28.08.2018
JOST Werke AG DE000JST4000
DGAP-News: JOST Werke AG: JOST again increases sales and profits in the first half of 2018
DGAP-News: JOST Werke AG / Key word(s): Half Year Results/Interim Report
JOST Werke AG: JOST again increases sales and profits in the first half of
2018
28.08.2018 / 08:00
The issuer is solely responsible for the content of this announcement.
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JOST again increases sales and profits in the first half of 2018
- H1 2018 sales rise to EUR 381.1 million; organic growth of 9.1%
- H1 2018 adjusted EBIT increases to EUR 45.0 million (H1 2017: EUR 44.3
million)
- H1 2018 consolidated profit grows to EUR 34.7 million (H1 2017: EUR -81.9
million)
- JOST raises sales forecast for the 2018 fiscal year
Neu-Isenburg, August 28, 2018. JOST Werke AG ("JOST"), a leading global
producer and supplier of safety-critical systems for trucks and trailers,
today published its interim report for the first half of 2018 and confirmed
the preliminary results announced on July 25, 2018.
Strong organic sales growth
In the second quarter of 2018, JOST built on the positive performance seen
at the beginning of the year. Excluding currency effects, organic group
sales rose by 9.1%. Reported sales rose by 5.3% in the first half of 2018 to
EUR 381.1 million (H1 2017: EUR 361.9 million). This improvement was fueled
in particular by strong growth in North America, where JOST expanded its
share of the fast-growing truck and trailer market. Adjusted for currency
effects, sales in North America in the first six months of 2018 climbed
20.6% year-on-year and reached EUR 66.3 million (H1 2017: EUR 61.6 million).
In Europe, JOST also outperformed the market, boosting sales by 6.2% to EUR
242.8 million (H1 2017: EUR 228.6 million). In Asia, Pacific and Africa
(APA), JOST generated organic growth of 6.6% year-on-year in the first half
of 2018, increasing its sales to EUR 72.0 million (H1 2017: EUR 71.7
million).
"Based on the results for the first half of the year, I am confident about
2018 as a whole," said Lars Brorsen, Chief Executive Officer (CEO) of JOST
Werke AG. "We are systematically pushing ahead with our globalization
strategy and strengthening our presence in new countries by establishing
more locations. The trends in North America, Europe and APA are encouraging.
We are pursuing the clear goal of growing faster than our relevant market.
In doing so, we intend to build on the success we achieved in the 2017
fiscal year and to continue growing in 2018".
High profitability despite headwinds
Adjusted group earnings before interest and taxes (EBIT) rose to EUR 45.0
million (H1 2017: EUR 44.3 million). Along with the substantial increase in
raw material prices, especially for steel in the United States and Asia,
temporary capacity bottlenecks in the supply chain led to additional
variable costs being incurred in procurement and logistics. In the short
term, these costs could only be partially offset by efficiency gains.
In Europe, JOST succeeded in keeping its adjusted EBIT margin stable at
11.3% and raised adjusted EBIT to EUR 27.4 million (H1 2017: EUR 25.8
million). Adjusted EBIT in North America amounted to EUR 5.6 million (H1
2017: EUR 6.6 million), while the EBIT margin was 8.4% (H1 2017: 10.8%).
Aside from the sharp rise in steel costs, this development is attributable
to additional costs for hiring and training new staff in connection with the
higher production volume, as well as to a change in the customer mix in
favor of original equipment manufacturers. In APA, JOST significantly
enhanced the efficiency of the production lines relocated to Wuhan during
the second quarter, which boosted the region's profitability. Overall,
adjusted EBIT in APA came to EUR 10.6 million for the first half of the year
(H1 2017: EUR 10.8 million), while the EBIT margin stood at 14.7% (H1 2017:
15.1%).
Financial position strengthened further
In the first six months of the year, the net finance result saw a
significant improvement year-on-year to EUR -6.0 million (H1 2017: EUR
-141.8 million). This was mainly attributable to the revaluation of
shareholder loans in the previous year, which no longer depressed the net
finance result in the first half of 2018. Furthermore, JOST reduced its loan
liabilities by EUR 30.2 million at the end of the first half of 2018 and
refinanced the remaining loans through the issue of a EUR 150.0 million
promissory note loan (Schuldschein). The significantly better terms of the
promissory note loan will further reduce the company's future interest
costs, extend the maturity structure, and improve the risk profile by
eliminating financial covenants.
"The promissory note loan's more favorable lending terms and interest rates
are a reflection of the strength of our business model and the success of
the strategy we are pursuing. We also increased the available revolving
facility by a further EUR 70 million to EUR 150 million, creating additional
flexibility for our future growth," said Christoph Hobo, Chief Financial
Officer (CFO) of JOST Werke AG.
As of June 30, 2018, liquid assets stood at EUR 38.3 million (December 31,
2017: EUR 66.3 million) in spite of the EUR 30.2 million loan repayment and
the EUR 7.5 million dividend distribution in May. The ratio of net debt to
adjusted EBITDA remained stable at 1.19x (December 31, 2017: 1.20x).
Significant increase in consolidated profit
Adjusted for exceptionals, profit after taxes was up 13.0% in the first half
of 2018 to EUR 28.9 million (H1 2017: EUR 25.5 million) and earnings per
share rose to EUR 1.94 (H1 2017 pro forma: EUR 1.71). In addition to the
good 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.
Overall, consolidated profit improved in the first six months of 2018 to EUR
34.7 million (H1 2017: EUR -81.9 million) and earnings per share rose to EUR
2.33 (H1 2017 pro forma: EUR -5.50).
JOST confirms raised outlook for 2018
JOST confirms its outlook for 2018, raised on July 25, 2018. For fiscal year
2018, the company expects that organic sales will grow by a mid- to
high-single digit rate compared with the previous year (previous forecast:
mid-single digit organic sales growth) and that adjusted EBIT will grow by a
mid-single digit percentage compared with 2017.
The interim report of JOST Werke AG for the first half of 2018 can be
downloaded at http://ir.jost-world.com/interim-reports.
Contact:
JOST Werke AG
Romy Acosta
Senior Manager Investor Relations
T: +49 (0)6102 295-379
[email protected]
About JOST:
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. The Company's core brands "JOST",
"ROCKINGER", "TRIDEC" and "Edbro" are well-recognized in the industry and
highly regarded for their quality and continuous innovation. With 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. It is listed
on the Frankfurt Stock Exchange since 20 July 2017.
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28.08.2018 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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Language: English
Company: JOST Werke AG
Siemensstraße 2
63263 Neu-Isenburg
Germany
Phone: +49 6102 2950
Fax: +49 (0)6102 295-298
E-mail: [email protected]
Internet: www.jost-world.com
ISIN: DE000JST4000
WKN: JST400
Indices: SDAX
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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717863 28.08.2018
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