Jungheinrich held up well in fiscal year 2003, despite a difficult economic environment and the termination of its MIC SA activities in France (Forkliftaction.com News #138).

Group sales in the reporting year, at EUR1.471 billion (USD1.744 billion), almost reached 2002's EUR1.476 billion (USD1.749 billion). The 3% sales decline was compensated by growth of 5% in after-sales service, which is less vulnerable to cyclical fluctuations.

As at December 31, the number of employees throughout the group fell from 9,248 to 9,233, with more than 50% of the workforce employed outside Germany.

In the first three months of this year, sales, at EUR347 million (USD411 million), were 3% lower than the first quarter of 2003.

"We consider a slight rise in the market volume for our industry in Europe to be possible. From this we can expect to see a growing level of incoming orders, with positive effects for our business and earnings performance," said Dr Cletus von Pichler, Jungheinrich chairman.