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Jungheinrich has made a strong start to the 2023 financial year

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Jungheinrich has made a strong start to the 2023 financial year

Jungheinrich AG

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Hamburg (ots)

  • Order intake: EUR 1,350 million (+1%)
  • Turnover: EUR 1,291 million (+22%)
  • EBIT: 120.1 million euros (+54 %)
  • EBIT-Yield: 9.3%
  • Forecast increased for 2023

Jungheinrich got off to a strong start in the 2023 financial year. Incoming orders from all business areas (new business, rental and used equipment as well as customer service) amounted to EUR 1,350 million in the first three months of the year, a slight improvement on the previous year (EUR 1,333 million). The order backlog of new business reached EUR 1,779 million at the end of the quarter under review, taking into account the order backlog of the Storage Solutions Group of EUR 136 million. Compared to the inventory value of EUR 1,595 million at the end of 2022, this resulted in an increase of EUR 184 million or 12 percent. Consolidated sales in the first quarter were EUR 1,291 million and thus recorded strong growth of 22 percent compared to the same period in the previous year (EUR 1,062 million). The main driver for this was new business. Earnings before financial result and income taxes (EBIT) rose to a high of EUR 120.1 million in the first three months of 2023. It thus exceeded the previous year’s figure (EUR 77.9 million) by 54 percent. The result takes into account negative effects in connection with the acquisition of the Storage Solutions Group in the amount of EUR 9 million, which largely result from one-off transaction-related costs. The EBIT return (EBIT-ROS) reached 9.3 percent (previous year 7.3 percent).

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“Due to the successful work of the entire team worldwide, we got off to a strong start in the new financial year and are therefore optimistic about the further course of the year, despite the continuing major challenges,” explains Dr. Lars Brzoska, CEO of Jungheinrich AG.

At EUR 119.5 million, earnings before taxes (EBT) in the first quarter of 2023 significantly exceeded the previous year’s figure (EUR 66.9 million). The EBT return (EBT-ROS) was 9.3 percent (previous year: 6.3 percent). Earnings after taxes amounted to EUR 88.4 million (previous year: EUR 49.5 million). Accordingly, earnings per preferred share amounted to EUR 0.88 (previous year: EUR 0.49).

Free cash flow amounted to EUR -232 million (previous year: EUR -186 million). The purchase price payment for Storage Solutions of EUR 352 million resulted in a free cash flow burden of EUR 310 million. Part of the purchase price was used to repay bank liabilities and is therefore not part of the free cash flow. Without the acquisition, the operating business would have resulted in a positive free cash flow.


Against the background of the updated corporate planning and the good business development in the first quarter of 2023, the Board of Management of Jungheinrich AG raised its forecast ranges for 2023 in an ad hoc announcement on April 24, 2023. The increased forecast also includes the proportional effects from the acquisition of the US Storage Solutions Group, which was completed on March 15, 2023.

Jungheinrich now anticipates incoming orders of between EUR 5.0 billion and EUR 5.4 billion for 2023 as a whole (previously: EUR 4.8 billion to EUR 5.2 billion). A range of EUR 5.1 billion to EUR 5.5 billion is forecast for group sales (previously: EUR 4.9 billion to EUR 5.3 billion). These bandwidths take into account incoming orders of EUR 0.3 billion and sales of EUR 0.2 billion for the Storage Solutions Group. According to current estimates, EBIT in 2023 will be between EUR 400 million and EUR 450 million (previously: EUR 350 million to EUR 400 million). As expected, the processing of the acquisition of Storage Solutions will burden the group EBIT with one-off effects, which will be partially compensated by the pro rata operating result of the Storage Solutions Group. The increased EBIT forecast results in an EBIT margin of between 7.8 percent and 8.6 percent (previously: 7.3 percent to 8.1 percent).

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EBT should reach EUR 370 million to EUR 420 million (previously: EUR 325 million to EUR 375 million) with a resulting EBT return of between 7.2 percent and 8.0 percent (previously: 6.6 percent up to 7.4 percent). We are assuming a ROCE value of between 15 percent and 18 percent (previously: between 13 percent and 16 percent).

Furthermore, Jungheinrich expects that the free cash flow will be significantly better than in the previous year (EUR -239 million), but that it will remain negative taking into account the acquisition of Storage Solutions. The free cash flow forecast takes into account EUR 310 million from the purchase price payment made in March 2023 (EUR 352 million). Part of the purchase price was used to repay bank liabilities and is therefore not part of the free cash flow.

Press contact:

dr Benedikt Nufer, spokesman
Tel.: +49 40 6948 3489
Mobil: +49 151 277 912 45

Original content from: Jungheinrich AG, transmitted by news aktuell

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