Quarterly Report • Nov 8, 2007
Quarterly Report
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Material handling equipment market posts strong growth
Production output at high level
Net sales record continued growth
Earnings up again
| Q3 | Q3 | Change | Q1-Q3 | Q1-Q3 | Change | Year | ||
|---|---|---|---|---|---|---|---|---|
| Jungheinrich Group | 2007 | 2006 | in % | 2007 | 2006 | in % | 2006 | |
| Incoming orders | million € | 527 | 474 | 11.2 | 1,568 | 1,399 | 12.1 | 1,864 |
| Net sales | ||||||||
| Germany | million € | 110 | 114 | -3.5 | 359 | 333 | 7.8 | 464 |
| Abroad | million € | 370 | 335 | 10.4 | 1,076 | 916 | 17.5 | 1,284 |
| Total | million € | 480 | 449 | 6.9 | 1,435 | 1,249 | 14.9 | 1,748 |
| Foreign ratio | % | 77 | 75 | – | 75 | 73 | – | 73 |
| Orders on hand (9/30) | million € | 384 | 313 | 22.7 | 263 | |||
| Capital expenditures1 | million € | 11 | 10 | 10.0 | 33 | 33 | 0.0 | 52 |
| Earnings before interest | ||||||||
| and taxes (EBIT) | million € | 33.0 | 29.4 | 12.2 | 95.2 | 79.8 | 19.3 | 118 |
| EBIT return on sales (ROS) | % | 6.9 | 6.5 | – | 6.6 | 6.4 | – | 6.8 |
| Earnings before taxes (EBT) million € | 32.7 | 29.3 | 11.6 | 94.5 | 80.0 | 18.1 | 118 | |
| Net income | million € | 16.7 | 16.3 | 2.5 | 52.0 | 49.4 | 5.3 | 67 |
| Earnings per share | € | 0.49 | 0.48 | 2.1 | 1.53 | 1.45 | 5.5 | 1.96 |
| Employees (9/30) | ||||||||
| Germany | 4,713 | 4,555 | 3.5 | 4,568 | ||||
| Abroad | 5,310 | 4,652 | 14.1 | 4,706 | ||||
| Total | 10,023 | 9,207 | 8.9 | 9,274 |
1 Tangible and intangible assets excluding capitalized development costs.
The Jungheinrich Group continued the course for profitable growth it was on in the first half of 2007, bringing the third quarter of the year to a successful conclusion. Incoming orders and net sales posted further year–on–year growth in the third quarter of 2007 as well, with earnings recording yet another improvement. Our business trend benefited from the fact that the economic and market environment for material handling equipment remained stable as well as from the high level of production output. Our plants' reengineered manufacturing processes are increasingly showing effects. Markets of significance to Jungheinrich—led by Europe—proved robust, despite the high level of energy and raw material prices.
Jungheinrich's share price displayed mixed developments in the third quarter of 2007. The positive trend witnessed in the second quarter of 2007 continued at the beginning of the period under review, leading to another all–time high of €32.35 on July 12, 2007. However, substantial profit–taking set in over the remainder of the quarter, causing significant markdowns. Following this, Jungheinrich shares entered the downward spiral resulting from the general uncertainty concerning the impact of the US mortgage crisis. This led to considerable fluctuations. Positive responses from the capital market to the interim report published for the period ended June 30, 2007, in August had a stabilizing effect. On September 28, 2007, the Jungheinrich share was quoted at €31.75–slightly up on its listing at the mid–year point. Year to date, its performance was 37 per cent better compared to its closing price at the end of 2006 (€23.10). At the same time, the German Stock Index (DAX) gained 19 per cent, while the German SDAX small–cap index advanced by a mere 3 per cent.
1 According to WITS (World Industrial Truck Statistics).
| Warehousing equipment | Counterbalanced trucks | |||
|---|---|---|---|---|
| 1/1 - 9/30/2006 | 139.9 | 119.2 | 259.1 | |
| 1/1 - 9/30/2007 | 161.3 | 144.8 | 306.1 | |
1 According to WITS (World Industrial Truck Statistics). 2 Incl. Turkey
| in thousand units | Q1 - Q3 2007 | Q1 - Q3 2006 |
|---|---|---|
| Europe (incl. Turkey) | 306.1 | 259.1 |
| North America | 140.1 | 159.3 |
| Asia | 200.8 | 175.2 |
| World | 695.9 | 632.2 |
The favourable cyclical trend in the material handling equipment sector continued in the third quarter of 2007. Global demand for material handling equipment rose 8 per cent. Cumulatively, the world market had expanded by 10 per cent to 695.9 thousand units after the first nine months (prior year: 632.2 thousand units). As before, Europe recorded the largest gain following the first three quarters, growing by 18 per cent to 306.1 thousand trucks (prior year: 259.1 thousand units). Eastern Europe, which substantially benefited from Russia's dynamic development, recorded a gain of 44 per cent, again clearly outstripping the momentum displayed in Western Europe, which expanded by about 14 per cent. Strong stimuli outside Europe came from Asia, which posted nearly 15 per cent growth over the course of the year. Posting an increase of approximately 21 per cent, China proved to be the Asian market's growth driver yet again. The North American market was still on the decline, experiencing a drop of 12 per cent, with the downward trend weakening again in the third quarter of 2007. Warehousing equipment, which posted moderate growth in the third quarter of 2007, accounted for a total of 8 per cent of the world market's expansion, while counterbalanced trucks accounted for 11 per cent. The Jungheinrich Group fully partook of the market's growth in the third quarter of 2007. This slightly improved the company's share of the hotly contested global market for material handling equipment compared with the first half of 2007.
| Q1 - Q3 2007 | Q1 - Q3 2006 | ||
|---|---|---|---|
| Incoming orders | million € | 1,568 | 1,399 |
| Production | thousand units | 62.3 | 56.0 |
| Orders on hand (9/30) | million € | 384 | 313 |
| Net sales | million € | 1,435 | 1,249 |
The Jungheinrich Group's business volume increased markedly from January to September of 2007. Production output from the company's German manufacturing sites rose considerably. Available production capacity is higher now, thanks to the completion of the manufacturing process reengineering phase in Norderstedt, Germany. After nine months, production output amounted to over 62 thousand forklift trucks (prior year: 56 thousand units), surpassing the year–earlier figure by 11 per cent.
1/1 - 9/30/2006 1,399 1/1 - 9/30/2007 1,568
Incoming orders in million €
In the third quarter of 2007, incoming orders in new truck business in terms of units were slightly down year on year. This was largely due to the surge in orders received in September of 2006 resulting from an advance effect caused by the price increase implemented as of October 1, 2006. However, in the third quarter of 2007, the value of incoming orders, which comprises all divisions, rose by 11 per cent to €527 million (prior year: €474 million). Incoming orders rose by a cumulative 12 per cent to €1,568 million (prior year: €1,399 million).
Orders on hand in new truck business continued to rise in the third quarter and totalled €384 million as of September 30, 2007. They were thus 23 per cent higher than the €313 million achieved in the corresponding period last year. The rise compared to the value at the end of 2006 (€263 million) amounted to €121 million, or 46 per cent. The reach of orders on hand was extended to a good four months. In light of the increase in production and sales targeted in the fourth quarter, the high level of orders on hand is likely to decrease somewhat at the end of the year.
In the third quarter of 2007, net sales rose by some 7 per cent to €480 million (prior year: €449 million). The growth rate slowed considerably compared with the first half of 2007. This effect stems from the significant increase in output that started in the second half of 2006 when production was given priority over the further reengineering of manufacturing processes. Cumulative consolidated net sales after nine months amounted to €1,435 million, surpassing the €1,249 million achieved a year earlier by roughly 15 per cent. All of the divisions contributed to this growth in sales. New truck operations made the single–largest contribution, climbing 19 per cent, followed by the short–term hire and used equipment business, which advanced approximately 15 per cent. After–sales services, which constantly benefit from the rising market penetration, posted a gain of 7 per cent. By September 30, 2007, the foreign ratio of consolidated net sales had risen to 75 per cent (prior year: 73 per cent). The high level of orders on hand provides a robust basis for the sales trend in the fourth quarter of 2007.
Earnings trend of the Jungheinrich Group
| in million € | Q3 2007 | Q3 2006 | Q1 - Q3 2007 | Q1 - Q3 2006 |
|---|---|---|---|---|
| Earnings before interest and taxes (EBIT) | 33.0 | 29.4 | 95.2 | 79.8 |
| Earnings before taxes (EBT) | 32.7 | 29.3 | 94.5 | 80.0 |
| Income taxes | 16.0 | 13.0 | 42.5 | 30.6 |
| Net income | 16.7 | 16.3 | 52.0 | 49.4 |
In the third quarter of 2007, the Jungheinrich Group's earnings trend benefited from higher production output across all plants. Factors depressing earnings, such as the persistently high price of raw materials and the competition–induced pressure on prices in new truck business, were more than offset by this. Earnings before interest and taxes (EBIT) in the third quarter of 2007 improved by 12 per cent to €33.0 million (prior year: €29.4 million). The corresponding return on sales climbed to 6.9 per cent (prior year: 6.5 per cent). By the end of the first nine months, operating income had advanced to €95.2 million (prior year: €79.8 million). The corresponding return on sales improved to 6.6 per cent (prior year: 6.4 per cent). Net income generated in the third quarter of 2007 recorded a marginal increase, rising to €16.7 million (prior year: €16.3 million). The small gain is due to the considerable increase in the tax ratio, which resulted from valuation changes occasioned by the German corporate tax reform that will take effect in 2008. Net income for the first nine months climbed to €52.0 million (prior year: €49.4 million). Since the tax ratio was much lower last year, the overall rise in net income was low as well, amounting to 5 per cent. Accordingly, third– quarter earnings per share were up to €0.49 (prior year: €0.47) recording a cumulative rise to €1.53 (prior year: €1.45) on the back of 34.0 million shares.
| Asset and capital structure | ||
|---|---|---|
| in million € | 9/30/2007 | 12/31/2006 |
| Assets | ||
| Non–current assets | 972 | 883 |
| Inventories | 267 | 204 |
| Other current assets | 510 | 490 |
| Liquid assets and securities | 231 | 236 |
| Balance sheet total | 1,980 | 1,813 |
| Shareholders' equity and liabilities | ||
| Shareholders' equity | 523 | 485 |
| Non–current liabilities | 784 | 736 |
| Current liabilities | 673 | 592 |
| Balance sheet total | 1,980 | 1,813 |
Asset and financial position
From January to September of 2007, the Jungheinrich Group's asset and financial positions were characterized by the significant expansion of the Group's business and the continued improvement of its earnings trend. In this context, one must take into account the fact that almost half the rise in the balance sheet total by €167 million to €1,980 million was attributable to the expansion of the basis of consolidation by 11 companies. This primarily affected the increase in trucks for short–term hire, inventories and receivables and—on the liabilities side—the rise in financial liabilities. Non–current assets advanced by €89 million to €972 million (December 31, 2006: €883 million) mainly as a result of the expansion of the short–term hire and financial services businesses. Capital expenditures on tangible and intangible assets—excluding capitalized development costs—amounted to €33 million as of September 30, 2007, and were thus on par with the year–earlier level. The lion's share was allocable to capital expenditures on production plants, including measures to reengineer manufacturing at the Norderstedt site. In addition, Jungheinrich invested in the continued expansion of its European sales companies. Driven by demand and production, inventories were up €63 million to €267 million (December 31, 2006: €204 million). The development of shareholders' equity was marked by the improved earnings trend on the one hand, and by the dividend payment for the 2006 financial year on the other. Owing to the increase in the balance sheet total, the equity ratio slipped to 26 per cent from 27 per cent at the end of 2006. The €48 million rise in non–current liabilities stemmed from the expansion of the financial services business. The €81 million increase in current liabilities was due to the expansion of the financial services business, the rise in current provisions owing to the cut–off date, and the growth in financial liabilities resulting from the expansion of the basis of consolidation.
| 2006 | |
|---|---|
| 1/1 - 9/30 | 1/1 - 9/30 |
| 52 | 49 |
| 97 | 89 |
| -105 | -63 |
| 16 | -67 |
| 60 | 8 |
| -39 | -36 |
| -28 | -40 |
| -7 | -68 |
| 2007 |
As of September 30, 2007, cash flows from operating activities amounted to €60 million compared with the €8 million recorded in the same period last year. The significant rise in funds tied up in the short–term hire and financial services business (-€42 million) was more than offset by cash flows from other changes (+€83 million). Among the material deviations in this item from the prior year were the accrual of provisions and liabilities relating to value added taxes and social security contributions due to the cut–off date as well as the accelerated growth of refinancing in the financial services business. Cash flows from investing activities in the first nine months of the year came in at -€39 million (prior year: -€36 million). Cash flows from financing activities amounted to -€28 million (prior year: -€40 million) and stemmed from the decrease in liabilities due to banks and financial loans as well as the dividend payment made in June totalling €17.3 million (prior year: €16.3 million).
| in million € | 2007 | 2006 |
|---|---|---|
| 1/1 - 9/30 | 1/1 - 9/30 | |
| Total research and development costs | 30.2 | 31.9 |
| Thereof capitalized development costs | 7.7 | 6.9 |
| Capitalization ratio | 25.4 % | 21.6 % |
| Amortization of capitalized development costs | 5.6 | 5.2 |
| Research and development costs according to the income statement | 28.1 | 30.2 |
The Jungheinrich Group maintained the high level of intensity of its research and development work in the third quarter of 2007. New products in all segments, which were presented at an international trade press event in September 2007, impressively underscored Jungheinrich's position among the world's leading suppliers in the fields of material handling, warehousing and material flow technology. By the end of the first nine months, research and development costs amounted to €30 million (prior year: €32 million). A major focal point of activity was the updating of the varied product range in order to adapt to the new manufacturing and assembly techniques used in the production plants. Modularizing vehicle designs plays a key role in this respect. Due to the large number of newly engineered products, the capitalization ratio increased from 22 per cent to 25 per cent. Research and development costs according to the income statement thus declined to €28 million (prior year: €30 million).
The Jungheinrich Group enlarged its labour force in the third quarter, with personnel figures exceeding the 10,000 mark for the first time. As of September 30, 2007, the Group's employee headcount was up over 800 to 10,023 (prior year: 9,207). More than 450 staff members contributing to this growth were added as a result of the expansion of the basis of consolidation effective January 1, 2007. As of the reporting cut– off date, 4,713 staff members (47 per cent) worked in Germany, and 5,310 people (53 per cent) worked abroad. Compared with the end of 2006 (9,274 employees), the workforce grew by some 300 positions, excluding the newly consolidated companies. The greatest advantage was taken by the expansion of sales companies outside Germany, with German production benefiting to a lesser degree.
Dr. Erich Kirschneck, the member of the Board of Management in charge of technology, will leave Jungheinrich effective December 31, 2007. In line with the company's age–based succession plan, Dr. Klaus–Dieter Rosenbach was appointed his successor as of January 1, 2008, by the Supervisory Board. Dr. Rosenbach is currently the manager of Jungheinrich's Norderstedt plant.
Due to its international business activities in the fields of material handling, warehousing, and material flow technology and its expansion into new markets, the Jungheinrich Group is naturally exposed to a large number of risks. Experience the company has amassed relating to its core markets and products forms a solid basis for assessing risks in a very reliable manner.
For information on the assessment of risks broken down by category, reference is made to the risk report in the Group management report for the period ending on December 31, 2006. Jungheinrich was not exposed to any material risks going above and beyond the risks described in detail in the 2006 annual report since it was published. Temporary supply bottlenecks may be experienced in the fourth–quarter reporting period if supplier component production is unable to keep up with the strong demand. As before, the strong rise in raw material prices, which is increasingly making itself felt as the year progresses, places the greatest burden on the company's earnings development.
No transactions or events of major importance to the Jungheinrich Group occurred after the end of the third quarter of 2007.
We expect to see a marginal decline in growth momentum and stable economic and sectoral conditions and the Jungheinrich Group to continue its positive business and earnings trend for the remaining course of the year. It is impossible to quantify the effects the US mortgage crisis will have on the world economy's future development or the direct or indirect impact this may have on the material handling equipment sector. Despite this uncertainty, we anticipate that the world market for material handling equipment will expand to approximately 940 thousand forklifts (prior year: 855 thousand units), although demand in North America is expected to decline by some 10 per cent and has weakened in the interim. This
corresponds to an advance of approximately 10 per cent. The European and Asian markets recorded unit increases of over 15 per cent and around 15 per cent, respectively. This is likely to open up additional sales opportunities. We expect our business volume to continue to grow in the fourth quarter, following the positive development experienced in the first nine months. In sum, we anticipate that we will increase incoming orders to over €2 billion (prior year: €1.86 billion) for fiscal 2007 as a whole. Building on this and an expected continued rise in production volume, which takes the planned reduction of orders on hand into consideration, we anticipate that consolidated net sales will rise by 14 per cent to some €2 billion (prior year: €1.75 billion).
Besides the cyclically–induced rise in demand, the reengineered manufacturing processes at our Norderstedt site, which resulted in gains in production capacity and significant progress in terms of productivity, will have an increasingly positive effect on the development of earnings in the fourth quarter of 2007. However, this earnings growth is still contrasted by the adverse effects of raw material prices and persistently fierce price–on–price competition. The latter is likely to intensify through the acquisition of warehousing technology specialist Atlet (Sweden) by the competitor Nissan (Japan). Nevertheless, we expect the Jungheinrich Group's upward earnings trend to continue over the remaining course of the year. Although the strong sales growth in the new truck business will go hand in hand with a certain decline in margins, we are confident of being able to achieve a return that is on par with last year's level.
We are accelerating the establishment and expansion of the global direct sales network, which is a focal point of Jungheinrich's investing activity tailored to Europe's and Asia's key growth regions. Furthermore, our attention in Europe is even more focused on expanding our counterbalanced truck operations. A first cornerstone was laid by developing a new forklift truck featuring a hydrostatic drive train. In addition, we are nearing the further expansion of our mail–order business.
The new corporate structure, which has been aligned to optimize growth and competitiveness and will be introduced retroactively as of January 1, 2007, is in its implementation phase.
Unforeseen developments may cause the actual business trend to deviate from expectations, which are based on assumptions and estimates made by Jungheinrich company management. Factors that can lead to such deviations include changes in the economic and business environment, exchange and interest rate fluctuations, and the introduction of competing products.
| 2007 | 2006 | 2007 | 2006 | |
|---|---|---|---|---|
| 7/1 - 9/30 | 7/1 - 9/30 | 1/1 - 9/30 | 1/1 - 9/30 | |
| in million € | in million € | in million € | in million € | |
| Net sales | 479.8 | 448.9 | 1,434.8 | 1,249.0 |
| Cost of sales | 338.3 | 319.6 | 1,020.0 | 880.2 |
| Gross profit on sales | 141.5 | 129.3 | 414.8 | 368.8 |
| Selling expenses | 91.2 | 80.9 | 269.9 | 241.5 |
| Research and development costs | 9.9 | 9.6 | 28.1 | 30.2 |
| General administrative expenses | 7.8 | 8.4 | 19.0 | 19.9 |
| Other operating income and expenses | 0.4 | -1.0 | -2.6 | 2.6 |
| Earnings before interest and taxes (EBIT) | 33.0 | 29.4 | 95.2 | 79.8 |
| Financial income (loss) | -0.3 | -0.1 | -0.7 | 0.2 |
| Earnings before taxes (EBT) | 32.7 | 29.3 | 94.5 | 80.0 |
| Income taxes | 16.0 | 13.0 | 42.5 | 30.6 |
| Net income | 16.7 | 16.3 | 52.0 | 49.4 |
| Earnings per share in € | 0.49 | 0.48 | 1.53 | 1.45 |
| 2007 | 2006 | |
|---|---|---|
| 1/1 - 9/30 | 1/1 - 9/30 | |
| in million € | in million € | |
| Net income | 52.0 | 49.4 |
| Depreciation and amortization | 97.0 | 89.4 |
| Changes in provisions | 32.5 | 25.0 |
| Changes in trucks for short–term hire and trucks for lease (excl. depreciation) | -105.4 | -63.4 |
| Changes in deferred tax assets and liabilities | 6.8 | 0.1 |
| Changes in | ||
| Inventories | -49.7 | -50.7 |
| Trade accounts receivable | 8.4 | -2.0 |
| Receivables from financial services | -45.0 | -34.5 |
| Trade accounts payable | -4.5 | 2.5 |
| Liabilities from financial services | 71.1 | 20.4 |
| Other changes | -3.6 | -28.1 |
| Cash flows from operating activities | 59.6 | 8.1 |
| Payments for investments in tangible and intangible assets | -40.8 | -41.5 |
| Proceeds from the disposal of tangible and intangible assets | 1.4 | 5.3 |
| Cash flows from investing activities | -39.4 | -36.2 |
| Dividends paid | -17.3 | -16.3 |
| Changes in liabilities due to banks and financial loans | -10.6 | -23.2 |
| Cash flows from financing activities | -27.9 | -39.5 |
| Net cash changes in cash and cash equivalents | -7.7 | -67.6 |
| Changes in cash and cash equivalents due to exchange rates and the basis of consolidation | 3.6 | – |
| Changes in cash and cash equivalents | -4.1 | -67.6 |
| Cash and cash equivalents as of 1/1 | 235.5 | 274.4 |
| Cash and cash equivalents as of 9/30 | 231.4 | 206.8 |
| Subscribed | Capital | Retained | Accumulated other comprehensive | Total | ||
|---|---|---|---|---|---|---|
| capital | reserve | earnings | income (loss) | |||
| Currency translation adjustment |
Derivative financial instruments |
|||||
| in million € | ||||||
| As of 1/1/2006 | 102.0 | 78.4 | 251.9 | 4.5 | -0.1 | 436.7 |
| Net income | ||||||
| 1/1 - 9/30/2006 | – | – | 49.4 | – | – | 49.4 |
| Dividend for the previous year | – | – | -16.3 | – | – | -16.3 |
| Other changes | – | – | -0.6 | -1.2 | -0.4 | -2.2 |
| As of 9/30/2006 | 102.0 | 78.4 | 284.4 | 3.3 | -0.5 | 467.6 |
| As of 1/1/2007 | 102.0 | 78.4 | 301.6 | 3.7 | -0.9 | 484.9 |
| Net income 1/1 - 9/30/2007 |
– | – | 52.0 | – | – | 52.0 |
| Dividend for the previous year | – | – | -17.3 | – | – | -17.3 |
| Other changes | – | – | – | 1.9 | 1.5 | 3.4 |
| As of 9/30/2007 | 102.0 | 78.4 | 336.3 | 5.6 | 0.6 | 523.0 |
| Assets | 9/30/2007 | 12/31/2006 |
|---|---|---|
| in million € | in million € | |
| Non–current assets | ||
| Intangible and tangible assets | 278.0 | 265.7 |
| Trucks for short–term hire | 190.5 | 149.2 |
| Trucks for lease from financial services | 155.2 | 147.3 |
| Receivables from financial services | 274.0 | 238.9 |
| Financial and other non–current assets | 21.5 | 23.4 |
| Deferred tax assets | 52.9 | 57.9 |
| 972.1 | 882.4 | |
| Current assets | ||
| Inventories | 266.7 | 203.7 |
| Trade accounts receivable | 359.3 | 361.4 |
| Receivables from financial services | 110.6 | 100.7 |
| Other current assets | 39.9 | 28.9 |
| Liquid assets and securities | 231.4 | 235.5 |
| 1,007.9 | 930.2 | |
| 1,980.0 | 1,812.6 | |
| Shareholders' equity and liabilities Shareholders' equity |
523.0 | 484.9 |
| Non–current liabilities | ||
| Provisions for pensions and similar obligations | 162.4 | 160.6 |
| Financial liabilities | 132.4 | 134.8 |
| Liabilities from financial services | 351.8 | 300.6 |
| Deferred income | 70.0 | 73.7 |
| Other non–current liabilities | 67.8 | 65.8 |
| 784.4 | 735.5 | |
| Current liabilities | ||
| Other current provisions | 157.2 | 124.9 |
| Financial liabilities | 139.6 | 129.7 |
| Liabilities from financial services | 142.6 | 122.7 |
| Trade accounts payable | 96.9 | 98.6 |
| Deferred income | 44.0 | 45.3 |
| Other current liabilities | 92.3 | 71.0 |
| 672.6 | 592.2 | |
| 1,980.0 | 1,812.6 |
The consolidated financial statements of Jungheinrich AG as of December 31, 2006, were prepared in accordance with the International Financial Reporting Standards (IFRS) and their interpretations by the International Financial Reporting Interpretations Committee (IFRIC) effective as of the balance sheet date. Accordingly, these interim consolidated financial statements for the period ending on September 30, 2007, were prepared in compliance with IAS 34. These interim consolidated financial statements were neither audited, nor subjected to an audit–like examination.
The accounting and measurement methods applied in the interim financial statements as of September 30, 2007, and the determination of prior–year figures were unchanged compared with those applied in the consolidated financial statements as of December 31, 2006. These principles are described in detail in the notes to the consolidated financial statements in Jungheinrich's annual report for fiscal 2006.
The basis of consolidation was unchanged from the second quarter of 2007 and includes 43 foreign and 8 German companies. Three companies have been stated on the balance sheet through application of the equity method.
The Board of Management of Jungheinrich AG acts and makes decisions with overall responsibility for all the divisions of the Group. The economic key figures and reports submitted monthly to the entire management board are oriented to inter–divisional control variables.
None of the Jungheinrich Group's business or geographical areas can be demarcated due to a difference in risks and returns, making Jungheinrich a single–segment company in its core business. Therefore, there is no need to present detailed information in the primary reporting format set forth in IAS 14.
Related parties as defined in IAS 24 are individuals and enterprises that can be materially influenced by the reporting company or are capable of exerting a material influence on the company.
Jungheinrich AG's major ordinary shareholders are LJH–Holding GmbH and WJH–Holding GmbH, both of which are headquartered in Wohltorf (Germany).
In addition to the subsidiaries included in the consolidated financial statements, Jungheinrich Aktiengesellschaft has relations to joint ventures and other associated companies. All business relations with these companies are maintained at arm's length conditions.
Members of the Board of Management and Supervisory Board of Jungheinrich AG are members of supervisory boards or comparable committees of other companies with which Jungheinrich AG has relations as part of its operating activities. All business transactions with these companies are carried out at arm's length conditions with third parties.
Hamburg, November 8, 2007
Jungheinrich Aktiengesellschaft The Board of Management
Hans–Georg Frey Dr. Erich Kirschneck Dr. Helmut Limberg Dr. Michael Lüer
Jungheinrich Aktiengesellschaft Am Stadtrand 35 22047 Hamburg, Germany Telephone: +49 40 6948-0 Fax: +49 40 6948-1777 Internet: http://www.jungheinrich.com E-mail: [email protected]
Securities identification numbers: ISIN: DE0006219934, WKN: 621993
| Balance sheet press conference | April 9, 2008 |
|---|---|
| Analyst conference | April 10, 2008 |
| Interim report as of 3/31/2008 | May 14, 2008 |
| 2008 Annual General Meeting | June 10, 2008 |
| Interim report as of 6/30/2008 | August 14, 2008 |
| Interim report as of 9/30/2008 | November 13, 2008 |
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