JOST Werke AG
- WKN: JST400
- ISIN: DE000JST4000
- Land: Deutschland
Nachricht vom 28.02.2019 | 08:00
JOST Werke AG: JOST once again increases sales and achieves record earnings in fiscal year 2018
DGAP-News: JOST Werke AG / Key word(s): Annual Results/Preliminary Results
Preliminary and unaudited results for fiscal year 2018
JOST once again increases sales and achieves record earnings in fiscal year 2018
- Organic sales grow by 10% in 2018, and reported sales by 8% to EUR 755.4 million
- Adjusted EBIT rises by 6% to EUR 81.2 million
- Consolidated net profit increases to EUR 53.5 million (2017: EUR -62.8 million)
- Net debt reduced to EUR 85.2 million (2017: EUR 113.3 million)
- Earnings per share rise to EUR 3.59 (2017 pro forma: EUR -4.22)
Neu-Isenburg, February 28, 2019. JOST Werke AG ("JOST"), a leading global producer and supplier of safety-critical systems to the truck and trailer industry, today announced that it has successfully continued on its growth trajectory in the 2018 fiscal year, once again generating record sales and earnings and meeting all of its financial targets.
Sustained strong growth across all segments
According to the preliminary unaudited key figures for the 2018 fiscal year, JOST increased consolidated sales by 7.7% year-over-year to EUR 755.4 million (2017: 701.3 million), with organic sales growth rising by 9.9% when adjusted for currency effects. As a result, JOST met its guidance, raised in July 2018, of growing organic sales by a high single-digit percentage compared with the previous year. The dynamic year-end rally in the U.S. and the Asia, Pacific and Africa (APA) region offset the seasonal slowdown usually experienced in the fourth quarter. Sales in the year's final quarter rose by 11.4% to EUR 187.3 million (Q4 2017: EUR 168.1 million).
North America became JOST's most important growth driver during the 2018 fiscal year. In addition to the good underlying market dynamics, JOST also benefited decisively from additional market share gains in this region. On a currency-adjusted basis, sales in this region grew by 28.4%, and reported sales by 22.8% to EUR 145.6 million (2017: EUR 118.5 million). Europe also contributed to JOST's positive performance with sales growth of 5.1% year-over-year to EUR 463.8 million (2017: EUR 441.2 million). Sales in Asia, Pacific and Africa (APA) increased by 3.1% to EUR 146.0 million (2017: EUR 141.6 million), with organic sales growth in the region reaching 7.8% when adjusted for currency effects.
Lars Brorsen, Chief Executive Officer (CEO) of JOST Werke AG, said: "In 2018, we remained on our successful growth trajectory and achieved our targets. We significantly enhanced our market position in North America and won over new customers with our products. At the same time, we succeeded in growing further in the temporarily declining Asian market and used the surprisingly positive development of the European market to our advantage. These strong results constitute an impulse for the future."
Good profitability despite cost headwinds
Adjusted consolidated earnings before interest and taxes (EBIT) rose by 6.3% in 2018 to EUR 81.2 million (2017: EUR 76.4 million). Despite strong headwinds caused by the sharp rise in steel prices and additional procurement and logistics costs due to capacity bottlenecks in the supply chain, JOST was able to largely offset the cost increases in the course of the fiscal year. As a result, the adjusted EBIT margin amounted to 10.7% in 2018 (2017: 10.9%).
In Europe, adjusted EBIT rose by 3.7% to EUR 43.9 million (2017: EUR 42.4 million). The adjusted EBIT margin remained virtually unchanged from the previous year at 9.5% despite soaring costs and bottlenecks in the supply chain (2017: 9.6%). In North America, JOST increased its adjusted EBIT by 18.4% to EUR 13.5 million year-over-year (2017: EUR 11.4 million). Changes to the customer mix in favor of the fast-growing original equipment manufacturers (OEMs) business and the significant rise in steel prices in the first half of 2018 slightly weakened the margin to 9.3% (2017: 9.6%). In the APA region, adjusted EBIT increased by 1.2% to EUR 20.7 million during 2018 (2017: EUR 20.4 million). The adjusted EBIT margin was 14.1% (2017: 14.4%). This was primarily due to additional costs caused by relocating a production plant from Shanghai to Wuhan in China and the start-up costs of a new production site in Thailand and a new sales subsidiary in New Zealand.
"2018 was a year that presented several challenges. We were confronted with a rise in material costs, personnel expenses and freight costs across all segments," said Dr. Christian Terlinde, Chief Financial Officer (CFO) of JOST Werke AG. "Despite these challenges, our targeted investments, efficiency improvements and good cost management enabled us to achieve the EBIT target announced at the beginning of 2018. This is testament to JOST's adaptability and high degree of flexibility."
Financial position strengthened
The net financial result improved significantly year-over-year to EUR -9.7 million in fiscal year 2018 (2017: EUR -146.7 million). This was mainly attributable to the revaluation of no longer existing shareholder loans in 2017, which depressed the net finance result in the previous year. Thanks to an improvement in the debt financing structure, JOST also substantially lowered its interest payments to banks compared with 2017.
In fiscal year 2018, JOST reduced the Group's interest-bearing loans by EUR 30.2 million and distributed a dividend in the amount of EUR 7.5 million. Despite the cash outflow outlined above, JOST was able to return liquid assets to the previous year's level at year-end 2018. At the reporting date, liquid assets amounted to EUR 66.1 million (December 31, 2017: EUR 66.3 million). The Group's net debt fell to EUR 85.2 million (2017: EUR 113.3 million) and the ratio of net debt to adjusted EBITDA (leverage) improved to 0.85x (2017: 1.20x). This enabled JOST to exceed its target of bringing leverage below the 1.00x mark.
Consolidated net profit and earnings per share improved significantly
Overall, consolidated net profit in fiscal year 2018 rose to EUR 53.5 million (2017: EUR -62.8 million) and earnings per share improved to EUR 3.59 (2017 pro forma: EUR -4.22). In addition to the strong operating performance, the improvement in the net finance result and the recognition of tax loss carryforwards were major contributory factors in the increase in profit after taxes.
Adjusted for exceptional items, profit after taxes was up 15.7% to EUR 51.6 million (2017: EUR 44.6 million). Adjusted earnings per share rose accordingly by 15.7% to EUR 3.46 (2017: EUR 2.99).
The final results for the 2018 fiscal year, the guidance for the 2019 fiscal year and the proposed dividend will be published with the 2018 Annual Group Report on March 26, 2019.
JOST is a leading global producer and supplier of safety-critical systems to the truck and trailer industry. The Company offers branded quality products clustered in three systems: Vehicle Interface (focusing on products required to operate a commercial vehicle combination of trucks and trailers such as fifth wheels and landing gears), Handling Solutions (including container technology and hydraulic cylinders products) and Maneuvering (focusing on truck and trailer axles and forced steering). As the number one supplier of fifth wheels and landing gears globally, JOST is the market leader for Vehicle Interface systems. JOST's global leadership position is driven by the strength of its brands, by its long-standing client relationships serviced through its global distribution network as well as by its efficient and asset-light business model. JOST's core brands "JOST," "ROCKINGER," "TRIDEC" and "Edbro" are well recognized in the industry and highly regarded for their quality and continuous innovation. With its sales and production facilities in 21 countries across five continents, JOST has direct access to all major truck and trailer manufacturers and relevant end customers. JOST currently employs about 2,800 staff worldwide and has been listed on the Frankfurt Stock Exchange since 20 July 2017.
|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|
|End of News||DGAP News Service|
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