Bapcor Ltd
ASX:BAP
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Bapcor Ltd
ASX:BAP
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Bapcor Ltd
Bapcor Ltd. engages in the sale and distribution of motor vehicle parts and accessories, automotive equipment and services, and motor vehicle servicing. The company is headquartered in Melbourne, Victoria. The company went IPO on 2014-04-24. The firm is focused on the selling and distribution of vehicle parts, accessories, automotive equipment, services and solutions. The firm operates through four segments: Bapcor Trade, Bapcor New Zealand (Bapcor NZ), Bapcor Specialist Wholesale, and Bapcor Retail. Its Bapcor Trade segments include trade-focused automotive aftermarket parts distribution to independent and chain mechanic workshops. Its Bapcor NZ consists of trade and specialist wholesale businesses based in New Zealand. Its Bapcor Specialist Wholesale segment consists of operations that specialize in automotive aftermarket wholesale. The company includes the operations of AAD, Baxters, Bearing Wholesalers, MTQ Engine Systems, Roadsafe, Diesel Distributors, and others. The Bapcor Retail segment consists of business units that are retail customer focused and include the Autobarn, Autopro, Sprint Auto Parts brands.
Bapcor Ltd. engages in the sale and distribution of motor vehicle parts and accessories, automotive equipment and services, and motor vehicle servicing. The company is headquartered in Melbourne, Victoria. The company went IPO on 2014-04-24. The firm is focused on the selling and distribution of vehicle parts, accessories, automotive equipment, services and solutions. The firm operates through four segments: Bapcor Trade, Bapcor New Zealand (Bapcor NZ), Bapcor Specialist Wholesale, and Bapcor Retail. Its Bapcor Trade segments include trade-focused automotive aftermarket parts distribution to independent and chain mechanic workshops. Its Bapcor NZ consists of trade and specialist wholesale businesses based in New Zealand. Its Bapcor Specialist Wholesale segment consists of operations that specialize in automotive aftermarket wholesale. The company includes the operations of AAD, Baxters, Bearing Wholesalers, MTQ Engine Systems, Roadsafe, Diesel Distributors, and others. The Bapcor Retail segment consists of business units that are retail customer focused and include the Autobarn, Autopro, Sprint Auto Parts brands.
Result: Group statutory NPAT was a loss of $104.8 million, driven largely by significant items (including a New Zealand goodwill impairment) with underlying NPAT of $5.5 million, down 87.2% versus the prior period.
Revenue: Group revenue was $973 million, down 2.3% year‑on‑year; gross margin dollars were $437.3 million, down 5.5%.
Segments: Trade remains the weakest area (down 1.7%); Networks and Retail show early green shoots; New Zealand was weakest (down 3.9% NZD, 5.9% on consolidated basis) but stabilising late in the half.
Turnaround: New CEO (Chris Wilesmith) plus refreshed exec team and board; 18 initiatives focused on pricing, in‑stock, discount controls, category/range management and cost removal to “get the engine running.”
Balance sheet / raise: Announced equity raising of $200 million ($150m entitlement + $50m placement) at $0.60 per share (~65% discount to last close); pro forma net leverage to ~1.7x (from 3.39x).
Guidance: FY underlying EBITDA guidance of ~ $150–160 million post AASB 16 (~ $74–79 million pre AASB 16); target net leverage ≤2x and expected net leverage of 1.2–1.5x by end June after cash releases.
Capital & cash: Net debt $387.3 million (up $22.5m); operating cash flow $71.8 million (down $71.9m); negative free cash flow of $5.3 million; capex reduced to $15.7 million.
Key risks / items: $110.3 million post‑tax significant items reported, $99.9 million NZ goodwill impairment noted, $4.6 million pretax payroll provision, and an $8.9 million restatement to opening retained earnings.
