JOST Werke AG
- WKN: JST400
- ISIN: DE000JST4000
- Land: Deutschland
Nachricht vom 21.11.2019 | 08:00
JOST Werke AG: JOST increases net earnings by 3.1 % in the first nine months of 2019
DGAP-News: JOST Werke AG
/ Key word(s): 9 Month figures/Interim Report
JOST increases net earnings by 3.1 % in the first nine months of 2019
- Sales in 9M 2019 grew by 1.9 % to EUR 579.1 million
- Adjusted EBIT in 9M 2019 increased by 0.4% to EUR 65.5 million
- Operating cash flow in 9M 2019 doubled to EUR 56.4 million
- Adjusted net earnings in 9M 2019 rose by 3.1 % to EUR 42.7 million
JOST increased group sales in the first nine months of 2019 by 1.9 % to EUR 579.1 million (9M 2018: EUR 568.1 million). In the same period, adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) grew by 5.6 % to EUR 83.2 million (9M 2018: EUR 78.8 million) and adjusted earnings before interest and taxes (EBIT) rose by 0.4 % to EUR 65.5 million (9M 2018: EUR 65.3 million). The efficiency measures introduced enabled JOST to partially compensate for the rise in personnel expenses, thus keeping the adjusted EBIT margin almost stable at 11.3% (9M 2018: 11.5%).
European market slows down further
In the first nine months of the year, JOST was able to partially compensate for the sharp decline in the trailer market in Europe by increasing sales to special trailer builders. Nonetheless, European sales declined by 2.3 % to EUR 343.0 million in the first nine months of 2019 (9M 2018: EUR 351.0 million). This, combined with an increase in personnel expenses, led to a reduction in adjusted EBIT of EUR 1.7 million to EUR 35.5 million (9M 2018: EUR 37.2 million). The efficiency measures put in place could only partially offset the increase in costs but have not yet reached their full potential. As a result, the adjusted EBIT margin in Europe declined slightly by 0.2 percentage points to 10.4 % (9M 2018: 10.6 %).
North America with continued growth
In North America, JOST could top the already high activity level of the previous year, benefiting from a strong market demand and further market share gains. In the first nine months of 2019, North American sales rose by 20.9 % to EUR 129.3 million (9M 2018: EUR 106.9 million). JOST also managed to improve the profitability in the region. In the first nine months of 2019, adjusted EBIT grew by EUR 2.4 million to EUR 12.1 million (9M 2018: EUR 9.7 million) and the adjusted EBIT margin improved by 0.3 percentage points to 9.4 % (9M 2018: 9.1 %).
Indian market burdens APA region
The strong decline in the Indian market affected sales in the Asia-Pacific-Africa region (APA) and could not fully be offset by higher sales in China and other countries of the region. As a result, APA sales were down by 3.1 % to EUR 106.8 million in the first nine months of 2019 (9M 2018: EUR 110.2 million). Despite the negative development in India, JOST was able to minimize the decline of operating earnings in APA due to the rapid implementation of cost-cutting measures. Thus, adjusted EBIT decreased by only 0.8 million EUR to 15.2 million EUR in the first nine months of 2019 (9M 2018: 16.0 million EUR) and the adjusted EBIT margin declined just by 0.3 percentage points totaling 14.2 % (9M 2018: 14.5 %).
Asset and capital structure further strengthened
As a result of the profits generated, JOST was able to grow its equity by 5.1% to EUR 264.5 million in the first nine months of 2019 (December 31, 2018: EUR 251.6 million). Despite the first-time adoption of IFRS 16 and a dividend payment of EUR 16.4 million, the equity ratio increased by 0.3 percentage points to 40.9% (December 31, 2019: 40.6%).
New outlook for fiscal year 2019 confirmed
JOST expects for fiscal year 2019 a slight decline in sales in the low single-digit percentage range compared to 2018. Adjusted EBIT is expected to develop in line with sales. Accordingly, the EBIT margin in 2019 should remain almost stable compared to the previous year.
|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:||918165|
|End of News||DGAP News Service|
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