Jost Werke Se · XETR:JST
Jost Werke — Q3 2022 Earnings Presentation
20 slides from Jost Werke's earnings presentation, Nov 14, 2022
Slide 1: Results Q3 2022
JOST WERKE AG – NOVEMBER 14, 2022 RESULTS Q3 2022 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: Highlights Q3 2022
Highlights Q3 2022 JOST increased sales by +30% to €327m in Q3 2022, with strong growth both in Transport (+29%) and Agriculture (+33%) Adj. EBIT grew by +25% to €30m in Q3 2022 and adj. EBIT margin amounted to 9.3% JOST benefited from global footprint: The strong development in North America and AP
Slide 4: Market Development Q3 2022 vs. Q3 2021
Market Development Q3 2022 vs. Q3 2021 EUROPE NORTH AMERICA APA TRUCK Truck market recovers as Production of class 8 truck Truck market in APA impacted by MARKET +23% supply chain disruptions +33% in N.A. accelerated in Q3 as -13% sharp decline in China, despite progressively improve. supply chain i
Slide 5: Key Financials Q3 2022
KEY FINANCIALS Q3 2022 5 JOST Werke AG – ANALYSTS’ AND INVESTORS’ CONFERENCE CALL Q3 2022 RESULTS
Slide 6: Europe – European Region Affected by Increased Input Costs
Europe – European Region Affected by Increased Input Costs KEY FINANCIALS OVERVIEW KEY HIGHLIGHTS • Sales grew by +18% to €172m in Q3 2022, supported by recovering truck Reported 16.4% 17.7% production as OEM supply chain issues progressively improved. Growth • Sales growth was additionally supporte
Slide 7: North America – Strong Positive Momentum Continues
North America – Strong Positive Momentum Continues KEY FINANCIALS OVERVIEW KEY HIGHLIGHTS • JOST grew significantly in North America, both in transport and agriculture. Reported 57.9% 57.7% Supported by a strong market demand across all sectors, Q3 2022 sales grew by Growth Organic +58% to €106m. 40
Slide 8: Asia-Pacific-Africa – Return to Growth as Chinese Market Stabilizes
Asia-Pacific-Africa – Return to Growth as Chinese Market Stabilizes KEY FINANCIALS OVERVIEW KEY HIGHLIGHTS • Sales in Q3 2022 grew by 28% to €49m, driven by the strong demand in India, Reported 27.5% South-East Asia, the Pacific region and South Africa. -4.4% Growth • Sales in China stopped contract
Slide 9: Group – Growth Continues Despite Macroeconomic Uncertainties
Group – Growth Continues Despite Macroeconomic Uncertainties KEY FINANCIALS OVERVIEW KEY HIGHLIGHTS • Group sales rose by 30% to € 327m during Q3 2022. JOST exceeded the €300m sales mark for the third consecutive quarter in company history. Reported 22.8% 29.9% Growth • Both Transport (+29%) and Agr
Slide 10: Net Income and Adjusted EPS Further Improved
Net Income and Adjusted EPS Further Improved RECONCILIATION OF ADJUSTED EARNINGS 9M 2022 (IN M€) KEY HIGHLIGHTS • In 9M 2022 reported net income grew significantly by 52% to €51m (9M 2021: €34m) and reported EPS rose to €3.46 (9M 2021: €2.28), partly because the prior year was negatively 4 impacted
Slide 11: ROCE, Equity Ratio and Leverage Development
ROCE, Equity Ratio and Leverage Development BALANCE SHEET OVERVIEW AS OF SEPTEMBER 30, 2022 COMMENTARY 16.6% 17.0% • ROCE increased to 17.0% compared to year-end 2021, mostly due to the increase of ROCE1 adj. EBIT compared to prior year. (%) Dec 31, 2021 Sept 30, 2022 • Equity ratio improved to 34.9
Slide 12: Cash Flow and Working Capital Development
Cash Flow and Working Capital Development CASH FLOW OVERVIEW IN Q3 2022 COMMENTARY Cash conversion2 +1.2 +0.7 • The continuing surge in business volume as well as price increases, lead to a significant Free cash flow1 increase in trade receivables and inventories, which impacted working capital. Des
Slide 13: Outlook FY 2022
OUTLOOK FY 2022 13 JOST Werke AG – ANALYSTS’ AND INVESTORS’ CONFERENCE CALL Q3 2022 RESULTS
Slide 14: Market Development Expectations for FY 2022
Market Development Expectations for FY 2022 EUROPE NORTH AMERICA APA TRUCK 0–5% 10 – 15% (35) – (30)% Truck markets are recovering faster than Class 8 truck production remains strong, Chinese truck market sharply down after prior expected as supply chain constraints start driven by pent-up demand an
Slide 15: JOST Outlook for 2022 Raised
JOST Outlook for 2022 Raised Low-double digit growth y-o-y; Sales higher than €1.2bn (2021: €1.0bn) High-single digit growth y-o-y Adj. EBIT (2021: €105m) Adj. EBIT margin Slight decline (2021: 10.0 %) Capex (in % of sales) Approx. 2.5% of sales 15 JOST Werke AG – ANALYSTS’ AND INVESTORS’ CONFERENCE
Slide 16: Executive Summary
Executive Summary Third consecutive quarter in JOST’s history exceeding €300m in sales and €30m in adj. EBIT. JOST continues to leverage good position in North America to grow, benefiting from strong demand for JOST’s products. Both business lines, Transport and Agriculture, were growth drivers in Q
Slide 17: Q&A Appendix
Q&A Appendix Further information 17 JOST Werke AG – ANALYSTS’ AND INVESTORS’ CONFERENCE CALL Q3 2022 RESULTS
Slide 18: 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 %) 327 312 322 273 266 257 252 40.0 231 34.4 35.0 32.1 202 29.8 29.9 30.4 190 191 187 187 199 192 197 27.1 178 175 30.0 24.3 157 23.7 23.9 22.7 25.0 21.3 20.3 20.3 20.9 19.0 20.0 15.9 11.7% 11.0%
Slide 19: Shareholder Structure and Share Information
Shareholder Structure and Share Information SHAREHOLDER STRUCTURE AS OF NOVEMBER 11, 2022 SHARE INFORMATION ISIN DE000JST4000 Trading symbol JST German Sec. Code Number (WKN) JST400 53% 20% Shares in issue 14,900,000 Allianz Global Investors Index SDAX Listed since July 20, 2017 PMB Management 15% F
Slide 20: Financial Calendar and Contact
Financial Calendar 2022 Contact Nov 14 Publication of Q3 2022 Interim Report Investor Relations Contact: ROMY ACOSTA Financial Calendar 2023 Head of Investor Relations Jan 5 ODDO BHF Forum, Lyon/France JOST Werke AG Jan 9-11 Commerzbank & ODDO German Investment Seminar, New York/USA SIEMENSSTRASSE 2