EQS-Adhoc: Jungheinrich AG: Jungheinrich raises forecast for 2023 and announces preliminary figures as of March 31, 2023

Jungheinrich raises forecast for 2023 and announces preliminary figures as of March 31, 2023

Against the background of the updated corporate planning and the good business development in the first quarter of 2023, Jungheinrich is raising its forecast range for 2023.

The increased forecast also includes the proportional effects from the acquisition of the US Storage Solutions Group, which was completed on March 15, 2023. The values ​​taken into account are subject to exchange rate fluctuations.

For the full year 2023, the Executive Board now expects incoming orders of between 5.0 billion and 5.4 billion (previously: 4.8 billion to 5.2 billion). A range of 5.1 billion to 5.5 billion is forecast for group sales (previously: 4.9 billion to 5.3 billion). These bandwidths take into account incoming orders of 0.3 billion and sales of 0.2 billion for the Storage Solutions Group.

According to current estimates, earnings before interest and taxes (EBIT) will be between 400 million and 450 million in 2023 (previously: 350 million to 400 million). It includes one-time transaction-related costs from the acquisition of the Storage Solutions Group in the amount of around 9 million and negative effects from the purchase price allocation in the amount of 15 million to 20 million. The EBIT corridor also takes into account around half of the variable, performance-related remuneration component for the management of the Storage Solutions Group in the amount of 15 million, which was determined in accordance with the conditions stipulated as part of the transaction. The negative effects are partially compensated by the pro rata operating result of Storage Solutions (around 20 million). The increased EBIT forecast results in an EBIT margin of between 7.8 percent and 8.6 percent (previously: 7.3 percent to 8.1 percent).

Earnings before taxes (EBT) should reach 370 million to 420 million (previously: 325 million to 375 million) with a resulting EBT return of between 7.2 percent and 8.0 percent (previously: 6.6 percent to 7.4 percent). The Executive Board assumes a ROCE value of between 15 percent and 18 percent (previously: between 13 percent and 16 percent).

Furthermore, it is expected that the free cash flow will be significantly better than in the previous year (-239 million), but will remain negative taking into account the acquisition of Storage Solutions. The purchase price paid of around 352 million will reduce free cash flow by around 310 million. Part of the purchase price was used to repay bank liabilities and is therefore not part of the free cash flow.

Based on preliminary figures for the first quarter of 2023, incoming orders are 1.35 billion (previous year: 1.33 billion), sales are 1.29 billion (previous year: 1.06 billion) and EBIT is 120 million (previous year: 78 million) with an EBIT margin of 9.3 percent (previous year: 7.3 percent). This includes negative effects in connection with the acquisition of Storage Solutions in the amount of 9 million, which largely result from one-time transaction-related costs. EBT is 120 million (previous year: 67 million) with an EBT return of 9.3 percent (previous year: 6.3 percent).

Jungheinrich AG’s quarterly statement as of March 31, 2023 will be published on May 8, 2023.

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Questions from analysts/investors please contact:
Andrea Bleesen, Head of Investor Relations
Phone: +49 40 6948-3407
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