I N T E R I M R E P O R T

as of 30 June 2023

Contents

2 KEY FIGURES AT A GLANCE

12 INTERIM CONSOLIDATED

25 ADDITIONAL INFORMATION

3 JUNGHEINRICH SHARE

FINANCIAL STATEMENTS

25

Responsibility statement

4 INTERIM GROUP MANAGEMENT REPORT

12

Consolidated statement of profit or loss

25

Financial calendar

12

Consolidated statement of comprehensive income

25

Legal notice

4

General macroeconomic conditions

13

Consolidated statement of financial position

4

Material events in the first half of 2023

14

Consolidated statement of cash flows

5

Business trend and earnings position

15

Consolidated statement of changes in equity

7

Capital structure, financial and asset position

16

Notes to the consolidated financial statements

  1. Research and development
  2. Employees

10 Financial services

  1. Risk and opportunity report
  2. Future development of the Jungheinrich Group

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Jungheinrich AG  •Interim Report as of 30 June 2023

Page 1 /25

Key figures at a glance

Jungheinrich share

Interim Group management report

Interim consolidated financial statements

Additional information

Key figures at a glance

Jungheinrich Group

Incoming orders

Orders on hand 30 June / 31 December

Revenue

thereof Germany

thereof abroad

Foreign ratio

Earnings before interest and income taxes (EBIT)

EBIT return on sales (EBIT ROS)

ROCE1

Earnings before taxes (EBT)

EBT return on sales (EBT ROS) 

Profit or loss

Free cash flow

Capital expenditure 2

Research and development expenditure

Balance sheet total 30 June / 31 December

Shareholders' equity 30 June / 31 December

thereof subscribed capital

Employees 30 June / 31 December

thereof Germany

thereof abroad

  • million
  • million
  • million
  • million
  • million
    %
  • million
    %
    %
  • million
    %
  • million
  • million
  • million
  • million
  • million
  • million
  • million FTE 3 FTE 3 FTE 3

Q2 2023

1,334

1,367

n.a.

n.a.

n.a.

115.7

8.5

n.a.

102.4

7.5

74.7

n.a.

n.a.

n.a.

Q2 2022

Change %

1,128

18.3

1,140

19.9

n.a.

-

n.a.

-

n.a.

-

  1. 37.7
  1. -

n.a.

  1. 43.8
  1. -

53.938.6

n.a.

-

n.a.

-

n.a.

-

H1 2023

2,684

1,731

2,658

600

2,058

77

235.8

8.9

18.2

221.9

8.3

163.1

- 182

37

72

6,688

2,113

102

20,445

8,329

12,116

H1 2022

Change %

Year 2022

2,461

9.1

4,791

1,814

- 4.6

1,595

2,202

20.7

4,763

514

16.7

1,106

1,688

21.9

3,657

77

-

77

161.9

45.6

386

7.4

-

8.1

14.4

-

16.3

138.1

60.7

347

6.3

-

7.3

103.4

57.7

270

- 270

- 32.6

- 239

29

27.6

73

61

18.0

128

6,003

11.4

6,164

1,928

9.6

2,051

102

-

102

19,400

5.4

19,807

8,040

3.6

8,251

11,360

6.7

11,556

Jungheinrich share Earnings per preferred share 4 Shareholders' equity per share

Share price 5 High

Low

Close

Market capitalisation

Stock exchange trading volume 6

P/E ratio  7

Number of shares 8

€

€

€

€

€

  • million
  • million

factor

million shares

30/06/2023

1.61

20.72

36.76

27.04

33.54

3,421

445

10.4

102

30/06/2022 31/12/2022

1.022.65

18.9020.10

46.1846.18

20.8020.20

20.8026.58

2,122

2,711

600

1,025

10.210.0

102102

  1. EBIT of the "Intralogistics" segment as a percentage of average capital employed of the "Intralogistics" segment.
  2. Property, plant and equipment and intangible assets without capitalised development expenditure and right-of-use assets.
  3. FTE = full-time equivalents.
  4. Based on share of earnings attributable to the shareholders of Jungheinrich AG.
  5. Xetra closing price.
  6. Xetra and Frankfurt.
  7. P/E ratio = closing price/earnings per preferred share annualised.
  8. Divided into 54.0 million ordinary shares and 48.0 million preferred shares.

Jungheinrich AG  •Interim Report as of 30 June 2023

Page 2 /25

Key figures at a glance

Jungheinrich share

Interim Group management report

Interim consolidated financial statements

Additional information



Jungheinrich share

In addition to the ongoing Russia-Ukraine war, events on the international capital markets were dominated by inflation, central banks' interest rate hikes and fears of recession in the first half of 2023. Nevertheless, the important German share indices recorded noticeable gains. The DAX gained 16 per cent between January and June 2023, while the MDAX climbed 10 per cent.

The performance of the Jungheinrich share seen in the first quarter, which considerably outperformed comparable indices, continued in the second quarter of 2023. In the first six months of the current year, the share recorded an increase of 26 per cent, closing the first half of the year at €33.54. ­Market capitalisation rose by €710 million to €3,421 million (31 December 2022: €2,711 million). The share's low in the first half of the year was €27.04 on 2 January 2023; shortly thereafter it reached its high of €36.76 on 2 February 2023.

A resolution was passed at the Annual General Meeting of Jungheinrich AG on 11 May 2023 to pay a dividend for the 2022 financial year of €0.68 per no-par-value preferred share and €0.66 per no-par-value ordinary share. As in the previous year, the dividend payment for 2022 totalled €68 million.

Share price performance H1 2023

in %

150

Jungheinrich

140

DAX

MDAX

130

120

110

100

90

January 2023

February 2023

March 2023

April 2023

May 2023

June 2023

Jungheinrich AG  •Interim Report as of 30 June 2023

Page 3 /25

Key figures at a glance

Jungheinrich share

Interim Group management report

Interim consolidated financial statements

Additional information

General macroeconomic conditions

Material events in the first half of 2023

Interim Group management report

  • Positive business performance in line with
    expectations­in first half of 2023
  • US acquisition Storage Solutions included for first time
  • Forecast for 2023 confirmed

GENERAL MACROECONOMIC CONDITIONS

Growth rates for selected economic regions

Gross domestic product in %

Forecast 2023

2022

World

3.0

3.5

USA

1.8

2.1

China

5.2

3.0

Eurozone

0.9

3.5

Germany

- 0.3

1.8

Source: International Monetary Fund (as of 25 July 2023) with updated prior-year figures compared to the 2022 combined management report.

The International Monetary Fund (IMF) adjusted its April 2023 growth forecast for the year 2023, with the exception of China, in a publication dated 25 July 2023. The IMF appears to have somewhat more confidence in the global economy than it had in the spring. According to this latest publication, it expects global economic output to increase by 3.0 per cent (2022: 3.5 per cent) as the global economy gradually recovers from the coronavirus pandemic and the Russia-Ukraine war. In April, the IMF forecast growth of 2.8 per cent. USA gross domestic product (GDP) is expected to climb by 1.8 per cent (2022: 2.1 per cent). The Chinese economy is anticipated to grow by 5.2 per cent (2022: 3.0 per cent). Current expectations for the economic development in the eurozone are only

0.9 per cent growth (2022: 3.5 per cent), with a recession forecast for Germany and the Germany economy shrinking by 0.3 per cent in 2023 (2022: 1.8 per cent growth). The IMF believes the domestic economy is struggling due to the

current­ weakness of industry as a result of higher energy prices and weak global trade. Jungheinrich generates around a quarter of its Group revenue in Germany.

MATERIAL EVENTS IN THE FIRST HALF OF 2023

On 25 January 2023, Jungheinrich signed an agreement to acquire the Storage Solutions Group based in Westfield, Indiana (USA). Storage Solutions is a leading provider of racking and warehouse automation solutions in the USA with over 45 years of experience, an attractive customer base and excellent know-­ how for the tailored planning, automation and integration of warehouses. Jungheinrich is thus considerably broadening its access to the US market for warehouse equipment and automation. The acquisition was completed on 15 March 2023. The final purchase price calculated according to the contractually agreed purchase price adjustment mechanism amounted to €325 million and was financed using borrowed capital and available cash.

The Storage Solutions Group was included in the consolidated financial statements for the first time from 15 March 2023. Revenue of €69 million and an effect on EBIT totalling €-7 million were recorded in the reporting period. This effect is the result of a positive operating contribution to EBIT and negative effects from transaction-related expenses, effects from the purchase price allocation and variable, performance -related remuneration elements for the management of the Storage Solutions Group. Goodwill in the amount of €288 million at the time of acquisition was primarily based on the incorporation of the well-trained workforce and the anticipated exploitation of synergies and future potential in the field of warehouse automation in the USA. Storage Solutions will form Jungheinrich's strategic platform in the USA for this business.

Jungheinrich AG  •Interim Report as of 30 June 2023

Page 4 /25

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Jungheinrich AG published this content on 10 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 August 2023 05:32:08 UTC.