Autins Group Plc · LSE:AUTG

Autins — FY2020 Earnings Presentation

29 slides from Autins's earnings presentation, January 2021

  1. Slide 1: Autins Group – FY20 Results

    Autins Group – FY20 Results January 2021

  2. Slide 2: Agenda

    Agenda • Operational Highlights • Financial Highlights • Delivering the Strategy • Appendix: – Balance Sheet – The Growth Opportunity Autins Group Plc Annual Results 2019/20 2

  3. Slide 3: Operational Highlights

    Section 01 Operational Highlights

  4. Slide 4: Operational Highlights

    Operational Highlights  Revenue of £21.5 million (FY 19: £26.9 million)  H2 revenues £7.8 million (H120 £13.2m)  EBITDA (non IFRS16) at +£48k, which is +£89k vs FY19  Overheads reduced by £1.0m  Gross margins maintained at 28%, despite volume falls.  Operating cash inflow of £1.5m (FY19 outflo

  5. Slide 5: Impact of COVID

    Impact of COVID H2 significantly impacted by COVID pandemic Fundamentals of our markets are still strong • Customer shutdowns reduced sales by c.£7m • UK and Sweden 75-80% recovery by year end • 90% of staff on furlough at peak • Germany 85% recovered • Government support obtained • Recovery stalled

  6. Slide 6: Financial Highlights

    Section 02 Financial Highlights

  7. Slide 7: Financial Highlights

    Financial Highlights Improvement Key Financials FY20 FY19 £k / pence Revenue 21,517 26,890 Gross Profit (unadjusted) 6,045 7,457 Gross margin % 28.0% 27.7% Exceptional costs 444 433 EBITDA 48* -41 89 (Loss)/profit before taxation -1,760 -1,544 Taxation 37 45 (Loss)/profit after taxation -1,723 -1,49

  8. Slide 8: Revenues, Costs, and EBITDA

    Revenues, Costs, and EBITDA  Cost turn around: > £1m reduction in overheads - mainly salaries / restructuring  Underlying margin has 2-3% improvement from productivity and materials costs  Lower (Covid) sales volumes reduce factory efficiency, neutralising % margin gains.  Germany grew - exceedi

  9. Slide 9: Revenue: FY20 YoY

    Revenue: FY20 YoY FY19 26,890 Key Customer (4,547) UK Auto (other) (1,678) UK Non auto (436) Tooling (124) UK PPE 1,192 Flooring 200 Germany / Sweden 20 FY20 21,517 Autins Group Plc Annual Results 2019/20 9

  10. Slide 10: Gross Profit: FY20 YoY

    Gross Profit: FY20 YoY FY19 7,457 Labour efficiency + Other 168 Materials Efficiency 82 Heat, Light, Utilties 37 Exceptional Cost (Stock Adj) 164 Gross Profit: lower Volume (1,532) Stock Provision (332) FY20 6,045  Operational Costs & Labour efficiency improvements  Materials and utilities cost ra

  11. Slide 11: EBITDA: FY20 YoY

    EBITDA: FY20 YoY FY19 (41) GP: Sales Volume (1,576) Admin Costs 106 Salaries (restructure) 560 Govt Assistance (JLRS) 787 Other Overhead 212 FY20 49 Autins Group Plc Annual Results 2019/20 11

  12. Slide 12: Net Debt Movement for FY20

    Net Debt Movement for FY20  +£4.5m CBILS / Growth Funding  Repaid: £0.85m overdrafts and £3.7m IF facility  Net debt has decreased from £2.3m to £1.9m Autins Group Plc Annual Results 2019/20 12

  13. Slide 13: Cashflow FY20

    Cashflow FY20  Operating cash +£1.5m (inc IFRS16) (loss of £1.0m in FY19)  Debtor days lower: 88 to 60  Group Cash headroom > £5.5m Autins Group Plc Annual Results 2019/20 13

  14. Slide 14: Delivering the Strategy

    Section 03 Delivering the Strategy

  15. Slide 15: Delivering the Strategy

    Delivering the Strategy 2019 2020 Variance Comment Revenue £26.9m £21.5 -20% Covid impact Strong expansion into Regional Mix 19% 25% +6% European locations 20% of sales (7.4% in ’19) New product £2.0m £4.3m +115% including BMW and customers 14.4% excld. PPE Non-auto % £2.0m £3.1m +55% 14% of sales (

  16. Slide 16: Germany delivering profitable growth

    Germany delivering profitable growth • 7% sales growth of +£300k • Profit grew from £100k to £400k • Balanced sales mix • £3.9m of new wins • Flooring sales set to double in 2021 • Customer base has grown to 31 • Enquiry pipeline doubled to c.£15m – the basis of future growth Autins Group Plc Annual

  17. Slide 17: Automotive market

    Automotive market • Enquiry pipeline over £40m Potential projected sales till end ‘22 • 19 project wins during FY20 • 12 started in 2019/20, including BMW Mini • 7 start in 2020/21, including Audi e- Tron and Volvo Polestar • Electric vehicles • 7% of all cars sold today • Forecast to increase to an

  18. Slide 18: Other new markets

    Other new markets • New business development manager employed • Commercial market – acoustic solutions for trucks and commercial vehicles • 3 new customers won in 2020: • Blachford UK • Scania in Sweden • DAF trucks in Germany • Office pods • Supply started to new customer Spacestor • Superior perfo

  19. Slide 19: Neptune sales momentum

    Neptune sales momentum  Production value now £8m pa (+60%) Neptune Sales Growth (£m’s) 40 (using OEM non-Covid forecasts) 35  £3.9m of wins awaiting SOP 30  58%, by value, of wins were to new 25 20 customers (14% FY19) 15  50% win/loss rate on all quotes 10 +80%  Customer base grew from 30 to 4

  20. Slide 20: Summary

    Section 4 Summary

  21. Slide 21: Operational improvements and diversification

    Operational improvements and diversification • Strong cash position and balance sheet • Operational costs and overheads significantly reduced • Growth will drive through the benefits to bottom line • Focused resource for non-auto markets • Neptune sales growth gaining momentum • Strong project and c

  22. Slide 22: Appendix

    Section A Appendix

  23. Slide 23: Appendix: Balance Sheet

    Appendix 1 : Balance Sheet FY 20 FY19 Total non-current assets 18,701 14,660 Inventories 1,938 1,961 Trade and other receivables 4,339 6,729 Cash and cash equivalents 2974 3132 Total current assets 9,251 11,822 Total assets 27,952 26,482 Trade and other payables 3,151 4,635 Loans and borrowings 1,02

  24. Slide 24: Appendix: Cashflow

    Appendix 2 : Cashflow FY20 FY19 Profit after tax -1723 -1,499 Depreciation & amortisation 2004 1152 Income taxes -37 -45 Financing 523 192 Other operating items -178 -193 Change in working capital 893 -619 Operating Cashflow 1482 -1012 Investing activities -154 -194 Servicing of finance -421 -192 Is

  25. Slide 25: Appendix: A real growth opportunity

    Appendix 3 - A real growth opportunity Only 45% 4% 94% 75% growth in 2 market growth share in 2in of years sales are in Europe years UK New markets only 15% 94% 40% growth in 2 of total revenue yearsin 2020 Growth Autins Group Plc Annual Results 2019/20 25

  26. Slide 26: Key Drivers for Autins' growth

    Key Drivers for Autins’ growth • Specialist in Acoustic and Thermal design and NVH solutions • Unique patented Neptune technology • Very broad range of material and conversion capability • Established European manufacturing and technical support • Track record of winning new business • New market gr

  27. Slide 27: Aligned direction and approach

    Aligned direction and approach Our Vision To help make the world a more comfortable and quieter place to live, work and thrive, by Values and Culture reducing noise, and thermal energy waste Teamwork Accountability We will do this by providing specialist acoustic and thermal solutions to our custome

  28. Slide 28: Adding value – expertise and service

    Adding value – expertise and service BUSINESS STRATEGY FOCUS MODEL • Innovative Technology • Grow our non-auto • Accelerate sales business in the UK • Specialist in automotive Technical Support • Accelerate growth in • Expand into new Europe • Continuous areas Innovation • Leverage unique • Develop

  29. Slide 29: Our locations are close to our customer base

    Our locations are close to our customer base Deliver to over 160 Different customer locations 1.5km to Volvo Sweden UK TAMWORTH GOTHENBURG Material’s manufacturing, New product introduction assembly & conversion centre, material’s manufacturing, operation assembly & conversion operation UK NUNEATON

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