JOST Werke AG
- WKN: JST400
- ISIN: DE000JST4000
- Land: Deutschland
Nachricht vom 18.02.2020 | 08:00
JOST Werke AG: JOST publishes preliminary results for fiscal 2019
DGAP-News: JOST Werke AG
/ Key word(s): Annual Results/Preliminary Results
Preliminary and unaudited results for fiscal year 2019:
JOST publishes preliminary results for fiscal 2019
- Sales 2019 at EUR 736 million (2018: EUR 755 million)
- Adjusted EBIT 2019 amounts to EUR 77 million (2018: EUR 81 million)
- Adjusted EBIT margin almost stable at 10.4% (2018: 10.7%)
- Free cash flow increases to EUR 60 million (2018: EUR 38 million)
- Net debt almost halved to EUR 46 million (2018: EUR 85 million)
Neu-Isenburg, February 18, 2020. JOST Werke AG ("JOST"), a leading global producer and supplier of safety-critical systems for commercial vehicles, announced its preliminary and unaudited results for fiscal year 2019.
Joachim Dürr, CEO of JOST Werke AG, said: "2019 was an eventful year for JOST. We were able to further strengthen our market position and win new customers in North America. In Asia, despite the slump in the Indian market, we managed to perform well overall. In Europe, however, the market development was less satisfactory, especially in the fourth quarter. I'm aware that the market environment for trucks and trailers will become even more challenging in 2020, but we see this as an opportunity to further improve JOST's market position and optimize our cost structures even more. At the same time, with the acquisition of the Ålö Group we have opened new paths for future growth, which we will actively pursue in 2020."
According to preliminary and unaudited figures, consolidated sales in 2019 declined by 2.5 % to EUR 736 million (2018: EUR 755 million). Thus, sales fell, as expected, in a low single-digit percentage range compared to 2018. In the same period, adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) rose by 1.0 % to EUR 101 million (2018: EUR 100 million) and the adjusted EBITDA margin improved to 13.7 % (2018: 13.2 %), mainly due to the first-time adoption of IFRS 16. Through efficiency measures, JOST was able to compensate for the increased personnel costs in 2019 to a large extent. Combined with the lower sales volume, this resulted in adjusted earnings before interest and taxes (EBIT) of EUR 77 million (2018: EUR 81 million). At 10.4 %, the adjusted EBIT margin was almost stable compared to the previous year (2018: 10.7 %).
In Europe, the abrupt market decline in the fourth quarter clearly exceeded the typical seasonality of the industry. European demand for commercial trailers had already been declining since the beginning of 2019, although JOST was able to partially offset this trend through higher sales to special trailer builders. At the end of the year, the abrupt slowdown in the European truck market, which was accompanied by longer production shutdowns by several OEM customers, led to a decrease in sales. Accordingly, sales in Europe in 2019 fell by 6.9 % to EUR 432 million (2018: EUR 464 million). The lower sales and rising personnel costs dampened the operating result especially in Europe, because the region bears the headquarters' administrative costs of the group and thus has a comparably higher proportion of fixed costs. Hence, adjusted EBIT in Europe amounted to EUR 38 million (2018: EUR 44 million) and the adjusted EBIT margin fell to 8.8 % (2018: 9.5 %).
For the second year in a row, North America proved to be the biggest growth driver for the group. JOST was able to benefit from the region's good market dynamics and strengthened its overall market position. In total, sales in 2019 rose by 11.0 % to EUR 162 million (2018: EUR 146 million). Over the course of the year, JOST was also able to consistently improve profitability in North America. As a result, adjusted EBIT increased to EUR 16 million (2018: EUR 14 million) and the adjusted EBIT margin improved to 9.6 % (2018: 9.3 %).
In Asia, Pacific and Africa (APA), JOST was able to almost offset the slump in demand in the Indian truck and trailer market by increasing sales in China and other countries in the region. Sales in APA amounted to EUR 143 million and were only slightly down by 2.1 % compared to a very strong previous year (2018: EUR 146 million). Despite the sharp downturn in the Indian market, JOST was able to limit the decline in the operating result considerably due to quickly introduced cost-cutting measures. Adjusted EBIT in APA amounted to EUR 20 million (2018: EUR 21 million) and the adjusted EBIT margin was at 13.8% only slightly below previous year's level (2018: 14.1%).
Strong free cash flow improves financial strength of the group
Despite a dividend payment of EUR 16 million, JOST's liquid assets increased in 2019 by EUR 39 million to EUR 105 million (31 December 2018: EUR 66 million). This was mainly due to an increase in operating cash flow by 34.5 % to EUR 78 million (2018: EUR 58 million) and reflects the high cash generation of JOST's business model.
Capex decreased to EUR 18 million in 2019 (2018: EUR 20 million). Thus, the ratio of capex to sales amounted to 2.4 % (2018: 2.6 %). Free cash flow (operating cash flow minus capex) improved by 57.9 % to EUR 60 million (2018: EUR 38 million).
Due to its sound financial power, JOST was able to almost halve its net debt as of December 31, 2019, to EUR 46 million (31 December 2018: EUR 85 million). This reduction combined with the increase in adjusted EBITDA in 2019 improved the ratio of net debt to adjusted EBITDA (leverage) to 0.46x (31 December 2018: 0.85x).
As of December 31, 2019, working capital decreased to EUR 134 million (2018: EUR 140 million). As a result of its strict working capital management, JOST was able to further improve the ratio of net working capital to sales compared to the previous year, reducing it to 18.2 % (2018: 18.5 %).
"In 2020, the integration of Ålö will be our top priority in order to make JOST even stronger and more competitive for the future," said Christian Terlinde, CFO of JOST Werke AG. "Nevertheless, we will further increase our strict focus on improving existing processes and structures. Through effective cost and working capital management as well as targeted investments in efficiency improvements, we intend to defend our profitability in the challenging market environment and further increase JOST's operational flexibility."
The final results for the 2019 fiscal year, the dividend proposal and the outlook for 2020 will be published on March 25, 2020, together with the Annual Group Report for fiscal year 2019.
JOST is a leading global producer and supplier of safety-critical systems for the commercial vehicle industry with the core brands JOST, ROCKINGER, TRIDEC, Edbro 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 as well as by its efficient and asset-light business model. With sales and production facilities in more than 20 countries across five continents, JOST has direct access to all major truck, trailer and agricultural tractor manufacturers worldwide as well as relevant end customers in the commercial vehicle industry. JOST currently employs more 3,500 staff across the world and has been listed on the Frankfurt Stock Exchange since 20 July 2017. 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:||977415|
|End of News||DGAP News Service|
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