Jungheinrich Annual Report 2012

166 Pages·2013·2.75 MB·English

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Investing in the Future
Annual Report
Jungheinrich Aktiengesellschaft
Corporate Communications
2012
Am Stadtrand 35
22047 Hamburg, Germany
Telephone: [phone]
Fax: [phone]
Internet: www.jungheinrich.com
E-mail: [email protected]
Earnings before interest and taxes Net income Earnings per preferred share
in million € in million € in €
2008 122 77 2.29
2009 – 72 – 55 – 1.59
2010 98 82 2.45
2011 146 106 3.13
2012 150 110 3.27
At a glance
Change
Jungheinrich Group 2012 2011 in %
Incoming orders million € 2,251 2,178 3.4
Net sales
Germany million € 598 571 4.7
Abroad million € 1,631 1,545 5.6
Total million € 2,229 2,116 5.3
Foreign ratio % 73 73 –
Orders on hand (12/31) million € 2981 3051 –2.3
Production of material handling equipment units 73,200 75,700 –3.3
Balance sheet total million € 2,757 2,580 6.9
Shareholders’ equity million € 807 718 12.4
thereof subscribed capital million € 102 102 –
Capital expenditures 2 million € 78 52 50.0
Research and development expenditures million € 45 38 18.4
Earnings before interest and taxes (EBIT) million € 150 146 2.7
EBIT return on sales (ROS) % 6.7 6.9 –
EBIT return on capital employed (ROCE) 3 % 24.1 26.2 –
Net income million € 110 106 3.8
Employees (12/31)
Germany FTE4 5,167 4,925 4.9
Abroad FTE4 6,094 5,786 5.3
Total FTE4 11,261 10,711 5.1
Earnings per preferred share € 3.27 3.13 4.5
Dividend per share – ordinary share € 0.805 0.70 14.3
– preferred share € 0.865 0.76 13.2
1 Including €24 million in adjustments made to the value of orders in preceding years.
2 Tangible and intangible assets without capitalized development expenditures.
3 EBIT as a percentage of employed interest-bearing capital.
4 FTE = Full Time Equivalents.
5 Proposal.
Cover photo:
Head of Apprenticeships Eckart Hecht and apprentice Michelle Nehls
in the Norderstedt factory’s apprentice workshop.
Annual Report
2012
Table of Contents
4 Management 28 Group management report
4 To our shareholders 30 Business activity and organization
6 Report of the Supervisory Board 32 General economic situation
10 Corporate governance report 34 Development of the market
for material handling equipment
16 The Supervisory Board
35 Focal points and activities
18 The Board of Management
37 Business trend
40 Earnings position
20 The Jungheinrich share 42 Asset and financial position
47 Capital expenditures
48 Research and development
51 Financial services
54 Employees
56 Compensation report
58 Purchasing
59 Information technology
61 Quality and environmental management
63 Compliance and data privacy
65 Internal control and risk management system
66 Risk and opportunity report
71 Events after the close of fiscal 2012
71 Forecast report
76 Group overview 158 Further information
78 60 years of Jungheinrich 1953–2013 158 Jungheinrich worlwide
82 Investing in the future 160 Five-year overview
84 Technological innovations 162 Financial calendar
88 Logistics services 163 Imprint
90 International projects
92 Employees
94 Social responsibility
96 Consolidated financial statements
99 Consolidated statement of income
99 Consolidated statement
of comprehensive income (loss)
100 Consolidated balance sheet
102 Consolidated statement of cash flows
103 Consolidated statement
of changes in shareholders’ equity
104 Notes to the consolidated statements
156 Responsibility statement
157 Independent auditor’s report
4 | 5
Jungheinrich looks back on a successful 2012 for the good prospects for growth in the logistics
financial year, in which progress was made in systems business and creating room to increase
major forward-looking projects. Having posted counterbalanced truck production capacity at
strong growth in the preceding year, the com- our existing site in Moosburg. All of these large-
pany started the year under review from a robust scale projects will be completed in 2013. Capital
basis, proving itself well in a difficult market expenditures in fiscal 2012 totalled 78 million
environment. euros—a rise of 50 per cent compared to the
In sum, Jungheinrich closed 2012 with sales prior year.
and earnings surpassing the Group’s previous The full acquisition of ISA GmbH, a warehous-
record levels. All divisions contributed to this ing and material flow equipment software firm,
positive trend. The significant upturn of our is a further building block of our growth strategy
logistics systems operations and the marked in the logistics system business. It serves to
increase in short-term hire business were par- strengthen Jungheinrich’s expertise in the impor-
ticularly encouraging. tant field of holistic logistics solutions. We are
Staying true to our motto ‘Investing in the pleased to welcome more than 50 highly com-
Future,’ we stepped up the pace of our large- petent ISA GmbH employees to the Jungheinrich
scale strategic projects in the period under family.
review. For instance, the construction of a new By making these investments, we have set the
spare parts centre north of Hamburg is estab- course for sustained growth in the years to come.
lishing an important basis for the company’s In September of 2012, the Board of Manage-
continued growth. We are thus doing justice ment presented the strategy for the next five years
to the mounting demands in the spare parts to the Supervisory Board. The focal point of fu-
business. A new production plant is being built ture activities will be the continued expansion of
in Qingpu (China). Our increased production business in Europe and a significant increase in
capacities and enlarged product portfolio will sales activity in Asia. Moreover, Jungheinrich will
put us in a position to serve Asia’s major markets spur business with IC engine-powered trucks as
even better than before. In July of 2012, we well as its logistics system operations. It is in the
began constructing a new warehousing and field of logistics systems that we have a unique
system equipment production plant in the vicin- selling point in our branch of industry. We will
ity of our main factory in Moosburg. With these take advantage of this lead and extend it even
capacity expansions, we are bracing ourselves further.
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This will also involve Jungheinrich spending Jungheinrich will be celebrating a small anni- ou
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substantial amounts of capital on research and versary this year: Our company was founded by
development in the future as well. In 2012, we Dr. Friedrich Jungheinrich on August 7, 1953. s
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raised this expenditure to a total of 45 million We will pay all due tribute to this event under the e
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euros. This is a level we intend to preserve in motto ‘60 Years of Passion for Logistics’ with our ate
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the year underway and in the future. After all, customers and employees in the second half of al
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innovative capacity is an essential foundation not the year. n
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only for maintaining our product range, but also We would like to express our gratitude to d fi
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for launching more new products on the market our dedicated and motivated staff members at
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more rapidly. for the work they did in the year that just came oli
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Despite the increase in capital spending on to a close and for their strong commitment. o
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research and development and large-scale Our customers, suppliers, business partners and
projects, Jungheinrich lifted earnings above the shareholders are deserving of thanks for the trust on
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record level recorded a year earlier. The compa- they have placed in us. Once again, the support m
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ny is on firm and solid footing. We also managed provided by the Supervisory Board and our nf
to improve the equity ratio once again. Exclud- family owners, who stood by us with a positive er i
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ing the Financial Services segment, it was 45 per attitude as we did our work, were paramount to urt
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cent—a very good figure compared to other J ungheinrich’s success.
German industrial enterprises. We would like to continue along the course
Due to the market-induced decline in incom- we have embarked upon with you and bring
ing orders for series trucks at the end of 2012, Jungheinrich to the fore in 2013.
we got off to a more difficult start this year. In
contrast, our system business continues to dis-
play encouraging growth. Hamburg, March 15, 2013
The sovereign debt crisis will continue to be a
matter of concern to us in 2013, although there
are signs of sentiment brightening. We are con-
fident that this will be reflected in the develop-
ment of business over the course of the year. We
believe we stand a good chance of closing 2013 Hans-Georg Frey
with respectable figures. Chairman of the Board of Management
Report of the Supervisory Board
6 | 7
In the year being reviewed, the economic envi­ to resolve its sovereign debt crisis, which in turn
ronment in which Jungheinrich operates was is presenting several European countries with a
marked by significant cyclical uncertainty as well difficult situation, the Board of Management and
as fears concerning the survival of the Eurozone the Supervisory Board do not expect the Group
and potential trends towards a global recession. to increase sales significantly in 2013.
Although the world material handling equipment In the year being reviewed, consultation
market did not change substantially, the size of sessions on the Supervisory Board and between
Jungheinrich’s core markets in Europe shrank the Supervisory Board and the Board of Manage­
considerably. It is thus all the more remarkable ment focussed on the company’s continued
how the Jungheinrich Group proved itself in this strategic orientation, its long­term opportunities
difficult market environment. Both the value of for growth, and the Group’s further development
incoming orders and sales recorded a year earlier in terms of personnel and functions.
were exceeded. In addition, the company man­ The Supervisory Board regularly and diligently
aged to push earnings (EBIT) to a new all­time fulfilled the task of monitoring the work of the
high. The Supervisory Board is therefore of the Board of Management entrusted to it by the law,
opinion that Jungheinrich continued to display Articles of Association and the Bylaws during
positive development in the year under review. its plenary sessions, meetings of its committees
The strategic capital expenditure projects for and when it was out of session. The Supervisory
securing the company’s future viability, which Board thoroughly advised the Board of Manage­
serve the purpose of expanding our spare parts ment on matters concerning company manage­
logistics operations and production capacity ment and constantly monitored the management
and were closely monitored by the S upervisory of the company by the Board of Management.
Board, are on schedule and in line with the The yardsticks for this monitoring work were the
budget. Forward­looking research and develop­ legality, orderliness, suitability and profitability
ment expenses were increased significantly. of management and Group leadership. A major
The Board of Management and the Supervisory basis for fulfilling the monitoring task were the oral
Board anticipate that the introduction of new and written reports by the Board of Management.
responsibilities for regions and divisions on the Once again, in the year being reviewed, the
Board of Management as of January 1, 2013 will Supervisory Board was involved early on in all the
provide major stimulus for the Group’s sales and decisions of importance to the company, which
earnings trend. addressed topics pertaining to future strategic
Given that world economic growth is persis­ developments and all major individual opera­
tently weak and Europe has still not managed tional measures. The information and reports
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presented to the Supervisory Board by the Board development of the Group, its divisions, its sub­ ou
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of Management related to the strategic corner­ sidiaries and associated companies in Germany
stones, the development of business in the and abroad in all four of its ordinary sessions. s
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individual Group companies, the financial status, Furthermore, the chairmen of the established e
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the personnel situation as well as to large­scale committees always reported on the essential ate
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capital expenditures and projects material to the points of preceding committee meetings. In al
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company’s further development and financial addition, the following issues were the subject n
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situation. The Supervisory Board as well as the of debate and decisions: d fi
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Finance and Audit Committee concerned them­ The focal point of the Supervisory Board’s at
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selves in detail with the opportunities and risks, balance­sheet meeting on March 20, 2012 oli
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i.e. risk management, the internal control system, was the in­depth inspection and approval of o
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business administration in line with statutory Jungheinrich’s parent company and consoli­
regulations and guidelines, and the company’s dated financial statements for the period ended on
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compliance. The members of the Board of December 31, 2011 in the presence of the m
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Management delivered complementary verbal elected independent auditors. To this end, the nf
reports at the meetings of the Supervisory Board Finance and Audit Committee held a detailed er i
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and its committees on the basis of detailed sup­ presentation on its thorough analysis of the urt
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porting documents. They were supplemented independent auditors’ audit reports. The draft
by written reports by the Board of Management reports of the independent auditors were sent
on a monthly, quarterly and annual basis, in to the members of the Finance and Audit Com­
accordance with the rules of information for the mittee—and concurrently to all the other Super­
Board of Management. Besides information on visory Board members—affording every member
the general business trend, the written and oral of the Supervisory Board the possibility to attend
reports covered the prompt reactions to devia­ the Finance and Audit Committee’s meetings
tions in the development of business from the convened to prepare the passage of resolutions
company’s budget. The Chairman of the Super­ by the Supervisory Board in its plenary sessions.
visory Board and the Chairman of the Finance The independent auditors reported to the Super­
and Audit Committee debated numerous topics visory Board on the findings of their audits in
and prepared the decisions of the Supervisory the meeting on the balance sheet. Furthermore,
Board and its committees with the Board of the report of the Supervisory Board to the A nnual
Management both at and in between meetings. General Meeting, the corporate governance
In the 2012 reporting period, the Supervisory report by the Supervisory Board and the Board
Board discussed the strategic and commercial of Management and the corporate governance
8 | 9 declaration were discussed and approved. Once Management for the 2013 financial year were
the consolidated financial statements had been deliberated upon and resolutions were passed
adopted, it was possible to approve the para­ thereon. With a view to making the company more
meters for the variable compensation of the powerful and focussing on the key issues of the
members of the Board of Management for fiscal future, in addition to the functional distribution of
2011 as well. Moreover, two draft resolutions in tasks within the overall scope of r esponsibility of
the field of new product developments were ap­ the Board of Management, which has remained
proved. unchanged, a new cross­functional assignment
In the same session, Dr. Helmut Limberg was of accountability was introduced, involving
re­appointed to the Board of Management as the the distribution of responsibilities for individual
member responsible for sales for another three regions and for three newly established business
years as of February 1, 2013. units within the Board of Management. The draft
In the Supervisory Board meeting that was resolution of the Finance and Audit Committee
convened at the end of the Annual General on the declaration of compliance in accordance
Meeting on June 12, 2012, the Supervisory Board with Section 161 of the German Stock Corpora­
prepared its regular efficiency audit, resolved to tion Act was approved.
re­activate the New Headquarters Construction The committees of the Supervisory Board
Committee (Construction Committee) and passed were very active yet again. As in the previous
some draft resolutions relating to various new year, there was no need for the Joint Committee
build projects. to convene during the reporting period. Com­
The re­activated Construction Committee posed of three members, the Finance and Audit
reported on its first meeting in the session on Committee convened five times in the year
September 18, 2012. In this Supervisory Board being reviewed. In these meetings, this commit­
meeting, a considerable amount of time was tee performed all of the tasks entrusted to it in
dedicated to the 2015 Group strategy. The Board accordance with the law, Articles of Association
of Management presented the strategy in detail, and Bylaws both efficiently and again thoroughly,
after which it was the subject of an in­depth making a decisive contribution to preparing the
debate. Moreover, the May 15, 2012 version of decisions to be taken by the Supervisory Board in
the German Corporate Governance Code was its plenary sessions.
discussed. Composed of five members, the Personnel
The last meeting in 2012, which took place Committee convened at four ordinary meetings
on December 11, centred on the 2013 budget. in 2012.
Furthermore, without the Board of Management, The newly established Construction Commit­
matters pertaining to the remuneration of the tee, which comprises three members, held three
Board of Management, the reorganization of sessions in the reporting year.
responsibilities and the performance targets Committee chairmen submitted detailed
for the variable compensation of the Board of reports on the discussions and the process of