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MOTOR 150 REPORT Consolidated Accounts of the Top 150 Companies in the ­­UK Motor Retail Sector BDO Motor 150 Report

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MOTOR 150 REPORT Consolidated Accounts of the Top 150 Companies in the ­­UK Motor Retail Sector BDO Motor 150 Report MOTOR 150 REPORT Consolidated accounts of the top 150 companies in the ­­UK motor retail sector BDO Motor 150 Report WELCOME MOTOR RETAIL IS THE SHOP FLOOR OF THE UK AUTOMOTIVE CONTENTS INDUSTRY. THIS ESTABLISHED AND INTERDEPENDENT NETWORK OF BUSINESSES HAS BECOME A SYMBOL OF THE RECENT 01 KEY PERFORMANCE INDICATORS ECONOMIC RECOVERY WITH A 12% INCREASE IN TURNOVER, AN 02 DRIVING PROFITS AHEAD EXTRA 44,000 JOBS CREATED, AND ALMOST £2 BILLION SPENT ON RESEARCH AND DEVELOPMENT IN 2013.* 03 THE WHEEL DEAL 06 INVESTMENT LIES AHEAD In this light, the Motor 150 report – revealing the aggregated performance of a study group comprising the top 150 companies 07 2013 MOTOR RETAIL M&A ACCELERATES in the UK motor retail sector – is an important business barometer. 08 DIGITAL: A CULTURAL TRANSFORMATION As such, this report, which covers performance in the latest audited accounts and looks forward into the current and future accounting 09 CONSUMER CREDIT ACT periods, does not specify or comment upon the individual performance 10 FIGHTING FRAUD of companies, except where it is relevant to explain a variance from the market norm or to highlight a fresh sector trend. Our aim in producing 12 TAX: MANAGING CHANGE, OPTIMISING OPPORTUNITY the Motor 150 is to provide a considered insight into recent economic 13 PEOPLE POWER events and sector activity, the current and future dynamics of motor retailing, and to offer our professional views and advice for the future. 14 THE SEVEN HABITS OF HIGHLY PROFITABLE DEALERS Malcolm Thixton 15 COMPILATION OF THE REPORT Partner and Head of Motor Retail 16 MOTOR UK LIMITED REVIEW OF TOP 150 ACCOUNTS 26 THE 150 GROUP COMPANIES 28 CONTRIBUTORS *SOURCE: SMMT BDO Motor 150 Report 1 KEY PERFORMANCE INDICATORS 2013 2012 2011 2010 2009 2008 Turnover £47.7bn £42.6bn £40.7bn £39.9bn £34.6bn £36.1bn Change in turnover 12.1% 4.7% 2.0% 15.3% (4.2%) (2.1%) Gross profit £5.5bn £4.9bn £4.7bn £4.8bn £4.6bn £4.4bn Operating profit £802m £608m £549m £645m £538m £184m Profit/(loss) before tax £648m £457m £399m £483m £360m (£198m) Return on sales 1.36% 1.07% 0.98% 1.21% 1.04% (0.55%) 2 BDO Motor 150 Report DRIVING PROFITS AHEAD LAST YEAR WE REPORTED THAT WHEELS OF THE MOTOR SECTOR The increase in profitability has partly been passed back to the staff WERE BEGINNING TO SPEED UP AND THIS YEAR WE ARE PLEASED employed by the group with a further 4,279 staff being employed in TO REPORT THAT THE INDUSTRY IS NOW ACCELERATING AT FULL the year and staff costs increasing by 8.4%. Directors and business THROTTLE. 2013 HAS BEEN BY FAR THE MOST SUCCESSFUL IN leaders have also been rewarded for driving the levels of profit with THE FIVE YEARS OF THE MOTOR 150 REPORT, TURNOVER IS AT AN remuneration increasing by 13%. ALL-TIME HIGH AND MORE IMPORTANTLY PROFIT IS AT ITS HIGHEST LEVEL SINCE THE RECESSION AT £648M, AN INCREASE The average age of the vehicle parc has increased to 7.7 years, although OF 42% ON 2012. with the economy recovering and new car sales returning to pre- recession levels we predict this average will start to fall. With more This continued resurgence in the sector has not escaped the notice vehicles than ever being sold under PCP or other finance deals, dealers of the manufacturers who having invested significant sums in the should see greater opportunity to retain these customers during their development of new product are now looking for dealers to contribute finance deal by reinvesting any equity that is accumulated in a newer through increased dealer standards, investment in new showrooms and more efficient model. The transaction is also an opportunity to source realignment of bonus schemes. good used cars that have been relatively scarce in recent years. The two tier split in profitability between the largest companies and Our view is for increased profitability for the 2014 year, and dealer the smaller companies in the 150 as noted last year is still apparent groups with the best processes and controls will continue to out- in the results. Each category experienced turnover growth however perform the rest of the sector. the largest companies grew by more than 10% whilst companies with lower sales only averaged around 5% growth. The 150 group balance sheet continues to strengthen as dealers retain profits, reduce gearing and increase cash reserves by £122m to £486m. Investment requirements from the manufacturer have resulted in an increased spending on freehold and leasehold property year on year by 38%. We predict this investment will continue to increase over the next couple of years as groups continue to upgrade their premises to meet higher dealer standards. BDO Motor 150 Report 3 THE WHEEL DEAL WITH DOUBLE-DIGIT GROWTH IN BOTH TURNOVER AND GROSS Following the growth split reported last year, where the larger companies PROFIT, A FALL IN GEARING AND FORECASTS OF FURTHER saw turnover increases and the smaller companies see an aggregate GROWTH, THERE IS PLENTY TO CELEBRATE FOR THE MOTOR 150. fall, the statistics for this year show the turnover increases have been achieved across the board (see figure 1). That said, the top 90 companies, on average, managed double-digit growth while the smaller companies’ PROFIT, NOT LOSS increases were more modest. In 2013, the Motor 150 increased their turnover by 12.1% from £42.6bn Arnold Clark made it a hat trick with its third consecutive year posting to £47.7bn. This was principally aided by a 10.8% increase in new vehicle the highest profit before tax, posting a £24m increase from £61m registrations. With margins remaining consistent (a 0.1% fall from 10.6% in 2012 to £85m. Conversely, and for the fifth year running, Peugeot to 10.5%) this also led to a large increase in gross profit from £4.9bn to Citroen Retail UK (previously Robins & Day) picked up the wooden spoon, £5.5bn, representing the first double-digit increase in gross profit in the posting a loss before tax of £10m. history of our Motor 150 report. Unsurprisingly, considering the large increase in vehicles sold, staff costs Net profit also saw large increases thanks to continued control over increased by 8.4%, driven by a rise in commissions paid and an additional operating expenses, which only increased by 8.6%. The net profit after 4,279 staff employed by the Motor 150. Directors’ remuneration bucked tax increase was a huge 51% from £331m to £500m. Return on sales the recent downward trend since 2009 by increasing by 13% to £100m, hit a Motor 150 high of 1.36%. Unlike in previous years, there was also reflecting the increase in profitability. no increase in investment via acquisition, which means that growth has been organic. Although future growth is anticipated to continue and manufacturers have continued to provide plenty of support, they have started to reduce margins and also set more challenging volume targets and dealer standards. This will directly impact profitability and force dealers to think of more innovative ways to generate higher returns. FIGURE 1: TURNOVER BY POSITION 2013 turnover 2012 turnover 2011 turnover 2010 turnover Change % Change £ £ £ £ 2012–2013 Positions 1-15 24,149,372,421 21,486,258,364 20,005,500,872 19,563,139,361 2,663,114,057 12.4% Positions 16-30 6,271,098,538 5,565,113,713 5,358,403,509 5,243,593,187 705,984,825 12.7% Positions 31-45 4,353,731,761 3,892,484,383 3,504,006,170 3,418,181,118 461,247,378 11.8% Positions 46-60 3,268,436,293 2,799,935,089 2,719,336,657 2,680,603,803 468,501,204 16.7% Positions 61-75 2,500,854,360 2,220,656,769 2,325,469,128 2,283,216,205 280,197,591 12.6% Positions 76-90 2,093,878,313 1,822,089,512 1,878,051,486 1,846,720,483 271,788,801 14.9% Positions 91-105 1,683,379,897 1,560,624,004 1,580,204,812 1,553,622,197 122,755,893 7.9% Positions 106-120 1,386,035,396 1,316,931,835 1,345,125,430 1,300,856,754 69,103,561 5.2% Positions 121-135 1,133,124,352 1,050,536,388 1,095,095,440 1,105,566,700 82,587,964 7.9% Positions 136-150 885,389,167 853,338,019 860,620,527 874,256,629 32,051,148 3.8% 47,725,300,498 42,567,968,076 40,671,814,031 39,869,756,437 5,157,332,422 12.1% 4 BDO Motor 150 Report THE DANGER FOR MANUFACTURERS IS THAT THIS BECOMES A VICIOUS CIRCLE. AS SOON AS ONE OF THEM REDUCES ITS LEVEL OF INCENTIVES FOR WOULD-BE NEW CAR BUYERS, IT RISKS LOSING MARKET SHARE TO ITS COMPETITORS, MAKING THIS TREND OF HIGHER VOLUMES SELF-FULFILLING . THE BALANCE SHEET SIZE DOESN’T MATTER The Motor 150 consolidated balance sheet increased by £432m to In 2013, for the first time, new vehicle registrations surpassed the £4.2bn and was accompanied by a fall in gearing from 71% to 68%, 2008 level. With a 10.8% increase, gains were made by all the big including increased stocking loans, and from 43% to 38% once stocking players (those with registrations over 10,000 units per annum) with the loans excluded. This was mostly due to the profits recorded in the year exception of Chevrolet, who announced in December 2013 that they with a small increase in cash reserves.
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