Jost Werke Se · XETR:JST
Jost Werke — FY2022 Earnings Presentation
19 slides from Jost Werke's earnings presentation, February 2023
Slide 1: JOST Werke AG Investor Presentation – Preliminary Results FY 2022
INVESTOR PRESENTATION – FEBRUARY 2023 JOST WERKE AG INVESTOR PRESENTATION – PRELIMINARY RESULTS FY 2022
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 Varioblock Turntable €1.27bn €124m Landing gear Drawbar sales adj. EBIT Front loader Container support leg Cross member FY 2022 FY 2022 Agriculture towing hitch Towing hitch Tag axle Independent 20 suspension Axles
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 2022 (DESTINATION) in % of sales (incl. JV) South America (incl. JV): 8% North America: 31% Europe: 42% Asia Pacific Africa: 19% €0.50 additional aftermar
Slide 6: Flexible and Asset Light Business Model Allows Quick Adaptation
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 7: JOST Innovations – Leveraging Industry Expertise and Know-how
JOST Innovations – Leveraging Industry Expertise and Know-how to Provide Solutions and Capture Growth #jostassist #jostgreen #jostdigital Shift from hardware-only solutions towards smart, autonomous systems able to sense, predict and decide that can support customers in becoming more sustainable. 7
Slide 8: Financial Targets for 2022 Fully Achieved
Financial Targets for 2022 Fully Achieved Low-double digit growth y-o-y, +21% to Sales higher than €1.2bn (2021: €1.0bn) €1.265m High-single digit growth y-o-y +18% to Adj. EBIT (2021: €105m) €124m Working Below 20% from sales 19.2% Capital Capex Approx. 2.5% of sales 2.6% Leverage Lower than 1.45x
Slide 9: Market Development Expectations for FY 2023
Market Development Expectations for FY 2023 EUROPE NORTH AMERICA APA TRUCK 0–5% 0 – 5% 10 – 15% Order books through 2023 quite strong Demand for Class 8 remains robust Chinese truck market expected to recover, due to pent-up demand, but downside despite concerns about macroeconomic coming from a ver
Slide 10: JOST Investment Case Summary
JOST Investment Case Summary Internationally renowned brands with high OEM (push) and strong ~60% end-costumer base (pull) worldwide market share Wide diversification by product, customer and region as well as ~28% high aftermarket content with strong network effects aftermarket Flexible and asset-l
Slide 11: Mid-Term Targets
MID-TERM TARGETS 11 JOST Werke AG – INVESTOR PRESENTATION – UPDATE PRELIMINARY RESULTS FY 2022 – FEBRUARY 2023
Slide 12: JOST's Ambitions Through the Cycle – Accelerated Profitable Growth
JOST’s Ambitions Through the Cycle – Accelerated Profitable Growth Mid-term timeframe: 3-5 years // Targets announced during the 2021 Capital Markets Day SALES IN M€ Mid to high single ADJ. EBIT MARGIN IN % digit CAGR (ADJ. EBIT/SALES X 100) 1,049 11.5% 755 794 10.7 10.0 701 736 10.9 10.4 9.2 10.0%
Slide 13: Key Financials – Prelim. FY 2022
KEY FINANCIALS – PRELIM. FY 2022 13 JOST Werke AG – INVESTOR PRESENTATION – UPDATE PRELIMINARY RESULTS FY 2022 – FEBRUARY 2023
Slide 14: Development of Sales and Earnings by Region
Development of Sales and Earnings by Region SALES SPLIT BY GEOGRAPHY (IN M€) FY 2022 COMMENTARY 2022 vs PY CAGR: 10% • JOST boosted sales by +21% to 1,265m€ in FY 2022, Growth (%) 1,265 +21% compared to prior year 1,049 173 +1% 171 • North America grew strongest, supported by growing 755 736 794 396
Slide 15: ROCE, Equity Ratio and Leverage Development
ROCE, Equity Ratio and Leverage Development BALANCE SHEET OVERVIEW AS OF SEPTEMBER 30, 2022 COMMENTARY 16.6% 17.0% • ROCE increased to 17.0% compared to year-end 2021, mostly due to the increase of ROCE1 adj. EBIT compared to prior year. (%) Dec 31, 2021 Sept 30, 2022 • Equity ratio improved to 34.9
Slide 16: Cash Flow and Working Capital Development
Cash Flow and Working Capital Development CASH FLOW OVERVIEW COMMENTARY • The continuing surge in business volume as well as price increases, lead Free cash flow1 to a significant rise in working capital. Despite this, JOST was able to 33.3 (€m) achieve a positive free cashflow of € +23.7m in 2022.
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) ADJ. EBIT MARGIN (in %) 327 312 322 304 273 266 257 252 40.0 231 34 35.0 32 202 30 30 30 190 191 187 187 199 192 197 27 27 178 175 30.0 24 157 24 24 23 25.0 21 20 20 21 19 20.0 16 11.7% 11.0% 11.0% 15 9.6% 9.3% 15.0 1
Slide 18: Shareholder Structure and Share Information
Shareholder Structure and Share Information SHAREHOLDER STRUCTURE AS OF FEBRUARY 28, 2023 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% F
Slide 19: Financial Calendar 2023 Contact
Financial Calendar 2023 Contact Feb 16 Preliminary Figures FY 2022 Investor Relations Contact: March 1 Virtual Road Show ROMY ACOSTA March 28 Publication of Annual Group Report 2022 Head of Investor Relations May 11 Annual General Meeting May 15 Publication of Q1 2023 Interim Report JOST Werke AG Au