Jost Werke Se · XETR:JST
Jost Werke — Q1 2023 Earnings Presentation
20 slides from Jost Werke's earnings presentation, May 17, 2023
Slide 1: Results Q1 2023
JOST WERKE SE – MAY 15, 2023 RESULTS Q1 2023 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 Q1 2023
Highlights Q1 2023 JOST achieved a new sales record of €342m (+10%) in a single quarter Strong growth in Transport (+18%) compensated for softer demand in Agriculture (-12%) Adj. EBIT margin improved by 0.6pp to 11.6% compared to prior year and adj. EBIT reached a new record of €40m in a single quar
Slide 4: Market Development Q1 2023 vs. Q1 2022
Market Development Q1 2023 vs. Q1 2022 EUROPE NORTH AMERICA APA Strong demand for trucks Production of class 8 trucks Truck production in APA still TRUCK MARKET +6% driven by pent-up demand +16% in North America remained -10% affected by weak Chinese market. strong in Q1 2023 Other countries in the
Slide 5: Key Financials Q1 2023
KEY FINANCIALS Q1 2023 5 JOST Werke SE – ANALYSTS’ AND INVESTORS’ CONFERENCE CALL Q1 2023 RESULTS
Slide 6: Europe – Ongoing Challenging Market Environment
Europe – Ongoing Challenging Market Environment KEY FINANCIALS OVERVIEW KEY HIGHLIGHTS • Sales grew by +5% to €189m in Q1 2023. The strong demand for trucks offset Reported 4.9% softening demand for trailer components and agricultural loaders. Growth • Sales in Europe were additionally supported by
Slide 7: North America – Strong Start to the Year in North America
North America – Strong Start to the Year in North America KEY FINANCIALS OVERVIEW KEY HIGHLIGHTS • JOST had a strong start into the year in North America, with sales growing Reported 12.4% by 12% to €103m in Q1 2023. Growth Organic • Growth was supported by strong demand for truck and trailer produc
Slide 8: Asia-Pacific-Africa – Accelerated Growth
Asia-Pacific-Africa – Accelerated Growth KEY FINANCIALS OVERVIEW KEY HIGHLIGHTS • Sales in Q1 2023 grew by 24% to €50m due to the ongoing strong demand in Reported 23.9% India, South-East Asia, the Pacific region and South Africa. Growth • The Chinese market started to recover, also supporting growt
Slide 9: Group – JOST Achieves Strong Growth in Sales and Profits
Group – JOST Achieves Strong Growth in Sales and Profits KEY FINANCIALS OVERVIEW KEY HIGHLIGHTS • JOST started the year 2023 successfully, posting a new sales record of €342m, up Reported by +10% compared to prior year. Growth 9.6% • Although sales of agricultural products contracted compared to pri
Slide 10: Net Income and Adjusted EPS Improved Significantly
Net Income and Adjusted EPS Improved Significantly RECONCILIATION OF ADJUSTED EARNINGS Q1 2023 (IN M€) KEY HIGHLIGHTS • Adj. Net Income went up by 9% to €30m in Q1 2023 (Q1 2022: €27m) and adj. EPS increased to €1.99 (Q1 2022: € 1.82). 1 6 • Pro-forma taxes for adjustments is no longer calculated us
Slide 11: ROCE, Equity Ratio and Leverage Development
ROCE, Equity Ratio and Leverage Development BALANCE SHEET OVERVIEW AS OF MARCH 31, 2023 COMMENTARY 18.3% 18.9% • ROCE increased to 18.9% compared to year-end, due to the growth of adj. EBIT compared ROCE1 to prior year. (%) • Equity ratio improved to 37.0% compared to year-end, driven by the net inc
Slide 12: Cash Flow and Working Capital Development
Cash Flow and Working Capital Development CASH FLOW OVERVIEW Q1 2023 COMMENTARY Cash conversion - 0.5 + 0.4 rate2 • The operating cash flow improved significantly during Q1 2023, mostly driven by the better Free cash flow1 13.3 development in ´working capital. This resulted in a positive free cashfl
Slide 13: Outlook FY 2023
OUTLOOK FY 2023 13 JOST Werke SE – ANALYSTS’ AND INVESTORS’ CONFERENCE CALL Q1 2023 RESULTS
Slide 14: Market Development Expectations for FY 2023
Market Development Expectations for FY 2023 EUROPE NORTH AMERICA APA TRUCK 5 – 10 % 0 – 5% 10 – 15% Order books through 2023 quite strong Demand for Class 8 trucks remains robust Chinese truck market expected to recover, due to pent-up demand, but downside despite concerns about macroeconomic coming
Slide 15: JOST Outlook for 2023 confirmed
JOST Outlook for 2023 confirmed Low-single digit growth y-o-y; Sales (2022: €1,265m) Low-single digit growth y-o-y Adj. EBIT (2022: €124m) Adj. EBIT margin Slight increase (2022: 9.8 %) Capex (in % of sales) Approx. 2.5% of sales (2022: 2.6%) Working Capital Below 19% from sales (2022: 19.2%) 15 JOS
Slide 16: Executive Summary
Executive Summary JOST had a very good start into the year, posting new records for sales and adj. EBIT, despite the decline of sales in Agriculture. Strong demand for trucks, the recovery of the Chinese market, and high demand in North America were the main growth drivers. Operational flexibility a
Slide 17: Q&A Appendix
Q&A Appendix Further information 17 JOST Werke SE – ANALYSTS’ AND INVESTORS’ CONFERENCE CALL Q1 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 %) 342 327 312 322 304 273 266 257 252 50.0 231 45.0 40 199 202 192 197 40.0 34 178 175 35.0 32 30 157 30 30 30.0 27 27 11.6% 24 23 24 25.0 19 20 21 10.0% 9.3% 8.9% 20.0 12.0% 11.2% 15 11.6% 7.8%
Slide 19: Shareholder Structure and Share Information
Shareholder Structure and Share Information SHAREHOLDER STRUCTURE AS OF MAY 12, 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% FMR LL
Slide 20: Financial Calendar 2023 Contact
Financial Calendar 2023 Contact May 15 Publication of Q1 2023 Interim Report Investor Relations Contact: June 15 Warburg Highlights 2023, Hamburg/Germany ROMY ACOSTA Aug 14 Publication of Q2 2023 Interim Report Head of Investor Relations Nov 13 Publication of Q3 2023 Interim Report JOST Werke SE SIE