Earnings Release • May 9, 2022
Earnings Release
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AS OF 31 MARCH 2022
| Jungheinrich Group | Q1 2022 | Q1 2021 | Change % | Year 2021 | |
|---|---|---|---|---|---|
| Incoming orders | € million | 1,333 | 1,322 | 0.8 | 4,868 |
| Orders on hand 31 Mar/31 Dec | € million | 1,835 | 1,222 | 50.2 | 1,519 |
| Revenue | € million | 1,062 | 959 | 10.7 | 4,240 |
| Earnings before interest and income taxes (EBIT) | € million | 77.9 | 72.1 | 8.0 | 360 |
| EBIT return on sales (EBIT ROS) 1 | % | 7.3 | 7.5 | – | 8.5 |
| Earnings before taxes (EBT) | € million | 66.9 | 68.2 | −1.9 | 349 |
| EBT return on sales (EBT ROS) 2 | % | 6.3 | 7.1 | – | 8.2 |
| Profit or loss | € million | 49.5 | 50.1 | −1.2 | 267 |
| Earnings per preferred share | € | 0.49 | 0.50 | −2.0 | 2.62 |
| Employees 31 Mar/31 Dec | FTE3 | 19,226 | 18,212 | 5.6 | 19,103 |
1 EBIT ÷ revenue × 100.
2 EBT ÷ revenue × 100.
3 FTE = full-time equivalents.
By value, incoming orders for all business fields – new truck business 1 , short-term rental and used equipment, and after-sales services – came to €1,333 million in the reporting period, slightly above the previous year's very good figure of €1,322 million.
Orders on hand for new truck business came to €1,835 million as of the end of the quarter, which is €613 million or 50 per cent higher than the previous-year figure (€1,222 million). Compared with orders on hand of €1,519 million as of year-end 2021, this represents an increase of €316 million or 21 per cent. The reason for the ongoing very high number of orders on hand was the continued restricted availability of production materials for further processing.
Incoming orders and orders on hand in the first quarter of 2022 were adjusted for orders from Russia. In light of Russia starting a war against Ukraine at the end of February 2022, the Board of Management made the decision to stop delivering trucks and spare parts to Russia until further notice with effect from 2 March 2022.
Group revenue of €1,062 million, an 11 per cent increase against the same period of the previous year (€959 million), was driven by new truck business, rental business and after-sales services. Conditions in the supply chains, caused by the ongoing coronavirus pandemic and the Russia-Ukraine war, remained challenging. Due to the global interconnections in supply chains, the effects of the supply bottlenecks spread throughout the entire supplier and materials portfolio, as well as the associated logistics capacities. Revenue in the "Financial Services" segment came to €256 million in the reporting period, below the figure recorded in the same quarter of the previous year (€274 million).
| in € million | Q1 2022 | Q1 2021 | Change % |
|---|---|---|---|
| "Intralogistics" segment | 1,066 | 952 | 12.0 |
| "Financial Services" segment | 256 | 274 | −6.6 |
| Reconciliation | −260 | −267 | −2.6 |
| Jungheinrich Group | 1,062 | 959 | 10.7 |
1 New truck business consists of material handling equipment, automated systems and warehouse equipment, stacker cranes and load handling equipment, factory and office equipment, energy solutions and digital products.
In the first quarter of 2022, earnings before interest and income taxes (EBIT) amounted to €77.9 million (previous year: €72.1 million) and was negatively impacted by significantly higher material and logistics costs in comparison with the first quarter of the previous year. In the first quarter of 2021 the item contained additions to provisions for the disposal of batteries and warranty obligations. EBIT return on sales amounted to 7.3 per cent (previous year: 7.5 per cent). The financial loss totalled €11.0 million (previous year: loss of €3.9 million) in the reporting period and was particularly influenced by the results from the measurement of the securities and derivatives in the special fund. As a result, earnings before taxes (EBT) from January to March 2022 was slightly down year-on-year at €66.9 million (€68.2 million). EBT return on sales (EBT ROS) came to 6.3 per cent (previous year: 7.1 per cent). Profit or loss amounted to €49.5 million (previous year: €50.1 million). Correspondingly, earnings per preferred share were €0.49 (previous year: €0.50).
As of 31 March 2022, net credit amounted to €95 million, primarily due to stockpiling to ensure the ability to make deliveries (31 December 2021: net credit of €222 million).
On 31 March 2022, there were 19,226 employees (31 March 2021: 18,212) in the Jungheinrich Group as measured in full-time equivalents. In light of increased capacity requirements in the plants in comparison with the same quarter of the previous year, there were 632 temporary workers at the end of the reporting period (31 March 2021: 335).
The statements made in the 2021 annual report regarding our expectations have not changed overall in the reporting period. We therefore confirm the forecast made for the 2022 financial year, as published in our ad hoc announcement on 24 March 2022 and the 2021 annual report. We have provided a detailed assessment of the expected development of the company in the current year in the 2021 annual report forecast report.
Jungheinrich Aktiengesellschaft The Board of Management
Jungheinrich AG Interim Statement as of 31 March 2022
6 May 2022 Interim statement as of 31 March 2022
10 May 2022 Virtual Annual General Meeting 2022
13 May 2022 Dividend payment
12 August 2022 Interim report as of 30 June 2022
11 November 2022 Interim statement as of 30 September 2022
Friedrich-Ebert-Damm 129 22047 Hamburg, Germany Phone: +49 40 6948-0 Fax: +49 40 6948-1777 [email protected] www.jungheinrich.com
ISIN DE0006219934, WKN 621993
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