"Jungheinrich will emerge stronger from the coronavirus crisis," said Dr. Lars Brzoska, CEO of Jungheinrich AG, at the company's Annual General Meeting today. In view of the Covid-19 pandemic, the shareholders' meeting was held virtually for the first time. Jungheinrich AG shareholders were able to follow the event live online from anywhere in the world. "The protection of our shareholders and the health of our employees are our top priority. Living social distancing this year is therefore an expression of taking responsibility," said Brzoska.

2019: Turnover exceeds four billion euros for the first time
Jungheinrich can look back on a respectable 2019. Despite an economic slowdown in the second half of the year, the company achieved sales of more than four billion euros for the first time. "This is a milestone in Jungheinrich's history," said Brzoska. Although the company had to record one-off burdens on earnings, Jungheinrich achieved an EBIT of 263 million euros. Earnings after taxes increased compared to 2018, cash flow from operating activities rose significantly to 345 million euros and net debt was reduced considerably.

Program of measures to increase efficiency
Brzoska explained that the Jungheinrich Board of Management had noticed increasing signs of a recession starting in late summer 2019. "Over the course of the second half of 2019, it became increasingly clear to us that the economic boom of recent years had come to an end," he said. Against this backdrop, Jungheinrich developed a comprehensive program of measures to increase efficiency and hedge risks. The company benefited from these measures when the Covid-19 pandemic broke out at the beginning of this year. "Thanks to the measures we took, we were able to react very quickly to the new, aggravated situation and ensure the Group's ability to act," said Brzoska.

In his speech, Brzoska emphasized the systemic relevance of intralogistics for the supply of the community, especially during the corona crisis: "We contribute to the supply of people and companies and have helped to ensure that the economy in Germany, Europe and the world does not come to a standstill during the crisis. We are proud of that." Without Jungheinrich trucks, system solutions and services, supermarket shelves would be empty today.

First half of 2020
Jungheinrich AG had already announced its figures for the first half of 2020 on August 11. Accordingly, orders for new trucks in the first half of 2020 were significantly below the previous year's level at 53.9 thousand trucks due to the crisis. At 1.81 billion euros, the Jungheinrich Group's incoming orders in terms of value were also down on the previous year. Net sales fell by 7.9 per cent to 1,801 million euros. Nevertheless, the company achieved an EBIT of 95 million euros and an EBIT margin of 5.3 per cent. "This is a very good result for a crisis half-year like this one," explained Brzoska.

Cash flow from operating activities amounted to around 201 million euros in the period from January to June 2020, doubling compared to the previous year. Furthermore, despite the crisis, Jungheinrich succeeded in reducing our net debt from 172 million euros at the end of 2019 to 36 million euros. Against this backdrop, the Annual General Meeting approved the proposal of the Jungheinrich Board of Management to continue the company's stable dividend policy this year despite the crisis and to maintain the dividend of €0.46 per ordinary share and €0.48 per preference share already announced in the 2019 Annual Report.

Forecast for 2020
On July 22, Jungheinrich published a new forecast for 2020. According to the forecast, the company expects incoming orders of between 3.4 and 3.6 billion euros. Group sales are also expected to be within a range of 3.4 to 3.6 billion euros. According to current estimates, earnings before interest and taxes (EBIT) should be between 130 and 180 million euros in 2020. The EBIT margin is expected to be in the range of 3.8% to 5.0%. Brzoska said: "Thanks to our decisive response to the first signs of crisis, we have set the course for a continued successful future. Today, we can say that Jungheinrich has come through the biggest global economic crisis in decades well so far and in accordance with the circumstances. This gives us confidence for the future."

New Group strategy
Brzoska announced the presentation of a new Group strategy for the fourth quarter of 2020. In it, Jungheinrich will adapt to the challenges of a changing market and competitive environment, but also actively exploit the resulting opportunities. The company will focus on the areas of digitalization, automation, efficiency, energy systems, sustainability and the expansion of its global footprint. "Our goal is to further expand our global market position and create sustainable value for all our stakeholders," explained Brzoska.

Forklift donation to Hamburger Tafel e.V.
Jungheinrich traditionally treats its shareholders at the end of the Annual General Meeting. As the event was purely virtual this time, this was not possible this year. Jungheinrich therefore used this meal budget to donate a forklift truck to Hamburger Tafel e.V. The charity asked for an EJC 220 pedestrian-controlled forklift, which is currently being refurbished at the Jungheinrich plant in Dresden and will be delivered soon. "We are delighted to be able to support a great social institution in this way," said Brzoska.