Jost Werke Se · XETR:JST
Jost Werke — Investor Presentation (March 2021)
23 slides from Jost Werke's investor presentation, March 2021
Slide 1: JOST Werke AG Investor Presentation
INVESTOR PRESENTATION – MARCH 2021 JOST WERKE AG INVESTOR PRESENTATION
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: JOST: A Leading Global Supplier of Mission Critical Solutions for Commercial Vehicles
JOST: A Leading Global Supplier of Mission Critical Solutions for Commercial Vehicles Towing hitch Container 794m € 73m € Turntable Drawbar technology sales adj. EBIT Tipping cylinder Cross member in 2020 in 2020 Tag axle Axles Forced steering Varioblock Front loader 23 3,000 Landing gear production
Slide 4: Strong Products Driving Brand Desirability and Pulling Demand
Strong Products Driving Brand Desirability and Pulling Demand With the Push & Pull sales strategy end users generate additional demand by actively asking OEMs for JOST’s products Truck OEMs Fleet operators WORLDWIDE LEADING SUPPLIER WITH HIGH MARKET SHARES AND COSTUMER LOYALTY Trailer OEMs Push & Pu
Slide 5: High Aftermarket Content and Wide Diversification Support Business Resilience
High Aftermarket Content and Wide Diversification by Application and Region Support Business Resilience FIFTH WHEELS LANDING GEAR REGIONAL MIX IN 2020 (DESTINATION) in % of sales (incl. JV) South America (incl. JV): 5% North America: 23% Europe: 48% After market value 50% of After market value 200-3
Slide 6: Growth Engine: Upselling through Innovation
Growth Engine: Upselling through Innovation Increasing value-add for customers and generation growth through clear innovation road -map Future growth Autonomous systems AUTONOMOUS DOCKING SYSTEMS • Pre-requisite for autonomous driving • Efficiency boost for fleet operators • Advanced smart system so
Slide 7: Flexible and Asset Light Business Model
Flexible and Asset Light Business Model Allows a Quick Adaptation to Changing Market Environment KEY PARTS OF THE VALUE CHAIN Number of product variants1 20 100 100 1,500 On demand Purchased Mech. Stage Design/ Forging and Quality Logistics Vehicle materials/ processing/ Coating Assembly Painting en
Slide 8: JOST Investment Case Summary
JOST Investment Case Summary Internationally renowned brands with high OEM (push) and strong ~60% end-costumer base (pull) worldwide market share Wide diversification by product, customer and region as well as ~30% high aftermarket content with strong network effects aftermarket Flexible and asset-l
Slide 9: Key Financials FY 2020
KEY FINANCIALS FY 2020 9 JOST Werke AG – INVESTOR PRESENTATION – MARCH 2021
Slide 10: Highlights 2020
Highlights 2020 All financial targets achieved Successful integration of Ålö Group High operational flexibility in an extremely volatile market Strong cash generation and swift deleveraging Dividend proposal of €1.00 per share for 2020 10 JOST Werke AG – INVESTOR PRESENTATION – MARCH 2021
Slide 11: Financial targets for 2020 achieved
Financial targets for 2020 achieved Outlook 2020 Results 2020 Single digit percent growth Sales +7.9% to 794m€ (2019: 736m€) Adj. EBITDA Higher than 12.0% 12.9% margin Adj. EBIT Higher than 8.5% 9.2% margin Capex (in % Approx. 2.5% of sales 2.6% of sales) 11 JOST Werke AG – INVESTOR PRESENTATION – M
Slide 12: Outlook 2021
OUTLOOK 2021 12 JOST Werke AG – INVESTOR PRESENTATION – MARCH 2021
Slide 13: Strategic Focus in 2021
Strategic Focus in 2021 Capitalize on innovations and positive market cycle to further strengthen JOST’s transport business Grow JOST’s agricultural business in Asia and Latin America Implement strategy to reduce JOST’s CO2 emissions by 50 % until 2030, supporting customers to achieve carbon neutral
Slide 14: Market Outlook for FY 2021
Market Outlook for FY 2021 EUROPE NORTH AMERICA APA TRUCK 10 – 15% 35 – 40% (10) – (15)% Demand for heavy duty trucks is Production of class 8 trucks is expected Truck demand in APA is expected to fall expected to recover in 2021 to pick up sharply in 2021, starting the as China demand slows down. u
Slide 15: JOST Outlook for 2021
JOST Outlook for 2021 Low double-digit percent growth y-o-y Sales (2020: 794m€) Low double-digit percent growth y-o-y Adj. EBIT (2020: €73m) Higher than previous year Adj. EBIT margin (2020: 9.2 %) Capex (in % of sales) Approx. 2.5% of sales 15 JOST Werke AG – INVESTOR PRESENTATION – MARCH 2021
Slide 16: Appendix
Appendix Further information 16 JOST Werke AG – INVESTOR PRESENTATION – MARCH 2021
Slide 17: Development of Sales and Earnings by Region
Development of Sales and Earnings by Region SALES SPLIT BY GEOGRAPHY (IN M€) 2020 vs PY 2020 COMMENTARY Growth (%) Organic || Reported CAGR: 4% -14.5% +7.9% • Acquisition of Ålö contributed positively to JOST’s sales, allowing 794 701 755 736 the company to grow vs. prior year 650 634 140 +0.4% -2.1
Slide 18: Strong Cash Generation Profile Supported by Low Capex Spend
Strong Cash Generation Profile Supported by Low Capex Spend KEY FINANCIALS OVERVIEW 2020 COMMENTARY Cash 61% 76% 80% 80% 82% 80% conversion1 • Cash conversion rate remained strong at 80%, despite Cash flow1 75 80 83 82 the effects of the coronavirus pandemic on the (€m) 60 47 industry. FY 2015A FY 2
Slide 19: Development of Equity Ratio and Net Debt
Development of Equity Ratio and Net Debt BALANCE SHEET OVERVIEW AS AT DEC 31, 2020 COMMENTARY 18.4% • The increase in financial liabilities due to the acquisition of Ålö led to a reduction of ROCE1 12.2% ROCE and equity ratio, compared to year-end of 2019. (%) • On the back of the strong cash genera
Slide 20: 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) 231 199 202 192 197 190 191 187 187 181 181 178 175 27.1 166 172 171 168 149 147 157 23.7 23.9 22.7 22.5 21.8 21.3 20.3 20.6 19.5 20.3 19.0 16.8 15.9 14.1 14.3 11.7% 12.6 10.4 11.2 11.1 12.0% 12.5%12.0% 12.5% 11.2% 12
Slide 21: Shareholder Structure and Share Information
Shareholder Structure and Share Information SHAREHOLDER STRUCTURE AS OF MARCH 24, 2020 1 SHARE INFORMATION ISIN DE000JST4000 Trading symbol JST 18.0% Allianz Global Investors German Sec. Code Number (WKN) JST400 Universal-Investment-Gesellschaft Shares in issue 14,900,000 62.0% Index SDAX PMB Manage
Slide 22: Global Leadership in Branded Products for Vehicle Interface
Global Leadership in Branded Products for Vehicle Interface JOST has approx. 60% global market shares in articulated truck-trailer connection market North America Europe North America Europe #2 #1 Asia-Pacific-Africa #1 #1 Asia-Pacific-Africa #1 #1 South America 2 South America 2 #1 #1 2 Includes Br
Slide 23: Financial Calendar 2021 Contact
Financial Calendar 2021 Contact March 25 Publication of FY 2020 Results Investor Relations Contact: March 30 Virtual Road Show ROMY ACOSTA May 6 Annual General Meeting Head of Investor Relations May 12 Publication of Q1 2021 Report Aug. 12 Publication of Q2 2021 Report JOST Werke AG Nov. 11 Publicat