The document provides an interim report from Jungheinrich Group for the first quarter of 2014. Some key points:
- The world material handling equipment market grew 10% in the first quarter, with strong growth in Western Europe, Asia, and North America but a decline in Eastern Europe.
- Jungheinrich Group's net sales and earnings before interest and taxes (EBIT) both rose 12% in the first quarter compared to the previous year.
- Based on continued strong performance, Jungheinrich raised its full-year 2014 forecasts for net sales and EBIT.
1. Jungheinrich Group—Conference Call Interim Report as of March 31, 2014
60 Years of Passion for Logistics
Hans-Georg Frey, Chairman of the Board of Management
Dr. Volker Hues, Member of the Board of Management, Finance
May 8, 2014
2. Highlights—Q1 2014
Conference Call—May 8, 2014
2
World material handling equipment market grows by 10%
Market volume up 10% in Western Europe, but down 7% in Eastern Europe
Net sales and EBIT both rise by 12%
Production significantly expanded
Net sales and EBIT for 2014 forecasts raised
3. Source: WITS 3/2014.
World Material Handling Equipment Market—3/2014
Growth Rates by Region
in terms of units; compared to 3/2013
Western
Eastern
Europe
Asia
North America
World
World Market
thousands of units
3
3/2013
3/2014
thereof
China +18%
+7%
+10%
-7%
+17%
+10%
247.2
272.3
+14%
Conference Call—May 8, 2014
thereof Russia -24%
4. Incoming Orders of all Business Fields
4
Conference Call—May 8, 2014
in million €
Q1 2013
Q1 2014
+2%
587
600
Incoming orders +2% following 2013 year-end dash (major new trucks order and bring-forward effects in Q4 2013)
5. Incoming Orders
Production
Business Trend—New Truck Business
5
Conference Call—May 8, 2014
in units
22,039
20,469
19,449
16,616
Q1 2013
Q1 2014
+33%
+5%
Q1 2013
Q1 2014
6. 6
Orders on Hand—New Truck Business
Conference Call—May 8, 2014
in million €
394
12/31/2013
03/31/2014
366
+8%
The order reach is thus four months
7. Consolidated Net Sales
7
Conference Call—May 8, 2014
in million €
Q1 2013
Q1 2014
514
575
+12%
New truck business records disproportionately strong growth (+23%)
After-sales services post 5% rise in net sales
Domestic net sales up 6%
Foreign net sales increased by 14%, driven by France, the United Kingdom and Spain as well as the Czech Republic and Poland
Non-European net sales climb by 38%—supported by marked gains in net sales in Asia; share of consolidated net sales grows from 8% to 10%
8. EBIT
8
Conference Call—May 8, 2014
in million €
Q1 2013
Q1 2014
36.0
40.2
7.0%
EBIT ROS
+12%
7.0%
EBIT rises due to good level of plant capacity utilization (consequence of high level of incoming orders in Q4 2013)
Reporting quarter takes account of €1.3 million fund transfer recognized as an expense to the assets of the Dr. Friedrich Jungheinrich Foundation
9. R&D and Capital Expenditures
Conference Call—May 8, 2014
9
in million €
Capital Expenditures
R&D Expenditures
Capex ratio as a percentage of net sales
Capitalization ratio
Focal points: energy efficiency of drive systems, automation of material handling equipment
Capitalization ratio rises owing to increase in major product developments
10.9
12.0
Q1 2013
23
14
4%
2%
18%
25%
Q1 2014
Q1 2013
Q1 2014
Reporting-quarter figures reflect first effects of construction of new corporate headquarters and training centre
Capex on large-scale strategic projects completed in 2013
10. 6,094
6,599
5,167
5,458
Workforce Trend
10
in full-time equivalent (FTE)
12/31/2013
03/31/2014
Germany
Abroad
12,057
11,840
+2%
Conference Call—May 8, 2014
■Focus of continued workforce expansion remains on sales—in the first quarter primarily in Europe
11. 11
951
2007
2012
380
170
266
191
World
Europe
331
411
2011
2007
2012
311
-6%
-5%
363
+7%
181
-3%
975
2011
Asia
North America
2007
2007
2013
2011
2012
2013
2011
2012
2013
944
2013
316
+2%
+11%
401
+11%
201
+7%
1,010
2014e
2014e
2014e
2014e
World Material Handling Equipment Market
in thousand units
Source: WITS.
Estimate.
2006
= 213
Conference Call—May 8, 2014
12. 12
€175 million - €185 million1
€45 million - €50 million
Incoming orders
Net sales
Earnings before interest and taxes (EBIT)
Capital expenditures on tangible assets
Research and development expenditures
1 2013 incoming orders: €2.4 billion, net sales: €2.3 billion, 2013 EBIT: €172 million.
€85 million - €95 million
€2.4 billion - €2.5 billion1
€2.4 billion - €2.5 billion1
15% - 20%
ROCE
Conference Call—May 8, 2014
2014 Outlook—Net Sales and EBIT Forecasts Raised
13. Conference Call—May 8, 2014
13
Disclaimer
Since developments cannot be foreseen, the actual business trend may deviate from the expectations presented here based on assumptions and estimates made by Jungheinrich company management. Factors that may lead to such deviations include changes in the economic environment, changes in the political and legal environment and within the material handling equipment sector as well as exchange and interest rate fluctuations. Therefore, no responsibility is taken for forward-looking statements made in this interim Group management report and no ensuing liability is assumed.