BAPCOR LIMITED — AGM Information 2018

Oct 28, 2018

ANNUAL GENERAL MEETING

CEO Presentation

29[TH] October 2018

The material in this presentation has been prepared by Bapcor Limited (“Bapcor”) ABN 80 153 199 912 and is general background information about Bapcor’s activities current at the date of this presentation. The information is given in summary form and does not purport to be complete. Information in this presentation, including forecast financial information should not be considered as advice or a recommendation to investors or potential investors and does not take into account investment objectives, financial situation or needs of any particular investor. These should be considered, with or without professional advice when deciding if an investment is appropriate.

Persons needing advice should consult their stockbroker, solicitor, accountant or other independent financial advisor.

The release, publication or distribution of this presentation in certain jurisdictions may be restricted by law and therefore persons in such jurisdictions into which this presentation is released, published or distributed should inform themselves about and observe such restrictions.

This presentation does not constitute, or form part of, an offer to sell or the solicitation of an offer to subscribe for or buy any securities, nor the solicitation of any vote or approval in any jurisdiction, nor shall there be any sale, issue or transfer of the securities referred to in this presentation in any jurisdiction in contravention of applicable law.

Certain statements made in this presentation are forward-looking statements. These forward-looking statements are not historical facts but rather are based on Bapcor’s current expectations, estimates and projections about the industry in which Bapcor operates, and beliefs and assumptions. Words such as "anticipates”, "expects”, "intends,", "plans”, "believes”, "seeks”, "estimates”, and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors, some of which are beyond the control of Bapcor, are difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward- looking statements. Bapcor cautions investors and potential investors not to place undue reliance on these forward-looking statements, which reflect the view of Bapcor only as of the date of this presentation. The forward-looking statements made in this presentation relate only to events as of the date on which the statements are made. Bapcor will not undertake any obligation to release publicly any revisions or updates to these forward-looking statements to reflect events, circumstances or unanticipated events occurring after the date of this presentation except as required by law or by any appropriate regulatory authority.

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Trade Specialist Wholesale Retail & Service

THAI CAR PARC

AUS CAR PARC

• No. of vehicles 19m

• • New cars sold p.a. 1.2m • Ave. age of vehicles 11 yrs • Ave. annual growth c. 2% p.a.

No. of vehicles 16m New cars sold p.a. 850k Ave. age of vehicles 10 yrs Ave. annual growth c. 5% p.a.

NZ CAR PARC

• No. of vehicles 5m

• • New cars sold p.a. 200k • Ave. age of vehicles 14 yrs • Ave. annual growth c. 3% p.a.

"Underlying growth in every region”

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Total Auto Revenue Total Auto EBITDA
FY2018 FY2017 FY2018 FY2017
24% 22%
28% 26%
$1.2B $1.0B $150M $117M
53% 53%
58% 57%
18% 22%
19% 21%
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TRADE FOCUSSED IN A RESILIENT INDUSTRY

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22% 32% 27%

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NPAT

REVENUE NPAT Up 22% to $1,237M Up 32% to $86.5M (continuing ops) (proforma continuing ops ) Up 48% to $94.7M Statutory

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EPS Up 27% to 30.99 cps (proforma continuing ops) Up 43% to 33.90 cps Statutory

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▪ Delivered result in line with guidance – have done each year since IPO in 2014

• Every business segment showing improvement on prior year

▪ Trade continues to perform extremely well, as does Specialist Wholesale and Bapcor New Zealand

• Retail & Service making good progress, in line with plan

• Intercompany sales & own brand increasing

• Completed divestment of non-core assets with investment proceeds of NZ$103M

• Resulting in a gain on divestments of $7M in statutory NPAT

• Successful integration of Hellaby Automotive acquisition and delivered on synergies.

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FY18 FY17 Variance
Continuing Operations
Revenue $’M 1,236.7 1,013.6 22.0%
Gross Margin % 46.0% 45.7% 0.3 pp
EBITDA – proforma $’M 150.0 117.4 27.7%
EBITDA % 12.1% 11.6% 0.5 pp
NPAT – proforma $’M 86.5 65.8 31.6%
EPS – proforma cps 30.99 24.40 27.0%
Total Bapcor (including Discontinued Operations)
NPAT – statutory $’M 94.7 63.8 47.8%
EPS – statutory cps 33.90 23.76 42.7%
Dividend cps 15.5 13.0 19.2%
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Notes:

1. Hellaby was acquired in January 2017 and hence is included for the full year FY18, but only six months in the prior year.

2. Discontinued Operations include Hellaby Footwear, Contract Resources and TBS.

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$’M Proforma	Revenue	EBITDA EBITDA % Revenue
	FY18 FY17 % Change	FY18 FY17 % Change Change
Trade	501.6 465.1 7.8%	72.1 63.3 13.9% +0.8 pp
Bapcor NZ	177.9 87.1 104.1%	22.7 9.3 144.3% +2.1 pp
Specialist Wholesale	364.3 272.3 33.8%	38.6 28.0 37.7% +0.3 pp
Retail & Service	239.1 221.0 8.2%	28.8 27.6 4.4% -0.5 pp
Group / Elims	(46.2) (31.9) 44.7%	(12.3) (10.8) (13.5%)
Continuing operations	1,236.7 1,013.6 22.0%	150.0 117.4 27.7% +0.5 pp

NOTE: The former Hellaby Automotive Specialist Wholesale businesses based in Australia have been reallocated to Specialist Wholesale Group for FY18 and FY17. Refer ASX release on 20 July 2018.

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Revenue
1,236.7
1,013.6
685.6
375.3
FY2015 FY2016 FY2017 FY2018
NPAT
86.5
65.8
43.6
23.1
FY2015 FY2016 FY2017 FY2018
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EPS (cps)
31.0
24.4
17.9
13.6
FY2015 FY2016 FY2017 FY2018
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Dividends per share
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Interim Final
8.5
7.5
6.0
4.7
7.0
5.0 5.5
4.0
FY2015 FY2016 FY2017 FY2018
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* Based on continuing operations only and proforma results where appropriate

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Source: KPMG

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STRONG FINANCIAL POSITION

• Solid cash conversion

98.9%

• Net cash generated before acquisitions, divestments, dividends $57m

• Net Debt

$290m

• Leverage Ratio

< 2 times

• TRS in NZ divested 1 July 2018 for $20m

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▪ All current business segments;

▪ Grow sales

• Organic

▪ Store Footprint Expansion

▪ Margin

• Procurement / Buying

▪ Pricing Management

• Own Brand

• Intercompany

▪ Operating Efficiencies

• Strategic Acquisitions / Expansion

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▪ Consistent strategy with specific, clear, measurable targets.

▪ No changes to direction.

▪ We know what we do best and stick with it.

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• TRS, a NZ tyre & wheel specialist business, was divested in July 2018 for NZ$20M

• First store in Asia opened – formal grand opening was held 10 August 2018

• Second store opened 6[th] October

• FY19 YTD all business segments tracking to expectations

▪ FY19 expect continued revenue & profit growth

• Increased NPAT between 9% & 14% above FY18 proforma NPAT

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Questions

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