Company presentation Q1 2018 - Lars Brorsen (CEO) Christoph Hobo (CFO) - Jost World
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Company presentation Q1 2018 Lars Brorsen (CEO) Christoph Hobo (CFO)
Disclaimer
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1
Business summary Q1 2018
2Business summary – Q1 2018 highlights
Group sales grew by 9.8% in constant currency (5.4% on reported basis)
Reported group sales grew to €190.2m (Q1 17: €180.5m)
Sales in Europe up by 7.1% to €123.9m – growth supported by strong demand in trucks and trailers
North America sales significantly up by 18.0% in US$ terms – driven by underlying market growth and
further market share gains. Reported US sales on euro basis up by 2.3% to €30.7m
Sales growth in APA up by 10.4% in const. currency – solid market demand for quality products. Reported
sales in APA on euro basis up by 2.3% to €35.6m
Adjusted EBIT increased by 5.5% to €23.7m (Q1 17: €22.5m)
Group margin improved by 10bp to 12.5% (Q1 17: 12.4%)
Net earnings quadrupled to €12.0m (Q1 17: €3.0m)
Leverage improved to 1.16x
Liquid assets grew to €68.4m (Q1 2017: €57.5m)
Reported earnings per share (EPS) quadrupled to €0.81 (Q1 17: €0.20)
2018 forecast confirmed: Mid-single digit organic sales and adj. EBIT growth expected
3Company overview and key highlights
4JOST – leading global supplier of safety critical truck and trailer solutions
FY 2017 Q1 2018 update
Sales / CAGR (14-17A) Adj. EBIT2 / margin CF / Cash conversion3 Sales / y-o-y growth Adj. EBIT2 / margin
€701m / 3.6%1 €76m / 10.9% €75m / 79.6% €190 m / 5.4% €24m / 12.5%
Sales by region4,5 Sales by application6 Sales by type
Brazil JV;
6%
AM and Trading
Asia,
~25%
Pacific and Truck
Trailer OE
Africa; 25% Europe; ~47%
~53% ~75%
52%
North
America;
17%
Product portfolio
Brands
Systems Vehicle interface (74% sales) Handling solution (10% sales)7 Manoeuvring (16% sales)
Product
examples
JOST has ~55% market share globally in products representing 64% of sales8
1 CAGR assuming MBTAS reflected in 2014 sales, 2 Excluding PPA D&A and exceptional items, including pro rata net income from Brazil JV, 3 Cash flow (CF) defined as adjusted EBITDA –
capex; cash conversion defined as (adjusted EBITDA – capex)/adjusted EBITDA, 4 Sales by region including consolidation effects, 5 Sales by region represent global sales of JOST’s branded
products including 100% of Brazil JV, which had sales of €43m in 2017, 6 Includes aftermarket and trading, 7 Including other, 8 Fifth wheel: JOST 54%, Other 46%; Landing gear: JOST 56%,
Other 44%
Source: Roland Berger 2017
5Overview of our main products
Drawbar
Varioblock Turntable
Rockinger Agriculture
Towing Hitch
Coupling
Drawbar
Turntable
Cross Member
Cylinder
Axles Container Technology,
Supporting Leg
Landing Gear
Forced Steering
King Pin Fifth Wheel
Vehicle interface (74% sales) Handling solution (10% sales)7 Manoeuvring (16% sales)
6Key takeaways
Key investment highlights
1 Leadership – Global leadership in branded products
2 Attractive company growth – Market outperformance: upselling, market expansion and bolt-on M&A
3 Market growth – Sustained growth on the back of strong fundamentals
4 Diversification – High aftermarket content and high diversification by customer and geography
5 Business model – Flexible and asset-light business model
6 Track record – Industry-leading margins and cash generation profile
Additional investment back up highlights in appendix
71 Global leadership in branded products
One of the leading global suppliers of truck and trailer systems with high market share in
core segments
JOST has a leading market position in Vehicle Interface systems
>50% global market share in articulated truck trailer combinations market
Fifth wheel Landing gear
Global market share1
Top 3 Supplier JOST Top 3 Supplier JOST
84% 54% 82% 56%
Americas (excl. Brazil JV) Europe Americas (excl. Brazil JV) Europe
#2 #1 #1
Market position by
#1
geography1
Brazil2 #1 Brazil2 #1
#1 Asia-Pacific-Africa #1 Asia-Pacific-Africa
#1 player in key products3 that account for 64% of total sales
1 By sales
2 Includes Brazil JV
3 Fifth wheel and landing gear
Source: Roland Berger 2017
82 Market outperformance: upselling, market expansion and bolt-on M&A
JOST’s strategy is focused on further enhancing its cash generative baseline business while
developing advanced solution systems to provide long-term growth
Business area development Example products Operational focus
Integrated system
Future growth engine
Longer term perspective Leveraging stable business
cashflows to invest in the
1 Autonomous docking technologies of the future
systems
New adjacent market
Near-, medium- Comfort Coupling
expansion
System E-landing
term growth gear Stand-alone derivatives from
1 new product development
1
Forced Steering Wheel
Systems Suspensions
Upselling based on modular
Upselling concept
potential Product optimization and
enhancement features –
Cash generative baseline
LubeTronic Fifth Wheel value engineering
2
Branded
volume Entry level Branded quality entry level
Fifth Wheel systems
market
Cost and operational efficiency
(e.g. plant consolidation)
2 Entry level
Landing Gear Entry level
2
Towning Hitch
92 Market outperformance: upselling, market expansion and bolt-on M&A
JOST’s successful strategy to outgrow the market
JOST’s approach to outperform the market
Manual landing gear E-Drive landing gear
Increased content
compared to base version
(e.g >4x for landing gear)
Higher content
1 Upselling through innovations
per product Manual fifth wheel LubeTronic fifth wheel Comfort Coupling System
By region By product
Region
Growth in US: gain market share with OEMs
Localisation of Rockinger and Tridec in China
Growth
2 initiatives
Product
Growth in axles: expand in aftermarket
Growth in hydraulics: expand capacity
Strong M&A track record
3 Accretive M&A
Potential add-on M&A opportunities
Trailer Axle Systems
103 Sustained growth on the back of strong fundamentals
Truck and trailer in all other regions are expected to outperform GDP growth on the back
of favorable long-term economic factors
Macro factors supporting robust long-term sector growth
Positive GDP and Growing share of road Regulation driving renewal
1 2 3
freight growth transportation of truck and trailer fleets
Truck production development Trailer production development Recent trailer development
Global truck1 production by region, Global trailer2 production by region, Press reports
2012 – 21 (m units) 2012 – 21 (m units)
4.0 CAGR: 1% CAGR: 3% CAGR CAGR 1.5 CAGR: 4% CAGR: 3% CAGR CAGR
12 – 17 17 – 21 12 – 17 17 – 21 “Policy changes impact
1.3 Chinese heavy vehicle
3.3 market”
1.2 1.1
2.9 Global Trailer Magazine,
3.0 2.8 June 2017
0.9 0.6 7% 3%
0.9 0.5 “US trailer sales going
1.9 1% 3%
2.0 1.8 0.3 up”
1.7
0.6 Global Trailer Magazine,
0.4 0% 4% June 2017
0.4
0.3
1.0 0.6 (2%) 5%
0.6 0.5 0.3 “EU commercial vehicle
market on the rise”
0.7 0.3 0.3 5% 1%
0.6 0.6 2% 3% 0.2
0.0 // // 0.0 // // Global Trailer Magazine,
2012 2017 2021 2012 2017 2021 June 2017
3 4 5
Europe Americas Asia-Pacific-Africa Europe 3 Americas4 Asia-Pacific-Africa5
1 Includes medium duty trucks (6-15 to GVW) and heavy duty trucks 4 NorthAmerica, Brazil, Rest of Latin America
(>15 to GVW) 5 China,
India, Asia Pacific, RoW
2 Includes medium and heavy duty commercial vehicle trailers Source: Roland Berger 2017
3 Western Europe, Eastern Europe, Russia
113 Sustained growth on the back of strong fundamentals
Truck overload restrictions Traditional car carrier in China
Restrictions on truck and trailer dimensions:
Length of maximum 22.0 meters of truck and trailer
combination
Overloading prohibited
Changes of fleets’ demand and needs
Higher number of swivel points in a truck required
Mid-term replacement of rigid with articulated trucks
Business opportunities for new products like towing
hitches Example of car carriage capacity
Fleets seek new ways for increasing efficiency without
Number of vehicles
overloading
Replacement demand for existing fleet
Higher focus on quality and safety of couplings 22
6 – 10
Ratio of trailer per truck will increase
Historical Current1
1Semitrailer with a capacity of 6 cars; drawbar trailer with a capacity of 10 cars
Source: Roland Berger 2017
124 High aftermarket content and high diversification by customer and geography
High resilience due to high customers fragmentation and leading AM business
High customer fragmentation Attractive AM opportunity
51%
Product
Other
Fifth Landing
Top 25 Wheel Gear
customers
represent
49% of sales¹
AM value vs OE3
50% 200 – 300%
Average customer relationship of more than 30 years1, 2
51
51
51
46
46
46
46
46
AM % of JOST sales
42
41
31
31 AM and Trading
30
28 ~25%
23
21
13 OE
9
Ø 33 years 7 ~75%
6
Pre-1980 1980s 1990s 2000s
1 Including Brazil JV
² Top 20 customers with average relationship of 33 years represent 45% of sales
3 Value based
135 Flexible and asset light business model
Ability to quickly adapt to changing market environment due to asset light and efficient
supply and production platform
Key parts of the value chain
Number of variants1
20 100 100 1,500 On demand
High capex
Purchased Mech.
Stage Design/ Forging and Quality Logistics
materials/ processing/ Coating Assembly Painting Vehicle assembly
engineering casting control integration
pre-products machining
Outsourced/Not focus Focus area
Robotics applied
Employees located in low cost countries Purchasing from low cost countries4
Share of employees by plant location Share of purchasing by region
Low cost Low cost
countries2 regions4
High cost High cost
46% 47%
countries3 regions4
54% 53%
1 On the example of fifth wheel
2 Low-cost countries include Russia, Poland, Hungary, Portugal, South Africa, China, India
3 High-cost countries include Germany, France, Spain, Italy, UK, The Netherlands, Australia, USA, Singapore and Japan
4 High-cost regions include Western Europe and North America; Low-cost regions include Eastern Europe, Asia and Brazil
146 Industry-leading margins and cash generation profile
JOST has continuously outperformed the truck market since 2003 showing high profitability
and strong cash generation
JOST's performance over time Strong margin resilience High cash flow generation
Indexed to 2003 Adjusted EBITDA margin (%)
400 Trailer acquisition Cash
conver- 72.6% 60.9% 76.4% 79.6%
JOST affected by inverse FX development 10000,0%
13.5% 13.5% sion2
350
11.9% 12.3% 75
300
60
250
51
47
200
150
Cash
100 flow2
Market uplift mainly due to increase in
50 Chinese production
0
2006
2008
2009
2004
2005
2003
2007
2016
2010
2014
2015
2013
2012
2011
2008
2009
2010201120122013201420152016 2009 2010 2011 2012 2013 2014 2015 2016 2017 2014 2015 2016 2017
JOST sales
Truck Trailer volume (JOST-weighted)¹
JOST has continuously outperformed the truck market since 2003
1 Weighted by approximate weight of truck and trailer revenues
2 Cash flow defined as Adjusted EBITDA-Capex and cash conversion defined as (Adjusted EBITDA-Capex) / Adjusted EBITDA
15Key financials
16Record year in JOST’s history with strong improvement in margins
Sales split by geography1 (€m) Q1 2018 commentary
5.4%
Growth (%) CAGR: 10.8% /3.6% Record sales. Growth driven by
701 strong demand in Europe, high
650 634
% growth activity level in North America with
99 142
516 103 37.1% 190 market share gains as well as solid
130 119 181
86 110 8.0% demand for JOST products in APA
2.3%
94
2.3%
336 421 421 4.8% 441 FX adjusted, sales grew by 9.8%
7.1% quarter on quarter in Q1 2018
FY2014A FY2015A FY2016A FY2017A Q1 2017 Q1 2018
Adjusted EBIT split by geography2 (€m) Q1 2018 commentary
Adj. EBIT
11.4% 9.6% 9.8% 10.9% 12.4% 12.5%
margin (%)
76 Adj. EBIT grew by 5.5% resulting
59 62 62 14.4% in margin expanding to 12.5% in
20 % margin
15.4% 24 % margin Q1 2018
13 15.4% 15 15.0% 16 22
11 9.6% 16.7% 13.8%
2 2.2% 8 6.1% 10 8.8%
9.3%
9.6%
10.3% Efficiency improvements and
41 12.2% 38 9.0% 35 8.3% 42
positive operating leverage
11.3% 12.3% compensated headwinds from raw
FY2014A FY2015A FY2016A FY2017A Q1 2017 Q1 2018 material price increases and wage
inflation
Europe North America Asia-Pacific-Africa Brazil JV3
¹ Sales split by origin
2 Adjusted EBIT split by origin, including pro-rata net income from Brazil JV
3 Pro-rata net income from Brazil JV not allocated to segments and therefore shown separately
17Strong cash generation profile supported by low capex spend and disciplined
working capital planning
Key financials overview
Cash
conversion1 72.6% 60.9% 76.4% 79.6% 87.2% 90.3%
Cash flow1 (€m)
Highly capital efficient
business model with
75 strong cash conversion
51 47 60 24 25
FY2014A FY2015A FY2016A FY2017A Q1 2017 Q1 2018
Capex
3.7% 4.7% 2.9% 2.7% 1.9% 1.4%
(% of sales)
Capex2 (€m)
Edbro/SAP
Total Focus on automation
cape Axles
x of increase and new
19 €30m 18 19 machinery
4 3
FY2014A FY2015A FY2016A FY2017A Q1 2017 Q1 2018
NWC
20.3% 16.8% 19.4% 18.6% 20.8% 21.4%
Net working capital
(% of sales)
105 109 123 130 135 152 Higher working capital
106 124 in Q1 due to increased
78 88 90 117
(€m)
sales volume. Inventory
87 93 90 97 89 102 and Trade receivables
(59) (72) (58) (73) (71) (74) grew as a result of
Mar 31, 2017 Mar 31, 2018 higher activity levels.
FY2014A FY2015A FY2016A FY2017A
Inventories Trade receivables Trade payables
1 Cash flow defined as adjusted EBITDA – capex; cash conversion defined as (adjusted EBITDA – capex)/adjusted EBITDA
2 Capex calculated as payments to acquire property, plant and equipment as well as intangible assets
Source: Company information
18Increase in equity ratio and cash, ROCE stable
Balance sheet overview Key highlights
ROCE1 (%)
ROCE stable at 19.8%
19.8% 19.8%
Dec 31, 2017 Mar 31, 2018
Equity ratio further improved to
Equity ratio (%)
34.8% as a result of net income
34.8% generated in Q1 2018
33.7%
Dec 31, 2017 Mar 31, 2018
Leverage3 1.20x 1.16x
Leverage improved to 1.16x
Net debt2 (€m)
113 111
Net debt reduced to €111.0m
178 178
Liquid assets grew to €68.4m
66 68
Dec 31, 2017 Mar 31, 2018
Interest-bearing capital Liquid assets
1 ROCE=LTM adj. EBIT / interest bearing capital employed (interest bearing capital: equity + financial liabilities – cash + provisions for pensions)
2 Net debt = Interest-bearing capital (excl. refinancing costs) – liquid assets
3 Leverage = Net debt/LTM adj. EBITDA
19Shareholder structure and EPS
Shareholder structure1 Earnings per share & dividend
(€) FY 2017 Q1 2018
Pre-IPO shareholders: 15%
Reported EPS (4.22) 0.81
Adj. EPS 2.99 1.00
Dividend per share 0.50 -
Institutional investors
with stakes of more
than 3%: 25%
Other: 58%
3
Current members
of Management Board: 2%
1 According to German stock exchange definition 100% of shares qualify as free float
20Market outlook 2018
Europe North America APA
0-3% 25-30%
(15)-(10)%
Truck
Correction expected following
Stable on high level Accelerated strong growth
massive growth in 2017
(2)-0% 5-7% (10)-(5)%
Trailer
Cyclical correction expected Slowing market following strong
following strong growth which Sound demand
carried on into first months of 2018 increase in recent years
Note: JOST estimates based on Berger, LMC, Clear, FTR
21Company outlook 2018 confirmed
FY 2017
Outlook 2018
(€m)
Sales 701 Mid single digit growth
Adjusted EBIT 76 Mid single digit growth
19
Capex1 (% of sales) ~2.5% of sales
(2.7%)
130
Net working capital (% of sales)Appendix
23Group’s sales and adjusted EBIT by quarter
Sales (€m) Adj. EBIT (€m)
190,2
180,5 181,4
176,6
172,1 171,5
167,4 165,5 168,0
157,3 23,7
148,5 149,4 147,0 22,5
21,8
20,6
19,4 19,5
17,8
16,8
14,6
14,1
12,4% 12,0% 12,6 12,5%
12,0%
11,4%
10,6% 11,0% 10,4 10,4
10,1%
9,3% 9,4%
7,1% 7,5%
7,0%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2015 2016 2017 2018 2015 2016 2017 2018
Record Q1 results for sales and operating earnings on the back of strong demand for trucks
and trailers boosted by additional market share
24Group – Record Q1 sales and strong earnings despite headwinds
Sales
growth (%) 9.8%
(4.4)%
18
(8)
Sales1 (€m)
5.4%
190
180
Q1 2017 Organic sales FX translation Q1 2018
growth effects
¹ Reported sales figures do not include sales of Brazil JV
25Significant improvements of net income and EPS
Reconciliation of adjusted earnings
(6.3)
(0.2) (2.5)
(2.7)
23.7
17.2
12.0
3.0
Adj. EBIT PPA Exceptionals EBIT Finance result Taxes Net income Net income
Q1 2018 Q1 2017
Key highlights
Adjustments to EBIT mainly from amortization of PPA (non-operating)
Exceptionals mostly associated to the relocation of production from Shanghai to Wuhan in China
Financial result improved significantly amounting to €-2.5m, vs. €-8.7m in the prior year.
Mostly due to the reduction of interest payments as a result of successful deleveraging and refinancing in 2017.
Net income quadrupled to €12.0m (Q1 2017: €3.0m) Earnings per share rose to €0.81 (Q1 2017: €0.20)
26Global leadership
JOST’s leading market positions – focus on fifth wheel and landing gear
JOST has a leading market position in Vehicle Interface systems
Market shares by sales in OE business by geography
Fifth wheel JOST position Landing gear JOST position
Global 54% 46% 1 Global 56% 44% 1
Europe 1 78% 22% 1 Europe 84% 16% 1
Americas Americas
excl Brazil
2 27% 73% 2 excl Brazil
62% 38% 1
3
Asia-Pacific 47% 53% 1 Asia-Pacific 31% 69% 1
Global 53% 47%
4 Europe 82% 18%
Brazil 58% Americas…
42%
Asia-Pacific
26% 147% 74%
Brazil 53% 43% 57% 1
Brazil 58% 42%
JOST Others
JOST is the global leader in fifth wheel and landing gear
1 Includes the following countries: AUT, BEL, DEN, FIN, FRA, GER, ITA, NED, NOR, POR, ESP, SWE, CH, UK, CRO, SRB, BLR, BGR, CZE, EST, HUN, LAT, LTU, POL, ROM, SVK, SVN, TUR, UKR
2 Includes the following countries: CAN, MEX, USA, COL, ECU, VEN, ARG
3 Includes the following countries: IDN, MYS, THA, PHL, KOR, JAP, AUS, PAK, TWN, IND, CHN, DZA, EGY, MOR, TUN, SAU, UAE, other MEA
4 Including Brazil JV
27
Source: Roland Berger 2017Investor Relations - Contact
JOST Werke AG
Romy Acosta
Siemensstr. 2
63263 Neu-Isenburg
Germany
Phone: +49 6102 295-379
Fax: +49 6102 295-661
Mobile: +49 151 40264-878
romy.acosta@jost-world.com
ir.jost-world.com
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