06.07.2009

Liebherr cranes over 12% higher

Crane and construction equipment manufacturer, Liebherr, has reported an 11 percent increase in group revenues for 2008 to a record €8.4 billion ($11.8 billion) with its three crane divisions, Mobile cranes, tower cranes and Maritime cranes leading the way with a combined increase of over 12 percent.

The greatest growth was reported by the company’s mobile crane business, Liebherr Ehingen which reported revenues of €1.903 billion (2.67 billion) an increase of 14.2 percent.

The tower crane division is mixed in with the concrete mixing business so a clear picture is not available, however revenues grew by almost nine percent to just over a billion Euros ($1.4 billion).

Finally the Maritime crane operation which produces harbour mobile, container cranes, reach stackers and offshore cranes saw sales rise by 17.1 percent to €628 million ($880 million).

Liebherr says that as its policy is to pursues a long-term investment strategy it has “pressed ahead with important projects in 2008 as before, despite less favourable overall economic conditions.” Its capital investments during the year totalled €914.9 million ($1.3 billion), an increase of 28 percent on 2007.

The company employs 32,600 people worldwide an increase of almost 10 percent on the year

Liebherr says that while it achieved record sales in the year, it saw a marked slowdown towards the end of the year and predicts 2009 to fall further to around €7 billion ($9.8 billion), a fall of over 15 percent to levels similar to 2006/2007, although favourable exchange rates might offset some of the fall in volumes.

Liebherr’s accounts were complied this year in accordance with IFRS (International Financial Reporting Standards), and so the numbers for 2007 have also been adjusted to comply with the standards for a like for like comparison.

A statement from Liebherr said: “Following the very strong growth phase in the past five years, in which the Liebherr Group’s turnover more than doubled, we expect sales revenues to drop distinctly in 2009 and will probably reach the average level recorded in 2006 and 2007, when the Group’s earnings were in the region of seven billion euros. The operative result will drop considerably as a result of less favourable utilisation of available capacity, but bearing in mind the current exchange rate situations, an overall result close to that achieved in the previous year is possible.”