Jost Werke Se · XETR:JST
Jost Werke — Q1 2022 Earnings Presentation
20 slides from Jost Werke's earnings presentation, May 12, 2022
Slide 1: Results Q1 2022
JOST WERKE AG – MAY 12, 2022 RESULTS Q1 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 Q1 2022
Highlights Q1 2022 JOST achieved new sales record of €312m (+21%), with strong growth both in Transport (+14%) and Agriculture (+46%) Adj. EBIT margin remained robust at 11%, despite rising costs, with adj. EBIT reaching a new record of €34m in a quarter High operational flexibility remained key suc
Slide 4: Market Development Q1 2022 vs. Q1 2021
Market Development Q1 2022 vs. Q1 2021 EUROPE NORTH AMERICA APA Truck market affected by Production of class 8 truck Truck production in APA affected TRUCK MARKET -6% unreliable supply chain +4% in N.A. remained robust on -47% by the market decline in China partially due to war in a high level durin
Slide 5: Key Financials Q1 2022
KEY FINANCIALS Q1 2022 5 JOST Werke AG – ANALYSTS’ AND INVESTORS’ CONFERENCE CALL Q1 2022 RESULTS
Slide 6: Europe – Strong Start to the Year Despite Challenging Environment
Europe – Strong Start to the Year Despite Challenging Environment KEY FINANCIALS OVERVIEW KEY HIGHLIGHTS • Sales grew by +16% to €180m in Q1 2022, despite truck production being Reported 15.9% negatively impacted by supply chain disruptions and the war in Ukraine. Growth • JOST grew strongly both in
Slide 7: North America – Accelerated Growth in North America Continues
North America – Accelerated Growth in North America Continues KEY FINANCIALS OVERVIEW KEY HIGHLIGHTS • JOST further strengthened its market position in North America, both in transport Reported 65.5% and agriculture, outpacing the underlying industry in both markets significantly. Growth Organic • S
Slide 8: Asia-Pacific-Africa – Sharp decline in Chinese demand partially offset
Asia-Pacific-Africa – Sharp decline in Chinese demand partially offset KEY FINANCIALS OVERVIEW KEY HIGHLIGHTS • Sales in Q1 2022 went down by -14% to €40m, mostly impacted by the strong Reported -13.8% decline of the Chinese truck market compared to prior year, as Q1 2021 was Growth inflated by pre-
Slide 9: Group – JOST Achieves New Record Sales and Profits
Group – JOST Achieves New Record Sales and Profits KEY FINANCIALS OVERVIEW KEY HIGHLIGHTS • JOST starts the year 2022 successfully posting a new sales record of €312m, up Reported by +21% compared to prior year. Growth 21.2% • Both Transport (+14%) and Agriculture (+46%) contributed to the strong sa
Slide 10: Net Income and Adjusted EPS Improved Significantly
Net Income and Adjusted EPS Improved Significantly RECONCILIATION OF ADJUSTED EARNINGS Q1 2022 (IN M€) KEY HIGHLIGHTS • Adj. Net Income went up by 14% to €23.0m in Q1 2022 (Q1 2021: € 20.1m) and adj. EPS increased to €1.54 (Q1 2021: € 1.35) 1 7 • Adjustments resulted mostly from D&A of PPA and were
Slide 11: ROCE, Equity Ratio and Leverage Development
ROCE, Equity Ratio and Leverage Development BALANCE SHEET OVERVIEW AS OF MARCH 31, 2022 COMMENTARY 16.6% 16.3% • ROCE decreased slightly to 16.3% compared to year-end, mostly due to the minor increase ROCE1 in net debt. (%) • Equity ratio improved to 32.7% compared to year-end, driven by growing net
Slide 12: Cash Flow and Working Capital Development
Cash Flow and Working Capital Development CASH FLOW OVERVIEW Q1 2022 COMMENTARY Cash conversion 0.1 -0.6 • The continuing surge in business volume as well as price increases, lead to a significant Free cash flow1 rate2 increase in trade receivables and inventories, which impacted Working Capital neg
Slide 13: Outlook FY 2022
OUTLOOK FY 2022 13 JOST Werke AG – ANALYSTS’ AND INVESTORS’ CONFERENCE CALL Q1 2022 RESULTS
Slide 14: Market Development Expectations for FY 2022
Market Development Expectations for FY 2022 EUROPE NORTH AMERICA APA TRUCK (5) – 0% 10 – 15% (20) – (15)% Truck market recovery in Europe impacted Class 8 truck production should remain Chinese truck market should be below prior by uncertainties due to war in Ukraine and strong in 2022, but is still
Slide 15: JOST Outlook for 2022 confirmed
JOST Outlook for 2022 confirmed 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 15 JOST Werke AG – ANALYSTS’ AND INVESTORS’ CONFERENCE CALL Q1 2022 RESULTS
Slide 16: Executive Summary
Executive Summary JOST had a very successful start in the 2022 fiscal year, posting new records for sales and adj. EBIT, despite market uncertainties. Both business lines Transport and Agriculture contributed to the good results. Operational flexibility allowed JOST to limit negative impact of risin
Slide 17: Q&A Appendix
Q&A Appendix Further information 17 JOST Werke AG – ANALYSTS’ AND INVESTORS’ CONFERENCE CALL Q1 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 %) 312 273 266 257 252 40.0 231 34.4 202 35.0 29.8 29.9 190 191 187 187 199 192 197 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 11.0% 20.0 15.9 11.7% 11.0% 14.7 9.6% 15
Slide 19: Shareholder Structure and Share Information
Shareholder Structure and Share Information SHAREHOLDER STRUCTURE AS OF MAY 11, 2022 SHARE INFORMATION ISIN DE000JST4000 Trading symbol JST German Sec. Code Number (WKN) JST400 20% 55% Shares in issue 14,900,000 Allianz Global Investors Index SDAX Listed since July 20, 2017 PMB Management 15% Univer
Slide 20: Financial Calendar 2022 Contact
Financial Calendar 2022 Contact May 12 Publication of Q1 2022 Report Investor Relations Contact: May 20 Virtual Road Show ROMY ACOSTA June 9 Road Show Paris, France Head of Investor Relations June 23 Warburg Highlights, Hamburg Aug 11 Publication of Q2 2022 Report JOST Werke AG Sept 21 11th Berenber