Pinewood Technologies : FY23 Results Presentation

Pinewood Technologies Group PLC FY23 Results

25th April 2024

Agenda

1. Introduction		Bill Berman

2. Financial Review		Ollie Mann

3. Operating Highlights & Strategy		Bill Berman

4. Outlook		Bill Berman

5. Appendix

Pinewood FY23 Results

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1. Introduction

Pinewood FY23 Results

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Transformation into a pure-playSoftware-as-a-Service (SaaS) business

• Pinewood reports maiden results as a pure-play,Software-as-a-Service (SaaS) Group
• £358m special dividend of 24.5p per share to be paid on 7th May 2024
• Strong double-digit growth in revenue and profit
• Continued global expansion of customer base and high levels of customer retention
• Long term partner Lithia Motors unlocks North America for our market leading system
• We are committed to maximising growth for shareholders through our unique product

Pinewood FY23 Results

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Pinewood overview

End-to-end, omnichannel, automotive capability provider

Pinewood Technologies

Group PLC today

(established 1981)

A leading Automotive Retail System

A leading Automotive	High user loyalty
Retail System
• Pure cloud based software designed
around customers and design for rapid	• C.2% avg net user churn over the last
scale	5-years

• Our system is used in 21 countries by over 30,000 users focused on UK, Europe and Asia

Recurring revenue streams

• Consistent growth in revenue and high, stable gross margins
• c.85% of revenue recurring
• Pinewood delivers a compelling financial profile

High user loyalty

Recurring revenue streams

Experienced, developer orientated, workforce

Partnerships with 50 OEM Brands

Experienced workforce	Partnerships with 50
	OEM Brands

• Headcount of c.243 employees of

which c.118 are software developers	• Long-standing partners
	• Enables transformation of customer
	experience, improved efficiency and
	increased profitability

Pinewood FY23 Results

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2. Financial Review

Pinewood FY23 Results

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Financial Review - Statutory Income Statement

• UK Motor and Leasing segments shown as discontinued
• £2.8m increase in operating profit from Pinewood Core Business to £13.8m for the FY23 13 month period
• Pinewood Core Business is the Pinewood division as previously reported
• Annualised PLC costs of c.£2.5m

Pinewood FY23 Results

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Financial Review - Pro-forma Comparative Information - Continuing Operations

• 13m period ended 31-Jan 2023 used as comparative to illustrate LFL comparison with FY23
• • Financials are Group figures include PLC costs and Legacy US Motor costs
  • Strong revenue and EBITDA growth

• Core Business EBITDA of £19.4m in the 13m period ended 31 January 2024
• Less £3.8m of PLC and US Motor costs

Pinewood FY23 Results

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Financial Review - Balance Sheet

• Majority of the Group's assets and liabilities disposed of on 31st January 2024 as part of the sale to Lithia Motors, Inc.

• Net debt cleared by transaction proceeds on 1st February 2024

• Intangible asset of £13.8m relates to capitalised development costs

• Deferred income of £6.5m included within payables

Pinewood FY23 Results

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3. Operating Highlights & Strategy

Pinewood FY23 Results

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