Jost Werke Se · XETR:JST

Jost Werke — H1 2018 Earnings Presentation

22 slides from Jost Werke's earnings presentation, Aug 28, 2018

  1. Slide 1: H1 2018 Results

    H1 2018 Results Lars Brorsen (CEO) Christoph Hobo (CFO) August 28, 2018

  2. Slide 2: Agenda

    Agenda 1. Highlights H1 2018 2. Market outlook 3. Detailed results review 4. Company outlook 5. Q&A Appendix 1

  3. Slide 3: Business summary – H1 2018 highlights

    Business summary – H1 2018 highlights Organic group sales growth of 9% in H1 2018 Reported group sales grew by 5% to €381m (H1 17: €362m)  Sales in Europe up by 6% to €243m – growth supported by strong demand in trucks and trailers  North America sales significantly up by 21% in US$ terms – driven

  4. Slide 4: Agenda

    Agenda 1. Highlights H1 2018 2. Market outlook 3. Detailed results review 4. Company outlook 5. Q&A Appendix 3

  5. Slide 5: Market outlook 2018

    Market outlook 2018 Europe North America APA 0-3% 25-30% (15)-(10)% Truck Accelerated strong growth Correction expected following Stable on high level continues massive growth in 2017 0-2% 7-10% (5)-(0)% Trailer Forecast increased to flat market, Forecast raised as Slowing demand following strong cy

  6. Slide 6: Agenda

    Agenda 1. Highlights H1 2018 2. Market outlook 3. Detailed results review 4. Company outlook 5. Q&A Appendix 5

  7. Slide 7: Group’s sales and adjusted EBIT by quarter

    Group’s sales and adjusted EBIT by quarter Sales (€m) Adj. EBIT (€m) 23,7 190,2 190,9 22,5 176,6 180,5 181,4 21,8 21,3 172,1 171,5 168,0 20,6 167,4 165,5 19,4 19,5 157,3 148,5 149,4 147,0 17,8 16,8 14,6 14,1 12,4% 12,0% 12,6 12,5% 12,0% 11,4% 11,2% 10,6% 11,0% 10,4 10,4 10,1% 9,3% 9,4% 7,1% 7,5% 7,0

  8. Slide 8: Group – Sales on record level and solid earnings despite headwinds

    Group – Sales on record level and solid earnings despite headwinds Organic 9.1% 8.4% growth Key highlights Reported 5.2% 5.3% growth  Prior year sales exceeded in all 381 regions. Sales1 (€m) 362 181 191  Growth driven by strong demand and market share gains in North America, sales increases in Eu

  9. Slide 9: Europe – Strong sales growth continues at stable YTD margins

    Europe – Strong sales growth continues at stable YTD margins Organic 6.7% 6.0% growth Key highlights Reported 5.3% 6.2% growth  Strong sales growth in trucks and trailers on the back of strong Sales (€m) 229 243 activity levels and high market 113 119 shares  Adj. EBIT grew by 6.0% in H1 H1 17 H1

  10. Slide 10: North America – Rapid sales growth and market share gains continue

    North America – Rapid sales growth and market share gains continue Organic 20.6% 23.1% growth Key highlights Reported 13.0% 7.8% growth  20.6% sales growth driven by soaring truck production and Sales (€m) 66 market share gains, also supported 62 by still growing trailer market 32 36  Headwinds fr

  11. Slide 11: APA – Stable sales at elevated levels and improving margins

    APA – Stable sales at elevated levels and improving margins Organic 6.6% 3.1% growth Key highlights Reported (1.5%) 0.4% growth  6.6% organic sales growth in H1 on top of prior year’s record level Sales (€m) 72 72 (+41.6% sales growth in H1 17) 37 36  Headwinds from currency effects remain strong

  12. Slide 12: Significant improvements of net income and EPS

    Significant improvements of net income and EPS Reconciliation of adjusted earnings 45 (13) 35 13% (1) 31 29 (6) 26 (7) 17 Adj. EBIT PPA Refinancing EBIT Finance Currrent Deferred Net income adj. net income adj. net income H1 2018 and other H1 2018 result taxes taxes H1 2018 H1 2018 1 H1 2017 Key hig

  13. Slide 13: New financing – Notably improved terms with lower costs of capital

    New financing – Notably improved terms with lower costs of capital Redeemed financing (old) New financing Promissory note loans Type of financing Senior loan (Schuldschein) Nominal amount € 180m € 150m 77% due on June 2023 Maturity 100% due on July 2022 23% due on June 2025 Ø 1.5% Ø 1.1% Interest ra

  14. Slide 14: Cash conversion affected by higher capex

    Cash conversion affected by higher capex Key financials overview Key highlights Cash 89.8% 83.0% Cash flow1 (€m) conversion1  Cash conversion slightly down due to cumulated 48 45 capex spending in H1 2018 H1 2017 H1 2018 Capex as 1.5% 2.4%  Capex ratio within plan % of sales Capex2 (€m) (prior yea

  15. Slide 15: Equity ratio further improved with net debt remaining stable

    Equity ratio further improved with net debt remaining stable Balance sheet overview Key highlights  ROCE slightly down to 18.8%, ROCE1 (%) mostly due to an increase in 19.8% 18.8% equity by 11.7% Dec 31, 2017 Jun 30, 2018  Equity ratio improved to 39.0% Equity ratio (%) as a result of high net inc

  16. Slide 16: Agenda

    Agenda 1. Highlights H1 2018 2. Market outlook 3. Detailed results review 4. Company outlook 5. Q&A Appendix 15

  17. Slide 17: Outlook 2018 – raised

    Outlook 2018 – raised FY 2017 Outlook 2018 Outlook 2018 (€m) (old) (new) Mid single digit Mid- to high single digit Sales 701 growth growth Mid single digit Mid single digit Adjusted EBIT 76 growth growth 19 Capex1 (% of sales) ~2.5% of sales ~2.5% of sales (2.7%) 130 Net working capital (% of sales

  18. Slide 18: Financial and event calendar H2 2018

    Financial and event calendar H2 2018 August 28th Publication of H1 2018 Results and Conference Call August 29th Commerzbank Sector Conference 2018, Frankfurt September 21th IAA Commercial Vehicles – JOST booth (Hall 26, stand D34) September 25th Baader Investment Conference 2018, Munich September 26

  19. Slide 19: Agenda

    Agenda 1. Highlights H1 2018 2. Detailed results review 3. Market outlook 4. Company outlook 5. Q&A Appendix 18

  20. Slide 20: Reconciliation of earnings

    Reconciliation of earnings PPA Other H1 2018 depreciation Adjustments, H1 2018 (€m) Refinancing exceptionals Unadjusted and total Adjusted amortization Sales revenues 381.1 381.1 Cost of sale (277.8) (277.8) Gross profit 103.3 103.3 Selling expenses (43.5) 12.7 12.7 (30.8) Research and development e

  21. Slide 21: Key figures – H1 2018

    Key figures – H1 2018 (€ m) H1 2018 H1 2017 yoy Sales Europe 242.8 228.6 6% Sales North America 66.3 61.6 8% Sales Asia. Pacific and Africa (APA) 72.0 71.7 0% Sales Group 381.1 361.9 5% Adjusted EBITDA1 53.9 53.3 1% Adjusted EBIT1 45.0 44.3 2% Adjusted EBIT margin 11.8% 12.2% (0.4) %-points Net inco

  22. Slide 22: Disclaimer

    Disclaimer THIS FINANCIAL REPORT IS BEING PROVIDED TO YOU SOLELY FOR YOUR INFORMATION. THIS FINANCIAL REPORT, WHICH HAS BEEN PREPARED BY JOST WERKE AG (THE “COMPANY”), SHOULD NOT BE TREATED AS GIVING INVESTMENT ADVICE AND MAY NOT BE REPRODUCED IN ANY FORM, PASSED ON OR OTHERWISE MADE AVAILABLE, DIRE

JOST Werke — H1 2018 Earnings Presentation on 6ix