AMA GROUP LIMITED — Investor Presentation 2021

Aug 23, 2021

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FY 2021 RESULTS PRESENTATION

24 AUGUST 2021

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amagroupltd.com

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WORLD CLASS AUTOMOTIVE SOLUTIONS

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Disclaimer.

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This presentation contains summary information about AMA Group Limited (ABN 50 113 883 560) (“AMA Group”) and its activities current as at the date of this presentation. The information in this presentation is of general background and does not purport to be complete. It should be read in conjunction with AMA Group’s other periodic and continuous disclosure announcements filed with the Australian Securities Exchange, which are available at www.asx.com.au.

This presentation is for information purposes only and is not a prospectus or product disclosure statement, financial product or investment advice or a recommendation to acquire AMA Group’s shares or other securities. It has been prepared without taking into account the objectives, financial situation or needs of individuals. Before making an investment decision, prospective investors should consider the appropriateness of the information having regard to their own objectives, financial situation and needs and seek legal and taxation advice appropriate to their jurisdiction. AMA Group is not licensed to provide financial product advice in respect of AMA Group shares or other securities. Past performance is no guarantee of future performance.

No representation or warranty, expressed or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation. To the maximum extent permitted by law, none of AMA Group and its related bodies corporate, or their respective directors, employees or agents, nor any other person accepts liability for any loss arising from the use of this presentation or its contents or otherwise arising in connection with it, including, without limitation, any liability from fault or negligence on the part of AMA Group, its related bodies corporate, or any of their respective directors, employees or agents.

This presentation may contain forward-looking statements including statements regarding our intent, belief or current expectations with respect to AMA Group’s business and operations, market conditions, results of operations and financial condition, specific provisions and risk management practices. When used in this presentation, the words ‘likely’, ‘estimate’, ‘project’, ‘intend’, ‘forecast’, ‘anticipate’, ‘believe’, ‘expect’, ‘may’, ‘aim’, ‘should’, ‘potential’ and similar expressions, as they relate to AMA Group and its management, are intended to identify forward-looking statements. Forward looking statements involve known and unknown risks, uncertainties and assumptions and other important factors that could cause the actual results, performances or achievements of AMA Group to be materially different from future results, performances or achievements expressed or implied by such statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date thereof.

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Contents.

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AMA Group Overview Page 5 AMA Group Financial Information for FY 2021 Page 10 Divisional Performance Page 17 Strategy and Outlook Page 21 Other information Page 35

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AMA GROUP OVERVIEW

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. FY 2021 Results Summary

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• Total Group revenue and other income from continuing operations of $919.9 million (up 11% YoY)

• Normalised pre-AASB 16 EBITDAI of $71.5 million (up 35% YoY)

• Normalised EBITDAI margin from continuing operations of 7% (up 25% YoY)

• Prudent approach to capital management with the Group reducing net debt by $53.8 million (24%) to $173.3 million at 30 June 2021

• Liquidity remains strong with $57.7 million in undrawn facilities[1]

• All Banking Covenants met

• Completion of the sale of the ACAD and Fully Equipped businesses

• No final dividend declared for FY 2021

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1Available to draw subject to approval from financiers..

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. FY 2021 Operational Highlights

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• Capital S.M.A.R.T integration

• Transition to groupwide paint supply agreement with BASF complete

• Transition to direct sourced consumables complete

• $17 million of FRR annual synergies on track to be realised on a normal volume basis

• Three acquisitions completed

• Western Trucks

• National Trucks (bringing the total number of Heavy Motor businesses to 9)

• Perth Parts Solutions (ACM Parts geographic expansion to the West Coast)

• APAS continuing operations turnaround from loss making to modest EBITDAI profit

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Page 8

. FY 2021 Key Metrics

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Metric	Capital S.M.A.R.T	AMA Panel	Heavy Motor	APAS
Safety – LTIFR1	2.15	5.76	6.41	17.152
Average Repair Days	3.63	9.3	12.5	n/a
Repair Quality (rectification %)	2.5%	2.9%	0.2%	n/a
Customer Satisfaction	8.5 / 10 Customer survey	9.1 / 104 Boost score	9.3 / 104 Boost score	13 Net Promoter Score

1 Groupwide LTIFR reduced from 11.21 in FY20 to 5.14 in FY21

2 Continuing operations only

3 SMART repairs

4 Boost scores for Panel and Heavy Motor available from November 2020

Note: AMA Panel in FY 2021 includes 20 of circa 120 sites transferring to the new Drive business unit for FY 2022. Therefore, data includes a mix of Drive and Non-Drive category repairs.

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Page 9

FY 2021 Notes to Results.

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• Normalisations largely related to Capital S.M.A.R.T paint agreement termination fee

• Recognised $90.6 million non-cash impairment of goodwill related to the Capital S.M.A.R.T acquisition - reflects risk and uncertainty associated with COVID-19 and related allowances in respect of revenue projections

• Recognised $30.7 million in wage subsidies from the Australian and New Zealand governments, fully paid out in wages support to staff

• Vehicle Repair volume continued to be impacted by COVID-19 in FY 2021

• Average decline in vehicle collision repair volume of 17% compared to prior period

• The Group excluding Victoria experienced an average decline in repair volume of 8% compared to prior period

• Individual state declines: VIC 33%, NSW & ACT 9%, WA 9%, NZ 3%, QLD 3%, SA 1%

• Victoria was impacted the most (with a 48% decline in volumes in 1H21), as a result of longer and more severe Government imposed restrictions

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AMA GROUP FINANCIAL INFORMATION FOR FY 2021

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. Summary Financial Performance (Pre-AASB 16)

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SUMMARY FINANCIAL PERFORMANCE	FY 2021	FY 2020	CHANGE	CHANGE
FOR THE YEAR ENDED 30 JUNE	PRE-AASB 16 AUD $'000	PRE-AASB 16 AUD $'000	AUD $'000		%	• Increase in revenue and EBITDAI is largely due to th benefit of a full twelve
Revenue and other income from continuing operations Raw materials and consumables used Employment benefits expense	918,293 (436,609) (314,189)	825,356 (388,390) (298,166)	92,937 (48,219) (16,023)		11.3% 12.4% 5.4%	months trading for acquisitions such as Capital S.M.A.R.T and ACM Parts
Occupancyexpense	(72,448)	(69,062)	(3,386)		4.9%	• Normalisations for the peri
Supplier termination fee	(9,437)	-	(9,437)		100.0%	were $10.2 million. This
Professional services expense Other expense Earnings before interest, tax, depreciation, amortisation, impairmentand fair value adjustments ("EBITDAI") Fair value adjustments on contingent vendor consideration Depreciation and amortisation expense	(8,198) (23,008) 54,404 (5,977) (40,495)	(15,242) (22,071) 32,425 (4,487) (32,490)	7,044 (937) 21,979 (1,490) (8,005)		(46.2%) 4.2% 67.8% 33.2% 24.6%	largely relates to the paint supplier termination fee. T supplier termination fee w incurred as a result of Capi S.M.A.R.T’s paint transition BASF, which is complete
Impairment expense	(101,037)	(49,046)	(51,991)		106.0%	• Normalised EBITDAI includ
Operating loss before interest and tax Finance costs Loss before income tax from continuing operations Income tax(expense) /benefit Loss after income tax from continuing operations Profit/ (loss)after income tax from discontinued operations Loss for theperiod	(93,105) (10,533) (103,638) (680) (104,318) 12,339 (91,979)	(53,598) (10,336) (63,934) 2,041 (61,893) (229) (62,122)	(39,507) (197) (39,704) (2,721) (42,425) 12,568 (29,857)	73.7% 1.9% 62.1% (133.3%) 68.5% (5,488.2%) 48.1%		the contribution from the disposed businesses (ACAD and Fully Equipped for H1) but does not include the accounting gain on disposa • Historical normalisations significantly reduced
						• No normalisations for the
Normalisations	10,174	13,487	(3,313)		(24.6%)	COVID-19 pandemic
ACAD and FullyEquipped businesses sold on 31 December 2020 Normalised EBITDAI(Pre-AASB 16) Normalised EBITDAI Margin on continuing operations %	6,971 71,549 7.0%	7,257 53,169 5.6%	(286) 18,380 1.4%		(3.9%) 34.6% 25.0%	• From 1H22, reporting will b on a post-AASB 16 basis

• Increase in revenue and EBITDAI is largely due to the benefit of a full twelve months trading for acquisitions such as Capital S.M.A.R.T and ACM Parts

• Normalisations for the period were $10.2 million. This largely relates to the paint supplier termination fee. The supplier termination fee was incurred as a result of Capital S.M.A.R.T’s paint transition to BASF, which is complete

• Normalised EBITDAI includes the contribution from the disposed businesses (ACAD and Fully Equipped for H1) but does not include the accounting gain on disposal

• From 1H22, reporting will be on a post-AASB 16 basis

Page 12

. Statutory Financial Performance

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FY 2021 STATUTORY RESULTS	FY 2021	FY 2020	CHANGE
FOR THE YEAR 30 JUNE	STATUTORY	STATUTORY
	AUD $'000	AUD $'000	AUD $'000	%
Revenue and other income from continuing operations Operatingloss before interest and tax Loss before income tax from continuingoperations	919,920 (83,459) (113,513)	825,408 (48,788) (75,712)	94,512 (34,671) (37,801)		11.5% 71.1% 49.9%
Loss for theperiod Loss attributable to members of AMA Group Limited	(99,079) (96,950)	(71,468) (70,265)	(27,611) (26,685)		38.6% 38.0%
Basic loss per share (cents) - continuing operations	(14.78)	(9.74)	(5.04)		51.7%

• Results include full twelve months trading for acquisitions such as Capital S.M.A.R.T and ACM Parts

• Financial performance and loss for the period is impacted by:

• Impairment charges of $102.5 million, of which $95.8 million was recognised against goodwill

• The COVID-19 pandemic, although largely offset by operational actions and Government wage subsidies (contribution of $30.7 million for both continuing and discontinued operations)

• Supplier termination fee of $9.4 million relating to Capital S.M.A.R.T’s paint transition (non-recurring)

• Adoption of AASB 16 Leases which impacted NPAT by $7.1 million

Note: Prior comparative information (for P&L only) has been re-presented in accordance with accounting standards. The comparative results of discontinued operations (e.g., sale of ACAD and Fully Equipped businesses) have been re-presented to Profit / (loss) after income tax from discontinued operations.

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Page 13

. Summary Financial Position

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SUMMARY FINANCIAL POSITION	FY 2021	FY 2020	CHANGE
AS AT 30 JUNE	STATUTORY	STATUTORY
Cash and cash equivalents Other current assets Non-current assets	AUD $'000 64,203 112,840 950,109	AUD $'000 112,916 124,476 1,150,229	AUD $'000 (48,713) (11,636) (200,120)	% (43.1%) (9.3%) (17.4%)
Total assets	1,127,152	1,387,621	(260,469)	(18.8%)
Current liabilities	233,736	223,897	9,839	4.4%
Bank loan, net of capitalised borrowingcosts	234,751	335,942	(101,191)	(30.1%)
Other non-current liabilities	407,747	484,762	(77,015)	(15.9%)
Total liabilities	876,234	1,044,601	(168,367)	(16.1%)
Net Assets	250,918	343,020	(92,102)	(26.9%)
Contributed equity	424,404	417,117	7,287	1.7%
Reserves	568	880	(312)	(35.5%)
Retained deficit	(188,268)	(91,318)	(96,950)	106.2%
Non-controllinginterest	14,214	16,341	(2,127)	(13.0%)
Equity	250,918	343,020	(92,102)	(26.9%)

• Financial position is impacted by the divestment of ACAD and Fully Equipped which has impacted items such as:

• Cash and debt have both decreased as a result of $102.5 million repayment of debt from sale proceeds and cash

• Decreased other items such as working capital (e.g. inventory)

• Non-current assets have decreased, largely due to impairment charges, primarily against goodwill ($95.8 million)

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. AMA Delevered during FY 2021

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NET DEBT	FY 2021	FY 2020	CHANGE
AS AT 30 JUNE	STATUTORY	STATUTORY
	AUD $'000	AUD $'000	AUD $'000	%
Financial liabilities - drawn cash facilities	237,500	340,000	(102,500)	(30.1%)
Cash and cash equivalents	(64,203)	(112,916)	48,713	(43.1%)
Net debt	173,297	227,084	(53,787)	(23.7%)
Contingent vendor consideration - 50% of cashportion	7,010	12,611	(5,601)	(44.4%)
Net debt used in covenant calculations	180,307	239,695	(59,388)	(24.8%)

• The Group prudently applied sale proceeds from the ACAD and Fully Equipped divestment to reduce net debt by 24% during the period to $173.3 million

• The Group’s liquidity remains strong, with $57.7 million of undrawn facilities[1]

• During the period, the Group also made acquisition and earnout payments of $17.9 million

• In response to COVID-19, the Group’s financiers agreed to waive covenant testing until 31 December 2020 and provided a more favourable covenant testing regime for the balance of FY21

• The Group was compliant with all covenants during the period including as at 30 June 2021

Note: Contingent vendor consideration as at 30 June have been represented to reflect 50% of expected cash settlement (as opposed to total contingent vendor consideration), which is consistent to net debt used in covenant calculations. 1Available to draw subject to approval from financiers.

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. Summary Cash Flows

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||||||||
|---|---|---|---|---|---|---|
|SUMMARY CASH FLOWS|FY 2021|FY 2020|CHANGE|
|FOR THE YEAR ENDED 30 JUNE|STATUTORY|STATUTORY|
|AUD $'000|AUD $'000|AUD $'000|%|
|Receipts from customers (inclusive of GST)|1,042,324|996,432|45,892|4.6%|•|ACAD and Fully Equipped|
|Payments to suppliers and employees (inclusive of GST)|(1,000,166)|(916,566)|(83,600)|9.1%|group of businesses|
|Government grants received|43,891|21,146|22,745|107.6%|disposed for net proceeds|
|Market incentive received (inclusive of GST)|-|59,510|(59,510)|(100.0%)|of $63.2 million|
|Interest received|267|330|(63)|(19.1%)|•|Repaid $102.5 million of|
|Interest and other costs of finance paid|(26,969)|(27,536)|567|(2.1%)|gross debt|
|Income taxes paid|(7,243)|(10,858)|3,615|(33.3%)|
|Net cash inflows provided by operating activities|52,104|122,458|(70,354)|(57.5%)|•|Payment for businesses|
|acquired and earn-outs|
|Proceeds from sale of property|plant and equipment|670|20|650|3,250.0%|were $17.9 million|
|Proceeds from disposal of business (net of costs and cash disposed)|63,184|25|63,159|252,636.0%|•|On a pre-AASB 16 basis|
|Payments for purchases of property,|plant and equipment|(12,514)|(13,285)|771|(5.8%)|(excluding amortisation of|
|Payments for intangible assets|(191)|(510)|319|(62.5%)|market incentive), cash|
|Payments for businesses acquired (including earn-outs)|(17,885)|(451,597)|433,712|(96.0%)|flow conversion to pre-|
|Cash acquired through business combinations|-|19,488|(19,488)|(100.0%)|AASB 16 EBITDAI is circa|
|Net cash inflows / (outflows) from investing activities|33,264|(445,859)|479,123|(107.5%)|75%|
|•|Cash flows presented on|
|Proceeds from borrowings|-|378,500|(378,500)|(100.0%)|a group basis (includes|
|Repayment of borrowings|(102,500)|(119,068)|16,568|(13.9%)|continuing and|
|Principal elements of lease payments|(31,560)|(29,552)|(2,008)|6.8%|discontinued operations)|
|Payment of new borrowings transaction costs|-|(4,926)|4,926|(100.0%)|
|Equity raised, net of transaction costs|-|208,711|(208,711)|(100.0%)|
|Dividends paid to AMA shareholders|-|(9,310)|9,310|(100.0%)|
|Dividends paid to non-controlling shareholders|-|(169)|169|(100.0%)|
|Net cash (outflows) / inflows from financing activities|(134,060)|424,186|(558,246)|(131.6%)|
|Net (decrease)|/ increase in cash and cash equivalents|(48,692)|100,785|(149,477)|(148.3%)|
|Cash and cash equivalents at the end of period|64,203|112,916|(48,713)|(43.1%)|

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• ACAD and Fully Equipped group of businesses disposed for net proceeds of $63.2 million

• Repaid $102.5 million of gross debt

• On a pre-AASB 16 basis (excluding amortisation of market incentive), cash flow conversion to preAASB 16 EBITDAI is circa 75%

• Cash flows presented on a group basis (includes continuing and discontinued operations)

Page 16

. Effects of AASB 16 – Leasing Standard

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SUMMARY FINANCIAL PERFORMANCE	FY 2021	AASB 16	FY 2021
FOR THE YEAR ENDED 30 JUNE	**STATUTORY **	**ADJUSTMENT **	PRE-AASB 16
	AUD $'000	AUD $'000	AUD $'000
Revenue and other income from continuing operations	919,920	(1,627)	918,293
Raw materials and consumables used	(436,609)	-	(436,609)
Employment benefits expense	(314,189)	-	(314,189)
Occupancyexpense	(22,207)	(50,241)	(72,448)
Supplier termination fee	(9,437)	-	(9,437)
Professional services expense	(8,198)	-	(8,198)
Other expense	(23,008)	-	(23,008)
Earnings before interest, tax, depreciation, amortisation,	106,272	(51,868)	54,404
impairmentand fair value adjustments ("EBITDAI")
Fair value adjustments on contingent vendor consideration	(5,977)	-	(5,977)
Depreciation and amortisation expense	(81,289)	40,794	(40,495)
Impairment expense	(102,465)	1,428	(101,037)
Operating loss before interest and tax	(83,459)	(9,646)	(93,105)
Finance costs	(30,054)	19,521	(10,533)
Loss before income tax from continuing operations	(113,513)	9,875	(103,638)
Income tax benefit / (expense)	2,283	(2,963)	(680)
Loss after income tax from continuing operations	(111,230)	6,912	(104,318)
Profit / (loss) after income tax from discontinued operations	12,151	188	12,339
Loss for theperiod	(99,079)	7,100	(91,979)

• The Group adopted the new lease accounting standard AASB 16 Leases from 1 July 2019

• Statutory results are directly comparable as both are on a post-AASB 16 basis

• AASB 16 Leases has had a material negative impact ($7.1 million) on AMA Group’s statutory results, including:

• Substantial decrease in occupancy expense

• Substantial increase in depreciation and finance costs

• Impact to net profit after tax and earnings per share

• No cash impact

• From 1H22, reporting will be on a postAASB 16 basis

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DIVISIONAL PERFORMANCE

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Page 18

. Vehicle Panel Repairs – Trading Performance

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SUMMARY FINANCIAL PERFORMANCE	FY 2021	FY 2020	CHANGE
FOR THE YEAR ENDED 30 JUNE	AUD $'000	AUD $'000	AUD $'000	%
Revenue and other income from continuingoperations	855,320	788,527	66,793	8.5%
EBITDAI	110,328	95,772	14,556	15.2%
AASB 16_Leases_impact to occupancycosts and other income	(48,168)	(41,838)	(6,330)	15.1%
Pre-AASB 16 EBITDAI	62,160	53,934	8,226	15.3%
Normalisations	9,437	3,076	6,361	206.8%
Normalised EBITDAI	71,597	57,010	14,587	25.6%
Normalised EBITDAI Margin %	8.4%	7.2%	1.2%	16.7%

Highlights and Trading Performance

• Increase in revenue and EBITDAI is largely due to the benefit of a full 12 months trading for acquisitions such as Capital S.M.A.R.T and the additional 10 sites acquired in the prior year (FY 2020)

• Heavy Motor continues to be a strong contributor to Vehicle Panel Repairs. Heavy Motor contributed 13% of the total Normalised EBITDAI (compared to 10% of Normalised EBITDAI in prior comparative period)

• Capital S.M.A.R.T’s paint and consumables integration is complete. Capital S.M.A.R.T $17 million of FRR annual synergies on track to be realised on a normal volume basis

• Vehicle Panel Repairs received circa $28 million in Government wage subsidies, fully paid out to employees. These subsidies allowed us to retain and support our workforce through this difficult trading period and have enabled the Group to make a faster recovery once community movement restrictions were eased

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Page 19

. Vehicle Panel Repairs – National Footprint

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VEHICLE PANEL REPAIR SITE COUNT FY JUN-21 FY JUN-20
Opening Balance 181 130
Acquired 3 61
Greenfields 1 2
Disposed or consolidated (7) (12)
Closing Balance 178 181
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VEHICLE PANEL REPAIR SITE LOCATION	FY JUN-21	FY JUN-20
Victoria	63	65
Queensland	34	34
Western Australia	14	14
New South Wales	38	38
Australian Capital Territory	9	9
South Australia	5	6
Tasmania	9	9
New Zealand	6	6
Closing Balance	178	181
VEHICLE PANEL REPAIR SITE TYPE	FY JUN-21	FY JUN-20
Prestige	6	6
Exclusive	82	83
Traditional	78	82
Mechanical	2	3
Heavy Motor	10	7
Closing Balance	178	181

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Page 20

APAS . (Automotive Parts and Services) – Trading Performance

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SUMMARY FINANCIAL PERFORMANCE	FY 2021	FY 2020	CHANGE
FOR THE YEAR ENDED 30 JUNE	AUD $'000	AUD $'000	AUD $'000	%
Revenue and other income from continuingoperations	64,422	36,725	27,697	75.4%
EBITDAI	5,354	(2,076)	7,430	(357.9%)
AASB 16_Leases_impact to occupancycosts and other income	(3,700)	(2,357)	(1,343)	57.0%
Pre-AASB 16 EBITDAI	1,654	(4,433)	6,087	(137.3%)
Normalisations	-	83	(83)	(100.0%)
Normalised EBITDAI	1,654	(4,350)	6,004	(138.0%)
Normalised EBITDAI Margin %	2.6%	-11.8%	14.4%	(122.0%)

Highlights and Trading Performance

• The above results are for continuing operations only (ACM Parts and FluidDrive). Discontinued operations (ACAD and Fully Equipped group of businesses) contributed $7.0 million Normalised EBITDAI at 17% Normalised EBITDAI margin

• Increase in revenue is largely due to the benefit of a full twelve months trading for ACM Parts. The revenue and other income set out above is in relation to external customers only. However, a focus for ACM Parts in the past 12 months has been to increase sales into the Vehicle Panel Repairs Division, benefiting the bottom-line in that division

• ACM Parts expanded into Western Australia through the acquisition of Perth Parts Solutions on 30 October 2020

• ACM Parts has been profitable during the period, including accounting for warehousing costs of consumables (previously funded by AMA Panel)

• Now that ACAD and Fully Equipped have been sold, the key area of focus in FY22 is to secure the quality products needed to execute operations on industry leading terms

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STRATEGY AND OUTLOOK

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Page 22

. AMA Group’s Three Dimensions of Value

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Procurement Production Partnerships
• • •
Secure the quality Leverage the Build commercial
products needed to technical skills and relationships with
execute operations industry expertise customers for the
on industry leading in the business long-term, built on
terms • Operational trust and delivering
effectiveness and industry leading
efficiency value to both
parties
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Page 23

New Structure to Unlock the Value in One AMA.

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AMA Group
Procurement Production Partnerships
Supply Drive Non-Drive Heavy Motor Corporate
• Parts • Rapid repairs on • Higher severity, • Truck and bus • One AMA
• Paint cars that are still more complex repairs approach to the
• Consumables driveable repairs of cars insurer market
with more
• significant
Includes Capital
S.M.A.R.T and damage
the rapid repair
businesses • Prestige
currently part of
AMA Panel
Enabled by exceptional and highly valued people
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Page 24

. Opportunities to Unlock Value in Procurement

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Procurement Supply

• Margin expansion through sourcing

• Parts sourcing remains largely intermediated

• Currently direct sourcing consumables and paint

• Current approximate annual AMA Group spend (at FRR)

  • $20m consumables

  • $50m on paint

  • $350m on parts

Opportunity for organic growth given our almost 180 site, $1bn turnover business as the “anchor customer”

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Page 25

. Opportunities to Unlock Value in Production

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Production Drive Non-Drive Heavy Motor

• Organic growth

• Selling AMA Group’s unique value proposition as a one stop shop for everything from low severity to heavy hit repairs across private and commercial vehicles

• Embracing opportunities in a rapidly changing market

• Acquisition growth

• Opportunities across all business units

• Operational excellence - reduce costs / expand margins

• Capacity utilisation & labour productivity

• Paint and consumables yields

• Repair vs replace

• ADAS recalibration capability development

• Improve branch level performance & reduce overheads

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Page 26

. Opportunities to Unlock Value in Partnerships

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Partnerships
Key relationships
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• Delivering value through trusted relationships

• Delivering the breadth of the AMA Group proposition to insurers in one economic consideration

• Provide a best in class, high volume capability - delivering insurance partners repair outcome certainty and customer satisfaction

• Win-win contracting arrangements with success tied to work performed and key quality outcomes

• Work with partners to mitigate impacts of disruptions to labour or parts availability, including any abnormal cost rises

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Page 27

Enhanced Governance.

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Anthony Day Simon Moore Chairman Non-Executive Director Carl Bizon Paul Ruiz CEO and Executive Director Non-Executive Director

Nicole Cook Non-Executive Director Kyle Loades Non-Executive Director

• Enhanced governance reflects AMA Group’s position as an ASX300 publicly listed entity

• Two new Independent Non-Executive Directors appointed, with recruitment underway for a third

• Transition in management and leadership style

• Enhancements to systems and processes are already underway

• Risk assessment and mitigation

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Note: Board structure depicted as at November 2021 AGM, following Leath Nicholson’s departure. AMA Group has engaged with Leath’s firm, Nicholson Ryan Lawyers to retain his services as the outsourced General Counsel for the Group.

Page 28

. Strengthened Leadership

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Carl Bizon – CEO & Executive Director

Mathew Cooper Darren Basford Andrew Mair Janelle Leonard Alexandra Holston Group Chief Interim Group Chief Group Chief Group Chief Director Investor Relations Operating Officer Financial Officer Commercial Officer People Officer & Corporate Affairs David Marino Campbell Jones Darren Wales Campbell Jones EGM – Drive & EGM EGM Interim EGM CEO Capital S.M.A.R.T Non-Drive Heavy Motor Supply

• The strengthened leadership team brings a blend of skills, experience and depth, to facilitate the execution of the strategy

• Internal appointments reflect the skill and focus required to maximise the potential of each business unit

• New leadership team is commensurate with AMA Group’s current size and future potential

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Page 29

. Exceptional People

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One AMA

AMA Group

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Drive Non-Drive Heavy Motor Supply
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• People

• Define and consolidate the culture

• Invest, develop and retain key industry skills

• Apprenticeships – build the workforce of the future

• Use scale and culture to attract and retain talent in an industry with skills shortages

• International borders reopening will deepen available talent pool

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Page 30

. Operational Priorities

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• Development of mutually beneficial customer contracting arrangements, reflecting the post COVID-19 market environment

• Realisation of the benefits of the new business structure by identifying and further enhancing best practice operations

• Continued growth of the Supply business unit to expand margins and secure supply consistency

• Pursuit of organic and acquisition growth opportunities

• Capitalisation on industry technology advancements through innovation

• Ongoing effort to position AMA Group as ‘A Great Place to Work’ through recruitment, development and advancement of employees at every level of the business

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Page 31

Outlook – Headwinds.

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• Headwinds are situational, not structural

• COVID-19 impacts expected to continue throughout 1H22

• Ongoing outbreaks, snap lockdowns and border closures

• Lower kilometres driven reflected in reduced repair volumes

• Lower repair volumes affect site productivity and fixed overhead absorption

• In mid-August, weekly National volume averages for Drive and Non-Drive show approximately 35% and 25% unutilised booking capacity on a normalised basis respectively

  • NSW approximately 60% Drive and nearly 70% Non-Drive unutilised capacity

  • Victoria approximately 35% unutilised capacity in both Drive and Non-Drive

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Page 32

. Outlook – Response to COVID-19

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• Active management of sites experiencing reduced repair volumes due to COVID-19 restrictions

• 13 Drive sites and 3 Non-Drive sites in NSW either hibernated or under partial stand down, with 190 staff temporarily hibernated across the group in mid-August

• Dynamic response to repair volumes

• Continued focus on operational efficiencies and cost management

• Insurer partners are supportive of the business and working towards adjusting revenue structures in a COVID-19 affected environment

• Priority is supporting staff to maximise retention, so the business can withstand the impacts of COVID-19 and return to normal operations quickly

Experience in 2020 that repair volumes return rapidly when restrictions lift, AMA Group has demonstrated its ability to respond

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Page 33

Outlook – Tailwinds.

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• Vaccine rollout to hasten return to normal

• In 2020, hopes were pinned on the development of a vaccine which is now a reality

• Overseas experience shows that high vaccine rates substantially increase mobility

• Domestic driving holidays expected to increase kilometres travelled as consumers seek travel options while international borders remain closed

AMA Group uniquely positioned to respond as life returns to normal

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Page 34

. Outlook – Capital Structure

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• Proactively managed the capital structure during FY 2021 to reduce leverage and focus on operating performance

• Management has continued to undertake tactical cost and cash management initiatives

• Currently undertaking a capital structure review in order to manage the short-term disruptions associated with COVID-19, as well as to best position for growth

• May undertake capital markets initiatives in order to enhance balance sheet flexibility, diversify funding sources and extend duration

• Banking syndicate remains supportive and have agreed to covenant waivers through to 31 December 2021

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Page 35

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OTHER INFORMATION

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Page 36

Normalisations.

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NORMALISATIONS	FY 2021	FY 2020	CHANGE
	AUD $'000	AUD $'000	AUD $'000	%
Supplier termination fee	9,437	-	9,437	100.0%
Whistleblower investigation costs	737	-	737	100.0%
Acquisition costs	-	9,849	(9,849)	(100.0%)
Restructuringand reorganisation costs	-	2,366	(2,366)	(100.0%)
Integration costs	-	726	(726)	(100.0%)
Other costs	-	546	(546)	(100.0%)
Total normalisations	10,174	13,487	(3,313)	(24.6%)
Pre-AASB 16 EBITDAI	54,404	32,425	21,979	67.8%
ACAD and FullyEquipped businesses sold on 31 December 2020	6,971	7,257	(286)	(3.9%)
Normalised EBITDAI	71,549	53,169	18,380	34.6%
% of normalisations	14.2%	25.4%

• Normalisations for the period were $10.2 million which largely represents the Capital S.M.A.R.T paint supplier termination fee

• Normalised EBITDAI includes the contribution from the disposed businesses (ACAD and Fully Equipped) but does not include the accounting gain on disposal

• Normalisations have been significantly reduced and only relate to the acquisition of Capital S.M.A.R.T and costs associated with the whistleblower investigation

• There are no Normalisations for the impact of the COVID-19 pandemic

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Page 37

. Acquisitions and Divestments

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ACQUISITIONS	# SITES	DATE
Vehicle Panel Repairs
Western Trucks	1	25-Sep-20
National Trucks	2	05-Feb-21
Automotive Parts and Accessories
Perth Parts Solutions	N/A	30-Oct-20
DIVESTMENTS	# SITES	DATE
Automotive Parts and Accessories
ACAD Limited	N/A	31-Dec-20
AECAA PtyLtd	N/A	31-Dec-20
ECB PtyLtd	N/A	31-Dec-20
Service BodyManufacturingAustralia PtyLtd	N/A	31-Dec-20
Uneek 4x4 Australia PtyLtd	N/A	31-Dec-20
AMA FullyEquipped NZ Holdings PtyLimited	N/A	31-Dec-20
FullyEquipped Auckland Limited	N/A	31-Dec-20
FullyEquipped GroupLimited	N/A	31-Dec-20
FullyEquipped Limited	N/A	31-Dec-20
FullyEquipped Wellington Limited	N/A	31-Dec-20
Tuff Accessories Limited	N/A	31-Dec-20

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