The Liebherr Group was able to increase its turnover in the 2011 business year by €747.0 million or 9.8% to €8,334.0 million. Once again, almost all the group’s divisions contributed to this growth. Turnover from construction machinery and mining equipment recorded an above-average increase. In these product areas, Liebherr boosted turnover by €642.4 million or 13.5%, thereby achieving revenues of €5,386.6 million. Furthermore the share of these areas in the Group’s total turnover increased once again from 62.5% to 64.6%.
Development in the earthmoving and mining divisions, the latter of which was disclosed separately for the first time in the accounts, was especially dynamic. In the earthmoving division, the Group was able to increase its turnover by €448.6 million or 27.9% to €2,058.8 million. In the mining division, the Group was able to increase its sales revenues by €209.5 million or 26.1% to €1,012.0 million.
Turnover from mobile cranes, which Liebherr includes in the construction machinery product area, was not quite able to match the previous year’s figure. Following an upturn in 2010, turnover in the year under review fell slightly by €73.2 million or 4.0% to €1,738.6 million. Developments in the construction crane and mixing technology division were positive. Following the severe drop in sales revenues during the worldwide financial and economic crisis, demand for construction cranes and mixing technology products is recovering appreciably. Liebherr’s overall turnover in the construction cranes and mixing technology area was €577.2 million, which represents an increase of €57.5 million or 11.1%.
From activities outside the construction machinery and mining equipment areas, the Liebherr Group achieved a turnover of €2,947.4 million, €104.6 million or 3.7% higher than in the previous year. However, this moderate growth does not accurately reflect the actual pattern of business in the individual divisions — namely maritime cranes, domestic appliances, machine tools and automation systems as well as aerospace and transportation systems. It is due to a specific effect in the area of other products and services: after the successful conclusion of a large-scale project in Saudi Arabia, no comparable turnover was available in the other products and services area in 2011, with the result that sales revenues fell by €113.4 million or 36.8% to €195.1 million.
All other product divisions boosted their turnover, and, with one exception, achieved two-digit percentage increases. The maritime cranes division increased its turnover by €78.4 million or 10.7%. Its sales revenues in the year under review were €808.0 million. The aerospace and transportation systems division also recorded a significant increase in turnover. Business activity progressed gratifyingly in the machine tool and automation systems division. At €186.4 million, sales revenues were €20.8 million or 12.6% higher than in the previous year.
TURNOVER BY REGION
The Liebherr Group’s business volume developed in markedly different ways in the various sales regions. Its ten largest individual markets in the 2011 business year were Germany, Russia, the USA, France, Australia, Brazil, Great Britain, China, the Nether-lands and Austria.
In Western Europe, turnover was only slightly higher than in the previous year. Sales revenues amounted to €3,815.2 million, an increase of €129.7 million or 3.5% in this sales region. The Group recorded an increase of €269.4 million or 42.3% to
achieve a revenue of €906.9 million in Eastern Europe. As in the previous year, sales revenues from the Near and Middle East dropped sharply. At €290.7 million, turnover was 37.1% or €171.2 million below the 2010 figure. This reduction is due to the completion of the large-scale project in Saudi Arabia. In contrast to this, the Liebherr Group recorded considerable growth on the American continent, where sales revenues rose by 20.7% or €232.9 million to €1,360.0 million. Following the previous year’s downturn, sales revenues in Africa rose again in 2011. In this sales region, the Group recorded an increase of €120.5 million or 34.4%, to €470.5 million. In the Far East/Australia region, the Group was able to continue the success enjoyed in the 2010 business year. Turnover went up by €165.7 million or 12.5% to €1,490.7 million.
INVESTMENTSNotable investments in the year included €53.4 million invested in the mobile cranes division. In Ehingen, Germany, the bulk of the investment was allocated to the construction of a new building for large crane assembly prior to delivery and for the storage, packaging and loading of equipment for these cranes. At the end of the year, 40,000m2 of land were acquired in Miami- Dade County, FL/USA for building a new sales and service branch. Construction work commenced in the spring of 2012.
The maritime cranes division invested a total of €69.6 million. In Rostock, Germany, work on the new structural steelwork building for ship and offshore cranes, which is 750m long, was almost completed.
The Group’s total investments in the year under review were offset by depreciations totalling €376.3 million.