Jost Werke Se · XETR:JST
Jost Werke — Investor Presentation (February 2021)
20 slides from Jost Werke's investor presentation, February 2021
Slide 1: JOST Werke AG Investor Presentation
INVESTOR PRESENTATION ̶ FEBRUARY 2021 JOST WERKE AG INVESTOR PRESENTATION
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 Tipping cylinder Cross member in 2020 in 2020 Tag axle Axles Forced steering Varioblock Front loader 23 3,000 Landing gear production
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
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 BUSINESS MODEL EARNINGS CASH FLOW • Strong brands with high OEM (push) and • Sustainable market growth thanks to global • Strong balance sheet and high cash generation end-costumer (pull) loyalty worldwide footprint and strong fundamentals • Flexible and asset-light busi
Slide 9: Key Financials
KEY FINANCIALS SOLID PERFORMANCE IN CHALLENGING TIMES 9 JOST Werke AG – INVESTOR PRESENTATION – FEBRUARY 2021
Slide 10: All financial targets for 2020 clearly achieved
All financial targets for 2020 clearly achieved Outlook 2020 Results 2020 Single digit percent growth y-o-y Sales +7.9% to 794m€ (2019: 736m€) Adj. EBITDA Higher than 12.0% 12.9% margin Adj. EBIT Higher than 8.5% 9.2% margin Capex (in % Approx. 2.5% of sales 2.6% of sales) 10 JOST Werke AG – INVESTO
Slide 11: Key Developments – FY 2020
Key Developments – FY 2020 Strong growth despite ongoing pandemic impact supported by the acquisition of Ålö Group sales grew by +8% to €794m and adj. EBIT margin reached 9.2%. Ålö post-merger integration on track: Ålö in line with expectations despite pandemic. Ålö raised group’s sales by €176m in
Slide 12: Development of Sales and Earnings by Region
Development of Sales and Earnings by Region SALES SPLIT BY GEOGRAPHY (IN M€) 2020 COMMENTARY Growth (%) CAGR: 4% 2020 vs PY • Acquisition of Ålö contributed positively to JOST’s sales, allowing 794 +7.9% 701 755 736 the company to grow vs. prior year 650 634 140 -2.1% 99 103 142 146 143 172 +6.5% •
Slide 13: Strong Cash Generation Profile Supported by Low Capex Spend
Strong Cash Generation Profile Supported by Low Capex Spend KEY FINANCIALS OVERVIEW 2020 COMMENTARY Cash 61% 76% 80% 80% 82% 80% conversion1 • Cash conversion rate remained strong at 80%, despite Cash flow1 75 80 83 82 the effects of the coronavirus pandemic on the (€m) 60 47 industry. FY 2015A FY 2
Slide 14: Fast paced deleveraging, despite fully debt-financed Ålö acquisition
Fast paced deleveraging, despite fully debt-financed Ålö acquisition NET DEBT AND LEVERAGE DEVELOPMENT COMMENTARY • Liquid assets grew to €108m, compared to year-end (€105m), although JOST used €50m cash in Q1 2020 to partially finance the Ålö acquisition and used additional €51.5m cash from operati
Slide 15: Market Outlook for FY 2021
Market Outlook for FY 2021 EUROPE NORTH AMERICA APA TRUCK 10 – 15% 35 – 40% (10) – (15)% Demand for heavy duty trucks is Production of class 8 trucks is Truck production in APA is expected to recovering, with a strong stark in H1 expected to pick up sharply in 2021, contract, after a very strong dem
Slide 16: Appendix
Appendix Further information 16 JOST Werke AG – INVESTOR PRESENTATION – FEBRUARY 2021
Slide 17: Efficient and Flexible Supply and Production Platforms with Wide Geographical Footprint
Efficient and Flexible Supply and Production Platforms with Wide Geographical Footprint 25 23 3,000 EMPLOYEES countries production sites Low cost High cost regions 1; 52% regions 2; 48% PURCHASING BY REGION 4 Low cost High cost countries1; 47% countries2; 53% 1 Low-cost regions include Eastern Europ
Slide 18: Global Leadership in Branded Products for Vehicle Interface
Global Leadership in Branded Products for Vehicle Interface JOST has approx. 60% global market shares in articulated truck-trailer connection market North America Europe North America Europe #2 #1 Asia-Pacific-Africa #1 #1 Asia-Pacific-Africa #1 #1 South America 2 South America 2 #1 #1 2 Includes Br
Slide 19: Ålö – a global market leader, sound financial profile
Ålö – a global market leader Sound financial profile MARKET SHARES FOR AGRICULTURAL FRONT LOADERS ÅLÖ FINANCIALS 30% SEKm 2017A 2018A 2019A Sales 1,804.7 2,002.6 2.060 15% 15% 15% 12% 10% Gross profit 514.2 536.2 565 3% Gross profit margin 28.5% 26.8% 27.4% Ålö STOLL MX Other John CNH Other Adj. EBI
Slide 20: Financial Calendar 2021 Contact
Financial Calendar 2021 Contact Feb. 23 Publication of Preliminary FY 2020 Results Investor Relations Contact: March 25 Publication of FY 2020 Results ROMY ACOSTA May 6 Annual General Meeting Head of Investor Relations May 12 Publication of Q1 2021 Report Aug. 12 Publication of Q2 2021 Report JOST W