Jost Werke Se · XETR:JST
Jost Werke — Q1 2021 Earnings Presentation
20 slides from Jost Werke's earnings presentation, May 12, 2021
Slide 1: Results Q1 2021
JOST WERKE AG – MAY 12, 2021 RESULTS Q1 2021 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 Q1 2021
Highlights Q1 2021 JOST achieved new sales record of €257m Adj. EBIT doubled to €30m and adj. EBIT margin rose to 11.6% High operational flexibility allowed swift capacity ramp-up Increasing headwinds from rising steel prices and logistic costs Outlook for 2021 confirmed 3 JOST Werke AG – ANALYSTS’
Slide 4: Market Development Q1 2021 vs. Q1 2020
Market Development Q1 2021 vs. Q1 2020 EUROPE NORTH AMERICA APA TRUCK Truck market starts to Class 8 production slowly High growth driven by China. MARKET 2 – 23% recover after downturn 1 – 5% ramping-up in Q1 2021 +91% Market almost doubled compared to pandemic affected Q1 2020 Trailer production i
Slide 5: Key Financials Q1 2021
KEY FINANCIALS Q1 2021 5 JOST Werke AG – ANALYSTS’ AND INVESTORS’ CONFERENCE CALL Q1 2021 RESULTS
Slide 6: Europe – Strong Start to 2021 with Markets Pointing to Further Growth
Europe – Strong Start to 2021 with Markets Pointing to Further Growth KEY FINANCIALS OVERVIEW KEY HIGHLIGHTS Reported +26.6% • JOST achieved strong growth in Q1 2021 both in transport and agriculture, with Growth reported sales up by +27% to €155m. Organic +16.7% Growth • Adjusted for FX of and taki
Slide 7: North America – Markets Recover and Order Intake Rises Further
North America – Markets Recover and Order Intake Rises Further KEY FINANCIALS OVERVIEW KEY HIGHLIGHTS • North America truck and trailer markets continued to recover during Q1 with Reported +23.0% Growth order intake rising and dealer stocks shrinking. Organic Growth +28.1% • Agricultural business bo
Slide 8: Asia-Pacific-Africa – JOST Continues to Post Strong Growth in APA
Asia-Pacific-Africa – JOST Continues to Post Strong Growth in APA KEY FINANCIALS OVERVIEW KEY HIGHLIGHTS Reported +93.5% • JOST continues to benefit from its strong position in the APA region. Growth • Sales almost doubled by +93.5% to €47m. This was influenced by previous Organic +96.0% Growth year
Slide 9: Group – JOST With a Strong Start in Fiscal Year 2021
Group – JOST With a Strong Start in Fiscal Year 2021 KEY FINANCIALS OVERVIEW KEY HIGHLIGHTS Reported +34.2% • JOST started 2021 with a strong Q1, posting organic growth of +27.4% and an Growth overall sales growth of +34% to reach record sales volumes of €257m. Organic Growth +27.4% • As Ålö was con
Slide 10: Net Income and Adjusted EPS Improved Significantly
Net Income and Adjusted EPS Improved Significantly RECONCILIATION OF ADJUSTED EARNINGS Q1 2021 (IN M€) KEY HIGHLIGHTS • In Q1 2021 net profit grew to €19m (Q1 2020: €-4m) and reported EBIT rose to €21m (Q1 2020: €2m) • Adjustments to EBIT resulted mostly from D&A of PPA (€ -7m) 7 1 • Other exception
Slide 11: Development of Equity Ratio and Net Debt
Development of Equity Ratio and Net Debt BALANCE SHEET OVERVIEW AS AT MARCH 31, 2021 COMMENTARY 12.1% 14.2% • With adj. EBITDA growing by +69% to €37.1m in Q1 2021, ROCE improved considerably ROCE1 compared to year-end now reaching 14.2% (%) • Equity ratio grew to 29.7 % as a result of higher net pr
Slide 12: Cash Flow and Working Capital Development
Cash Flow and Working Capital Development CASH FLOW OVERVIEW IN Q1 2021 COMMENTARY Cash conversion2 81.4% 89.4% Free cash flow1 • Cash conversion rate increased to 89%, boosted by the strong improvement in 18.1 (€m) adj. EBITDA. Free cash flow down to €1.6m (Q1 2020: €18.1m) due to the higher busine
Slide 13: Outlook 2021
OUTLOOK 2021 13 JOST Werke AG – ANALYSTS’ AND INVESTORS’ CONFERENCE CALL Q1 2021 RESULTS
Slide 14: Market Outlook for FY 2021
Market Outlook for FY 2021 EUROPE NORTH AMERICA APA TRUCK 15 – 20% 35 – 40% (5) – (10)% Demand for heavy duty trucks is Production of class 8 trucks is expected Truck demand in APA is expected to fall expected to recover in 2021 to pick up sharply in 2021, starting the as China demand slows down in
Slide 15: JOST Outlook for 2021
JOST Outlook for 2021 Low double-digit percent growth y-o-y Sales (2020: 794m€) Low double-digit percent growth y-o-y Adj. EBIT (2020: €73m) Higher than previous year Adj. EBIT margin (2020: 9.2 %) Capex (in % of sales) Approx. 2.5% of sales 15 JOST Werke AG – ANALYSTS’ AND INVESTORS’ CONFERENCE CAL
Slide 16: Executive Summary
Executive Summary Successful start into 2021 with all regions and business lines contributing significantly to the achieved record sales High operational flexibility and local-for-local approach allowed us to cope with logistic disruptions and ramp-up capacities swiftly Significant boost to profitab
Slide 17: Q&A / Appendix
Q&A Appendix Further information 17 JOST Werke AG – ANALYSTS’ AND INVESTORS’ CONFERENCE CALL Q1 2021 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) 257 231 29.8 27.1 190 191 187 187 199 202 192 197 181 181 171 178 23.7 23.9 22.7 168 175 22.5 21.8 21.3 20.3 157 19.5 20.3 19.0 15.9 14.3 11.6% 12.6 11.7% 11.2 11.1 12.5% 12.0% 12.5% 11.2% 12.0% 11.2% 11.4% 10.8% 10.7
Slide 19: Shareholder Structure and Share Information
Shareholder Structure and Share Information SHAREHOLDER STRUCTURE AS OF MAY 10, 2021 SHARE INFORMATION ISIN DE000JST4000 Trading symbol JST 18.0% Allianz Global Investors German Sec. Code Number (WKN) JST400 Universal-Investment-Gesellschaft Shares in issue 14,900,000 62.0% Index SDAX PMB Management
Slide 20: Financial Calendar 2021 Contact
Financial Calendar 2021 Contact May 12 Publication of Q1 2021 Report Investor Relations Contact: May 20 Virtual Road Show ROMY ACOSTA June 10 Warburg Highlights 2021 Head of Investor Relations Aug. 12 Publication of Q2 2021 Report Sept. 1 Commerzbank Sector Conference 2021 JOST Werke AG Sept. 21 10t