09.05.2023 Wacker Neuson SE  DE000WACK012

EQS-News: Wacker Neuson Group starts 2023 with significant growth


EQS-News: Wacker Neuson SE / Key word(s): Quarter Results
Wacker Neuson Group starts 2023 with significant growth

09.05.2023 / 07:00 CET/CEST
The issuer is solely responsible for the content of this announcement.

Wacker Neuson Group starts 2023 with significant growth

  • Group revenue up 27.9 percent in first quarter to EUR 667.2 million
  • EBIT increases disproportionately by 124.6 percent to EUR 87.8 million, also due to a one-time effect from the sale of fixed assets
  • EBIT margin of 13.2 percent at the beginning of the year still well above the target corridor, as expected
  • Net working capital ratio of 30.0 percent within strategic target range

Munich, 9 May 2023 - The Wacker Neuson Group, a leading manufacturer of light and compact equipment, is continuing its growth trajectory at the start of 2023 with pronounced momentum. Despite a persistently difficult macroeconomic environment, revenue and earnings increased significantly in the first quarter.

Compared to the first quarter of the previous year, Group revenue increased by 27.9 percent to EUR 667.2 million (Q1 2022: EUR 521.6 million). Earnings before interest and taxes (EBIT) rose by a significantly disproportionate 124.6 percent to EUR 87.8 million (Q1 2022: EUR 39.1 million). The increase in profitability compared to the same period of the previous year is attributable on the one hand to the adjustment of selling prices to reflect increases in the cost of materials and to greater flexibility in pricing models. On the other hand, a sale of fixed assets no longer required for operations, which was completed in January, resulted in an extraordinary positive earnings effect of around EUR 15 million. At 13.2 percent, EBIT margin was significantly higher than in the previous year (Q1 2022: 7.5 percent).

"As anticipated in our annual guidance, we have carried the full momentum from previous quarters into the new fiscal year and continued to grow significantly. At the same time, we continue to expect the first quarter to also be the strongest of 2023," reminds Dr. Karl Tragl, Chairman of the Executive Board and CEO of the Wacker Neuson Group.

All reporting regions continue to show high growth

As in previous quarters, all three reporting regions contributed to growth in the first quarter with high increases. In the Europe (EMEA) region, revenue rose by 22.4 percent to EUR 504.0 million (Q1 2022: EUR 411.6 million). This growth was driven by consistently good demand in all submarkets, with the home market of Germany showing particularly positive growth. On the product side, demand for excavators, wheel loaders and telehandlers in particular increased noticeably. This was also reflected in continued high demand for compact equipment for the agricultural sector under the Kramer and Weidemann brands. Revenue in the Agriculture segment again rose significantly by 44.3 percent to EUR 152.2 million (Q1 2021: EUR 105.5 million).

As in the previous year, the Americas region was characterized by particularly significant growth of 57.0 percent to revenue of EUR 142.6 million (Q1 2022: EUR 90.8 million). The US market in particular saw a sharp year-on-year increase in demand, but demand also developed very positively overall in Canada and the South American markets. Wacker Neuson continues to increase the number of affiliated dealers in North America, thus laying the foundation for further growth in the region.

The Asia-Pacific region also increased its sales once again. Revenue here increased by 7.3 percent to EUR 20.6 million (Q1 2022: EUR 19.2 million). Growth in the region continued to be driven primarily by the Australian market. Products adapted to the needs of the local market and the focus on independent rental companies continued to generate strong demand. By contrast, the Chinese market continued to prove difficult and declined in the first quarter.

Supply chain situation improved, but still clearly strained

At 30.0 percent, the net working capital ratio was within the strategic target range of ≤ 30 percent (Q1 2022: 28.5 percent). Compared with the level at the end of 2022 of 31.9 percent, the ratio thus improved. The background to the overall continued high working capital requirement is still the general supply chain problem, which continues to be challenging but was characterized by a slight easing of the situation in the course of the first quarter. In absolute terms, net working capital amounted to EUR 801.9 million, representing a year-on-year increase of 34.7 percent (Q1 2022: EUR 595.3 million).

"The issue of supply chains continues to shape our day-to-day business. However, against the backdrop of a slight improvement in availability, we were also able to reduce our net working capital ratio," explains Christoph Burkhard, CFO of the Wacker Neuson Group. "However, we are still a long way from a normalization of the situation. However, the continued increase in inventory levels paid off in the first quarter as we systematically exploited our growth opportunities. Nevertheless, it goes without saying that effective working capital management remains at the top of our agenda."

Cash flow follows positive trend

Gross cash flow improved by 51.8 percent year-on-year to EUR 90.9 million (Q1 2022: EUR 59.9 million). In the first quarter of the previous year, inflows from time deposits led to an increase in cash flow of EUR 30 million. In the first quarter of the current financial year, by contrast, the aforementioned sale of non-current assets no longer required for operations resulted in a non-operational increase in cash flow of around EUR 15 million. At EUR 258.0 million, net financial debt increased by 10.0 percent compared with year-end 2022 (31 December 2022: EUR 234.5 million). Cash and cash equivalents amounted to EUR 35.1 million at the reporting date (31 December 2022: EUR 53.7 million).

Guidance for full year 2023 confirmed

Despite the positive start to the year and the fundamentally positive outlook for the company, the Executive Board still sees an increased risk in the second half of the year with regard to significant changes in the economic environment. Accordingly, the Executive Board confirms its guidance for business development in 2023 as a whole published in the Annual Report 2022, which assumes revenue of between EUR 2,300 and 2,500 million and an EBIT margin of between 9.5 and 10.5 percent. This includes the exceptional earnings effect of around EUR 15 million from the sale of non-current assets no longer required for operations, which was completed in January 2023.

Key figures for the Wacker Neuson Group

Key figures in € million Q1 2023 Q1 2022 Delta
Revenue 667.2 521.6 +27.9%
EBIT 87.8 39.1 +124.6%
EBIT margin (in %) 13.2 7.5 +5.7PP
Result for the period 62.4 28.6 +118.2%
Earnings per share in € 0.92 0.42 +119.0%
Free cash flow1 -17.1 -68.4 +75.0%

1 Before taking into account inflows from time deposits of EUR 30 million in the first quarter of 2022.


Wacker Neuson SE
Ingo Middelmenne
Investor Relations
Preußenstraße 41
80809 Munich
Tel. +49-(0)89-35402-427
Mob. +49-(0)174-9091190
[email protected]


The full Wacker Neuson Group quarterly statement is available at the following link:

Images of the Wacker Neuson Group are available at:
https:// https://wackerneusongroup.com/en/group/press-and-news

About the Wacker Neuson Group:

The Wacker Neuson Group is an international Group of companies with around 6,300 employees. In fiscal 2022, revenue totaled EUR 2.25 billion. As a leading manufacturer of light and compact equipment, the Group offers its customers around the world a broad product portfolio, comprehensive service offerings and an efficient spare parts supply. The product range is primarily aimed at customers in the main construction, gardening and landscaping, agricultural, municipalities and recycling sectors, as well as rail operators and industrial companies. The Group owns the Wacker Neuson, Kramer and Weidemann product brands as well as Enar. Wacker Neuson SE shares are traded on the regulated market (Prime Standard) of the Frankfurt Stock Exchange (ISIN: DE000WACK012, WKN: WACK01) and are listed on Deutsche Börse's SDAX index.

09.05.2023 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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Language: English
Company: Wacker Neuson SE
Preußenstr. 41
80809 München
Phone: +49 - (0)89 - 354 02 - 0
Fax: +49 (0)89 354 02 - 298
E-mail: [email protected]
Internet: www.wackerneusongroup.com
Indices: SDAX
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange
EQS News ID: 1626469

End of News EQS News Service

1626469  09.05.2023 CET/CEST


Die wichtigsten Finanzdaten auf einen Blick
  2016 2017 2018 2019 2020 2021 2022
Umsatzerlöse1 1.361,44 1.539,90 1.701,00 1.901,10 1.615,50 1.866,20 2.252,40
EBITDA1,2 157,40 207,20 239,40 257,40 204,60 313,50 322,00
EBITDA-Marge3 11,56 13,46 14,07 13,54 12,66 16,80 14,30
EBIT1,4 88,11 131,40 162,30 153,10 75,50 193,00 201,80
EBIT-Marge5 6,47 8,53 9,54 8,05 4,67 10,34 8,96
Jahresüberschuss1 57,24 87,50 144,60 88,50 14,10 137,90 142,60
Netto-Marge6 4,20 5,68 8,50 4,66 0,87 7,39 6,33
Cashflow1,7 131,07 138,00 -15,50 -20,90 405,00 331,70 -6,40
Ergebnis je Aktie8 0,81 1,25 2,06 1,26 0,20 1,99 2,10
Dividende8 0,50 0,60 1,10 0,00 0,60 0,90 1,00
Quelle: boersengefluester.de und Firmenangaben

  Geschäftsbericht 2022 - Kostenfrei herunterladen.  
1 in Mio. Euro; 2 EBITDA = Ergebnis vor Zinsen, Steuern und Abschreibungen; 3 EBITDA in Relation zum Umsatz; 4 EBIT = Ergebnis vor Zinsen und Steuern; 5 EBIT in Relation zum Umsatz; 6 Jahresüberschuss (-fehlbetrag) in Relation zum Umsatz; 7 Cashflow aus der gewöhnlichen Geschäftstätigkeit; 8 in Euro; Quelle: boersengefluester.de

Wirtschaftsprüfer: Mazars

Wacker Neuson
WKN Kurs in € Einschätzung Börsenwert in Mio. €
WACK01 19,720 Kaufen 1.383,16
KGV 2024e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
9,17 13,41 0,70 14,84
1,04 - 0,61 5,14
Dividende '22 in € Dividende '23e in € Div.-Rendite '23e
in %
1,00 1,00 5,07 26.05.2023
Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
09.05.2023 08.08.2023 09.11.2023 28.03.2023
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
-7,85% -2,79% 20,69% 40,96%
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