Liebherr reports record turnover for 2022
By Mike Hayes04 April 2023
Construction equipment manufacturer Liebherr has reported record growth in its turnover for the 2022 business year.
The German-Swiss company posted an annual turnover of €12.59 billion, an improvement of €950 million on 2021 – which was the company’s previous record year for turnover.
According to its annual financial statement, Liebherr saw increases in 10 of its 13 product segments.
In its construction and mining segments – earthmoving, material handling technology, deep foundation machines, mobile and crawler cranes, tower cranes, concrete technology and mining equipment – the company reported an average increase in turnover of 6.9%.
From a regional perspective, the group’s turnover had increased only slightly in Europe – traditionally the strongest market for the company – but with positive movement in Italy and the Netherlands as highlights.
Liebherr reported more positive movement in turnover from its North, Central and South American activities, particularly in the US and Canada and in Brazil.
The company said it was pleased with the gains it had made in Africa as well as in the Near and Middle East, while turnover in Asia and Oceania was reported to be slightly above the previous year’s level.
The group spent €588 million in research and development during the 2022 business year; much of this was dedicated to alternative drive technologies.
Liebherr said it is taking a technology neutral approach to its research, which includes the increased use of hydrogenated vegetable oils (HVO), for potential use in construction equipment.
During the year, the company also added six crane and drilling rig models to its unplugged range of electric-drive machines.
Another area of research highlighted in the Liebherr statement was digitalisation; the company said it had focused on a number of segments, including camera-monitor and remote-control solutions for increased on-site safety, and advanced assistance systems, particularly for mining trucks.
Challenges and opportunities
Liebherr’s net income was reported at €2 million in 2022, with operating results and the financial result decreasing significantly compared with the previous year.
Employee numbers, however, grew in 2022, to 51,321 employees worldwide – an increase of 1,710 on the previous year.
Furthermore, the group invested €863 million in a mix of production sites and in its global distribution and service networks – an increase of €121 million on the previous year.
The Liebherr Group reported positivity, in terms of its order book, but highlighted uncertainty regarding the war in Ukraine and the ongoing effects of sanctions against Russia.
In spite of ongoing macroeconomic challenges, broad price increases and labour shortages, the company forecast further growth in turnover in 2023.