MAXIPARTS LIMITED ersonal use only
H1 FY22 Investor Presentation
February 2022
1H FY21 Highlights / Company Snapshot
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6% increase in underlying MaxiPARTS Sales versus pcp
11% growth in underlying MaxiPARTS segment profit versus pcp Completed sale of Trailer Business in September 2021
Special Dividend of 62.5 cents per share paid in December 2021
Launched new e-commerce platform with over 6,500 truck and trailer parts for sale online
Locked in strategic acquisition of Truckzone Group, (completed 21 February 2022), expanding the groups national network from 19 to 27 stores and expanding the core product range
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FINANCIAL OVERVIEW
1H FY22 Financial Overview
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Commentary
Revenue of $72.6m increased by 6% from pcp, demonstrating the strength in the underlying market and MaxiPARTS strong value proposition and adaptability and knowledge of staff to manage short term supply disruption
Sales to the ATSG owned Trailer Solutions manufacturing division were materially in line with prior period. Sales to the Trailer Solutions service division decreased compared to pcp, however this was expected due to the non-exclusive nature of the supply agreement and MaxiPARTS was able to offset the decrease in revenue with reduced cost base for servicing the supply resulting in minimal impact to the EBITDA result
Segment profit pre-corporate cost of $7.3m increased by 7.9% from pcp, representing a strong drop through to the bottom line for the increase in revenue growth
Reportable Profit / (Loss) for the period includes a loss from discontinued operations net of tax of ($9.6m)
A$M | HY22 | HY21 | Change | Change % | ||||
Total Revenue | 1 | 2 | 72.6 | 68.6 | 4.0 | 5.8% | ||
External Revenue | 68.0 | 57.9 | 10.1 | 17.5% | ||||
EBITDA including Corporate Cost | 8.4 | 7.7 | 0.6 | 8.4% | ||||
Corporate Cost Allocation included in Segment profit 1 | 1.4 | 1.4 | (0.1) | (4.0%) | ||||
EBITDA pre-Corporate Cost | 9.7 | 9.2 | 0.6 | 6.4% | ||||
Depreciation & Amortisation | 0.2 | 0.2 | - | 0.0% | ||||
Lease Depreciation | 1.8 | 1.7 | 0.1 | (7.6%) | ||||
EBIT | 7.7 | 7.3 | 0.5 | 6.3% | ||||
Interest - Lease | 0.4 | 0.5 | (0.1) | (13.9%) | ||||
MaxiPARTS segment profit excluding Corporate cost | 2 | 3 | 7.3 | 6.7 | 0.5 | 7.9% | ||
MaxiPARTS segment profit including Corporate cost 1 | 5.9 | 5.3 | 0.6 | 11.1% | ||||
Reportable Profit / (Loss) for the period | 4 | (6.9) | 5.7 | (12.6) | (220.5%) | |||
1 Corporate Cost Allocation included in Segment profit / MaxiPARTS segment profit including Corporate cost:
Corporate cost allocations in the HY21 and HY22 segment profit are presented in line with historical corporate cost allocation methods for the Group's segment reporting,. The MaxiPARTS segment profit including Corporate cost represents the profit for the MaxiPARTS segment inclusive of this corporate cost allocation, as presented in Note 2 Segment Information in the H1 FY22 Financial Statements
2 MaxiPARTS segment profit excluding Corporate Cost:
MaxiPARTS segment profit excluding Corporate cost presents the NPBT for underlying MaxiPARTS excluding corporate costs. MaxiPARTS profit inclusive of the proforma Corporate costs for the standalone MaxiPARTS business (following the sale of the Trailer Solutions business) are presented in the appendix of this presentation.
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Balance Sheet
Commentary | ||
only | 1 | Receivables and Payables for the FY21 comparative period include |
the Trade Debtors and Payables associated with the Trailer Solutions | ||
business, that the group has subsequently collected / paid following | ||
the divestment of the business. | ||
2 | Trade Receivables for HY22 include a receivable of $2.5m in relation | |
to the completion accounts process between MaxiPARTS and ATSG. | ||
use | The receivable is in dispute with ATSG and is intended to go through | |
the dispute resolution process available under the Asset Sale | ||
Agreement. | ||
3 | Other assets includes the $4.0m deferred purchase price on the sale | |
of the Trailer Solutions business to ATSG. The deferred receivable | ||
ersonal | has a maximum term of two years from the completion date of 31 | |
August 2021, with interest chargeable at 3% pa for the first 6 months, | ||
5% pa for the next 6 months and 8% pa thereafter. | ||
4 | The Group established a new bank facility agreement with CBA, with | |
the previous syndicated bank facility agreement with CBA / HSBC |
ceasing on 31 August 2021 upon sale of the Trailer Solutions business. The new facility includes a $10.0m term debt facility, that is fully drawn at 31 December 2021.
$M | HY22 | FY21 | ||
Assets | ||||
Cash | 6.6 | 22.4 | ||
Receivables | 1 | 2 | 21.6 | 33.1 |
Inventory | 30.7 | 27.1 | ||
Other Assets | 3 | 4.0 | - | |
Prepayments | 0.7 | 0.3 | ||
PPE | 1.7 | 1.9 | ||
Intangibles | 7.6 | 7.6 | ||
Right to Use Asset | 15.6 | 16.8 | ||
DTA/ DTL | 18.2 | 20.9 | ||
Assets held for sale | - | 110.9 | ||
Total Assets | 106.9 | 241.1 | ||
Liabilities | ||||
Payables | 23.0 | 44.5 | ||
Provisions & Entitlements | 3.4 | 4.0 | ||
Lease Liability | 16.6 | 17.6 | ||
Borrowings | 4 | 10.0 | 17.3 | |
Liabilities held for sale | - | 75.2 | ||
Total Liabilities | 53.1 | 158.6 | ||
Net Assets | 53.8 | 82.5 |
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Maxiparts Ltd. published this content on 24 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 February 2022 00:20:40 UTC.
