broad product range premium brands, private label brands private label human resources brands over 2,700 employees SUPPLIERS including OF FINISHED MaXgear sales PRODUCTS other brands sales support warehouse/logistics IT online orders export deliveries to branch offices About
Slide 8: Diversified customer base
Diversified customer base POLAND EXPORT Repair workshops 62% Stores, wholesalers and distributors Specialised stores 30% 100% Non-specialised repairers and 8% retailers data as at 31 December 2023 www.autopartner.com 8
Slide 9: Fast business growth
Fast business growth IPO* 2023 116 60 branches branches 50,000 m² Over 160,000 m² of warehouse space of warehouse space Over Nearly 800 employees 2,700 employees Approximately Approximately 150,000 250,000 references available references available * Data sourced from the IPO prospectus as at 31 Dece
Slide 10: Fast business growth
Fast business growth IPO* 2023 Revenue Revenue PLN 518.6m PLN 3.7bn Net profit Net profit PLN 16.3m PLN 223.6m IPO issue price Share price** PLN 2.20 PLN 27.05 * Data sourced from the IPO prospectus as at 31 December 2015 ** Share price as at 31 December 2023 www.autopartner.com 10
Slide 11: Key developments in 2023
Key developments in 2023 Record financial results: sales up 28.9%, to over PLN 3.7bn, with net profit up 7.9%, to PLN 223.6m Strong growth in Poland (up 28.1%) and in international markets (up 29.6%) Solid profitability with a dynamically growing business scale and despite market challenges: gross m
Slide 12: 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 • Warehouse space leased by the Group totalling ca. 160,000 m2: • Centre in Bieruń (ca. 52,000 m2) • Warehouse in Pruszków (ca. 12,500 m2)
Slide 13: 20% share of private label brands in revenue
20% share of private label brands in revenue, with rapidly growing sales over 35,000 references available 18 years of experience 80 product groups www.autopartner.com 13
Slide 14: Market environment
02. Market environment www.autopartner.com 14
Slide 15: Market environment
Market environment POLAND EUROPA (European Union) • In 2023, the number of new passenger car • 574 cars per 1,000 inhabitants of the European registrations rose by 13.2% year on year and by Union (ACEA); 3.7% in the case of light commercial vehicles • ACEA: in 2023, new passenger car registrations (
Slide 16: However … electric vehicles
Electric vehicles: continued market expansion with no impact on the Group’s business • In 2019, electric cars represented just 1.9% of total car sales in the EU. By the end of 2023, the share of new registrations for battery electric vehicles (BEVs) rose to 14.6% (ACEA). • Forecasts indicate a promi
Slide 17: Financial results
03. Financial results www.autopartner.com 17
Slide 18: 2023 results
2023 results REVENUE EBITDA EBIT NET PROFIT 3,653.4 346.2 302.7 223.6 PLNm PLNm PLNm PLNm +29% +10% +8% +8% www.autopartner.com 18
Slide 19: Strong sales growth in 2023
Strong sales growth in 2023 Sales 2023 [PLNm] Sales by geography [PLNm] 3,653.4 1,409.6 1,827.2 2,834.7 50% 50% 2022 2023 50% 50% 1,826.2 1,425.1 2022 2023 Domestic sales Export sales • Revenue up +28.9% y/y • Equal shares of domestic and export sales in revenue www.autopartner.com 19
Slide 20: Strong domestic and export sales
Strong domestic and export sales Export sales Domestic sales 27%* 33% 38% 42% 46% 50% 50% 73% 67% 62% 58% 54% 50% 50% * Share in Group revenue 1,827.2 1,826.2 1,409.6 1,425.1 1,227.5 1,034.4 963.3 910.1 707.1 769.8 662.7 569.3 385.2 252.2 2017 2018 2019 2020 2021 2022 2023 2017 2018 2019 2020 2021 2
Slide 21: Strong quarterly sales growth
Strong quarterly sales growth Quarterly sales [PLNm] 938,5 956.3 921.9 836.6 751.2 737.0 706.9 639.6 587.2 611.6 587.5 469.5 475.7 433.1 392.9 391.5 368.3 371.1 396.7 326.7 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2019 2020 2021 2022 2023 • Strong two-digit growth in sales (+25.1%
Slide 22: Profitability at satisfactory levels
Profitability at satisfactory levels Gross profit EBITDA EBIT Net profit [PLNm] [PLNm] [PLNm] [PLNm] +8% +10% y/y +8% y/y 346.2 302.7 y/y 223.6 +17% 989.9 314.2 281.4 207.3 y/y 847.0 77.6 65.7 50.8 -1% -5% +0% 245.6 69.2 50.8 78.4 Q4 y/y Q4 y/y Q4 y/y 224.2 +10% Q4 y/y 102.1 +20% 90.9 +22% 65.6 271.
Slide 23: Gross profit
Gross profit 30.7 30.3 30.3 29.5 29.3 30.4 Profit margin 28.3 [%] 27.7 29.2 26.4 26.6 26.0 29.6 26.2 28.1 27.6 28.4 26.6 26.9 24,5 271.1 252.4 245.6 214.3 219.4 224.2 220.8 189.2 172.3 173.6 180.3 120.1 131.8 127.7131.4 86.9 96.3 101.9 101.8 97.3 PLNm Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Slide 24: Profit margin
Profit margin 30.3 29.3 30.7 30.3 30.4 27.7 28.1 27.6 28.4 28.3 26.6 26.2 26.9 26.0 29.5 29.6 29.2 24.5 26.4 26.6 Net profit margin (%) EBIT margin (%) 12.2 11.3 11.0 11.5 12.9 11.9 11.6 EBITDA margin (%) 10.5 11.0 11.2 10.6 10.1 10.7 7.8 10.8 11.8 8.6 Gross margin (%) 6.1 6.9 7.4 6.6 10,0 9.6 10.2
Slide 25: Cash flow
Cash flow Cash flow [PLNm] Operating cash flows 180.1 Investing cash flows 50.1 Financing cash flows 5.6 18.0 2.5 Total cash flows -37.6 -37.7 -139.9 2022 2023 • Stable liquidity position of the Group www.autopartner.com 25
Slide 26: Stable stock levels
Stable stock levels Stocks* [PLNm] 1,025.7 969.3 964.7 993.8 981.3 839.8 827.6 876.0 749.4 656.1 608.7 603.2 503.2 491.7 447.3 448.2 448.2 468.1 469.6 478.8 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2019 2020 2021 2022 2023 • Very good inventory turnover: 137 days vs 158 days the y
Slide 27: Summary
04. Summary www.autopartner.com 27
Slide 28: Summary
Summary Record financial results posted for 2023 Maintaining a strong growth rate in Poland and abroad – sales exceeded PLN 3.7bn for the first time in the Company’s history Solid profit margins despite market challenges Low debt maintained (net debt/ EBITDA= 1.2x) Planned dividend payment
Slide 29: Thank you!
THANK YOU! ul. Ekonomiczna 20 43–150 Bieruń, Poland www.autopartner.com