JOST Werke SE · XETR:JST
JOST Werke — 9M 2019 Earnings Presentation
22 slides from JOST Werke's earnings presentation, Nov 21, 2019
Slide 1: Results 9M 2019
Results 9M 2019 Joachim Dürr (CEO) Dr. Christian Terlinde (CFO) JOST Werke AG – November 21, 2019
Slide 2: Agenda
Agenda 1. Highlights – 9M 2019 2. Market outlook 3. Detailed results review 4. Company outlook 5. Q&A Appendix 1
Slide 3: Business highlights – 9M 2019
Business highlights – 9M 2019 Markets slowed down in Q3; group sales in 9M up +1.9% to €579m JOST’s sales in Europe were down by -2.3% to €343m in 9M, despite strong decline of trailer Sales markets North America continued with strong momentum +20.9% to €129m in 9M Sales in APA down -3.1% to €107m a
Slide 4: Agenda
Agenda 1. Highlights – 9M 2019 2. Market outlook 3. Detailed results review 4. Company outlook 5. Q&A Appendix 3
Slide 5: Truck and trailer market outlook for 2019
Truck and trailer market outlook for 2019 Europe North America APA (1)-0% 5-10% (10)-(5)% Truck Slight decline expected due to Another strong year on top of Market slow down continues increasing weakness in Q4 already very high levels (15)-(10)% 0-3% (10)-(5)% Trailer Declining market expected Growt
Slide 6: Agenda
Agenda 1. Highlights – 9M 2019 2. Market outlook 3. Detailed results review 4. Company outlook 5. Q&A Appendix 5
Slide 7: Group – Seasonal weakness in Q3 stronger than in prior year
Group – Seasonal weakness in Q3 stronger than in prior year Key financials Key highlights Reported 1.9% -4.9% growth ❖ Continued high activity level in Organic North America partially offset 0.7% -6.1% growth weakness of markets in Europe Sales1 (€m) and India during Q3 568.1 579.1 187.0 177.8 ❖ In
Slide 8: Europe – Decline of standard trailer markets burdens Europe
Europe – Decline of standard trailer markets burdens Europe Key financials Key highlights Reported -2.3% -5.1% growth ❖ Typical Q3 seasonality in Europe Organic was stronger than in prior years, -2.2% -5.1% growth but sales remained on a high level 351.0 343.0 with Q3 19 being the second Sales (€m)
Slide 9: North America – Ongoing strong topline and earnings growth
North America – Ongoing strong topline and earnings growth Key financials Key highlights Reported 20.9% 6.8% growth ❖ JOST continued its growth in North Organic America, with sales up by +20.9% 13.8% 2.1% growth in 9M and +6.8% in Q3 129.3 Sales (€m) 106.9 ❖ Reported sales grew stronger than 40.6 43
Slide 10: APA – Ongoing weakness in India affects APA results
APA – Ongoing weakness in India affects APA results Key financials Key highlights Reported -3.1% -16.6% growth ❖ Sales in APA were down by 17% in Q3, mostly due to strong decline of Organic -2.8% -17.2% growth truck and trailer demand in India Sales (€m) 110.2 ❖ In 9M sales only down by 3.1% due to
Slide 11: Adjusted net income and adjusted EPS increased in 9M 2019
Adjusted net income and adjusted EPS increased in 9M 2019 Reconciliation of adjusted earnings 1 3.1% 19 (5 ) (18) 66 46 43 42 34 Net income EBIT PPA other effects Adj. EBIT Finance Proforma adj. net income adj. net income 9M 2019 9M 2019 9M 2019 result tax rate 30% 9M 2019 9M 2018 Key highlights ❖ A
Slide 12: Strong cash generation and good working capital management
Strong cash generation and good working capital management Key financials overview Key highlights 82.0% 86.7% Cash Cash flow1 (€m) conversion1 ❖ Cash conversion rate rose as a result of higher operating earnings and better working capital 72.1 management 64.6 9M 18 9M 19 ❖ Capex in 9M 2019 lower tha
Slide 13: Equity ratio and leverage further improved, ROCE stable on high level
Equity ratio and leverage further improved, ROCE stable on high level Balance sheet overview Key highlights ❖ ROCE only slightly down to 19.2% despite increase of other ROCE1 (%) financial liabilities following the 20.3% 19.2% first-time adoption of IFRS 16 Dec 31, 2018 Sept 30, 2019 ❖ Equity ratio
Slide 14: Agenda
Agenda 1. Highlights – 9M 2019 2. Market outlook 3. Detailed results review 4. Company outlook 5. Q&A Appendix 13
Slide 15: Outlook for FY 2019
Outlook for FY 2019 FY 2018 Outlook 2019 (old)1 Outlook 2019 (new) Sales 755 Low-single-digit % growth Low-single-digit % decline Adjusted EBITDA 100 Low-single-digit % growth Low-single-digit % decline Adjusted EBIT 81 Low-single-digit % growth Low-single-digit % decline Adjusted EBIT margin 10.7%
Slide 16: Agenda
Agenda 1. Highlights – 9M 2019 2. Market outlook 3. Detailed results review 4. Company outlook 5. Q&A Appendix 15
Slide 17: 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) 199 202 190 191 187 187 181 181 178 172 171 168 166 149 147 23.7 23.9 22.5 22.7 21.8 21.3 20.6 20.3 19.5 19.0 16.8 15.9 14.1 12.5% 12.5% 12.0% 12.0% 12.0% 11.4% 12.6 11.2%10.8% 11.2% 10.7% 10.2% 10.4 9.4% 8.5% 7.5% 7.
Slide 18: Shareholder structure
Shareholder structure Shareholder structure as of November 15, 2019 Allianz Global Investors 15.1% Atlantic Value Morgan Stanley 7.1% Paradice Investment Management Virtus Investment Partners 57.2% 100% free float1 5.1% FMR LLC 5.1% Management Board Other 5.1% 5.0% 0.3% 1 According to German stock e
Slide 19: Key figures – 9M 2019 and Q3 2019
Key figures – 9M 2019 and Q3 2019 (€ m) 9M 2019 9M 2018 yoy Q3 2019 Q3 2018 yoy Sales Europe 343.0 351.0 -2.3 % 102.6 108.2 -5.1% Sales North America 129.3 106.9 20.9 % 43.3 40.6 6.8% Sales APA 106.8 110.2 -3.1 % 31.9 38.3 -16.6% Sales JOST Werke Group 579.1 568.1 1.9 % 177.8 187.0 -4.9% Adjusted EB
Slide 20: Reconciliation of earnings
Reconciliation of earnings 9M 2019 Other PPA Total 9M 2019 (€m) reported Effects adjustments adjusted Sales revenues 579.1 579.0 Cost of sale -428.4 0.2 0.2 -428.2 Gross profit 150.7 0.2 0.2 150.9 Selling expenses -66.8 0.2 18.8 19.0 -47.8 R&D expenses -10.3 -10.3 Administrative expenses -31.3 0.6 0
Slide 21: Further information
Further information Financial Calendar 2019 IR Contact Nov. 21 Publication of 9M 2019 Report Romy Acosta Senior Manager Investor Relations Nov. 22 Road show London, UK romy.acosta@jost-world.com Phone: +49-6102-295 379 Financial Calendar 2020 Fax: +49-6102-295 661 Jan. 10 ODDO BHF Forum 2020, Lyon/F
Slide 22: 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