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transcript
Growing with Passion
Conference Call Interim Report as of June 30, 2015
Hans-Georg Frey, Chairman of the Board of Management Hamburg, August 11, 2015
Jungheinrich Highlights—Q2 2015
2 Conference Call—August 11, 2015
Jungheinrich puts in strong performance in Q2
Incoming orders total €703 million, up 9% year on year; net sales grow 13% to €680 million
Number of units produced surpasses year-earlier figure by 21%
EBIT, EBT and net income each more than 20% higher than in last year’s corresponding period
Dealership acquired in Malaysia
Jungheinrich Highlights—H1 2015
3 Conference Call—August 11, 2015
Incoming orders (units) in new truck business advance 15%
Incoming orders (value) and net sales each climb 10%
EBIT 14% higher year on year
Major construction projects on schedule and within budget
Board of Management lifts forecast for 2015 in terms of incoming orders, net sales, EBIT and EBT
4
thereof China -10%
thereof Russia -52%
Source: WITS, SIMHEM 6/2015.
World Material Handling Equipment Market—H1 2015 Growth Rates by Region in terms of units; compared to H1 2014 Worldmarket
in thousand of units
Western
Eastern
Europe
Asia
North America
World
Conference Call—August 11, 2015
+9%
+13%
-14%
-3%
+3%
556.8
H1 2014
574.1
H1 2015
+11%
excluding China
excluding Russia
+8%
+8%
Incoming Orders of all Business Fields
5 Conference Call—August 11, 2015
in million €
H1 2014 H1 2015
+10% 1,246 1,369
Q2 2014 Q2 2015
+9% 646 703
Nearly 60% of the growth is attributable to new truck business
Business Trend—New Truck Business
6 Conference Call—August 11, 2015
in thousand units
Incoming orders
24.8 22.2
Q2 2014 Q2 2015
+12%
49.3 42.7
H1 2014 H1 2015
+15%
Much larger number of trucks added to the short-term hire fleet than in the same period last year
All product segments (warehousing equipment as well as battery and IC engine-powered counterbalanced trucks) contribute to the strong rise
471 379 +24%
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12/31/2014 06/30/2015
Orders on Hand—New Truck Business
Conference Call—August 11, 2015
The order reach was four months
in million €
Business Trend—New Truck Business
8 Conference Call—August 11, 2015
in thousand units
Production
46.6 42.2
H1 2014 H1 2015
+10%
24.4 20.2
Q2 2014 Q2 2015
+21%
Consolidated Net Sales
9
in million €
Net sales from new truck business +11% Net sales from short-term hire and
used equipment +11% Net sales from after-sales services +8% Net sales outside Europe +19% Strong rise in net sales in China Share of Group net sales grows to 11%
Conference Call—August 11, 2015
H1 2014 H1 2015
1,177 +10%
Q2 2014 Q2 2015
602 680 +13%
1,300
Marked net sales growth in new truck business drives up consolidated net sales
Conference Call—August 11, 2015 10
EBIT in million €
H1 2014 H1 2015 Q2 2014 Q2 2015
86.6 98.6
7.4% 7.6% EBIT ROS
+14%
46.4 56.3
7.7% 8.3% EBIT ROS
+21%
EBIT increases due to the rise in unit production figures
R&D and Capital Expenditures
Conference Call—August 11, 2015 11
in million €
23.6 26.6
36 38
H1 2014 H1 2015 H1 2014 H1 2015
Capital Expenditures R&D Expenditures Capex ratio as a
percentage of net sales Capitalization
ratio 25% 20% 3% 3%
Capital expenditures in both periods cover major construction projects: Norderstedt training centre, modernization of the Moosburg factory, expansion of the Dresden Used Equipment Centre & corporate headquarters in Hamburg
Workforce Trend
12/31/2014 06/30/2015
Germany
Abroad
Conference Call—August 11, 2015 12
■ Sales in Europe remain the focal point of the continued headcount expansion
■ Q2 2015: +238 Employees, nearly 40 of whom were added through the acquisition of a dealership in Malaysia 6,911 7,227
5,638 5,751
12,978 +429 (+3%) 12,549
In full-time equivalent (FTE), including apprentices, excluding temporay workers.
201
401
316
219
444
345
Worldwide
2013 2014
Europe
Asia
North Amerika
13
951
2007
1,010 1,094
+9%
Source: WITS and SIMHEM, 2015 figures estimated.
+2%
+9%
+11%
+11%
+11%
2015e
+8%
2014
2013
2015e
2014
2013
2015e
2014
2013
2015e
World Material Handling Equipment Market in thousand units
Conference Call—August 11, 2015
thereof Eastern-europe -0.4% thereof Eastern-europe +8%
~0%
We anticipate that the Western European market will grow. With the exception of Russia, this also applies to Eastern Europe. The Russian market is no longer expected to improve significantly in the year underway.
In Asia—except China—we expect the market to continue posting solid growth, whereas in China, only the ware- housing and battery-powered counterbalanced truck segments are likely to grow.
Conference Call—August 11, 2015 14
Jungheinrich Acquires MIAS Group
Jungheinrich reinforces its leading position as a provider of logistics systems.
The Munich-based MIAS Group is an international mechanical engineering company active in the warehousing and transportation technology sectors, where it offers stacker cranes and load handling technology.
MIAS Group key figures in 2014: net sales of approx. €40 million and over 300 employees.
As part of the Jungheinrich Group, the MIAS Group will maintain an independent presence on the market under the MIAS brand name.
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Jungheinrich Group—Forecast for 2015
~ €50 million
Capital expenditures in tangible assets
Research and development expenditures
€90 million - €100 million
15% - 20% ROCE
Conference Call—August 11, 2015
Incoming orders €2.7 bn - €2.8 bn
Net sales €2.65 bn - €2.75 bn
EBIT €195 million - €205 million
EBT €180 million - €190 million
(prior €2.6 bn - €2.7 bn) (prior €2.6 bn - €2.7 bn) (prior €190 million -
€200 million) (prior €170 million -
€180 million)
Conference Call—August 11, 2015 16
Disclaimer
Since developments cannot be foreseen, the actual business trend may deviate from the expectations presented here based on assumptions and estimates made by Jungheinrich company management. Factors that may lead to such deviations include changes in the economic environment, changes in the political and legal environment and within the material handling equipment sector as well as exchange and interest rate fluctuations. Therefore, no responsibility is taken for forward-looking statements made in this presentation and no ensuing liability is assumed.