Autohellas Sa · ATHEX:OTOEL
Autohellas Sa — Investor Presentation (November 2019)
19 slides from Autohellas Sa's investor presentation, November 2019
Slide 1: Corporate Presentation
Corporate Presentation November 19 1
Slide 2: Table of Contents
Table of Contents 1. Performance Highlights (3-4) 2. Consolidated Income Statement (5) 3. Developments/Strategy (6-7) 4. RAC Greece (8) 5. LTR Greece (9) 6. Fleet Reselling (10) 7. Auto Trade Greece (11) 8. International Activity (12) 9. Dividend Growth (13) 10. Financial Capacity/Performance (14-16
Slide 3: A Leading Regional Car Rental & Trade Company
A Leading Regional Car Rental & Trade Company 2018 2015 • 8 Countries , 1,200 Employees , Over 100 locations • Over 44,500 Vehicles* 2016 2010 2007 • €470mn Sales • €165mn Fleet CAPEX 2011 1996 • €149mn EBITDA , • €72mn EBIT , • €39mn EAT 1974 2005 * Peak numbers presented 3
Slide 4: After Rapid Growth years…Continued Growth in 9M 2019
After 2 Rapid Growth years…Continued Growth in 9M 2019 … Auto Trade Effort Pays off ! Performance Highlights Improved Performance in Group Turnover +16% to 419mn Used Cars Re-Selling Supports Costs Continued reduction in YoY net fleet increase +2,900 Financing Costs…..more vehicles…to 47,000 progres
Slide 5: Consolidated Income Statement
Earnings EBITDA +9% , EAT +8% (including IFRS16 negative effect 300Th. EUR) Consolidated Income Statement Amounts in EUR '000 2012 2015 2018 9M18 9M19 Δ% LEASING / RENTING 122,519 137,886 198,336 157,944 163,836 3.7% USED FLEET SALES 29,464 33,627 48,693 31,026 35,110 13.2% RRR 151,982 171,513 247,0
Slide 6: Development of Greece continues… despite Tourism growth slow down
Development of Greece continues… despite Tourism growth slow down Athens resilient and expected to grow more as.. Hotel product offer expands RAC competition Coastal development progresses intensified Major competitor Hellenicon Project (previously restricted) recovers to natural share Slow recovery
Slide 7: A Winning Strategy in Greece …with Regional Potential
A Winning Strategy in Greece …with Regional Potential RAC & LTR/Lease.. Dual Operation 100% Own Stations.. No Sub-franchisees Greece Supported Own Service/Body-shop Centers = Lower Unit Cost Chania Low Reliance On Car Supplier Buy - Back Auto Trade Distribution , Synergies & Potential Mykonos Multip
Slide 8: RAC/Short Term Greece
RPU Develops Positively… Despite Low Arrival Trend & Increased Competition RAC/Short Term Greece INT. AIR ARRIVALS (mil. passengers) REGIONAL ATHENS 0% +12% 20.7 18.5 18.2 18.8 4.6 5.2 16.8 15.5 13.6 13.6 2015 2016 2017 2018 YTD SEP18 YTD SEP19 YTD SEP18 YTD SEP19 • Tourism Growth >10% YoY last 3-4
Slide 9: LTR/Long-Term & Fleet Management Greece
Growing Trend >10% continues , supported by Greece recovery & SMEs expanding penetration LTR/Long-Term & Fleet Management Greece Autohellas EoY Fleet (Units) YoY # Client Accounts YoY Oct18-19 CAGR YoY 2017-18 CAGR 2014-17 +10% Oct18-19 2008-14 +14% +12% 24,300 +17% -4% 22,300 12% 19,900 22% New 18,
Slide 10: Reselling of Fleet Cars Greece
Yearly Real Depreciation reduced, performance driven by non diesel demand & forward mix shift Reselling of Fleet Cars Greece Autohellas Yearly Real Depr. (base Autohellas Purchases Mix Petrol 2016 =100) 102 103 100 NON-DIESEL 95 43% 96 (Petrol, Hybrid, 65% Electric) 92 90 DIESEL 86 57% 35% 2016 2017
Slide 11: Auto Trade Greece
Greece Recovery & added brands… supports 3rd Profitability Pillar Auto Trade Greece MARKET REGISTRATIONS (in '000) Hyundai-KIA-SEAT Market Share 267 15.5 12.7 12.7 10.8 TOTAL 104 93 88 84 RETAIL 58 2.3 2.1 2.1 2.3 2008 2012 2017 2018 YTD YTD SEP18 SEP19 2016 2017 2018 YTD SEP19 • Potential of Market
Slide 12: International Activity
Organizational Challenge… but Significant Potential International Activity FLEET (Units) 12,500 11,500 10,500 9,100 • RAC Leadership In 3/7 Markets 2016 2017 2018 TODAY EBIT (in mil. EUR) 12.6 14.2 8.4 • Proven Ability To Benefit Form Regional Development 2016 2017 2018 EAT (in mil. EUR) 9.8 10.6 6.
Slide 13: Strong Operating Cash Flow Allows Significant Dividend Growth
Strong Operating Cash Flow Allows Significant Dividend Growth …While Expansion CAPEX Takes Place • 105mn Operating Cash Flow After Interest & Taxes DIVIDEND PAYOUT (in mil. EUR) • From €0.16 / share in mid-crisis… to €0.38 for 2018 €0.38 €0.28 18 • Lower Greek Corp. Tax Rate effective 2019 to 24% €0
Slide 14: Equity Grows while Leverage Ratios are the lowest among RAC/Lease Industry
Equity Grows while Leverage Ratios are the lowest among RAC/Lease Industry Listed Net Debt/Equity 1.5 Lowest In Industry !!! 2012 2015 2018 9M18 9M19 VEHICLES 195,225 249,216 406,271 406,980 453,870 LAND & BUILDINGS 55,748 115,661 122,536 121,580 117,134 RIGHT OF USE ASSET (IFRS16) 17,145 GOODWILL H
Slide 15: More options for Industry Appropriate Structures
More options for Industry Appropriate Structures %, Effective 100 93 89 81 Interest Rate 68 2015 2016 2017 2018 9M19 Equity 186 196 226 246 272 (€mm) Net Debt 1.2 1.4 1.6 1.5 1.5 / Equity Ability to support growth where opportunities exist Excellent credential to benefit from Unit Cost Financing red
Slide 16: Autohellas Impressive Performance 2012-2018
Autohellas Impressive Performance 2012-2018… …Validated by 2019 Performance…in Tourism Slowdown • Largest Regional RAC / Lease … With FLEET (Units) RRR (mil. EUR) TOT. REV. (mil. EUR) 470.4 Multi Market Growth Potential 340.6 • Profitable Even In Crisis ! 264.8 247.0 219.1 182.9 171.5 186.4 152.0 •
Slide 17: Appendix
Appendix
Slide 18: Trading Update - Highlights 9M 2019
Trading Update - Highlights 9M 2019 • In the first nine months of 2019, AUTOHELLAS Group continued its growth path of financial figures, with the Group’s turnover reaching € 418.9m, compared to € 361.4m. Compared to 2018, recording a 15.9% growth. Earnings before interest, tax and depreciation (EBIT
Slide 19: Group Cash Flow
Group Cash Flow, (appendix) 2015 2016 2017 2018 9M18 9M19 Δ% EBITDA 88,111 104,344 119,295 148,912 116,324 127,293 9% CARS SOLD PROFIT (11,272) (13,556) (13,636) (15,573) (8,657) (8,548) -1% CHANGE IN W. CAPITAL (4,557) (8,947) (2,463) (3,619) 24,105 1,095 -95% NET INTEREST PAID (7,494) (10,056) (11