Jost Werke Se · XETR:JST
Jost Werke — Q2 2023 Earnings Presentation
20 slides from Jost Werke's earnings presentation, Aug 15, 2023
Slide 1: Results Q2 2023
JOST WERKE SE – AUGUST 14, 2023 RESULTS Q2 2023 JOACHIM DÜRR (CEO) & ROMY ACOSTA (HEAD OF IR)
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 2023
Highlights Q2 2023 JOST increased sales by 3% to €330m in Q2 2023 Strong growth in Transport (+13%) compensated for lower demand in Agriculture (-25%) Adj. EBIT outpaced sales, growing by 16 % to €37m in Q2 2023, and leading to an adj. EBIT margin expansion of 1.3pp to 11.3% Adj. EPS went up by 20%
Slide 4: Market Development Q2 2023 vs. Q2 2022
Market Development Q2 2023 vs. Q2 2022 EUROPE NORTH AMERICA APA Strong demand for trucks Production of class 8 trucks Truck market in China starts to TRUCK MARKET +16% driven by pent-up demand +7% in North America remains +44% recover, up from very low levels. strong Other countries in APA continue
Slide 5: Key Financials Q2 2023
KEY FINANCIALS Q2 2023 5 JOST Werke SE – ANALYSTS’ AND INVESTORS’ CONFERENCE CALL Q2 2023 RESULTS
Slide 6: Europe – Improving Profitability in a Challenging Market Environment
Europe – Improving Profitability in a Challenging Market Environment KEY FINANCIALS OVERVIEW KEY HIGHLIGHTS • Sales declined by 3% to €178m in Q2 2023. Strong demand for trucks could Reported 0.9% -3.0% partially offset the softening demand for trailer products and agricultural front Growth loaders.
Slide 7: North America – Ongoing Strong Business Development in Transport
North America – Ongoing Strong Business Development in Transport KEY FINANCIALS OVERVIEW KEY HIGHLIGHTS • Strong demand for truck and trailer components was offset by weak demand for Reported 5.6% -0.6% agricultural loaders, especially for compact loaders. As a result, reported sales in Growth Organ
Slide 8: Asia-Pacific-Africa – Growth Accelerates Further as China Begins to Recover
Asia-Pacific-Africa – Growth Accelerates Further as China Begins to Recover KEY FINANCIALS OVERVIEW KEY HIGHLIGHTS • Sales in Q2 2023 grew by 36% to €55m driven by the ongoing strong demand Reported 36.1% for JOST products in India, South-East Asia, the Pacific region and South Africa. 30.0% Growth
Slide 9: Group – JOST Profitability Continues to Improve
Group – JOST Profitability Continues to Improve KEY FINANCIALS OVERVIEW KEY HIGHLIGHTS • JOST continued its positive business development in Q2 2023, growing sales by +3% to €330m compared to prior year. Reported 6.0% 2.6% Growth 8.2% 6.4% • Despite sales of agricultural products contracting compare
Slide 10: Net Income and Adjusted EPS Further Improved
Net Income and Adjusted EPS Further Improved RECONCILIATION OF ADJUSTED EARNINGS H1 2023 (IN M€) KEY HIGHLIGHTS • Reported net income increased by 19% to €45m in H1 2023 (H1 2022: €38m) and reported EPS went up to € 3.01 (H1 2022: €2.53). 3 12 • Adjustments resulted mostly from D&A of PPA and declin
Slide 11: ROCE, Equity Ratio and Leverage Development
ROCE, Equity Ratio and Leverage Development BALANCE SHEET OVERVIEW AS OF JUNE 30, 2023 COMMENTARY • ROCE has continued to improve, reaching 19.8% as of June 30, 2023, compared to 18.3% at ROCE1 18.3% 19.8% year-end. The strong growth in adj. EBIT is the main driver for this development. (%) Dec 31,
Slide 12: Cash Flow and Working Capital Development
Cash Flow and Working Capital Development CASH FLOW OVERVIEW IN Q2 2023 COMMENTARY Cash conversion2 +0.4 +0.8 • The operating cash flow improved significantly during Q2 2023, mostly driven by the good Free cash flow1 development in working capital. This resulted in a positive free cashflow of € +20m
Slide 13: Outlook FY 2023
OUTLOOK FY 2023 13 JOST Werke SE – ANALYSTS’ AND INVESTORS’ CONFERENCE CALL Q2 2023 RESULTS
Slide 14: Market Development Expectations for FY 2023
Market Development Expectations for FY 2023 EUROPE NORTH AMERICA APA TRUCK 10 – 15% 0 – 5% 15 – 20% Order books through 2023 remain strong Demand for Class 8 trucks remains robust Chinese truck market expected to recover, due to pent-up demand. despite concerns about macroeconomic coming from a very
Slide 15: JOST Confirms Outlook for 2023
JOST Confirms Outlook for 2023 Low-single digit growth y-o-y; Sales (2022: €1,265m) Low-single digit growth y-o-y Adj. EBIT (2022: €124m) Adj. EBIT margin Increase (2022: 9.8 %) Capex (in % of sales) Approx. 2.5% of sales (2022: 2.6%) Working Capital Below 19% from sales (2022: 19.2%) 15 JOST Werke
Slide 16: Executive Summary
Executive Summary Strong demand for trucks, the recovery of the Chinese market, and high demand in North America continue to be growth drivers in Q2 2023 Operational flexibility, increases in profitability and strict working capital management supported JOST strong financial performance in Q2 2023 M
Slide 17: Q&A Appendix
Q&A Appendix Further information 17 JOST Werke SE – ANALYSTS’ AND INVESTORS’ CONFERENCE CALL Q2 2023 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 %) 342 330 327 312 322 304 273 266 257 252 50.0 231 45.0 40 199 202 37 192 197 40.0 34 178 175 35.0 32 30 157 30 30 30.0 27 27 24 23 24 25.0 19 20 21 11.3% 10.0% 9.3% 8.9% 20.0 12.0% 11.2% 15 11.6
Slide 19: Shareholder Structure and Share Information
Shareholder Structure and Share Information SHAREHOLDER STRUCTURE AS OF AUGUST 11, 2023 SHARE INFORMATION ISIN DE000JST4000 Trading symbol JST German Sec. Code Number (WKN) JST400 52% 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 2023 Contact
Financial Calendar 2023 Contact Aug 14 Publication of Q2 2023 Interim Report Investor Relations Contact: Sept 6 Commerzbank and ODDO BHF Corporate Conference, ROMY ACOSTA Frankfurt/Germany Head of Investor Relations Sept 19 Berenberg German Corporate Conference 2023, Munich/Germany JOST Werke SE Sep