Legislación laboral

Financial position and capital structure In its role as Group holding company, Jungheinrich AG is responsible for the Jungheinrich Group’s corporate operational and strategic financial management. Financial management primarily entails managing cash and currencies to opti-mize interest and currency conditions when raising funds as well as managing the cash flows of the German and foreign Group companies.

The procurement of funds required in the short, medium and long term is ensured by exhausting all possible financing options on international money and capital markets. Jungheinrich attaches special importance to keeping a suffi-cient level of liquidity in reserve, in order to be able to implement necessary strategic measures and safeguard the Group’s financial independ-ence at all times—even during periods that are economically difficult.

The primary objectives of the financial management system are safeguarding the Jungheinrich Group’s liquidity and creditwor-thiness while ensuring access to the money and capital market at all times and increasing the company’s value over the long term. A conserva-tive policy is pursued when investing surplus liquidity reserves that focuses on preserving assets instead of maximizing profits, in light of the uncertainty prevailing on financial markets.

Corporate cash management ensures that the needs for payment instruments and surplus payment instruments are identified. An internal netting mechanism is used to optimize liquidity management and reduce the number of external

bank transactions. Furthermore, a cash pooling system is in place for making optimal use of the surplus liquidity of the domestic and foreign Group companies within the Group.

To further strengthen internal financing power, a centralized working capital management sys-tem is employed, which is designed to optimize and standardize major processes and systems.

Off-balance-sheet financial instruments such as sales of receivables were not made use of in the year being reviewed or in the preceding financial years.

The need for capital is covered by operating cash flows as well as through short and long-term financing. Committed medium-long-term credit lines total approximately €300 million. These are supplemented by short-term, bilateral lines of credit taken out by individual foreign subsidiaries.

Furthermore, a €46.5 million fixed-interest tranche of a promissory note bond issue in 2009 is on the books. The €53.5 million variable-interest tranche of this promissory note bond was re-deemed prematurely in the year under review in light of the persistently strong liquidity position.

This step reduces the interest expense associated with this portion until the end of the original term in December 2014. As in the previous year, the financial covenants established in the promissory note bond agreement were complied with. In addition, €100 million was invested in a special fund with a value guarantee mandate in order to optimize the return.

Jungheinrich is not issued a public corporate rating by internationally renowned rating agencies.

Balance sheet structure As of 12/31

Assets in % Intangible assets and tangible assets 15.2 12.8

Trucks for short-term hire and lease thereof from financial services

17.2 9.4

16.9 8.8 Financial assets 0.4 0.5 Other non-current assets

thereof from financial services 19.1

15.5

18.1 14.9

Inventories 9.9 9.2

Other current assets thereof from financial services

22.8 6.5

22.4 6.3

Liquid assets and securities 15.4 20.1 2013 2012 Change in accounting treatment in 2012

Shareholders’ equity and liabilities in %

Shareholders’ equity 30.2 27.3

Provisions for pensions 7.3 7.5 Non-current financial liabilities 3.9 7.8

Other non-current liabilities thereof from financial services

27.5 22.4

26.6 21.5

Current financial liabilities 5.9 5.7 Other current liabilities

thereof from financial services 25.2

9.3

25.1 8.9

2013 2012

ManagementThe Jungheinrich shareGroup management reportGroup overviewConsolidated financial statementsFurther information

The application of the rules introduced by the amendment to IAS 19 from January 1, 2013 onwards primarily to the measurement of pen-sion plans resulted in substantial changes—

above all in shareholders’ equity and in pro-visions for pensions and similar obligations.

According to the corridor method previously used by Jungheinrich, actuarial gains and losses on defined benefit plans within the corridor did not have to be recognized at all, whereas the recognition of those outside of the corridor did not have to be immediate and could be postponed to subsequent periods. From 2013 onwards, actuarial gains and losses have to be fully stated on the balance sheet immediately, as

soon as they are incurred, resulting in the losses on Jungheinrich’s books leading to a significant, one-time reduction in shareholders’ equity and a considerable increase in provisions for pen-sions and similar obligations as of January 1, 2013. Furthermore, non-current provisions for personnel were adjusted as a result of a minor change in the measurement of partial retirement obligations in Germany. The main consequence of these adjustments was that comparable equity as of December 31, 2012 declined by €53 million and provisions for pensions and similar obli-gations rose by €61 million. The notes to the consolidated financial statements contain the presentation of these effects.

Capital structure

in million € 12/31/2013 12/31/2012 ¹

Shareholders’ equity 831 754

Non-current liabilities 1,063 1,157

Provisions for pensions and similar obligations 201 208

Financial liabilities 107 216

Liabilities from financial services 616 594

Other non-current liabilities 139 139

Current liabilities 857 848

Other provisions 145 153

Financial liabilities 163 156

Liabilities from financial services 255 246

Trade accounts payable 160 158

Other current liabilities 134 135

Balance sheet total 2,751 2,759

1 Adjusted.

On a like-for-like basis, shareholders’ equity increased by €77 million to €831 million (prior year: €754 million) driven by the persistently

good net income in the period under review.

This was mainly contrasted by the €28 million dividend payment for fiscal 2012 (prior year:

68 | 69 €25 million). The equity ratio improved tangibly, rising from 27.3 per cent to 30.2 per cent. Pro-visions for pensions dropped to €201 million (prior year: €208 million) principally due to the positive effects of their re-measurement as of the balance sheet date. Other non-current and current provisions decreased by a total of €5 mil-lion to €204 mil€5 mil-lion (prior year: €209 mil€5 mil-lion).

The decline was primarily caused by the reduc-tion in warranty obligareduc-tions and provisions for personnel. The Group’s non-current and current financial liabilities were down €102 million to

€270 million (prior year: €372 million). This was largely due to the premature redemption of the

variable interest-bearing portion of the promis-sory note bond (€54 million) and the redemption of external financing for the short-term hire fleet (€28 million). At €871 million, non-current and current liabilities from financial services were

€31 million up on the €840 million recorded a year earlier due to the expansion of business.

Trade accounts payable were on par year on year, amounting to €160 million (prior year:

€158 million).

The Jungheinrich Group’s complete balance sheet is included in Jungheinrich AG’s consoli-dated financial statements.

Liquidity

Statement of cash flows

in million € 2013 2012 ¹

Net income 107 112

Depreciation/write-ups 175 174

Changes in trucks for short-term hire and trucks for lease (excluding depreciation)

and receivables from financial services –167 –207

Changes in liabilities from financing trucks for short-term hire and financial services –3 76

Changes in working capital –26 –11

Other changes –19 –16

Cash flows from operating activities 67 128

Cash flows from investing activities ² –101 –84

Cash flows from financing activities –93 –2

Net cash changes in cash and cash equivalents ² –127 42

1 Adjusted.

2 Excluding the balance of payments made to purchase/proceeds from the sale of securities amounting to a negative €72 million (prior year: –€25 million).

Cash flows from operating activities in the year being reviewed totalled €67 million (prior year:

€128 million). The year-on-year decrease in the number of additional trucks for short-term hire

and lease and in receivables from financial ser-vices in the period under review (up €40 million) due to the decline in demand on the market and a change in the truck mix was contrasted by an

Equity ratio in %

2009 24.8

2010 26.4

2011 27.8

2012 27.3

2013 30.2

Change in accounting treatment as of January 1, 2013.

Figures for 2012 adjusted.

ManagementThe Jungheinrich shareGroup management reportGroup overviewConsolidated financial statementsFurther information

even steeper drop in associated financing (down

€79 million). This decline was mainly a result of the redemption of external financing for the short-term hire fleet. Furthermore, at €26 million, the need for working capital was greater than a year earlier (€11 million) primarily due to the business-driven increase in stockpiling and trade accounts receivable.

Cash flows from investing activities were adjusted to exclude payments made for the purchase and proceeds from the sale of securi-ties included in this item totalling –€72 million (prior year: –€25 million). At –€101 million, the resulting comparable cash flows from investing activities were €17 million, or 20 per cent, up on the year-earlier level (–€84 million). The change resulted from the cash outflows allocat-ed to the three large-scale strategic investment

projects and the two sales centres in Germany (see the section on capital expenditures on page 70).

Cash flows from financing activities amounted to –€93 million compared to –€2 million a year earlier. The premature redemption of the variable interest-bearing portion of the promissory note bond (€54 million) and the reduction in non-cur-rent liabilities to banks clearly came to bear here.

In sum, net cash changes in cash and cash equivalents totalled –€127 million (prior year:

+€42 million). Taking the purchase and sale of securities into account, net cash changes in cash and cash equivalents amounted to –€199 million (prior year: +€17 million).

The detailed statement of cash flows is in-cluded in the consolidated financial statements of Jungheinrich AG.