Autins : FY21 Results – January 2022

Autins Group - FY21 Results

January 2022

Agenda

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Highlights and Market Outlook

Financials

Strategy and Growth Opportunity

Appendix:

• Balance Sheet
• The Growth Opportunity

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01 Highlights and Market Outlook

Highlights

• Revenue increased by 8.9% to £23.4m (FY20: £21.5m)
• Marginal automotive recovery, but mainly growth of £1.7m in non-auto, primarily flooring
• Adjusted gross profit increased by 5.4% to £6.3m (FY20: £6.0m)
• Gross margin reduced to 27% (FY20: 28%). Note high margin PPE added +1.4%pts to prior year
• German sales grew 69% to £7.5m (FY20: £4.6m) and EBITDA increased to £0.9m (FY20: £0.4m)
• Neptune sales increased by 64% to £7.1m (FY20: £4.3m) despite pandemic supply chain disruption
• Flooring sales grew 161% to £4.7m (FY20: £1.8m)
• Continuous operational improvements protected margins against disrupted demand and related cost increases
• Consistent EBITDA at £1.1m despite considerable pandemic and semiconductor disruption
• Operating cash inflow was £1.0m (FY20: inflow of £1.5m) despite £0.5m additional inventory supply chain buffer
• Post period end Company raised £3.0m (£2.8m net) via a placing of 15m new ordinary shares at 20p
• Lender Covenant Waivers and 6+ month payment deferments secured

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Market Outlook

Automotive

• OEMs still have record levels of backlogged orders and WIP awaiting semi-conductors to be installed so they can ship (160k vehicles for JLR)
• German business now being impacted by the semiconductor shortage
• HIS forecast data sees more stability in H1 22, slight improvement in H2 22 and catch up of backlog in 2023
• Strong market recovery is then expected, which should benefit Autins given we are an incumbent supplier on many platforms

Non-Automotive markets

• The flooring sales are linked to general construction market activity. According HIS statistics the strong build activity experienced through most of 2021 and continues to expand at the fastest pace since February 2019
• The opportunity to capitalise on the fast growing office pod market with Neptune remains encouraging
• In Nov 21 our major office pod customer won a major order for supply into the US and Autins has already begun supplying Neptune into the walls and ceilings of these pods
• We now have regular workspace solution customers and 13 more completing trials

Source: Customer feedback and primary research by Interpath

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