H1 2021 Trading Update Earnings Presentation
0 6 . A U G U S T 2 0 2 1
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- The information in this Presentation is of preliminary and abbreviated nature and may be subject to updating, revision and amendment, and such information may change materially. Neither AUTO1 Group SE nor any of its directors, officers, employees, agents or affiliates undertakes or is under any duty to update this Presentation or to correct any inaccuracies in any such information which may become apparent or to provide any additional information.
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Building the Best Way to Buy and Sell Cars Online
Why We Are the Industry Leader
We Have Built the Strongest Platform Effects in the Industry
We Achieved Our First €1b+ Revenue Quarter
We Are Accelerating Our Growth Momentum
We Are Sourcing More Cars from Consumers Than Anyone
Cars Bought from Consumers
Per Week 1
We Are Delivering on our Key Objectives for 2021
Autohero Continues to Grow Strongly with 7x YoY
We Are Building the Best Online-Only Used Car Dealer in Europe
|
Customer Benefits |
Autohero Benefits |
| Broadest Inventory Online |
No Need to Travel |
Maximise Demand |
| Easy Online Transaction |
Haggle-Free |
Efficient Processes |
| Fully Controlled Production |
High Quality Cars |
Economies of Scale |
| Home Delivery |
Maximum Comfort |
Brand Building without
Showrooms |
| Money-Back Guarantee |
Maximum Safety |
Maximum Consumer Trust |
| Seamless Trade-in |
Only Net Payment Required |
Maximise Conversion |
We Are Massively Building Our Own Used Car Production Capacities
We Expect Our Own Production to be Equivalent to 20% of Delivered Cars by December 2021 and Growing in 2022+
Build Autohero Brand
We Are Bringing Even More of Our Unique Glass Trucks on the Road to Deliver the Best Customer Experience to More Customers Faster
Build Autohero Brand
Our Unique Glass Truck Home Deliveries Drive Overall NPS
Build Autohero Brand
Autohero is Becoming the Leading Online-Only Used Car Brand
Grow C2B Units
Our Superior Sell-from-Home Solution Accelerates Our Growth
Grow Remarketing Units
Remarketing Continues to Show Strong Growth
1 Active Remarketing dealer defined as dealer who sold at least 1 car in that quarter
Financial Performance Q2 2021
Financial Section
We Achieved an Outstanding Quarter in Q2 2021
| €m |
Q2 2020 |
Q3 2020 |
Q4 2020 |
Q1 2021 |
Q2 2021 |
| Cars Sold, #k |
66 |
120 |
117 |
131 |
143 |
| Merchant: C2B |
57 |
100 |
98 |
106 |
116 |
| Merchant: Remarketing |
8 |
17 |
15 |
17 |
18 |
| Autohero |
1.2 |
2.4 |
4.2 |
7.8 |
8.4 |
| Revenue |
404 |
769 |
779 |
900 |
1,065 |
| Merchant: C2B |
343 |
630 |
610 |
672 |
799 |
| Merchant: Remarketing |
46 |
109 |
117 |
131 |
152 |
| Autohero |
15 |
31 |
53 |
96 |
114 |
| Gross Profit |
27 |
87 |
83 |
86 |
99 |
| Merchant |
27 |
86 |
82 |
84 |
96 |
| Autohero |
0 |
1 |
1 |
2 |
3 |
| GP margin |
6.8% |
11.3% |
10.6% |
9.6% |
9.3% |
| Opex |
(38) |
(71) |
(105) |
(101) |
(122) |
| Adjusted EBITDA |
(10) |
16 |
(22) |
(14) |
(23) |
| Margin |
(2.5)% |
2.1% |
(2.8%) |
(1.6)% |
(2.1)% |
Differences may exist due to rounding
OPEX includes employee expenses, other operating expenses less other operating income and less separately disclosed items
Control Merchant and Autohero GPU
GPU Performance is Ahead of Our Guidance
Financial Section
We Are Investing Into Our Inventory to Support Our Ongoing Growth
*Defined as average inventory during the period (calculated using the beginning and ending balance) divided by cost of sold vehicles for the period and multiplied by days per period
Financial Section
We Maintain a Disciplined Approach to Cash Management
Guidance Update
Outlook
We Are Refining Our Guidance on the Back of Stronger Merchant Revenue and Increased Investments to Accelerate Autohero Sales
Appendix
31
AUTO1 Financial Figures
Group
|
Q1 2020 |
Q2 2020 |
H1 2020 |
Q1 2021 |
Q2 2021 |
H1 2021 |
Growth Q2
YoY |
Growth H1
YoY |
| Units Sold |
154,338 |
66,223 |
220,561 |
130,537 |
142,715 |
273,252 |
116% |
24% |
| ASP (€) |
5,685 |
6,097 |
5,809 |
6,891 |
7,463 |
7,190 |
22% |
24% |
| Revenue (€m) |
877 |
404 |
1,281 |
900 |
1,065 |
1,965 |
164% |
53% |
| GPU (€) |
577 |
414 |
528 |
662 |
696 |
679 |
68% |
29% |
| Gross Profit (€m) |
89 |
27 |
116 |
86 |
99 |
186 |
262% |
59% |
| GP Margin |
10.2% |
6.8% |
9.1% |
9.6% |
9.3% |
9.5% |
2.5pp. |
0.4pp. |
Differences may exist due to rounding
| AUTO1 Financial Figures |
|
| Segment: Merchant |
|
|
Q1 2020 |
Q2 2020 |
H1 2020 |
Q1 2021 |
Q2 2021 |
H1 2021 |
Growth Q2
YoY |
Growth H1
YoY |
| Units Sold |
151,975 |
65,049 |
217,024 |
122,722 |
134,300 |
257,022 |
106% |
18% |
| Units Sold C2B |
141,003 |
57,157 |
198,160 |
106,140 |
116,367 |
222,507 |
104% |
12% |
| Units Sold Remarketing |
10,972 |
7,892 |
18,864 |
16,582 |
17,933 |
34,515 |
127% |
83% |
| ASP (€) |
5,552 |
5,973 |
5,678 |
6,544 |
7,081 |
6,824 |
19% |
20% |
| ASP C2B (€) |
5,438 |
5,993 |
5,598 |
6,329 |
6,866 |
6,610 |
15% |
18% |
| ASP Remarketing (€) |
7,017 |
5,829 |
6,520 |
7,918 |
8,474 |
8,207 |
45% |
26% |
| Revenue (€m) |
844 |
389 |
1,232 |
803 |
951 |
1,754 |
145% |
42% |
| Revenue C2B (€m) |
767 |
343 |
1,109 |
672 |
799 |
1,471 |
133% |
33% |
| Revenue Remarketing (€m) |
77 |
46 |
123 |
131 |
152 |
283 |
230% |
130% |
| GPU (€) |
581 |
416 |
532 |
688 |
717 |
703 |
72% |
32% |
| Gross Profit (€m) |
88 |
27 |
115 |
84 |
96 |
181 |
256% |
56% |
| GP Margin |
10.5% |
7.0% |
9.4% |
10.5% |
10.1% |
10.3% |
3.1pp. |
0.9pp. |
Differences may exist due to rounding
| AUTO1 Financial Figures |
| Segment: Autohero |
|
Q1 2020 |
Q2 2020 |
H1 2020 |
Q1 2021 |
Q2 2021 |
H1 2021 |
Growth Q2
YoY |
Growth H1
YoY |
| Units Sold |
2,363 |
1,174 |
3,537 |
7,815 |
8,415 |
16,230 |
617% |
359% |
| ASP (€) |
14,218 |
12,944 |
13,795 |
12,342 |
13,565 |
12,976 |
5% |
-6% |
| Revenue (€m) |
34 |
15 |
49 |
96 |
114 |
211 |
651% |
332% |
| GPU (€) |
293 |
288 |
291 |
255 |
363 |
311 |
26% |
7% |
| Gross Profit (€m) |
1 |
0 |
1 |
2 |
3 |
5 |
804% |
390% |
| GP Margin |
2.1% |
2.2% |
2.1% |
2.1% |
2.7% |
2.4% |
0.5pp. |
0.3pp. |