Hans-Georg Frey

Jungheinrich AG has reported a big jump in earnings for 2010 after its core markets in Europe grew 32% and the global materials handling equipment market expanded by 45%.

In 2010, Jungheinrich's net sales jumped 8% from the prior year's EUR1.677 billion (USD2.388 billion) to EUR1.816 billion (USD2.586 billion). New truck business posted an increase of about 13% and all regions contributed to the rise in net sales.

Domestic business was up 6% from 2009's EUR466 million (USD663 million) to EUR493 million (USD702 million) last year. Foreign net sales advanced by 9% from EUR1.211 billion (USD1.724 billion) to EUR1.323 billion (USD1.883 billion). The foreign ratio of the company's business rose from 2009's 72% to 73% last year while the portion of consolidated net sales accounted for by countries outside Europe climbed from 5% to 7%.

The company generated operating earnings before interest and taxes of EUR98 million (USD140 million) compared to the prior year's -EUR72 million (-USD103 million), which included one-off expenses of EUR80 million.

"This is a good result for a 'post-crisis' year, although the pre-crisis level has not been reached yet. However, our company has already returned to a respectable level compared to the long-term average," says board chairman Hans-Georg Frey.

He says prospects for the industry "stand a good chance of remaining bright" but predicts the market will lose some momentum following the strong catch-up effect experienced last year.

"It is impossible to predict the effects the dramatic natural disaster in Japan will have on the world economy. Irrespective of any potential consequences, Jungheinrich expects the world material handling equipment market to post about 10% unit growth," Frey says.