Liebherr Group’s €10Bn Turnover “Satisfactory” in Extraordinary Year
In 2020, the Liebherr Group achieved a turnover of € 10,341 million. Compared to the previous year, the company posted a decline of € 1,409 million, or 12 %. Following several successful years, and in the context of last year’s extraordinary conditions, this is considered satisfactory.
Despite the modest slowdown of the global economy, Liebherr registered a strong volume of orders in the first quarter of 2020. Starting at the end of the first quarter, the coronavirus pandemic began to affect business activities in many markets. This also had an impact on the Group’s sales revenues. With the exception of Refrigeration and Freezing, every product segment experienced a decline in turnover.
Revenues in the Earthmoving, Material Handling Technology, Deep Foundation Machines, Mobile and Crawler Cranes, Tower Cranes, Concrete Technology and Mining product segments were 10.4 % lower than in the previous year at € 6,848 million.
The segment including Maritime Cranes achieved a turnover of € 3,493 million, a 15 % decrease compared to the previous year.
Liebherr invested € 512 million in research and development last year. The bulk of this was used in the development of new products. A large number of joint research projects with universities, other higher education institutions and research institutes were initiated and continued. These research projects focused heavily on the topic of alternative drivetrain technologies.
In the first quarter of 2021, order intake has already developed favourably across various product segments of the Liebherr Group, indicating a significant increase in sales in 2021. Overall economic opportunities arise from the global recovery of various industrial sectors in which the Liebherr Group is active in. At the same time, there is still uncertainty about the speed of macroeconomic recovery. For instance, it is unclear whether international trade will pick up or continue to decline, or whether the economic policies implemented by many governments can prevent debt from spiralling.
The annual report of the Liebherr Group can be found online at www.liebherr.com/liebherr-annual-report.