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JOST Werke AG: ​​​​​​​JOST expects significant profitable growth in 2021 fiscal year - Seite 2

JOST confirms its preliminary results for fiscal year 2020

Boosted by the acquisition of the Ålö Group effective February 1, 2020, JOST increased consolidated sales by 7.9% to EUR 794.4 million in the 2020 fiscal year despite a highly volatile market environment (2019: EUR 736.4 million). This includes a positive effect from the acquisition of Ålö of EUR 175.7 million. Organic consolidated sales excluding takeover effects decreased by -16.0% to EUR 618.7 million and were also impacted by negative currency effects of -1.5%. JOST and several of its key customers and suppliers were forced to temporarily close entire production plants due to the pandemic. Despite this, the group generated an adjusted EBIT of EUR 73.2 million in 2020 (2019: EUR 76.8 million) and an adjusted EBIT margin of 9.2% (2019: 10.4%). The newly-acquired Ålö Group made a key contribution with adjusted EBIT of EUR 24.3 million and an adjusted EBIT margin of 13.8%.

In Europe, sales increased by 11.7% to EUR 482.2 million in the 2020 fiscal year (2019: EUR 431.7 million). When adjusted for takeover effects of EUR 126.0 million, sales fell by -17.5% to EUR 356.2 million. JOST succeeded in partially offsetting the market slump with measures such as short-time work, renegotiations with suppliers and service providers and very strict and consistent cost controls across all sites, generating an adjusted EBIT of EUR 37.3 million (2019: EUR 38.2 million). The adjusted EBIT margin amounted to 7.7% (2019: 8.8%).

In North America, sales grew by 6.5% to EUR 172.3 million in the 2020 fiscal year (2019: EUR 161.8 million). Of this, EUR 47.8 million was generated by the Ålö Group. Excluding takeover effects, JOST generated sales of EUR 124.5 million, a decline of only -23.0% compared to the previous year, whereas the North American truck and trailer market contracted by around -40% compared to 2019. Adjusted EBIT in the region fell to EUR 11.8 million (2019: EUR 15.5 million), while the adjusted EBIT margin was 6.9% (2019: 9.6%).

In Asia, Pacific and Africa (APA), JOST's sales dropped by -2.1% to EUR 139.9 million in the 2020 fiscal year (2019: EUR 142.9 million). The contribution made by the acquisition of Ålö was almost negligible at EUR 1.9 million and could not compensate for the sharp market decline triggered by the pandemic in India, the Pacific region and South Africa. However, high utilization of production capacity in China from the second quarter of 2020 onward, a beneficial product mix and cost cutting measures introduced caused the adjusted EBIT to rise to EUR 21.3 million (2019: EUR 19.7 million). The adjusted EBIT margin improved to 15.2% (2019: 13.8%).