Jost Werke Se · XETR:JST
Jost Werke — Q2 2022 Earnings Presentation
20 slides from Jost Werke's earnings presentation, Aug 11, 2022
Slide 1: Results Q2 2022
JOST WERKE AG – AUGUST 11, 2022 RESULTS Q2 2022 JOACHIM DÜRR (CEO) & CHRISTIAN TERLINDE (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: Highlights Q2 2022
Highlights Q2 2022 JOST increased sales by +18% to €322m in Q2, with strong growth both in Transport (+14%) and Agriculture (+29%) Adj. EBIT margin strong at 10%, despite rising costs and disruptions in supply chains, with adj. EBIT growing by +7% to €32m in Q2 High operational flexibility and wide
Slide 4: Market Development Q2 2022 vs. Q2 2021
Market Development Q2 2022 vs. Q2 2021 EUROPE NORTH AMERICA APA TRUCK Truck market affected by Production of class 8 truck Truck production in APA impacted MARKET -16% supply chain disruptions +7% in N.A. remained strong in -56% by sharp decline in China, despite due to war in Ukraine. Q2, posting f
Slide 5: Key Financials Q2 2022
KEY FINANCIALS Q2 2022 5 JOST Werke AG – ANALYSTS’ AND INVESTORS’ CONFERENCE CALL Q2 2022 RESULTS
Slide 6: Europe – War in Ukraine impacts European region
Europe –War in Ukraine impacts European region KEY FINANCIALS OVERVIEW KEY HIGHLIGHTS • Sales grew by +16% to €183m in Q2 2022, despite supply chain disruptions due Reported 15.8% 15.8% to the war in Ukraine impacting Q2 more strongly than Q1. Growth • Production of trailers and tractors was less af
Slide 7: North America – Significant Growth in Sales and Earnings
North America – Significant Growth in Sales and Earnings KEY FINANCIALS OVERVIEW KEY HIGHLIGHTS • JOST continues to grow strongly in North America, both in transport and Reported 57.9% 51.5% agriculture. Supported by a robust market demand across all sectors, Q2 2022 Growth Organic sales went up by
Slide 8: Asia-Pacific-Africa – Profitability Increased Due to Better Product Mix
Asia-Pacific-Africa – Profitability Increased Due to Better Product Mix KEY FINANCIALS OVERVIEW KEY HIGHLIGHTS • Sales in Q2 2022 went down by -20% to €40m, still impacted by the sharp Reported -19.8% decline of the Chinese truck market compared to very strong prior year, when -16.9% Growth pre-buy
Slide 9: Group – Growth Momentum Continues Despite Challenging Environment
Group – Growth Momentum Continues Despite Challenging Environment KEY FINANCIALS OVERVIEW KEY HIGHLIGHTS • JOST continues its strong growth momentum into Q2 2022, with group sales rising by +18% to €322m compared to prior year, reaching sales higher than Reported 19.4% 17.8% Growth €300m for two con
Slide 10: Net Income and Adjusted EPS Further Improved
Net Income and Adjusted EPS Further Improved RECONCILIATION OF ADJUSTED EARNINGS H1 2022 (IN M€) KEY HIGHLIGHTS • In H1 2022 reported net income grew significantly by 58% to 2 €38m (H1 2021: €24m) and reported EPS rose to €2.53m 14 (H1 2021: €1.61m), partly because H1 2021 was negatively 66 -3 impac
Slide 11: ROCE, Equity Ratio and Leverage Development
ROCE, Equity Ratio and Leverage Development BALANCE SHEET OVERVIEW AS OF JUNE 30, 2022 COMMENTARY 16.6% 16.4% • ROCE decreased slightly to 16.4% compared to year-end 2021, mostly due to a minor ROCE1 increase in net debt. (%) • Equity ratio improved to 33.3% compared to year-end, driven by growing n
Slide 12: Cash Flow and Working Capital Development
Cash Flow and Working Capital Development CASH FLOW OVERVIEW IN Q2 2022 COMMENTARY Cash conversion2 -0.02 +0.4 • The continuing surge in business volume as well as price increases, lead to a significant Free cash flow1 increase in trade receivables and inventories, which impacted working capital. De
Slide 13: Outlook FY 2022
OUTLOOK FY 2022 13 JOST Werke AG – ANALYSTS’ AND INVESTORS’ CONFERENCE CALL Q2 2022 RESULTS
Slide 14: Market Development Expectations for FY 2022
Market Development Expectations for FY 2022 EUROPE NORTH AMERICA APA TRUCK (5) – 0% 5 – 10% (25) – (20)% Truck market recovery in Europe impacted Class 8 truck production should continue Chinese truck market sharply down after prior by uncertainties due to war in Ukraine and strong in 2022 but is in
Slide 15: JOST Outlook for 2022 confirmed
JOST Outlook for 2022 confirmed Mid-single digit growth y-o-y Sales (2021: €1.049m) Mid-single digit growth y-o-y Adj. EBIT (2021: €105m) Adj. EBIT margin Stable (2021: 10.0 %) Capex (in % of sales) Approx. 2.5% of sales 15 JOST Werke AG – ANALYSTS’ AND INVESTORS’ CONFERENCE CALL Q2 2022 RESULTS
Slide 16: Executive Summary
Executive Summary Another successful quarter, with sales exceeding the €300m and adj. EBIT the €30m mark for the second consecutive quarter in JOST’s history. Both business lines Transport and Agriculture continue to drive the growth momentum, benefiting from a good order intake. North America was J
Slide 17: Q&A Appendix
Q&A Appendix Further information 17 JOST Werke AG – ANALYSTS’ AND INVESTORS’ CONFERENCE CALL Q2 2022 RESULTS
Slide 18: 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 %) 312 322 273 266 257 252 40.0 231 34.4 35.0 32.1 202 29.8 29.9 190 191 187 187 199 192 197 27.1 178 175 30.0 24.3 157 23.7 23.9 22.7 25.0 21.3 20.3 20.3 20.9 19.0 20.0 15.9 11.7% 11.0% 14.7 9.6%
Slide 19: Shareholder Structure and Share Information
Shareholder Structure and Share Information SHAREHOLDER STRUCTURE AS OF AUGUST 11, 2022 SHARE INFORMATION ISIN DE000JST4000 Trading symbol JST German Sec. Code Number (WKN) JST400 53% 20% Shares in issue 14,900,000 Allianz Global Investors Index SDAX Listed since July 20, 2017 PMB Management 15% FMR
Slide 20: Financial Calendar 2022 Contact
Financial Calendar 2022 Contact Aug 11 Publication of Q2 2022 Report Investor Relations Contact: Sept 8 Commerzbank and ODDO BHF Corporate Conference, ROMY ACOSTA Frankfurt/Germany Head of Investor Relations Sept 21 11th Berenberg German Corporate Conference 2022, Munich/Germany JOST Werke AG Sept 2