DGAP-News JOST Werke AG: JOST generates solid results in turbulent 2020 fiscal year and reaches top end of guidance
DGAP-News: JOST Werke AG / Key word(s): Preliminary Results/Annual Results
JOST generates solid results in turbulent 2020 fiscal year and reaches top end of guidance
- Sales up 7.9% to EUR 794.4 million in 2020 due to Ålö acquisition (2019: EUR 736.3 million)
- Adjusted EBIT margin reaches 9.2% in 2020 despite coronavirus pandemic (2019: 10.4%)
- Adjusted EBIT in 2020 amounts to EUR 73.2 million (2019: EUR 76.8 million)
- Free cash flow rises to EUR +98.1 million (2019: EUR +59.9 million)
- Leverage improves to 1.99x less than one year after the Ålö acquisition
- All targets for 2020 fiscal year were reached comfortably
Neu-Isenburg, February 23, 2021. JOST Werke AG ("JOST"), a leading global producer and supplier of safety-critical systems for commercial vehicles, today published its preliminary and unaudited results for fiscal year 2020.
Joachim Dürr, (CEO) of JOST Werke AG, said: "2020 presented us with a number of significant challenges. We had to adapt quickly and efficiently to rapidly changing market conditions while at the same time steering the right course for JOST's future growth with the integration of Ålö. When I look back, I am proud of what we have achieved. It was a challenging yet ultimately successful year. We reached our financial targets and demonstrated the flexibility of our business model. The JOST team will build on this strong foundation in 2021, continue to grow and improve profitability further."
Dynamic growth and marked improvement in profitability in fourth quarter of 2020
The market recovery that began in the third quarter accelerated even further at the end of the year. JOST recorded robust growth in all regions in the fourth quarter of 2020, increasing consolidated sales by 46.8% year-over-year to EUR 230.8 million (Q4 2019: EUR 157.3 million). The newly-acquired Ålö Group contributed EUR 54.7 million to this development. Consolidated adjusted EBIT more than doubled year-over-year to EUR 27.1 million (Q4 2019: EUR 11.3 million), while the adjusted EBIT margin improved by 450 basis points to 11.7% (Q4 2019: 7.2%). On an organic basis, JOST also recorded a strong performance. When adjusted for takeover effects, JOST's consolidated sales rose by 12.0% to EUR 176.1 million during the fourth quarter. The adjusted EBIT (excluding Ålö) grew by 39,6% to 15,8 million EUR and the adjusted EBIT margin improved by 180 basis points to 9.0% (Q4 2019: 7.2%).