Auto Partner (APR) Q4 2024 earnings summary

Executive summary

• Revenue increased 12.6% year-over-year to PLN 4,112.5 million, driven by growth in both domestic and export markets.

• Net profit declined 7% year-over-year to PLN 208.0 million, with EPS at PLN 1.59 compared to PLN 1.71 in 2023.

• Maintained solid profitability and a strong equity position, with equity up 18% to PLN 1,234.3 million.

• Continued international expansion, with exports accounting for 50% of revenue and new subsidiaries in Germany and Czech Republic.

• Dividend of PLN 0.15 per share for 2024 recommended, matching the prior year.

Financial highlights

• Revenue: PLN 4,112.5 million (+12.6% y/y); Net profit: PLN 208.0 million (-7% y/y); Operating profit: PLN 289.3 million (-4.4% y/y).

• Gross margin for 2024 was 27.4%; gross profit rose 13.9% to PLN 1,127.2 million.

• Distribution, marketing, and administrative expenses rose 20.1% year-over-year, outpacing revenue growth.

• Cash flow from operations: PLN 124.2 million (2023: PLN 180.1 million); Capex: PLN 45.8 million.

• Total assets: PLN 2,025.9 million (+13% y/y); Inventories: PLN 1,120.2 million (+11.3% y/y).

Outlook and guidance

• Positive outlook for the automotive parts distribution market.

• Plans to open a new 30,000 m² distribution centre in Zgorzelec by late 2025 or early 2026.

• Management Board recommends a dividend of PLN 0.15 per share for 2024, subject to AGM approval.

• No material impact from the war in Ukraine or climate-related risks expected for 2025.

• Continued focus on expanding business scale and maintaining strong margins.