Slide 1: Results Q3 2023
JOST WERKE SE – NOVEMBER 13, 2023 RESULTS Q3 2023 JOACHIM DÜRR (CEO) & OLIVER GANTZERT(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 2023
Highlights Q3 2023 JOST boosted profitability further in Q3 2023, with adj. EBIT margin going up by 2.1pp to 11.4%, compared to Q3 2022 Adj. EBIT increased by 10% to €33m, despite decline in sales of 11% to €292m Ongoing market weakness in Agriculture and negative currency translation effects were m
Slide 4: Market Development Q3 2023 vs. Q3 2022
Market Development Q3 2023 vs. Q3 2022 EUROPE NORTH AMERICA APA Strong demand for trucks Production of class 8 trucks Truck market in China continues TRUCK MARKET +21% driven by pent-up demand -2% in North America softens +28% recovery, up from very low levels. Other countries in APA continued INDUS
Slide 5: Key Financials Q3 2023
KEY FINANCIALS Q3 2023 5 JOST Werke SE – ANALYSTS’ AND INVESTORS’ CONFERENCE CALL Q3 2023 RESULTS
Slide 6: Europe – Strong Profitability Improvements Achieved
Europe – Strong Profitability Improvements Achieved KEY FINANCIALS OVERVIEW KEY HIGHLIGHTS Reported -2.8% -10.6% • Sales declined by 10.6% to €154m in Q3 2023, driven by a sharp decline in Growth Agriculture and a softening in trailer demand, which could not be offset by FX-adjusted -0.5% -8.5% robu
Slide 7: North America – Profitability Maintained Despite Sales Decline
North America – Profitability Maintained Despite Sales Decline KEY FINANCIALS OVERVIEW KEY HIGHLIGHTS Reported -3.1% -18.8% Growth • Demand for truck and trailers remained strong, but could not compensate for the FX-adjusted -1.2% -11.6% sharp decline in Agriculture, especially for the very weak com
Slide 8: Asia-Pacific-Africa – Strong Market Demand Continues
Asia-Pacific-Africa – Strong Market Demand Continues KEY FINANCIALS OVERVIEW KEY HIGHLIGHTS Reported 21.2% 6.6% • Sales in Q3 2023 grew by 7% to €52m supported by an ongoing strong demand Growth for JOST products in India, South-East Asia, the Pacific region and South Africa, FX-adjusted 32.2% 20.8%
Slide 9: Group – JOST Profitability Further Improved
Group – JOST Profitability Further Improved KEY FINANCIALS OVERVIEW KEY HIGHLIGHTS Reported 0.3% -10.7% • JOST sales in Q3 2023 went down by -11% to €292m compared to prior year, Growth due to a sharp decline in Agriculture in the quarter (-40%). Demand for FX-adjusted 3.7% -5.1% Transport products
Slide 10: Net Income and Adjusted EPS Development
Net Income and Adjusted EPS Development RECONCILIATION OF ADJUSTED EARNINGS 9M 2023 (IN M€) KEY HIGHLIGHTS • Reported net income increased by 13% to €58m in 9M 2023 (9M 2022: €52m) and reported EPS went up to € 3.92 (9M 2022: 8 €3.46). 19 110 • Adjustments resulted mostly from D&A of PPA (€ -19m) in
Slide 11: ROCE, Equity Ratio and Leverage Development
ROCE, Equity Ratio and Leverage Development BALANCE SHEET OVERVIEW AS OF SEPTEMBER 30, 2023 COMMENTARY • ROCE continued to improve, reaching 20.0% as of September 30, 2023, compared to 18.3% ROCE1 18.3% 20.0% at year-end. The strong growth in adj. EBIT is the main driver for this development. (%) De
Slide 12: Cash Flow and Working Capital Development
Cash Flow and Working Capital Development CASH FLOW OVERVIEW IN Q3 2023 COMMENTARY Cash conversion2 +0.7 +1.0 • The operating cash flow continued to improve significantly during Q3 2023, driven by the Free cash flow1 good development in working capital. This resulted in a positive free cashflow of €
Slide 13: Outlook FY 2023
OUTLOOK FY 2023 13 JOST Werke SE – ANALYSTS’ AND INVESTORS’ CONFERENCE CALL Q3 2023 RESULTS
Slide 14: Market Development Expectations for FY 2023
Market Development Expectations for FY 2023 EUROPE NORTH AMERICA APA TRUCK 10 – 15% 0 – 5% 20 – 25% Order books through 2023 remain strong Demand for Class 8 trucks remains robust Chinese truck market expected to recover, INDUSTRY (Volume) due to pent-up demand. despite concerns about macroeconomic
Slide 15: JOST Outlook for 2023 Updated
JOST Outlook for 2023 Updated On previous year’s level Sales (2022: €1,265m) High-single digit growth y-o-y Adj. EBIT (2022: €124m) Adj. EBIT margin Significant increase (2022: 9.8 %) Capex (in % of sales)1 Approx. 2.5% of sales (2022: 2.6%) Working Capital Below 20% from sales (2022: 19.2%) 1: Excl
Slide 16: Executive Summary
Executive Summary JOST achieved strong profitability improvements during Q3, supported by efficiency gains in Transport and effective cost control measures in Agriculture. Integration of Crenlo do Brasil and LH Lift is well on track. First talks with large agricultural OEMs have been very supportive
Slide 17: Q&A Appendix
Q&A Appendix Further information 17 JOST Werke SE – ANALYSTS’ AND INVESTORS’ CONFERENCE CALL Q3 2023 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 %) 342 330 327 312 322 304 292 273 266 257 252 50.0 231 45.0 40 199 202 37 192 197 40.0 34 33 178 175 35.0 32 30 157 30 30 30.0 27 27 24 23 24 25.0 20 21 11.4% 19 10.0% 9.3% 8.9% 20.0 12.0% 11.2%
Slide 19: Shareholder Structure and Share Information
Shareholder Structure and Share Information SHAREHOLDER STRUCTURE AS OF NOVEMBER 13, 2023 SHARE INFORMATION ISIN DE000JST4000 Trading symbol JST German Sec. Code Number (WKN) JST400 52% 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 2023 Contact Nov 13 Publication of Q3 2023 Interim Report Investor Relations Contact: Nov 30 Virtual road show ROMY ACOSTA Head of Investor Relations Financial Calendar 2024 JOST Werke SE Jan 9-10 German Investment Seminar 2024, New York/USA SIEMENSSTRASSE 2 Jan 11 ODDO BHF Forum