Jost Werke Se · XETR:JST
Jost Werke — Q2 2021 Earnings Presentation
21 slides from Jost Werke's earnings presentation, August 2021
Slide 1: JOST Werke AG Investor Presentation – Update Q2 2021
INVESTOR PRESENTATION – UPDATE Q2 2021 – AUGUST 2021 JOST WERKE AG INVESTOR PRESENTATION – UPDATE Q2 2021
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 Cross member in 2020 in 2020 Tag axle Axles Forced steering Varioblock Front loader 23 3,000 Landing gear production Fifth wheel empl
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 by Application and Region
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 Allows a Quick Adaptation
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 Q2 2021
KEY FINANCIALS Q2 2021 9 JOST Werke AG – INVESTOR PRESENTATION – AUGUST 2021
Slide 10: Highlights Q2 2021
Highlights Q2 2021 JOST increased sales by 56%, achieving new sales record of €273m Adj. EBIT grew by 170% to €30m and adj. EBIT margin rose to 11.0% High operational flexibility and better capacity utilization limited impact from logistic chain constraints and rising material prices Strong fundamen
Slide 11: Development of Sales and Earnings by Region
Development of Sales and Earnings by Region SALES SPLIT BY GEOGRAPHY (IN M€) H1 2021 COMMENTARY 2020 vs PY H1 21 vs PY Growth (%) CAGR: 4.6% • JOST started 2021 with a very strong H1, posting overall 794 +7.9% +45% 701 755 736 sales growth of +45% 634 140 103 142 146 143 172 -2.1% • The strongest co
Slide 12: Development of Equity Ratio and Net Debt
Development of Equity Ratio and Net Debt BALANCE SHEET OVERVIEW AS AT JUNE 30, 2021 COMMENTARY 16.8% • ROCE improved considerably compared to FY 2020 now reaching 16.8% due to the strong ROCE1 12.1% adj. EBIT growth. (%) • Equity ratio grew to 29.6% as a result of higher net profits achieved during
Slide 13: Cash Flow and Working Capital Development
Cash Flow and Working Capital Development CASH FLOW OVERVIEW IN H1 2021 COMMENTARY Cash conversion2 81.1% 89.8% • Cash conversion rate increased to 89.8%, boosted by the strong improvement in Free cash flow1 adj. EBITDA. Free cash flow, however, went down to €8.7m in H1 2021 due to a strong (€m) 30.
Slide 14: Market Outlook for FY 2021
Market Outlook for FY 2021 EUROPE NORTH AMERICA APA TRUCK 20 – 25% 40 – 45% (5) – (10)% Demand for heavy duty trucks will Production of class 8 is expected to Truck demand in APA will fall as China continue to recover sharply in 2021 remain very strong in 2021 demand slows down in H2 2021. Other APA
Slide 15: Outlook 2021
OUTLOOK 2021 15 JOST Werke AG – INVESTOR PRESENTATION – AUGUST 2021
Slide 16: 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 16 JOST Werke AG – INVESTOR PRESENTATION – AUGUST 2021
Slide 17: 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 18: Appendix
Appendix Further information 18 JOST Werke AG – INVESTOR PRESENTATION – AUGUST 2021
Slide 19: 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) 273 257 231 29.8 29.9 27.1 190 191 187 187 199 202 192 197 181 181 171 178 23.7 23.9 22.7 168 175 22.5 21.8 21.3 20.3 157 19.5 20.3 19.0 15.9 14.3 12.6 11.7% 11.0% 11.2 11.1 12.5% 12.0% 12.5% 11.2% 11.6% 11.4% 12.0% 1
Slide 20: Shareholder Structure and Share Information
Shareholder Structure and Share Information SHAREHOLDER STRUCTURE AS OF AUGUST 12, 2021 SHARE INFORMATION ISIN DE000JST4000 Trading symbol JST 20.1% Allianz Global Investors German Sec. Code Number (WKN) JST400 Shares in issue 14,900,000 59.7% PMB Management Index SDAX FMR LLC Listed since July 20,
Slide 21: Financial Calendar 2021 Contact
Financial Calendar 2021 Contact May 12 Publication of Q1 2021 Report Investor Relations Contact: May 20 Virtual Road Show ROMY ACOSTA June 10 Warburg Highlights 2021 Head of Investor Relations Aug. 12 Publication of Q2 2021 Report Sept. 1 Commerzbank Sector Conference 2021 JOST Werke AG Sept. 6 dbAc