Analyst Conference

Analyst Conference
Hans-Georg Frey, Chairman of the Board of Management
Dr. Volker Hues, Member of the Board of Management, Finance
Frankfurt am Main, March 27, 2014
Inhalt
2

Highlights and Key Figures in 2013

World Material Handling
Equipment Market

Business Model and strategic
Issues

Business Development in 2013
and current Business Trend

Outlook
Highlights and Key Figures
in 2013
Highlights in 2013
 World material handling equipment market > 1 million units
for the first time
 Record level of incoming orders achieved; net sales slightly
higher year on year
 Decent EBIT generated
 Large-scale strategic projects completed on schedule and in
line with their budgets
 Research and development expenditures maintained at the
preceding year’s high level
 Dividend unchanged
4
Jungheinrich Group Key Figures in 2013
in € million
Incoming orders
Net Sales
Net income
EBIT-ROS in %
+5%
2,251
EBIT
+1%
2,357
2,270
7.8
2,290
7.5
-3%
176.8
172.4
-5%
2012
2013
2012
2013
2012
2013
112.3
106.9
2012
2013
2012 figures adjusted due to the application of the amended version of IAS 19 and various changes in the accounting treatment of interest income
and expenses.
5
Dividend Unchanged Despite Marginal Drop in Earnings
Dividend per preferred share in €
106
112
107
0.86
0.86
Net income in million €
82
82
0.76
Proposal
0.58
0.55
0.12
2007
-55
2010
2011
2012
2013
2009
2012 figures adjusted due to the application of the amended version of IAS 19 and various changes in the accounting treatment of interest income
and expenses.
6
World Material Handling
Equipment Market
World Material Handling Equipment Market—Volume
in thousand units
Europe
Asia
-5%
411
-6%
+24%
331
+21%
+2%
311 316
267
North America
+11%
380 363 401
2006
= 213
315
266
191
+25%
136
2007 2010 2011 2012 2013
2007 2010 2011 2012
2013
-3%
World
951
+23%
+7%
170
+11%
181
201
2007 2010 2011 2012 2013
+7%
975
944
2011
2012
1,010
794
Greatest
momentum in
Q4 2013
2007
8
2010
2013
Source: WITS.
World Material Handling Equipment Market
Breakdown of Volume by Region
Percentage of total market in terms of units
2007 = 951 thousand units
2013 = 1,010 thousand units
Asia
28%
Europe
thereof China
43%
thereof China
12%
North
America
20%
8%
thereof
Eastern Europe
Europe
31%
Asia
40%
9%
Rest of World
25%
thereof
Eastern Europe
6%
9%
Rest of World
North
America
20%
Central/South America 5%
Australia/Africa 4%
Central/South America 5%
Australia/Africa 4%
Source: WITS.
9
World Material Handling Equipment Market
Breakdown of Volume by Product Segment
in terms of units
2013: 1,009.777 units (2012: 944,405 units)
Warehousing
equipment
38%
(38%)
IC engine-powered
counterbalanced
trucks
46%
(46%)
16%
(16%)
Battery-powered
counterbalanced trucks
Source: WITS.
10
World Material Handling Equipment Market—Market Structure
Comparison Broken Down by Product Segment in 2013
in terms of units
Europe
China
22%
13%
60%
18%
Warehousing
equipment
77%
Battery-powered
counterbalanced trucks
10%
IC engine-powered
counterbalanced trucks
China: Trend towards warehousing equipment;
future growth potential for Jungheinrich
Source: WITS.
11
Development of the Volume of Major Growth Markets
in thousand units
+70% 200.3+19% 238.3 -9% 216.7 +14% 248.0
China
118.3
117.9
27.2
+50% 23.0 +4% 24.0 +1% 24.2
+478% 15.3
Russia
3.2
+173% 22.9 -1% 22.6 -17% 18.8 +30% 24.4
Brazil
14.1
8.4
2007
2009
2010
2011
2012
2013
Source: WITS.
12
World League Ranking in 2012 (2011)
Net sales in million €, including currency effects
Ranking in Europe
5,653
Jungheinrich
Kion
1
4,726
2
Toyota
3
(5,010)
(4,368)
2,2293
1,922
Toyota
Raymond
BT Industries
Cesab
Toyota1, 2
(2,116)
Linde
Still
Fenwick
OM Still
Baoli
Voltas
Kion
Jungheinrich
Jungheinrich
Sources: Logistik Journal 10/2013; DHF Intralogistik 12/2013.
13
1,712
(1,978)
(1,293)
Hyster
Yale
Utilev
Crown
Hamech
Hyster-Yale
Crown 1
1 Fiscal year: April to March. 2 Adjusted: Jan. to Dec. 2012.
3 As reported, before changes in accounting principles
Business Model and
Strategic Issues
The Jungheinrich Business Model
Serving customers from a single source over a trucks’s entire life cycle:
New Truck
Business
Logistics Systems
Mail-Order
Business
Used Equipment
After-Sales
Services
Customer
Full Service
Customer Service /
Maintenance
Spare Parts Supply
15
Financial
Services
Short-Term Hire
Fleet
New Truck Business
Battery-powered
counterbalanced truck (EFG
540-550/S40-S50) consumes
up to 20% less energy than its
predecessor model
Hydrodynamically driven forklifts in diesel (DFG 316320 and DFG 425-435) LPG (TFG 316-320 and TFG
245-435) variants with a payload capacity of up to 3.5
metric tons
Front-seat, trilateral stacker
(EFX 410-413) achieves a
25% higher handling turnover
rate than its predecessor
model
Auto pallet mover:
ERE 225a low-lift truck
with automation solution
2014: 20 new products
16
Deliveries by Industry
Mechanical, automotive and
electrical engineering
Logistics
15%
12%
Food industry
(Production)
6%
Chemical industry
4%
48%
1%
14%
Retail and
wholesale
(incl. food distribution)
Based on incoming orders in terms of units in 2013.
17
Timber, paper and print
industries
Other industry sectors
Short-Term Hire Fleet
 Close-knit market coverage
 Hire periods: generally 1 day to 24

months
Targeted degree of capacity
utilization: 70% to 80%
 Inventory
in thousand units
30.7
2012
18
+9%
33.6
2013
Used Equipment

Marketing of used equipment (leasing, short-term hire fleet and trade-ins)

Expansion of the used equipment centre in Dresden
 Rise in production capacity from 4,500 to some 8,000 trucks p.a.
19
After-Sales Services
High market penetration generates service potential
(Jungheinrich market penetration: 2013 = 995,000 trucks)
Service
potential
Productionn thousand units
 ~66,300 units
In service
Service expiring
57
65
65
55
59
59
67
76
82
81
48
60
76
73
72
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
20
Market Penetration—Basis for After-Sales Services
~5,400 employees in the
global after-sales service organization (46% of total staff),
more than 3,800 after-sales service engineers in the field
Market penetration
in 2013
995,000 thousand trucks in use worldwide
(with focus on Europe)
21
Logistics Systems
Jungheinrich—Partner for End-to-End Logistics Solutions
Planning and design
 Forklift trucks
 Racking and storage
equipment
 Conveyor systems
 Stacker cranes
System integration
Maintenance and service
22
Warehouse management
systems:
 Warehouse administration
 Warehouse control
 Radio data transmission,
terminals & scanners
Expansion of the Logistics Systems Business

Full acquisition of ISA* and integration of the warehousing and material flow
technology software firm into the Jungheinrich Group as of January 1, 2013 and
change in commercial name to ‘Jungheinrich Systemlösungen GmbH’ as of
January 1, 2014

Establishment of a division dedicated to logistics systems; responsibility: entire Board
of Management

Under the uniform management of Moosburg-based 'Jungheinrich-Logistiksysteme
GmbH' since January 1, 2014

Significant increase in headcount
*ISA - Innovative Systemlösungen für die Automation GmbH, Graz (Austria).
23
Mail-Order Business—in Germany, Austria and in the Netherlands
Development of net sales
in million €
26.0
Main catalogue:
1,000 pages
More than 36,000
products
24
2010
+31%
34.0
2011
+12%
38.1
2012
+11%
42,3
2013
Financial Services
Original value of contracts on hand
in million €
2006
2011
2000
1,332
84.4
12/31/2007

25
1,719
+2%
1,745
2005
2012
2004
Trucks
105.5
109.0
12/31/2012
12/31/2013
in thousand units
2008
Proprietary financial service companies in 7 European countries
Financial Services—Principles and Objectives
Business
policy
 No ambition to generate its own profits (non-profit centre)
 Disclosure of all income from financial services in sales
New truck business/after-sales services/used equipment
 Promotion and expansion of new truck business and
after-sales services
Principle: Every financial service agreement to cover full service
and maintenance
Sales policy

Permanent customer retention
Flexible, customized contracts
Risk
management
 Matching refinancing (term and interest)
 Regular creditworthiness checks
 Quarterly assessment of contractual/residual value risks
 Transparency and process reliability via Group database
Full disclosure on Jungheinrich’s consolidated balance sheet
26
Business Development in 2013
and Current Business Trend
Net Sales Slightly up Year on Year; Decent EBIT
in € million
EBIT
Net sales
2,270
2012
+1%
2,290
177
2013
2012
-3%
172
2013
 Rise in net sales driven by the short-term
 The earnings trend benefited above all from
hire and used equipment business and
after-sales services
the growth of the high-margin short-term
hire and after-sales services businesses
Negative effects of process-induced
disruptions when ramping up the
production in Degernpoint dealt with

2012 figures adjusted due to the application of the amended version of IAS 19 and various changes in the accounting treatment of interest income
and expenses.
28
Breakdown of Net Sales
2013 = €2,290 million (2012 = €2,270 million)
by business fields
by region
New truck
business
52%
After-sales
services
31%
Germany
27%
(30%)
17%
8%
(17%)
Rest of World
Short-term hire fleet
and used equipment
29
(52%)
(27%)
(53%)
(8%)
Western
Europe
51%
14%
(13%)
Eastern Europe
Incoming Orders and Production—New Truck Business
in thousand units
Incoming orders
+7%
Production
78.2
73.2
73.2
+32%
20.7
-1%
72.5
Q4
17.5
15.7
19.0
Q3
18.7
18.8
18.7
19.2
20.1
19.5
2012
2013
 Cyclically-driven rise in demand with
greatest momentum in Q4 2013
30
17.9
Q2
Q1
17.9
19.9
2012
18.9
18.0
16.6
2013
 Production marginally down year on year
Intralogistics Segment—Breakdown of Net Sales
in million €
New truck
business
2,288
+1%
2,315
1,230
-1%
1,213
 Short-term hire and used equipment
Short-term hire
fleet &
used equipment
After-sales
services
378
397
make equal contributions to growth
 After-sales services post continuous
680
2012
31
+5%
+4%
705
2013
growth
Research & Development and Capital Expenditures
in million €
Capital Expenditures
R&D Expenditures
Capex ratio as a percentage of net sales
Capitalization ratio
13
3
27
4
91
44.0


78
44.9
2012
2013
Focal points: energy efficiency of drive
systems, automation of material handling
equipment and processes as well as
development of platforms and shared
components
Capitalization ratio up as planned


2013
2012
Capital expenditures in 2012 and 2013
marked by large-scale strategic projects for
the expansion of spare parts logistics and
manufacturing capacity
Two sales centres completed in Germany
2012 figures adjusted due to the application of the amended version of IAS 19 and various changes in the accounting treatment of interest income
and expenses.
32
Strategic Capex Projects Completed on Schedule and in Line with
Budgets
Spare parts centre in
Kaltenkirchen
Total capex:
approx. €100 million
Plant in Qingpu
Capex: €35 million
Capex: €40 million
Plant in Degernpoint
Capex: €18 million
33
Financial Situation in 2013: Solid as Before
in million €
2013
2012
Change
in %
Balance sheet total
2,751
2,759
+0
Shareholders’ equity
831
754
+10
Liquid assets and securities
424
555
-24
Cash flows from operating
activities
67
128
-48
-154
-183
-16
18.7%
21.6%
—
Net indebtedness
ROCE
2012 figures adjusted due to the application of the amended version of IAS 19 and various changes in the accounting treatment of interest income
and expenses.
34
Cash Flows from Operating Activities and Net Debt
in million €
Net debt
Cash flows from
operating activities
Financial liabilities - liquid assets and securities
excl. liabilities from financial services or provisions for pensions)
'Cash'
-183
128
12/31/2012
-61
-29
-154
67
12/31/2013
 Decline mainly results from redemption
of external financing of the short-term hire
fleet and the increase in working capital
12/31/2012
12/31/2013
 Change caused by capital expenditures
on large-scale strategic projects and the
increase in working capital
2012 figures adjusted due to the application of the amended version of IAS 19 and various changes in the accounting treatment of interest income
and expenses.
35
Working Capital and ROCE
in million €
Working capital
Capital employed
as a percentage of
net sales
12/31/2012
36
21.6
18.7
21.9
21.0
476
ROCE in %
+26
502
818
12/31/2013

+102
920
12/31/2013
12/31/2012
Since 2012, interest-bearing capital includes
provisions for pensions and provisions for
non-current personnel obligations
Equity Ratio increases
Jungheinrich Group
27%
30%
12/31/2012
12/31/2013
Intralogistics Segment
42%
47%
12/31/2012
12/31/2013
2012 figures adjusted due to the application of the amended version of IAS 19 and various changes in the accounting treatment of interest income
and expenses.
37
Business Trend—Financial Services
in milion €
Original value of new
contracts
Original value of contracts on
hand
1,719
431
-16
415
Trucks
+26
1,745
105.5
109.0
2012
2013
in thousand units
2012
2013
 Decline due to increased demand for
financial services for used equipment
which has a lower value than new trucks
38
 Increase of just €26 million reflects the

changed vehicle mix
Leasing ratios in Italy, the United Kingdom
and Norway > 60%
Workforce Trend Reflects Strengthening of Sales Organization
in full time equivalent (FTE)
+53
+25
Other
11,840
Technology
+425
Sales
11,261
+76
ISA*
12/31/2012
Expansion in 2013: +579 employees = 5%
*As of January 1 2014: Jungheinrich Systemlösungen GmbH.
39
12/31/2013
World Material Handling Equipment Market—2/2014
Growth Rates by Region
in terms of units; compared to 2/2013
World Market
147.6
Europe
Eastern
thousands of units
+5%
+8%
Western
2/2013
2/2014
-14%
thereof
+27% China +34%
Asia
North America
World
164.9
+10%
+12%
Source: WITS 2/2014.
40
Development of Business—2/2014
Incoming orders
Incoming orders
in million €
+4%
371
2/2013
384
12,200
2/2014
2/2013
Net sales
in million €
326
2/2013
41
+15%
in units
+7%
13,000
2/2014
Production
in units
375
2/2014
10,900 +33% 14,500
2/2013
2/2014
Development of Business—2/2014
Orders on Hand—New Truck Business
in million €
366
+5%
383
 The order reach is four month
12/31/2013
42
2/28/2014
Outlook
Growing with Passion
43
General Economic Situation
2012
2013
Forecast
2014
World
3.2
2.9
3.5
Eurozone
-0.6
-0.4
0.9
Germany
0.7
0.4
1.7
China
7.8
7.7
7.3
USA
2.8
1.9
2.8
Brazil
0.9
2.5
1.6
India
5.0
4.9
5.8
Growth rates
GDP in %
Source: Commerzbank February 2014.
44
World Material Handling Equipment Market
in thousand units
Europe
Asia
-5%
411
-6%
331
North America
+11%
380 363 401
+2%
2006
= 213
311 316
266
+7%
191
2007 2011 2012 2013 2014e
2007 2011 2012 2013 2014e
-3%
World
+7%
951
975
944
2007
2011
2012
170
+11%
181
201
2007 2011 2012 2013 2014e
1,010
Estimate.
45
2013
2014e
Source: WITS.
Basic Conditions
■ Improvement of the global economic environment; GDP forecast for
the Eurozone: 0.9% growth (after -0.4% in 2013)
■ World market expected to continue growing; European market
expected to post positive development
■ Sustained growth in Asia if the Chinese market continues its good
recovery
■ Sustained growth of the US market
■ In 2013, by successfully completing its strategic investment projects,
Jungheinrich established the prerequisites for benefiting from the
positive market trend expected in 2014 (and in subsequent years)
46
Risks
■ Economic stability in Europe
■ Depreciation of currencies in
emerging market countries
■ Political situation in Ukraine
■ Growth risks in China
47
Long-Term Strategic Expansion
European business
Asia
 Good point of departure thanks to
 Above-average expansion of business
established position
outside Europe—focussing on China
 Optimization of products and processes
 Singapore as the hub for Asia-Pacific
 Focus on Eastern Europe—above all on
 Establishment of business in India
Russia
“ICE” segment
 Market launch of the new “converter”
generation starting in spring time 2014
 Deepen market penetration
ICE
Logistics systems
business
 Expansion of the logistics systems
business
 Increase of the share of the system
equipment market
48
Jungheinrich Group—Outlook for 2014
Incoming orders
€2.4 billion - €2.5 billion1
Net sales
€2.3 billion - €2.4 billion1
Earnings before interest and
taxes (EBIT)
Capital expenditures on
tangible assets
€85 million - €95 million
Research and development
expenditures
~ €45 million
ROCE
15% and 20%
1 2013 incoming orders: €2.4 billion, net sales: €2.3 billion.
2 2013 EBIT: €172 million.
49
€170 million - €180 million2
60 Years of Passion for Logistics.
50
Disclaimer
Since developments cannot be foreseen, the actual business trend may deviate from
the expectations based on assumptions and estimates made by Jungheinrich
company management.
Factors that may lead to such deviations include changes in the economic
environment, changes within the material handling equipment sector as well as
exchange and interest rate fluctuations.
Therefore, no responsibility is taken for forward-looking statements made in this
presentation.
51