Ama Group Limited · ASX:AMA
Ama — Investor Presentation (February 2024)
26 slides from Ama's investor presentation, Feb 23, 2024
Slide 1: 2024 Interim Results Presentation
2024 INTERIM RESULTS PRESENTATION For the Half Year Ended 31 December 2023 23 February 2024
Slide 2: Webcast
Webcast AMA Group Limited 2024 Half Year Results Friday, 23 February 2024 11:00am, AEDT Register at: https://event.choruscall.com/mediaframe/webcast.html?webcastid=T39qKgUu 2
Slide 3: Contents
Contents Overview Slide 4 Group Financials Slide 13 Outlook Slide 19 Other Information Slide 22 3
Slide 4: Overview
Overview AMA GROUP
Slide 5: 1H24 Overview
1H24 Overview Positive momentum and improving business performance Revenue EBITDA $469m $19m $16.1 million increase in normalised, pre-AASB 16 EBITDA with improved margins ‐ Price discipline, with uplifts across portfolio, notably renegotiated Capital SMART MRSA1 ‐ Business has stabilised, product
Slide 6: People Activities
People Activities Turnover continues to reduce as we invest in team members Keeping People Safe and Well ‐ Take the LEAD HSE program ‐ LTIFR at 2.72, continues improvement from 3.04 in the pcp ‐ Mental Health First Aid Training made available to leaders Attracting People ‐ Headcount increased to
Slide 7: Vehicle Collision Repairs
Vehicle Collision Repairs Performance ahead of expectations, with opportunity to further improve Sites1 Repairs Substantial $20.4 million pre-AASB 16 EBITDA improvement from 1H23 130 121k Reduction in repair volume from 1H23 largely reflective of network consolidation completed in FY23 and conti
Slide 8: Capital SMART strong results on successful change program
Strong results on the back of a successful change program Capital SMART delivered operating results ahead of expectations Non-OEM1 parts usage ‐ Project SHIFT ahead of plan and largely complete ‐ Positive team member engagement has been critical to success of this change 35 program 34 33 ‐ Volume
Slide 9: Solid portfolio performance but work remains to rebuild
Solid portfolio performance but work remains to rebuild Overall portfolio is performing well - focus is on bottom-third performing sites ‐ AMA Collision EBITDA margins have remained compressed ‐ AMA Collision most negatively impacted by cash constraints in 1H24 prior to equity raise ‐ Network oper
Slide 10: Tech Right planning well progressed
Tech Right planning well progressed Most new vehicles have Advanced Driver Assistance Systems (ADAS) ~20% vehicles in Australian carparc have ADAS1 Currently ~10-15% of vehicles in accident repair require calibration – expected to grow to 30%+ as the carparc changes over time2 ‐ Nationally, AM
Slide 11: Heavy Vehicle Repairs
- Heavy Vehicle Repairs Profitable growth continues, with significant further runway Sites Repairs Revenue up 17.4% pcp 8 4k ‐ Strong forward bookings and active jobs on site 1H23 9 1H23 4k Pre-AASB 16 EBITDA grew 33.9% pcp Price increases from 1 July 2023 Wales Adelaide established and oper
Slide 12: Core new parts growth programs progressing well
Core new parts growth programs progressing well Sites Daily Sales Business has been reset over past two years and is now delivering strong core 7 $275k growth which is expected to result in overall business profitability in 2H24 Strong underlying sales growth 1H23 7 1H23 $209k ‐ Parallel import
Slide 13: Group Financials
Group Finan AMA GROUP
Slide 14: Summary Financial Performance
Summary Financial Performance Summary financial performance ($M) 1H24 1H23 Change Total Group revenue and other income up $43.1 million Revenue and other income 469.3 426.2 43.1 Operating expenses (inc. rent, normalisations) (450.3) (423.3) (27.0) to $469.3 million (1H23: $426.2 million) Normalise
Slide 15: Summary Financial Position
Summary Financial Position Summary financial position ($M) Dec-23 Jun-23 Change 31 December cash position of $34.3 million Cash and cash equivalents 34.3 28.9 5.4 Other current assets 116.1 126.1 (10.0) Net $51.9 million equity raise proceeds Intangible assets 317.6 325.8 (8.2) ‐ $35.0 million u
Slide 16: Net Debt and Funding
Net Debt and Funding Net Debt ($M) 31-Dec-23 30-Jun-23 Change Financial liabilities - drawn cash facilities 130.0 165.0 (35.0) Repayment of $35.0 million senior debt principal in PIK interest capitalised 2.3 1.0 1.3 December 2023 Cash and cash equivalents (34.3) (28.9) (5.4) ‐ Outstanding senior d
Slide 17: Cash Flows
Cash Flows Statement of Cash Flows ($M) 1H24 1H23 Change 1H24 Operating Cash outflow of $4.9 million (once all Receipts from customers, inclusive of GST 527.0 486.6 40.4 Payments to suppliers and employees, inc. of GST (494.6) (487.9) (6.7) lease payments included) substantially improved from Paym
Slide 18: Corporate
Corporate Summary financial performance ($M) 1H24 1H23 Change Increase in operating expenses reflects higher legal Revenue 0.0 0.0 0.0 Operating expenses (including rent) (14.4) (13.0) (1.4) costs and international recruitment costs EBITDA (pre- AASB 16) (14.4) (13.0) (1.4) Normalisations reflec
Slide 19: Outlook
Outlook AMA GROUP
Slide 20: FY24 Outlook
FY24 Outlook Continued positive turnaround momentum Continuing to care for our growing team ‐ Keeping team members safe ‐ Retaining and developing team members who we have and attracting new team members ‐ Enhancing talent to build further momentum A heightened focus on exceptional customer expe
Slide 21: AMA Group
AMA GROUP
Slide 22: Other Information
Other Inform AMA GROUP
Slide 23: Group Snapshot
Group Snapshot ~3,370 ~220k Team members Recycled & new parts supplied per year ~260k ~6.3k Vehicles Vehicles repaired reclaimed per year per year 130 8 Vehicle Collision Wales - Heavy Vehicle Repairs sites Repairs sites 7 1 Supply Support locations office Site count and team members as at 31 Decemb
Slide 24: Segment Summary Results
Segment Summary Results Vehicle Collision Repairs Wales ACM Parts Corporate/Eliminations Total Group Summary financial performance ($M) 1H24 1H23 Change 1H24 1H23 Change 1H24 1H23 Change 1H24 1H23 Change 1H24 1H23 Change Revenue and other income 413.8 372.2 41.6 37.3 31.7 5.6 40.6 40.6 0.0 (22.4) (1
Slide 25: Quarterly Key Metrics
Quarterly Key Metrics Key Metrics - Quarter on Quarter Units 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 All Collision Repair Repair volume '000 69.5 61.6 64.7 64.7 66.7 58.0 Average repair price $ 2,914 3,123 3,176 3,342 3,513 3,736 Revenue $m 202.5 192.4 205.5 216.2 234.3 216.7 ACM Parts Average daily parts sal
Slide 26: AMA Group Limited
AMA Group Limited ABN 50 113 883 560 Level 13, 484 St Kilda Road Melbourne, VIC 3004 amagroupltd.com