Jungheinrich Ag Pref · XETR:JUN3
Jungheinrich Ag Pref — Jungheinrich — FY2023 Earnings Presentation
26 slides from Jungheinrich Ag Pref's earnings presentation, Mar 28, 2024
Slide 1: Virtual analyst conference for the 2023 financial year
Virtual analyst conference for the 2023 financial year Dr Lars Brzoska (Chairman of the Board of Management) Dr Volker Hues (Member of the Board of Management, Finance) Hamburg, 28 March 2024
Slide 2: Agenda
Agenda 1 2023 Highlights | Dr Lars Brzoska 2 Key figures for 2023 | Dr Volker Hues 3 Outlook for 2024 | Dr Lars Brzoska
Slide 3: 2023 Financial year: Historic highs achieved despite tighter macroeconomic conditions
2023 Financial year: Historic highs achieved despite tighter macro- economic conditions Incoming orders and revenue Successful acquisition of each exceed €5 billion Storage Solutions and Magazino EBIT up 11% to €430 million 100% electric New historic record for Start of production in new plant divid
Slide 4: Q4 contributes to expected business development
Q4 contributes to expected business development Q4 2022 Q4 2023 Change % Effects in Q4 2023 Incoming orders in € million 1,197 1,365 14.0 Orders for new trucks above previous year, major project Revenue in € million 1,366 1,526 11.7 orders received EBIT in € million 120.1 91.5 -23.8 EBIT ROS in % 8.
Slide 5: Revenue at upper value, EBIT and EBT in the middle of the forecast range
Revenue at upper value, EBIT and EBT in the middle of the forecast range Actual Included effects 2023 April 20231 forecast from acquisitions Incoming orders in € billion 5.2 5.0 to 5.4 Storage Solutions: Revenue in € billion 5.5 5.1 to 5.5 Incoming orders €157 million Revenue €219 million EBIT i
Slide 6: Significantly larger global footprint due to Storage Solutions
Significantly larger global footprint due to Storage Solutions Final transaction parameters Purchase price of €325 million and variable remuneration component (€26 million) Leading provider of ready to use racking Operating EBIT1 margin: 14% systems and warehouse automation in the US Growth platform
Slide 7: Central targets reviewed and adjusted
Central targets previously: reviewed and adjusted Revenue of €6.0 billion (€5.5 billion) EBIT ROS between 8–10% EBIT per employee Strategic fields of action of ~€23,000 Automation ROCE between 14–18% (21–25%) Digitalisation Free cash flow >€300 million (>€100 million) Energy systems Revenue outside
Slide 8: Agenda
Agenda 1 2023 Highlights | Dr Lars Brzoska 2 Key figures for 2023 | Dr Volker Hues 3 Outlook for 2024 | Dr Lars Brzoska
Slide 9: Increase in incoming orders despite difficult market environment
Increase in incoming orders despite difficult market environment Incoming orders Orders on hand in € million in € million +9% 5,238 4,791 –10% 1,595 1,441 2022 2023 2022 2023 Incoming orders of €157 million from Orders on hand reflect normalisation of supply chains Storage Solutions included from 15
Slide 10: Significant revenue growth across all business fields
Significant revenue growth across all business fields in € million 2022 2023 Change % Revenue New business 2,858 3,384 18.4 in € million +16% Short-term rental and used 710 761 7.2 5,546 equipment 4,763 After-sales services 1,310 1,451 10.8 Intralogistics segment 4,878 5,595 14.7 Financial Services
Slide 11: Revenue outside Europe reaches 20% due to acquisitions
Revenue outside Europe reaches 20% due to acquisitions Eastern Top 5 revenue countries Other countries 20% (16%) 15% (17%) Europe 1. Germany 2. Italy 3. France 4. USA 5. United Kingdom Revenue by region in € million 2022 2023 Change % Western Germany 1,106 1,205 9.0 22% (23%) Germany Europe 43% (44%
Slide 12: EBIT exceeds €400 million for the first time
EBIT exceeds €400 million for the first time EBIT EBT in € million +11% in € million +15% 430 399 386 347 EBIT ROS EBT ROS 8.1% 7.8% 7.3% 7.2% 2022 2023 2022 2023 Operating result for Storage Solutions (€31 million) netted Better financial result due to income in the special fund and with transactio
Slide 13: Dividend rises to historic high
Dividend rises to historic high Profit or loss Earnings per preferred share Dividend per preferred share in € million in € in € +11% +11% 2.94 2.65 299 270 +10% 0.68 0.75 2022 2023 2022 2023 2022 2023 13
Slide 14: Higher capital expenditure reflects capacity expansion in Czechia
Higher capital expenditure reflects capacity expansion in Czechia Capital expenditure1 Research and development expenditure in € million in € million + 19 % + 23 % 152 90 128 73 Capital expenditure ratio Capitalisation ratio 1,5 % 1,6 % 24 % 29 % 2022 2023 2022 2023 Construction of new plant in Chom
Slide 15: Positive free cash flow despite negative impact from acquisitions
Positive free cash flow despite negative impact from acquisitions Cash flows from operating activities Cash flows from investing activities Free cash flow in € million in € million in € million +€608 –€354 +€254 million million million 472 2022 2023 2022 15 2023 -103 2022 2023 -239 -136 -457 Cash fl
Slide 16: ROCE reflects M&A, working capital ratio significantly improved
ROCE reflects M&A, working capital ratio significantly improved Average capital employed Working capital, in Intralogistics segment Group in € million in € million +23% 2,564 2,085 +/– 0% EBIT in Intralogistics segment 1,137 1,139 340 407 ROCE1 in % in % of revenue 16.3 15.9 23.9 20.5 31/12/2022 31/
Slide 17: Financial Services: Contracts on hand exceed €4 billion
Financial Services: Contracts on hand exceed €4 billion Original value of new Original value of Revenue Trucks in contracts contracts contracts on hand in € million on hand in € million in € million in thousand units +6% 4,069 3,821 +17% +3% +14% 217 223 1,322 1,131 851 971 2022 2023 31/12/2022 31/1
Slide 18: Increase in workforce largely driven by strategy implementation
Increase in workforce largely driven by strategy implementation Group employees in FTE1 +1,310 +7% 21,117 19,807 8,688 8,251 12,429 11,556 31/12/2022 Abroad Germany 31/12/2023 Increase due to M&A (Storage Solutions: 186 FTE, Magazino: 117 FTE), expansion of nearshoring organisation (177 FTE), start
Slide 19: Agenda
Agenda 1 2023 Highlights | Dr Lars Brzoska 2 Key figures for 2023 | Dr Volker Hues 3 Outlook for 2024 | Dr Lars Brzoska
Slide 20: Automation and warehouse equipment
Automation and warehouse equipment Focus: New Board of Management division Establishment of Board-level division reflects the strategic importance of automation for Jungheinrich Large key market with continued above-average growth rates Mobile Reorganisation contributes ASRS Warehouse equipment robo
Slide 21: Personnel changes in the Board of Management
Personnel changes in the Board of Management Udo Panenka Heike Wulff Maik Manthey New Board division Automation New member of the Board of Management, New member of the Board of Management, with effect from 01/04/2024 Designated CFO, with effect from 01/05/2024 Technics, with effect from 01/07/2024
Slide 22: Outlook for 2024: Anticipated global economic growth hampered by geopolitical tensions
Outlook for 2024: Anticipated global economic growth hampered by geopolitical tensions Risks Opportunities Geopolitical upheavals Automation and digitalisation Persistent weak demand Globalisation and reversals of trends GDP1 in % 2023 2024 forecast World 3.1 3.1 Structural increase in Sustainabilit
Slide 23: 2024 forecast
2024 forecast Actual 2023 2024 forecast Assumptions Incoming orders in € billion 5.2 5.2 to 5.8 No deterioration in the Revenue in € billion 5.5 5.3 to 5.9 geopolitical situation EBIT in € million 430 420 to 470 Current interest and inflation environment is maintained EBIT ROS in % 7.8 7.6 to 8.4 St
Slide 24: Disclaimer
Disclaimer The explanations in this presentation are exchange and interest rates and the outcome partially forward-looking statements that are of pending or future legal proceedings. based on the company management’s markets, developments in competition and current expectations, assumptions and regu
Slide 25: JUNGHEINRICH
JUNGHEINRICH 25
Slide 26: 2024 financial calendar and IR contact
2024 financial calendar and IR contact Financial calendar IR contact Date Events Andrea Bleesen Head of Corporate Investor Relations 28/03/2024 Balance sheet press conference (virtual) Jungheinrich Aktiengesellschaft 28/03/2024 Analyst conference (virtual) Friedrich-Ebert-Damm 129 22047 Hamburg, Ger