The order intake figure for the first quarter of 2021 was determined in particular by the good order intake for new vehicles and automatic systems. All business divisions were drivers of the sales trend. EBIT increased significantly, mainly due to better capacity utilization at the plants. Due to this positive development and the high demand expected for the rest of the year, Jungheinrich has raised its forecast for 2021.

Dr. Lars Brzoska, CEO: "We have made a very strong start to the new financial year. The order intake in particular, a new all-time high in a single quarter, is proof of the extremely successful work of the entire team worldwide. We are optimistic about the rest of the year. We continue to keep a close eye on the ongoing challenges resulting from the COVID-19 pandemic and, in particular, bottlenecks in the supply chain. Operationally and strategically, we remain well positioned for this. In light of the positive developments in the first quarter, we have raised our forecast for the 2021 financial year. The targets and measures of Strategy 2025+ published in November 2020 will continue to be pursued in full and the targets for 2025 will be reviewed over the course of the year."

Incoming orders in value terms, which include the new truck business, rental and used equipment and after-sales service business areas, amounted to € 1.32 billion (previous year: € 1.02 billion), and 46.1 thousand vehicles in units (previous year: 32.1 thousand vehicles). Sales in the 1st quarter amounted to € 959 million (previous year: € 920 million). Earnings before interest and taxes (EBIT) rose to € 72.1 million (previous year: € 53.7 million), resulting in an EBIT return on sales (EBIT-ROS) of 7.5% (previous year: 5.8%). Earnings after taxes amounted to € 50.1 million (previous year: € 31.8 million). Accordingly, earnings per preference share amounted to € 0.50 (previous year: € 0.32). As at March 31, 2021, net assets amounted to € 248 million (December 31, 2020: net assets of € 194 million).

"Jungheinrich delivered a strong performance and significantly increased all earnings figures compared to the same period last year. The first quarter shows that we are on the right track," explains CFO Dr. Volker Hues.

Development January to March 2021

The global market volume for industrial trucks grew particularly strongly in the first quarter of 2021 compared to the same quarter of the previous year, as all regions recorded a very significant increase in demand. China in particular saw a disproportionately high increase in orders. Warehouse technology was the product segment with the strongest demand worldwide in the first three months of the year. In Europe, demand also increased significantly in the reporting period. There, orders for warehouse technology equipment rose very sharply compared to the same period last year.

Business development of Jungheinrich

Unit-based incoming orders in new truck business, which include orders for new trucks and trucks for short-term hire, amounted to 46.1 thousand trucks in the first quarter of 2021, 44 per cent higher than the prior-year figure (32.1 thousand trucks). Jungheinrich benefited from the very significant upturn in demand in Europe. The value of incoming orders, which encompasses all business fields - new truck business, short-term hire and used equipment as well as after-sales services - amounted to €1,322 million in the reporting period, exceeding the previous year's figure (€1,016 million) by 30 per cent. In addition to the very good order intake for new vehicles across the board, the demand for automatic systems was also a decisive factor here. At € 959 million, the 4% increase in Group sales compared to the previous year (€ 920 million) was driven by all business divisions.

EBIT increased significantly by 34% to € 72.1 million (previous year: € 53.7 million), mainly due to better capacity utilization at the plants. The EBIT margin increased to 7.5% (previous year: 5.8%). EBT from January to March 2021 amounted to € 68.2 million (previous year: € 43.5 million). The EBT margin was 7.1% (previous year: 4.7%). As at March 31, 2021, net assets amounted to € 248 million (December 31, 2020: net assets of € 194 million).

Forecast

Due to the very strong order intake in the first quarter of 2021 and the high demand expected for the rest of the year, the Executive Board raised the forecast for 2021 published on March 26, 2021 and published it in an ad hoc announcement on April 22, 2021.

We now anticipate incoming orders of between € 4.2 billion and € 4.5 billion (previously: € 3.9 billion to € 4.1 billion). Due to the major challenges in the supply chain, Group sales are likely to be within a range of € 4.0 billion to € 4.2 billion (previously: € 3.9 billion to € 4.1 billion). According to current estimates, EBIT will be between € 300 million and € 350 million in 2021 (previously: € 260 million to € 310 million). Accordingly, an EBIT margin in the range of 7.5% to 8.3% is expected (previously: 6.7% to 7.6%). EBT is expected to reach € 280 million to € 330 million (previously: € 240 million to € 290 million). The EBT return should be between 7.0% and 7.9% (previously: 6.2% to 7.1%). We expect ROCE to be between 17% and 21% (previously: between 14% and 18%). Furthermore, we expect to achieve net assets of well over € 300 million by the end of the 2021 financial year (previously: net assets of well over € 200 million).