25.07.2018
JOST Werke AG DE000JST4000
DGAP-Adhoc: JOST Werke AG: JOST raises sales forecast for fiscal year 2018; positive one-off net effect of EUR 11 to 13 million further increases net income in 2018
DGAP-Ad-hoc: JOST Werke AG / Key word(s): Change in Forecast/Half Year
Results
JOST Werke AG: JOST raises sales forecast for fiscal year 2018; positive
one-off net effect of EUR 11 to 13 million further increases net income in
2018
25-Jul-2018 / 07:59 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation
(EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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JOST raises sales forecast for fiscal year 2018;
positive one-off net effect of EUR 11 to 13 million further increases net
income in 2018
- Sales in H1 2018 grew to EUR 381.1 million; organic growth +9.1%
- Adjusted EBIT H1 2018 rises to EUR 45.0 million (H1 2017: EUR 44.3
million)
- Sales forecast raised for 2018: mid to high single-digit organic sales
growth (previously: mid-single-digit organic growth)
- Positive net impact of EUR 11 to 13 million on net income in 2018 from
capitalization of deferred tax arising from loss carryforwards
Neu-Isenburg, July 25, 2018. JOST Werke AG ("JOST"), a leading global
producer and supplier of safety-critical systems for trucks and trailers,
announces preliminary interim results for the first half of 2018 and raises
its sales forecast for the 2018 financial year.
Strong organic sales growth in all regions
According to preliminary figures, JOST increased organic Group sales by 9.1%
in the first half of 2018. Despite headwind from currency effects, reported
Group sales grew by 5.3% to EUR 381.1 million (H1 2017: EUR 361.9 million),
continuing the positive trend of the first quarter of 2018. The strongest
growth was recorded in North America with organic sales increasing by 20.6%
over the previous year. JOST benefited from the sharp increase in truck
production in North America as well as from further market share gains in
the region. Reported sales in North America rose to EUR 66.3 million (H1
2017: EUR 61.6 million). In Europe, JOST sales grew by 6.2% to EUR 242.8
million (H1 2017: EUR 228.6 million) in the first half of 2018. In the same
period, organic sales in Asia, Pacific and Africa (APA) rose by 6.6%
compared to the already strong first half of 2017, with reported sales
reaching EUR 72.0 million (H1 2017: EUR 71.7 million).
High profitability even in a difficult environment
Despite the steep rise in raw material prices, particularly in the United
States, and additional cost pressure due to capacity constraints in the
supply chain, JOST was able to increase adjusted earnings before interest
and taxes (EBIT) to EUR 45.0 million (H1 2017: EUR 44.3 million) in the
first half of 2018. Adjusted EBIT margin amounted to 11.8% (H1 2017: 12.2%).
In Europe, the Group was able to keep the adjusted EBIT margin stable at
11.3% in the first half of 2018 (H1 2017: 11.3%). Adjusted EBIT in the
region increased to EUR 27.4 million (H1 2017: EUR 25.8 million).
In North America, adjusted EBIT decreased to EUR 5.6 million (H1 2017: EUR
6.6 million) and EBIT margin amounted to 8.4% (H1 2017: 10.8%). In addition
to the steep rise in steel prices, this development was caused by higher
costs for hiring and training new employees in the wake of increased
production volumes as well as by changes in customer mix in favor of OEMs.
The dynamic growth with OEMs and the further market share gains strengthen
JOST's position in the rapidly growing North American market and at the same
time offer the company future potential in the aftermarket.
In the course of the second quarter, JOST was able to further improve
efficiency in the production lines relocated to Wuhan. In the first half of
2018, JOST almost reached previous year's profitability level despite the
increase in material prices and the relocation-related ramp-up costs.
Adjusted EBIT in APA totaled EUR 10.6 million (H1 2017: EUR 10.8 million) in
the first half of 2018 and the adjusted EBIT margin amounted to 14.7% (H1
2017: 15.1%).
Positive one-off effect on net income
In connection with and in addition to the financial benefits of the new
refinancing announced at the end of June 2018, JOST can, according to
preliminary calculations, use past tax loss carryforwards faster than
originally anticipated. As a result, additional deferred taxes in an
estimated amount of EUR 13 to 15 million will be capitalized. This will have
a positive impact on the Group's income taxes in the first half of 2018. The
effect will be partially offset by non-recurring financing expenses and
advisory fees totaling less than EUR 3 million. Hence, earnings after taxes
for fiscal year 2018 are expected to be EUR 11 to 13 million higher than
previously expected. The tax effect will not affect cash in fiscal year
2018. However, it will have a positive impact on the Group's liquidity over
the next years.
Outlook raised for fiscal year 2018
Based on the sales generated during the first half of 2018 and taking into
account the anticipated business development for the Group, JOST now expects
a mid to high single-digit organic sales growth in 2018, compared to the
previous year (previous forecast: mid-single-digit organic sales growth).
JOST continues to forecast a mid-single-digit increase in adjusted EBIT
compared with 2017.
The complete figures for the first half of 2018 will be published in the
interim report H1 2018 on August 28, 2018. The conference call for analysts
and investors will also take place on August 28, 2018 (10:00 a.m. CEST).
Contact:
JOST Werke AG
Romy Acosta
Senior Manager Investor Relations
T: +49 (0)6102 295-379
[email protected]
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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
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated
Unofficial Market in Berlin, Dusseldorf, Munich,
Stuttgart, Tradegate Exchange
End of Announcement DGAP News Service
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707643 25-Jul-2018 CET/CEST
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