DGAP-News: JOST Werke AG / Key word(s): Interim Report/Quarter Results
JOST starts successfully into fiscal year 2022 and achieves record sales and
- Strong growth achieved: Sales up 21.2% to EUR 311.8 million (Q1 2021: EUR 257.3 million)
- Adjusted EBIT at record level: Adjusted EBIT grows by 15.5% to EUR 34.4 million (Q1 2021: EUR 29.8 million)
- Resilient profitability: Adjusted EBIT margin at 11.0% despite significant increase in raw material, energy, and logistics costs (Q1 2021: 11.6%)
- Significant increase in adjusted EPS: Adjusted EPS went up 14.3% to EUR 1.54 (Q1 2021: EUR 1.35)
- Positive outlook for 2022 confirmed: Sales and adjusted EBIT expected to increase by a mid single-digit percentage range compared to 2021 and adjusted EBIT margin to remain stable
Neu-Isenburg, May 12, 2022. JOST Werke AG (“JOST”), a leading global producer and supplier of safety-critical systems for the commercial vehicle industry, published today its interim report for the first quarter of 2022.
Joachim Dürr, CEO of JOST Werke AG, said: “JOST has made a successful start to the year. Demand for our products has increased significantly in both transport and agriculture. We were able to further strengthen our market position in North America and continued to win over customers in Europe and Asia-Pacific-Africa with our excellent product and service quality. The good work of our organization worldwide and the high flexibility of our production allowed us to translate the record sales achieved during the quarter into record earnings. This promising start to the year shows that we are well on track to achieve our growth targets for 2022 despite an overall very tense geopolitical situation.”
JOST increases sales in transport and agriculture
JOST achieves sales and earnings growth in Europe despite market uncertainties
JOST accelerates growth pace through further market share gains in North America
Profitability improved in Asia-Pacific-Africa
Significant increase in net income
Adjusted net income rose by 14.3% to EUR 23.0 million during the first quarter of 2022 (Q1 2021: EUR 20.1 million). Adjusted earnings per share also improved by 14.3% to EUR 1.54 (Q1 2021: EUR 1.35).
Strong growth and increased prices burden working capital
Compared to the same period of the previous year, working capital went up by 36.6% to EUR 236.4 million (Q1 2021: EUR 173.0 million). In addition to the year-on-year boost in business volume, the surge in working capital was due to the increased selling prices as well as the significantly higher material costs compared to the first quarter of 2021. Accordingly, the ratio of working capital to last-twelve-months sales rose to 21.4% (Q1 2021: 20.1%)
Investments in property, plant and equipment and intangible assets increased to EUR 5.6 million in the first quarter of 2022 (Q1 2021: EUR 3.9 million) and amount to around 1.8% of sales (Q1 2021: 1.5%).
The dynamic increase in business volume and the associated increase in working capital as well as higher capital expenditure led to a year-on-year decline in free cash flow to EUR -12.8 million (Q1 2021: EUR +1.6 million).
As of March 31, 2022, cash and cash equivalents remained stable at EUR 87.7 million compared to December 31, 2021 (December 31, 2021: EUR 87.5 million). Net debt increased slightly to EUR 208.5 million (December 31, 2021: EUR 193.9 million). The leverage ratio (ratio of net debt to last-twelve-months adjusted EBITDA) also increased slightly to 1.51x (December 31, 2021: 1.45x).
Christian Terlinde, CFO of JOST Werke AG, said: "In the past, JOST has been able to prove how resilient our business model is. The results achieved in this challenging environment show that we are well prepared to deal flexibly with market fluctuations. As CFO, I continue to closely monitor the development of our working capital. The key task here is to strike the right balance between necessary liquidity on the one hand and ensuring JOST's ability to deliver profitable and sustainable growth on the other."
Outlook for fiscal 2022 confirmed
Thus, the Executive Board continues to expect consolidated sales in 2022 to increase in the mid single-digit percentage range compared to the previous year (2021: EUR 1,048.6 million). Adjusted EBIT will most likely develop in line with sales, also growing in the mid single-digit percentage range compared to 2021 (2021: EUR 104.8 million). Although the Executive Board expects further rises in freight, energy and materials costs to have an adverse impact, JOST should be able to largely offset this with ongoing efficiency measures and price adjustments. As a result, the EBIT margin is expected to remain stable in 2022 compared to the previous year (2021: 10.0%).
This forecast was drawn up on the assumption that the Russia-Ukraine war will remain local and limited in time and will not spread beyond the region. The forecast also assumes that the global economic situation will not unexpectedly and rapidly deteriorate and no prolonged plant closures at JOST or at important JOST customers or suppliers will occur.
Video conference for analysts and investors
JOST is a leading global manufacturer and supplier of safety-relevant systems for the commercial vehicle industry with its core brands JOST, ROCKINGER, TRIDEC and Quicke. JOST’s global leadership position is driven by the strength of its brands, its long-standing client relationships serviced through its global distribution network, and its efficient and asset-light business model. With sales and production facilities in 25 countries across five continents, JOST has direct access to all major truck, trailer and agricultural tractor manufacturers as well as relevant end customers in the commercial vehicle industry. JOST currently employs more than 3,300 staff across the world and is listed on the Frankfurt Stock Exchange. For more information about JOST, please visit www.jost-world.com
|Company:||JOST Werke AG|
|Phone:||+49 6102 2950|
|Fax:||+49 (0)6102 295-298|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart, Tradegate Exchange|
|EQS News ID:||1350075|
|End of News||DGAP News Service|