Jost Werke Se · XETR:JST
Jost Werke — FY 2022 Earnings Presentation
23 slides from Jost Werke's earnings presentation, Mar 29, 2023
Slide 1: Results FY 2022
JOST WERKE SE – MARCH 28, 2023 RESULTS FY 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: 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 4: Highlights FY 2022
Highlights FY 2022 JOST increased sales both in Transport (+19%) and Agriculture (+25%) Adj. EBIT margin declined only slightly by 0.2pp to 9.8%, despite strong inflation, sharply rising costs and supply chain inefficiencies JOST’s global footprint and wide application mix were key success factors t
Slide 5: Market Development FY 2022 vs. FY 2021
Market Development FY 2022 vs. FY 2021 EUROPE NORTH AMERICA ASIA-PACIFIC-AFRICA TRUCK Truck market recovered as Production of class 8 truck Truck market in APA impacted by MARKET +5% supply chain disruptions +16% in N.A. was strong, driven by -37% sharp decline in China, despite progressively improv
Slide 6: Key Financials FY 2022
KEY FINANCIALS FY 2022 6 JOST Werke SE – ANALYSTS’ AND INVESTORS’ CONFERENCE CALL FY 2022 RESULTS
Slide 7: Europe – European Region Affected by Increased Input Costs
Europe – European Region Affected by Increased Input Costs KEY FINANCIALS OVERVIEW KEY HIGHLIGHTS • Sales grew by +13% to €696m in FY 2022, especially supported by sales price Reported 12.5% 1.1% increases throughout the year in order to compensate sharply rising raw Growth material, logistics and e
Slide 8: North America – Strong Growth in North America
North America – Strong Growth in North America KEY FINANCIALS OVERVIEW KEY HIGHLIGHTS • JOST grew significantly in North America, both in transport and agriculture, with Reported 53.0% 40.2% sales going up by 53% to €396m in FY 2022. Growth Organic • Sales in Q4 2022 went up by 40% to €100m supporte
Slide 9: Asia-Pacific-Africa – Good Development Despite Decline of Chinese Market
Asia-Pacific-Africa – Good Development Despite Decline of Chinese Market KEY FINANCIALS OVERVIEW KEY HIGHLIGHTS • Sales in FY 2022 grew by 1% to €173m driven by the strong growth in India, Reported 19.7% South-East Asia, the Pacific region and South Africa, which was able to offset 0.8% Growth the s
Slide 10: Group – Strong Development Worldwide Despite Volatile Environment
Group – Strong Development Worldwide Despite Volatile Environment KEY FINANCIALS OVERVIEW KEY HIGHLIGHTS • Group sales rose by 21% to € 1,265m during FY 2022, reaching a new record level for the group. Both Transport (+25%) and Agriculture (+19%) contributed to Reported 20.6% 14.1% Growth the very g
Slide 11: Net Income and Adjusted EPS Improved Significantly
Net Income and Adjusted EPS Improved Significantly RECONCILIATION OF ADJUSTED EARNINGS FY 2022 (IN M€) KEY HIGHLIGHTS • In FY 2022 reported net income grew significantly by 36% to €60m (2021: €44m) and reported EPS rose to €4.02 8 (2021: €2.94). 27 124 • Adjustments to EBIT in FY 2022 resulted mostl
Slide 12: ROCE, Equity Ratio and Leverage Development
ROCE, Equity Ratio and Leverage Development BALANCE SHEET OVERVIEW AS OF DECEMBER 31, 2022 COMMENTARY 16.6% 18.3% • ROCE increased by 1.7pp to 18.3% compared to year-end 2021, mostly due to the increase ROCE1 of adj. EBIT compared to prior year. (%) Dec 31, 2021 Dec 31, 2022 • Equity ratio improved
Slide 13: Cash Flow and Working Capital Development
Cash Flow and Working Capital Development CASH FLOW OVERVIEW IN FY 2022 COMMENTARY • The continuing surge in business volume as well as price increases, lead to a significant Cash conversion 0.5 0.3 Free cash flow1 rate2 increase in trade receivables and inventories, which impacted working capital.
Slide 14: Measures to Reduce CO2 Have Positive Impact on Energy Consumption
Measures to Reduce CO 2 Have Positive Impact on Energy Consumption ENVIRONMENTAL PERFORMANCE FY 2022 COMMENTARY -6.0% • Total energy consumption decreased by 6% to 108m kWh despite higher activity level. This Energy consumption success is the result of measures to reduce CO2 by improving energy effi
Slide 15: Outlook FY 2023
OUTLOOK FY 2023 15 JOST Werke SE – ANALYSTS’ AND INVESTORS’ CONFERENCE CALL FY 2022 RESULTS
Slide 16: 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 17: Strategic Focus in 2023
Strategic Focus in 2023 In Agriculture: Seize growth opportunities for JOST in India and establish footprint in South America, organically or through M&A. In Transport: Increase penetration of JOST’s new products with fleets and further strengthen market position. Reduce Working Capital and improve
Slide 18: JOST Outlook for 2023
JOST 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 Slight increase (2022: 9.8 %) Capex (in % of sales) Approx. 2.5% of sales Working Capital Below 19% from sales (2022: 19.2%) 18 JOST Werke SE – ANALYSTS’
Slide 19: Executive Summary
Executive Summary Record sales and profit achieved in 2022 with sales going up by 21% to €1.27bn and adj. EPS growing by 17% to €5.41 Both business lines, Transport and Agriculture, were strong growth drivers in 2022 showing robust fundamentals in a challenging market environment. Strong order books
Slide 20: Q&A / Appendix
Q&A Appendix Further information 20 JOST Werke SE – ANALYSTS’ AND INVESTORS’ CONFERENCE CALL FY 2022 RESULTS
Slide 21: 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 22: Shareholder Structure and Share Information
Shareholder Structure and Share Information SHAREHOLDER STRUCTURE AS OF MARCH 27, 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% FMR
Slide 23: Financial Calendar 2023 Contact
Financial Calendar 2023 Contact March 28 Publication of Annual Group Report 2022 Investor Relations Contact: March 30 Road show Madrid, Spain ROMY ACOSTA May 11 Annual General Meeting Head of Investor Relations May 15 Publication of Q1 2023 Interim Report Aug 14 Publication of Q2 2023 Interim Report