Jost Werke Se · XETR:JST
Jost Werke — FY 2021 Earnings Presentation
23 slides from Jost Werke's earnings presentation, Apr 11, 2022
Slide 1: Results FY 2021
JOST WERKE AG – MARCH 24, 2022 RESULTS FY 2021 JOACHIM DÜRR (CEO) & CHRISTIAN TERLINDE (CFO)
Slide 2: Disclaimer
Disclaimer THIS PRESENTATION IS CONFIDENTIAL AND MUST NOT BE RELEASED, PUBLISHED, TRANSMITTED OR DISTRIBUTED, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, INTO OR WITHIN THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA, JAPAN OR ANY JURISDICTION WHERE SUCH DISTRIBUTION IS UNLAWFUL. This presentation
Slide 3: Financial Targets for 2021 Fully Achieved
Financial Targets for 2021 Fully Achieved Growth higher than 25% y-o-y, +32% to Sales targeting €1bn (2020: €794m) €1.049m Growth higher than 30% y-o-y +43% to Adj. EBIT (2020: €73m) €105m Adj. EBIT Higher than previous year +0.8pp margin (2020: 9.2 %) to 10.0% Working Below 20% from sales 18% Capit
Slide 4: Highlights 2021
Highlights 2021 JOST grew in all its regions, both in Transport and in Agriculture Despite a challenging supply environment, JOST could improve profitability, reaching 10.0% adj. EBIT margin High operational flexibility allowed JOST to manage volatile demand from OEMs, logistic constraints and suppl
Slide 5: Market Development FY 2021 vs. FY 2020
Market Development FY 2021 vs. FY 2020 EUROPE NORTH AMERICA APA Strong recovery of truck Semi-conductor shortages Truck production in APA affected TRUCK MARKET +17% markets constrained by +18% also impacted class 8 truck -17% by the market decline in China semi-conductor shortages production in Nort
Slide 6: Key Financials FY 2021
KEY FINANCIALS FY 2021 6 JOST Werke AG – ANALYSTS’ AND INVESTORS’ CONFERENCE CALL FY 2021 RESULTS
Slide 7: Group – JOST Achieves Records Results in 2021
Group – JOST Achieves Records Results in 2021 KEY FINANCIALS OVERVIEW KEY HIGHLIGHTS Reported 7.9% 32.0% 46.8% 15.3% • Transport (+29%) and Agriculture (+43%) contributed to strong Growth sales growth of 32% to €1.049m in 2021 Organic -14.5% 29.3% 12.0% 12.6% • Strong OEM business with trucks, trail
Slide 8: Europe – Strong Growth in Challenging Environment
Europe – Strong Growth in Challenging Environment KEY FINANCIALS OVERVIEW KEY HIGHLIGHTS • Sales grew by +28% to €618m in 2021, despite truck production being Reported 28.2% 14.4% negatively impacted by semi-conductor shortages. Demand for trailers and Growth tractors was less affected and remained
Slide 9: North America – JOST Continues its Accelerated Growth
North America – JOST Continues its Accelerated Growth in North America KEY FINANCIALS OVERVIEW KEY HIGHLIGHTS • JOST continued to strengthen its market position in North America, both in Reported 50.3% 44.1% transport and agriculture, outpacing both markets significantly. In 2021 sales Growth Organi
Slide 10: Asia-Pacific-Africa – Strong growth in APA Despite Decline in China
Asia-Pacific-Africa – Strong growth in APA Despite Decline in China in H2 KEY FINANCIALS OVERVIEW KEY HIGHLIGHTS • JOST grew sales by 23% to €171m in APA and benefited from a strong Chinese Reported -14.9% truck demand in H1 2021, given pre-buys in advance of the new China VI 22.5% Growth emission s
Slide 11: Net Income and Adjusted EPS Improved Significantly
Net Income and Adjusted EPS Improved Significantly RECONCILIATION OF ADJUSTED EARNINGS FY 2021 (IN M€) KEY HIGHLIGHTS • In FY 2021 both reported net profit (€19m to €44m) and reported EBIT (€25m to €54m) more than doubled. 10 13 • Adjustments to EBIT in 2021 resulting from D&A of PPA were in 105 -6
Slide 12: ROCE, Equity Ratio and Leverage Significantly Improved
ROCE, Equity Ratio and Leverage Significantly Improved BALANCE SHEET OVERVIEW AS AT DEC 31, 2021 COMMENTARY 16.6% • ROCE improved considerably compared to FY 2020 now reaching 16.6% due to the ROCE1 12.2% continued strong growth in operating result (%) • Equity ratio increased to 31.2% at year-end,
Slide 13: Cash Flow and Working Capital Development
Cash Flow and Working Capital Development CASH FLOW OVERVIEW IN 2021 COMMENTARY Cash conversion 2.1 0.5 • Cash conversion rate amounted to only 0.5, impacted by the reduction of free cash flow to Free cash flow1 rate2 €+33.3m in 2021. The decrease resulted from the strong surge of working capital, g
Slide 14: Energy efficiency increased and CO2 intensity improved significantly
Energy efficiency increased and CO 2 intensity improved significantly ENVIRONMENTAL PERFORMANCE 2021 COMMENTARY 5.5% • Total energy consumption increased by 5.5 % to 103.8m kWh (2020: 98.4m kWh) due to Energy consumption the sharp increase in activity levels and production output, compared to pandem
Slide 15: Outlook FY 2022
OUTLOOK FY 2022 15 JOST Werke AG – ANALYSTS’ AND INVESTORS’ CONFERENCE CALL FY 2021 RESULTS
Slide 16: Market Development Expectations for FY 2022
Market Development Expectations for FY 2022 EUROPE NORTH AMERICA APA TRUCK 5 – 10% 15 – 20% (10) – (15)% Truck market recovery expected to Class 8 truck production should remain Chinese market expected to be below prior continue, but uncertainties due to supply- strong in 2022, but still affected by
Slide 17: Strategic Focus in 2022
Strategic Focus in 2022 Continue to ensure JOST’s operational flexibility, accelerate digitalization and maintain cost and cash focus to further optimize performance Monitor market developments closely and adapt flexibly to potential changes in market environment Increase penetration of JOST’s new p
Slide 18: JOST Outlook for 2022
JOST Outlook for 2022 Mid-single digit growth y-o-y Sales (2021: 1.049€) Mid-single digit growth y-o-y Adj. EBIT (2021: €105m) Adj. EBIT margin Stable (2021: 10.0 %) Capex (in % of sales) Approx. 2.5% of sales 18 JOST Werke AG – ANALYSTS’ AND INVESTORS’ CONFERENCE CALL FY 2021 RESULTS
Slide 19: Executive Summary
Executive Summary Record sales and earnings achieved in 2021, clearly surpassing €1bn in sales and reaching €105m adj. EBIT JOST benefited from its strong market position in transport and agriculture, with both business lines contributing to the record results The acquisition and successful integrat
Slide 20: Q&A Appendix
Q&A Appendix Further information 20 JOST Werke AG – ANALYSTS’ AND INVESTORS’ CONFERENCE CALL FY 2021 RESULTS
Slide 21: Development of JOST's Sales and Adjusted EBIT by Quarter
Development of JOST’s Sales and Adjusted EBIT by Quarter SALES (€m) ADJ. EBIT (€m) ADJ. EBIT MARGIN (in %) 273 266 257 252 231 29.8 29.9 27.1 190 191 187 187 199 202 192 197 24.3 181 181 171 178 23.7 23.9 22.7 168 175 22.5 21.8 21.3 20.3 157 20.3 20.9 19.5 19.0 15.9 14.7 12.6 11.7% 11.0% 11.2 11.1 9
Slide 22: Shareholder Structure and Share Information
Shareholder Structure and Share Information SHAREHOLDER STRUCTURE AS OF MARCH 23, 2022 SHARE INFORMATION ISIN DE000JST4000 Trading symbol JST German Sec. Code Number (WKN) JST400 20% Shares in issue 14,900,000 60% Allianz Global Investors Index SDAX Listed since July 20, 2017 PMB Management 10% Univ
Slide 23: Financial Calendar 2022 Contact
Financial Calendar 2022 Contact March 24 Publication of FY 2021 Annual Group Report Investor Relations Contact: Investor and Analysts’ Conference ROMY ACOSTA March 31 Jefferies Pan-European Mid-Cap Conference Head of Investor Relations May 5 Annual General Meeting May 12 Publication of Q1 2022 Repor