EQS-News

JOST closes fiscal year 2023 successfully and proposes a dividend of EUR 1.50 per share - Seite 2

 

Significant improvement in profitability

JOST benefited from a robust demand in the transport business in 2023, which offset the weaker demand for agricultural components. Consolidated sales declined slightly in 2023 by 1.2% to EUR 1,249.7 million year-over-year (2022: EUR 1,264.6 million). This development was largely impacted by strong negative currency effects of EUR -41.7 million. On the other hand, the newly acquired subsidiaries Crenlo do Brasil and LH Lift, which were consolidated as of September 1, 2023, contributed sales revenue of EUR 26.0 million in fiscal year 2023. Adjusted for currency and acquisition effects, consolidated sales in fiscal year 2023 increased slightly by 0.1% year-over-year, reaming stable compared to 2022.

JOST managed to significantly increase its profitability in all regions by increasing production efficiency and quickly implementing strict cost control measures. As a result, adjusted EBIT rose by 13.7% to EUR 140.8 million in fiscal year 2023, strongly outpacing sales (2022: EUR 123.8 million). Thus, the adjusted EBIT margin improved by 1.5 percentage points to 11.3% compared to the previous year (2022: 9.8%).

 

Increase in adjusted EPS and higher dividend proposal

The net financial result declined by EUR 12.7 million to EUR -21.3 million in 2023 (2022: EUR -8.6 million). This reduction was mostly due to the increase in interest expenses for interest-bearing loans to banks amounting to EUR 16.9 million in 2023 as a result of the rise in the EURIBOR (2022: EUR 5.6 million). 

Given the overall good operating performance, adjusted earnings after taxes rose by 8.3% to EUR 93.0 million (2022: EUR 85.9 million) and adjusted EPS increased to EUR 6.24 (2022: EUR 5.76). The main adjustments relate non-operating and non-cash effects from amortization of the purchase price allocation (PPA amortization), as well as a one-off exceptional in connection with the final determination of the earn-out for the acquisition of the Ålö Group in arbitration proceedings and other one-off effects resulting from M&A transaction costs for the acquisitions of Crenlo do Brasil and LH Lift in 2023.