Significant Boost in Liebherr Group 2021 as Turnover Almost Returns to 2019 Level
In 2021, the Liebherr Group achieved a turnover of € 11,639 million. Compared to the previous year, the company posted an overall increase of € 1,298 million or 12.6 %. As a result, the Liebherr Group was almost able to match its previous record year in 2019 in terms of annual turnover.
The conditions in the past financial year were also difficult for manufacturing companies. From the second quarter in 2021, to some extent, it was extremely difficult to procure various raw materials, components and electronic parts. This resulted in price increases and bottlenecks in the global supply chains. Despite that, Liebherr recorded a significant increase in sales revenues compared to the previous year. The Liebherr Group grew in eleven of its 13 product segments and in almost all of its sales regions.
Revenues in the earthmoving, material handling technology, deep foundation machines, mobile and crawler cranes, tower cranes, concrete technology and mining product segments were 17 % higher than in the previous year at € 8,009 million. In the other product segments, including maritime cranes, aerospace and transportation systems, gear technology and automation systems, refrigerators and freezers, as well as components and hotels, Liebherr achieved total revenues of € 3,630 million, a 3.9 % increase compared to the previous year.
Sales increased in the European Union, which has traditionally been the Group’s strongest sales region. High growth rates were recorded in almost all EU markets, with France in particular showing above average development. Outside the EU, there was a marked rise in sales in the United Kingdom, among other regions. Positive development was also seen in North America, as well as Central America and South America, where strong growth came especially from Brazil. The Liebherr Group faced declines in Africa, as well as in the Near and Middle East, whereas the financial year in Asia and Oceania ended with a moderate rise.
In 2021, the Liebherr Group achieved a net profit for the year of € 545 million, a value above the level before the pandemic. Operating results and the financial result grew considerably compared to the previous year. The 2021 business year also saw a significant increase in the number of employees. At the end of the year, the Liebherr Group employed 49,611 people worldwide. Compared to the previous year, this constituted an increase of 1,686.
The negative effects on the activities of the Liebherr Group due to the war in Ukraine can already be seen. Liebherr is monitoring and assessing the current situation in Ukraine and Russia on a daily basis and is currently in the process of adjusting its Russian activities to the extensive sanctions imposed on the country. At the same time, there are still uncertainties with regard to the pandemic-related restrictions, the effects of steep price increases for many goods and services, shortages of certain raw materials and the lack of skilled workers, as well as bottlenecks in different supply chains. It is also unclear how fiscal and monetary policy measures will ultimately affect the Liebherr Group. Despite the difficult conditions, Liebherr is cautiously optimistic about the rest of the year.