disclaimer/media/files/m/marshall-motor/documen… · • operating and strategic review •...
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1
Disclaimer
• This Document comprises the written materials/slides for a presentation concerning Marshall Motor Holdings plc (the “Company”) and its interim results for the six month period ended 30 June 2015 (the “Interim Results”).
• By reviewing this presentation you agree to be bound by the conditions set out below.
• No reliance may be placed for any purposes whatsoever on the information in this document or on its completeness. The presentation is intended to provide a general overview of the Company’s business and does not purport to deal with all aspects and details regarding the Company. Accordingly, neither the Company nor any of its respective directors, officers, employees or advisers nor any other person makes any representation or warranty, express or implied, as to, and accordingly no reliance may be placed on, the fairness, accuracy or completeness of the information contained in the presentation or of the views given or implied. Neither the Company nor any of its respective directors, officers, employees or advisers nor any other person shall have any liability whatsoever for any errors or omissions or any loss howsoever arising, directly or indirectly, from any use of this information or its contents or otherwise arising in connection therewith.
• Certain statements in this presentation regarding the Company are or may be forward-looking statements. These forward-looking statements are neither historical facts or guarantees of future performance. Such statements are based on current expectations and belief and, by their nature, are subject to a number of known and unknown risks and uncertainties which may cause the actual results, prospects and developments of the Company to differ materially from those expressed or implied by these forward-looking statements.
• The information contained in this presentation is for background purposes only. The subject matter of the presentation may be subject to change and the Company does not take any responsibility for updating or amending the contents to reflect such changes. The material contained in this presentation reflects current legislation and the business and financial affairs of the Company which are subject to change without notice and audit, and is subject to the provisions contained within legislation.
• This presentation summarises information contained in the Interim Results. Without prejudice to the generality of these conditions, this summary information, including any views given or implied, or any statement made, in relation to such information should not be relied upon, nor should it be treated as accurate or complete. This presentation and all such information contained herein should be read subject to the Interims Results.
• The information contained in this presentation has been obtained from Company sources and from sources which the Company believes to be reliable but it has not independently verified such information and does not guarantee that it is accurate or complete.
• No statement in this presentation is intended to be a profit forecast and no statement in this presentation should be interpreted to mean that earnings per Company share for current or future financial years would necessarily match or exceed the historical published earnings per Company share.
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2
Daksh Gupta
Group Chief Executive
Introduction
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Agenda
3
• Highlights of H1 2015
• Financial Overview
• Operating and Strategic Review
• Outlook
• Q & A
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Highlights of H1 2015
Financial Summary
• Strong financial performance • PBT £10.5m (9.8% increase YoY) • Interim pro rata dividend 0.58p per share • Strong balance sheet
Strategic
Developments
• IPO completed April ’15. Net proceeds of £36m • Long leasehold in Cambridge acquired • 3 key property developments underway • Pipeline of potential acquisitions
Operational Overview
• PBT retail +26.6%, leasing PBT +40.9% • New car unit sales +10.4%, used +11.8% • Strong aftersales performance
4
Outlook
• Remains in line with our expectations
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Mark Raban
Chief Financial Officer
Financial Overview
5
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Financial Summary
* Excludes asset backed finance relating to leasing business
6
H1 2015 H1 2014 Var
Revenue (£m) 632.5 545.4 16.0%
Gross Profit % 11.7% 11.8% (0.1%)
Operating Profit (£m) 11.9 10.7 11.0% % 1.87% 1.96% (0.08%)
Finance Costs (£m) (1.4) (1.2) 21.0%
PBT (£m) 10.5 9.5 9.8% % 1.65% 1.75% (0.09%)
Tax 22.0% 23.0%
Basic EPS (p) 19.7 208.5
DPS (p) 0.58 NA
Net Debt (£m) (6.3) (42.1)
Adjusted Net Cash (£m) * 39.9 (2.9)
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Segmental Results
7
H1 2015 H1 2014 Var
Segmental Revenue (£m)
Retail 613.4 527.9 16.2%
Leasing 19.0 17.4 9.2%
Unallocated 0.1 0.1
Total 632.5 545.4 16.0%
Segmental PBT (£m)
Retail 12.0 9.5 26.6%
Leasing 2.5 1.8 40.9%
Unallocated (4.1) (1.7)
Total 10.5 9.5 9.8%
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Retail: Revenue and Volumes
8
H1 2015 H1 2014 Var % LFL Var %
Revenue (£m)
New 326.2 275.7 18.3% 10.0%
Used 238.1 205.9 15.6% 4.0%
Aftersales 63.1 57.9 9.0% 1.7%
Internal (14.1) (11.7)
Total 613.4 527.9 16.2% 6.7%
Unit Sales
New 18,195 16,483 10.4% 5.9%
Used 14,656 13,114 11.8% 2.7%
Total 32,851 29,597 11.0% 4.5%
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Retail: Gross Profit
9
New
20.3
23.8
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
0.0
4.0
8.0
12.0
16.0
20.0
24.0
28.0
H1 2014 H1 2015
GP% GP £M
Gross Profit (£m) GP%
Used
14.9 16.9
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
0.0
4.0
8.0
12.0
16.0
20.0
H1 2014 H1 2015
GP% GP £m
Gross Profit (£m) GP%
Aftersales / Other
25.0
28.3
40.0%
42.0%
44.0%
46.0%
48.0%
50.0%
-
4.0
8.0
12.0
16.0
20.0
24.0
28.0
32.0
H1 2014 H1 2015
GP% GP £m
Gross Profit (£m) GP%
Mix % 2014 2015
Revenue 51.1% 51.9%
Gross Profit 33.7% 34.5%
Mix % 2014 2015
Revenue 38.2% 38.0%
Gross Profit 24.7% 24.5%
Mix % 2014 2015
Revenue 10.7% 10.1%
Gross Profit 41.6% 41.0%
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Fleet (No. vehicles) Leasing Equity (£m) Disposal Profit per Unit (£)
Leasing Summary
10
5,799 6,031
5,897
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
30/06/14 31/12/14 30/06/15
39.2
47.0 46.3
17.4 11.3 13.3
56.6 58.3 59.6
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
30/06/14 31/12/14 30/06/15
Funded Equity
2,078
2,250 2,261
0
500
1,000
1,500
2,000
2,500
H1 2014 FYR 2014 H1 2015
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Balance Sheet
11
Trade / Other Payables
30/06/2015 30/06/2014
Intangible 22.1 9.7
Property, Plant & Equip. 94.5 82.7
Other 2.0 2.2
Fixed Assets 118.6 94.6
Inventory 181.7 131.3
Trade / Other Receivables 54.7 112.9
Cash & Equivalents 46.4 3.6
Current Assets 282.8 247.7
Trade / Other Payables (218.7) (222.9)
Leasing Debt (46.3) (39.2)
Bank Debt (6.5) (6.5)
Other (3.8) (5.5)
Total Liabilities (275.2) (274.2)
Shareholders' Equity 126.2 68.1
Net Debt (6.3) (42.1)
Adjusted Net Cash 39.9 (2.9)
30/06/2015 30/06/2014 31/12/2014
Inter-Company - 63.9 39.7 Trade Debtors 36.5 33.3 19.4 Other 18.2 15.7 14.1 54.7 112.9 73.2
30/06/2015 30/06/2014 31/12/2014
Inter-Company - (57.8) (56.1) Vehicle funding (135.4) (97.4) (110.4) Other (83.3) (67.7) (63.5) (218.7) (222.9) (230.0)
Net Inter-Co 0.0 6.1 (16.4)
Trade / Other Receivables
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Cash Flow
12
30/06/2015 30/06/2014
EBIT 11.9 10.7 Depreciation: Retail 2.1 1.7 Leasing 8.7 8.9 Adjusted EBIT 22.6 21.3
Working Capital / Other (11.6) 0.3 Operating Cashflow 11.0 21.6
Tax / Interest (3.4) (1.8) Gross Cashflow 7.6 19.9
Capex: Retail (4.3) (1.8) Leasing (14.4) (13.5) Disposal Proceeds 4.6 4.3 Free Cashflow (6.5) 8.9
Acquisitions 0.0 (0.6) Dividends (15.0) 0.0 Borrowings (0.8) (6.4) Investments 30.0 0.0 Net IPO Proceeds 36.9 0.0 Cashflow 44.6 1.8
Working Capital
Stock (18.6)
I/C Settlement (16.4)
Stock Funding 25.0
Other (1.6)
Total (11.6)
*
* *
*
*IPO related items total £35.5m. Excluding these items total underlying cashflow £9.1m
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Financial Guidance
13
• H2 central costs lower than H1
• H2 interest run-rate to increase
• Full year tax rate c22%
• 2015 retail capital expenditure c£12m
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Daksh Gupta
Group Chief Executive
Operating and Strategic Review
14
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UK New Car Registrations
UK Used Car Transactions
• UK market driven by low interest rates and attractive PCP offerings
• Number of overseas markets cooling, China, Brazil, Russia
• GBP to Euro 1:1.44
• Volume growth positive for
aftersales
• Strength in our unique portfolio
• Strong balance sheet
* Forecast Source: SMMT and Experian 15
1.0
1.2
1.4
1.6
1.8
2.0
2.2
2.4
2.6
2.8
'09 '10 '11 '12 '13 '14 '15 (F)
(m)
3.0
3.5
4.0
4.5
5.0
5.5
6.0
6.5
7.0
7.5
'09 '10 '11 '12 '13 '14
(m)
Market Backdrop
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16
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Customer First – Online
• www.marshallweb.co.uk • 7th most visited independent dealer group website in UK • 15.3% increase in visits YoY • Updated leasing website – fully optimised
Web Site Visitors (m)
Source: Hitwise and internal data 17
Device Traffic - Marshallweb
-
0.5
1.0
1.5
2.0
2.5
3.0
2008 2009 2010 2011 2012 2013 2014 2015
H1
0.0%
20.0%
40.0%
60.0%
80.0%
100.0%
120.0%
Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15
Desktop Mobile + Tablet
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• Highly competitive marketplace
• Focus on service not price
• 6 major fleet wins
• Successfully converted 2 shared fleets of 100+ to sole supply
• Information Portal - dramatic MI improvement
• Telematics offering well received
18
Customer First - Leasing
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• Piloted since 2014, full rollout through 2015 • Customer friendly paperless end to end interface • Robust FCA compliance, data capture and enquiry management • Sales executive activity and productivity management
19
Retailing Excellence – In Showroom
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• Developed in-house over 7 years • Innovative and bespoke dealer
management reporting system • Unique system designed to provide
real time information across the business for staff and management
• Embedded in business – DMS integrated
• Continuous ongoing development
• Customer experience: enquiry management / mystery shopper data
• Working capital management: clean stock position, WIP, trade debtors
Margin and returns optimisation
20
Retailing Excellence – Phoenix
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40
45
50
55
60
65
70
75
80
85
2008 2009 2010 2011 2012 2013 2014
89% Participation Rate
Source: Great Place to Work Survey
Engagement Score - Trust Index
21
People Centric
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22
• Cambridge combining JLR operations − £5m investment opening H2 2016
• Ipswich JLR Market Area Consolidation − £7m investment opening H2 2016
• Exeter Audi relocation of existing constrained site − £7m investment opening H2 2016
• Additional capacity provides exciting commercial opportunity
• Short-term disruption but good long term prospects
• Further strengthens relationships with strong brands
Strategic Growth - Developments
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• Fragmented market, consolidation on going
• MMH significant headroom with all brands to grow further scale into new geographic regions
• Potential acquisition pipeline with spread of opportunities
23
Strategic Growth - Acquisition Strategy
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Summary & Outlook
• Strong H1 performance, in line with our expectations • Order-take to date for September plate change is in line with
management expectations
• Growth in UK car parc provides positive environment for aftersales • Post election economic landscape good, low interest rates and
favourable FX continues to allow OEMs to lead with strong consumer offers
• Based on current market conditions our outlook for full year
remains in line with our expectations
24
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Appendix
A1
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Investment Highlights
• 10th largest UK dealer group - 2nd largest privately owned, 2014 revenues £1.1bn
• 4th fastest growing dealer group out of top 100 since 2008
• Balanced brand portfolio of volume, alternative premium and prestige brands
• Excellent financial track record - strong revenue & EBITDA growth, excellent ROCE, strong balance sheet
• Fully integrated, stable and profitable leasing business
• Strong online presence
• Bespoke MI system – Phoenix
• Strong platform for future growth
• Portfolio reorganisation complete
• Track record of acquiring and turning around underperforming businesses
• Continuous organic growth focus
• Scalable central infrastructure
• Strong Brand partner relationships with material headroom to grow
• Stable, experienced and committed management team
A2
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Financial History (1)
Revenue 2012-2014 (£m) PBT 2012-2014 (£m)
Source: IFRS Financial Statements. *EBIT / Average Shareholders’ Equity
ROCE*
794.4
940.5
1,085.9
500
600
700
800
900
1,000
1,100
1,200
2012 2013 2014
CAGR 16.9%
4.6
10.2
12.9
2.0
4.0
6.0
8.0
10.0
12.0
14.0
2012 2013 2014
CAGR 68.3%
12.4%
21.5%
24.0%
5.0%
10.0%
15.0%
20.0%
25.0%
2012 2013 2014
A3
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Financial History (2) New Used
25.9
32.9
39.3
5.5%
6.0%
6.5%
7.0%
7.5%
10
15
20
25
30
35
40
45
2012 2013 2014
17.5
24.1
27.7
5.4%
5.8%
6.2%
6.6%
7.0%
7.4%
10
15
20
25
30
2012 2013 2014
After Sales Leasing
42
48.7
50.4
36.0%
38.0%
40.0%
42.0%
44.0%
36
38
40
42
44
46
48
50
52
2012 2013 2014
6.8
7.5
7.9
21.6%
21.8%
22.0%
22.2%
22.4%
22.6%
22.8%
6.0
6.5
7.0
7.5
8.0
8.5
2012 2013 2014
Gross Profit (£m) Gross Profit %
Source: MMH Internal management information A4
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Financial History (3) EBIT ROS%
EBITDAR ROS%
GROSS MARGIN %
0.9%
1.3% 1.4%
0.6%
0.7%
0.8%
0.9%
1.0%
1.1%
1.2%
1.3%
1.4%
1.5%
2012 2013 2014
OPERATING COSTS %
2.0%
2.4% 2.4%
0.6%
0.8%
1.0%
1.2%
1.4%
1.6%
1.8%
2.0%
2.2%
2.4%
2.6%
2012 2013 2014
11.7%
12.1%
11.6%
10.0%
10.5%
11.0%
11.5%
12.0%
12.5%
2012 2013 2014
10.9% 10.8%
10.2%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
11.0%
12.0%
2012 2013 2014
A5
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• Strategy to consolidate Suffolk Market Area
• MMH awarded territory in H1’14 • MMH acquired Halesworth LR July 2014 • Constrained Jaguar leasehold site exited • Land Rover relocated to Ipswich to create
JLR • Halesworth retained as AR & Used • £7m investment
• Excellent retail park location • Exchanged land contracts, open H2
’16 • Short to medium term disruption • Excellent long term prospects with
market leading Brand for dealer profitability
A6
Ipswich JLR – Market Area Consolidation
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• Redevelopment on existing site • Total £5m investment • Land and buildings acquired in
March for £1.7m from former parent on long leasehold
• Well established location • Operational H2’16 • Transitional disruption • Excellent long term prospects with
market leading Brand for dealer profitability
A7
Cambridge JLR Redevelopment
![Page 33: Disclaimer/media/Files/M/Marshall-Motor/documen… · • Operating and Strategic Review • Outlook • Q & A . Highlights of H1 2015 Financial Summary ... (No. vehicles) Disposal](https://reader034.vdocuments.mx/reader034/viewer/2022051923/601161b354fe2400a73be623/html5/thumbnails/33.jpg)
• Current site severely constrained • Existing site under OEM lease • £7m investment • Improved location on Marsh
Barton • Contracts exchanged, open H2’16 • Transitional disruption • Excellent long term prospects
with market leading premium Brand
A8
Exeter Audi Relocation
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A9
MMH Locations
*Rounded up