Auto Partner Sa · GPW:APR
Auto Partner Sa — H1 2023 Earnings Presentation
26 slides from Auto Partner Sa's earnings presentation, Sep 15, 2023
Slide 1: Financial Results of the Auto Partner Group H1 2023
FINANCIAL H1 2023 RESULTS OF THE AUTO PARTNER GROUP September 15th 2023
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 Approximately 250,000 references available Foreign markets accounting for approximately 50% of sales Over 15.5m parts warehoused throughout Poland About 70% of orders placed on
Slide 7: Business model
Business model broad product range premium brands, private brands human resources own brand over 1,700 employees SUPPLIERS MaXgear OF FINISHED sales PRODUCTS other brands sales support warehouse/logistics IT online orders export deliveries to branch offices over 100 branch offices local warehouse de
Slide 8: Diversified customer base
Diversified customer base POLAND EXPORT Repair workshops 63% Stores, wholesalers and distributors Specialised stores 27% 100% Non-specialised repairers and 10% retailers data as at December 31st 2022 www.autopartner.com 8
Slide 9: Key developments in H1 2023
Key developments in H1 2023 Record financial results: sales up 32%, to close to PLN 1.8bn, and net profit up 4%, to PLN 107.2m Continued foreign expansion – exports accounting for nearly 51% of revenue Strong profitability maintained, with steep growth in the scale of business despite market challen
Slide 10: 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 • Total warehousing space at the Group (leases) – almost 140,000 sq m: • Distribution centre in Bieruń (43,000 sq m) • Warehouse in Pruszkó
Slide 11: Growing importance of own brand
Growing importance of own brand over 35,000 references available 16 years of experience 80 product groups 21% contribution to revenue www.autopartner.com 11
Slide 12: Market environment
02. Market environment www.autopartner.com 12
Slide 13: Market environment
Market environment POLAND EUROPA (European Union) • In H1 2023, the number of registrations increased • 567 cars per 1,000 inhabitants of the European by 12% year on year in the case of new passenger Union (ACEA); cars and by 11% in the case of light commercial • ACEA: in July 2023, new passenger ca
Slide 14: Financial results
03. Financial results www.autopartner.com 14
Slide 15: H1 2023 results
H1 2023 results REVENUE EBITDA EBIT NET PROFIT 1,775.2 166.5 146.1 107.2 PLNm PLNm PLNm PLNm +32% +10% +7% +4% www.autopartner.com 15
Slide 16: H1 2023 sales
H1 2023 sales Sales H1 2023 [PLNm] Sales by geography [PLNm] 1,775.2 895.5 1,346.5 676.3 51% 50% H1 2022 H1 2023 49% 50% 670.2 879.3 H1 2022 H1 2023 Domestic sales Export sales • revenue up +31.8% y/y • Growing contribution of exports to total revenue www.autopartner.com 16
Slide 17: Strong sales in Poland and growing share of exports in revenue
Strong sales in Poland and growing share of exports in revenue Export sales Domestic sales 27%* 33% 38% 42% 46% 50% 51% 73% 67% 62% 58% 54% 50% 49% *Share in Group 1,409.6 1,425.1 revenue 1,227.5 1,034.4 963.3 895.9 910.1 879.3 769.8 707.1 662.7 569.3 385.2 252.2 2017 2018 2019 2020 2021 2022 H1 202
Slide 18: Strong quarterly sales growth
Strong quarterly sales growth Quarterly sales [PLNm] 938,5 836,6 751,2 737,0 706,9 639,6 587,2 611,6 587,5 469,5 475,7 433,1 392,9 391,5 368,3 371,1 396,7 326,7 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 2019 2020 2021 2022 2023 • Strong two-digit growth in sales (+32% y/y) continued on t
Slide 19: High profitability maintained despite a temporary drop in margins
High profitability maintained despite a temporary drop in margins Gross profit EBITDA EBIT Net profit [PLNm] [PLNm] [PLNm] [PLNm] +17% 473.2 +4% 166.5 146.1 +4% +7% y/y in H1 107.2 y/y in H1 151.9 y/y in H1 136.5 y/y in H1 102.8 403.4 252.4 94.6 +22% +18% 77.9 +21% 69.9 +20% 84.1 52.4 64.2 214.3 y/y
Slide 20: Gross profit
Gross profit 30.7 30.3 30.3 29.5 29.3 30.4 Profit margin 27.7 29.6 29.2 26.4 26.6 26.0 [%] 26.2 28.1 28.4 26.9 27.6 24.5 252.4 214.3 219.4 224.2 220.8 189.2 172.3 173.6 180.3 120.1 131.8 127.7 131.4 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 Q1 Q2 2019 2020 2021
Slide 21: Profit margin
Profit margin 30.3 29.3 28.4 30.7 30.3 30.4 27.7 28.1 27.6 26.6 26.2 26.9 26.0 29.5 29.6 29.2 24.5 26.4 Net profit margin (%) EBIT margin (%) 12.2 11.3 11.0 11.5 12.9 11.9 11.6 11.2 EBITDA margin (%) 10.5 11.0 10.6 10.1 11.8 Gross margin (%) 7.8 10.8 10.0 10.8 8.6 9.6 10.2 9.4 10.4 9.9 10.1 9.4 6.1
Slide 22: Cash flow
Cash flow Cash flow [PLNm] Operating cash flows 207.0 Investing cash flows 96.2 Financing cash flows 26.1 Total cash flows -21.1 -18.9 -6.9 -49.0 -195.0 H1 2022 H1 2023 • Stable liquidity position of the Group www.autopartner.com 22
Slide 23: Stable stock levels
Stable stock levels Stocks* [PLNm] 969.3 964.7 993.8 876.0 839.8 827.6 749.4 656.1 608.7 603.2 503.2 491.7 447.3 448.2 448.2 468.1 469.6 478.8 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2019 2020 2021 2022 2023 • Inventory turnover as at June 30th 2023: 136 days vs 151 days the year befor
Slide 24: Summary
04. Summary www.autopartner.com 24
Slide 25: Summary
Summary Record financial results More than 32% growth in exports Low debt maintained (net debt/ EBITDA = 0.9x) Solid profit margins despite market challenges Good prospects for the parts distribution market Plans to further increase the business scale – including the planned launch of a
Slide 26: Thank you!
THANK YOU! ul. Ekonomiczna 20 43–150 Bieruń, Poland www.autopartner.com