Investor Presentation • Jan 1, 2023
Investor Presentation
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Hamburg, January 2023
General conditions 2
Key figures Q1–Q3 2022 & outlook
Strategy 2025+ 4
5
3
Additional information
Customer centricity – all services from a single source
One-brand strategy – Jungheinrich stands for quality across the entire product and service spectrum
Comprehensive, complete life cycle management
Measurable added value and tailored solutions for the customers
Electric counterbalanced trucks
Energy systems
Warehouse equipment
Fully automated systems
Partially automated systems
Manual systems
1)2021 financial year
At a glance General conditions Key figures & outlook Strategy 2025+ Additional information
Market & customers
Sources: Material handling equipment – WITS / FEM, Interact Analysis Global Forklift Market 2021; automation – Interact Analysis Warehouse Automation 2022
Business model
revenue in € billion
| >8,300 employees | 24/7 service & support |
|---|---|
| globally (~44 % of | expansion for |
| the total workforce) | automated systems |
| Expanding our expertise in the field of automation |
Artificial intelligence and big data for predictive maintenance |
Number of new trucks sold via financial services: > 40 %
| ~ € 6 billion |
|---|
| 32% |
| > € 500 million |
| 14.4% |
Values as of H1 2022
General conditions 2
Key figures Q1–Q3 2022 & outlook
Strategy 2025+ 4
5
3
Additional information
| 1 | 6 | |
|---|---|---|
| 2 | 7 | |
| 3 | 8 | |
| 4 | 9 | |
| 5 | 10 |
Sources: Top 20 Lift Truck Suppliers 2022 – Modern Materials Handling; Top 20 Systems Suppliers 2022 – Modern Materials Handling; KION annual report; Capital IQ
Supply chain Cybercrime Sustainability New energy systems
Supply chains successfully secured, despite extreme materials shortages
Consistent supplier risk management via daily monitoring of supply scopes, capacities, delivery times and routes – additional expansion with alternative suppliers and material portfolios
Stability in transport logistics and parts supply for production successfully guaranteed thanks to extensive procurement market management and supplier management
Continually positive management of the multiple crises
1 Jungheinrich at a glance
General conditions 2
Key figures Q1–Q3 2022 & outlook
Strategy 2025+ 4
5
3
Additional information
Business development satisfactory, despite ongoing challenges in supply of materials and considerable increases in cost of materials and logistics
Economic uncertainties remain severe as a result of Russia-Ukraine war
At € 3,397 million, revenue up 12 % against previous year; incoming orders on a par with previous year at € 3,594 million
Solid development in EBIT at € 266 million (previous year: € 258 million), slight decrease in EBIT-ROS to 7.8 % (previous year: 8.6 %)
At € −273 million, free cash flow markedly negative (previous year: € +137 million) due to sharp rise in working capital
Forecast for 2022 confirmed
Supply chain management remains successful under extremely difficult circumstances
22
(previous year: +89)
| 2022 forecast | September 20221 |
|---|---|
| in € billion Incoming orders |
4.6 to 4.9 |
| in € billion Revenue |
4.6 to 4.8 |
| in € million EBIT |
340 to 380 |
| EBIT ROS in % | 7.2 to 8.0 |
| EBT in € million |
305 to 345 |
| EBT ROS in % | 6.5 to 7.3 |
| in % ROCE |
14.0 to 17.0 |
| cash flow in € million Free |
significantly negative |
Largely intact supply chains and no considerable production interruptions
Serious production restrictions due to gas shortage cannot be ruled out
1 Ad-hoc announcement from 23/09/2022
1 Jungheinrich at a glance
General conditions 2
Key figures Q1–Q3 2022 & outlook
Strategy 2025+ 4
5
3
Additional information
2025 targets confirmed and expanded despite geopolitical challenges
Sources: Jungheinrich assumptions based on Interact Analysis (Warehouse Automation 2021), Interact Analysis (Mobile Robots 2021), LogisticsIQ, STIQ, MarketsandMarkets
Lower process costs, boost efficiency
Automated transport, storage and order picking, as skilled workers and forklift drivers are available in limited numbers
By 2030, up to 30 % of our global fleet of material handling equipment will be automated.
Top 10 Key Account
Increase process safety and transparency
| New | ||
|---|---|---|
| ISO 27001 | TISAX | |
| Successful certification |
Successful assessment for automotive customers |
New hybrid cloud foundation for global interconnectivity of people, machines and systems Digital real-time partnership with customers and partners with the highest degree of security and flexibility
Annual external cybersecurity maturity assessment
Realignment of the internal security organisation and set-up of the Security Operations Center 24/7
Completion of IT plant: end of 2023
Expansion into a cloud-based telematics platform
52 million data points per day
Available in 18 countries and further roll-out
2025: > 400,000 trucks digitally connected
Migration of all customers from former to new system scheduled for the end of 2023
Introduction of a new pricing schedule and new bundles (Finance, Access, Productivity, Safety and Safety Plus) from April 2022
Expansion of production network, production start mid-2023
Project budget around €60 million
37,000 square metres of production space, creation of more than 350 new jobs
Boosting production efficiency
Construction of one of the world's most cutting-edge manufacturing facilities for reach trucks with fully digitalised assembly line
Focus on sustainable production & efficiency, including cutting-edge paintwork line, heat pump, special insulation and rainwater utilisation system
IT services and development of digital products
Services related to software and hardware development
Purchasing for production and after-sales services, human resources and accounting services
Development of proportion of drive technologies
Jungheinrich strategic target: 70 % lithium-ion equipment ratio in 2025
Creating sustainable value
As a family company, we look back over generations. The focus on short-term profit corresponds neither to our corporate canon of values nor to our entrepreneurial identity.
Instead, we want to help shape the world where we all live and work in a positive way. As a sustainability enabler, our products & solutions contribute towards bringing about a sustainable transformation in intralogistics and helping our customers to achieve their climate targets.
Our commitment & engagement:
Climate-neutral operations by 2030 (Scope 1 & 2)
Boost revenue with sustainable products in line with the EU Taxonomy
Improvement of lost time injury rate to 12.5 by 2025
80 % of globally relevant procurement volume from sustainable suppliers by 2025
High ratings as proof of our sustainability initiatives EcoVadis / CDP / MSCI ESG Ratings / ISS ESG
Margin focus | Cash is king | Dividend continuity
Customer centricity | Lean processes | Easy to deal with
Creating value for all | Deep entrepreneurial anchorage | Contribution to society
The explanations in this presentation are forward-looking statements that are based on the company management's current expectations, assumptions and assessments for future developments. Such statements are subject to risks and uncertainty that are largely beyond the company's control. This includes changes in the overall economic situation, including impacts from geopolitical conflicts, debt issues, the further course of the Corona pandemic, within the intralogistics sector, in materials supply, the availability and price development of energy and raw materials, demand in important markets, developments in competition and regulatory frameworks and regulations, exchange and interest rates and the outcome of pending or future legal proceedings.
Should these or other uncertainties or unknown factors apply or the assumptions on which these statements are based prove false, actual results may deviate significantly from the results stated or implied. No responsibility is therefore taken for forward-looking statements. Without prejudice to existing capital market obligations, there is no intention nor do we accept any obligation to update forward-looking statements.
General conditions 2
Key figures Q1–Q3 2022 & outlook
Strategy 2025+ 4
5
3
Additional information
| 2017 | 2018 | 2019 | 2020 | 2021 | |
|---|---|---|---|---|---|
| Dividend yield preferred share in % | 1.3 | 2.2 | 2.2 | 1.2 | 1.5 |
| Market capitalisation in € million |
4,004 | 2,330 | 2,193 | 3,733 | 4,578 |
| Share price performance in % | 44 | –42 | –6 | 70 | 23 |
| Investment period | 10 years | 5 years |
|---|---|---|
| Investment date | 01/01/2012 | 01/01/2017 |
| Portfolio value at end of 2021 | €78,353 | €16,877 |
| Average return p. a. | 22.9% € | 11.1% € |
| Comparable return of German share indices p.a. |
||
| DAX | 10.1% | 6.5% |
| MDAX | 14.4% | 9.4% |
| SDAX | 13.9% | 11.2% |
Please note: based on an initial investment of €10 thousand and assuming that annual dividends received were reinvested in additional preferred shares
| Key figures for the share | 2017 | 2018 | 2019 | 2020 | 2021 |
|---|---|---|---|---|---|
| Earnings per preferred share | €1.80 | €1.73 | €1.75 | €1.49 | €2.62 |
| Dividend per preferred share | €0.50 | €0.50 | €0.48 | €0.43 | €0.68 |
| Total dividend distribution | €50 million | €50 million | €48 million | €43 million | €68 million |
| Distribution ratio | 28% | 28% | 27% | 28% | 26% |
| in € million | 2017 | 2018 | 2019 | 2020 | 2021 |
|---|---|---|---|---|---|
| Incoming orders | 3,560 | 3,971 | 3,922 | 3,777 | 4,868 |
| Group revenue | 3,435 | 3,796 | 4,073 | 3,809 | 4,240 |
| thereof Germany | 851 | 900 | 966 | 917 | 1,014 |
| thereof abroad | 2,584 | 2,896 | 3,107 | 2,892 | 3,226 |
| EBIT | 259 | 275 | 263 | 218 | 360 |
| EBIT ROS | 7.5% | 7.2% | 6.4% | 5.7% | 8.5% |
| ROCE1) | – | – | – | 10.8% | 20.2% |
| R&D expenditure | 77 | 84 | 86 | 89 | 102 |
| Capital expenditure2) | 88 | 106 | 157 | 75 | 71 |
1) EBIT for the Intralogistics segment in % of the segment's average capital employed
2) Property, plant and equipment and intangible assets without capitalised development expenditure and right-of-use assets
| in € million | 2017 | 2018 | 2019 | 2020 | 2021 |
|---|---|---|---|---|---|
| Equity ratio (Intralogistics) |
48% | 46% | 46% | 45% | 48% |
| Equity ratio (Group) |
30% | 29% | 28% | 29% | 31% |
| Net credit (–) /net debt (+) 1)2) |
7 | 108 | 172 | –194 | –222 |
| Tax ratio | 25% | 29% | 27% | 25% | 23% |
| Profit or loss | 182 | 176 | 177 | 151 | 267 |
| (FTE3)) Employees |
16,248 | 17,877 | 18,381 | 18,103 | 19,103 |
| thereof Germany | 6,962 | 7,378 | 7,635 | 7,577 | 7,995 |
| thereof abroad | 9,286 | 10,499 | 10,746 | 10,526 | 11,108 |
| Dividend per preferred share | €0.50 | €0.50 | €0.48 | €0.43 | €0.68 |
1) Net debt = financial liabilities – cash and cash equivalents and securities
2) Determined according to accounting changes as of 01/01/2019 (IFRS 16 "Leases"). (Values from the previous year have not been adjusted.)
3) In full-time equivalents, always on 31/12
Dr Lars Brzoska Chairman of the Board of Management
2014–today Jungheinrich AG
2010–2014 Terex Material Handling & Port Solutions AG | Board of Management
2003–2010 Gildemeister AG | Managing Director
Christian Erlach Member of the Board of Management Sales
2007–today Jungheinrich AG
2001–2007 ONE GmbH, Austria | Head of Direct Sales
1985–2001 Kerion Fördermittel Ges. m.b.H. | Head of Sales
Dr Volker Hues Member of the Board of Management Finance
2009–today Jungheinrich AG
2000–2009 CWS-boco International GmbH | CFO
1998–2000 boco Group | CFO
1990–1998 Franz Haniel & Cie. | Investment controlling
Sabine Neuß Member of the Board of Management Technics
2020–today Jungheinrich AG
2018–2019 Kelvion Holding GmbH | COO
2016–2018 KION Group AG | Head of Production Systems
2013–2018 Linde Material Handling GmbH (KION Group AG) | COO TRW Automotive
2010–2013 Safety Systems GmbH | Managing Director, Product line manager
| Basic | Short-term | Long-term |
|---|---|---|
| remuneration | variable remuneration | variable remuneration |
| Fixed ~40 to 50 %, non-performance related remuneration paid as monthly payments Ancillary benefits (~1 to 5 %): Primarily company car and insurance policies Pension (~5 to 15 %): Defined benefit commitment for existing members and generally fixed annual maintenance payment for newly appointed members |
Target bonus (~15 to 25%) 45 % Group EBT return on sales 35 % Increase in Group revenue 20 % Lithium-ion equipment ratio Discretionary factor: 0.8 to 1.2 Payment limit: 150 % of target amount Term: 1 year |
Virtual performance share plan (~20 to 30 %) 60 % Return on capital employed (ROCE) 20 % Relative total shareholder return (TSR) compared with an individual peer group 20 % sustainability target Discretionary factor: 0.8 to 1.2 Payment limit: 180 % of target amount Term: 3 years |
| Date | Events |
|---|---|
| 31/03/2023 | Balance sheet press conference (virtual) |
| 31/03/2023 | Analyst conference (virtual) |
| 08/05/2023 | Interim statement as of 31/03/2023 |
| 11/05/2023 | Annual General Meeting |
| 16/05/2023 | Dividend payment |
| 10/08/2023 | Interim report as of 30/06/2023 |
| 10/11/2023 | Interim statement as of 30/09/2023 |
Andrea Bleesen Head of Corporate Investor Relations
Jungheinrich Aktiengesellschaft Friedrich-Ebert-Damm 129 22047 Hamburg Germany
Tel.: +49 (0)40 6948 3407
[email protected] www.jungheinrich.com
Subscribed capital: €102 million subdivided into 54,000,000 no-par-value ordinary shares 48,000,000 no-par-value preferred shares (listed)
Securities identification numbers (preferred shares):
ISIN: DE0006219934 WKN: 621 993
Stock exchanges: Frankfurt and Hamburg and all other German stock exchanges
Segment: Prime Standard Sector: Industry Stock index: MDAX
Ticker: Reuters JUNG_p.de Bloomberg JUN3 GR
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