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Ad-hoc release: Jungheinrich raises forecast for 2023

and publishes preliminary figures as of 31 March 2023 

In light of the latest corporate planning and the positive business performance in the first quarter of 2023, Jungheinrich is raising its forecast ranges for 2023.

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

The Board of Management now expects incoming orders of between €5.0 billion and €5.4 billion for the whole of 2023 (previously: €4.8 billion to € 5.2 billion). Group revenue is forecast to fall within a range of €5.1 billion to €5.5 billion (previously: €4.9 billion to €5.3 billion). This range takes into account incoming orders of €0.3 billion and revenue of €0.2 billion from the Storage Solutions Group.

According to current estimates, earnings before interest and taxes (EBIT) in 2023 will now come to between €400 million and €450 million (previously: €350 million to €400 million). This includes one-off transaction-related costs resulting from the acquisition of the Storage Solutions Group amounting to approximately €9 million and negative effects resulting from the purchase price allocation amounting to €15 million to €20 million. The EBIT range also takes into account around half of the variable performance-related remuneration components for the management of the Storage Solutions Group amounting to €15 million, which was calculated according to the conditions set out as part of the transaction. The negative effects will be partially offset by the pro rata operating result of Storage Solutions (approximately €20 million). The increased EBIT forecast results in an EBIT ROS in the range of 7.8 per cent to 8.6 per cent (previously: 7.3 per cent to 8.1 per cent).

Earnings before taxes (EBT) is expected to reach €370 million to €420 million (previously: €325 million to €375 million), corresponding to an EBT ROS of between 7.2 per cent and 8.0 per cent (previously: 6.6 per cent to 7.4 per cent). The Board of Management assumes a ROCE value of between 15 per cent and 18 per cent (previously: between 13 per cent and 16 per cent).

Furthermore, it is expected that free cash flow will see a marked improvement on the previous year (€–239 million) but will still remain negative due to the acquisition of Storage Solutions. The purchase price paid of around €352 million will impact the free cash flow by around €310 million. A portion of the purchase price was used to repay bank liabilities and is therefore not considered part of the free cash flow.

Based on the preliminary figures for the first quarter of 2023, incoming orders are put at €1.35 billion (previous year: €1.33 billion), revenue at €1.29 billion (previous year: €1.06 billion) and EBIT at €120 million (previous year: €78 million) with an EBIT ROS of 9.3 per cent (previous year: 7.3 per cent). This includes the negative effects associated with the acquisition of Storage Solutions in the amount of €9 million, which are largely due to one-off transaction-related costs. EBT is put at €120 million (previous year: €67 million), with an EBT ROS of 9.3 per cent (previous year: 6.3 per cent).

The interim statement of Jungheinrich AG as of 31 March 2023 will be published on 8 May 2023.

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