La reprise totale post-COVID est prévue pour l'année 2022, avec un chiffre d'affaires attendu entre 2,05 milliards d'euros et 2,15 milliards d'euros, et un EBITDA courant1 compris entre 235 millions d'euros et 245 millions d'euros.
(Communiqué intégral en Anglais ci-dessous)
- +11% year-on-year revenue growth vs. Q1 2020, reaching approximately €485 million, including approximately +10% of organic growth
- +44% year-on-year current EBITDA growth vs. Q1 2020, reaching approximately €56 million
- Objective for Full Year 2021, assuming no significant change to current COVID related mobility restrictions, is to reach revenue between €1.85 billion and €1.95 billion, and current EBITDA1 of approximately €220 million
- Post-COVID full recovery anticipated for Full Year 2022, with expected revenue between €2.05 billion and €2.15 billion, and current EBITDA1 between €235 million and €245 million
PHE is a key partner in the spare parts aftermarket ecosystem in Western Continental Europe, contributing to affordable and sustainable mobility. Its value-added and differentiated business model combines state-of-the-art automated logistics platforms, a comprehensive product assortment covering all car brands and models, a dense sales network supplying automotive repair professionals with short delivery times (within two hours up to six times per day) and an online channel for B2C, which enable the Group to provide superior product availability, as well as a wide range of innovative value-additive services that ensure win-win relationships with customers. This positions the Group for continued above-market profitable growth and leadership as a market consolidator through earnings-accretive acquisitions.
Continued resilience in Q1 2021 across all segments of the Group, with strong recovery from Q1 2020
Based on management accounts, the Group estimates that revenues for the quarter ended March 31, 2021 were approximately €485 million, as compared to €437 million for the quarter ended March 31, 2020 and €451 million for the quarter ended March 31, 2019.
Current EBITDA1 for the quarter ended March 31, 2021 was significantly above current EBITDA1 for the quarters ended March 31, 2020 and March 31, 2019 (€39 million and €43 million, respectively), with an estimated current EBITDA1 for the quarter ended March 31, 2021 of approximately €56 million.
Cash conversion for the quarter ended March 31, 2021 was approximately 85%.
The Group’s operations have remained resilient throughout the COVID-19 pandemic, with the Group remaining operational across all business areas and regions, despite mobility restrictions implemented in the countries where the Group operates starting mid-March 2020.
In addition, the Group has further secured its capital structure, with a group of banks committing to a bridge facility to refinance in full its €304.0 million outstanding notes due 2022.
The information presented above relating to the Group's performance for the quarter ended March 31, 2021 is derived from internal management accounts. It has not been audited, reviewed or verified, and it is not subject to any procedures by our statutory auditors. This information is preliminary and subject to change, and such change could be material. This information may not be indicative of the Group's performance during the remainder of the year ending December 31, 2021 or any future period.
Near- and Mid-term Objectives
Despite remaining uncertainties related to the evolution of the COVID-19 pandemic and related mobility restrictions, the Group expects to continue to benefit from a strong and progressive recovery in 2021, with an targeted revenue between €1.85 billion and €1.95 billion, and targeted current EBITDA1 of approximately €220 million for the full fiscal year ended December 31, 2021.
Assuming 2022 is the first full year with no COVID-19 related impact, the Group’s objective is to generate revenue between €2.05 billion and €2.15 billion and current EBITDA1 between €235 million and €245 million for the fiscal year ended December 31, 2022.
The objectives for 2021 and 2022 will be mainly driven by organic growth in France and the continued implementation of the Group’s accretive M&A strategy in Europe.
Beyond 2022, the Group’s ambition is to continue to deliver significant organic growth, of at least 3% per annum, and accelerate further its top-line growth by consolidating its leadership in countries of presence and expanding geographically into new countries. PHE also intends to continue to increase its profitability by leveraging its growing scale and operational excellence, with current EBITDA margin expected to increase by approximately 20 basis points per annum on average.
The objectives presented above are based on data, assumptions and estimates that the Group considers reasonable as of the date of this press release in light of its expectations for its future economic prospects.
In particular, the objectives stated above rely on a number of assumptions, including assumptions relating to factors outside of the Group's control, such as the absence of additional significant lockdown and other mobility restrictive measures related to the COVID-19 pandemic in the main markets in which the Group operates beyond those already announced as of the date of this press release. These objectives also rely on assumptions relating to factors that the Group can influence, such as continuing market share gains by IAM segment at the cost of market share for OEM segment, the continuing Group growth in the markets in which the Group operates, as well as acquisitions representing approximately €60 million and €90 million of acquired revenue on a full-year basis during the year ended December 31, 2021 and 2022, respectively, and acquisitions contributing an average of additional revenue of approximately €90 million per year (on a full-year basis) for the period 2023-2026.
Risks and Uncertainties:
The Group's objectives result from, are driven by, and depend upon, the success of the Group's overall strategy. The figures, data, assumptions, estimates and objectives set out above may change, evolve or be adjusted as a result of changes and uncertainties in the economic, financial, competitive, regulatory, accounting or tax environments, among others, as a result of other factors that are not under the Group's control, are unforeseeable or of which the Group was not aware of as of the date of this press release.
In addition, the occurrence or materialization of one or more of the risks to which the Group is subject could have a material adverse effect on the Group's business, results of operations, financial condition, market position, reputation, prospects or outlook, and could therefore affect its ability to achieve the objectives described above.
About the Group
The Group is a leading integrated omnichannel and digitally-enabled independent distributor of automotive spare parts in the Western Continental European independent aftermarket mainly active in France, Benelux, Italy and Spain, with nearly 60 years of experience. Since the acquisition of Oscaro in November 2018, the Group has become an omni-channel (online and offline) distributor focused on business-to-business ("B2B") and business-to-consumer ("B2C") offerings. The Group considers its target market to be light vehicles and trucks aged over three to five years and up to 30 years.
PHE holds leading regional positions in structurally resilient and growing markets, supported by its unique and differentiated operational model and value-added services proposition, its track record of strong sales and EBITDA expansion, resulting notably from value accretive acquisition-led growth based on a highly synergistic M&A strategy, delivering on both the execution of its strategic roadmap and its financial objectives.
The Group's distribution activities are carried out by a variety of wholly-owned distributors, AD-affiliated distributors and local wholesale distributors who distribute the Group's products to a variety of customers, including AD-branded garages, independent garages, retail locations and online players.