JOST Werke : Financial Report Document (Geschaeftsbericht 2023 ENG Gesamt

ANNUAL GROUP REPORT 2023

#creatingconnections

THE JOST WAY

CONTENT

• About JOST

• JOST Facts & Figures 2023
  4 JOST at a glance
  5 Strong solutions
  6 Strong brands

1. Sustainability
2. Sustainability at JOST

1. Climate and the environment
2. People and corporate culture
3. Occupational health and safety
4. Diversity, equality and integration

1. Compliance
2. JOST's contribution to sustainability

1. Consolidated financial statements
2. Consolidated income statement
   - by function of expenses
3. Consolidated statement of

comprehensive income

88	Consolidated balance sheet
89	Consolidated statement of

7 The JOST Way

• The JOST Way

9	Quality, safety & reliability	38 Combined
10	Global customer proximity
11	Committed and skilled people		management report
12	Strong flexibility and resilience	39	Fundamental information about the group
13	The JOST Way for profitable growth
			44	Report on economic position 2023
			58	Report on opportunities and risks
			68	Report on expected developments
			70	JOST Werke AG
166 To our shareholders
72	(HGB - German Commercial Code)
17	Interview with the Executive Board	Corporate Governance
20	Report of the Supervisory Board
27	Members of the Supervisory Board
29	Equity markets and share price performance

changes in equity

1. Condensed consolidated cash flow statement
2. Notes to the consolidated financial statements

160 Further information

1. Responsibility statement
2. Independent­auditor's report

1. Financial­ calendar and publishing information

• I JOST Werke SE I Annual Group Report 2023

About JOST

The JOST Way

To our shareholders

Sustainability

Combined management report

Consolidated financial statements

Further information



ABOUT

JOST

3 JOST Facts & Figures 2023

4 JOST at a glance

5 Strong brands

6 Strong solutions

• I JOST Werke SE I Annual Group Report 2023

About JOST

The JOST Way

To our shareholders

Sustainability

Combined management report

Consolidated financial statements

Further information

JOST Facts & Figures 2023

JOST FACTS & FIGURES 2023		- 19%
1,250€	million	CO2 emission reduction
per production hour
million	141 €
sales
	adjusted EBIT		2
			Strategic
			takeovers
24			6.24€
sites
production
			adjusted
			EBIT per
0.998 x			share
11.3 %		37%
leverage ratio
	Share ­
4,500	adjusted		of renewable ­
EBIT margin		electricity mix
	63	energies in ­
employees
		patent applications

• I JOST Werke SE I Annual Group Report 2023

¹⁰

About JOST	The JOST Way	To our shareholders	Sustainability	Combined management report	Consolidated financial statements	Further information
JOST at a Glance

JOST AT A GLANCE

Selected key figures
in € million	2023	2022
Consolidated sales	1,249.7	1.264.6
thereof: Sales, Europe	687.8	695.5
thereof: Sales, North America	354.2	396.3
thereof: Sales, Asia-Pacific-Africa (APA)	207.6	172.8
Adjusted EBITDA¹	173.1	154.5
Adj. EBITDA margin (%)	13.9%	12.2%
Adjusted EBIT¹	140.8	123.8
Adj. EBIT margin (%)	11.3%	9.8%
Equity ratio (%)	38.0%	35.9%
Net debt²	180.7	197.4
Leverage³	0.998 x	1.278 x
Liquid assets	87.7	80.7
Capex⁴	30.8	32.3
ROCE (%)⁵	21.0%	18.2%
Net working capital (in %)⁶	18.0%	19.0%
Free cash flow⁷	112.3	23.7
Cash conversion rate8	1.2	0.3
Profit after taxes	52.3	59.8
Earnings per share (in €)	3.51	4.02
Proposed dividend (€ per share)	1.50	1.40
Adjusted profit after taxes⁹	93.0	85.9
Adjusted earnings per share (in €)¹⁰	6.24	5.76

Change

- 1.2%

- 1.1%

- 10.6%

20.2%

12.0%

160.0%

13.7%

1.5%-points

2.1%-points

- 8.5%

-18.3%

8.7%

- 4.6%

2.8%-points

-1.0%-points

373.8%

337.5%

- 12.6%

- 12.7%

7.1%

8.3%

8.3%

Organic sales development

2023, in € million

1,265	26		- 42	1	1,250
	Acquisition	FX	Orga-
	effects	translation	nic
			effects
Sales revenues			Sales revenues
2022					2023

Employess by function

Average 2023 (2022)

370 (309)

2,802 (2,381)

164 (152)
		Total
656	(674)	3,992
(3,602)

 Production (70 %)

 Sales (16 %)

R&D (4 %) Administration (9 %)

Regional sales by destination

2023 (2022), in € million

265.4 (258.0)

591.0 (585.2)

	Total
393.3	1,249.7
(1,264.6)
(421.4)

Europa 47% (46%)

North and South America 31% (33%)

APA 21% (21%)

Regional sales by origin

2023 (2022), in € million

207.6 (172.8)

687.8 (695.5)

	Gesamt
354.2	1,249.7
(396.3)	(1,264.6)

 Europe 55% (55%)

 North America 28% (31%) APA 17% (14%)

1 Adjustments for PPA effects and exceptionals

² Interest bearing loans (excl. accrued financing costs) - liquid assets

1. Net debt / LTM adj. EBITDA (incl. acquisitions)
2. Gross presentation (capex; without taking into account divestments)
3. LTM adj. EBIT (incl. acquisitions) / interest-bearing capital employed; interest-bearing capital:
   shareholders� equity + financial liabilities (except for refinancing costs) - liquid assets + provisions for pensions
4. Net Working Capital /LTM sales (incl. acquisitions)
5. Cash flow from operating activities - capex
6. Free cash flow / adjusted profit after taxes
7. Profit after taxes adjusted for exceptionals in accordance with note 8

Adjusted profit after taxes / 14,900,000 (number of shares as of December 31)

Sales by application

2023, in %

21

41

38

 Trailer

 Truck  Tractor

Sales by customer type

2023, in %

27

73

 Aftermarket (AM) and Trading  Original Equipment (OE)

• I JOST Werke SE I Annual Group Report 2023

About JOST	The JOST Way	To our shareholders	Sustainability	Combined management report	Consolidated financial statements	Further information
Strong brands

STRONG BRANDS FOR TRANSPORT AND AGRICULTURE

Transport

Agriculture

Products for trucks and trailers

The JOST core brand offers traditional products for truck and trailer manufacturers, including fifth wheel couplings and landing gears as well as container equipment and axle systems. Based on these proven core products, we have developed systems that automate, control and monitor activities that previously had to be carried out manually. Sensor-controlled solutions make these operations not only easier and safer but also more efficient.

Steering systems and axle suspensions

Over the years, TRIDEC systems have been used for a wide range of applications on all kinds of terrain and in all conceivable weather conditions. They are designed and built for reliability and quick and easy maintenance. There are currently over 50,000 TRIDEC systems on the world's roads. TRIDEC has been part of JOST since 2008.

Products for commercial vehicles, agriculture and forestry

Regularly voted the "best towing hitches brand" by end-customers, the established ROCKINGER brand offers a broad range of reliable, high-quality products including standard towing hitches and sensor- and remote-controlledcomfort-couplings. As well as products for road use, the ROCKINGER production portfolio includes towing hitches for agriculture and forestry. ROCKINGER has been part of the JOST World since 2001.

Front loaders and implements

Ålö has been developing and manufacturing high-quality front loaders and implements under the Quicke brand since 1949. Quicke has earned a reputation as an innovator and is recognized as one of the driving forces behind the modernization and digita-lization of the agricultural industry. With a motto that urges customers to "work smarter, not harder", and products designed to make applications easier and more efficient for users, Quicke is well on its way to becoming a one-stop manufacturer of front loaders and associated implements. Quicke has been part of the JOST World since 2020.

www.jost-world.com

www.tridec.com

www.rockinger-agriculture.de

www.quicke.uk.com

• I JOST Werke SE I Annual Group Report 2023

About JOST	The JOST Way	To our shareholders	Sustainability	Combined management report	Consolidated financial statements
Strong solutions

Further information

STRONG

SOLUTIONS

Our portfolio of strong brands comprises an extensive range of systems and components for the transport and agriculture industry

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10
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11
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				12

7

4

8

9

8

2

1

3

16

14

13

17

			21
19	18				20

4

TRANSPORT

1	Fifth wheel couplings	8 Steering systems	AGRICULTURE
2	King pins	9 Axle suspensions
3 Landing gears				12	Front loader	17 Towing systems	20 Axle suspensions
4 Truck and trailer axles
			13	Implements	18 Drawbars and towing eyes
5	Hubodometers	10 Towing hitches
14	Cabins	19 Three-point linkage
		11		Drawbars and towing eyes	21	Ball bearing
6	Ball bearing turntables
		15	Counterweight			turntables
7 Container technology

16 Centerboom

• I JOST Werke SE I Annual Group Report 2023

About JOST	The JOST Way	To our shareholders	Sustainability	Combined management report	Consolidated financial statements	Further information
	The JOST Way

THE JOST

WAY

8 The JOST Way

9 Quality, safety & reliability

10 Global customer proximity

11 Committed and skilled people

12 Strong flexibility and resilience

13 The JOST Way for profitable growth

• I JOST Werke SE I Annual Group Report 2023

About JOST

The JOST Way

To our shareholders

Sustainability

Combined management report

Consolidated financial statements

Further information

#creatingconnections

THE JOST			x ≥ max
WAY					{
#creatingconnections			QUALITY, SAFETY &
Over 70 years JOST has grown by
		RELIABILITY
improving and diversifying its products	: =		GLOBAL CUSTOMER
portfolio, developing new markets, and
	PROXIMITY
making strategic acquisitions to bolster
its core strengths.			COMMITTED AND
The success of JOST is grounded in the			SKILLED PEOPLE
quality of our products,­	our global		STRONG FLEXIBILITY AND
customer­	proximity, the commitment		{	RESILIENCE
of our people and the strong flexibility
of our business model.

• I JOST Werke SE I Annual Group Report 2023

About JOST	The JOST Way	To our shareholders	Sustainability	Combined management report	Consolidated financial statements	Further information
	#creatingconnections

#creatingconnections

QUALITY, SAFETY &

RELIABILITY

As a brand, JOST is a promise of top-notch products, quality and safety for its customers.

The stability and reliability of our products make the difference. In a changing world with sharply rising ­uncertainty, challenging supply chains, labor shortage and environmental challenges our customers and partners know they can trust and rely on JOST.

We have proven it:

• High customer loyalty: over 40 years of average customer relationships.
• High customer satisfaction leading to high global market shares in all core products.

#1 SUPPLIER FOR FIFTH WHEELS, LANDING GEARS AND FRONT LOADERS WORLDWIDE

• I JOST Werke SE I Annual Group Report 2023