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This will give us a total of 15 dealer points/ service centres from the Melbourne CBD through the south-east corridor and the Mornington Peninsula. The Group also acquired Daimler Trucks in WA and relocated our WA Fuso franchise to the Daimler Trucks site alongside Mercedes Benz and Freightliner. The management team at AHG continues to focus on driving higher levels of productivity, efficiency and return on capital, and consistent with that objective we have recently announced the sale of certain dealerships in Queensland that were failing to meet the required key performance indicators. Logistics The 2012 financial year saw substantial growth in logistics – most notably the acquisition and integration of both the Harris Refrigerated Transport business and of Covs. This saw Revenue in the Logistics division increase by 72.8% to $712.1 million with EBITDA increasing 59.7% to $46.3 million. More recently we announced the acquisition of the Toll Refrigerated business, which will be integrated into Rand, giving the Group an increased presence in refrigerated transport and storage in the eastern states of Australia. The acquisition of the Toll assets has been immediately accretive in terms of earnings per share for the Group. This acquisition represents an example of the Group strategy, with the complementary nature of the business model allowing us to quickly unlock cost synergies and generate growth. Moreover, the acquisition will result in greater utilisation of Rand’s existing facilities and equipment across our network. AMCAP experienced a record year. Major achievements included the migration of the Covs Oracle IT system to the AMCAP platform, the seamless transfer of Holden and Ford genuine parts from Covs to the AMCAP Distribution Centre, and the rebranding of Covs 27 store branch network, which presents exciting opportunities to grow our retail parts business in both cars and trucks. The AMCAP and Covs businesses have realised shared synergies and significant cost savings for both businesses and anticipate further benefits in FY13. KTM Sportmotorcycles achieved record revenue and profit backed by a new model range and a strong Australian dollar. KTM dealers were supported by innovative marketing campaigns across mainstream and social media as KTM’s new models recorded major successes in motocross and enduro competitions both nationally and internationally. The Logistics division is well placed to drive the benefits of the Group’s economies of scale and synergies, which is anticipated to lead to further growth in both revenue and profit for shareholders. On-line marketing No business can stand still and AHG is conscious of the need to stay ahead of changing consumer buying habits. A major focus of the past year has been on expanding our capacity to engage with prospective customers in the online environment in a manner that complements our national dealer network. During the year we developed a new online strategy including revamped websites and embracing a greater use of social media, mobile technology and the promotion of our online brand, ahg.com.au, with the tag line “more cars, more choice.” People The Group has focused strongly on training and development of career pathways for its people. We have a range of programs designed to build leadership, professionalise core functions, and present career pathways that will attract high-performance candidates from both within and outside the Group. It is critical to build and enhance customer and supplier relationships. The Group’s development programs have included a specific focus on a dedicated 8 Automotive Holdings Group
2012 Annual Report For the year ended June 2012 Customer Service and Retention program that trained more than 500 customer-facing staff across the Group during FY12. Among a range of new initiatives, the restructuring of the AHG Sales Academy is designed to attract candidates for a wide range of automotive sales positions, while the AHG Apprentice Master program provides a competitive advantage in the attraction, retention and development of technicians. We are proud to report that the Group currently trains more than 420 apprentices across Australia and New Zealand. The introduction of the AHG Apprentice Master program not only provides the Group with a competitive advantage, it also benefits the trainees themselves and the wider community. Outlook I have no doubt that the future of AHG is exciting. We have a very experienced management team, a strong balance sheet and a diversified business model that positions us to capitalise on future opportunities. The Group has recorded significant achievements in FY12 and is well placed to deliver further outstanding results for shareholders as we grow and prosper together. We have strong momentum going into FY13 in both Automotive and Logistics, and considerable potential for future growth, both organically and from the continued integration of recent acquisitions. Our progress is inextricably linked to the strength and commitment of our management team who have overseen sustained success in the Automotive division and a major shift in the Logistics sector with the seamless integrations into the Group of the Covs and Harris businesses. In closing I thank the Board for their collective support and guidance, and the senior management team for their outstanding leadership. Bronte Howson Managing Director 9
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