Liebherr revenue and profit are up

Liebherr Group's final results for 2019 reflect another very successful business year with turnover of EUR11.50 billion (USD12.68 billion) - an increase of 11.4% compared with the previous year. Despite the slowdown in global economic growth, 2019 was once again a record year, with sales revenue highs for both the construction machinery and mining equipment divisions. The success of the 2019 business year can be attributed to the very positive sales performance in almost all sales regions of the Liebherr Group. Sales continued to increase within the European Union, which is Liebherr's most important sales region. One reason for this was the favourable market development, especially in Germany and France, but also, for example, in Spain and Denmark. Positive growth impulses also came from Russia and Norway. The Liebherr Group recorded its most significant increase in sales in North America. In Asia and Oceania, this positive trend was driven in particular by the markets in Australia, China, Singapore and Japan. Slight increases in turnover were also achieved in Africa and in the Near and Middle East. Only Central and South America showed slight declines. The group has reported a net profit of EUR429 million (USD463 million) for 2019, an increase compared with the previous year. The 2019 business year saw a significant increase in the workforce. At the end of the year, the Liebherr Group had a total of 48,049 employees worldwide, representing an increase of 1,880 from the previous year. The group's order situation at the end of 2019 as well as far into the first quarter of 2020 is described as very good. However, the impact of the coronavirus has significantly restricted business activities in many markets, which will obviously influence the turnover in 2020, according to a company statement. "The extent to which our business will be impacted cannot be forecasted reliably at the time this annual report (was) compiled," it adds. "However, the Liebherr Group will ensure that all organisational units have implemented the necessary measures to guarantee that customer demands are met with the usual reliability, also in 2020 and beyond." The financial strength of the Liebherr Group enables a rapid resumption of reduced activities in production, sales and service units, the company stresses.