Jungheinrich AG

Quarterly Report • May 12, 2010

Interim report as of March 31, 2010

Material handling equipment market recovers Incoming orders pick up Production output higher year on year Net sales stabilize Successful return to profitability

Jungheinrich Group at a glance

		Q1 2010	Q1 2009	Change in %	Year 2009
Incoming orders	million €	433	405	6.9	1,654
Net sales
Germany	million €	105	118	– 11.0	466
Abroad	million €	282	295	– 4.4	1,211
Total	million €	387	413	– 6.3	1,677
Foreign ratio	%	73	71	–	72
Orders on hand (03/31)	million €	243	231	5.2	208
Capital expenditures 1	million €	3	14	– 78.6	46
Earnings before interest and taxes (EBIT)	million €	12.0	– 2.8	528.6	– 71.7
EBIT return on sales (ROS)	%	3.1	– 0.7	–	– 4.3
Earnings before taxes (EBT)	million €	11.5	– 3.1	471.0	– 74.5
Net income (loss)	million €	8.3	– 3.6	330.6	– 55.2
Earnings per preferred share	€	0.28	– 0.08	450.0	– 1.59
Employees (03/31)
Germany		4,662	4,884	– 4.5	4,793
Abroad		5,406	5,765	– 6.2	5,473
Total		10,068	10,649	– 5.5	10,266

1 Tangible and intangible assets excluding capitalized development costs.

Jungheinrich share—capital market-oriented key data

	03/31/2010	03/31/2009	12/31/2009
€ Earnings per preferred share	0.28	– 0.08	– 1.59
€ Shareholders' equity per share	16.31	18.13	16.08
Closing quotation1 €	17.27	8.05	13.40
Market capitalization million €	587.2	273.7	455.6
PER 2 factor (based on closing quotation)	18.0	negative	negative
Number of shares 3 millions	34.0	34.0	34.0

1 Closing quotation on Xetra, Frankfurt, Germany.

2 Price-earnings ratio. 3 Of which 16.0 million are preferred shares and 18.0 million are ordinary shares.

Dear Shareholders,

The Jungheinrich Group emerged from the economic crisis stronger than before and got off to a good start to the 2010 financial year.

The first quarter of 2010 saw the world economy continue to recover, with varying degrees of dynamism from one region to the next. The material handling equipment industry was among the sectors benefiting from this, displaying strong growth—especially in emerging sales regions—compared to the relatively low market volume a year earlier. Jungheinrich's new truck business was revived in line with this development, although market expansion in Europe was moderate. The Jungheinrich Group returned to profitability in the first quarter of 2010 on the back of a surge in earnings.

The Jungheinrich share

The upward trend on national and international stock markets witnessed last year continued at the beginning of 2010. German share indices temporarily gained ground, before slipping considerably, drawn in by the downward spiral of persistent uncertainty surrounding the future development of financial markets and the economy. Positive economic data and the relief in reaction to the solution to the Greek state debt determined developments on stock markets thereafter, triggering a renewed upward trend. Able to decouple itself from the general trend in this volatile stock market environment, Jungheinrich's share price posted a significant improvement, achieving its preliminary high for the year of € 15.70 on January 15, 2010. Thereafter, Jungheinrich's stock market quotation subsequently stabilized between € 14 and € 15. Afterwards, our share price remained above the € 15 mark, hitting a number of new highs for the year. Preliminary business data published in the 2009 financial statements on March 19, 2010 caused several financial analysts to raise their Jungheinrich share price targets. Stock market turnover increased substantially, and the upward share-price trend continued. On March 31, 2010, the Jungheinrich share was listed at € 17.27, reaching a new high for the year and thus gaining in value by 28.9 per cent in the first quarter of 2010 (closing quotation on December 31, 2009: € 13.40). The DAX was up 3.3 per cent to 6,154 points in the same period. The SDAX gained 9.8 per cent in value, rising to 3,896 points.

1 All figures are indexed to Jungheinrich's share price.

In view of the negative business performance in the 2009 fiscal year that just ended, the Board of Management and the Supervisory Board will propose to the Annual General Meeting on June 15, 2010 that ordinary shareholders not receive a dividend (prior year: € 0.49 per ordinary share) and that preferred shareholders receive the minimum dividend of € 0.12 per preferred share set forth in the articles of incorporation (prior year: € 0.55).

Interim group management report

General conditions

General economic situation

Economic growth of selected economic regions

Gross domestic product in %

	Forecast
Region	2010	2009
World	3.9	– 0.8
USA	2.8	– 2.4
China	9.5	8.7
Eurozone	1.0	– 4.0
Germany	1.8	– 5.0

Source: Commerzbank & IWF (as of March 2010).

The global economy continued to recover with varying degrees of dynamism from one region to the next in the first quarter of 2010. However, there is no sign of a strong, self-sustaining worldwide upturn as of yet. The material handling equipment sector's business cycle benefited from the improved framework conditions, posting significant growth above all in emerging sales regions such as Asia and Latin America, primarily driven by countries like China and Brazil. In contrast, the sectoral economy in Europe—Jungheinrich's most important sales region—still lacks momentum.

Worldwide market volume of material handling equipment in thousand units Warehousing equipment Counterbalanced trucks 54.9 66.0 Q1 2009 120.9 65.6 110.1 Q1 2010 175.7

Source: WITS (World Industrial Truck Statistics).

Market volume of material handling equipment in Europe in thousand units Warehousing equipment Counterbalanced trucks

Source: WITS (World Industrial Truck Statistics), including Turkey.

Development of the market for material handling equipment

Market volume of material handling equipment in thousand units
	Q1	Q1
Region	2010	2009
World	175.7	120.9
Europe (incl. Turkey)	59.2	51.5
North America	28.2	22.6
Asia	72.4	39.0
Other regions	15.9	7.8

The stabilization of the market observed in the fourth quarter of 2009 continued in the first quarter of 2010. Worldwide demand for material handling equipment climbed 45 per cent from the small market volume witnessed in the year-earlier period to 175.7 thousand trucks (prior year: 120.9 thousand units). All regions contributed to this increase, albeit displaying differing growth rates. Asia recorded the strongest rise, advancing by 86 per cent. China made a disproportionately large contribution, gaining 113 per cent. Europe's market volume increased by 15 per cent. Whereas Western Europe merely posted a rise of around 9 per cent, demand in Eastern Europe advanced by 52 per cent. However, this must be placed in the context of the fact that the latter market shrank by 77 per cent last year. The North American market also recovered, recording a gain of 25 per cent.

All product segments benefited from the market's recovery. The increase experienced by warehousing equipment amounted to 19 per cent, which was much smaller than the rise of 67 per cent posted by counterbalanced trucks. The development of the market for counterbalanced trucks was dominated by IC engine-powered forklifts, which recorded 80% growth. Since this product segment recorded a 58 per cent decline in 2009, it has correspondingly more potential as regards its recovery. Jungheinrich's new counterbalanced trucks enabled the company to take advantage of this market trend. Irrespective of the market's recovery, however, price and competitive pressure remained substantial.

Interim group	Interim consolidated
management report	financial statements

Business trend

Business trend—key figures
	Q1 2010	Q1 2009
Incoming orders million €	433	405
Production thousand units	12.8	12.1
Orders on hand (03/31) million €	243	231
Net sales million €	387	413

The economic recovery, which can be felt the world over, was already mirrored by the Jungheinrich Group's business trend in the first quarter of 2010 to a certain degree.

Incoming orders

Incoming orders based on units in new truck business posted a double-digit rate of growth in the first quarter of 2010 compared with the volume recorded in the same period last year. The product mix improved considerably, including a bigger number of large forklifts. In addition to the rise in demand, more trucks were transferred to the short-term hire fleet than in last year's corresponding quarter. The value of incoming orders encompassing all business areas posted a slightly smaller increase over the same period, advancing by 7 per cent to € 433 million (prior year: € 405 million), in part as a result of the persistent decline in short-term hire business.

Production

Production volume, which unlike incoming orders in terms of units was largely determined by smaller warehousing equipment, was up 6 per cent to 12.8 thousand trucks in the first quarter of 2010 (prior year: 12.1 thousand units). The Landsberg plant contributed to this on the strength of its continuous increase in production output. Conversely, the reduction in capacity resulting from short-time work at the Moosburg and Norderstedt domestic manufacturing sites, which was introduced to these locations in March 2009, still had an impact. The sizeable volume of incoming orders for large forklifts will be increasingly reflected in production output in the coming weeks.

Orders on hand

Orders on hand in new truck business totalled € 243 million as of March 31, 2010—up € 12 million, or 5 per cent, on the € 231 million achieved a year earlier. The value of orders on hand compared to the € 208 million at the end of 2009 increased by € 35 million, or 16 per cent. The order range was extended to more than three months.

Net sales

In the first quarter of 2010, net sales, which are increasingly stabilizing, slipped by 6 per cent to € 387 million (prior year: € 413 million). New truck business was mainly responsible for this decline in sales, experiencing a decrease of 14 per cent. This drop is due to the fact that, in the first quarter of 2009, new truck business was still benefiting from the high level of orders on hand at the end of 2008.The fall in net sales will gradually be compensated for by mounting production volume in the next few months. Combining for a decline of 1 per cent, the short-term hire and used equipment business proved to be nearly stable. Unlike our short-term hire activities, used equipment operations posted a marginal gain. Sales generated by after-sales services, which benefits from the steady rise in Jungheinrich truck market penetration, grew by 2 per cent. The foreign ratio of consolidated net sales was 73 per cent (prior year: 71 per cent).

Earnings, asset and financial position

Earnings position

Earnings trend
in million €	Q1	Q1
	2010	2009
Earnings before interest and taxes (EBIT)	12.0	– 2.8
Earnings before taxes (EBT)	11.5	– 3.1
Income taxes	3.2	0.5
Net income (loss)	8.3	– 3.6

In the first quarter of 2010, the Jungheinrich Group returned to profitability on the back of a jump in earnings, although sales were still on the decline. Extensive measures taken to adjust personnel capacity and improve earnings taken by Jungheinrich last year in reaction to the massive shrinkage of the market and drop in demand in new truck business thus had a positive impact. Operative earnings before interest and taxes (EBIT) rose in the first quarter of 2010 to € 12.0 million (prior year: – € 2.8 million). The corresponding return on sales increased to 3.1 per cent (prior year: – 0.7 per cent). Net income totalled € 8.3 million (prior year: – € 3.6 million). As a result, earnings per preferred share improved to € 0.28 (prior year: – € 0.08).

Interim consolidated financial statements

Asset and financial position

Asset and capital structure
in million €	03/31/2010	12/31/2009
Assets
Inventories	196	173
Liquid assets and securities	482	489
Other assets	1,501	1,545
Balance sheet total	2,179	2,207
Shareholders' equity and liabilities
Shareholders' equity	555	547
Liabilities	1,624	1,660
Balance sheet total	2,179	2,207

In the period from January to March 2010, the Jungheinrich Group's asset and financial position was primarily characterized by the revitalization of business and the improved earnings trend. Inventories grew by € 23 million to € 196 million (12/31/2009: € 173 million). Liquid assets and securities dropped by a marginal € 7 million to € 482 million (12/31/2009: € 489 million). In sum, other assets were down € 44 million to € 1,501 million (12/31/2009: € 1,545 million). This was largely due to the significant, € 19 million, reduction in trade accounts receivable and the decrease in capitalized trucks for short-term hire and trucks for lease from financial services, which totalled € 13 million.

Capital expenditures on tangible and intangible assets—excluding capitalized development costs—experienced a marked drop in the first quarter of 2010, declining to € 3 million (prior year: € 14 million). The year-on-year decrease in investment volume is due to the fact that a substantial amount of capital was spent on production plants in 2009, focussing on the new factory in Landsberg (Saxony-Anhalt).

Shareholders' equity was up € 8 million to € 555 million (12/31/2009: € 547 million) as of March 31, 2010, in line with the positive earnings trend. At 25 per cent, the equity ratio was flat despite the slight decrease in the balance sheet total. Liabilities were reduced by a total of € 36 million to € 1,624 million (12/31/2009: € 1,660 million). The lion's share of this drop was attributable to the reduction in financial liabilities and current provisions as well as a decline in liabilities from financial services.

in million €	Q1	Q1
	2010	2009
Net income (loss)	8	– 4
Depreciation and amortization	34	40
Changes in trucks for short-term hire and trucks for lease (excl. depreciation)
and receivables from financial services	– 4	– 21
Changes in liabilities from financing trucks for short-term hire and financial services	– 16	– 5
Changes in working capital	– 3	31
Other changes	– 19	– 13
Cash flows from operating activities	–	28
Cash flows from investing activities 1	– 4	– 15
Cash flows from financing activities	– 4	– 4
Net cash changes in cash and cash equivalents 1	– 8	9

1) Excluding the balance of payments for the purchase / proceeds from the sale of securities in the amount of – € 45 million (prior year: + € 17 million).

The development of the Jungheinrich Group's cash flows in the first quarter of 2010 was determined by the resurgence in business activity, the associated marginal increase in working capital, and the improved earnings trend. Cash flows from operating activities were well balanced in the period from January to March 2010 (prior year: up € 28 million). In the year-earlier period, the freeing-up of working capital had a positive impact. The higher level of funds tied down due to other changes (down € 6 million) was offset by the year-on-year improvement in net income (up € 12 million) minus the change in depreciation and amortization (down € 6 million). The reduction in funds tied down due to the change in trucks for shortterm hire and trucks for lease as well as accounts receivable from financial services (up € 17 million) was contrasted by the correspondingly lower financing of this business (down € 11 million).

Cash flows from investing activities adjusted for reasons of comparison amounted to – € 4 million, which was € 11 million down on the year-earlier level (– € 15 million). Capital spent last year—above all on the new Landsberg plant—was not contrasted by comparable capital expenditures in the period under review. Cash flows from investing activities were adjusted to exclude payments made for the acquisition and proceeds from the sale of securities included in this item totalling – € 45 million (prior year: + €17 million).

At – € 4 million, cash flows from financing activities were unchanged year on year and resulted from the decrease in liabilities to banks.

Research and development

Research and development costs
in million €	Q1 2010	Q1 2009
Total research and development costs	8.9	9.6
Thereof capitalized development costs	2.4	1.7
Capitalization ratio	27.4 %	18.1 %
Amortization of capitalized development costs	1.3	2.0
Research and development costs according to the income statement	7.8	9.9

Once again, as premium supplier, the Jungheinrich Group made future-oriented investments in the development of its products in the first quarter of 2010, with a view to providing its customers with tailor-made intralogistics solutions and making inroads in future technologies. The energy efficiency of drive systems remained a key issue for fundamental research. In addition, the extensive range of products was constantly upgraded and supplemented in order to tap new segments and markets. Novel products are envisaged to be launched in 2010.

As before, some 340 employees were working on development projects throughout the Group. By the end of the first three months, research and development costs amounted to € 8.9 million (prior year: € 9.6 million). The capitalization ratio was 27 per cent (prior year: 18 per cent) at the close of the first quarter. Research and development costs according to the income statement totalled € 7.8 million (prior year: € 9.9 million).

Interim group	Interim consolidated
management report	financial statements

Employees

Abroad	Germany
12/31/2009	5,473	4,793	10,266
03/31/2010	5,406	4,662	10,068

Employees

Workforce trend
	03/31/2010	12/31/2009
Germany	4,662	4,793
Abroad	5,406	5,473
Total	10,068	10,266

As a consequence of the manpower adjustment to the drop in demand made last year, the Jungheinrich Group's permanent labour force decreased by 198 staff members in the first quarter of 2010. Sales alone accounted for three quarters of the decline—above all abroad. The short-time work introduced to the Norderstedt and Moosburg factories in the spring of 2009 was continued. As of March 31, 2010, the workforce encompassed 10,068 (12/31/2009: 10,266) employees. At the reporting cut-off date, 4,662 of them (46 per cent) worked in Germany, and 5,406 (54 per cent) were active abroad. The number temps working throughout the Group was nearly unchanged, totalling slightly more than 100.

'Financial Services' business segment

Reference to the commentary in the Group management report in the 2009 annual report is made with respect to the general presentation of the 'Financial Services' business segment.

Business trend

€ 68 million in long-term financial service agreements were concluded throughout Europe in the first quarter of 2010 (prior year: € 87 million). Thus Jungheinrich sales from every third new truck in Europe were generated through financial service transactions (rentals, leases, etc.). Over 75 per cent of the new contract volume was allocable to countries in which Jungheinrich has proprietary leasing companies. As of the end of March 2010, contracts on hand throughout Europe had increased by 1 per cent to roughly 94.1 thousand trucks (prior year: 93.5 thousand units) with an original value of € 1,496 million (prior year: € 1,470 million).

Key figures for the financial services business
in million €	Q1	Q1
	2010	2009
Original value of new contracts	68	87
Original value of contracts on hand (03/31)	1,496	1,470

Risk report

Due to its growing international business activities in the fields of material handling, warehousing and material flow technology, the Jungheinrich Group is naturally exposed to a large number of risks. Therefore, the early detection of risks and appropriate countermeasures are an important element in managing the company. The company's risk assessments are based on a risk management system which establishes relevant principles and procedures in a groupwide guideline and is constantly refined.

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 2009 financial year. No further risks going above and beyond the risks presented in detail in the 2009 annual report have arisen since its publication.

The development displayed by the economy and the effects it has on demand for material handling equipment will continue to be a factor determining the assessment of risks over the remaining course of the year. Having secured company financing including the refinancing of the financial services business, as before, the company rests on a solid basis and is aligned for future growth.

Events after the end of the first quarter of 2010

No transactions or events of material importance occurred after the end of the first quarter of 2010.

Outlook and opportunities

Based on its projections for world trade, Jungheinrich expects the world economic recovery to continue to varying degrees from one region to the next. In light of the persistent financial risks, the substantial debt of many national budgets and restrained corporate propensity to invest, prospects remain subdued. Whereas the ramifications of the crisis on the financial markets will continue to have a decelerating effect in western industrialized nations, which should allow for moderate economic growth at best, strong growth stimulus in emerging regions such as Asia and Latin America should continue to be the determining factor, with countries like China and Brazil leading the way.

It is impossible to reliably predict the direct or indirect effects of the extensive economic stimulus packages put together the world over, on which the economic recovery is largely based, on the business cycle of the material handling equipment industry, which is slow to react to changes in the general economic cycle. Nevertheless, based on the growth rates prognosticated for individual growth regions, demand for material handling equipment is likely to continue rising. Based on the increase in demand already witnessed at the beginning of the year, it is probable that the world market will grow by about 20 per cent to significantly more than 650 thousand forklift trucks. The Asian and Latin American sales regions will benefit from this growth, which will spread across all sales markets the world over, more than the European market. Once again, China is likely to prove to be the driving force behind global market growth. Counterbalanced trucks will be the product group posting the highest growth rates, because they were the hardest hit by the declines last year. Accordingly, the potential for recovery harboured by these products will be bigger than for warehousing equipment. The Jungheinrich Group will be presented with sales opportunities as a result of this and the new counterbalanced trucks launched on the market in 2009.

Interim consolidated financial statements

As the year progresses, Jungheinrich's business trend will be marked by consolidation, growth and earnings improvements. Major significance will be accorded to increasing demand in new truck business in order to maximize manufacturing capacity utilization and to the resultant earnings contribution. To this end, it is important that the European market return to achieving sustainable growth. The rise in demand that set in over the last few weeks demonstrates that this sales region, which is of importance to Jungheinrich, is slowly climbing out of its economic trough. The improved product mix represented by incoming orders will have a positive impact on the development of earnings. On the basis of the more favourable framework conditions, the company currently expects to increase incoming orders to some € 1.7 billion and consolidated net sales to over € 1.7 billion. Based on this and taking account of ongoing consolidation measures, the Jungheinrich Group should achieve an operating result in low to medium-range double-digit million euro territory for 2010. Its earnings trend will also benefit from the after-sales services business' return to growth on the strength of a further increase in the Jungheinrich trucks' penetration of the European market.

As planned, the Landsberg plant will take over further products from the Norderstedt factory's batterypowered low-platform truck line by the middle of this year. Production processes at the Norderstedt plant will simultaneously be adapted to the change in framework conditions and designed accordingly. Further points of focus in the financial year underway are the expansion of the factory in Qingpu (China) for the Asian market as well as the establishment of the development centre in Houston, Texas (USA).

Attention in terms of distribution is directed to expanding the worldwide dealer network in countries where we do not own sales companies and implementing the distribution partnership with MCFA (Mitsubishi Caterpillar Forklift America Inc.) in North America. Our worldwide direct sales and service network will be brought in line with regional requirements and certain of its units will be expanded with good measure in line with the economy's recovery. Business with logistics systems will be stepped up through the close cooperation with the software firm ISA.

Capital expenditures—excluding spending on short-term hire and financial services activities—will range between € 40 million and € 50 million.

Since developments cannot be foreseen (this applies primarily to changes triggered by the financial and economic crisis) the actual business trend may deviate from the expectations 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, unforeseeable consequences of the high national debt levels in some European countries, and the introduction of competing new products.

Interim group management report

Interim consolidated financial statements

Interim consolidated financial statements

Consolidated statement of income

	Jungheinrich Group		Intralogistics1			Financial Services
in million €	Q1 2010	Q1 2009	Q1 2010	Q1 2009	Q1 2010	Q1 2009
Net sales	386.6	412.7	297.6	319.6	89.0	93.1
Cost of sales	277.9	304.2	188.7	209.8	89.2	94.4
Gross profit on sales	108.7	108.5	108.9	109.8	– 0.2	– 1.3
Selling expenses	86.2	94.9	85.1	93.5	1.1	1.4
Research and development costs	7.8	9.9	7.8	9.9	–	–
General administrative expenses	3.8	5.3	3.8	5.3	–	–
Other operating income and expenses	1.1	– 1.2	1.0	– 1.3	0.1	0.1
Earnings before interest and income taxes	12.0	– 2.8	13.2	– 0.2	– 1.2	– 2.6
Financial income (loss)	– 0.5	– 0.3	– 3.4	– 2.4	2.9	2.1
Earnings before taxes	11.5	– 3.1	9.8	– 2.6	1.7	– 0.5
Income taxes	3.2	0.5
Net income (loss)	8.3	– 3.6
Earnings per share in € (diluted / undiluted)
Ordinary shares	0.22	– 0.14
Preferred shares	0.28	– 0.08

1 Including the assignment of consolidation between the 'Intralogistics' and 'Financial Services' business segments.

Consolidated statement of comprehensive income (loss)

in million €	Q1 2010	Q1 2009
Net income (loss)	8.3	– 3.6
Realized income (loss) from the measurement of derivative financial instruments	0.1	– 1.5
Unrealized income (loss) from the measurement of derivative financial instruments	– 2.8	– 1.8
Deferred taxes	0.7	0.4
Currency translation adjustment	1.8	– 2.2
Other income (loss)	– 0.2	– 5.1
Total comprehensive income (loss)	8.1	– 8.7

Consolidated balance sheet

Assets	Jungheinrich Group Intralogistics1		Financial Services
in million €	03/31/2010	12/31/2009	03/31/2010	12/31/2009	03/31/2010	12/31/2009
Non-current assets
Intangible and tangible assets	299.9	304.7	299.9	304.7	–	–
Trucks for short-term hire	137.8	141.1	137.8	141.1	–	–
Trucks for lease from financial services	190.1	199.5	(52.9)	(54.6)	243.0	254.1
Receivables from financial services	329.1	333.3	–	–	329.1	333.3
Financial and other non-current assets	20.1	20.1	16.4	16.9	3.7	3.2
Securities	66.1	30.1	66.1	30.1	–	–
Deferred tax assets	58.8	58.4	58.5	58.1	0.3	0.3
	1,101.9	1,087.2	525.8	496.3	576.1	590.9
Current assets
Inventories	196.2	172.8	174.4	155.9	21.8	16.9
Trade accounts receivable	286.2	305.3	239.8	257.2	46.4	48.1
Receivables from financial services	144.3	143.6	–	–	144.3	143.6
Other current assets	34.8	39.2	(8.2)	(8.6)	43.0	47.8
Liquid assets and securities	415.8	458.6	404.6	449.3	11.2	9.3
	1,077.3	1,119.5	810.6	853.8	266.7	265.7
	2,179.2	2,206.7	1,336.4	1,350.1	842.8	856.6

1 Including the assignment of consolidation between the 'Intralogistics' and 'Financial Services' business segments.

Consolidated balance sheet

Shareholders' equity and liabilities		Jungheinrich Group		Intralogistics1		Financial Services
in million €	03/31/2010	12/31/2009	03/31/2010	12/31/2009	03/31/2010	12/31/2009
Shareholders' equity	554.7	546.6	535.4	529.2	19.3	17.4
Non-current liabilities
Provisions for pensions and similar obligations	143.1	143.2	143.1	143.2	–	–
Financial liabilities	246.2	253.1	246.2	253.1	–	–
Liabilities from financial services	463.2	471.1	–	–	463.2	471.1
Deferred income	68.5	72.0	26.4	24.2	42.1	47.8
Other non-current liabilities	62.7	65.1	56.2	58.1	6.5	7.0
	983.7	1,004.5	471.9	478.6	511.8	525.9
Current liabilities
Other current provisions	130.9	139.5	129.7	138.4	1.2	1.1
Financial liabilities	112.9	117.1	110.2	113.8	2.7	3.3
Liabilities from financial services	195.3	196.7	–	–	195.3	196.7
Trade accounts payable	96.2	96.2	39.0	35.2	57.2	61.0
Deferred income	35.7	37.6	10.6	10.8	25.1	26.8
Other current liabilities	69.8	68.5	39.6	44.1	30.2	24.4
	640.8	655.6	329.1	342.3	311.7	313.3
	2,179.2	2,206.7	1,336.4	1,350.1	842.8	856.6

1 Including the assignment of consolidation between the 'Intralogistics' and 'Financial Services' business segments.

Consolidated statement of changes in shareholders' equity

	Subscribed capital	Capital reserve	Retained earnings	Accumulated other comprehensive income (loss)		Total
in million €				Currency translation adjustment	Derivative financial instruments
As of 01/01/2010	102.0	78.4	347.7	18.7	– 0.2	546.6
Total comprehensive income (loss) 01/01–03/31/2010	–	–	8.3	1.8	– 2.0	8.1
As of 03/31/2010	102.0	78.4	356.0	20.5	– 2.2	554.7
As of 01/01/2009	102.0	78.4	420.5	17.4	6.7	625.0
Total comprehensive income (loss) 01/01–03/31/2009	–	–	– 3.6	– 2.2	– 2.9	– 8.7
As of 03/31/2009	102.0	78.4	416.9	15.2	3.8	616.3

Consolidated statement of cash flows

in million €	Q1	Q1
	2010	2009
Net income (loss)	8.3	– 3.6
Depreciation and amortization	34.4	40.3
Changes in provisions	– 10.3	5.9
Changes in trucks for short-term hire and trucks for lease (excl. depreciation)	– 7.7	– 11.3
Changes in deferred tax assets and liabilities	– 1.3	– 3.1
Changes in
Inventories	– 23.4	– 15.5
Trade accounts receivable	19.6	69.9
Receivables from financial services	3.5	– 9.3
Trade accounts payable	–	– 26.0
Liabilities from financial services	– 9.3	1.1
Liabilities from financing trucks for short-term hire	– 6.8	– 6.4
Other changes	– 6.6	– 13.6
Cash flows from operating activities	0.4	28.4
Payments for investments in tangible and intangible assets	– 5.3	– 15.5
Proceeds from the disposal of tangible and intangible assets	0.8	0.8
Payments for the purchase/proceeds from the sale of securities	– 45.1	16.9
Cash flows from investing activities	– 49.6	2.2
Changes in liabilities due to banks and financial loans	– 3.8	– 4.5
Cash flows from financing activities	– 3.8	– 4.5
Net cash changes in cash and cash equivalents	– 53.0	26.1
Changes in cash and cash equivalents due to exchange rates	0.5	0.7
Changes in cash and cash equivalents	– 52.5	26.8
Cash and cash equivalents as of January 1	421.1	195.8
Cash and cash equivalents as of March 31	368.6	222.6

Notes to the consolidated financial statements

Accounting and measurement methods

The consolidated financial statements of Jungheinrich AG as of December 31, 2009, were prepared in accordance with the International Financial Reporting Standards (IFRS) effective as of the balance sheet date. All standards and interpretations of the International Financial Reporting Interpretations Committee (IFRIC) endorsed by the EU effective as of December 31, 2009, were taken into account. Accordingly, these interim consolidated financial statements as of March 31, 2010, 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 March 31, 2010, and the determination of prior-year figures were generally in line with those applied in the consolidated financial statements as of December 31, 2009. These principles are described in detail in the notes to the consolidated financial statements in Jungheinrich's annual report for fiscal 2009.

Basis of consolidation

The basis of consolidation consisting of fully consolidated companies has not changed compared with the consolidated financial statements as of December 31, 2009 and includes 43 foreign and 13 German companies. Four companies have been stated on the balance sheet in accordance with the equity method.

Segment reporting

As before, segment reporting covers the reportable segments, i.e. 'Intralogistics' and 'Financial Services'. The principles underlying the presentation of segment information are described in detail in the notes to the consolidated financial statements in Jungheinrich's annual report for fiscal 2009.

The segment information as of March 31, 2010 and March 31, 2009 is presented in the following table:

Q1 2010

in million €	Intralogistics	Financial services	Segment Total	Reconciliation	Jungheinrich Group
External net sales	308.3	78.3	386.6	–	386.6
Intersegment net sales	80.0	10.7	90.7	– 90.7	–
Total net sales	388.3	89.0	477.3	– 90.7	386.6
Segment income (loss) (EBIT)	14.9	– 1.2	13.7	– 1.7	12.0
Financial income (loss)	– 3.4	2.9	– 0.5	–	– 0.5
Earnings before taxes (EBT)	11.5	1.7	13.2	– 1.7	11.5
Segment assets	1,518.5	842.8	2.361.3	– 182.1	2,179.2
Shareholders' equity	609.6	19.3	628.9	– 74.2	554.7
Liabilities	908.9	823.5	1,732.4	– 107.9	1,624.5
Segment liabilities	1,518.5	842.8	2,361.3	– 182.1	2,179.2

Q1 2009

in million €	Intralogistics	Financial services	Segment Total	Reconciliation	Jungheinrich Group
External net sales	328.1	84.6	412.7	–	412.7
Intersegment net sales	87.8	8.5	96.3	– 96.3	–
Total net sales	415.9	93.1	509.0	– 96.3	412.7
Segment income (loss) (EBIT)	0.1	– 2.6	– 2.5	– 0.3	– 2.8
Financial income (loss)	– 2.4	2.1	– 0.3	–	– 0.3
Earnings before taxes (EBT)	– 2.3	– 0.5	– 2.8	– 0.3	– 3.1
Segment assets	1,464.2	826.9	2,291.1	– 163.2	2,127.9
Shareholders' equity	664.3	15.1	679.4	– 63.1	616.3
Liabilities	799.9	811.8	1,611.7	– 100.1	1,511.6
Segment liabilities	1,464.2	826.9	2,291.1	– 163.2	2,127.9

The reconciliation items include intra-group net sales and inter-company profits as well as accounts receivable and payable that are eliminated within the scope of consolidation.

Related party disclosures

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 AG has relations to joint ventures and associated companies. All business transactions 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, May 12, 2010

Jungheinrich Aktiengesellschaft The Board of Management

Hans-Georg Frey Dr. Volker Hues Dr. Helmut Limberg Dr. Klaus-Dieter Rosenbach

Jungheinrich Aktiengesellschaft Am Stadtrand 35 22047 Hamburg, Germany Telephone: + 49 40 6948-0 Fax: + 49 40 6948-1777 Internet: www.jungheinrich.com E-mail: info@jungheinrich.com

Securities identification numbers: ISIN: DE0006219934, WKN: 621993

Dates

2010 Annual General Meeting June 15, 2010 Dividend payment June 16, 2010 Interim report as of 06/30/2010 August 12, 2010 Interim report as of 09/30/2010 November 11, 2010