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Uniquely Positioned Providing Solutions BCA Marketplace plc UNIQUELY POSITIONED PROVIDING SOLUTIONS Annual Report and Accounts 2018 BCA Marketplace plc Annual Report and Accounts 2018 BCA operates across every link of the Strategic report page 01 01 Business highlights post-factory automotive value chain, 02 Executive Chairman’s statement 04 BCA at a glance providing physical and digital solutions 06 Our business today 08 Market overview 14 Strategy and value at scale to our customers. 17 Group operating review 24 Divisional reviews 42 Risk management Once a new vehicle leaves its place of manufacture, we provide 46 Corporate responsibility a comprehensive range of services including single and bulk vehicle collections and deliveries, inspection checks, customs Governance page 51 management, storage, refurbishment, vehicle preparation, 52 Board of Directors finance, pricing data and used vehicle buying. Our digital 54 Executive Chairman’s governance statement and physical auction platforms bring together OEMs, leasing 55 Governance report companies, fleet operators, retail dealers and buyers to efficiently 57 Nomination Committee report transfer the ownership of vehicles while protecting value. 58 Remuneration Committee report 65 Audit and Risk Committee report 67 Viability statement We are a key facilitator and link to the entire value chain in 68 Directors’ report 71 Independent auditor’s report automotive, whether that is the manufacturer, the dealer, the vehicle financier or the end consumer. BCA facilitates the UK and European vehicle market, enabling vehicles to be moved, Financials page 77 bought and sold, thereby providing liquidity and choice. 78 Primary statements 84 Notes to the accounts 94 Results for the year 101 Working capital and provisions 106 Long-term assets BCA Marketplace plc, (‘BCA’, ‘the Group’, or ‘the Company’) is a constituent of the UK’s 110 Capital structure and financing FTSE 250 and our shares are traded on the London Stock Exchange (LON: BCA). 114 Pensions and other information 125 Company accounts The Strategic report, which has been prepared in accordance with the requirements of the Companies Act 2006, comprises the first ten sections and has been approved and signed on behalf of the Board. The Directors’ report comprises pages 68, 69 and 70 of the Annual Report. What makes us number one in our chosen markets Robust record of Unmatched scale financial performance Uniquely positioned Experienced to offer integrated, management end-to-end services Resilient Excellent business model customer service Strategic report Governance Financials BUSINESS HIGHLIGHTS 4 million Vehicles physically touched by BCA annually Operational highlights Financial highlights • Over one million vehicles sold in UK Vehicle Remarketing, up 6.5% • Growth of 23.0% in International £159.5m £87.6m cross border sales Adjusted EBITDA* (£m) Operating profit (£m) • Double digit volume growth for the sixth consecutive year in 159.5 87.6 135.6 +17.6% 74.3 +17.9% WeBuyAnyCar driven by increased 98.5 16.3 repeat customers and consumer trust in the brand 2016 2017 2018 2016 2017 2018 • Increased remarketing capacity through the opening of the expanded Manchester and Bedford site developments • Automotive Services commenced 7.0p 11.4p operations at Southampton Port Earnings per share (diluted) Earnings per share (adjusted diluted)* for the Renault-Nissan-Mitsubishi Alliance 7.0 +37.3% 11.4 +25.3% 5.1 9.1 • Increased BCA Automotive 1.2 7.0 delivery of UK Remarketing arranged transport – now 46% 2016 2017 2018 2016 2017 2018 up from 26% in 2017 • Acquisition of the 49% minority * Adjusted measures are defined on page 17. interest in AutosOnShow for £4.0m 8.55p Dividend (pence per share) 8.55 +26.7% 6.00 6.75 2016 2017 2018 1,018,000 362,000 219,000 Vehicles sold by Vehicles sold by Vehicles sold by UK Vehicle Remarketing International Vehicle Remarketing WeBuyAnyCar 900 900 330 330 170 170 800 1,000 800 1,000 300 360 300 360 140 200 140 200 ‘000 ‘000 ‘000 ‘000 ‘000 ‘000 2017 2018 2017 2018 2017 2018 956 1,018 347 362 194 219 BCA Marketplace plc Annual Report and Accounts 2018 1 EXECUTIVE CHAIRMAN’S STATEMENT Together for Growth The Group provides comprehensive vehicle management services to OEMs and Dear Stakeholder fleet owners, and facilitates efficient changes in ownership between all types The Group has delivered record commercial of vendors and buyers throughout a vehicle’s typical 12-15 year life span. and financial results for the third successive year. We saw increased volumes across all divisions, with UK Vehicle Remarketing achieving the landmark of selling over one million vehicles in the year. Adjusted EBITDA increased by 17.6% to £159.5m while adjusted diluted earnings per share has increased to 11.4p, up 25.3% (compared to 9.1p in 2017). Operating profit has increased by £13.3m to £87.6m, an increase of 17.9%, reflecting the growth in adjusted EBITDA offset by non-recurring restructuring costs relating to simplification of management structures. The automotive sector remains dynamic and continues to evolve in terms of market participants, vehicle preferences and ownership models. The transparency and liquidity that auction provides continues to attract greater numbers of vehicles as first life ownership concentration increases. With up to 200,000 customer vehicles on our sites at any one time we have the physical capacity to support the post-manufacture lifecycle today. BCA has a history of “BCA is performing strongly, using our innovation and providing solutions at infrastructure and range of capabilities to scale to the automotive industry. BCA first conducted online auctions 22 years ago and provide solutions to our automotive customers. online sales now represent 41.8% of our We continue to deliver integrated efficiencies, total volume. Our logistics, fleet care, fleet management and storage solutions combine supporting the Group’s cash generation and leading inspection and imaging technology underpinning our dividend” with inventory management capabilities. Over the last year we have enhanced our Avril Palmer-Baunack digital and data leadership team through a Executive Chairman number of appointments. Our agile product capabilities are bringing new customer focused developments such as our Buyer app and Dealer app (see page 13) to further simplify and improve the efficiency of changes in vehicle ownership. BCA core values The Group’s business objectives include Honesty & integrity Our customers Can-do attitude operating to high standards of ethical behaviour. To support those objectives, we aim for excellence in what we do through the application of the following core values: We are honest and Our customers are at the We are open for business act with integrity heart of our business with a ‘can-do’ attitude 2 BCA Marketplace plc Annual Report and Accounts 2018 Strategic report Governance Financials Our customers are at the heart of our to give back to the community and support business as we provide physical and digital fun challenges for charity. You can read solutions designed to meet their needs. more about our commitments and actions UK Vehicle Remarketing won Car Dealers’ across these areas in our Corporate Power 2017 Auction House of the Year, Responsibility section on pages 46 to 50. 6.5% our data science team won a BusinessCar’s Volume growth in the UK Techies Award and our 800+ truck fleet was Dividend voted carrier of the year at the Automotive The Board is pleased to recommend Global awards. In WeBuyAnyCar, we payment of an increased final dividend of continue to see new and repeat customers 5.95p per share. If approved at the Annual adopting this growing channel. Throughout General Meeting to be held on Thursday this Annual Report are case studies which 6 September 2018, this will be paid on 4.3% illustrate the strength of our relationships 28 September 2018 to those shareholders Volume growth in Europe and highlight some of the products and on the Register at the close of business services that allow us to serve effectively. on 14 September 2018. The shares will become ex-dividend on 13 September 2018. Corporate Our good cash generation and increased BCA received approval from the UK Listing dividend demonstrate the robustness Authority on 16 October 2017 to transfer of the growth delivered. 12.9% the listing category of its Ordinary shares Volume growth in WeBuyAnyCar to a Premium Listing. Subsequently on An interim dividend of 2.60p per share was 18 December 2017 the shares qualified for paid on 31 January 2018. Including this, the inclusion in the FTSE 250, FTSE 350 and total dividend for the year is 8.55p per share FTSE All-Share Indices, enhancing liquidity compared to a total of 6.75p per share last to our shareholders. The steps we took to year, an increase of 26.7%. codify our existing policies and the changes made to the Board Committees through the Outlook Premium Listing process are set out in the The new financial year has started well, Governance section of this report on pages with performance since the year end in 51 to 76. line with our expectations. Across all of our markets there remains significant I would like to take this opportunity to thank addressable volume to capture; where our James Corsellis and Mark Brangstrup Watts business and consumer solutions can bring for their contributions as Directors, since the efficiency and value to new customers Company’s inception to their departure on during the time a vehicle changes 22 December 2017. ownership. We are excited by and committed to the opportunities ahead Our colleagues for BCA. The success of BCA is made possible by committed employees who co-operate and motivate each other to deliver solutions for our customers. Our culture is important to us and we look to provide opportunity for Avril Palmer-Baunack all, encourage progression and reward Executive Chairman success.
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