Jost Werke Se · XETR:JST
Jost Werke — Q1 2024 Earnings Presentation
21 slides from Jost Werke's earnings presentation, May 16, 2024
Slide 1: Results 1st Quarter 2024
JOST WERKE SE – MAY 15, 2024 RESULTS 1ST QUARTER 2024 JOACHIM DÜRR (CEO) & OLIVER GANTZERT (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: Financial Highlights in Q1 2024
Financial Highlights in Q1 2024 Sales reached €299m in Q1 2024, partially supported by €21m M&A contribution Adj. EBIT margin remained strong on prior year’s level at 11.6% despite sales decline and adj. EBIT reached €35m Free cashflow more than doubled to €35m and leverage improved down to 0.93x Ad
Slide 4: Market Development Q1 2024 vs. Q1 2023
Market Development Q1 2024 vs. Q1 2023 EUROPE NORTH AMERICA ASIA-PACIFIC-AFRICA TRUCK -18% Market normalization vs. MARKET strong pent-up-demand -15% Market normalization vs. +5% Truck demand continued to strong pent-up-demand recover in China and remained INDUSTRY (volume) driven Q1 2023 driven Q1
Slide 5: Key Financials Q1 2024
KEY FINANCIALS Q1 2024 5 JOST Werke SE – ANALYSTS’ AND INVESTORS’ CONFERENCE CALL Q1 2024 RESULTS
Slide 6: Europe – Demand normalizes after strong pent-up-effects in prior year
Europe – Demand normalizes after strong pent-up-effects in prior year Reported -7.9% - Cyclical normalization of truck and trailer markets after very Growth strong Organic -18.0% pent-up-demand driven prior year’s quarter Sales (€m) 189 174 + Consolidation of JACSA (former: Crenlo do Brasil) and LH
Slide 7: North America – Strong profitability boost despite sales decline
North America – Strong profitability boost despite sales decline Reported -28.8% Growth Organic -28.0% - Sales burdened by cyclical decline in North America after strong Sales (€m) 103 pent-up demand in prior year’s quarter 73 - Strong decline in compact-loader market still ongoing - FX headwinds of
Slide 8: Asia-Pacific-Africa – Robust demand for transport products continues
Asia-Pacific-Africa – Robust demand for transport products continues Reported 3.1% Growth + Robust markets in India, Australia, New Zealand & South Africa, Organic 4.9% surpassing strong basis of prior year Sales (€m) 50 51 + Ongoing recovery of Chinese truck and trailer market + LH Lift sales in Ch
Slide 9: Group – JOST maintains strong profitability despite sales decline
Group – JOST maintains strong profitability despite sales decline Reported -12.7% - Cyclical decline for Transport in Europe and North America Growth (organic -13.5%) Organic -17.7% - Markets for agricultural loaders continue to be weak Sales (€m) 342 (organic -32.2%) Agriculture Transport 76 299 -
Slide 10: Adjusted Net Income and Adjusted EPS improved
Adjusted Net Income and Adjusted EPS improved - Interest payments for 3rd party debt increased by 1 6 €1.4m as a result of rising EURIBOR 35 + Taxes declined by 19% compared to Q1 2023 5 -5 30 3 28 -5 25 Reported EPS amounted to €1.34 (Q1 2023: €1.61) EPS declined due to overall sales decline 20 PPA
Slide 11: ROCE, Equity Ratio and Leverage development
ROCE, Equity Ratio and Leverage development -0.3pp + ROCE strong at 20.7%, despite sales-driven adj. EBIT decline ROCE1 21.0% 20.7% (%) + Efficient use of capital and high shareholder value creation Dec 31, 2023 March 31, 2024 + Equity ratio remains strong, well beyond the 35% threshold Equity ratio
Slide 12: Cash Flow and Working Capital development
Cash Flow and Working Capital development + Strong operative performance Free cash flow1 Cash conversion 0.4 1.4 rate2 + Additional support through factoring (€m) 35.1 13.3 - Negative earn-out impact on Free Cashflow YTD 2023 YTD 2024 + Cash conversation rate in long-term target range of ≥1 Capex3 2
Slide 13: Outlook FY 2024
OUTLOOK FY 2024 13 JOST Werke SE – ANALYSTS’ AND INVESTORS’ CONFERENCE CALL Q1 2024 RESULTS
Slide 14: Market Development Expectations for FY 2024
Market Development Expectations for FY 2024 EUROPE NORTH AMERICA ASIA-PACIFIC-AFRICA TRUCK (5) – (10) % (10) – (15) % 5 – 10 % Normalization of demand, compared to Demand for Class 8 trucks expected to Chinese truck market should continue its INDUSTRY (Volume) very high, pent-up-demand-driven levels
Slide 15: JOST confirms Outlook for 2024
JOST confirms Outlook for 2024 Single digit decline y-o-y; Sales (2023: €1,250m) Single digit decline y-o-y Adj. EBIT (2023: €141m) Decline y-o-y, remaining within Adj. EBIT margin strategic corridor of 10.0-11.5% Capex Approx. 2.5% - 2.9% of sales (in % of sales) 1 Working Capital Below 19% from sa
Slide 16: JOST invests in Strategic Partnership with Aitonomi AG, Switzerland
JOST invests in Strategic Partnership with Aitonomi AG, Switzerland JOST strengthens strategic partnership with start-up company Aitonomi AG, developing autonomous, electrically powered transport systems and software JOST invests one-single digit million amount into convertible loan to support Aiton
Slide 17: Executive Summary
Executive Summary JOST demonstrates the strong flexibility of its business model in Q1 2024, defending high adj. EBIT margin despite sales decline; Outlook 2024 confirmed Further improvements in Working Capital and operational excellence boost Free Cashflow and accelerate deleveraging down to 0.93x
Slide 18: Q&A Appendix
Q&A Appendix Further information 18 JOST Werke SE – ANALYSTS’ AND INVESTORS’ CONFERENCE CALL Q1 2024 RESULTS
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) ADJ. EBIT MARGIN (in %) 342 330 327 312 322 304 292 286 299 273 266 257 252 231 40 199 202 37 192 197 34 33 35 178 175 32 30 30 157 30 30 27 27 24 23 24 11.6% 19 20 21 10.0% 9.3% 8.9% 11.4% 12.0% 11.2% 15 11.7% 11.6%
Slide 20: Shareholder Structure and Share Information
Shareholder Structure and Share Information SHAREHOLDER STRUCTURE AS OF MAY 15, 2024 SHARE INFORMATION ISIN DE000JST4000 Trading symbol JST German Sec. Code Number (WKN) JST400 20% Shares in issue 14,900,000 43% Allianz Global Investors Index SDAX Listed since July 20, 2017 PMB Management FMR LLC 20
Slide 21: Financial Calendar 2024 Contact
Financial Calendar 2024 Contact May 15 Publication of Q1 2024 Interim Report Investor Relations Contact: May 23 Warburg London Conference 2024, UK ROMY ACOSTA June 6 Warburg Highlights 2024, Germany Head of Investor Relations June 13-14 Berenberg Pan-European Discovery Conference, France Aug 14 Publ