Bapcor Ltd · ASX:BAP

Bapcor — Burson Group — H1 FY2015 Earnings Presentation

17 slides from Bapcor's earnings presentation, Feb 12, 2015

  1. Slide 1: Results Presentation - H1 FY2015

    Results Presentation - H1 FY2015 (6 months to December 2014) 12th February 2014 BURSON H1 FY2015 RESULTS PRESENTATION

  2. Slide 2: Disclaimer

    Disclaimer 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 purport to be complete.

  3. Slide 3: Agenda

    Agenda 1 H1 FY2015 Result Highlights, Outlook & Strategy Recap 2 H1 FY2015 Result Details 3 Q&A 3 BURSON H1 FY2015 RESULTS PRESENTATION

  4. Slide 4: H1 FY2015 Result Highlights, Outlook & Strategy Recap

    H1 FY2015 Result Highlights, 1 Outlook & Strategy Recap 2 H1 FY2015 Result Details 3 Q&A BURSON H1 FY2015 RESULTS PRESENTATION

  5. Slide 5: H1 FY2015 Results vs H1 FY2014 Proforma

    H1 FY2015 Results vs H1 FY2014 Proforma 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 growth.  NPAT represe

  6. Slide 6: Financial Highlights – H1 FY2015

    Financial Highlights – H1 FY2015 Comparisons are to H1 FY2014 • 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% • Earnings per shar

  7. Slide 7: Operational & Strategic Highlights in H1 FY2015

    Operational & Strategic Highlights in H1 FY2015  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 recovery price increase impl

  8. Slide 8: Store Enhancement Program

    Store Enhancement Program BEFORE AFTER 8 BURSON H1 FY2015 RESULTS PRESENTATION

  9. Slide 9: Strategy and Outlook

    Strategy and Outlook  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 acquisition and greenfield dev

  10. Slide 10: H1 FY2015 Result Details

    1 FY2014 Result Highlights, Outlook & Strategy Recap 2 FY2014 Result Details 3 Q&A BURSON H1 FY2015 RESULTS PRESENTATION

  11. Slide 11: Summary Income Statement

    Summary Income Statement H1  Revenue growth of 9.7% delivered by H1 H1 2014 Pro forma, $ million FY2014 Change  Same Store Sales growth of 4.3% FY2015 Statutory Proforma  Impact of FY2014 new stores 3.9% Revenue 185.0 168.7 9.7% 168.7  Impact of H1 FY2015 new stores 1.5% Gross Profit 79.9 72.8 9

  12. Slide 12: Traditional H1 / H2 NPAT Split

    Traditional H1 / H2 NPAT Split 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 provides confidence i

  13. Slide 13: Summary of Key Performance Indicators

    Summary of Key Performance Indicators 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 growth 121 116 341.6 284

  14. Slide 14: Summary Cash Flows

    Summary Cash Flows 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  Trade creditor days 90+

  15. Slide 15: Summary Balance Sheet

    Summary Balance Sheet  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 Receivables 30.2 32.4 that

  16. Slide 16: Q&A

    11 FY2014 Result Highlights, Outlook FY2014 Result Highlights & Strategy Recap 2 FY2014 Result Details 3 Q&A BURSON H1 FY2015 RESULTS PRESENTATION

  17. Slide 17: Questions?

    Questions? 17 BURSON H1 FY2015 RESULTS PRESENTATION

Burson Group — H1 FY2015 Earnings Presentation on 6ix